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JUN 19
1939
3. ADM.
ERARY
rontcb
ontmsrria
COPYRIGHTED IN 1939 BY WILLIAM B.
DANA COMPANY, NEW
YORK.
VOL. 148. lssuedWsie8k.oVpe°Ye3araCop,_
brooklyn
trust
.company
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACTOF
ENTEREO AS SECOND-CLASS
NEW YORK, JUNE 17,1939
MARCH 3, 1B79.
NO. 3860
■'WrSi'S'rSSiaW
CHASE
THE
B A NK
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
!
of
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Maintaining effective cor¬
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President
respondent bank service
BROOKLYN
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Corporation
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Dated June
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Principal and semi-annual interest, June 1 and December 1, payable in New York City
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or
June 17, 1939.
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Leading Out-of-Town
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Investment Bankers & Brokers
To
Holders
of:
BIRMINGHAM
Greek Government 5 Per Cent. Loan of 1914.
/
•
,
Since no agreement has been reached for
MARX & CO.
settlement of the Greek External
of Holders of the above Loan that a
the face amount of the coupons due
of bonds of the above Loan are there¬
a permanent
Debt Service, it is hereby brought to the knowledge
payment of a percentage of 4u% will be effected of
during the current financial year J 939-1940.
Holders
fore invited to present to Messrs. J. P. Morgan & Co.,
BIRMINGHAM, ALABAMA
On
a
£
0 -9-11
Coupon
a
£
2-9-7
Coupon
£0-19-10
On
a
£12-7-11
Coupon
£4-19
southern
'
"
*
'
municipal
corporation
£0- 3 -11 3/5
On
*>■
•
Paying Agents in New York, 23 Wall
Street, New York City, when due, the coupons due September 1, 1939, and March 1, 1940,
respectively.
The 40% payment Will be made, on and after the respective coupon maturity
dates, by order and for account of the Bank of Greece.
The rate of such payment will be
40% of the sterling face amount of each coupon as-follows:
'
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l.
and
bodns
DETROIT
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T:
2
public
In accordance with the terms of the bonds of this Loan the-above mentioned
payments
be made by the afore-mentioned Paying Agents in New York at the dollar
equivalent
will
of the
sterling amount thereof,
the basis of their buying rate of exchange on London
at the time of presentation.
Coupons upon ,which payment is made will be perforated
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they
were detached.
Coupons thus presented for payment must be accompanied by letters of
transmittal which may be obtained at the pffices of the. above
Paying Agents.
Vf
'
,
°
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*
V
A. APOSTOLIDES,
Minister
Athens. June 1, 1939.
of
Charles A. Parcells &, Co.
Members of Detroit Stock
' "Y.
dividend
Leading Out-of-Town
european
ending
S3.50 per share, covering
period for the seven months
September 30,
1936, has been de¬
on
of record
PUTNAM & CO.
of
the
Preferred
Stock
of
the
ST. LOUIS
Members New York Slock Exchange
6
Com¬
at
the
C.
P.
close
of
business
June
CENTRAL ROW
HARTFORD
Tel. 6-0151. A. T. T. Teletype—Hartford 564
payable June 28, 1939, to stockholders
pany,
HARTFORD
Securities
Investment Bankers & Brokers
company
the cumulative
clared
MICH.
Specialists in Connecticut
Dividends
A
Exchange
PENOBSCOT BUILDING, DETROIT,
Finance.
•
.
securities
•
'
;
american
utility bonds
upon
23,
*
1939.
HAMILTON,
MILWAUKEE
Treasurer.
June 13, 1939.
National Power &
$6
The
share
Power
Light Company
PREFERRED STOCK
DIVIDEND
regular
on
&
payment
quarterly dividend of SI.50 per
the
$6 Preferred Stock of National
Light Company has been declared for
August 1, 1939, to holders of record
at the close of business June
ALEXANDER
For other dividends
27, 1939.
SIMPSON,1' Treasurer.*
see
pages
iii and vii
St/k
<$.
Co.
WISCONSIN
SAINT LOUIS
CORPORATION SECURITIES
509 ouve ST.
Teletype—Milwaukee 92
Members St. Louis Stock
EDGAR, RICKER&, CO.
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Vol
JUNE
148
17,
No. 3860.
1939
CONTENTS
Editorials
The Financial Situation_
The
Life
page
;r__3571
___:
_,
Insurance ''Investigation"
3584
_
Germany and the Economy of Southeastern Europe
3585
Comment and Review
Gross and Net
Earnings of United States Railroads in
April
New
3590
-----
Capital Issues in Great Britain.
Week
on
3588
rrJ^—
__._
Business Man's Bookshelf
____3590
the European Stock Exchanges
________.3576,
3576
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment.
3580 & 3634
___3591
Course of the Bond Market-
Indications of Business Activity—
—3592
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange—
—3574
3633
News
Current Events and Discussions.
3607
Bank and Trust Company
3632
General Corporation
Items
and Investment News-3679
Dry Goods Trade—
State and
T1_—3716
_———
Municipal Department
3717
._
Stocks and Bonds
3643 & 3645
Foreign Stock Exchange Quotations
Bond^ Called and
Sinking Fund Notices.
.3636
—————-.3636
Dividends Declared
Auction Sales
New York Stock
—
——3636
Exchange—Stock Quotations.__——3646
New York Stock
Exchange—Bond Quotations. ^3646 & 3656
New York Curb
Exchange—Stock Quotations——3662
New York Curb
Exchange—Bond Quotations.
3666
_
Exchanges—Stock and Bond Quotations.
3668
Cainadian Markets—Stock and Bond Quotations—.—3672
Other
Over-the-Counter Securities—Stock & Bond Quotations.3675
Reports
■
Foreign Bank Statements
-
— - _ _
Course of Bank Clearings
3607 & 3043
Federal Reserve Bank Statements
General
.3580
3634
:,
Corporation and Investment News.
—
—
.3679
Commodities
The Commercial Markets and the
3704
Crops
Cotton
—
Breadstuffs______
Published Every Saturday Morning by the William B. Dana
—
3707
3712
Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Chairmai of the Board and Editor; William Dana Seibert.
President and Treasurer; William D. Riggs,
Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. <5.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y.. under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising 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,
»
'
June
1939
17
VI
SUEZ CANAL COMPANY
REPLY TO
ITALIAN CLAIMS
POLICY
PRINCIPLES ACTUATING BOARD'S
MARQUIS DE VOGUE'S SPEECH
The Annual General Meeting
of
Monday, June 5th, in Paris.
on
ANNUAL REPORT
the Suez Canal Company was held
'
" /; .y
The following are
M. le.Marquis de
The Chairman
Vogue, chairman of the board of directors, presided.
said:-^-Encouraged by the results obtained, and forti¬
by your confidence, we shall pursue our policy, without being
by contradictions or criticisms to which, in the confusion of
fied
affected
present times, it may give rise.
These are singularly
deed, when the essential principles of moral law are
troubled times in¬
flouted, when the
pledged word is no longer considered as sacred, when integrity is con¬
sidered a "luxury reserved for the rich," when from an official platform
the words, "force is the foundation of relations between peoples," can
be hurled to an exulting crowd.
It is a new law which is being evolved,
founded on violence and envy, and where the Rome of the glorious days,
the Rome of "jus gentium," would have difficulty in recognizing her
generous and civilizing inspiration.
>
By reviving ways of which this great ancestor had condemned the
barbarisfri, the would-be innovators have shown a desire to try their
hand
yy
your company.
on
ITALIAN
y.y
yy
.
'•
•
shipping through the Canal was slightly less than during 1937.
receipts resulting from this fall in traffic was
reductions in dues; one made on April 1, 1937,
the influence of which was felt during the first quarter of 1938; the
other, which was only in force during the last two weeks of the year.
As to expenditure, it would have remained approximately the same had
it not been for a monetary factor: the rise in the price of gold which
In 1938
To the reduction in sterling
added the effect of two
brought about increases in charges for debentures, for interest on and
the service of certain debts at present on
basis.
•
amortization of shares, and for
the gold
receipts and the increase in expenditure have brought
appreciable reduction in the net results of the year, which,
expressed in Egyptian pounds, are 18.6 per cent, less than 1937On
The reduction in
about
CLAIMS
•
the other hand,
Relying on inaccuracies as regards facts,
of dates or figures which denote an extreme bad faith if they
deliberate and an extreme ignorance if they are not, its promoters
not difficult to guess.
is
are
and their allies have striven to contest our
rights, to belittle
our manage¬
ment, to cast doubt upon our integrity.
Our modern crusaders have even summoned
history to their aid.
According to them, Ferdinand de Lesseps was no more than an im¬
postor skilled in the art of parading in borrowed plumes.
The Canal,
they say, is the work of three Italians: Negrelli, who drew up the plans;
Paleocapa, who supervised the work, and Torelli, who carried out the
propaganda and brought in the subscriptions.
.
..
Now, Negrelli, a talented Austrian civil engineer and a member of the
"SocietS d'Etudes" founded by Enfant in, in which he was at the head
of a German group, died in 1858, a year before work was even started on
the execution of a plan which was not his own and of which a Frenchman,
Linant de Bellefond, was the inspirer.* Paleocapa, in a letter dated
the same year, 1858, asks to be excused by de Lesseps for not being able
to collaborate on account of his having been stricken with blindness.
Moreover, it is well known that the execution of the work was entrusted
almost entirely to French civil engineers under the direction of Mougel,
and later of Boisin.
As to Torelli, on the eve of the opening of the Canal,
when all work was practically finished, he wrote to a friend in the follow¬
ing terms:—"In Italy people are beginning to take the great enterprise
seriously—it is somewhat late, but better late than never."
Indeed,
only 2,719 shares had been taken up in Italy, scarcely more than y2 per
cent, of the capital—whereas de Lesseps' appeal had been answered in
France by the purchase of 207,888 shares—i.e., 52 per cent, of the
capital.
The professed object of all this clamour, where political purposes can
be seen behind the claims to imaginary rights, is to secure seats un the
board for Italy and an extensive reduction in transit dues, pending the
dispossession of yotir company and its replacement by an International
Commission.
In answer to pretensions actuated by such a spirit and
formulated in such a manner, we shall only state once again the prin¬
ciples which guide your board in carrying out ,the mandate which you
have entrusted to them".
•
.
y.\to
place, it is an unalterable and absolute rule for the board
operate the Canal, as it is accused of doing, by stinting on what
it
should do and for' the sole benefit of the shareholders.
the
Conscious of
responsibility assumed towards Egypt, from whom it holds its rights,
which these rights are
and towards universal trade,, in the interest of
exercised, the first and foremost care of your company is to endow the
Canal, in advance wherever possible, with all the improvements called
for
by the growing requirements of navigation.
board have always applied
Furthermore, your
shareholders.,
The company, at
•,
the instigation of the
board; has
gone even
further,
and, anticipating an idea which is sometimes considered an achievement
of modem outlook, has for over 50 years admitted to the management
of
the undertaking
of
representatives of users of the Canal.
By virtue
agreement signed by Ferdinand de Lesseps in 1883, seven seats on
board were reserved for representatives of the British mercantile
Other shipowners, chosen in France, Holland/or Germany,
an
the
,
BURDEN
results
These
OF TAXATION ON
warrant
SHAREHOLDERS
proposing to fix at 900 francs the gross
our
of the Action de Capital, whilst at
revenue
necessary allocations to amortisation
of 900 francs represents, as compared
the same time making all
This revenue
and reserve funds.
with that of the previous year, an
increase of 9.75 per cent., which approximates the rise in the cost of
living in France during the last year.
Thus, in spite of the slowing down
of general economic activity, the purchasing power represented hy the
gross revenue of the Action de Capital will have remained practically
constant.
■
.
-
If such is not the case for the net revenue,
to
the increase in the rate of
French taxes,
this is due on the one hand
on the other hand to the
profits distributed this year will be subject for the first time to
Egyptian income-tax.
This tax, which was voted last January, affects
all payments made since September 1, 1938; its rate, which is at present
7,per cent., is to be gradually increased to 10 per cent, during the next
fact that
three years.
Taking the French taxes into account,
be borne by most shareholders 6f the company has
the fiscal load to
become extremely
It is consequently our earnest wish that between the Egyptian
French Governments a convention on double taxation should rapidly
heavy.
and
materialise,
permitting a limitation of the total fiscal burden imposed
by the two States.,
,
TRAFFIC
THROUGH THE
CANAL
Canal in 1938 amounted to 6,171 transits, repre¬
senting 34,418,000 tons net register.
Although this tonnage shows a
reduction of 2,073,000 tops, or 5.7 per cent., on the exceptional figure
for 1937, it is nevertheless greater that that for any other year, in particu¬
lar 1929, a year of great commercial activity.
'
The reduction, as compared with 1937, is due for the greater part to
the falling off of Italo-Abyssinian traffic, which, from one year to the
other, dropped by 1,222,000 tons—i.e., more than one-third.
Apart
from this particular traffic, the reduction is of 851,000 tons—i.e., 2.6
Traffic through the
per cent.
.
.
.
The classification of net tonnages
by nationalities shows that. British
occupies the first place, with a tonnage of 17,358,000 tons,
which is 50.4 per cent, of the total, against 47.3 per cent, in 1937.
On
the other hand, Italian traffic, while still occupying second place has
traffic still
fallen
by more tban one-fifth from one year to tne other, and its per¬
centage is now only 13.4 per cent., after having been 16.1 per cent, in
1937 and 20.2 per cent, in 1936.
Then come Germany, the Netherlands,
The number of passengers has fallen from 697,800 to 479,802,
reduction being mainly in passengers of Italian nationality.
Goods through the Canal have, as usual, been more affected than
joined the board later on.
Circumstances may lead the company not
to stop at that, but the company is sole judge of the opportuneness of
a
decision.
It is, in any case, indispensable that representatives of
users, when joining the board, should do so with the desire to collaborate
loyally in the proper running'of the concern, and not with the intention
of thwarting it, for it would be ridiculous to open the door of a house
to someone wishing to gain admittance merely'to ransack it.
BRITISH AND FRENCH INTERESTS
the
ton¬
nage by causes of depression.
The total weight of goods reached 28,779,000 tons, 12.2 per cent, less than in 1937.
European exports, has
particularly affected, having had to suffer not only from the state
but also because of the restrictions due to the SinoJapanese conflict.
;
The north-south movement, which depends on
been
of economic crisis,
marine.
EGYPTIAN,
1937.
amounts
and France.
themselves to making
together, showing thus
dissociate the interests of shipowners from those of
reductions of dues and increases of dividends go
their firm will not to
results which,
show a surplus
of 953,021,522.81f., an increase of 11.8 per cent, over
to this figure must be added a purely financial profit
to 65,074,859.74f. and arises from the advantageous
conditions in which, during the year, transfers of funds have been made
between London and Paris.
••
y' , ,
In the first
not
depreciation of the French franc has once again
last year,
which
errors
on
the
swollen, although to a lesser extent than last year, the
converted into French francs at the average rate for 1938,
As
is in
which
an
of receipts
Italy that the movement started, by a veritable crusade in
which all the papers of the peninsula enrolled, great and small, those of
the capital and those of the provinces, with a unanimity the source of
It
extracts from the directors' report:—
From
south
to
north the total
was
1,608,000 tons, or 7.1 per cent., on
IMPROVED
21,011,000
tons,
a
reduction of
the exceptional results of 1937.
EFFICIENCY
the Carial were made,
They bear witness to the continuity of progress
highway of inter-,
The conditions in which, in .1938transits of
were
fully satisfactory.
made since its origin in the functioning of the great
national commerce which the Suez Canal constitutes.
Thus, thanks to
the improvements carried out it has been possible, in spite of the growth
traffic and the increase in the dimensions of transiting ships, to ensure
of
In
maintaining these points of view, which are, you will agree, founded
itself, we are certain of being in complete agreement with the
opinions weigh with us, and in the first place, with
the Egyptian Government.
The Suez Canal is in Egyptian territory;
this sometimes appears to be forgotten.
If Egypt thought fit to entrust
the construction and management of the Canal to a private company,
and if she has organized its protection within the limits of treaties and
conventions signed by her, that brooks no interference.
It is Egypt's
rights which we defend when we defend our own, and the Egyptian
Government, in safeguarding the free exercise of our rights within
the terms of the concession granted us, and which we administer under
its control, is serving at the same time the intersts of Egypt, both present
on
reason
Governments whose
and future.
Besides, it must always be borne in mind that Great Britain is the
largest shareholder in the company, and that the majority of the capital
belongs to the French.
Hence the obligation for the British and French
Governments to defend, the one, their own interests, and the other,
the interests of their nationals.
They are each devoting themselves
thereto with a firmness to which we are pleased to pay tribute.
Everything incites us, therefore, to continue on our road without any
change in our course of action, deaf to unjust criticisms and empty
threats.
The
'
-
.
•
meeting unanimously approved all the resolutions presented by
the board.
that these
Whilst
can
transit the Canal with ever-increasing ease
and security.
during the early years of the working of the Canal there was an
figure was reduced
this reduces itself to
llA per thousand if groundings due to causes of force majeure, such as
sudden squalls, fogs, or engine breakdowns, are eliminated.
The results just analysed show (as always with a certain time-lag)
the evolution of world economy.
This economy remained very much
depressed during the whole of 1938, and the examination of the present
situation does not give much hope of an immediate recovery.
average of 150 groundings per thousand transits, this
in 1900 to 17; in 1938 it was
only three, and even
The
revival
which
has
shown
itself
during the last few months in
European exports to China and Japan—exports which, as we have
already stated, had considerably fallen last "year—is, however, to be
noted as a favourable symptom as regards Canal traffic.
The future
remains uncertain and will remain so as long as the evolution of world
is dominated by the uncertainty of the international political
But the day when, as all of us wish, these anxieties disappear,
believe that economic activity and international
exchanges will rapidly develop; the firmness shown during the last few
months by the gold price index of primary commodities is, in this con¬
nexion, an encouraging indication.
The traffic of the Canal which, in
spite of present circumstances, shows a remarkable resistance to a reduc¬
tion would then have every chance of regaining its upward trend.
economy
situation.
there is every reason to
The Financial Situation
Washington
CONGRESSIONAL they have often been for the
inquiries serve many purposes.
of
most
upon
In recent
muck-raking
part
designed
expeditions
to
and
administration"
preconceived
some
marshaling support
program
for
the
in
the
in
course
investigation.
small
no
the
measure
Concluding
"As this
resolution
other times in
the
At
expedient
of
is
has
been
Their
posed
pro¬
shelf,
was
perhaps'
and
which
of
these
case
past,
give
of
controlled its
in¬
been
This
group
ground for
ap-
further
a
of
control
in¬
dustry and attempting to
lay
a
for
larger spending activ¬
ities
basis for
the
on
part
Government,
>
but
certainly been in
to
demand
a
of the
has
it
no
a
program,
may
con¬
for the campaign next year.
his
few days
Wagner has
Senate
had
Committee
of his for
of
an
a
a
way
and
it
is
American business
dis¬
has lost
truth
of
the
more
to
national
why this
action
is
easy to
taken
at
Administration and those antagonistic
likely to be adopted, is spoken of in
already
later
be
and
banking
money,
such
If
the
is
of the undertak¬
the
gotten
better,. since
this committee cannot, any
than any
more
and manage
other
group
beings,
human
of
plan
American in¬
dustry successfully in
such way as
any
that implied.
What Is Behind All This?
There are, however, cer¬
tain
aspects of these mat¬
ters
his in¬
as
is
that
the
to
best
they
appear
to be
Washington at the present
do
time which
be
too
authentic
to
be
slighted.
that it
was
can
rumors
further
and
large
spending plans under for¬
mulation
ential
by highly influ¬
within the
groups
Administration
numerous,
as
are
too
persistent
apparently
times
at
dismissed
too
idle speculation.
National Economic
good ground for the suspicion
engaged in building up the impression
p'ublic mind that American industry either
the
not
funds
The
of
reports
At various times the Temporary
Committee has given
simply cannot
safely ignored or
.and
altogether
they
may
ing, the quicker it, is for¬
statesmanship at Washington
than with the ordinary processes of busines.
not
the
tell
to
what to do with
or
credit.
do with the establishment
purpose
among
shaping themselves 'in
matter
and banking
is
granted in the general field
economic
monetary
di¬
really
planners and
powers
possess
more jobs will
standard of living
man
in
and
things
managers
the
for the improvement
through techno¬
technology has been able
(although probably for different reasons) and
therefore
inventions
the
This resolution, which is said to have the support
to
re¬
proposal
precisely
both the
the
tl^eir products,
this time.
of
in
(and
progress
in some respects is almost incredible) has succeeded in only partially
offsetting the higher labor and tax costs
(particularly in relation to prices obtainable
for products) foisted upon industry by the
politicians, and that economic visibility, so
to speak, has been reduced almost to zero by
the same politicians.
Our problems of the day unfortunately
of
on
policy, and here, too, it is
determine
the
enjoy
investigation for the professed
determining
employment
new
other
other inventions and discoveries
industries with perhaps even
pave
have much
Banking and Currency
favorably report
is
do
to
economic
its
it has word what is wanted
Senator
to
•The
sciously killing time until
Within the past
Committee
rected
us
furnished,
that
ready, and
be that it is
policy," which would
suggest that what the
furnished
genuity and his initiative.
haste
•
it
such
purpose,
the
get anything in the way
of
governmental machinery
best calculated to carry out
Why, then, with all these opportunities
knocking at the door, is it necessary for us
to
contemplate
an
almost
undiminished
army of unemployed and to record the con¬
tinuance of depressed conditions in industry
and trade generally?
The long list
of inventions,' discoveries,
improvements in production, and more ef¬
fective
organization
for
getting
needed
work done is ample refutation of the foolish
charge sometimes made that industry is "on
strike."
It likewise demolishes the equally
silly insinuation heard here and there that
ex¬
of
those
than
of
new
That is the road upon which the
United States has always progressed."
peared to be preparing the
tension
up
be
to determine the character
begun.
markets
just
Federal
shall
guided and governed, and
advanced.
has
time
to
time
open
Government
of
be
particularly enlight¬
ening.
from
always
not
only
and banking
authorities of the
established »products
able
have
the monetary
others will be able to produce more efficiently
and cheaply, so that more people will be
the behavior of those who
quiries
has
may
these
and
monetary
banking policy by which
it
country,
of
"to
study and to
a
hearings to determine
logical advances and the accompanying ex¬
pansion of manufacturing facilities.
Thus,
great industries may arise where none existed,
Temporary National
Economic Committee, and
have
Banking and
national
a
the radio, both products of
research, created new markets
furnished
coveries
of the
exploration
vaster
even
this
from
greater potentialities.
"In
addition, such
purposes
predominated in the
that
frontiers
cent
clear
very
vanished
invention and
embarrassing moment.
It
more
the recent inven¬
of
some
development
may
an
hold
account of some of the
automobile and
controversial issue at
never
the
by the settlement of the great geographical
so
important in the earlier industrial
expansion of the United States.
Just as the
to avoid
or
would authorize
areas
measure or program
the
on
some
em¬
some
ployed, to lay
possible
economic
special
•
inquiries
an
list of
has
frontier
history
our
itself
indicates, new economic
frontiers are being created within the United
States as the result of the genius and labors
of scientists, inventors and research workers
in private industry.
While the geographical
number of the other
measures.
by the
"mystery."
The
tions and discoveries
Holding Company Act,
Deal
dissolving this
remarks:
Exchange Act of 1934, the
a
headlines
with
important of the large number of techno¬
logical advances since 1929, "The Index,"
published
by the
New York Trust
Co.,
of 1933 and the Securities
New
long enjoyed the
specifically " charged
Why?
was
ing of the Securities Act
and
has
been
conduct
which preceded the draft¬
the
has
Currency Committee
with the inquiries
case
which
which
of
Such
.
which would have it treading
the toes of the Temporary National Economic
President
is formulated without much reference to the facts
elicited
being designed to "solve the mysteries
as
credits,"
Committee
which
plan
some
or
frozen
and
passions, thus giving political aid to a "re¬
arouse
form
years
or
for
will not
proceed to make
expansion
result that idle
use
of available
and improvements
with the
funds accumulate and men decay.
Those familiar with the
technique of the New Deal
June n, 1939
Financial Chronicle
3572
easily
managers
see
how impressions of this sort may
presently be utilized to support an allegation that
since for one reason or another industry refuses to
to lay a basis for
vigorously it is essential that Government
function
such a claim by those whose re-
sponsibility it is to present a finding when the
ings and the studies are done?
Extra Budget Spending
hear-
'
savings and invest them in
of wealth.
Some darlings of the Ad-
All this, of course, has little or 110 bearing upon
the regular budget for the coming fiscal year.
The
forward
mittee support
its equivalent in
embodied in the formal
budget, and has to date had no serious difficulties.
The vested interests in public largesse, now popularly known as "pressure groups," have quite effectively seen to that. It is true as has been so often
later date
of late announced from
step in to take
the
creation
over
have
ministration
indeed
actually
come
It is at
least possible that the Administration supporters of
Senator Wagner's resolution have concluded it is
proposals and assertions of the sort.
with
and Currency Com-
desirable to have the Banking
April last year when the President launched
In
his
he
Congress and through Congress to the people
$3,000,000,000
said to
at
the. others in such a proposal at some
when the time is thought to be ripe for it.
spending-lending
large:
"Let
"
.
•
unanimously recognize the fact that the
us
Federal
program
debt, whether it be $25,000,000,000 or $40,-
000,000,000, can only be paid if the Nation obtains
a
a
I repeat that if
vastly increased citizen income.
this citizen income can be
year
raised to $80,000,000,000
spending program of last year, or
proposed outlays, is already
Washington that the Presi-
dent has asked less money
for relief than will be
spent for that purpose during the current fiscal
year, but no less than lie asked for at this time
last year. Meanwhile Congress, which in response
to plain uneasiness and displeasure on the part of
lias done a good deal
of talking about economy, is on the whole more
busily and earnestly engaged in increasing the appropriations requested than in reducing them. Unlarge sections of the country
overwhelm- less all signs fail, both the amount of money exgovernments will v pended by the Federal Government and the deficit
higher the national income
for the year ending June 30, 1940 will be as large
the National Government and the
ing majority of State and local
be 'out of the red.'
goes
The
the faster will we be able to
reduce the total of
Viewed from
and State.and local debts.
Federal
if not larger than for the year ending at the close
of the present month.
No surprise need be, and
probably none has been, occasioned by this fact, inasmuqh as it is well known that once expenditures
nomic system at higher speed.
Responsibility of \ are enlarged it requires something very like a poGovernment requires us at this time to supplant
. litical revolution to reduce them again.
It appears,
the normal processes and in so supplementing them
however, to be rather too late for proposals at this
to make sure that the addition is adequate.
We
session of Congress for further large additions to
must start again 011 a long steady upward incline
scheduled outlays on the basis of anything said or
in national income."
done by current investigators or others presumably
This was more than a year ago.
It will be resoon to begin work.
' .•
'
"
called that at that time business activity had deTwo avenues are, however, left open. 'One of
clined for some months at an unprecedented rate
them is the" budget for the following year, which
and was still moving downward. The people at large
will doubtless be formulated with the campaigns
were beginning to feel a little desperate.
This ex of the autumn very definitely in mind. Congress
cathedra repetition of an old fallacy passed muster,
reconvenes in a little more than six months at which
politically speaking, after a fashion at least, al-• time the President'must lay before it his financial
though there is reason to doubt whether there were
program for the fiscal year ending June 30, 1941.
many in the land who were able even then to sumAny other plans lie may formulate meanwhile, so
rnon a
great deal of faith in the already discredited
far as legislation is required, must also be laid benostrum proposed.
;
lore Congress within the first few months after the
Some improvement has taken place, followed by
turn of the year. There need be little doubt that
recession which most observers hope has in turn - what the President has to say will fire the opening
come to an end, but the result of the spending-lendguns in the. political campaigns to follow.
It is
ing program so far as its effect upon recovery is
equally certain, in all probability, "that one of the
concerned must have been and still be deeply disappurposes of the extended inquiries now proceeding
pointing to .the President and any one else who
and any others presently set in motion is to furnish
really expected a great deal. It is more than doubtmaterial'for these political battles. It may well be
ful if the Administration could succeed in marshalthat spending arguments fashioned meanwhile will¬
every
angle, today's purchasing power—the citizen's
today—is not sufficient to drive the eco-
income of
,
.
h
ing support for another such program added to the
one we
already have at this time by merely pleading
in its behalf
to
as
he did last year.
Indeed, it is open
question whether the President does not rather
acutely feel the need of support for a continuance
the
of
present rate of expenditures, and let it be
noted that
is in
the
no
reduction for the
inner circle of
able to think of
to their
so
coming fiscal year
Yet it is said, apparently reliably, that
sight.
no
presidential advisers have been
other
liking, for the
expedient,
purpose
or none so
politically essential at the moment.
fore
would
New Deal
public
their
a
be
more
in
much
of speeding recovery
What there-
keeping^ with accustomed
political tactics than to parade before the
long line of witnesses carefully chosen for
pro-Spending views
or
craftily led indirectly
far as the budget is concerned, be useful chiefly
in taking the political curse off a further prolongation of the profligacy now so firmly established in
Washington. There are plain indications that the
country at large is becoming, if it has not already
become, deficit conscious and tax conscious. Any
further inflationary spending program which subas
stantially adds to the already nearly
incredible
deficit or further burdens the backs that must
carry the tax load would in these circumstances appear to
be politically very hazardous,
But spending which does not appear in
the formal
budget figures, which does not add to the reported
deficit, and which does not require higher taxes
may be, politically speaking, a gray horse of quite
a different color.
Governmentallv owned agencies
Volume
already exist which theoretically at least can pump
from
funds
agencies
into
business
the
community either by bor¬
(with Treasury guarantee)
rowing
account and
relending the funds,
the
budgetary figures in the least
with
formal direct debt of the Federal Government.
The
gested
Reconstruction
Finance
less
purposes.
than
ago
two
years
which
Corporation,
one
others, and still
that he is not fully
so-called Meade bill is
of all this.
aware
case
a
in
.
ment of another milestone in the
000,000 mark
The
point, although as
monetary gold stocks.
was
tics show that
it
027,000,000,
wise to turn the full force of his
or
influence upon
These
Our
Congress, in its behalf.
agencies
of
metal to
lenders, and in these operations by and large they
for many
have
pean
been
the pump,
that
even
hood to
the
imagine, for the simple
we
been
have
reorganizing
of
in
that
rumors
executive
the
departments
recently filed with Congress there lies con¬
cealed
a
to place more "liberal" officials
purpose
posts which control the outflow of such funds.
Whether there is any
substantial basis for such
re¬
ports we do not profess to know, but we think it
well to call attention first to the fact that
granting loan requests indiscriminately
filed
probably
purchasing
the
feel keenly
they have
without it, secondly
Administration
the
and
It
within the next 12 months
fact that
would
as can
be
formula for producing such
no
presently to
come
the creation
of
opposition in Congress
forward with
new
agencies
existing agencies for the
undertake
truly
a program
purpose
public
lie
involving
of enabling them
functions
entrepreneural
competition with private enterprise..
that the
were
the remodeling of
or
It is
a
in
fact
to have become somewhat
appears
"touchy" not only about budget matters but also
activities
about
the
which
bring it directly into competition with pri¬
vate
of
enterprise—lending
be wise to
gram
assume
built
other is
being perhaps
money
upon agency
a
activity of
with
sort
so
should
pro¬
or an¬
of the various
some
come
forward
of facts, real and imaginary, and
arguments skilfully marshaled, politically
an
array
not
only that such
combated if and when
a program.
proposals
given effect
be
or
fective advance stage
events
brought for¬
an
ef¬
setting in behalf of them, is
certainly indicated.
Alert¬
vigorously
ward, but to do what is needed to prevent
at all
an
politically out of the question for the next
considered, in support of such
ness
spending
one
investigations and studies presently
with
Government
Federal
indolently that
months, the less
,
of
flow
It increases whenever the Euro¬
provokes fears of general war¬
scene
ominous.
less
seem
the
of
increase
"
last
12
amounts
In
to
the
stocks
our
$3,077,000,000, which is far in excess of the annual
production of
tries
are
■
The stocks of other coun¬
clearly could be Used to far better advan¬
tage
such
an
Nothing
elsewhere.
is
gold.
new
being drawn to the United States, although
the metal
accumulation
faintly resembling
even
ever
has been known, and
it
impossible to exaggerate the inflationary dangers
Some of the gold movement
of the situation.
less reflects the shifts
United
the
less
.
of idle European
for
States
for the trend
reasons
doubt¬
capital to
safekeeping, but the-main
are
to be
sought in the need¬
depreciation of the dollar and the favorable
investment and trade
position of the country.
4
The combined condition statement of the 12 Fed¬
eral Reserve banks shows that
foreign central banks
adding rapidly to their balances here,
are
week to June 14 the
429,000.
In the
foreign bank deposits of the 12
The latest word
This
to be a wholesome matter,
appears
however, which may presage some return to Europe
of
our
Private European holders of
surplus gold;
fugitive funds in
market are believed to be
our
withdrawing substantial amounts of their money,
and
in
this
central banks
the European
process
naturally accumulate dollars which, for the time
being, are left on deposit here with the Federal
It is indicative that the deposits
Reserve banks.
foreign private banks with the reporting mem¬
of
ber banks in New York
City receded >$17,060,000 in
the week to June 14.
Also of some interest in the current
Yet it certainly would not
exception to the rule.
12
the
The
steady and incessant
regional institutions increased no less than $41,-
that the President would meet
appear
substantial
.very
far
so
except that of pump-priming.
recovery
to
now
supplies.
monetary
months.
moves
months
need, politically speaking,
a
and thirdly to the
so,
learned
.
in hands
for substantial, recovery
or
are
party it technically represents without much
question
\
they
good deal could be done to place
a
power
circumstance that
the
to
by merely
as
aggregate was $16,-
$40,000,000 for the statement week.
shores has been
our
political
matic
pump-primers have not had the hardi¬
There
The $16,000,-
June 9? and the statis¬
fare, and falls to more modest levels when the diplo¬
reason
disregard completely the rating of would-be
program
in
,
largely,
borrowers.
most
particularly successful in priming
on
June 14 the
on
up
world
empowered merely to lend or to lend aid to other
not
passed
gold accumulation now is estimated at some
60%
of course, for the most part
are,
steady upbuilding
of American
yet the Administration does not appear to have felt
necessary
pump-priming
for
employed
The end result would, however, for all
OFFICIAL chiefly because theythis week are noteworthy banking statistics reflect the attain¬
It would not be doing the
political ingenuity of the President justice to sup¬
pose
of the other sug¬
some
Federal Reserve Bank Statement
be created by ap¬
can
were
The Commod¬
of them.
of them
more
case
instruments
ity Credit Corporation is another. There are several
propriate legislation.
Here competition
point of danger.
that, be unfortunate enough.
the President was apparently
planning to liquidate, is
bridges,
construct
to
existing enterprise is less direct and obvious
than would be the
increasing the
or
"authorities"
or
most immediate
by guaranteeing
or
insuring the loans of others without affecting
or
Washington suggests that semi-governmental
roads, and heaven knows what else constitute the
their own
on
3573
Chronicle
Financial
148
decline of all currency
reports is a
in circulation by $50,000,000.
This tends to incresae member bank
and.
reserves,
gold increase naturally had the same effect.
the
The
advance
member
of
bank
reserves
was
re¬
strained, however, by the increase of foreign bank
balances and another addition to "other deposits."
The net result of the
of
member
considerable
banks
reserve
on
various influences
shift
themselves
in
June 14 were
for
gain
But
a
the deposits of the member
apparently took
requirements advanced.
$20,000,000
was a
balances by $48,286,000.
bank
place,
for the
The excess reserves
estimated at $4,260,000,000, down
the
weekly
period.
The weekly
Six Districts had more failures than a year
in particular the Philadelphia District where
103 firms failed last month in comparison with 52
practical importance in view of the trementotal.
It appears, moreover, that little effec-
dous
tive demand for
City show
in commercial loans to
$524,000,000.
The New York Stock Market
l^VULL and dispirited sessions marked the trad-
gain of $5,000,000
a
L/
$1,374,000,000, but brokers'
fell
collateral
security
on
in May, 1938.
The weekly reporting member
banks in New York
loans
ago,
credit accommodation is being ex-
perienced by banks.
$29,000,000
to
J
v
regional banks to $13,420,719,000.
12
the
The
made by Britain and
formulate an antiaggression front in Europe, while Japanese militar-
ing, for little progress was
To-
increase in their total reserves by $55,-
an
in
circulation
actual
-
decreased
$38,607,000
to
bank
member
reserve
$10,100,929,000;
consisting Of
balances
a
of additional
to
in
Discussions
by $6,97o,600 to $927,989,000; an increase
throughout the country revolved largely on the pos-
foreign bank balances by $41,429,000 to $351,-
sibility that Mr. Roosevelt will seek a third term,
account
of
029,000, and a gain of other deposits by $43,003,000
in direct contradiction of one one
to
,
regime
spending which plainly will be de-
signed to influence the 1940 election.
decrease of the Treasury general
a
of modest
Washington pushed ahead with fantastic schemes
gain in
by $48,286,000
a
picture much improved, despite signs
business betterment.
The New Deal
Total deposits with the 12 regional
advanced
$125,743,000 to $11,743,391,000,
with the account variations
took measures which necessarily will
show-down on the general problem of
foreign rights and interests. Nor was the domestic
bring
$4,437,703,000.
banks
their endeavor to
ists in China
Federal Reserve notes
192,000 to $13,806,000,000.
in
France
gether with the return of cash to the 12 banks, this
made for
small offerings sufficed to force
little inquiry,
foreign aspect of affairs again proved perturb-
levels materially lower, for there was
acquisitions, raising the gold certificate holdings
of
Dealings were sluggish throughout, and
in the thin market
.
only for $29,000,000 of the gold
the week to June 14
ing in securities, this week, on the New York
markets.
Treasury in Washington reimbursed itself in
The
June 17, 1939
tricts.
of course, of
variations in the excess reserves are,
little
,
Chronicle
Financial
3574
of
from
fell
Discounts by the 12 regional banks
85.4%.
$330,000
were
up
make
to
Industrial
$3,137,000.
advances
fell
$85,000
to
ills caused by the crazy quilt structure now in ex-
tive aspects and everything else but common sense,
changed at $561,000, and holdings of United States
securities
similarly motionless at
were
^
"
4
Traders and investors saw little occasion for activities of any sort, and the market slowly drifted
lower day after day.
$2,564,015,000.
v
'Business Failures in
puni-
istence, which includes revenue, control and
$11,388,000.
Open market holdings of bankers' bills were unTreasury
traditions.
our
the'treasury to alleviate some of the numberless
advances
$40,000 to $12,469,000, but commitments to
such
of the soundest
Some progress reputedly was
made in Washington with a tax bill designed by
The reserve ratio fell to 85.3%
$363,444,000.
Leading issues show losses
of one to five points at closing levels yesterday, in
May
ETTLE or no improvementMay,observable by Dun American with figures, prevalent aeven more, owis compiled in the contrast Telephone stock dropped week earlier,
bankruptcy reports for
less failure in
ing to the appearance on Wednesday of a report by
corresponding
the FCC, containing recommendations for greater
comparison than
Federal control of the Bell, System. The report is
based on an investigation which took two years,
cost $1,500,000, and was so one-sided that the com-
& Bradstreet.
There
only
one
the
compared -with
the
month
of
month
as
was
1938, which is
a poorer
preceding months have made with
the number is
<
and
a year ago,
only barely lower than in April last,
when, as noted here a month ago, there was a contra-seasonal rise over March.
Only in the amount
of liabilities involved is there
terment.
and
Liabilities
suggestion of bet-
/
16% less than April last.
Failures in
1938
^
'
May totaled 1,122 and involved $14,-
757,000 current liabilities
in
a
23% below May,
were
compared with 1,140
as
April involving $17,492,000 and 1,123 in May,
with
1938
industrial
classifications
divided, had
are
month
there
than
were
Two of the five
$19,139,000 liabilities.
a
a
into
which
the
creased
the
to
on
the New York Stock Exchange
while in the other three
The downward- trend was interrupted only by a
year
ago
Wholesale insolvencies
$1,952,000 from $2,447,600.
In
Turnover
averaged only 500,060 shares in the full sessions,
decreases.
to 66 from 60
tions.
greater number of failures last
to 136 from 109 but liabilities involved
rose
disasters
' pany investigated never was permitted to present
witnesses or cross-examine the witnesses of the commission. Another incident that jarred the market
to a degree ;was a move by the Southern Railway to
readjust service requirements on funded debtStrikes in the motor industry continued and presented puzzling aspects, for they appear to involve
questions of the various labor organizations quite
as much as questions of employer-employee rela-
rose
dropped to
Construction failures
and liabilities in this group
small rally yesterday.
/
.
In the listed bond market the principal tendency
was
toward lower levels.
United States Treasury
in-
securities moved irregularly lower, as talk of spend-
$1,158,000 from $757,000 in May, 1938.
ing-lending increases developed and fresh moves
toward pure inflation of the printing press type
manufacturing division 206 firms with $4,-
made by a congressional group that long has
893,600 liabilities failed last month compared with
were
217, with $6,860,000
agitated for such steps.
a year
earlier.
670 retail firms
involving $5,878,000 liabilities failed while
a
year
ago
690 involving $7,879,000 closed their doors.
the
commercial service group,
In
44 houses failed for
$876,000 while in May, 1938, 47 failed for $1,196,000.
When considered from
a
geographical standpoint,
there appears to have been a considerable improve-
Best rated corporate bonds
lost small fractions, while speculative bonds naturally followed the downward drift of the equities
section.
The few offerings of high grade bonds
on the market were quickly snapped
which appeared
up
by institutional and other investors. Commodity
ment in the New York and Boston Federal Reserve
markets were unsettled, with losses of some staples
in the agricultural group more pronounced than the
Districts,
gains in others.
and lesser gains in
several
other
Dis-
Base metals reflected a slightly
Volume
dicated
the
last week; Consolidated Edison Co. of N. Y. at 30%
against 31%; Columbia Gas & Elec. at 6 against
6%; Public Service of N. J. at 36 against 38; J. I.
Case Threshing Machine at 73% against 81%; In-
Foreign exchange trading in-
improved demand.
relaxed pressure on
leading units early in
week, but the transfers of funds to the United
States
apparently
the week.
resumed to
were
degree later in
a
prevented
ternational Harvester at 57 against 62; Sears, Roe-
stocks
buck & Co. at 75 against 76%; Montgomery Ward &
Co. at 49% against 52%; Woolworth at 47 against
high levels for the year while 16 stocks
47%, and American Tel. & Tel. at 157% against
official controls
The various
spectacular movements of currencies.
On
New
the
touched
new
touched
York
Stock
stocks touched
at
the
shares;
Monday they
on
shares;
at
424,2001 shares;
on
on
On
the New
77,615
41,140
on
Tuesday,
92,060
shares, and
shares;
shares;
94,535
trading period
the stock market still in
on
shares;
on
Thursday, 107,780
on
;
Saturday last found
on
rallying mood, and after
a
irregularly higher start ° equities continued to
an
softness of
key
Some
upward in leisurely fashion to the close.
move
prices developed in the final hour
but
shares,
of
were
three-fold nature,
a
enough
not sufficient to
was
The market's troubles
great concern.
suffered
from
among
cause
any
Monday
on
and equities naturally
these
influences,
adverse
General weakness in commodities, increased polititension
cal
steel
in
Europe, and
drop in the rate of
a
operations all contributed their share to lower
values.
Taking its
displayed
cue
weakness
from abroad, the market
opening,
upon
worked '
and
slowly lower until early afternoon, when the
quickened
"ures
estimated
on
issues
recording
points.
steel
stiffened
prices
day
pace
bit with the release of the weekly fig-
a
production.
Similar influences
on
prominent
fractions
of
recessions
Late in the
with
closed
and
to
1%
Tuesday prevented
prices from edging higher, and on a limited volume
of
sales
equities worked gradually lower, partial
recovery
marking their close.
The tendency of the
past few days was again present on Wednesday,
only in
rally
mixed
Thursday
The
best
levels
and
for
a
stocks
the
day.
the fourth consecutive day the
mar-
downward, and
from the rest
tude.
point, but some evidence of
their
at
was
ket tended
a
light in late trading,
to
came
closed
Prices reflected
pronounced degree.
a more
declines well above
was
chiefly distinguished
by recessions of much greater magni-
European situation afforded
no encour-
agement to home markets, and some features of the
domestic
news
ened with the
in
the
worst
four
scope
of early weakness broad-
passing hours and reached its height
final
period, when equities
were
at their
leevls, closing with declines of from one to
Extreme dulness characterized yester-
points.
day's
market,
showed little
first
proved anything but a stimulus to
The
higher prices.
hour
and
or no
a
firm
stocks
at
the opening period
change in prices.
tone
developed,
Following the
and
favorable
changes outnumbered the unfavorable ones at the
close.
Prices
on
the
average
closed lower yester-
day than on Friday a week ago.
closed
General Electric
yesterday at 34% against 36% on Friday of
20
against 168%; Standard
7; Westinghouse Elec. &
101%; Lorillardjat 23%
Dry at 17 against 17%;
Schenley Distillers at 12% against 14%, and National Distillers at 25% against 25%. In the rub-
Monday,
on
Friday, 71,385 shares.
on
The brief
Exchange the sales
were
shares;
Wednesday,
Curb
York
last
at
15% against 16%; National Biscuit at 26%
Kodak at 166%
Brands at 6% against
Mfg. at 96% against
against 23%; Canada
Friday,
399,940 shares.
Saturday
yesterday
against 28; Texas Gulf Sulphur at 28% against
28%; Continental Can at 37% against 37%; East-
Wednesday, 399,270 vman
on
closed
Friday of last week; Allied Chemi-
ter at 17% against 18%; National Dairy Products
254,930
wrere
on
Nemours at 147 against 149%; National Cash Regis•"
-
•
Thursday, 583,610 shares, and
on
the
on
unchanged
'
were
531,870 shares;
Tuesday,
Union
cal & Dye at 163% against 166; E. I. du Pont de
Saturday last
on
Western
against 21%
Stock Exchange the sales at
York
half-day session
168%.
high levels and 22
remained
>
the New
Curb
York
Call loans
new
Exchange
1%.
On
the New
low levels.
new
Stock
York
76
Exchange
On
low levels.
new
Exchange 52 stocks touched
New
3575
Chronicle
Financial
148
-
ber group, Goodyear Tire & Rubber closed yesterday at 26% against 29% on Friday of last week ;
B. F. Goodrich at 16% against 18%, and U. S.
Rubber at 40% against 43%. The railroad shares
moved lower this week. Pennsylvania RR. closed
yesterday at 17% against 18% on Friday of last
week; Atchison Topeka &• Santa Fe at 27 against
29%; New York Central at 14 against 15%; Union
Pacific at 93 against 96%; Southern Pacific at 12%
against 13%; Southern Railway at 14% against 16,
and Northern Pacific at 8 against 8%. The steel
stocks also declined the present week.
United
States Steel closed yesterday at 46% against 49%
on Friday of last week; Inland Steel a.t 76% against
80%; Bethlehem Steel at 54% against 58%, and
Youngstown Sheet & Tube at 35 against 38%.. In
the motor group, Auburn Auto closed yesterday at
2% against 2% the closing bid on Friday of last
week; General Motors at 43% against 45%; Chrysler at 67% against 71%; Packard at 3% against
3%, and Hupp Motors at 1% against 1%. Among
the oil stocks, Standard Oil of N. J. closed yesterday at 42% against 45 on Friday of last week;
Shell Union Oil at 11 against 11% bid, and Atlantic
Refining at 19% against 20%. In the copper group,
Anaconda Copper closed yesterday at 22% against
25% on Friday of last week; American Smelting &
Refining at 41% against 44, and Phelps Dodge at33% against 35%.
„
.
Trade and industrial reports suggest a degree of
contraseasonal improvement in various lines.
Steel
operations for the week ending today were estimated by American, Iron and Steel Institute at
53.1% of capacity against 54.2% last week, 45.4%
a month ago, and 27.1% at this time last year,
Production of electric power for the week ended
June 10 is reported by Edison Electric Institute
at 2,256,823,000 kwh. against 2,113,887,000 kwh. in
the previous week, which contained the Memorial
Day holiday, and 1,991,787,000 kwh. in the corresponding week of 1938.
Car loadings of revenue
freight for the week to June 10 are reported by the
Association of American Railroads at 643,597 cars,
an increase over the preceding week of 66,865 cars,
and over the same week of last year of 80,743 cars,
As indicating the course of the commodity markets, the July option for
wheat in Chicago closed
Fri-
yesterday at 72%c. against 74%c. the close on
Chronicle
Financial
3576
June 17,1939
July corn at Chicago closed
alized on Wednesday that Far Eastern develop-
4934c. against 50%c. the close on
Friday of last week. Juyl oats at Chicago closed
merits held threats of genuine trouble, and a general
day of last week.
yesterday
at
yesterday at 33%c. against 3414c.
sinking spell took place. Gilt-edged stocks set the
downward pace, and the same trend was followed
by industrial stocks, mining issues and commodity
Friday of
on
last week.
The
spot price for cotton here in New York closed
yesterday at 9.86c. against 9.99c. the close
The spot
of last week.
16.22c.
was
price for rubber yesterday
against 16.52c. the close
•
split price of 10c. to 10%c., the close on Friday of
In London the
last week.
price of bar silver yester-
day was 19% pence per ounce as against 19% pence
the close on Friday of last week, and spot
per ounce
silver in New York closed
close
on
the
In
of
matter
the
exchanges,
cable
at $4.68%
yesterday
,
against $4.68% the close 011 Friday of last week,
transfers
cable
am!
2.65c.
Paris
.011
2.65%c.
against
the
closed
close
yesterday at
Friday
on
last week.
•
of
^
^
■
1
•
uncertain start on Monday, prices
tended to rally on the Paris Bourse, and changes
for the. session were of little importance. The dispiriting effect of the recession at London was re¬
fleeted on the French market mainly in international obligations, which were sharply depressed,
Liquidation was the rule at the start of business
After
foreign
closed
London
on
and other groups of a like nature held
regarding, the Far East.
yesterday at 42%c., the
Friday of last week.
transfers
The mining, oil, rubber
their ground,
Anglo-American favorites were .maintained, but
other issues of the international list tumbled,
Fresh declines took place yesterday, in a quiet market, with all groups affected by the deeping anxiety
stocks sharply affected.
Friday of
on
Domestic copper closed yesterday at the
last week.
International securities naturally suffered
shares.
heavily. Another period of declining levels was reported Thursday, with gijt-edged and industrial
Friday
on
an
v
.
0
i
.
-.
European Stock Markets
-
on
Tuesday, but the pressure never was pronounced
^ }(mm again
^
modified by
were
late^im-
a
PRICES of securities moved downward this week French equities likewise suffered onlychanged,recesprovement. Rentes were irregularly small and
"leading European; financial markets,
the
on
The international section was marked gen-
largely because fears of war once again prevailed as
sions.
the
erally lower.
militarists
Japanese
created
The lack of progress
Tientsin.
incident
an
toward
an
at
anti-ag-
Wednesday
gression front in Europe depressed the London and
as
Paris
toward
exchanges from the start of trading, last Mon-
gravated when the Far Eastern situation produced
throughout,
the
sections of the markets in:
All
countries
democratic
the German Boerse in
levels" there also
was
There
were
some
Little business
were
almost
recession.
curities*
London
the:
announcementswas
losses
was
all
done oil
Thursday, and changes
were
day at Paris, in all classes of issues.
the movement.
would
be
German market
in the
The
tax.
new
suspended, Wednesday, all trading
widely held shares of the Reichsbank, in
aration for
ther
entirely
an
an
announcement
prep-
Thursday by Wal-
011
Funk, President of the institution, that foreign
holdings of
§5,000,000 to 40,000,000 Reichs-
some
marks, out of the aggregate/of 150,000,000 Reichsmarks shares, will be eliminated through an offer
to convert such
shares
on
holdings into 4% Golddiskontbank
basis of one Reichsbank share for two
a
shares of its subsidiary
institution, the holdings of,
the Golddiskontbank stock to
enjoy
a
German Gov-
,
Rentes led
.
Not much business
done
was
on
the Berlin Boerse
in the initial trading period of the week, but dulness long
a
has been the principal feature of the Ger-
market.
man
Small declines
were
the rule, and only
few specialties, resisted the trend.
securities joined
the downward
Fixed-income
procession.
to
three points.
equities,
•
however,
The advances
there
as
fixed-interest obligations.
ward
on
were
was
little
confined
to
buying
of
The trend turned down-
Wednesday, when it appeared that the
guarantee of service in the currency of the
German central bank would be placed
holder.
The Boerse
completely under official control than in the
by the
vious days of Herr Hilter's policies.
noted
was
last
Exchange
and
slow downward
an
were
Gilt-edged issues
011
off
sharply at the end, while industrial, mining
other
securities
for there
issues.
a
Monday, with trading
extremely small scale.
rather
impressed favorably
move.
On the London Stock
drift
not
stocks
of
all
was
The
also
nothing to
opening
pessimism,, but
a
Gilt-edged
issues
there
a
were
few
to
the
curities continued
ground.
on
International
even
more
pre-
Declines of
to three points were numerous in equities, and
one
No changes of importance
the closing was weak.
noted in the fixed-income group.
were
was
quiet and weak
again
ranging to
on
The Boerse
Thursday, with net losses
three
points.
The Reichsbank
were
marked lower,
stock incident also unsettled the market for Ger-
encourage
buying of such
man
Tuesday again
reflected
bonds.
Changes
were
small at Berlin yester-
day in another dull session,
late rally modified the decline.
closed
with
minor
bright spots in
ging industrial list.
resistance
lost
descriptions
The;
Boerse displayed a good tone 011 Tuesday, with
gains for the session .ranging from small fractions
ernment
was
se-
recorded yester-
were
orders
subjected ;to
were
registered in
equities. and international
French
Drastic recessions
Thursday, that excess profits from armaGovernment
issues,
mostly toward lower levels. Rentes
ments
by the British
in
pronounced
were
madej
placed
situation
and international
equities
steadily, and small losses
special influences which tended to aggravate, the
In
the
and
French
rentes,
offered
decided pessimism,
The session was weak
far from encouraging.
optimistic mood, for ; again
reduced.
were
Nor
affected.
were
more
a
a more
Danzig, while the Far Eastern
was
difficulties.
toward
circulated of impending German moves
rumors
day, and the movement toward lower levels was agfresh
The only change in the situation on
was
an
sag-
The mining section developed
liquidation, but the foreign
to
drift
downward.
It
Intergovernmental Debts
and
losses,
otherwise
was
T^1 INLAND retained
*
on
Thursday the admirable
distinction of being the only debtor on intergov-
se-
ernmental account to meet in full the payment then
re-
diie to the United
States Treasury
from 13 Europ-
Volume
148
Governments.
ean
remained
Italy and
occasion
Britain,
Great
year.
The so-called
this
on
less reflects amply and well the views entertained by
Poland,
multitudes in the two great nations. There was
some informal conjecture this week concerning a
possible return visit by the President, but no
official encouragement seems to have been given the
rumors. Since the visit by the King and Queen was
largely incidental to their journey to Canada, there
would seem to be little occasion for a return by the
President.
Belgium,
France,
defaulters oil freely
negotiated pledges sent their usual polite regrets,
Czechoslovakia,
istence
be not
the
of
has passed out of ex-
course,
political entity, and there appears to
a
as
even
$105,000,000
assuming
of Germany
remote chance
a
debt liability of the former
war
Prague regime, which was in default in any event.
Finland
paid: in
settlement
which
proposal for
is before
now
Far Eastem
revision of the
a
rxEVELOPMENTS
Congress without
the -President.
from
recommendation
^
Hungary paid *9,828 in
due from that country, and
accordance with her
of $160,963
the instalment
full
The sentiment of the King's message doubt-
stated.
problem
what it was last
much
chronic
the other
debt
war
3577
Chronicle
Financial
•
Occidental
Early this
shadowed the
in
the
Powers
Far
once
East
more
of the undeclared
course
involving
have
war
over-
of
week, Secretary of State Cordell Hull advised the
quest being waged by Japan against China.
Rumanian
newest
Minister, Radu Irimescu, to discuss with
Treasury officials
remains
problem
to
The
propose.
debt
war
European
efforts to
7TSITS
V
that
State
of
seldom
strenuous
journey
King
of
as
British,
recognized by all experts on
was anticipated that
affairs, and it
undertake
would
new
measures
areas
of China.
To all intents and purposes the
through Washington, New
Japanese militarists have issued a direct challenge
The British sovereigns were
to British prestige and power in the Far East, and
there can be no question of the full realization of
the
York and
cheered
Hyde Park.
route
illuminated
was
only by highlights of
this circumstance in London.
The problem involves
After their several days in Washington,
far more than appears on the surface, and the course
week, the royal couple toured New York City
of the incident will be watched^vith intense interest
goodwill.'
last
and
World's
the
Lehman
and
Fair; last
Saturday.
in all but the most provincial of centers.
Governor
Mayor LaGuardia extended officially
On
<
impressive was the sustained and friendly
and
Sunday
was
was
After
.a
their unprecedented
ended
so
recognized as a virtual invitation to a test of
A concession in China is of much lower
dignity than an international settlement, for it is
night journey by
of immediate interest only to the country which
regal pair reentered Canada early last
Monday and
Tientsin, in
strength.
spent in worship, a picnic party
long conversations.
train, the
at
The British concession is the im-
portant one at that port, and the Japanese action
estate of President Roosevelt at, Hyde Park,
where
the Japanese militarists
concessions
French
northern China.
Saturday the King and Queen traveled to the conntry
flimsy pretext,
British' and
re-
Late last
ception . accorded by the vast crowds.
a
instituted, early on Wednesday, a "blocade" of the
greetings of the hospitable metropolis,'but much
more
gained the concession.
state
But the nationals of many
They started their return voyage to England
foreign countries reside in such concessions, and
Thursday, but will halt today at Newfoundland
the possibility is not to be disregarded of repercus-
visit.
on
of
The seriousness of
everywhere by the immense throngs, and
marked
the
swift tour
Japanese
was
landing
interests in the great Yangtze Valley and in other
•
unfortunate character
noteworthy incident of an
their
No
unqualifiedly auspicious occasion.
an
joint
the
Britain, possibly because of the extensive English
Queen Elizabeth to the United States must be set
down
The
of the
against one or another of the Western countries,
The decision,-it is now plain, was against Great
and
VI
George
Eastern
the
turbing aspects, but it appears that the brief
and
occurrence
Far
without their per-
are
outgrowth
the Kulangsu concession at Amoy
by
French and American troops.
concerns.
Royal Visitors
\
occupy
defeated
were
*
'
obvious
an
Japanese loss of "face," suffered last month when
,
costly reminder of America's
a
last venture into
t
settlement arrangements
any new
cared
Government
Bis
incident is
con-
for their final
What
steps
passed between the King and President is,
of course, a
for
omen
amity
visible to
continued
between
democracies.
the
,.On
have
ments
are
.great
as
to
the
well embitter relations if the
political friendship
were
The state visit of
mind.
see
war
an
the
•
our
international
But
eye-to-eye.
primary aim of sound
not kept continually in
King George and his
con-
Government spokesmen, but also by the
The King and Queen expressed
people in general.
their
awareness
which
they
Roosevelt,
of this circumstance in
sent
from
Monday.
Canada to
a
Mr.
alitv
has
Mrs.
stirred
our
with
hearts," the
that
political
refugees never
are
The
military ring of the Japanese around the
Tientsin concessions so far has not been airtight,
for some supplies have reached the port both from
But' this is a minor
of British activities in
the sea and from the land.
matter,
as
the question
us
China and the general British policy toward the
Nationalist regime of General Chiang Kai-shek at
cordi-
"Chungking promptly was raised by the Japanese as
your
a
/
well
sacrificed in the Tientsin concession. The British
authorities demanded evidence Of criminal activities, but received none.
The Japanese thereupon
ringed the foreign concessions with military forces
and made it clear that they intended literally to
starve the British into submission.
Tientsin obvion sly was chosen for the test because the concessions there are subject to military blockades,
fel-
"The kindness shown to
countrymen and countrywomen
that
message
and
personally by you both was endorsed by
low
perfectly
States Govern-
sort made it clear that this is well understood not
only by
Chinese, on political charges, although they knew
excel-
utmost
debts, which might
The Japanese militarists suddenly demanded
the surrender, by the British at Tientsin of four
English-speaking
and United
reason
every
of
important
some
others, such
and is
many
relations
two
problems the British
there
tries.
guarded secret, but the friendliness of
the discussions \yas
lent
sions involving the United States and other coun-
the soil of this continent.
on
message
the real point in dispute at Tientsin.
British sub-
Financial
3578
concession were sub¬
jected to searches that involved the indignity of
complete stripping. In other ways, also, the Japa¬
jects who wished to enter their
Possibly because they thought the
showdown.
a
insufficient, the Japanese instituted
Thursday a naval blockade also of the settlement
emphasis
on
at
clear their intention of forcing
made brutally
nese
In Tokio dispatches the. Japanese yester¬
Amoy.
foreign concessions and settlements in China will
"liquidated."
have to be
The Japanese spokesmen
declared, in addition, that a distinct change in the
take place.
ment of China must
talk of
was
a
.
the Nationalist
toward
attitude
British
Govern¬
In London there
reprisals against the Japanese through
closing of all British Empire ports to the comof that country, but the realization that Brit¬
merce
ish trade would suffer
similarly suggests the inad-
Consultations with Paris
Visability of such steps.
promptly were started, and there
and Washington
suggestions of "mediation" by the United
were some
is
It
Government.
States
realized
doubtless
in
Washington, however, as it is in London and Paris,
that the real issue involved is the
of China to the
ment
aggressions of the Japanese
likely will be
more
complete abandon¬
The dreadful alternative may
militarists.
but
with Soviet Russia as a
the belief that the
be
war,
further temporizing in
a
Japanese economy cannot indefi¬
his
conflict
week.
this
little
of
were
importance
apparent
Japanese forces were unable to make
and they turned again to the aerial
any progress,
which dropped bombs with machine-like pre¬
arm,
cision
thus
the
on
helpless civilians of the far interior,
manifesting the superiority of the Japanese
type of "civilization."
Defense tactics
princi¬
are
first," continued the Prime Minister, "was to try to
possible causes of war and
discover what were the
if it
that
weakness, to accept terms that would
our
Early this week
officials
some
honorable
the
con¬
preparations for continued resistance to
invaders, partly with the aid of supplies from
French Indo-China and British Burma.
authorities
declared,
forces will be
Saturday,
last
The Tokio
their
that
garrisoned permanently in China, but
the realization of this aini
seems
open
to question.
ANOTHER quiet week
*Y
the
Europe
can
recorded in the
be
Anglo-French anti-aggression program far from
completed,
while
about further
the
latest Far Eastern
lated
diversion
of
sort
The
Rome-Berlin
It is
moves.
on
partner
axis
in
hesitates
quite possible that the
developments represent
the
a
calcu¬
part of Japan, which is a
the
combination.
totalitarian
impact of the Far Eastern
war
possibilities
on
European affairs is not readily predictable, how¬
ever,
despite certain obvious considerations.
diplomacy of these times is not
nations,
of two
groups
complicated
tangle
nor even
profoundly
ideologies embracing
the
basis
of
a
Chamberlain,
a
British and French Ambassadors in the
Russian
capital,
formulate fresh
now
some
easy
as
and
part of the world.
On
one
aspect of a
to scorn Prime Minister
so
many
question, however, whether Rus¬
kind of
do, for his hesi¬
binding alliance with
a
Great Britain.
.
side of the European align-'
On the Rome-Berlin
ment every
effort was made to assure the world of
uneventful
an
The
summer.
statements remains open
reliability
of
such
to question, especially in
view of recent boasts that immense official
aid
was
the
being extended to General Franco in Spain at
moment that official denials of such aid were
very
The fact is, however, that Germany
to be exerting no unusual pressure for an
immediate
on
Danzig to the Reich, while
France
have
only by their absence.
been
between Poland
Danzig, but there is no tendency to aggravate
and
The uneasy
incidents.
impression prevails, on the
hand, that Chancellor Hitler has decided in
other
his
conspicuous
Occasional reports
circulated of renewed tension
are
of
of
return
claims
strange mind upon a time for the return
own
Danzig to Germany and will risk a world war
to
carry
his notions.
out
influence
is
In the meantime the
being extended economi¬
Notwithstanding the British
guarantee of Rumania, German economic penetra¬
of
tion
that
country is said to be progressing by
Hungary and Bulgaria are little
leaps and bounds.
more
than German
satrapies, and the geographical
of Yugoslavia leaves that country little
position
alternative
gestions.
to
acceptance
of German-Italian
sug¬
General Franco now is reported as plan¬
ning to visit Rome in September, which can only be
interpreted
the
as a
step in the alignment of Spain
Rome-Berlin
The
interests
of
Strang promptly began jto
Mr,
proposals, which possibly will meet
previous objections of the Russian Government.
the
with
fascists.
Bohemia and Moravia
matter of two
of nations; it is a
simplified view of
single problem it is
Neville
every
by the Soviet regime. Together
rebuffs administered
cally and politically.
diplomatic affairs of troubled Europe, with
enlisting
with the
Rome-Berlin
Hesitant
Chamberlain on
Foreign Office
anti-aggression alliance despite the
the
in
Several deaths resulted.
Chungking calmly
interests."
expert, William Strang, with a view to
Russia
of late
The Chinese Government at
vital
our
Wednesday dispatch to Moscow the
Italian
poisoned wine in Nanking.
tinued its
20 high-ranking Japa-
to
disastrous
or
Patiently following his course, Mr.
seriously ill by drinking
made
were
of
be dis¬
country would be able to force us, out
ment no
being issued.
tive.
to discussing terms of settle¬
came
ever
appears
nese
of Great Britain so
build up the strength
to
was
removed, and the second
I could get them
to see if
and it appears
*
ring of
England, two general aims which are not in the
been followed, lie said. "The
pally of thie guerrilla variety, for the time being,
that such methods are highly effec¬
Mr.
week
least inconsistent have
sia will enter any
nese
a
In endeavoring to ensure the safety of
sincerity.
the
military operations of the strictly Sino-Japa-
foreign policy
and his comments have an undeniable
ago,
prob¬
Birmingham,
in
constituents
own
Chamberlain expounded his
nitely stand the strain of an endless war against all
teeming millions of China.
reminder
be kept in mind.
that continually must
To
serve as a
ready critics of the sweep and scope of
to the
There is
The
might
incidents of recent days
was
day were reported as asserting truculently that all
an uncharted voyage
full partner. The Japanese
about embarking on
tancy
lems
1939
17
June
Chronicle
VARIOUSofindications have become available
lately
growing discontent within the new
German
which
"protectorate" of Bohemia and Moravia,
formerly constituted the major part of the
Republic' of
troops
Czechoslovakia.
Since the
German
marched into the area on March 15,
on
Volume
Financial
148
specious grounds, the Czech
has
population apparently
developed diverse and ingenious forms of non-
cooperation with the Nazi military and civil gov¬
Sporadic reports of acid-throwing and of
ernors.
German-Czech
problem to the attention of the world. The fatali¬
ties
occurred
intense
brought the new
finally
shootings
week
last
as
a
of the
consequence
antagonism developing in the occupied prov¬
shooting of
The first of these concerned the
inces.
German
a
3579
Chronicle
to
expropriate all Jewish-owned lands, along with
10% of "Aryan-owned" estates of
acres,
so
That
Spain is moving in the
crimination
against Jews
direction of dis¬
same
indicated in Rome,
was
Monday, when "hostile Judaism"
Ramon Serrano
ter of the
eral
than 700
more
to provide soil for landless peasants.
as
Interior, who is
Francisco
assailed by
was
Suner, the visiting Spanish Minis¬
brother-in-law of Gen¬
a
Franco, dictator of Spain.
police officer in the town of Kladno, near
Aid for
Paraguay
Prague, which long has been a center of political
the perpetrators
Unable to locate
unrest.
of this
deed, the German authorities levied a fine of 500,000
crowns
the community and imposed numerous
upon
The incident
restrictions.
was
followed last Satur¬
day by the shooting of a Czech officer in the town
of
Nachod, the laconic German statement indicating
merely that it "resulted from an unfortunate chain
of
There was much conjec¬
regrettable incidents."
ture this week as to
of
masters
the
Na^i
possible measures by the
two
provinces for countering the
growing popular opposition to foreign rule.
Reich
The
"protector," Baron Konstantine vonNeurath,
engaged in a furious round of consultations, and
Heinrich
Himmler,
arrived in Prague,
German
police,
brief official visit.
a
generaly that the pretense
was
"protectorate"
a
the
of
Tuesday, for
Opinion in Prague
of
chief
will be abandoned and
soon
replaced by outright iron discipline of the military
The fear also
variety.
prevailed that the small
State of
Slovakia wil be incorpo¬
"independent"
in
rated
Reich
the
described in his
another
long step taken
which
march
eastward
that
toward
and
Herr
book, "Mein Kampf,"
as one
Hitler
of his
major aims.'
NEW arrangements for official assistance by the
Government
the
Latin
United States
American country
sations with General Jose Felix
ister
the United
to
closely
wiht
resembles
Through
regimes are the occasional and fitful transfers of
persecuted persons to more hospitable shores.
At¬
currently is concentrated on the anti-Semi¬
aspects of fascist rule," for the great bulk of
refugees find themselves in their terrible" predica¬
ish
solely because they happen to profess the Jew¬
their
of
faith
others who find it
instincts
own
such
fathers.
But
there
are
many
impossible to reconcile v^ith their
the
consciences
and
acceptance
of
For all refugees alike, whether they
despotic rule.
are
of
because
religious
or
political convic¬
tions, it would seem that homes eould be provided
in free countries
more
uncertainty
than
ing
900
the
who
sailed
the intention of
to
land
United
the
in
readily and with less agoniz¬
attended
resuming life in Cuba.
were
gium and France.
St. Louis until
problem
an
years
steadily,
solution.
the
no
Bel¬
credit
on
The
Bank,
United
to
States
terials
itsed
services
and
United
the
in
found
Spain.
States, to be
by Paraguay for highways and other public
works.
In
note
a.
to
Secretary of
State Cordell
Hull, the Paraguayan official referred to the need
of his
country for rehabilitation after the long war
Bolivia
with
of
ment
sources,
over
his
Cliaco.
Gran
the
country's
The
and
economy
develop¬
natural
re¬
and of economic relations with the United
facilities
and
moreover,
and cries
Abandonment
of
the
other
He requested
proper
solution,
of
are
far from hopeful
The anti-Semitism which
comprises
on
one
credit in United
a
States
currency
gram.
Secretary Hull remarked, in reply, that he
well
views
the
considered
for the carrying out of this pro¬
of
eminent
the
strange aspects of Herr Hitler's char¬
reflections this week
in
Hungary and
The small Central European country plans
Paraguayan
founded, and he added that the Export-Import
furnish financial aid. War¬
Bank stands ready to
L.
ren
Pierson, President of the Bank, addressed a
the Minister, making
separate communication to
the
$500,000 credit immediately available, and indi¬
cating that other credits may be extended "subject
their necessity by the Govern¬
to certification as to
of Paraguay
ment
and the Export-Import Bank."
anticipated in Washington that other Latin
is
It
countries will be similarly favored with
American
in order to facilitate the Good
financial assistance,
Neighbor policy and combat the economic penetra¬
tion of totalitarian
Discount
States.
\
,
Central Banks
Rates of Foreign
changes during the weekfin
the discount rates of any of the foreign central
banks.
Present rates at the leading centers are
'HERE have been
no
shown in the table which follows:
'• :
s
Date
Effect
Country
Established
vious
3H
Mar.
Batavia
4
July
Belgium
...
4
Apr.
Bulgaria
...
6
Aug. 15 1935
2H
Mar. 11 1935
1 1935
17 1939
Effect
Dec.
2 1936
2M
4H
Hungary...
4
Aug. 29 1935
India
3
Nov. 28 1935
7
Italy
4X
May
18 1936
3.29
Apr.
6 1936
3
Jan.
14 1937
15 1939
-
-
...
Japan
Dec.
16 1936
July
18 1933
5
Czechoslo¬
Java
Lithuania..
7
May
Morocco
3
4
6X
3M
May 28 1935
Jan.
51938
1 1936
3H
Norway
Jan.
2 1937
5
Poland
4Y2
Dec.
Feb.
23 1939
4
Portugal...
4
June
30 1932
3Y
Rumania
3H
2M
South Africa
3Y
Aug.11 1937
May
5 1938
May 15 1933
5
Spain
5
July
2H
Dec.
3
Jan.
Danzig
4
3H
Eire
3
....
..
2
June 30 1932
Estonia
4H
Oct.
1 1935
4
Dec.
3 1934
Sweden
France
2
Jan.
2 1939
Switzerland
4
Sept. 22 1932
Jan.
4 1937
'"•reece
Rate
2
2^
Chile
..
riotis
Established
Holland
4
Germany
Da e
June IK
Country
Rate
1 1936
Argentina..
Canada—
Rate in
Pre¬
Rate in
Colombia..
only
projects, General Esteri-
Finland
acter
nationals.
plan also contemplates American credits, in
yet determined, for purchases of ma¬
England
of the many
revolving
a
amounts not
June 16
of the totalitarian regimes
but recent reports
score.
made
Nicaraguan Governments.
and the discharge of commercial
payable
obligations
Denmark..
course,
the
program
$500,000 is made available immediately to
two
next
vakia
that
assume
The
Paraguay for stabilization of the peso during the
concerned.
nonsense
constitute
on
early this week,
The incident casts
grows
orderly
peculiar racial
would
Forbidden
granted havens in Holland,
the American nations
for
of
hopefully from Germany with
States, these unfortunates floated about
they
The
the placement
Cuba, and denied entrance also to the
German liner
when
and
Export-Import
our
credit of
Aug. 15.
on
previous agreements
the
Brazilian
the
Estigarribia, Min¬
States, who is to
presidency of his country
garribia said.
occasioned
ment
announced in
Washington, Tuesday, at the conclusion of conver¬
tion
OUT of all proportion growth refugee problem
by the to the
of totalitarian
tic
were
States, could be furthered by adequate transporta¬
Totalitarian Refugees
tention
small
to
of Paraguay
6
5
7
Yugoslavia.
'
"
JX
5
17 1937
3H
5
3.65
4
5
4H
4
5
4M»
4H
4X
15 1935
5
1 1933
3
Nov. 25.1936
2
Feb.
1 1935
6H
IN bills Friday market discount rates for short
LONDON open
13-16% as against 11-16%,
were
on
Friday of last week, and J%% for three-months'
bills
against %% on Friday of last week.
as
call at London
on
on
Friday
lA%.
was
,
Bank of
;
the franc.
of the
THEfurther contraction week ended June 14 shows
statement for the of £3,419,000 in
currency
a
circulation, which, together with a rise of £3,329
resulted in
Bank's gold holdings,
in the value of the
The actual volume
gold decreased slightly, the increase in value being
gain of £3,424,000 in reserves.
a
of
due to
rose
Public deposits
of Id. in the price.
rise
a
£3,677,000 and other deposits
decreased £30,905.
which fell off
The latter consists of bankers' accounts
increased £295,-
£326,022 and other accounts which
of reserves to liabilities rose
The proportion
117.
money
departments
The bankers'
and commercial paper sections of the market
almost completely dormant, rates having been
merely were continued in all
business was done.
any
varied
Call loans
held to
with
25.3% last
creased
vances
Below
£344,696.
rose
and other securities decreased
The latter comprises discounts and Ad¬
fell off £2,169,168, and securities, which
which
show the different items
we
for several years:
.
while time loans
90 days and
1% for all transactions,
again were 1%% for maturities to
.11%% for four to six months.
-
Rates
New York Money
continues
up
June
June 15
1939
1938
June 17
June 19
1936
16
1935
1937
Rates
quiet.
the week for both new
The market for time money
and renewals.
loans
continued nominal at 134%
and 13%% for four to six months'
The market for prime commercial paper
to 90 days
maturities.
June 14
has been very
Paper has been in
quiet this week.
,
declined.
light supply and the demand has
Circulation.
Public
494,952,000 185,737,438 479,781,217 432,020.458 395,729,805
13,950,230 13,594; 820
10,013,369
11,556,485
22,078,000
130,690,235 152,308,037 139,411,957 128,356,039 141,030,766
_i_
deposits
Other deposits.
_
37,359,538
'
advances.
94.941.044
21,142,GOO
19,922,213
'HE market for
5,794,919
4,810,324
3,737,837
5,080,689
20,093,155
41,529,319
5,631,795
19,854,302
16,332,276
14,127,294
42,388,736
40,781,316
57,681,139
Coin and bullion..'.. 226,752,790 327,266,757 322,169,953 212,801,774
193,410,944
22,952,307
Securities :
31,800,000
Proportion of reserve
to
liabilities..!
24.3%
2%
2%
Bank rate
148s.
Gold val. per fine oz.
5d.
2%
•
\\Xd. 84s.
ll^d. 84s.
outstanding to 121,287,000,-
Notes in circulation a year ago
totaled
100,235,329,390 francs and the year before 86,450,recorded
a
-
French commercial bills discounted
while,creditor
gain of 885,000,000 francs,
current ' accounts
expanded
than
1,000,000,000
decline in the
reserve
the
francs,' explaining
ratio to
The Bank's
63.72%.
gold holdings remained unchanged at 92,266,006,224
advances
year
a
and including 90 days are
York
J%% f°r bills running from
Bank is
Reserve
1 to>90
The Federal Reserve Bank's
days.
acceptances remain
Discount Rates of the Federal Reserve
the
of
classes
various
Reserve banks:
DISCOUNT
''
"
.
unchanged at 20,576,820,960 francs. Below
Effect on
June
*
-
RESERVE BANKS
V
".
16
I
.
1
Aug.
previous
BANK
OF
comparisons for
/
years:
FRANCE'S
Sept.
IX
May
2
27, 1937
IX
4, 1937
11, 1935
2
2
2
IX
Aug. 27, 1937
IX
Aug. 21, 1937
2
Chicago
STATEMENT
Richmond
Atlanta
.
COMPARATIVE
IX
Cleveland
Rate
.
2, 1937
Sept.
New York
IX
Aug. 21, 1937
2
IX
Sept.
2, 1937
2
IX
Aug. 24, 1937
2
Kansas City
Dallas
IX
2
San Fran cisco
IX
3,1937
Aug. 31, 1937
Sept. 3. 1937
St. Louis
*
•
Minneapolis
Changes
for Week
June 8,
Francs
Francs
June 9,
1938
Francs
June 10. 1937
bills discounted.,
7,346,000,000
7,372,935,384
776,630,547
1,039,226,447
bought abr'd
—44,000,000
3,513,626,047 3,914,067,304
3,467,000,000
against securs.
Note circulation
—1,613,000,000 121287 000,000 100235,329,390 86,450,803,480
curr.
acc'ts.
+ 2,808,000,000 23,517,000,000 18,930,367,722 16,632,887,614
out int. to State._
hand to sight liab.
a
46.83%
63.72%
,
to
firmness
on
as
favor
London
account
Exchange Equalization
55 64%
b Includes bills discounted abroad,
c In
13, 1938, the
operations
from
now
at
this
time.
Fund has little
and its principal
until the end of August, it
difficulty in controlling fluctuations
"
the process ol revaluing the Bank's gold under the decree ol Nov.
clined
The British
—0.53%
of May 25, 1939.
Includes bills purchased in France,
as
all seasonal factors
STERLING exchange continues steady and in¬
No change 20,576,820,960 40,133,974,773 19,979,738,771
Propor/n of gold on
Figures
2
Sterling Exchange
commercial
Temp. advs. with¬
»
2
7,241.423,712
*742,186,386
+885,000,000
Adv.
c
Course of
French commercial
Credit,
IX
No change 92,266,006,224
Credit bals. abroad.
b Bills
Sept.
Francs
55,807,972,930 57,359,076,688
14,818,925
19,483,398
*12,142,591
Gold holdings
a
1939
v
Previous
Da
IX
.
■
Established
Philadelphia
furnish the different items with
effect
different
^
RATES OF FEDERAL
Federal Reserte Bank
'
at the
paper
Boston
we
Banks
following is the schedule of rates now in
The
for
securities showed a loss
of 44,000,000 francs, while temporary advances to State
remained
.
THERE have rates of the Federal Reserve banks.
rediscount been no changes this week in the
The items of
ago.
holdings of
unchanged at $561,000..
Rale in
against
Dealers' rates as
change in rates.
York
.3%% bid and
7-16% asked; for bills running for four months 9-16%
bid and }%% asked; for five and six months, %% bid
and 9-16% asked.
The bill buying rate of the New
francs, compared with the pre-devalued holdings of
55,807,972,930 francs
no
has
this week.
The de-B
and the supply somewhat larger.
stronger
francs.
2,808,000,000
Owing to the latter change, obligations thus increased
more
There has been
for bills up to
loss in note
803,480 francs.
mand has been fair
prime bankers' acceptances
reported by the Federal Reserve Bank of New
THE statementcirculation ofended June 8 showed a,
for the week 1,613,000,000 francs,
000 francs.
slightly
1114d.
Bank of France Statement
which reduced the total
been
37.39%
2%
'
11 Hd. 84s.
84s.
28.60%
28.30%
2%
20.0%
,.
Bankers' Acceptances
37,005,143
98,278,310
__
Dlsc't
Rates
unchanged at %@%% for all maturities.
are
90,996,501 104,025,623
100,296,915 109,062,197 102,261,391
37,150,566
43,245,840
Other, accounts.
36.399,320
Govt, securities..... 116,261,164 114,401,164 101,328,759
23,592,139
25,773,844
Other securities.....
28,584,102
Bankers' accounts.
Reserve notes & coin
%
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
ruling quotation all through
.
COMPARATIVE STATEMENT
OF ENGLAND'S
BANK
bank discount
the New.York Stock Exchange
on
Government securities in-;
year.
£2,085,000
£1,824,472.
un¬
days, and the average figure
0.004%, computed on an annual
basis.
are
another issue of-$100,000,000
awarded last Monday
discount bills due in 91
was
and
bill
The Treasury in Washington
months.
for
20.0% from 18.2% a week ago and< compares
to
Market
NO DISTURBANCE markedmarket this week, as
the virtual slumber
New York
rates
England Statement
'*
%
>
New York Money
liardlv
in
%
At Paris the
•
^
•
Money
market rate remains at 2%% and in Switzer¬
open
land at 1%..
the Bank's hooks representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-lnterest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc
onder the
decree of Nov. 13, 1938, was effected in the statement of Nov
17. 1938; prior to
that date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26. 1936, the value
was 49 mg. per franc, and before Sept. 26.
1936, there were 65.5 mg. of gold to
three entries on
Foreign Money Rates
on
June 17, 1939
Chronicle
Financial
3580
Volume
would
left England plans
The demand for sterling
pound from moving higher.
erection of the
fairly active and is stimulated by the approaching
is
for sterling
a
$4.68^ f°r
which would
The
Mr.
sight bills, compared with a range of be¬
bankers'
$4.68 11-16,
compared
with
$4.6S}4 and $4.68 13-16
week
a
New York persists,
to
rate in the
though at
On June
the
9
,
of
June
'\
be
anew
high recorded..
•
there
the 19 New York Clearing
new
our
seven
indefinite
weeks
is
likely to continue for
yet
an
the
those
reflecting
a
Mr.
from
v
\
;
business, both domestic and
British
shown marked improvement
plans
and
steel
industry has shown
the last few months, Mr.
announced and May 19, ship¬
were
Stanley spoke approvingly of plans to improve
ment with the
United States
He cited thp agreeexample of trade
as
an
negotiations designed to reduce tariff barriers between
and, by the
countries
has
both sides of the most
use on
favored nation clause, extending what is a
in recent weeks, with an
arrangement into the wider field of freer
The Board of Trade
based on
encouraging upturn in prices.
iron
Anglo-German trade relations.
*
overseas,
have not yet entered the phase of
orders for 144 ships totaling 714,000 tons."
flight of capital to this country for
safekeeping.'
be the
builders in Britain and Northern Ireland had received
normal inter¬
trade and financial/relationships than to
national
may
Stanley stated, and between the time the Govern¬
gold by the United States
resulting
proportions
whatever
so
imports followed by a startling decline in
British
ment's
Treasury during the coming months will be closer
to
3%,
remarkable expansion in
Europe gives rise to new crises, it is expected that
further accumulation of
of
As regards
general dislocation in industry."
no
The
political unrest in
Unless the
period.
although
ing the usual requirements of people and there is as*
trend of foreign
last
tendency
1939
British industry is still engaged in supply¬
exports.
capital accumulation in this country apparent during
the
ex¬
trade figures for the first
fall in the value of exports, volume
we
abnormal
this side is in¬
clined to believe that the slackening
large
imports there was a fall in value of 11% and an
economy,
more
on
banking opinion
unpro¬
a
present effect of' armaments expenditure upon our
than $1,000,000,000.
Authoritative
a
actual fall in volume of
V-v/
House banks
our
In. the first three months of
was
.
were
imports and a falling off in our
our
exports actually increased by some 3%.
European crisis, nqw have on deposit
each
with
all.
at
Foreign interests which have rushed funds here
upon
find
three months of 1939 does not show this
As of
foreign gold earmarked at the
Bank of New York was reported to
$1,057,000,000,
you
due to this
not
"some
as
,
Examination of
ports.
total
Federal Reserve
expenditures
expenditure, immediately to
increase in
only in July, 1938, that gold
than $1,000,000,000 of gold.
more
the
9
he felt the
on arms
purely unreal boom
a
ductive
Europe have placed under earmark con¬
siderably
recovery was
greatly dependent
having
Apart from the Treasury's gold stocks y Central
banks
Mr.
important
/"You would expect," he said, "that if
stocks reached $13,000,000,000.
marked
a
people would believe."
,
gold stocks of the United States
was
June 9, gave
on
was an
as
funds
Treasury passed the 16 billion dollar mark, reaching
$16,008,915,154. It
the Board of Trade
on
factor in the expansion,
greatly lessened
a
past few weeks.
men.
Stanley said that while rearmament
sterling, the dollar continues the world's most
favored unit and the flow of gold and foreign
than 10,000
President of the Board of
in British trade in recent months.
recovery
ago.
Despite the greater firmness and seasonal demand
for
more
Stanley,
considerable attention to what he called
between
of
range
a
employ
Oliver
estimates in the House of Commons
for cable transfers has been between $4.68 1-16
for the
way
largest airplane factory in the world,
Trade, during the debate
The range
and
and $4.68^ last week.
tween $4.68 3-16
already under
were
plant to be erected in Scotland by Rolls Royce
range
this week has been between $4.68 and
half-yearly settlement date.
Mr. Stillwell said that when he
materializes."
no war
directed toward keeping the
be
will
seem,
3581
Chronicle
Financial
148
bilateral
international
As'to the actual effect of that agreement,
he
index of British wholesale prices for May,
trade.
the ,average
said, it is too early to come to any definite con¬
in
April.
as
in'
for 1930
Prices
as"
100,
are now
was
102, against 97.2
clusion, but
at exactly the ^ame level
May, 1938.'
,
■■-/.■/'/■■
.
there has been
tory increase in
*
an
extremely satisfac¬
British export trade to the United
'
■
.
decrease in
The
reflects
the
improvement in domestic trade shared by
basic
industries—coal, iron, steel and textiles.
Industrial output in the first quarter of 1939
the
to
level of the
same
recovered
quarter last year.
Steel
production in May at 1,218,100 tons exceeded by
40,000 tons the previous monthly record and compares
with 1,058,200 tons in
It is
not
to
rearmament is
important factor in British internal
The intensification of industry in this respect
trade.
has been
so
great in the past few months that British
machine tool builders
and have greatly
of Warner
the
far bheind in their orders
Mr. C. S. Stillwell, Vice-President
& Swasey Co.
of Cleveland, said
a
few
his return from a visit to England:
speed at which plants are being erected and
ago
"The
are
increased their purchases of Amer¬
ican machine tools.
days
acceleration of
on
productive capacity of each unit are frightening
to anyone
who stops to think what such an excess of
production capacity can do to England's economy if
>"
;
London
/
v
':"U
dispatches
on
;
June
12 stated that the
resumption of Anglo-German trade discussions which
were broken off last March when Germany invaded
Czechoslovakia is being sought by German
a
industrial
An article in the London "Financial Times"
leaders.
ago
stated: "There is evidence of a desire
the part of
German industrialists to resume the
few
on
April;
be doubted that the
an
States.-
unemployment in Great Britain
days
Anglo-German trade talks.
made by
that the
political outlook is more settled, a renewal of
the conversations
A
small
actually
June
13
Suggestions have been
individual German trade leaders that now
go
might with advantage take place."
delegation of German industrialists did
to London, but a
Londoo dispatch of
stated that the Federation of British In¬
dustries announced that
by agreement between the
Federation and Reichsgruppe
decided that there
was
Industrie it had been
not at the moment
sufficient
agenda to justify an official meeting in June between
these two bodies, as had been contemplated at the
Dusseldorf meeting in
March.
It is hoped, however,
Financial
3582
dispatch stated, that^ajmeeting will take place
the
in the autumn.
London
firmer
on
market
open
rates
money
slightly
are
expected to become
are
CHECK RATE ON PARIS
LONDON
MEAN
Saturday, June 10
Wednesday, June 14_______ 176.73
176.73
June .12
„_176.73
—176.73
Monday,
short-dated bills and
June 17, 1939
Chronicle
Tuesday, June 13
Thursday,
June 16
PRICE
MARKET GOLD
LONDON OPEN
..176.73
176.73
June 15
Friday,
firmer
half-yearly
the
at
period.
settlement
the
quoted rates, but the Bank of England is approaching
Currently
seasonal
the
sufficiently
is
money
plentiful
at
expansion of note issue less
summer
prepared to meet the anticipated demand than atv
circulation should reach a
peak in the first week of
Unless there is a decided improvement
now and then, such as large scale dehoard-
August.
between
ing, it is thought that the Bank is likely to suffer a
severe diminution of its reserves.
Forthe week ended
June 7 the Bank's ratio of reserves to
down to
liabilities
At the
expected to drop still lower.
ratio may be
was
By the August bank holiday the
18.2%.
time of the Munich crisis last year
the ratio declined
period before tjie World War the Bank
the
In
found
ready corrective for the situation in increas¬
a
remedy is hardly
present conditions.
The Bank has
ing its rate of rediscount, but this
available under
held
the
rediscount
2% since
unchanged at
rate
30, 1932, the longest period during which the
central bank has held its discount at one level.
This
June
maintained in conformity with the
has. been
level
British Treasury's easy money
weeks
Only a few
policy.
Sir John Simon, Chancellor of the Ex¬
ago
chequer, stated positively in the House of Commons
that there would be no change in the Government's
easy money
'
«
follows: • 2-months
4-months bills
policy.
Open market
bills
money
rates are as
23-32%, 3-months bills
'%%, and 6-months bills 1 34%Gold on offer in
the London open market was taken as usual for
Much of it is known to have
unknown destination.
been taken
York.
On
on
arbitrage account for shipment to New
Saturday last there
£300,000,
Monday
on
Wednesday
£371,000,
was on
offer £478,000,
£629,000,
Tuesday
on
£534,000 and
Thursday
on
on
Friday £247,000.
on
At the Port of New York the
the week ended June 14, as
Reserve Bank of New
gold movement for
reported by the Federal
York,
was as
follows:
,
June 12
__148s. 5d.
Thursday,
June 15—148s. 5J^d.
June 13.
Friday,
June 16—148s. 6}^d.
'; -;
.
RESERVE
Saturday, June 10
Monday,
June 12
35.00
Thursday,'
Tuesday,
June 13.
35.00
Friday,
June 16—
Referring to day-to-day rates sterling exchange on
Saturday last
the market
Increase:
$13,302,000
•
'
'
.
„
above
figures
for the
are
exports of the metal.
It
week ended
were
reported
was
on
was
Francisco from Australia.
Friday there
showing
though still ruling at
States
dollar.
during the week between
discount of
The
rate
On
transfers.
■
The range was $4.68
3-16@$4.68%
sight and $4.68}^@$4.68K for cable
On
Thursday
continued
market
the
The
relatively active, with rates steady.
range was
$4.68@$4.6834 for bankers' sight and $4.68 1-16@
$4.68 5-16 for cable transfers.
was
off
sharply
On Friday sterling
The
in fair demand.
but
$4.68@$4.68 3-16
was
quotations
on
Friday
were
at
$4.66%,
$4.6734,
Commercial sight bills
60-day bills at $4.67, 90-day bills
(60-days)
documents for payment
seven-day
and
bills
grain
Cotton and grain for payment
Continental
and
Closing
$4.68 3-16 for demand and
$4.6834 f°r cable transfers.
finished at $4.68,
range
sight
bankers'
for
$4.68 1-16@$4.68 5-16 for cable transfers.
closed at $4.68.
Other Foreign
and
at
$4.67%.
at
Exchange
FRENCH and the dollar. steady in the past week
sterling francs continue During terms of both
the franc
almost
was
francs to the
French
invariably quoted at 176.73
,
The relative firmness of the
pound.
franc in the past
few weeks has been such that the
equalization fund
was
enabled to purchase
gold from the United States Treasury pursuant to
the tripartite monetary agreement.
chases,
it." is
understood,
These gold
immediately
were
pur¬
ear¬
marked for France with the Federal Reserve Bank.
France
continues
to
seems
of gold,
gain small amounts
'
to he readily available in Paris but
achieved
last five months, the French citizenry as a
Thurs¬
received at San
were no
a
tendency to greater
discount in terms of
Montreal
a
funds
ranged
discount of 5-16% and
7-64%.
Paris, the London
and the price
on
the part of officials seem power¬
less to arrest the national
tendency to hoard
of
money,,
Bank of
exemplified in the statement
when note circulation showed
an
expansion
1,510,000,000 francs, which raised the total out¬
standing to 122,900,000,000 francs.
note
circulation
on
June 1,
A
year
earlier
aggregated 101,077,694,340 francs
1937 circulation
was
86,971,119,130
francs.
French imports for
amounted
to
923,000,000
the first five months of 1939
20,693,000,000 francs,
francs
was
from
of which
foreign
14,-
countries.
Exports totaled 14,833,000,000 francs, of which 10,-
open
mean
London check
market gold price,
paid for gold by the United States:
France is excessive, as
of June 1,
and
a
following tables show the
on
on
exports of the metal.
Canadian exchange is
a
bankers'
for
All exhortations
imports
no
day that $4,254,000 of gold
United
Wednesday rates continued steady in a fairly
with the result that the circulation of the
On Thursday there
Wednesday.
the
Bankers' sight was $4.68 7-16
steady.
@$4.68% and cable transfers $4.68J4@$4.68 11-16.
On
-
$90,000 from China.
firmness
was
whole is reluctant to invest,funds.
/•
or
The
On Tuesday
$4.68%@$4.68% f°r cable transfers.
sterling
Net Change in Gold Earmarked for Foreign Account
imports
On Monday
steady.
were
$4.68 5-16@$4.6834 for bankers' sight and
range was
in fhe
/ Note—We have been'notified that approximately $4,344,000 of gold was
received at San Francisco, of which $4,254,000 came from Australia and
or
quiet and rates
was
doubted recovery in the economic situation
J
$40,043,000 total
The
$4.6834@$4.68%;
was
cable transfers $4.68 5-16@$4.68 7-16.
only for the short-term market. ; Despite the un¬
None
580,000 from Mexico
:.
quiet, fractionally up from Fri¬
was
Bankers' sight
day's close.
Money
6,739,000 from Canada
348,000 from Chile
$35.00
35.00
35.00
June 15—
14,261,000 from Holland
2,816,000 from'Switzerland
BANK)
Wednesday, June 14
$35.00
principally through London.
Exports
•
BY THE UNITED STATES (FEDERAL
FOR GOLD
PRICE PAID
$15,299,000 from England
,
148s. 4d.
■
GOLD MOVEMENT AT NEW YORK,'JUNE 8-JUNE 14, INCLUSIVE
Imports
Monday,
active market.
,13.8% from 30.6%.
to
Wednesday, June 14.148s. 5d.
Seasonal expansion in note
time in recent years.
any
_.148s. 5d.
Tuesday,
still
Saturday, June 10..
602,000,000 francs went to foreign countries and the
remainder to the colonies.
000,000 francs,
The deficit
was
5,861,-
of which 4,320,000,000 francs was
Volume
with
Financial
148
foreign
The
countries.
deficit in
1938 was
7,778,000,000 francs, of which 5,972,000,000 francs
was
with
of which
1,017,000,000 francs,
was
with
697,000,000 francs
foreign countries, compared with 1,522,francs
000,000
francs
The deficit in May was
foreign countries.
in
with
was
Belgian
1,107,000,000
dropped below the high of 17.03 which had been the
prevailing rate for the past several weeks.
Tuesday the spot rate
The
16.95.
is
4 to
6
15
weakness is
entirely
20
to
displayed in the belga
to
to be done
seems
conditions
political
unsatisfactory
'
'
.
New Dollar
Parity
Parity
.
•
France (franc)
' 3.92
13.90
5.26
8.91
between Sept. 30 and Oct. 3,
b Franc cut from
c
32.67
68.06
53.08
On May
"
New York
sight bills
on
on
on
Friday
on
Final quotations
17.03.
in
Ant¬
for Berlin marks/were 40.11
cable
Italian lire
and 40.11.
5.2634 for bankers' sight and at 5.2634 for
transfers,
5.2634
against
5.26%.
and
Ex-,
change
on
Czechoslovakia is nominal and most banks
refuse
to
make
commitments. in
Czech
United
States
June 13
have
affected, at least temporarily by the
new
Paraguay ordered its business
before
bringing in
given
not
to obtain permits
men
foreign merchandise.
any
be
system.
The
quota of merchandise to be permitted to leave the
'
country will be fixed later.
Bolivia
by
June
a
decree
9
of
the
.
President,
Busch, will seize all foreigh exchange from
mineral
exorts.
bank their
sight bills and 40.11 for cable transfers,
comparison with 40.11
closed at
a
due to
wall
currency.
The
decrees
stipulated that all
must deliver to the Bolivian central
foreign exchange receipts from exports.
These exporting mine operators:
vian
Argentine
for bankers',
last
'
-
will be given Boli¬
at a, rate set by the Bolivian sentral
currency
bank.
17.0034 for cable transfers, against 17.03 and
for bankers'
on
sales
on
belgas closed at 17.0034 for bankers' sight bills
and at
credit
a
officials
Paraguayan
that
mine operators
Friday of last
week; cable transfers at 2.65, against 2.653d?.
werp
reserves
May 31 of 114.40% and
on
quota restrictions on imports of; foreign
new
In
the French center finished
Friday at 2.64 15-16, against 2.65
Central
ratio of gold
a
The
German
Friday of last week.
on
Norway
Export-Import Bank at Washington, esta¬
merchandise.
1
*
Paris closed
Janeiro.
Argentina reported
de facto basis of 179
fame.
The London check rate
176.72, against 176.74
on a
on
gold to notes and sight liabilities of 76.57%.
blished
•
devalued
was
de
Rio
Paraguay, which negotiated
to 53.10
gold and allowed to "float" on June 20, 1937.
1938 the frano
5,
Sweden
on
The Peruvian unit is inclined to weakness
devaluation of the European currencies
1936.
Checks
the unfavorable international cotton situation.
to 17.03%
19.36
francs to the pound, or 2.79 cents a
at
ratio of
2.65%
2.64% to
16.99
and
to notes in circulation
assurances
40.20
'
(guilder)
New dollar parity as before
a
Aires
Bank of
5.26% to 5.26%
22.52% to 22.56% I
-
Switzerland (franc)
Holland
Buenos
This Week
a
16.95
Italy (lira)
20.9034-
EXCHANGEThis the South Americanespecially to
on .statement applies countries is
steady.
Rarifje
6.63
Belgium (b'elga)__
and
24.1134 and cable transfers at 24.1134>
against 24.1134 and 24.1134; while checks
.
following table shows the relation of the lead¬
Old Dollar
c
at
with the
,
Copenhagen
finished at 23.53 and cable transfers at
23.53, against
22.53 and 22.53.
in
ing European currencies to the United States dollar:
b
against 20.9034
closed
Whatever
below spot.
points
Belgium.
The
quoted variously
were
22.5334 for cable
checks finished at 20.91 and cable transfers at
20.91,
quoted at 16.99. Parity
on
30-day belgas is from
days 90-day belgas
from
at
Last
points below the basic cable rate and in the
last few
closed at 22.5334 for checks and at
transfers, against 22.55% and 22.55%.
was
discount
3583
week the unit
occasions this
several
on
which
continues to display buoyancy,
currency
although
of
1938,
foreign countries.
Chronicle
;
.
closed
paper pesos
on
Friday at 31.21
sight bills, against 31.23
on
Friday of
week; cable transfers at 31.21, against 31.23.
The unofficial
or
free market rate
Brazilian milreis
23.25,
was
23.25, against
quoted at 6.06 (official),
are
Chilean exchange is quoted at 5.19
against 6.06.
Peru is nominally quoted at
(official), against 5.19.
17%, against 17%.
*
.
'
*—_
Exchange
on
Bucharest closed at 0.72, against 0.72;
Poland at 18.85, against 18.83;
on
and
on
Finland at
Greek exchange closed at 0,85%>
2.07, against 2.07.
EXCHANGE on the Far Eastern countries moves
close sympathy with sterling.
The sharp
in
decline
against 0.85%.
'A;i'V ■'"-'d
:
in
Chinese
the
The finance ministry in a communique
EXCHANGE on the countries neutral during The
the
presents
features of interest.
the Chinese dollar is
Scandinavian
lack of
-war
no new
units
are
steady, "moving
in
close
sympathy with sterling.
The Swiss franc is also
steady and in some demand, especially abroad.
u
For the
past several weeks the guilder has been
moving irregularly lower and in Thursday's market
fell
below
recovery
53.10,
was
Dutch
control
the
virtually
<
entire
only 2 points above the level at which the
financial
pegged the rate
situation
during the
Holland
in
is
crisis.
essentially
sound.
The National bank has large gold
at home
and under earmark in both London and New
York.
to the
Speculative interests
guilder
as
on
on
averse
on
Friday at
53.10, against 53.2634 on Friday of last week; cable
bills
at
53.05,
53.2734;*and commercial
against 53.21.
gradually developing.
non-essential!
will
stated that
"Recently there has
much of which
Readjustment of the exchange level
help correct this situation and produce healthier
conditions."
Closing quotations for yen checks yesterday were
27.31, against 27.32 on Friday of last week.
Hong¬
28.95@29 1-16, against 28,92@
1-16; Shanghai at 12%, against 12%; Manila at
closed
kong
29
against
49.85,
54
at
49.80;
Singapore at 54.60, against
9-16; Bombay at 34.97, against 34.94; and Cal¬
cutta at
34.97, against 34.94.
futures,
.
Amsterdam finished
transfers at 53.10, against
sight
is
yuan,
June 10.
being readjusted, admitting that
considerable increase in imports,
a
Gold Bullion in
30-day guilders and 11 to 13
points on 90-day guilders.
sight
holdings
nevertheless
reflected in the discount
which is 4 points on
Bankers'
are
been
on
equilibrium in China's balance of payments
has been
At 53.10 the
staged after the spring crisis.
market
The
canceling
dollar, The Shanghai
officially explained from Chungking
was
Swiss francs
European Banks
THE following tabl^ indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
in
dates
84s. Il34d.
per
fine ounce)
principal European banks as of .respective
of most recent statements, reported to us by
the
3584
Chronicle
Financial
/
June n, 1939
000,000—and
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
"inside control."
attack was a publicity failure.
The initial
1939
England..
1937
£
£
France
293,726,175
2,522,000
63,667,000
25,232,000
123,398,000
3,010,000
c63,667,000
Germany b.
23,400,000
Italy
Netherlands
Sweden
£
212,801,774
193,410,944
326,497,049
insurance
big—that their extensive investments
power
25,232,000
42,575,000
94,171,000
100,732,000
76,703,000
102,627,000
49,874,000
104,071,000
74,332,000
83,595,000
49,303,000
44,293,000
25,769,000
23,983,000
19,670,000
6,555.000
6,540.000
6,548,000
6,553,000
7,442,000
6,604,000
criticism of the insurance companies
870,111,294 1,029.930,932 1,104,140,992 1,022,693,323 1,146,822,937
861.744.802 1.053.792.112 1.104.061,502 1.033 683.086 1,143.476.587
restrictions
and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date, instead of the statutory price,
which was formerly the basis of value.
On the market price basis (148s. 5d.,
English holdings In the above in statutory pounds.
a Amount held Dec. 31,
1938, latest figures available,
Bank of Germany
are
c As
which
aspersions
seems
investi¬
so-called
the
by
.
The sponsors have begun
counsellors"
in
recent
years
alleged superiority of renewable term insurance.
But
it
these
companies came through the
insurance
life
The
Senator O'Mahoney.
of
Committee
the
»
the high rate of lapse of all policies, and
surance,
companies, being made
Temporary National Economic
gation into the life insurance
■
harping—the high cost of industrial in¬
been
have
or
witnesses to cast
of the points 011 which professional crit¬
"insurance
and
ics
of
disapproval „at
hearings have been renewed,
another tack.
upon some
"Investigation
to be the cue to the current
■
-
but upon
public
the directorates of the companies was
dud.
Now the insurance
yy
The Life Insurance
on
the
officer malfeasance
of TNEC
Efforts
nonfeasance.
a
The attack
policyholders
register
can
elections in case of
annual
of Francel s presently calculated.i n accordance
with the decree of Nov. 13, 1938, at the rate of 27.6 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now Just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1 ;when 65.5 mg.. about 125 francs equaled £1.
Politics
companies
Also first
available.
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank
of the
already in force by
of
fraction
small
a
even
mutual
some
when
collapsed
learned of the meticulous rules
b Gold holdings of the
of which is now
of April 30, 1938, latest figure
control"
"insider
on
exclusive of gold held abroad, the amount
reported at £528,600.
statement that
investment in common stocks by life
on
companies should be lifted.
insurance
reported holdings of £226,752,790 equivalent, however,
to only about £129,800,100 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
fine ounce), the Bank
per
leading railroads, and the Twentieth
Century Fund issued a
the Currency
Pursuant to
active enougt part in the reorganiza¬
tion of certain
6,602,000
Prev. week.
because they
did not take an
7,394,000
8,222,000
6,602,000
.
Total week.
*
have sinister
implications—Senator Wheeler broadcast a
3,102,100
90,780,000
63,043,000
51,771,000
2,334,500
88,097,000
.
.
Norway..
companies must be bad because they are
566,624,893
2,473,300
87,323,000
29,102,000
100,750,000
90,029,000
98,858,000
34,111,000
Nat. Belg..
Switzerland.
322,169.953
347,630,739
hammering toward the notion that the
were
nesses
327,266,757
Ironi¬
handpicked committee wit¬
cally enough, just as the
1935
1936
£
*129,800,100
311,709,194
-
Spain
Denmark
1938
£
Banks of—
And then the Committee began
so on.
assail alleged
to
hardly
credible that correction of
seems
alleged difficulties is
the real objective of
They give no evi¬
Only a few of the
dence of intending, a thorough-going study of these
very smallest failed, and policy loan departments y
stayed open when the banks were closed.
Since problems. The Committee has apparently chosen
the whole financial and economic world as its
1906 some 200 new companies have been chartered,
oyster, and at the rate at which it has raised and
but in that time no serious abuses have been shown
the Committee
depression witli flying colors.
not heretofore
of
dismissed
This is apparently ■ the reason why there' has
up.
been any
Washington
put. the
to
insurance
whole
bank¬
institutions
For
some
that it
years,
wa§
mind to let them go
not because of the
investigation-free.
Washington
And it was
alleged abuses in their business
of
because
their
alleged power—through
the
Washington mind is obsessed with the sub¬
The
ject of power.
more
in
It fears power in other hands, wants
its own,
and it scents power even where *
Therefore, the initial insurance hearings of the
immediately
on
applying
companies.
the
octopus
The early hearings were a
blackboard-and-pointer exposition
companies.
This
or
the mere size
was easy—so easy
that any
.sophomore could have culled the material from the
Insurance
Year Books
Association
000,000
000,000,
The hear¬
in
out
front
ing
are
at the economic value of advertis¬
doing
now
The very minds which have
again.
for years sneered
a
themselves and their
The
inward
true
tion.
rates
The
for
subject
group
occasion the
have
bald piece of advertising of
own
ideas.
purpose
of the
hearings
was
day of the renewed investiga¬
was
alleged price-fixing in the
insurance.
It developed that on
companies who write this kind of in¬
agreed
avoid undesirable
on
certain minimum rates to
The in-'
scrambling for business.
looking realistically into the machinery
theory of "gigantism" and industrial control to the
of the
publicity stunt.
facts, which did not fit their theories, that these
Committee
insurance, the TNEC officials chose to con¬
insurance
a
quisitors did their best to pin the phrase "price-
Economic
February and the turn they took, were no
centrate
It is
ings have brought the old brain trust and its ideas
last
surprise.
National
Temporary
of life
oughly familiar—yet airs them with a hypocritical
surance
it does not exist on is not exercised.
Instead of
everybody in the insurance field is thor¬
obvious from the first
control of investments.
In fact, the
Its witnesses air matters
sophomoric.
-
Washington was expected to investigate them,
that
but
•
however, insurance men have felt
not in the nature of the
is
with which
show of horror.
.
beryl¬
approach of the Committee to these techni¬
calities
business, the commercial banking system, the
ruptcy laws, and many other financial
have been overhauled and revised."
-
insurance,
subjects in a comprehensive manner.
companies
market, the investment banking
since 1933 the stock
subjects like patents,
lium, &c., it will never have time to go into these
serious effort on the part
burning-glass of an investigation, though
under the
stage-managers.
of
Life
or
the annual tome of the
Presidents—64,-
Insurance
fixing"
on
this, and to brush aside the troublesome
agreements applied only to the first year of group
insurance,
that
rates
on
other
insurance
ity of rates is desirable because
uniform and any
companies
costs are fairly
differences adjusted by the mutual
through
dividend rates, and that the
"price-fixed" rates turned out in one conspicuous
case
to be too low.
The evident Committee
conclusions
$27,000,-
of
outstanding insurance of some $110,000,-
ness
ought not to be allowed to cut
assets
of
.
some*
are
the usual
all, anti-trust investigations—private
ones
policyholders,
vary
widely between companies, that a certain uniform¬
busi¬
prices, to fix
Volume
prices,
of
regulatory board.
Tliey
of course, ad-
are,
vancing to recommendation of bureaucratic regulation from
In
to
Washington.
course
brief, the TNEC insurance hearings amount
irresponsible attack
an
bodies) and to prepare the ground for Federal conIt
mense
totals involved in the insurance business
proved impossible to show that the im-"
lions of assets,
millions of insured)
power.,
any
high cost of industrial insurance
of
It does not follow from
the
that
lapse
dominate the
more
The
can
degree of responsibility of the Washington
little drama
SEC's
be
can
seen
panies is the
from the faet that two of
commissioners
five
working out this
are
apparently de-
are
a
of
are
to
in
men
;
'
It has
re-
common sense of the American
people,
cur-
:
>
<
.
Germany and the Economy of
forced to go
important points
Day, decided in 1871.
may appear in the public reaction to the
Exchange Commission
turmoil and Wall Street
a
Washington for rulings
vs.
rent investigation.
O'Mahoney Committtee, while the internal
the
affairs of the Securities and
it
as
major part of their time to the .hearings
voting
instrumentality
an
Government. So the Constitution is not much pro¬
tection to the life insurance companies. The only
bulwark against ultimate "economic planning," i.
e. Washington red tape, for the life insurance com-
'
*
"best economic thinkers" who
the
should"
be duped into giving Washing-
power.
or
markably expanded the concept of interstate commerce, broadened the meaning of the welfare clause,
and otherwise favored the pretenses of the Federal
high rate
But if the public can be
companies.
horrified, then it
ton
or
commerce
of local Government employees the Court threw
out Collector
of
exposure
Government
Federal
(bil-
signify exces-
sive
is not
thereof." But the newly constituted Court is in a
revolutionary period. It has indicated its inter¬
tion of abandoning, when it wants to, the principle
of stare decisis, or "this Court has already decided
that point." In the recent ruling on the salaries
panies to discredit them (and their State regulatory
trol.V
In 1913 the Court again said that "in-
.
.
surance
the life insurance com-
on
3585
commerce. The contract of insurance is not an inistrumentality of commerce. The making of such
a contract is a mere incident of commercial inter-
to set prices, except under surveillance
or
some
Chronicle
Financial
148
Southeastern Europe
•
port the same kind of runaround that Mr. Douglas,
The developments of last fall and this year in
Central and Eastern Europe have, perhaps, been
former chairman of the
watched with most
Stock
old
are
Jealousies, office-poli-
TNEC
reported the rule at the
hearings and help build
ditional
complexities.
the
has been
same—to
technical
The
a
picture which
purpose—further authority
as
TNEC has
the
whom
call to the witness .stand.
TNEC
the
insurance
not
are
or
more
their
not
even
interested
in
the
particularly
of
many
possible
as
on
her
destiny
as
ican
dustrial
insurance,
agency
for
costs
that
so,
or-
as
area
as
arid perhaps of tapered investment in Government
The insurance
hearings
Then
•
the
ad-
vertising department of the brain trust will await
If the people do not
public reaction.
for Federal control of life insurance
appear
ready
(in the "public"
interest), another chapter of hearings will probably
be
arranged next autumn.
The whole
waste
of insurance
set
of time to
its sponsors were it not for the
changed personnel
and the changed spirit of the
In 1868, in Paul
Supreme Court.
a
vs.
Virginia, the
Supreme Court held that "issuing a policy of insurance
is not
a
transaction of commerce" and that
insurance transactions "do not constitute
the
between
commerce
York
Life
Insurance
Court said ".
.
.
States."
In
Company
vs.
a
1900
part of
in
Cravens
New
the
the business of insurance is not
it
fit in the
sees
enhanced by the apparent
would
much
on
The small countries in-
prefer to base
dealings with
For
their
many
foreign
nations in-
varying
reasons,
however, the Western Powers have not in recent
years
,
shown
a
desire to compete with Germany for
the foreign trade of Southeastern Europe oh a scale
sufficiently important to
release the. lattet from
fears that Germany will succeed in firmly establishing herself in economic control of that
While
sought
hearings would be
are
stead of mainly with one.
issues*
companies will be slandered, and the
will suddenly terminate.
coun-
it does not resort to such extremes
trade relations
investment in corporate
surprising
interpretation of its national in-
to bring about a war.
high executive salaries, of swollen cash uninvested,
increased
It is not
and will in all probability continue to do
long
as
volved
or
sys-
'
dinary insurance, of obsolete mortality tables, of
bonds
as
har-
fact that Germany, at least potentially, dominates
expose
collection costs for in-
of high
own
These misgivings
The trend of the rest of the hearings is obvious,
the horrors of overhead and
in
complicated
own
economy as
terests.
power *
companies and their investments.
will have witnesses
and
such, has naturally desired to remain
free to protect its oWn
light of its
The committee managers
Germany
tries, being sovereign and jealous of its rights and
problems of
public the idea of giving Washington
use
to the
with considerable anxiety, for each of those
of
solution, but only in using these
the insurance
-believe
terms
own
by her political objectives.
problems for publicity purposes, to sell to the Amer-
over
them
the
open
that the Balkan States should view the situation
deigned to
The stage managers
are
Europe,
or
tern of managed economics, colored and controlled
the part
years on
which
question of war,
with the needs of her
mony
power,
problems of insurance have been
subject of intensive study for
men
methods
Southeastern
wishes to adopt to establish her foreign trade
of all bureaucracies,
out for
reach
any
of armed forces, they
ad-
by the comparatively
concern
located -in
Wholly apart from
can
over
countries
Always since its organiza— nearly
tion, the spirit of the SEC,
of
weak
building, but Frank and Henderson sit at the
have only one
the
re-
SEC, complained of at the
Exchange here.
tics, and buck-passing
SEC
on
very
to
area,
recently both France and England have
increase
their
share
of
Southeastern
Europe's foreign trade, sufficient time has not yet
elapsed to give assurance to the small
concerned that firm foundations
a
are
countries
being laid for
healthy diversity in the foreign trade relations.
From this statement Turkey, and possibly Greece,
should
be
excepted
since
the
measures
taken
by
Great Britain and promised by France appear to
indicate permanency.
The economic relations of Germany, especially as
that country
is
now
constituted, with the nations
Financial
3586
have old roots.
southeast
the
to
Before the
war-
Austria-Hungary and Germany were, in that order,
the two most important
buyers and sellers of goods
While for
in the Balkans.
a
long period after the
Italy and France were the most active, Ger-
war
continued to do a substantial business there,
In 1927 Germany's share of the imports and exports
many
Hungary was respectively 17.8% and 13.3%; of
of
Yugoslavia, 12.3% and 10.6%;: of Rumania, 22.3%
18.6%; and of Bulgaria, 21% and 23%. \
world economic crisis of the early 'thirties
and
The
had
greater effect on the economic relations of
a
France and the United
Kingdom, especially of the
former, with Southeastern Europe than 'upon those
of
France reduced her various activities
Germany.
region, thus allowing Italy greater scope,
in ,that
put to profit, especially in Yugo-
which the latter
soon
Rumania.
in
and
she
where
slavia
became the chief customer,
During the first half of
1935
Italy's share of Yugoslavia's total foreign trade was
'
1935, however, the sanctions established by
20.5% and Germany's was 16.88%.
In
the
Yugoslavia's total foreign trade
eleventh
position
•
the
among
customers
Yugoslavia.
The substantial loss of the trade of so
of
customer, naturally, disturbed the countries conA
the
that
the trade is to furnish Germany
with food stuffs,
well as with the raw materials required by her
intensive industrial and armament programs, and
other supplies which she either lacks entirely or
does not possess in quantities sufficient for her
as
needs.
VV'd--v*U
In the second place, this trade has been carried
on, ak far as possible, so as to secure.for Germany
her requirements of raw materials and food stuffs
without making material inroads into her supply of
foreign exchange. This has been done by means of
clearing agreements and barter arrangements. The
clearing agreements as originally negotiated in1932, whenGermany's foreign exchange position
was not as difficult as it became later, had another
object- mainly the liquidation not only of Germany's current exports* but also of accrued corn-
100,000,000 Reichsmarks.
under
was
2%, reducing her in six months from the first to
eerned.
In the first place it was with coun-
important
foreign trade.For the first half of 1936 Italy's
a
organizing it.
tries communications with which could be controlled and protected by Germany in time of war.
This is, of course, important for a vital objective of
"
operations in Ethiopia had a drastic effect,on her
the
June 17,1939
mercial German claims against the Southeastern
nations concerned, the payment of which had been
retarded by transfer restrictions enforced by those
countries. Owing, however, to the great excess of
imports into Germany over her exports to those
countries after 1938, frozen credits accumulated in
Germany. These, in the case of the four countries
above mentioned and Greece, aggregated in 1936 to
League of Nations against Italy because of her
share in
Chronicle
feeling existed among them, moreover,
democracies had lost interest in
western
the welfare of the smaller nations.
They themselves
Therefore Dr. Schacht in 1936 initiated a series
of negotiations with the countries concerned to induce them to permit the liquidation of these frozen
credits by the purchase of German manufactures,
of responsibility for
Particular effort was made to induce the purchase
their
predicament, for following the trend of the
of munitions in this manner, though manufactured
times
they had established high custom tariffs and
other
trade
goods of all kinds including textiles were offered,
While the prices paid by Germany for its purchases
be
cannot
entirely .acquitted
restrictions.
the effects of
less
arrangements
more or
them
among
have
were
high, in some cases as much as 30% over world
prices, the prices of the goods sold by Germany
were
also high, and the goods themselves were fre-
Most of those countries followed
quently not of suitable quality or adapted to the
path traced by richer and larger nations, en-
needs of the market. Since 1936 this method has
been used by Germany in Southeastern Europe
whenever the opportunity offered, through a process
of official bargaining and agreements. Under these
arrangements Germany avoids paying balances in
cash, and either curtails its purchases until its debit
proved fruitless.
the
deavoring to attain
self-sufficiency
high
as
degree of economic
a
possible, though only
as
one
—Yugoslavia—has sufficiently varied
sources
to
justify the attempt.
them—Hungary
the
It
as
they
definitely
not reconciled
are
be noted in passing that
may
Southeastern
part of the world which has
a
ularly lacked training in co-operation.
partic-
Its rulers
centuries, Austria-Hungary and Turkey,
noted
re-
Moreover, two of
large losses of territory to their neighbors.,
Europe is
lor
of them
natural
Bulgaria—belong
and
to the revisionist group,
to
mitigate"
countries of the Balkans by
poor
treaty
common
to
high tariff walls around the
and
small
efforts
All
for
the
skill
were
is liquidated, or induces the creditor to increase its •
German purchases, or to employ German services.
In the case of Yugoslavia, particularly, the latter
method hqs been increasingly resorted to and large
contracts have been placed with German firms
for
the building of munition works, bridges, etc.
with; which they applied the
In the cases of Yugoslavia, Hungary, and Ru-
principle of "divide and rule" in controlling their
mania the foundation for Germany's close economic
heterogeneous peoples.
relations with them
Germany
took
advantage,
in
1935, of the
op-
portunity offered by Italy's losses in the trade of
the
Danubian and Balkan
momentum of her
own
such
territory
success
now
that
1935
laid
as
far back as 1931
when
accomplished
of the developments under the agreements reached,
and to study and encourage opportunities for further trade.
It is of significance that the commis-
by 1937 the shares of the
sion provided for in the arrangement with Yugo-
regions, to increase the
already developing economic
activities in that section.
with
was
commissions were appointed by
Germany and the respective countries to keep track
and
This
was
within Greater Germany in the im-
slavia
was
to consider methods of adjusting that
to German needs.
This was also
port and export trades of the four countries above
country's
mentioned
true in the case of the Hungarian commission.
59%
and
were
41%;
estimated
respectively: Hungary,
Yugoslavia,
53%
and
42%;
Ru-
mania, 52% and 33%; and Bulgaria, 63% and 52%.
Germany
was
especially interested in this trade,
in view of the terms under which she succeeded in
economy
On this foundation Germany has sought by every
means
small
in- the
The met.ii-
at her disposal to secure from these
countries
fullest
economic
co-operation
carrying out of her own economic plan.
Volume
ods
long terms
as
as
of Germany's aim to make Southeastern Europe
upon her as the purchaser of its raw
material and supplier of finished products, especially arms. Some observers believe that the motivating force which persuaded Rumania to make that
accord was the fact that Germany now controls the
commercial
as
The
trade.
dependent
possible shares of the country's foreign
part of the production thus taken which
large
as
arrangements
possible, designed to secure
include
employed
for
Germany does not need for her own use she disof
poses
By this method Ger-
the world market.
on
kan countries which
by
relation
needed
co-operate with her, but also,
taken with respect to her own exchange
their currencies, secures for herself
measures
in
Czechoslovakian Skoda munition works on which
Rumania had been almost entirely dependent for
Bal-
not .only cements her relations with the
many
,
to
foreign exchange and every profit which can
quired,
in the
every
Germany also
encouragement from the declaration of high British
officials, published last December, of Great Britain's intention to participate in the resistance to
Germany^ attempt to control the economies of
Southeastern Europe. However, so far such par-
opportunity to further and participate
any
exploitation of the natural resources of the
country concerned.
That these
gree
of
large de-
ticipation has not reached the level of Rumanian
from the fact that in 1938
aspirations.
Bulgaria, as the foregoing figures show, has become greatly dependent on Germany for her foreign
trade.
She has also shown herself particularly
have
measures
success appears
met
with
a
Yugoslavia's exports to Germany amounted to 50%
of her total
the
of
In the case of Rumania
foreign trade.
corresponding figure was 36.1% and in the case
Hungary about 70%.
The
assumption
her armament. Rumania has assured the world that
she has no intention to allow Germany a monopolistic control of her economy, and had derived much
stimulation that may be re-
be extracted from the transactions.
develops, with
3587
Chronicle
Financial
148
by
.
-
.
Germany
of
a
paramount
.
willing to grow the crops desired by Germany.
However, even though Bulgaria is a revisionist
position in relation to their economics has met with
country, centering her hopes of recovering her lost
varying reception in the countries of Southeastern
territory on Germany, nevertheless here also there
are signs of discontent with the present drift, and
any advances by other countries,, tending to re¬
a
Europe, depending to a certain extent on their distance from
in
Germany.
Yugoslavia, notwithstanding a strong popular
preference to the contrary, the dictatorship took,
beginning in 1936, the somewhat fatalistic attitude
towards Germany that strengthening Yugoslavia's
ties with the Nazis and their friend
Italy
was
the
only recource in the absence of adequate support
A measure of the
from the Western democracies.
at which such ties are being cemented is in-
pace
dicated
by the fact that German-controlled invest-
lease her from too great economic dependence on
Germany would undoubtedly be welcome,
From the beginning of Germany's economic drive
Greece has been astute to see its possibilities,
Germany's share of Greece's exports rose as high
as
45% in 1936, and her share of Greece's imports
22%.
Greece's efforts to keep her economy
was
free from the control of any one power are, however,
persistent, and are meeting with some
ments, due to an important extent to the accretion
success.
to her economy
Turkey was also made a stage of Germany's economic efforts. At one time, three years ago, Ger-
creased since
of Czechoslovakia and Austria, in-
January, 1938 from lbss than 1% to
of the foreign capital placed in Yugoslavia,
19%
Hungary, though
border with
also
now
sharing
a
common
Germany, has presented more opposi-
tion, in spite of the large proportion of her agricultural
produce taken by
some
Not only does the natural desire of an ex-
90%).
people for independence of every
for this opposition, but also among
proud
tremely
kind
Germany (in 1938
account
other
reasons
fear
of
Germany's intentions with '
respect to Hungarian industries largely established
since
the
some
24% of her employed population.
there
are
ing of
War, and
engaging the activities of
However,
indications that recently an understand-
some
initial
now
sort has been reached, since, after her
disapproval of Hungary's conquest of Ru-
thenia,
suddenly
Germany
faced
about " and
proved.
ap-
great oil wealth, one-third of which
belongs to the British, is, of course, of special interest to
Germany.
Rumania is also in position to
supply Germany with the food
She
resisted
has
suming
mania
induced to conclude with
as-
the general lines forecast
arrangements
1934 and
gesting
a
is
The
dependent on their agricultural wealth. .France
the most self-sufficient of the Great Powers.
United Kingdom, while a large importer of agricultural produce, has well established sources for
supplying her needs in that respect, within the
British Empire and elsewhere.
as we
'
Both these Powers,
have seen, had in great measure lost interest
Europe.
It would
therefore, difficult for them to recapture and
develop a high degree of economic importance in
that area.
It may well be that they will largely
seem,
confine their efforts to developing Greece and Turkey as a species of
economic Maginot line,
succeeds, possibly
Germany believes that if she
of supin developing Southeastern Europe into some form of "living space" or
controlled "great unified economic area" keyed to
her own needs, not only will her own interests be
served, but also that part of Europe will be a more
prosperous hnd a better place for its inhabitants
with a not yet publically defined amount
port from her ally, Italy,
by the
com-
alluded to above made by
1935, is implemented with terms
sug-
distinct step towards the accomplishment
and
^
Germany last
Germany with Jugoslavia, Hungary, and Rumania
in
Germany and Italy, but also from England
France, an increase in her trade with them and support for her economic developments.
•
The countries of Southeastern Europe are mainly
However, Ru-
five-year commercial treaty, which, while
a
following
mercial
endeavoring to avoid its
monopolistic character.
a
was
March
stuffs she needs,
Germany's economic invasion at
least to the extent of
manent economic position and has been exploiting
her favorable situation to secure not only from
in the economy of Southeastern
'
Rumania's
many's share of Turkish exports is said to have
risen to 60%. Turkey, however, has shrewdly resisted Germany's efforts to gain too strong a per-
than it now is or has ever been.
The amount of
Financial
3588
resistance to such
plan,
tion
will
what England
on
Our papers
elsewhere, and the backward state and somewhat
limited
she
Germany, with
wish to obtain
may
or
temporary nature somewhat
a
Gross and net revenues
presented herewith,
as
possibilities of the region, except for stra¬
tegical considerations, which again will be of re¬
duced
importance if Turkey and Greece remain in
the other camp.
even
are
more
for longer
journeys. It is held clear that the ICC will approve
adjustments, which should dispel the criticisms leveled
these
the railroads for their advance of passenger rates from
at
The latest step indicates clearly, moreover,
2c. level.
per-
in
was
This is due in part to
months.
coal
than
the
case
in most
previous
the strike in the bituminous
mining industry which prevailed during much of April
the
Appalachian fields and finally extended for
period to
some
of the Middle Western
brief
a
Such influences,
areas.
of the inter-relation of rates and the traffic offered in
aware
these
greater measure of freedom than
a
enjoy should be returned to the carriers in the basic
now
matter of costs for service rendered.
In order to indicate in
however,
lack of
merely emphasized
The
remained the
month
of
that
prevailing' stagnation
primary factor.
revenues
April of 1938
since
the
before
same
during April,
managed;
month of extreme
gross revenues
World
lower than for
business
general
of
to
slightly. It should be noted, however,
was a
carriers,.with
were
the
acute
more
As compared with the
the railroads
1938,
increase their
made
for the principal carrying agencies of the
revenues
country.
and
depression for the
skirting the lows for that month
War, while net
actually
revenues
April since the railroads emerged
any
from Federal controls of the World War
period. In place of
rebound from such diminutive levels, it is
a
possible to record
small percentage advance of
a
this indicates again the
which will
of the remedial
a
more
normally,
advisability of pushing to completion
measures
under consideration by
In
for last, April.»
dire need for Administration policies
permit general business to proceed
and it also reflects the
some
revenues
for railroad difficulties still
a
simplified form the
trade activity in relation to its bearing on
during the month under review,
in the table
in the
of
measure
railroad
revenues
have brought together
we
furnish below the figures
we
indicative of activity
important industries, together with those
more
per¬
taining to grain, cotton and livestock receipts and revenue
freight
loadings, for the month of April, 1939,
car
pared with the
On examination,
as com¬
month of 1938, 1937, 1932 and 1929.
same
it will be readily
that with the
seen
ex¬
ception of bituminous coal, the output of all the industries
covered
the
was
on
a
greatly increased scale
corresponding month of 1938.
the larger production of the
(resulting from
greatly reduced scale; receipts of
livestock at the leading cattle markets
markets
Congress.
different
the
of
lectively) show
are, as a
the receipts at
while
smaller,
in¬
various
loaded with
cars
On the other hand, receipts of cotton at the
freight.
southern outports are on a
what
compared with
as
A substantial increase
dustries) is also shown in the number of
revenue
only
The
days of various competing methpds of transit.
incident indicates that
they
the
that the
properties are fully
of the vast transportation
managers
turbingly restricted
v
Earnings of United States Railroads for the Month of April
.
United States for the month of April.
carriers,
guessing," with the intention of seizing any
opportune development to carry out her economic
great a cost, in view of her plans and ■commitments
distorted the financial statistics of railroad operations in the
of the
world
a
perhaps has already arranged for, will continue her
Special circumstances of
quietly as pos¬
as
possibly with the reservation that it be at not too
In the meantime it is evident that
Gross and Net
preparations,
sible, employing her favored policy of "keeping the
in
even
strong alliance will eventuate.
as
field
1939
plan in Southeastern Europe as far as she is able—
Bulgaria, the hope is widely entertained .that
Italy
multifarious
17,
with
co-operation
Turkey, but also in Greece and
such aid from
June
have reported that not
establishing
in
Soviet Kussia.
only in
and
do, and, in no small degree, to how far
succeed
they
largely
depend
France will
objective to be offered to that
an
part of it, by the nations in that sec¬
or any
Chronicle
farm
whole,
some"
the western primary
products (taking them col¬
substantial falling off.
a
1932
1937
1938
1939..
April
1929
general comparison of financial statistics of the rail¬
-
..
Automobiles (cars):
roads for last
-
April and the
same
month of 1938,-the fact
^Production (passenger
trucks, &c.).a._
337,372
2.19,310
out
prevailed.
the
that
The
scope
tendency toward improvement
of this trend
was
modified sharply by
$330,030
$222,016
coajl
and
strike
the
consequent
Pocahontas
gross
lack
of
Coal (net tons):
Bituminous
district
and net
suffered
revenues, the
variations effected early last year now is eliminated.
of the freight rate advances permitted
and continue to rule.
Gross
(cars)
receipts,
.e
month of 1938, an increase of $13,827,645 or 5.17 %.
Net revenues totaled 54,422,823 in April, against $48,717,237
that
month
11.71 %.
of
last
year,
an
increase of $5,705,586
or
We present these results in tabular form:
1939
Mileage of 135 roads......__
Inc.
(+)
z5„04l,'077
230,269
6,613
11,282
17,546
3,190
1,989
4,785
7,673
3,603
7,719
xl ,448
2,657
1,753
1,692
Kansas City (cars)
Omaha (cars)........
Western flour and grain
Dec.
(—)
receipts h:
Flour (000 barrels).._
xl',770
xl5,819
xl,5l6
110,316
xl,593
Wheat (000 bushels)..
112,642
1,700
xl5,792
Corn
(000 bushels).
x§,279
115,566
(000 bushels)...
1-27,427
14,243
x7,087
Oats
xl2,090
*4,324
15,313
i4,329
x4,695
x4,044
14,850
x2;067
*2,788
1914
1484
11,184
r405
*817
(gross tons);
Pig iron production. k._
2,056,177
852,897
2,986,985
1,376,141
1,919,042
3,391,665
Steel ingot production .1.
5,070,867
1,259,629
3,662,625
4,938,025
•
Barley (000 bushels)
Rye (000 bushels)....
,
$267,685,764
+ $13,827,645
5.17%
a
218,968,527
+ 8,122,059
3.71%
States
x707,857 il,023,561
1472,963 *1,635,789
1867,549
Orders received
227,090,586
1730,583 xl,077,377
1907,657
1668,608 xl ,028,033
1554,510 xl,686,481
1506,510 xl .653,561
1843,361
_m
Note—Figures in above table issued by:
United States Bureau
east
of
Rocky
of the
Census,
Mountains),
d United States Bureau of Mines,
81.80%
80.66%
e
piled from private telegraphic reports,
Net earnings...
Before
...
passing
on
854,422,823
to
a
S48.717.237
+$5,705,586
11.71%
consideration of the aspects of
general business which necessarily underlie the rail operating
statistics, we note here that the eastern railroads of the
country again have readjusted
schedules, this time in
a
of their
some
passenger
downward direction.
fare
As against
the previous flat basic fare of 2J^e. a mile in coaches and
3c.
a
mile in
sleepers, whether for
the eastern lines
are
gmall distances and
one-way or
for retiirn,
lowering round-trip rates modestly for
more
drastically
on a
progressive scale
18,848
Lumber (000 cubic feet):
—1,184
Ratio of expenses to earnings.
,
•
•
234,739
expenses....
18,170
Iron & Steel
233,555
0.50%
'
•
Production.m..
or
,*/■'.
348,872
6,316
2,420
$28l,513,40sl
Gross earnings
Operating
1938
v.
188,273
Shipments.m
Month of April—
••
z2,832,248 z2,649,960 z3,712,906 z2,774,134
5,705
April amounted to $281,513,409, .against $267,685,764 for
same
''
South¬
166,138
of the carriers for last
revenues
,
ports
„
in
$642,061
'•
■.
10,747,000 21,671,000 26,041,000 20,300,000 44,057,000
5,227,000 3,138.000 6,854,000 5,629,006 6,205,000
59,146
1938,
by the Interstate
effected late in March,
were
...
Livestock.receipts g:
Chicago <cars).......
Most
Commerce Commission
—
(bales) _f._.
ern
the distortion of the freight rate
as
.
.
Car loadings, all
Cotton
Of both
sharp contraction
_
.
•
Freight Traffic:
In other respects the comparison is
revenues.
fairly representative,
a
.c
.
Pa. anthracite-d
commodity of high importance for the railroads.
against the general upward trendeney of
the
$121,705
$269,534
621,910
...
bituminous
traffic in this
As
modest
a
148,326
536,150
Building ($000):
Constr. contr. awarded b
cars,
stands
c
.
b F. W.
National
Dodge Corp.
Bituminous
reporting mills varies in the different years),
In all the
foregoing
we
find the exhibits in
in the
are
general totals.
able to report
while eight
the
we
now
case
Commission,
f Com¬
g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron
and Steel Institute,
m National Lumber Manufacturers
collectively. Turning
(figures for 37
Coal
Association of American Railroads,
x
Age."
1 American Iron
Association
Four weeks,
z
(number of
Five weeks.
have been dealing with the roads
to the separate roads and systems,
consonance
with the results shown
For April, 1939, 44 roads and systems
gains in
gross
earnings in
excess
of $100,000,
roads report losses above that amount, and in
of net
$100,000 and
earnings, 35 roads show increases of
11
roads decreases.
more
than
Among the roads and
Volume
systems which
net
able to show increases in both gross
are
SUMMARY BY
and
of the net with
case
a
reporting $1,638,168 in
(the highest
gross
Pacific,
increase
in
the
net;
New
Hartford with $794,612 gain in gross and $730,341
As to the great trunk lines, the
New York
in
$875,245 in
figures
a
in net.
A
(32 roads)
Total
lines; when, however, the Pittsburgh & Lake Erie is
deluded the result is an increase in gross of $823,923 and a
40,742,000
10,017,345
4.48
14,673,456
—4,656,111
31.73
50,759,345
53,668,396
—2,909,051
5.42
30,770,175
54,217,677
28,310,162
+ 2,460,013
50,151,229
+ 4,066,448
8.10
+ 1,342,217
6.05
7.82
.
_
_
_
+
Month of April
Eastern District—
;
100,624,919
267,685,764
and the Norfolk & Western head the list in both cases, former
+ 13,827,645
and of $2,307*403 in
Net
r-r
Central Eastern reg'n 24,593
8.68
+ 7,868,678
.281,513,409
1939
—Mileage——
1939
1938
New England region.
Great Lakes region._
$
:—
:
i«c.(+) orDecX—)
S
%
1938
$
"
5.17
Earnings
6,939
26,297
24,731
3,263,770
10,508,959
12,103,686
8,264.981
11,912,182.
+1,159,311
+2,243,978
+191,504
55.08
27.15
1.60
57,580
57,967
25,876,415
22,281,622
+3,594,793
16;13
9,177,439
+ 865,947
4,456,977
-3,743,825
9.43
83.99
13,634,416 —2,877,878
21.10
+1,132,951
45.76
4L20
6,768
26,219
Total
net, and the Norfolk & Western with decreases of $1,002,111
22,163,528
23,505,745.
District and Region
As to the roads showing
gross
7.82
+ 1,747,060
+ 3,336,075
.108,493,597
decreases in both gross and net alike, the Chesapeake & Ohio
loss of $2,932,281 in
8,868,018
38,994,940
—
(52roads).
■
a
113,392,449
Total all districts (135 roads)....
,
reporting
+ 4,302,723
Central Western region (16 roads)
Southwestern region (21 roads)...
leased
loss in net earnings of $7,907.)
49,030,427
52,405,483
.
Northwestern region (15 roads)
the operations of the New York Central and its
cover
53,333,150
55,741,558
Western District—»
(These
earnings and of $148,935 in net.
gross
Total
gain of
a
%
10.28
8.78
6.36
+ 1,229,220
Southern District—
gain of $1,474,080
and of $379,408 in net, and the latter
gross
Dec. (—)
$
11,956,539
.122,260,467
Southern region (28 roads)
Pocahontas region (4 roads)
Pennsylvania RR. and the
Central, the former reports
Inc. (+) or
$
13,185,759
Total (51 roads)
Haven &
York New
1938
$
Central Eastern region (18 roads)..
$469,103 in net; the Erie, with $752,473 gain in gross and
$748,752
1939
New England region (10 roads)
Great Lakes region (23 roads)
gain) and
gross
-Gross Earnings
Month of April—
Eastern District—
gain of $1,676,842,
after reporting $1,195,101 increase in gross; the Union
GROUPS
District and Region
earnings alike is the Southern Pacific System, which
heads the list in the
3589
Chronicle
Financial
148
2,104,459
Southern District—•
Southern region..
38,420
38,681
Pocahontas region.—
6,057
6,039
10,043,386
713,152
Total—..........
44,477
44,720
10,756,538
both gross and net:
Northwestern region. 45,814
45,886
3,608,571
2,475,620
Central West'n region
56,326
56,758
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
Southwestern regioh- 29,358
29.408
9,549,315
4,631,984
6,762,940 +2,786,375
3,562,639 +1,069,345
131,498 132,052
17,789,870
12,801,199- +4,988,671
38.97
54,422,823
48,717,237 +5,705,586
11.71
and
all
$863,555, respectively.
In the subjoined table
we
show
changes for the separate roads and systems for amounts in
of $100,000, whether increases or decreases, and in
excess
...
Western District—
30.01
''
'
■
OF APRIL
^
Total.....
Increase
Pennsylvania
"
Southern Pacific (2 rds).
Illinois Central.!
1,474,080
1,195,101
935,764
a875,245
794,612
766,278
752,473
741,992
720,625
588,233
508,781
New York Central—
N Y N. H & Hartford...
Del Lack & Western
Erie
*
—
Great
Northern
Lehigh Valley.
Chic Milw' St P & Pacific
Southern Ry
Central of New Jersey..
Northern
.
Delaware & Hudson.
St Louis Southwestern..
"Elgin Joliet & .Eastern.."
Boston & Maine.
Chicago & North Western
Trunk
—
Western..
Wabash
Western
—
Pacific
These
Long
Texas
Det
Pacific
Tol
&
...
Ironton.l...
figures
Missouri Kansas & Texas
CHANGES
NET
IN
OF
an
N Y N H & Hartford...
Lehigh Valley.
Union
Pacific.
j
Great
Northern
Western Pacific..
Ulifiois Central
Chic R I & Pac (2 rds)..
Del Lack & Western.
Chicago & North Western
Pennsylvania -j —
•
_
_
Southern Ry
Boston & Maine
Grand Trunk
St
—
Western
_
__
Louis Southwestern..
Delaware & Hudson....
Reading
Northern
___________
Pacific..
Denver & R G Western.
_
N Y Ontario & Western.
Missouri-Kansas-Texas.
.
of Virginia to the Atlantic.
Pocahontas Region—Comprises the. section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner nf Maryland and
thence by the Potomac River to Its mouth
V
Northwestern Region—Comprises
returns,
it is
the separate
FOR
THE
.
of aline
El Paso and by the Mexican boundary
'
"
grain traffic
MONTH
over
'
Western roads (taking them col¬
lectively) in April the present year was on a greatly reduced
scale
$ 146,420
116,813
115,040
was
present year's falling off was due
smaller
_
corn
their
consonance
with /the figures for
roads. Of the three great districts—the Eastern,
less
Altogether, the
receipts of the five items, wheat, corn, oats, barley and rye'
during the four weeks elided May 29, 1939, aggregated only
38,460,000 bushels in the four weeks ended May 29, 1939, as
against 46,799,000 bushels iri the same four weeks of
but
.
1938»
comparing with only 25,180,000 bushels in the corre-
sponding period of 1937. Back in 1932, the April grain move"
ment totaled only 29,243,000 bushels.'
In the same four
weeks of
1929 it aggregated 43,811,000.
table.we give
in
our
In the following
the details of the Western grain movement
usual form:
'.
WESTERN FLQUR AND
Flour
Wheat
(jMs.)
4 Wks.End.
the
entirely to the very much
movement, all the other cereals, in greater or
Includ¬
location,
although even at
1937.
The
degree, having been on an increased scale.
New York Central and the
Central,
to
year,
still much larger than in April,
112,178
103,164
—
it
111,791
105,672
Missouri Pacific
r
compared with the month last
as
that,
_
in
.
section south of the Northwestern Region
the Pacific.
to
The
440,550 Chicago Great Western.
102,747
428,000
Total (35 roads)..
413,141
$10,522,514
398,012
Decrease
379,408 Chesapeake & Ohio..... $2,307,403
355,445 Norfolk & Western.....
863,555
293,182 Virginian
624,729
243,297 Baltimore & Ohio......
533,264
232,785' Chicago Burl & Quincy.
359,863
222,871 Florida East Coast..
286,870
202,411 Louisville & Nashville—.
176,618
186,223 Monongahela ...J......
164,994
164,292 Pittsburgh & Lake Erie.
156,842
155,195, Western Maryland_
138,562
153,245 Bessemer & Lake Erie...
101,795
149,727
a 148,935
Total. (11 roads)...... $5,708,495
are
.
Chicago to Peoria and thence to St. Louis, and north
from St. Louis to Kansas City and thence to
Includ¬
custom, we arrange the roads in groups or
seen,
,
the section adjoining Canada lying west of the
Chicago to Omaha and thence to Portland,
Central Western Region—Comprises the
west of a line from
April 29
our
•
DISTRICT
and by the Columbia River to the Pacific.
Centralt
ing Pittsburgh & Lake Erie the result is a decrease of $7,907.
is
" WESTERN
Great Lakes Region, north of a line from
$5,673,553
Increase
These figures cover the operations of the
as
'
eastern boundary of Kentucky and the southern boundary
$2,932,281
1,002,111
802,436
307,302
194,959
165,822
164,561
104,081
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Cincinnati Northern, and Evansville Indianaeolis & Terre HauteV
When,
v
.
increase of $823,923.
EARNINGS
geographical divisions, according
'
*
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
_
N Y Chicago & St Louis.
New York Central
a
River to its mouth.
+
APRIL
461,707
t
.
boundary between
Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
•
Central: Eastern Region—Comprises the section south of the Great Lakes Region
east of a line fromi Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio RlVer, and north of the Ohio River to Parkersburg, W. Va.,.
and a line thence to the southwestern corner of Maryland and by the Potomac
Decrease
$1,676,842 Cin N O & Texas Pacific.
748,752 Northwestern Pacific...
730,341 St Louis San Fran (2 rds)
488,827 Lehigh & New England.
469,103 Central of New Jersey..
466,398 Atlantic Coast Line
_
..
Great Lakes Region—Comprises the section on the Canadian
$18,176,361
Increase
rds)
New England Region—Comprises the New England States.
104,210
Chicago & St. Louis, Michigan
ing Pittsburgh & Lake Erie, the result is
.
New England and the westerly shore of Lake
109,410
_
,
EASTERN DISTRICT
117,292
117,252
112,639
Spokane Port! & Seattle.
Nashv Ghatt & St Louis.
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
Southern Pacific (2
Erie
groups and regions:
the "operations of the New York Central and the
cover
:leased lines—Cleveland Cincinnatti
PRINCIPAL
classification of the Interstate
Commerce Commissions, and the following indicates the confines of the different
122,084
.
234,739
NOTE—Our grouping of the roads conforms to the
156,616
153,682
152,331
151,267
143,282
141,578
Island
Baltimore & Ohio
Denver & R G Western..
Lehigh & New England
Total, all districts...233,555
$191,579
162,569
Marquette.
St Louis San Fran (2 rds)
N Y Ontario & Western.
268,594 Western Maryland
257,808 Bangor & Aroostook
253,010
Total (8 roads).......
218,551'
Cin, NO & Texas Pac—
a
Increase
•
...
N Y Chic & St Louis....
Missouri Pacific.
-
465,532 Mobile & Ohio
449,484
Total (44 roads).
376,753
352,929
333,268
326,018 Chesapeake & Ohio
321,835 Norfolk & Western
308,147 Virginian
i
289,106 Florida East Coast
281,808 Monongahela*.
279,070 Louisville & Nashville
Fe_—
Chicago Burl & Quincy.
Reading
i,
467,305 Chicago & East Illinois.
Pacific
Atch Top & Santa
Grand
*.
$1,638,168' Pere
Union Pacific
(lush)
GRAIN RECEIPTS
Corn
(bush.)
Oats
(bush.)
Barley
Rye
(bush.)
(bush.)
Chicago—
1939
1938
1,664,000
770,000
1,826,000
658,000
81,000
81,000
931,000
764,000
2,598,000
247,000
2,415,000
1,290,000
234,000
,1,268(000
1,548,000
4,513,000
12,913,000
5,488,000
1,236,000
1,758,000
1,080,000
880,000
3,347,000
185,000
209,000
57,000
14,000
283,000
10,000
900,000
15,000
52,000
740,000
672,000
28,000
k.364,000
28,000
...
265,000
2,000
360,000
227,000
433,000
285,000
—
433,000.
3,000
12,000
4,000
1,134,000
1,925,000
622,000
2,000
820,000
1,734,000
743,000
...
-
.
831,000
760,000
Minneapolis-
59,000
1939
1938
...
522,000
Duluth—
the Southern and the Western—together with all the regions
comprising
them,
the
New
England
and
including their regions, report gains in both
earnings
alike, while the
Pocahontas
Southern district,
region, registers
a
the
Western,
gross
and net
including the
loss in both the
case
of the
1939
1938
and the net.
The percentage of gains in the net of
several of the regions is very high, reaching
New
England region of the Eastern district, and 45.76%
in the Northwestern
region of the Western district.
other hand, the percentage of
of the Southern district is
is
as
55.08% in the
below.
As
On the
loss in the Pocahontas region
83.99%.
Our
previously explained,
summary
we group
by
1939
1938
the roads to
...
—
of the various groups
to the
table:
The boundaries
and regions are indicated in the footnote
640,000
149,000
42,000
1939
Indianapolis & Omaha1939
1938
—
3,000
—
10,000
17,000
St. Louis—
1939
1938
512,000
436,000
730,000
562,000
218,000
575,000
2,766,000
365,000
204,000
158,000
1,622,000
206,000
230,000
138,000
2,173,000
394,000
104,000
38,000
3,666,000
3,062,000
840,000
200,000
522,,000
98,000
-_
134,000
122,000
—
109,000
129,000
186,000
...
...
7,000
178,000
180,000
6,000
307,000
181,000
106,0000
71,000
Peoria—
1938
—
—
Kansas Cily1939
conform with the classification of the ICC.
705,000
Toledo—
1939
groups
...
Milwaukee—•
1938
gross
...
1938
—
St. Joseph—
1939
1938
98,000
Financial
3590
Flour
Wheat
Corn
Oats
Barley
(Bbls.)
[Bush.)
(Bush.)
(Bush.)
(Bush.)
Rye
(Bush.)
Wichita—
1939
1938
1,139,000
...
599,000
...
8,000
178,000
75,000
Sioux City—
1939
...
65,000
1938
...
49,000
48,000
2,000
12,000
1,000
34,000
13,000
Total all—
1939
1,770,000
1,516,000
...
1938
...
15,819,000
12,090,000
4,324,000
10,316,000
.
27,427,000
4,243,000
914,000
5,313.000
4,329,000
484,000
Flour
Wheat
Corn
Oats
Barley
Rye
April 29
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago—
1938
...
16,950,000
3,795,000
4,196.000
397,000
825,000
3,532,000 10,414,000
1,963,000
9,936,000
3,623,000
7,256,000
3,996,000
3.743,000
2,224,000
1,387,000
7,705,000
5,520,000
32,650,000
16,340,000
9,037,000
3,571,000
3,311,000
...
1,112,000
...
1938
-
Duluth—
1938
'
864,000
1,248,000
991,000
9,932,000
3,285,000
...
1,288,000
2,878,000
573,000
808,000
2,407,000
•"
52,000
306,000
287,000
...
...
92,000
136,000
6,073,000
8,135,000
100,000
336,000
13,000
64,000
12,000
36,000
Toledo—
1939
1938
...
Indianapolis & Omaha1939
3,000
3,593,000
...
2,676,000
1,259,000
9,391,000
12,603.000
4,549,000
...
1938
1,441,000
8,000
137.000
5,000
4,092,000
4,287,000
98,000
St. Louis—
1939
...
1938
...
3,273,000
2,974,000
1,096,000
797,000
103,000
3,388,000
2,194,000
1,916,000
20,498,000
1,845,000
597,000
89,000
241,000
337,000
Peoria—
463,000
6,705,000
931,000
816,000
8,718,000
1,363,000
1,067,000
13,470,000
13,067,000
2,980,000
802,000
4,622,000
•596,000
673,000
...
658,000
841,000
1,163,000
1938
322,000
...
199,000
r.„
Per
Decrease (—)
Cent
$62,380,527
66,725,896
64,768,090
57,960,871
60,122,205
59,398,711
1909-.-.
$50,787,440
+$11,593,087
+22.83
+6.92
19367
....
—
-
1939
11993723564
......
...
+4,316,266
66,709,729
—1,941,639
—2.91
63.888,490
—5,927,619
—9.28
58,082,336
67,515,544
93,092,395
93,318,041
89,982,415
— -
+2,039,869
•
def2,875,447
-
—
....
101.680,719
•_
-
—
1928
1929..-
80,386,815
—
110,907,453
—
135.821,660
107,123,770
1931.
—
79,144,653
—
56,263,320
52,585,047
65,253,473
65,305,735
1932-.-
—1.85
—106.43
+2994.25
+ 40.09
+47.57
—17.32
+ 5,389,790
+ 5.53
+ 11,764.296
—774,126
102,920,855
114.417,892
113,818,315
110,884,575
141,939,648
103,030,623
79,185,676
56,261,840
114,685,151
113,643,766
—
+ 0.06
—50.14
—47,592,111
+ 55,795,762
+23,040,083
+38,240,343
—21,294,242
122,974,961
97,471,685
102,861,475
+ 38.13
+ 60.155
—1,696,280
—45,093,802
44,716,664
1,862,451
57,474,860
57.658,213
80,514,943
118,627,158
>
—1.04
+ 13.92
+25,695,857
89,943,898
—
+3.51
—625.524
+8,249,222
60,024,235
59,266,322
67,396,538
93,257,886
91,678,695
44,850,096
1919.
+ 11.43
—0.68
—2,910,862
—2.56
+25,937,085
—34,815,878
—24.53
—23,885,970
—23.18
—22,922,356
—28,95
+23.39
78.326,373
-
—6,54
+ 26.36
65,252,005
+ 13,612,958
+ 53,730
65,214,202
+ 13,112,171
+20.11
89,529,494
1935.„
—3,676,793
78,326,822
+ 11,202,672
+ 14.30
51,640,515
+ 0.08
1938---.
48,713,813
89,532,796
—40,818,983
—45.59
1939
54,422,823
48,717,237
+5,705,586
+ 11.71
.
......
The Business Man's
......
St. Joseph—
1938
62,409,630
629,000
c
Kansas C'Rv—
1939
Increase ( + ) or
Preceding
742,000
844,000
...
1938
483,000
823,000
1939
Year
Given
1927-.-.
Mf
1,977,000
1,896,000
1,473,000
1,584,000
Milwaukee—
1939
3,054,000
3,773,000
1939
1938
119922364350.
194
Year
of
April
1920-.-.,
Minneapolis—
1939
Net Earnings
Month
1915---.-—
4 Mob.End.
1939
111999276403
8
June 17, 1939
Chronicle
Bookshelf
Wichita—
1939
4.008,000
—
1,000
2,000
3,243,000
...
1938
43,000
2,000
The Financial Post
Sioux City—
1939
379,000
996,000
190,000
1938
138,000
1,232,000
76,000
236,000
108,000
50,000
22,724,000 23,601,000
18,964,000 26,481,000
4,307,000
3,735,000
1939
...
8,352,000
1938
...
6,554,000
52,398,000
50,765,000
41,699,000 104,801,000
Publishing
Price
was
on
greatly reduced scale
a
1938, both
over
Southern roads, this, too,
compared with April,
as
regards the receipts of the staple at the Southern
as
outports, and the overland shipment of cotton.
reached only
bales in the
59,346 bales in April, 1939,
same
month last year
corresponding period of 1937.
overland shipments of cotton
as
The latter
against 129,579
and 112,927 bales in the
Ten
(1929)
years ago
just been -issued
Canada.
The
edition
contains
ticulars
APRIL
details
APRIL' 30,
TO
1
JAN.
1939
FOR THE
1939,
1938
1939
1937
1938
32,076
27,958
AND 1937
22,578
debt
365,596
357,153
1,762
590
457
28",659
86",310
89",987
161,029
5,324
9,030
33,747
23,174
173,166
133,307
4,191
529,457
41,924
•
„
1,2,854
2,312
'
■
11,065
514,802
99,779
469
271
677
1,991
621
2,040
5,686
7,215
9,980
28,995
4,084
492
20,309
18,879
289
4,639
17,366
2,285
2,660
4,176
14,688
14,020
471
j.._.
h
Savannah
525
Charleston
154
..
_
4,219
36
86
112
Wilmington..
562
778
Norlolk.
613
1,056
1,390
20
6
59,146
166,138
Lake Charles
Jacksonville
...
In the
subjoined table
comparisons of the
of the country
•'
,
-.V;
•;
,
,
2,424
•
191
151
188,273
445,105
..
8,021
124'
gross
for each
give
we
a
,1.378,393
226
summary
1,009,357
of the
April
and net earnings of the railroads
year
back to and including 1909:
Gross Earnings
.....
.....
1920
1922
1934
Maclean Publishing Co., Ltd., of Montreal and Toronto,
sells at $2.
■
Capital Issues in Great Britain
following statistics have been compiled by the Mid¬
land Bank, Ltd.
These compilations of issues of nbw capital,
which are subject to revision, exclude all borrowipgs by the
The
purely financial purposes; shares
capitalization
already issued
securities which add nothing to the capital resources of the
company whose securities have been offered; issues for con¬
version or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
the figures are based upon the prices of issue.
British
Government
for
issued to vendors; allotments arising from the
of reserve funds and undivided profits; sales of
SUMMARY TABLE OF NEW C \PITAL ISSUES IN THE
UNITED KINGDOM
Mileage
Month of
Year
Year
Given
Preceding
Inc.
(+) or
Dec. (—)
...;.
$196,993,104 $175,071,604 + $21,921,500
225,856,174
197.024.777
+28,831,397
218,488,587 226,002,657
—7,514,070
220,678,465 216,140,214
+ 4,538,251
245,170,143 220,981,373
+24,188,770
236.531,600 245,048,870
—8,517,270
237,696,378 241,090,842
—3,394,464
288,453,700 237,512,648
+ 50,941,052
326,560,287
288,740.653
+37,819,634
369,409,895 319,274,981
+ 50,134,914
388,697,894 370,710,999
+ 17,986,895
401 $04,695
389,487,271
+ 12,117,424
433,357,199 402,281,913
+ 31,075,286
416,240,237 432,106,647 —15,866,410
521,387,412 415,808,970 + 105,578,442
474,094,758
522,336,874 —48,242,116
472,591,665 474,287,768
—1,696,103
498.448.309 472,629,820
+25,818,489
497,212,491
498,677.065
—1,464,574
473,428,231 497,865,380 —24,437,149
513,076,026 474,784,902
+ 38,291,124
450,537,217
513,733,181 —63,195,964
369.106.310 450,567,319 —81,461,009
267,473,938 369,123,100 —101,649,162
227,300,543
267,480,682 —40,180,139
265,022,239 224,565,926
+ 40,456,313
1935
274,185,053
1936
312,908,137
1937
350,958,792
1938
267,741.177
281,513,409
1939
.
and
Per
Cent
Year
Given
265,037,296
274,144,735
312.822.778
350,792,144
267,685,764
+ 9,147,757
+ 12.52
+ 14.63
—3.32
+ 2.10
+ 10.95
—3.48
5 Months to
Year to
May
Year'
May 31
May 31
Preced'g
12,296,000
57,304,000
87,888,000
224,625
228,973
236,693
236.722
221,755
223,794
233,082
233,057
1933.
14,614,000
51,787,000
107,521,000
1934.
56,974,000
138,055,000
240,740
243,513
236.515
1937.
1938.
22,441,000
19,728,000
19,505,000
11,411,000
27,323,000
1989.
6,611,000
1932'.
1909
1933
" ; ;;
[Compiled by *he Midland Bank Limited]
of
April
1932
the
"Survey of Corporate Securities" contains 264 pages
is indexed for ready reference.
It is published by
Month
1930
capitalization, including
v
Totals
1929
and
1937
129,296
16,023
;
Pensacola.
1928
new
Canadian
■
1938
99,923
28,866
Mobile
1927
The.
of many
set-up
New
5,424
.
Corpus Christ!....
1926
1,500
The
MONTH OF
Since Jan. 1
15,596
...
New Orleans......
1925
some
Ports
Beaumont
1924
respecting
The
Month of April
Houston, &c.
1923
Toronto,
••■V'l
authoritative
;
bonded
of
-
•
FROM
AND
Galveston.
1918
of
and
*
0
RECEIPTS OF COTTON AT SOUTHERN PORTS
1910
Post"
companies due to new financing
or
refinancing.
The price range of Canadian corporation
securities for the past eight years is shown in a convenient
table.
in the table which follows:
Corporate Securities" lias
Financial
companies whose securities are in the hands of the public.
It records earnings for the past three years.
It gives par¬
changed
Details of the port
Canada
investors
for
gross
the staple for the last three years are set out
"The
by
Ltd.,
is widely; recognized as an
in Canadian securities.
"Survey"
manual
totaled only 47,514 bales, and
April, 1932 dropped to 27,869 bales.
movement of
•
Co.,
$2.00
The 1939 edition of "Survey of
As to the cotton movement
in
Maclean
v :
'
Total all—
Survey of Corporate
Securities—1939 Edition
54,000
1935.
1936.
65,435,000
90,573,000
72,901,000
—1.41
247,701
241,547
245,170
+21.45
246,615
245,773
+ 13.10
248.723
248,120
+ 15.70
233,884
+ 4.85
232,708
231,755
233,251
+ 3.11
221,725
220,340
234.955
220.918
—3.67
+25.39
234,970
235,839
January
33,963.149
27.614,265
—9.24
235,963
235,665
February...
19,687,120
10,671,858
7,464,872
19,248,438
—0.36
158,650,000
207,962,000
199,550,000
163,547,000
85,843,000
+7.72
65,542,000
33,287,000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM
BY MONTHS
[Compiled by the Midland Bank Limited]
1936
1937
1938
£
£
£
1939
219.743
234,338
6,391,772
£
13,858,372
8,132,058
2.896.764
1,788,505
236,664
236,045
March
+ 5.24
236,518
236,526
April
6.961,500
10,456,037
—0.29
238,183
237,187
May
19,505,122
11,257,125
11,947,382
11,410,592
27,322,880
6.611,207
—4.91
239,852
+ 8.07
240.956
238,904
240,816
65,541.677
33,286,906
—12.30
242,375
—18.08
242,632
—27.54
—15.02
5,113,715
90,572,928
72,901,222
242,181
242,574
June
18,410,698
241,976
241,992
July
241,680
242,160
August
24,402,925
6,194,413
+ 18.02
239,109
241,113
239,129
238,208
September..
9,546,101
24,514,648
20,305,459
7,141.184
1,963,697
October....
236,389
December..
26.943,859
20,939,125
20,211,176
13,855,183
12,400,174
17.824.624
8,509,247
15,188,116
2.184,057
1,648,504
2,627,853
12,802,202
9,595,909
234,372
234,739
Year....
217,221,225
170.906,191
118,097,565
+3.45
237,995
+ 38,763.402
+ 14.14
+ 38,136,014
+ 12.19
237,028
236,093
—83,050.967
—23.68
233,928
+ 13,827,645
+ 5.17
233,555
•
5 months.
November..
Volume
Financial
142
GEOGRAPHICAL
DISTRIBUTION
UNITED
OF
NEW
CAPITAL
THE
IN
ISSUES
medium-grade
KINGDOM. BY MONTHS
Quincy,
lower
United
India and
Other British
Ceylon
Countries
Countries
1937—
2,405,000
407,000
27,614,000
8,043,000
2,581,000
17,000
10,672,000
31,000
March
9,756,000
April
7.135,000
May.
8,313,000
i,oob",666
58,050,000
1,467,000
34,000
20",666
4,792,000
1,064,000
13,342,000
445,000
will
396,000
678,000
July
14,558,000
141,000
4,481,000
1,125,000
586,000
96,000
53,000
680,000
"~2~656
1,015,000
2,273,000
13,000
7,141,000
1,964,000
13,855,000
12,400,000
4.885,000
The
24,515,000
20,305,000
17,825,000
6,503,000
1,867,000
13,141,000
11,372,000
10,667,000
Year..
32,000
138,768,000
March
2,402,000
3,000,000
issues
August
594,665
27,323,000
scored
14,556,000
2,996,000
65,542,000
have
360,000
October...
i
November.
331,000
10,928,000
9,322,000
Year...
516,000
622,000
1,152,000
274,000
100,000
92,746,000
December..
458,000
4,067,000 118,098,000
to
March
•
1,483,000
6,611,000
5,128,000
221,000
which
this
and
closed
governments
down 0.54
points,
intermediate
some
a
on
fractional
gains
been
have
1143
as
a
closing
%.
up
Whereas
a
19,39
{Based
AU
company
Steel company obligations have
U. 8.
Domes¬
Govt.
obligations
Averages
Bonds
■'•.
of the
result
new
controversy between
A
Aa
Aaa
Corp*
102.12
All
Corp.
Aaa
Baa
A
Aa
92.28
110.63
114.72
15-———-
3.71
2.93
3.13
3.88
92.43
110.63
114.93
14—
3.70
2.92
3.13
3.87
85.93
86.07
13— 117.0B
105.41
121.49
117.07
102.30
86.07
92.59
110.83
114.93
12—
117.16
105.41
121.27
116.86
102.48
86.21
92.59
110.83
114.51
10— 117.25
105.41
121.49
116.64
102.84
86.21
92.75
111.03
114.72
9.. 117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
8— 117.48
105.41
121.49
116.86
102.84
85.93
92.59
111.03
.
7- 117.65
105.41
121.27
116.64
102.84
86.07
92.43
111.03
105.22
121.27
116.21
102.84
85.79
92.28
111.03
114.30
5„ 117.72
105.04
121.04
116.64
102.66
85.52
92.12
111.03
105.22
121.04
116.64
102.84
85.65
91.97
111.03
114.30
105.22
121.04
116.64
102.84
85.52
91,97
111.23
114.30
85.38
91.97
111.03
114.09
Weekly—
104.48
120.82
116.43
102.12
91.05
110.83
19- 116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
113.27
116.43
101.76
83.73
90.59
110.24
113.68
3.12
3.87
4.89
4.45
3.42
3.22
3.13 N
3.86
4.88
4.45
3.42
3.24
2.92
3.14
3.84
4.88
4.44
3.41
3.85
4.88
4.45
3.42
3.23
4.90
4.45
3.41
3.23
3.41
3.24
3.41
3.25
<■
3.70
2.98
3.70
2.92
3.13
3.84
3.70
2.93
3.14
3.84
,4.89
4.46
3.71
2.93
3 16
3.84
4.91
4.47
—
'
|
,
i
,
3.25;
2.94
3.14
3.85
4.93
4.48
3.41
3.71
2.94
3.14
3.84
4.92
4.49
3.41
3.25
2.94
3.14
3.84
4.93
4.49
3.40
3.25
i
3.72
2.95
3.14
3.85
4.94
4.49
3.41
3.26
j
3.75
-
1 -r
s
3.23
3.71
3.72
3
,
,
Weekly—
113.48
•
3.22
2.92
2.93
■
9___-
2—
.
May 26— 116.98
3.23
3.43
3.13
5.
114.30
3— 117.63
2„ 117.61
3.43
4.46
6-
114.51
6— 117,67
3.22
4.47
4.89
7—
.
Indus.
4.90
8
.
U.
3.43
3.70
-
10—
:v-'
P.
4.48
3,70
3.70
12
,
114.72
'
RR.
4.91
102.12
120,37
Corporate by Groups
3.88
102.30
84.55
120 Domestic
by Ratings
,
tie*
lie
3.12
116.86
102.66
120 Domestic Corporate
120
Domes-
2.93
116.86
104.11
{Based on Individual Closing Prices)
3.71
121.27
12— 116.37
MOODY'S BOND YIELD AVERAGES f
Averages
121.49
116.64
J
•
June 16—------
105.41
120.82
and bond yield averages
114.93
105.22
105,04
of the new Canal treaty.
Indus.
P.
117.03
1— 117.28
except for Panama 5s, which
U.
RR.
92.12
117.10
'
South American bonds
110.63
Baa
85.79
14-
117.07
and Bel¬
the Scandinavian countries
computed bond prices
1939
15-
121.27
Great
Australian
report of developments concerning the
on
Daily
105.22
generally
generally fractional, but losses
given in the following tables :
are
120 Domestic
June 16— 116.80
confined to
been
conversion privilege.
a
further
Moody's
car
Corporate by Groups *
by Ratings
have
In other sections of the indus¬
of
tic
■
generally
have been
sagging tendency.
Average Yields)
120 Domestic Corporate *
120
1939
Daily
on
rubber company
other
Japanese bonds turned weak, losing from % to 4 points.
MOODY'S BOND PRICES f
,
12——-
103.56
120.14
115.78
101.23
83.06
89.99
,109.84 ' 112.86
102.84
119.47
115,35
100.53,
82.40
89.40
109.24
112.25
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
14.. 114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
Mar.31_. 114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
6.00
4.55
3.42
3.94
5.08
4.63
3.44
3.30
3.15
3.90
5.06
4.58
3.45
3.29
3.18
3.93
5.11
4.62
3.47
3.32
'
3,01
3.97
5.16
4.66
3.50
3.35
3.03
3.22
3.97
; 5.16
4.68
3.51
3.35
3.03
3.23
3.99
5.22
4.71
3.53
3.37
3.84
6—
3.80
3.02
3.23
3.96
5.14
4.66
3.52
3.34
3.78
—
2.98
3.85
—
Apr. 28-21.
3;88
3.18
2.97
3.84
Mar. 31
.
3.15
2.96
3.77
3.87
5
5— 115.78
28- 115.41
3.28
2.95
3.80
May 26
19-
21— 115.13
6-
point.
changes
have also been under pressure
loading peak of 635,000 cars was reported during the week,
-
1948, which gained % point
gium displaying a
in. evidence.
new
a
the week;
% point at 104%, and the
up
Japan over the Tientsin concession.
ratification
110%,
on
European issues have been generally softer, even the better-
while Cincinnati Union Terminal 3%s, 1969, touched a new
at
recorded
which
% point
early strength the foreign bond market became un¬
gained
,
4%s, 1950,
grade obligations
but
r
.
the special feature issues, that is, those having
or
Hocking Valley 4%s, 1099, have advanced % point to 122%,
high
% at 110.
The only
high.
new
oil
among
and
firm,
High-grade railroad bonds have fluctuated within a nar¬
range,
Bell
point or more occurred in the speculative classification
settled
grounds
row
Illinois
tendency.
the board, the Goodrich 4%s, however, reacted
but
Britain and
Speculative rails lost
ratings.
a
on
down,
After
prices
High-grade corporates have remained
average.
have
as
bond
Government
States
for
warrants
began in the latter part of last week has continued
week,
the
United
4s, 1955,
International issues weak.
and
in
Stores
trial list, changes have been
33,287,00
The Course of the Bond Market
decline
Co.
104%, losing %
of
The
similar
a
For
investment
prime
steady, and paper company bonds have been off, with the
1.789,000
10,537,000
Allied
&
fractions;
2.897,000
638.000
22,529,000
May
5 months'........
221,000
26.000
2,649,000
1,150,000
April.......
13,858,000
8,132,000
3,584,000
1,159,000
10,274,000
6,973,000
at 98 lost Y%,
1979,
Among those reaching new high ground
highs.
the
obligation
been
February..'.
5s,
however,
while,
some
displayed
new
been
105
at
1939—
January
in
Firestone Tire & Rubber 3%s,
9,596,000
20,826,000
time
Wilson
the
2,184,000
1,648,000
2,628,000
12,802,000
37~ 000
•
Power
1938-39 high at 100%, gaining
new
8.509,000
15,188,000
28,000
421,000
3,931,000
27,000
the down¬
Water
dull
section of the list toward the close of the week, some issues
5,114,000
311,000
1,611,000
1,781,000
irregularly
Edison 3%s, 1965, have lost
10,213,000
September..
and
been
has
Despite the general weakness displayed in the industrial
8,149,000
11,202,000
1,763,000
July
1939,
medium grades leading
market
with
Tide
have
47,990,000
June
4%s,
Telephone 3%s, 1970, have declined 1% to 110%, and New
19,248,000
6,392.000
87,000
6.305,000
Louis
St.
of
$7,000,000 bond
a
Virginia Public Service 5s, 1950, fell 1%' to 95%.
4,803,000
5 months.
1959,
founds to retire the
supply
first
16,516,000
April..
Div. 4s,
Cin.
It is expected that
Association
bond
week,
trend.
York
May
Among
the
7,465,000
945,000
6,520,000
13,847,000
,
February...
Tol.
point.
and
7,200,000 170,906,000
23,304,000
1,634,000
this
ward
1938—
January
1
lost
par
Ohio,
&
floated to
Railroad
utility
lower
August
be
soon
Terminal
72,901,000
830,000
December...
Baltimore
at
&
Chicago Burlington
which mature Oct. 1.
11,411,000
22,611,000
November..
1949,
losses.
registered
rails
group,
11,947,000
June
October
Div. 3%s,
grades,
issue
11,257.000
2,097,000
September..
former
closed at 41, off 3%.
£
£
£
_.
speculative
the
dropped 5% points to 44, and Southern Pacific 4%s, 1981,
Total
24.802.000
5 months.
111.
of
Foreign
Kingdom
January
February...
and
Among those
[Compiled by the Midland Bank Limited]
>
3591
Chronicle
3.02
3.21
3.91
4.98
4.52
3.50
3.32
3.20
4.47
4.91
3.88
3.21
3.48
3.30
24.. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
3.75
2.99
17.. 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10- 114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
—
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
101.23
83.87
89.99
109.05
113.27
3.29
3.75
17-
Feb. 24
2.98
3.23
3.87
4.49
3.48
3.81
3
3„ 113.59
Feb. 24— 113.38
3.00
3.26
3.94
5.03
4.61
3.51
3.30
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
3.94
4.93
103.38
119.69
114.30
10— 113.21
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3.82
3.00
3.26
6.07
4.64
3.52
3— 113.16
119.47
113.68
100.88
83.19
89.10
108.66
113.48
3
3.84
3.01
3.28
3.95
6.10
4.68
3.63
3.29
102.84
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
13
3.85
5.11
3.29
3.30
17— 113.30
Jan. 27— 112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
112.86
20— 113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
Jan.
113.48
—
4.68
4.57
3.29
13- 112.93
102.66
119.47
113.07
100.63
83.06
89.10
107.88
113.27
3.31
3.97
6— 112.95
102.48
119.25
112.25
100.63
83.06
88.80
107.69
112.86
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
High 1939 117.72
105.44
121.49
117.07
103.02
87.21
93.53
111.23
114.93
High 1939
3.89
3.05
3.37
4.01
6.26
4.76
3.60
3.38
Low
1939
3.70
2.92
3.12
3.83
4.81
4.39
3.40
3.22
6
3.01
Low 1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
High 1938 112.81
Low 1938 109.58
101.76
118 60
111 43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
96.11
104.30
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
101.41
107.88
June 16, 1938...
4.49
3.28
3.71
4.48
6.50
5.98
3.92
3.57
3.89
3.28
3.42
3.95
4.92
4.20
3.97
3.51
88 80
112 45
102.66
89.10
62.76
71.15
91.97
113.68
105.22
92.12
67.18
72.54
1 Year Ago—
1 Yr. Ago
Junel6'38 112.07
2
2 Yrs.Ago
Junel6'37 108.48
101.94
113.68
110.83
100.88
86.65
-
X11COC
level
or
piiuca axe oumputcu
aoui
the average movement of actual
wu
vuv
price quotations.
96.61
100.53
uaow u*. wuu
109.05
vjpiuoi
uouu
Years
Ago—
June 16. 1937...
\T /o
—
VVUIWU,
They merely serve to Illustrate In a more
.
i
i
J
.,
.
.
.
comprehensive way the relative levels and the relative movement of
market.
t The latest complete list of bonds used In computing these Indexes was published In the Issue of Feb.
yield averages, the latter being the truer picture of the bond
18,1939 pages 939 and 940.
a
Friday Night, June 16, 1969.
Business activity showed a sharp rebound the past
is the labor
serious
as
a
that 91 Class
definite improve¬
there has been a
is concerned
situation
ment in many
Railroads reported today
f railroads had estimated operating revenues
of
$245,794,206 in May, compared with $223,607,409 in
May, 1938, and $378,790,612 in the same month of 1930.
week.
As far as the domestic
encouraging.
Trade news continues
lines, but the great overshadowing influence
of the 91 reporting carriers—which
82% of total operating revenues of all
May were 9.9% above May, 1938, but
35.1% below May, 1930.
Automobile
production made another
sharp counterseasonal advance this week, Ward's Reports said today, due
largely to normal production at Chrysler after the threeweek suspension in the Briggs strike.
Ward's, estimated
this week's output at 78,305 cars and trucks, compared with
65,265 units last week and 44,790 units a year ago. It said
this week's figure was the best since early May, and that
sales
reports to factories showed less than a seasonal
decline.
"Automotive News" estimated that next week
would see production of the two millionth car for 1939, and
predicted that the June total would surpass the 300,000
Operating
situation, which now threatens to become more
result of the recent action of John L. Lewis
Federation
strife
stant
the
between
.
great
two
organizations,
labor
eventually prove too much of a handicap for
business and industry, and do much to interfere with the
which
may
A new
movement.
recovery
become
of
and Great Britain
the far-reaching consequences
the two Powers
and
strained,
more
developing in
crisis is
war
the Far East as relations between Japan
definite and war-like break between
a
Yet in spite of these
there are a number of bright spots
general sentiment appears far from
by no means being lost sight of.
are
ominous developments
the
in
and
picture,
number
exceptionally
Reports are
pessimistic.
of
favorable from
a
mark.
showing defi¬
with business activity
quarters,
"favorable"
of
in
All regions recorded some gain, the average increase
being estimated at between 7% and
14%.
While encouraged by gains of 8% to 12%, merchants
in New England pointed out that last year's figures were
"continues in seriously acute form."
full automobile production following
strike troubles and the rebound in business activity
Colonel Ayres said,
A
resumption
recent
after
Memorial
the
The
index
holiday
Day
stands
now
77.5 for
the
March.
All components with
bituminous
No
back
85.8,
at
as
its
to
the
March
with
compared
preceding week and 85.9 for the last week in
coal
the exception of production of
substantial
showed
and,
on
moderately
up
to
about 60%
of
peak
a
in
July
and.
August, when much heavier shipments of sheets and strip
against recent low-priced commitments will be made, accord¬
"Iron Age."
ing to
half,
The magazine
the decline of
regards
point in the steel production rate this week as of
"no special significance," merely indicating that some plants
a
have
replenished stocks of semi-finished steel which were
"It appears
production of tonnage taken in the cut-
depleted during the coal crisis in early May.
that the bulk of the
price period will
come
automobile industry
1940, models," the
sometimes
give
production,
are
Production
United
the
kwh.
will be engaged on initial runs fo the
states.
"Steel scrap prices, which
survey
indications
by the
electric light
an
the
week
the
increase
and
largest
recorded
with*
an
ended June 3, when
13.3%'
of
power
over
10
industry of
was 2,256,-
1,991,787,000
the
for
any
increase
week
of
thus
12.5%
2,113,887,000 kwh.
registered
1939, and
days
produced. The
far
in
for tile
were
seven
17.5%
sharpest improvement last week.
preceding period this area showed a gain of 14.5%.
reported
by
"Engineering
In
period last
records
News-Record."
This
week's
Private construction for the week
year.
43% gain
the 1938 week, but is 46% below a
Public awards are 106% higher than a year ago,
31% under a week ago.
a
over
week ago.
but
are
The
Association
634,597
cars
of
week ending last
Cars,
or
11.8%
of
American
revenue
freight
Saturday.
compared
This
with
Railroads
were
reported
laoded
was an
the
during
increase of
preceding
today
the
66,865
week;
Decided improvement in traffic in June
,
the
of
Long
drought.
It is said that the rain came too late
to
sections, a loss which some predicted
rise in dairy prices.
The endangered potato,
the hay in many
save
cause
a
and corn crops were materially benefited by
the rain, however.
General improvement in the Midwest
drought situation, except in a few local areas, was reported
strawberry
by the Weather Bureau of the Department of'
Agriculture.
said that the drought has been relieved in most
interior States.
Conditions are still bad in a large part of
The report
Southwest.
the
Officials
of
Bureau
the
feel
since the first of the month have broken the
grain
been
belt.
In
that
rains
drought in the
City area the weather has
the New York
generally fair and warm throughout the week.
Warm
and fair weather prevailed here today, tempera¬
from a minimum of 65 degrees to a maximum
tures ranging
Partly cloudy weather and somewhat cooler
of 81 degrees.
temperatures are forecast for tonight with the thermometer
Saturday modernately warm
partial cloudiness.
Overnight at Boston it was 66 to 76 degrees; Baltimore,
70 to 82; Pittsburgh, 66 to 86; Portland, Me., 56 to 74;
Chicago, 60 to 80 ; Cincinnati, 68 to 86; Cleveland, 62 to 82;
dropping to about 65 degrees.
by
accompanied
Detroit, 56 to ,80; Milwaukee,-50 to 78 ; Charleston, 76 to
78; Savannah, 74 to 84; Dallas, 72 to 98; Kansas City,
76 to 96; Springfield, 111., 70 to 84; Oklahoma City, 74 to
98; Salt Lake City, 62 to 78; Seattle, 50 to 62; Montreal;
60 to 72, and Winnipeg, 42 to 68.
was
Loading
of
Freight
Revenue
634,597
Total
Cars
in
Loading of
reported
freight for the week ended June 10
revenue
totaled 634,597 cars, the Association of American Railroads
announced on June 15. This was an increase of 80,743 cars or
14.6% above the corresponding week in 1938, but a decrease
115,903 cars or 15.4% below the same week in 1937.
Loading of revenue freight for the week of June 10 was an
increase of 66,865 cars or 11.8% above the preceding week
when loadings were reduced somewhat due to Memorial
Day holiday. The Association further reported:
of
Miscellaneous fieight loaning totaled
cars
258,639 cars, an increase of 28,478
above the preceding week, and an increase
corresponding week in
5,087
cars
19,766
less
cars
week in
than
carload
1938.
week, and
lot
freight totaled
153,082
above the preceding week, and an increase of
above the corresponding week in
Coal loading amounted to
the preceding
of 31,633 cars above the
1938.
Loading of merchandise
tars, an increase of
an
increase of 80,743 cars, or 14.6% compared with a year ago,
and a decrease of 115,903 cars, or 15.4% compared with
1937.
soaked
months
Week Ended June 10
total brings 1939 construction to $1,474,781,000, an increase
of 28% over the $1,153,739,000 reported for the initial 24week
several
over a year
the
Engineering construction awards for the week, $55,425,000, are 90% higher than in the corresponding 1938
week, but are 34% below the high volume of last week,
as
in
rainfall
upstate New York Tuesday night
and Wednesday morning, effectively relieving a drought
that has prevailed in these areas since late in April.
Al¬
though some sections received twice as much rain in the 24liour fall as fell in all of May and the first 12 days fo June,
farmers said that another fall or two just as heavy would
be needed in a week if there was to be an end to the effects
weather,
The year-to-year gain was
central industrial region, with a gain of
the
steel
produced in the corresponding 1938 week, according
compares
ago,
of
trend
June
ended
to the Edison Electric Institute*
the
of
strong and possibly headed higher."
States for
823,000 kwh.,
during the third quarter, when the
advance
heaviest
The
Island, New Jersey and
would
gains.
steel operations is expected in the
the contrary, the rate will probably
sharp decline in
future
near
go
carried
last week
business index
of Commerce"
"Journal
level.
of
the whole country
not hard to beat.
lies in the greatly reduced flow of new
productive
industries. " "That
difficulty,"
still
into
and rein¬
surrender.
year.
■
capital
"Manufacturing activity showed
purchasing.
consumer
for
the chief problem of the
the key to
going up,
were
some
Despite the mild letdown in retail activity during the week,
volume continued to compare favorably with June of last
The prospects
"Monthly Business Review."
However, the statistician
saw the lagging of new capital still
forming a "seriously
acute" barrier to recovery.
While most branches of busi¬
depression
on
resistance to any decline of importance,
forcements of new orders indicated no immediate
his
ness
effect
retarding
increased
an
strong
brighten, the business outlook, Colonel Ayres said in
ment
exerting
factors
movement this week, with seasonal
divisions, Dun & Bradstreet, Inc., said today.
"The signs
of improvement in business conditions, which became notice¬
able in the latter part of May, were less in evidence," said
the credit agency's review.
"Retail trade declined slightly
as less favorable weather conditions encouraged some letup
legislation by Congress before adjourn¬
tax
:
Trade was in sidewise
signs of going forward in a substantial way.
There
has been a resumption of full automobile production follow¬
ing the recent strike; car loadings are showing up excep¬
tionally well, and engineering construction awards record
a gain of 90% this week over the same period a year ago.
Colonel Leonard P. Ayres, Vice-President and statistician
of the Cleveland Trust Co., was mildly optimistic today
about business.
He said there was definite improvement
"in business sentiment as a result of lessened war fears,
settlement of the soft coal dispute, and resumption of pro¬
nite
duction, and good advances in stock prices.
revenues
about
represent
Class I railroads—in
discontinuing negotiations for i)eace with the American
of Labor.
This would seem to indicate con¬
in
York today for directors'
by railroad presidents in New
meetings.
The Association of American
EPITOME
TRADE—COMMERCIAL
OF
STATE
THE
June 17, 1939
Chronicle
Financial
3592
1938.
■
„
100,015 cars, an increase of 7,404 cars above
an increase
of 17,736 cars above the corresponding
Volume
Grain
and
34,283 cars, an increase
products loading totaled
grain
3593
Chronicle
Financial
148
REVENUE
ot
FREIGHT LOADED
cars
cars
above the preceding week, and an increase of 4,099 cars
Loaded
decrease of 10 cars below
..
decrease of 1,742 cars below the
a
Forest products
Ore loading amounted to 43,504 cars, an increase
1938.
22,057
13,672
18,121
13,573
2,055
4,557
12,839
13,468
20,855
16,134
9,588
8,741
8,647
11,779
12,956
6,788
6,105
6,320
15,636
16,699
6,748
6,365
11,606
12,771
8,519
8,109
6,422
8,333
2,677
2,367
1,151
1,746
2,289
1,232
1,594
1,278
1,712
1,757
1,694
3,874
3,507
3,869
2,548
2,204
2,438
11,319
9,977
11,564
7,481
7,852
7,130
34,513
29,368
29,239
33,078
31,199
28,862
5,528
4,711
4,353
8,577
4,403
8,143
Lines
Coast
14,170
3,815
4,372
48,152
48,568
39,567
35,119
33,955
4,308
4,489
4,298
4,044
3,660
4,537
3,305
5,436
4,669
24,413
26,204
7,727
7,066
4,183
6,964
4,285
4,541
7,832
6,887
6,868
...
Slttsburgh & Lake Erie RR
with
compared
5,018
4,991
26,280
4,746
Pere Marquette Ry
corresopnding week
...
Pouthern Pacific Lines...
,...
Wabash Ry
Total
......
290,199 258,084 256,286 175,477 161,019 156,635
1937 except the Pocohontas.
Four weeks in January
2,155,536
2,222,939
2.832,248
...
2,649,960
2,185,822
2,371,893
•
567,732
3
AND
688,987
502,617
634,597
553,854
750,500
13.396,734
12,527,445
Weeks Ended—
June 10,
June 11, 1938
1939
Not Available
20,072
Not Available
26,400
24,237
24,345
12,463
10,925
11,632
38,863
Chicago Rock Island & Pacific Ry.
Central
Illinois
55,234
35,977
System
St. Louis-San Francisco Ry.
Total
railroads to report for the week ended
10, 1939 loaded a total of 290,199 cars of revenue
freight on their own lines, compared with 258,084 cars in the
The first 18 major
June
preceding week and 256,286 cars in the seven days
A comparative table follows:
ended
"June 11, 1938.
FREIGHT LOADED AND RECEIVED
undertake to, show also the loadings
ended June 3,
increases when
compared with the same week last year.
following
we
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED JUNE 3
1938
from Connections
1937
1938
1939
1938
1939
1937
Total Loads Received
Total Revenue
Freight Loaded
Railroads '
.»
from Connections
Freight Loaded
1939
In the
for separate roads and systems for the week
1939.
During this period 95 roads showed
Total Loads Received,
Total Revenue
Railroads
June 3,
1939
16,715.097
Week ended June 10-..-.-...
........
CONNECTIONS
FROM
RECEIPTS
(Number of Cars)
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2.256,717
2,297,388
2,390,412
.
LOADINGS
1937
1938
2,302,464
__
Four weeks in February
REVENUE
7,611
18,694
55,014
TOTAL
'.'."J
1
19,523
Pennsylvania RR
reported increases compared
1939
Five weeks in April.........
Four weeks in May
RR
N. Y. Chicago & St. Louis Ry...
of 128 cars above the
AH districts reported decreases
week in 1938.
with the corresponding week in
1939
1938
*
'
1
v
L
1 1
'"
"
U)l
1
""
"ILn
Southern District—(Concl.)
Eastern District—
—
975
815
Mobile &
202
187
.....
1,440
5,790
1,156
'7,217
7,753
1,399
8,854
1,589
Norfolk Southern
1,326
Piedmont Northern
11
Boston & Maine
15
24
42
42
7,891
17,675
15,526
20,582
12,120
315
287
436
479
,389
103
99
Winston-Salem
132
127
175
601
1,270
2,367
764
V 666
156
299
85,360
81,119
99,582
56,860.
17,459
2,139
17,595
3,223
8,109
2,207
6,365
2,742
24,218
159
1,235
8,657
392
276
3,765
3,209
Detroit Toledo & Ironton
Detroit & Toledo Shere Line...
245
3,678
177
Lehigh & Hudson River
.
9,465
4,485
169
1,877,
9,287
5,295
1,506
1,161
5,541
2,172
11,641
3,025
247
...
2,123
1,528
Maine Central.....i.
1,644
6,760
2,238
7,784
1,987
Monongahela
3,375
2,656
Montour.....
2,048
786
«
1,432
•8,331.
4,478
1,342
1,060
6,009
1,794
Southern System
Southbound...
Total......:
New York Central Lines
29,368
N. Y. N. H. & Hartford
7,841
1,106
4,711
4,628
4c,489
25,635
6,985
1,388
3,565
3,148
3,766
Pittsburgh & Shawmut
261
243
251
Pittsburgh Shawmut & North..
251
298
242
187
183
Northern Pacific
Pittsburgh & West Virginia
564
668
1,247
1,046
952
Rutland
463
622
909
749
Spokane Portland & Seattle...
Wabash
4,285
6,887
3,213
3,967
2,262
4,268
Wheeling & Lake Erie
4,154
2,167
6,641
2,242
115,293
106.71Q
142,091
124,215
110,281
385
359
489
712
512
23,327
4,444
19,952
2,077
29,267
6,719
12,839
1,509
12,187
Chicago Burlington & Qulncy..
659
Chicago & St. LouiS....
Pittsburgh & Lake Erie..i
Pere Marquette
.....
22
Chicago St. P. Minn. & Omaha.
Duluth Mlssabe & I. R..
174
30
31,199
10,594
1,429
8,143
4,578
27,882
8,948
46
/
7,619
1,982
5,928
2,370
135
380
356
130
133
10,652
22,274
2,291
2,355
447
482
476
462
428
Green Bay & Western
18
329
3,617
-
456
Great Northern.
6,865
3,175
3,586
504
49,498
13,722
Ft. Dodge Des Moines & South.
1,428
4,044
956
...
.
3,003
8,490
5,589
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
11,897
2,002
14,369
14,494
2,232
15,430
3,154
13,276.
Spokane International
511
New York Ontario & Western.
219
421
•
k
Northwestern District—
Chicago & North Western
Chicago Great Western
Chicago Mllw. St. P. & Pacific.
8,747
3,638
3,261
2,424
38,566
9,604
'1,129
4,855
6,699
5,909
Lehigh Valley
3,400
921
Seaboard Air Line
992
9,696
8,812
3,738
3,053
10,683
Tennessee Central
395
Grand Trunk Western
699
4,904
4,843
415
Erie.
873
342
1,447
5,784
Detroit & Mackinac
Delaware Lackawanna & West.
412
244
.
1,795
6,058
5,524
9,570
Delaware & Hudson
346
_.
1,509
2,027
812
1,308
5,439
9,096
1,003
5,020
1,046
3,917
8,556
Central Vermont
2,031
2,782
1,373
7,164
1
435
...
Richmond Fred. & Potomac.
2,047
2,268
1,758
2,144
2,300
353
1,765
2,537
1,122
Nashville Chattanooga & St. L.
1,318
6,148
1,341
Chicago Indianapolis & Louiav.
Central Indiana..............
Lehigh & New England
Ohio.I
432
1,604
512,
460
...
Bangor & Aroostook...
N. Y,
4,827
23,327
4,816
15,245
New York Central Lines
!
All districts, except the Southwestern
...
1938
21,257
21,692
18,325
Missouri Pacific RR
corresponding
■
Ann Arbor..
June 11
1939
Norfolk & Western Ry
preceding week, and an increase of 1,453 cars above the
Total
June 3
1939
1938
International Great Northern RR
>
Week ended June
1939
21,352
26,851
Gulf
of 4,517 cars above the
Coke loading amounted to 5,384 cars, an increase
Four weeks in March.
1939
•
Chicago Mllw. St. Paul & Pac. Ry
Chicago <fe North Western Ry...
3,894 cars above the corre¬
preceding week, and an increase of 18,583 cars above the
the corresponding
'
V
Chicago Burlington & Qulncy RR
1938.
in 1938.
Weeks Ended—
June 11 June 10
Missouri-Kansas-Texas
above the preceding week, and an increase of
week in
'
A
Chesapeake & Ohio Ry
of 2,590 cars
loading totaled 29,930 cars, an increase
Receivedj rom Connections
Lines
June 3
Atchison Topeka <fe Santa Fe Ry.
Baltimore & Ohio RR
in 1938.
sponding week in
'
_
corresponding
week in 1938.
In the Western districts alone, loading of live stock for the
week of June 10, totaled 6,879 cars, a decrease of 250 cars below the pre¬
ceding week, and a decrease of 1,367 cars below the corresponding week
week, and
Own
June 10
•
the preceding
on
Weeks Ended—
above the corresponding week in 1938.
Live stock loading amounted to 9,760 cars, a
CONNECTIONS
FROM
RECEIVED
(Number ol Cars)
above the
corresponding week in 1938.
In the Western districts alone, grain and
grain products loading for the week of June 10 totaled 22,489 cars, an
increase of 3,563 cars above the preceding week, and an increase of 3,300
3,992
AND
"
■
367
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
.....
2,873
61
47
1,396
1,430
1,487
3,624
.2,258
1,582
5,090
8,021
Lake Superior <fc Ishpemlng
5,374
1,288
1,736
2,340
■
9,314
7,129
1,984
3,078
172
Total
224
211
1,328
•1,478
1,161
69,289
118,312
34,815
88,554
....
189
•
222
1,675
1,U0
31,145
•
Total:,
Allegheny District—
Bessemer &
Ohio
Lake Erie
290
Cambria & Indiana
Central RR. of New Jersey...
Cornwall
180
Western
9,554
583
39
25
70
85
11,779
1,190
'9,801
1,710
10,897
12,265
2,063
10,336
6,105
5,662
561
407
"!
7,020
6,572
2,191
2,163
566
1,146
1,918
1,072
2,097
2,303
2,017
771
41,577
10,797
3,831
34
10
.
10
1,094
62,917
13,875
16,674
14,269
3,893
Missouri-Illinois
2,190
3,424
4,633
143,471
86,100
392
557
1,209
1,669
672
'
20,542
19,744
8,741
3,815
7,963
Virginian..
16,030
14,072
3,411
4,111
848
861
Total.
44,076
33,513
44,397
13,404
12,486
3,662
403
164
217
227
124
129
644
748
759
1,109
1,013
Atlanta Birmingham & Coast..
514
730
644
715
624
9,297
8,529
3,495
9,796
4,442
3,708
3,340
2,744
2,388
Atlantic
Coast Line.....
3,515
Central of Georgia...
501
406
580
1,191
Cllnchfleld
Greenville..
18,234
20,001
3,811
3,476
313
342
247
1,016
860
9,500
10,949
6,495
5,142
■
491
268
-
80
90
181
5
14
1,500
1,302
1,791
1,375
81,290
93,535
41,812
36,793
Southwestern District—
110
81
2,650
2,011
1,928
217
376
1,278
1,757
1,122
83
2,135
157
2,597
377
City Southern
Louisiana & Arkansas
153
169
668
728
1,653
1,689
2,022
1,446
1,550
Kansas Oklahoma & Gulf
Kansas
140
151
2,677
1,746
Fort Smith & Western x
1,639
1,551
953
1,674
1,096
165
151
216
306
321
Litchfield & Madison
193
225
212
725
575
Midland
370
444
459
162
181
85
175
176
193
3,507
3,533
4,473
2,204
2,343
10,010
10,402
12,579
7,852
6,8.50
Louisiana Arkansas & Texas—
Valley
Missouri & Arkansas.
-
1,180
348
Missouri-Kansas-Texas Lines..
Missouri Pacific
181
132
.".
137
130
327
335
505
494
438
Quanah Acme & Pacific
92
139
82
81
26
41
68
60
St. Louis-San Francisco
5,719
5,693
6,584
3,701
711
...
432
28
Florida East Coast
Georgia
1,401
207
740
-
471
Durham & Southern
Gainsville Midland
962
1,134
1,629
304
Charleston & Western Carolina
Columbus &
Total
International-Great Northern..
Atl. & W. P.—W. RR. of Ala..
*.J'
123
1,361
Gulf Coast Lines
Alabama Tennessee & Northern
324
31
11,345
.....
Burllngton-Rock Island
Southern District—
68
106
579
Pocahontas District—
18,694
4,527
233
J
86,599
Utah...:......
Western Pacific
20,855
244
886
,
•
20,266
(Pacific)
Union Pacific System..*
Norfolk & Western
1,063
13
Toledo Peoria & Western—...
75,148
Chesapeake & Ohio
-
37
914
885
,
748
Peoria & Pekin Union..
4", 150
89,438
1,717
18
331
1,059
715
Pacific
Southern Pacific
2,710
243
1,450
'
2
107,846
1,693
1,184
1,195
*
Northern
North Western
"
39
Terminal
Nevada
518
1,021
1,570
Fort Worth & Denver City
2,621
1,170
31,407
12,346
1,567
Illinois
1,808
•
1;631
Denver <fe Salt Lake...*
22
2,379
1,087
35,119
26
9,447
179
21
54
226
.29
1,362
4,147
1,584
'
633
104
538
9,460
Maryland
4,827
1,780
511
Denver <fc Rio Grande Western.
...
Total.
22,133
2,565
274
561
6,104
851
(Pittsburgh)..
West Virginia Northern
2,329
Colorado & Southern
600
48,152
10,325
Pennsylvania System
Reading Co.
Chicago A Eastern Illinois
5,644
67
I....
8
8,460
532
Valley...."..*......
5
Chicago & Illinois Midland-.*.
Chicago Rock Island & Pacific-
5
■
18,208
313
Bingham & Garfield
12
440
,933
'561,1
Penn-Reading Seashore Lines.
Union
172
787
5,514
.
Cumberland & Pennsylvania..
Ligonier
18,325
2,483
Atch. Top. & Santa Fe System.
1,014
Buifalo Creek & Gauley
Long Island
"
Alton..
*
Akron Canton & Youngstown.
Baltimore &
Central Western District—
796
858
1,408
1,278
Louis Southwestern
1,956
2.464
2,034
Texas & New Orleans
5,709
5,980
6,906
2,218
2.461
3,101
2,124
2,499
Texas & Pacific
3,732
4,175
4,955
3,298
3,357
161
197
287
52
84
55
15
43
34
23
40,004
41,258
47,599
29,590
29,482
258
370
369
1,384
1,377
812
Illinois Central System
16,467
8,763
Nashville
17,813
16,189
1,992
18,499
21,559
906
16.101
4,580
8,158
3,942
96
121
170
752
173
76
444
258
St.
238
Georgia & Florida..
Gulf Mobile & Northern
Louisville &
...
Macon Dublin & Savannah....
Mississippi Central
'
138
Note— Previous year's figures revised.
119
'* Previous figures,
x
,458
956
Wichita Falls & Southern
Wetherford M. W. & N. W
Total
Discontinued Jan. 24. 1939.
P.
Leonard
Col.
Cleveland Trust Co.
Ayres of
THE
Finds
WEEKLY
"ANNALIST"
"Business sentiment has become distinctly more cheerful
in
Farm
year," according to Colonel Leonard P. Ayres, Vice-Presi¬
dent of the Cleveland Trust Co., who goes on to say:
that
to be three principal
appear
war
avoided
be
can
'The other
future.'
the
and
present
60.7
Fuels
83.1
82.8
85.0
Metals
95.4
95.5
100.7
that
71.1
70.9
69.7
Chemicals
85.4
85.5
88.0
68.9
68.8
69.5
76.5
76.8
80.5
reports
reasons
near
All commodities
says, "are that the
settled, and production
sales
building
that
and
decreases,
of
construction
above
well
current
.
tries
so
airplane production are really booming, while
doing well.
large-scale deficit spending by the Government is having the
Sustained
effect of
printing
are
factors
constructive
been
have
noted,
it still
all
these
the
production of durable goods is only about three-quarters
15
years
that freight loadings are about 60%
ago,
then, and that factory employment and payrolls
were
levels.
old
It
chief
.
problem
reduced
of
flow
capital
new
depression
into
seriously acute form.
in
still
the
remain
It
requisites
Improved
for
home
and
this
There
the
diffi¬
will
As
.
if
only small improvements
be
would
gain.
important
an
In his observations
1
were
with
blankets,
a
business
that
purchasing,
is
and
deficient
not
mainly responsible
for
increase and
to
advancing
lavish
individual
many
this
it
,
As
business
and of
recipients
or
they
bank
up
demand
as
corporations.
..recovered
of
flow
that
deposits
until
1929.
making
its
largely
declines
shoesymen's underwear,
ago,
the greatest
clothing
about
and
The
changes in
equalling the
declines
shoes,
were
infants'
advances.
recorded
shoes,
by
and
few
months.
The
recent
improvement
in
basic
commodities
expected to have any material effect on finished goods prices, ac-t
The prospects for
compiled.
favorable, however.
-
strengthening in prices later in the year
a
':
—
INDEX (JAN. 3. 1931=100)
'
,
,
May 1,
June 1,
1933
huge
spending
relief
for
1938
Mar. 1,
1939
April 1,
May 1,
1939
1939
•
June
into
business
.
.
they
.
The data
and
the
used
are
1929
50%
do not
u
.
1933,
than
greater
include
actively
by
they
disbursements
huge
originated
in
those
for
relief
expeditures
and
and
84.1
88.4
88.4
71.8
89.9
88.9
88.8 '
88.8
76.4
97.0
96.2
96.2
96.0
95.9
70.2
92.7
90.5
90.5
90.5
90.5
-----
„'
Silks
57.4
*
89.1
64.1
-
63.6
63.6
the
deposits.
they
have
business
in
63.7
85.5'
84.7
84.7
84.6
84.6
105.0
104.5
104.5
104.0
104.0
some
and
degree
92.0
92.0
91.5
91.2
106.2
103.2
102 9
102.5
102.5
74.3
74.0
74 .0
73.8
73.8
105.9
104.9
104.9
105.4
105.4
92.7
92.5
92.5
92.5
92.5
89.8
59.2
75.5
Aprons & house dresses.
*
Corsets and brassieres..
•
83.6
?
.
Furs
93.3
90.6
90.0
90.0
69.2
85.8
85.0
85.0
84.4
Shoes
gold
66.8
Underwear
money
from
95.6
72.9
Hosiery
They have
the
650
.....
76.5
87.-7
86.5
86,5
86.6
84.4
86.9
Men's apparel:
Hosiery
64.9
'
87.7
88.3
87.7
Underwear.,..—
91.1
86.6
86.1
82.1
82.0
82.0
70.1
92.0
89.9
90.0
76.3
96.6
94.0
93.6
.
.
91.3
86.2
'86.2
82.5
'
82.5
89.5
89.5
93.1
93.1
100.4
100.4
1
Infants' wear:
Moody's Commodity Index Declines
91.8
'
87.6
91'.5 '
86.1
69.7
87.6
91.1
74.3
Hats and caps——.
activity.
69.6
Shirts and neckwear
Shoes
increases
63.6
69.2
Clothing, incl. overalls..
important
88.4
68.6
Blankets & comfortables
Great expenditures, designed, to increase consumer purchasing
have been received and spent by consumers, passed into the hands
business men, and then piled up in the banks as demand
deposits,
producing
84.1
88.8
.
Women's apparel:
prosperity
imports.
without
89.1
.
Woolens
Sheets...
then
were' in
recovery,
in
84.3
88.5
*
Domestics:
since
Government
89.1
84.3
89.6
Cotton wash goods
men
'
,
and
89.1
84.9
70.7
Home furnishings.Piece goods:
stimulating
largely those of business
,
to
not
are
89.5
65.1
Women's apparel
Infants' wear
Instead they are accumulating
are
.
,
from
are
by
spent
are
channels,
They
deposits which
fell
funds
69.4
....
Men's apparel-'
slow-speed business operations, and in large
balances.
1,
1939
Composite index
power,
,
Socks.......
74.0
100.6
100.4
100.4
Underwear
74.3
94.4
94.2
94.2
94.1
93.9
Shoes
Moody's Daily Commodity Index declined from 143.5 a
week ago to 142.2 this
Friday.
The only important indi¬
vidual change was the sharp
drop in wheat.
"
wear
by
and
been rapidly mounting during the years in which the Government has been
of
women's
with
men's
by
farmers,
veterans
these
as
rapidly reducing unemployment.
banks
Demand
year
build
to
evident
in part to sustain
men
measure
the
furs,
and musical instruments.
Copyright 1939, Fairchild News Service
Nation
a
We have done it
power.
paying bonus money to
public works, and through
became
ago
individual
in
Infants'
Piece goods
long
revival
7.7%,
aggregating
1.3%.
FAIRCHILD PUBLICATIONS RETAIL PRICE
purchasing,
benefits.
It
decline,
decline of 6.7%.
deficient
is
consumer
depression.
rates,
for
that
a
billions of public and private funds
individual purchasing
spread
wage
outlays
evidence
protracting
have spent in this depression
we
furnishing
largest
cording to A. W. Zelomek, economist under whose supervision the index
regarding "idle money," Colonel Ayres
continue
re¬
unlikely that there will be any major change in retail prices during
next
is not
.s
banking figures
the
silks,
year
furs,
•s
Our
showed
nominal,
were
compared
It is
the
.
in part:
says,
ago,
furniture.
Even
the recognition of sound principles
made,
are
year
only seven items in the index that showed changes during
These
items
sheets,
enact
changes in tax legislation which will aid a little in that direction.
were
month.
these
self-supporting
Congress
also
apparel following with
infants' underwear, furniture,
making
if they are
part of them
sustained
a
That
for
furnishings
women's
showed the smallest decline with
the greatly
prospects
a
As compared with the 1937 high,
'
with
found in
As compared with
furnishings show the greatest decline, 2.3%, with piece goods
cording the smallest decline of 0-9%.
'/' V
to be
is
rather probable that
appears
now
are
on to say:
the only one of the five major groups that showed
was
change, and that was only fractional.
home
much as they
far below those
productive' industries.
our
that
true
large as it
as
numbers that the key to the
previous
many
the possibility of retaining a larger
profits, and
recovery.
in
continued
our
of
culty continues
made,
here
noted
Infants' wear
a
as
"
.
been
has
remains
The announcement issued June 13
by Fairchild Publications, New York, went
levels of department store sales, and the high
trade reported by mail order houses and chains of stores.
After
good
mbderately
volumes of
was
four consecutive months.
supporting consumer purchasing power, and that is made evident
the
by
and
shipbuilding
chemicals and
"■
prices have remained unchanged for the fourth
consecutive month, according to the Fairchild Publications
retail price index.
The index at 89.1 (Jan. 3, 1931, equals
100) remains unchanged since Jan. 2, 1939, when the index
was
88.9.
It compares with 89.5 for the corresponding
period a year ago.
This is the first time in the history
of the index that retail prices have shown no change for
that the numbers of cars in the hands of dealers are being
worked down.. Inventories of goods are not excessive.
Among the indus-'
production,
•.'■
Retail
holding up very
is
rather
levels
running at
are
,
Months
the fact
to be found in
are
'
Prices
Continued
Unchanged
During May,
According to Fairchild Publications Retail Price
Index—No Change Shown for Four Consecutive
Retail
production has turned upward after a long succession of weekly
Automobile
well.
improved sentiment
lor
—
M iscellaneous
edited by him,- also has the following to say, in part:
steel
56.4
Building materials
resumed, and that there has recently been a not inconsid¬
in stock prices."
Colonel Ayres, who com¬
ments thus in the June 15 "Business Bulletin" of the com¬
Additional
71.8
65.1
erable advance
pany,
77.8
64.7
60 7
reasons," he
two
troubles in the coal fields have been
June 8, 1938
71.1
Food products
reasons for
the
for
June 3, 1939
1939
70.1
products
Textile products
the more
optimistic attitude, and the chief of these is that there has
gradually developkl a considerable degree of confidence
"There
10,
June
the earlier months of this
weeks than it was in
recent
WHOLESALE
PRICES
(1926=100)
Idle Money
on
OF
INDEX
COMMODITY
Optimistic—Comments
More
Sentiment
Business
June 17, 1939
Chronicle
Financial
3594
80.9
96.0
94.0
94.0
93.5
93.5
Furniture...
96.5
94.9
95.0
94.9
113.0
113.7
114.0
114.0
58.5
79.9
94.6
113.8
56.6
55.8
55.5
69.4
Floor coverings
Musical Instruments
-
50.6
55.4
'
The movement of the index is
Fri,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
*
June
June
June
June
June
follows:
9—
——143.5
10--
_
—
,—142.5
ago, June 161938 High—Jan. 10----Low—June 1
1939 High—March 6.--
14--_-
--
—
.142.3
142.2
Low—April 22
83.0
81.5
95.0
_..
'
74.0
73.9
73.9
80.2
80.0
81.0
81.0
94.1
94.1
94.1
'94.1
74.0
.
-136.0
152.9
130.1
—
142.2
June 16
77.0
72.5
143.4
Year
142.5
June 15.---.-_
143.5
60.1
China
/
Two weeks ago, June 2
Month ago. May 16
*
—_
*
12
13*-
Luggage
Elec. household appliances
as
—
Wholesale
-—145.8
Commodity
No index.
Declined 0.1% During
According to Department of
Prices
Week Ended June 10,
138.6
Labor Index
♦
"Annalist"
Index
The
Wholesale
Commodity
Prices
During Week Ended June 10
Lowest Level Since July, 1934
Declined
to
of
Continuing the downward movement of the past three
weeks the U. S. Department of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices dropped 0.1 %
during the week ended June 10 to a new low for the year,
Commissioner Lubin stated on June 15.
"Weakening prices
for agricultural commodities, principally grains and livestock
and poultry, largely accounted for the deline," Mr. Lubin
said.
"The all-commodity index fell to 75.6% of the 1926
average and is 1.0% below a month ago and 2.8% below a
year ago."
The Commissioner added:
0.3
"Annalist"
Point
announced
on
June 12 that persistent
especially hogs, pushed the
"Annalist" index of wholesale commodity prices down to
76.5 on June 10, the lowest since the final week in
July,
1934.
In the previous week the index stood at 76.8 while
a year
ago it was 80.5.
The announcement further noted:
weakness
At current
in
livestock
levels, hogs
prices,
are more than
1939 high and le6s than one-half the
The farm products group declined 0 6% during the week and the foods,
$2 per hundredweight under the
1937 peak.
Steers
were
fuel and lighting materials, chemicals and drugs, and miscellaneous com¬
also weak
modities
with our average of good and choice
grades falling below $10 per hundred
weight for the first time since the middle of last year.
A bullish Government crop report was no
prices lost ground last week.
proved.
Woolen
yarns
were
Raw cotton prices rose again.
vance.
Gasoline
prices
demand.
were
Corn
was
higher in
and
help to the wheat market and
also
an
metal
each
products,
decreased
0 3%.
Building
products advanced 0.2%.
and
housefurnishing
materials
rose
0.7%
Textile products, metals
goods
remained
unchanged
from the level of the preceding week.
lower but oats and rye im¬
otherwise dull
groups
and hides and leather
Average wholesale prices of raw materials declined 0.4% as a result of
textile section.
lower prices for farm products, copra,
Crude rubber continued its persistant ad¬
increased in anticipation of good summer
crude rubber, sand and gravel.
month
,
ago
modities
and
group
4.2%
below
a
The
year
index advanced 0.1%
pepper,
calfskins, bituminous coa^l,
group
index, 67.9, is 2.2% below
ago.
The semi-manufactured com¬
during the week and
a
the finished
Volume
products
index
group
modities decreased
declined
0.1%.
Prices
non-agricultural
of
3595
Chronicle
Financial
148
INDEX OF DEPARTMENT
com¬
SALES
STORE
1923-1925 average=100
0.1% and industrial commodity prices were steady.
*
The Department of Labor, in its announcement quoting
Commissioner Lubin as above, also stated:
Wholesale prices of farm products declined 0.6%
the
five years,
past
1.4%
for livestock and
wheat,
rye,
hops.
calves,
York), cotton,
week's
below
were
hogs,
steers,
fresh milk
oranges,
were
eggs,
ewes,
88
78
88
82
REPORT
BY
80
FEDERAL
DISTRICTS
RESERVE
Number
Percentage Change
(New
Number
of
from a Year Ago
This
Federal Reserve Districts
of
Stores
below a month ago and 8.2%
Cities
Reporting
5 Months
May*
Included
year ago.
Average prices
of foods
the
in
of the
markets
wholesale
products.
Prices
for
lower
were
wheat
+ 1
51
31
+8
—1
56
27
+24
+5
30
+ 18
+5
38
11
+ 16
+3
55 '
27
+ 17
+ 7'
22
+ 11
New York
5% for
hominy grits,
flour,
Boston
fell
country
0 3%, principally as a result of decreases of 1.2% for meats and 0
cereal
88
87
I'
Without seasonal adjustment
lower for corn, oats,
apples, lemons and
(Chicago), potatoes, and wool.
62.7, is 2.6%
May, 1938
85
for grains and
reported for lambs, wethers, live poultry
farm products index,
a
Quotations
poultry.
cows,
Higher prices
of
to the lowest point
because of decreases of 3.1%
largely
April, 1939 Mar., 1939
1939
May.
Adjusted for seasonal variation
Philadelphia..
corn
...
Cleveland
g l—-4
-
...
14
'
meal,
lamb,
cottonseed
and
dairy products
beans,
string
below
pork,
fresh
mutton,
rose
and
0.8%.
dressed
Quotations
sugar,
raw
pepper,
67.3,
index,
decline of 0.3% in the fuel and lighting materials group
a
Average prices of anthracite and
Oklahoma
gasoline
decline of 0.3% in the chemicals and drugs group was
for fats and oils.
Wholesale prices of cattle feed
rubber declined 0.3%.
The
index
for
the
Dallas
because of higher
materials
The
higher.
were
.
and
metals
Prices
metal
higher
were
for
products
and
*
0 7%
,.'.4,
+
for cotton goods,
affect the index for the group as a
1926 average.
raw
for
the
past five
"
■
10, 1939, 13.3%
Year Ago
a
The current week's
of the corresponding week
of 1938, when production totaled 1,991,787,000 kwh.v The
output for the week ended June 3, 1939, was estimated to
be 2,113,887,000 kwh., an increase of 12,5% over the like
June 10, 1939, was 2,256,823,000
of the
main groups of com¬
1937,
1938, June 12,
kwh.
output is 13.3% above the output
silk and burlap did not
weeks and for June 11,
June 13, 1936 and June 15, 1935.
244
The Edison Electric Institute in its current weekly report
The following table shows index numbers for the
modities
544
4-3
May figur&s preliminary; in most cities the month had one more business day
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
It remained at 66 9%
whole.
13
9
31
94;'/
Solder and pig tin
\
.
"
+ 2'.
+6
Above
In the textile products
index to rise 0 2%.
group
16
'
Electric Output for Week Ended June
Sharp advances in prices of kipskins and side leather caused the hides
leather products
16
18
this year than last year.
largely
r
group slightly higher prices
"+I
unchanged at 93.5%.
quicksilver.
prices declined fractionally.
and
17
'
!
.
advanced
index was
group
steel
scrap
V
22
+7
_
Total
dropped 4.0% and crude
group
_
yellow pine flooring and timbers, china wood oil, lineseed oil, and turpentine.
The
35
+8
index.
fpr yellow pine lath, gum and spruce lumber,
prices
34
+3
17
28
89
—
San Francisco
caused by lower prices
-
building
City..
+5
,
Weakening prices for California gasoline, kerosene and bituminous coal
resulted in
__
M inneapolis
Kansas
a year ago.
.
+5
+ 11
St. Louis
1.8%
is
+ 14
+ 16
Chicago.-.:.
higher for butter, canned
current
i
Atlanta..
1.4%
vegetables advanced
were
The
below
lard,
copra,
Fruits and
poultry.
month ago and 7.4%
a
veal,
oil, and cocoanut cil.
Richmond
week
a
/•-+/•.:/;
year ago.
:
■
"
PERCENTAGE INCREASE FROM PREVIOUS YEAR
(1926=100)
•
•
June
3,
10,
Commodity Groups
May
13,
May
20,
May
27,
June
11,
June
June
12,
June
Regions
1935
1939
1939
1939
1939
1939
1938
1937
193C
75.7
75.8
75.9
76.4
77.8
86.7
78.7
79.8
62.7
63.1
63.5
64.1
64.4
68.3
88.0
77.4
79.9
67.3
67.5
67.6
67.4
68.5
72.7
84.5
79.4
Hides and leather products..
Textile products
92.8
92.6
92.6
92.2
92.1
91.1
107.6
66.9
66.9
67.1
67.0
67.0
64.9
Fuel and lighting materials.-
73.9
74.1
74.1
"74.4
74.8
76.5
Metals and metal products.-
93.5
93.5
93.5
93.5
93.7
95.7
Building materials
89.8
89.2
89.4
89.3
89.6
Chemicals and drugs.
75.6
75.8
75.7
75.7
Housefurnishing goods
86.9
86.9
86.9
86.9
Miscellaneous
73.6
73.8
73.7
73.7
■6
11.8
10.8
13.9
10.6
17.5
14.5
Foods..
L*
-
Raw materials-
-
14.2
10.3
.
12.0
3.6
6.2
9.3
7.3
Southern States
10.2
10.5
9,0
8.1
83.4
Rocky Mountain
13.6
14.4
13.0
10.5
94.6
89.4
Pacific Coast
8.1
9.1
8.9
77.4
69.3
69.1
78.1
76.6
74.9
95.1
85.7
85.9
90.1
97,0
85.8
85.3
75.7
75.9
83.4
77.3
80.4
86.8
88.6
91.0
82.9
81.7
74.3
72.4
79.4
69.3
68.4
68.2
67.9
11.1
13.2
12.7
New England
Central Industrial
West Central
Farm products.
May 20, 1939
.
Middle Atlantic
-
Week Ended
May 27, 1939
15.
13,
,75.6
All commodities.---
1939
10,
June
;
Week Ended
Week Ended
June 3, 1939
Week Ended
Major Geographic
June
68.5
69.0
69.4
70.9
85.6
76.9
74.0
72.8
86.8
74.1
87.6
80.4
79.9
86.4
78.9
WEEKS
Semi-manufactured articles.
74.2
74.1
74.1
Finished products
79.8
79.9
79.9
79.9
80.4
78.4
78.5
78.5
78.5
79.0
11.6
>
10.3
11.7
"
OF
(THOUSANDS
KILOWATT-HOURS)
fercem
Change
1929
1932
1937
1939
1938
1939
X
82.2
12.5
13.3
.
RECENT
FOR
Week Ended
X
74.3
Total United States
DATA
-
from
1938
X
"
All
commodities
other- than
farm products.
All
....
commodities,
farm
other
4
Mar.
79.7
80.6
products and foods .1
80.7
80.6
80.7
81.2
'81.0
78.8
86.0
Mar. 18.......
77.9
Mar. 25.
computed.
1..
8
15...,
Apr.
Apr. 22j.
v
May Chain Store Sales Extend Gains
.
Apr. 29..
June
May 27.......
3..
May sales of the chain stores had the largest gain
June 10.
May 13...
over
May 20
1938 of any month this year, according to the current review
by "Chain Store Age."
index
The
of
May
r
.
sales
-
110
was
indicated 'a
and
April the comparative gain
Two
Age"
of
another
is in
This
last year,
The
as
case
index
figures
follows:
Variety
was
May
in
over
April
Store
'
\
V'" '
group—119.0
May, 1938.
,•
'
group—101
vs.
chain
April ; 106.1 in
'.."'-V'
'•
117.6 in April; 103.4 ill
101.3
group—132
vs.
in
April;
•
138
.
in
April;
chain
97.3
1,435,471
1,699.822
1,688.434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
122.5
Reports Gain of 43% in
19%
Gain of
Showed
During
Ago—Total Con¬
Year
with
Miss Perkins also stated:
There
in
,
for which permits,
in
a
■
decrease
a
was
of
3%
and
an
repairs over
and
in
the year
the
permit
.;
_
.•
valuation
•
-
v
for
increase of 3%
buildings
alterations,
.
group—119
vs.
117.6
April;
in
"
109.4
in
'
Department Store Sales Decreased in May, According
to Board of Governors of Federal Reserve System
—Total Sales
an
1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
non¬
new
in the volume of additions,
period.
Total construction showed
These data are based on reports received by the Bureau
Statistics from 2,052 cities having an aggregate population of
gain of 19%.
Labor
of
approximately 60,000,000.
May, 1938.
In
1,480,738
1,469,810
1,454,505
Central and the West
-
1938.
Shoe
+ 12.6
1,687,229
1,683,262
1,679,689
1,663,291
1,696,543
1,709,331
tivity, the most important gain& being in the West North
South Central States" she said.
in
.
.
+ 12.7
1,480,208
1,466,076
1,706,719
11702,570
issued during
residential
vs.
+ 9.2
+ 10.9
1,519,679
1,538,452
1,537,747
1,514,553
April was 43% greater than during the
corresponding month of 1938, Secretary of Labor Frances
Perkins repbrted on May 27.
"All seven geographic divi¬
sions shared in the increases in .residential construction ac¬
were
"
.
+ 11.3
+ 11.7
The volume of residential construction
practically unchanged.
114.3
".V
.
Compared
as
struction
April,
by groups in May this year compare
group—115.0' vs.
chain
May, 1938.
Grocery chain
Drug
sales index
index
+ 10.3
Permits Issued for Residential Construction
V
•
Apparel chain
May,
the
the "Chain
in
+ 13.9
2,198,646
2,206,718
2,131,092
2,214.166
+ 11.1
Labor Perkins
Secretary of
v
sharp contrast with the corresponding period of
when all indices declined from April levels..
May, 1938.
.
4.8%.
component groups
increased" the
index
in
and
the five
was
+ 10.3
+ 12.5
+ 10.2
per¬
centage increase of 6.5% over the same month of last year.
In
....
+ 11.7
1.991,787
2,256,823
6
2,194,620
1,878,851
2,163,538
2,170,750
2,170,496
2,204,858
2,113,887
May
+ 10.3
1,973,278
2,173,510
2,170,671
2,199,002
2,182,727
...
+ 11.6
1,967,807
2,198,681
2,209,971
..s....
Apr.
Apr.
Not
x
2.199,976
2,212,897
2,211,052
2,200,143
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
2,035,673
2,014,729
2,017,653
1,975,239
1,978,753
1,990,447
1,957,573
1,951,456
1,938,660
1,939,100
1,967,613
2,244,014
2,237,935
2,225,486
...
Mar. 11
than
There
was
a
decrease of
7% in permit valuation for all types of build¬
comparing the current month with March.
This de¬
crease
was
brought about by a decline of 7% in the permit valuation
of
new
residential buildings and of 15%
in non-residential buildings.
ing
construotion,
There
was,
additions,
with
however,
alterations,
an
increase
of
10%
in
indicated
expenditures
for
and repairs to existing structures, comparing April
March.
13% Higher than May, 1938
announcement issued June 9 the Board of Governors
of the Federal Reserve
System states that "department store
sales decreased in May, and the Board's seasonally adjusted
index declined to 85 as compared with 88 in April.
The
index is shown below for the last three months and or May,
In making
available the report, the Department of Labor
also had the following to say:
The
the
percentage
change
from
following table for 2.052 cities
March
having
1938.
13% larger than in May, 1938,
reflecting in part the fact that there was one more business
day this year than last.
In the first five months of the
ing compilation:
a
1939
in
the
permit
population of 1,000 or over:
Chanye from March to April.
Total sales in May were
year sales were 3% larger than
of 1938, according to the Board,
April,
to
in the corresponding period
which presented the follow¬
Class of
Construction
All
Cities
—7.4%
New non-residential4
—15.1%
•
.•!
Additions, alterations, repairs
Total.
:
Excl. New
1939
York
—5.7%
—13.7%
+10 1%
+ 5.1%
—6 7%
—6,4%
There
This is
cities.
The
which permits were
decrease of 8%
a
1938, by
Association
class of construction, is given
V
.
7':
-
Class
.7
' 1
•
Change from April 1938 to April 1939
All Cities
New non-residential—
Excl. New York
+ 43.0%
New residential
+ 41.5%
—3.3%
+ 2.9%
+ 3.0%
+ 1.0%
+ 19.0%
+ 20.0%
--
repairs
Additions, alterations,
Continuing its downward trend for the fifth consecutive
week, the wholesale commodity price index compiled by the
National Fertilizer Association dropped during the week
ended June 10 to 71.6%—the lowest point recorded since
1934—from 72.0% in the previous week.
A month ago the
index (based on the 1926-28 average of 100%) registered
72.6%; a year ago, 74.4%, and two years ago, 86.9.
The
Association's announcement, under date of June 12, con¬
>777;
of Construction
....
Total..
r
tinued:
occurring between the first four months
corresponding period of 1938 are indicated below:
and the
1939
of
Change from First 4 Mas. of
to First 4 Mas. of
Construction ++■/::'
:'
offset
Total.
+ 22.9%
June, 1938.
+ 10.2%:
a
---•
+
accounted
by
for
residential
new
buildings,
as
the
for
raw
declining the average
were
highest
24
the
highest
The textile and building material indexes both
reached since
points
The upturn in the
1937.
goods and yarns, as. well
fibers.
*
in
preceding week there
the second
were
y/''
A
16 declines
'•
Permits
were
•
during April
issued
building
for the following1 important
houses
to
to
one-family
houses
to
cost
to cost
approximately
$1,200,000;
in
;
Calif.,
Oakland,
for
49.4
50.3
62.1
63.5 '
59.4
61.6
63.0
52.3
50.5
45.6
59.8
57.3
62.4
63.3
60.8
72.6
76.6
75.5
.77.8
77.7
77.9
70.1
63.2
62.4
62.2
56.8
87.8
89.0
94.8
83.9.
84.5
91.9
91.9
*
.77.6
...
-
58.2
75.9
66.1
•
79.4
Miscellaneous
commodities.;
Textiles...
.;
7.1.
Metals.
6.1
Building materials
84.9
Chemicals and drugs.......
91.9
.3
Fertilizer materials..
71.3
71.3
71.3
.3
Fertilizers
77.2
77.2
77.3
76.8
.3
Farm Machinery
94.9
94.9
94:8
98.1
71.6
72.0
72.6
74.4
.1.3
100.0
.
_
.
J.
_
.
_
;—.
...^...i...-
.
;
.
All groups
.
_
.
....
...
.
_
........
combined
•
•
80.9
94.0
•
68.9
May Constructivn Highest for the Month Since 1930-rPrivate Awards Up in Month and Year
Major engineering construction awards for May, $252,are the highest for any May since 1930, and exceed
every month thi$ year except January according to "Engineer¬
ing News-Record." May construction volume is 5% above
last month, and 38% higher
than in the corresponding
992,060,
month last year.
Awards for 1939
to date total $1,294,829,000, a .25.5%
corresponding period last year, and the
highest five-month cumulative total since 1930.
Public
construction. is the highest on record for the initial fivemonth period, and is 63% above 1938.
Private awards are
25% below a year ago.
■
Private construction for May, however, tops April by
increase
apart¬
in San Diego, Calif., for. one-
over
the
10.5%, and last May by 11%. Public construction records a
over a month ago, and a 49% gain over May,
3% increase
BUILDING
CONSTRUCTION,
TOGETHER WITH THE NUMBER OF FAMILIES PROVIDED FOR IN
OF
73.0
8.2
family dwellings to cost more than $650;000.
VALUATION
Fuels..
10.8
in San Francisco, Calif., for onefamily dwellings to cost nearly $800,000, and in Burbank, Calif.:, for one-
1.-—PERMIT
69.4
'
family dwellings to cost over $500,000;
TABLE
.....
Livestock
Angeles, Calif., for
for apartment
Los
68.4
58.0
_...
.
1938
53.6
Grains......
$3,000,000 and
than
more
approximately $600,000
houses to cost
in
$600,000;
approximately
cost
_
1939
87.8
i
Cotton....
for one-family
dwellings
_
1939
62.6
Cottonseed Oil.
Mich., for one-family dwellings to cost
buildings
Ago
13. June 11
.67.8
_
Fats and oils
dwellings to cost more than $1,000,000; in
approximately $3,500;000 ;
in Toledo, Ohio, for school buildings to cost over $700,000; in Davenport,
Iowa, for "school buildings to cost approximately $50,0,000 ; in Minneapolis,
Minn., for apartment houses to cost mCarly
$900,000 ; in Washington,
D;
C., for one-family dwellings to cost approximately $*1,200,000; in
Miami, Fla., for one-family dwellings to cost over $800,000; in Miami
Beach, Fla., for hotel buildings to cost over $800,000 ; in St. Petersburg,
Fla., for a housing project to cost approximately $650,000; in Baltimore,
Md., for one-family dwellings to cost over $600,0,00; in Charlotte, N. C.,
for an institutional building to cost approximately $700,000 ; in Richmond,
Va., for a hospital building to cost more than $500,000; in Alexandria,
Va., for apartment houses to cost over $500,000; in Fayetteville, N. C.,
for a hospital building for the Veterans' Facility to* cost over $1,100,000 ;
in Nashville, Tenn., for'school buildings to cost approximately $1,000,000 ;
in
New
Orleans,
La., for a .low-cost housing project to, cost nearly
$2,500,000;
in Houston, Tex., for one-family dwellings to cost over
$1,000,000, for apartment houses to cost $1,000,000, and for store and
mercantile buildings to cost nearly $9$P,000; in Lafayette, La.,-for school
111.,
Chicago,
Detroit,
Farm Products..
17.3
Year
Ago
Mag
59.7
Foods
23.0
apartment houses to cost approximately $1,500,000; in the Borough of
Queens, for one-family dwellings to cost over $2,000,000 and for apart¬
ment houses to cost approximately $2,000,000; in Mineola, N. Y., for a
courthouse to cost over $1,500,000; in Yeadon, Pa., for apartment houses
to cost over $500,000; in, Philadelphia, Pa., for one-family dwellings to
cost over $850,000, and for school buildings to cost over $2,000,000; in
June 3,
49.3
25.3
York City—in the borough of the Bronx, for apart¬
cost over $4,000,000 ; in the Borough of Brooklyn, for
•
1939
Total Index
In New
projects:
17
■
M onlh
ing Week
10,
June
Group
"
Preced¬
Week
+ ++
•
INDEX
Latest
Per Cent
Each Group
Bears to the
Ay
and 25
(1926-1928—100)
Compiled by The National Fertilizer Association. •
•
$9,123,000.
COMMODITY PRICE
WEEKLY WHOLESALE
week
19 declines and
advanced; in the preceding week there were
advances;
municipal construction, the value of buildings for -which
contracts were awarded by the Federal and State governments in the cities
included in the report.
For April, 1939, the value of. these buildings
amounted
to $11,051,000 ;
for March, 1939, to $12,856,000, and for
1938, to
reached since
point
Twenty-seven price series included in the index declined during the
and
private and
ment
to
to
Higher prices for fuel oil and gasoline took the fuel index to
high point for 1939.
addition
data' collected by the Bureau of Labor Statistics show, in
The
ment
advanced
commodities
■
'
April,
wool, and poultry were much more than
While loods and farm products
advances:-
repairs.
to
new
was
food
index, which is now lower than at any time since
textile index reflected higher quotations for cotton
months of 1939 permits were issued for buildings
$641,386,000.
Of this amount, $341,874,000 was
residential buildings, $188,345,000 „for new non¬
and" $111,167,000 for additions, alterations and
approximately
cost
ether
all
advanced
35-9%
During the, first four
to
1934.
July,
+ 19.5%
-—
-
-
+ 61.3 %
+ 5.0%
non-residential — ...
Additions, alterations, repalis......
Excl. New York
for
commodities
In the farm product
low for the recession.
new
by declines in grains and livestock; the' result was a marked decline
+ 4.3%
residential-
index was due to lower prices for
The price trend for industrial
in the farm product price
+ 36.5%
New
.
higher prices for cotton,
group
1938
1939
All Cities
New
v
With 10 items in the group declining and 5 advancing, the
upward.
price average fell to a
Class of
y
foods and farm products.
changes in permit valuation
The
'.
•
Last week's drop in the all-commodity
units provided.
family dwelling
of
number
Further
Still
Declined
Week Ended June 10 Reaching Lowest
Level Since 1934, According to National Fertilizer
During
compared with March.
as
in the permit valuation from April,
below for the same 2,052 cities:
percentage change
Prices
Commodity
Wholesale
in the new house¬
issued during April in these
dwelling units provided
family
23,671
were
dwellings for
keeping
June 17, 1939
Chronicle
Financial
3596
1938.
Award values for the three months
IN 2,052 IDENTICAL CITIES IN NINE REGIONS
OF
THE
UNITED STATES,. AS SHOWN BY PERMITS ISSUED.
APRIL, 1939
;
are:
n
NEW DWELLINGS,
"
(4 Weeks)
New Residential Buildings
-
Private
No. of
Percentage
Families
Change from—
Mar.,
April,
1939
1938
for ■
April '39
Percentage
Cities
1939
England..
April,
1939
,1938
—7.4
+ 43.0
23,671
—8.1
$4,202,165
+ 42.4
+ 10.6
1,001
+ 70.5
+45.5
+ 12.7
528
21,385,415
—18.9
+ 44.0
5,288
—23.1
+ 52.3
East North Central.
454
15,693,865
—18.6
+ 43.0
3,248
—19.8
+ 39.3
West North Central
190
+ 38.5
+ 63.5
1,629
+ 49.2
+ 55.1
South Atlantic
230
5,855,217
10,976,792
3,174
Middle
Atlantic
'
•
...
'
—13.2
+ 25.2
—15.1
+29.4
East South Central.
86
1,493,317
+ 17.0
+ 36.5
641
+ 11.1
+ 40.6
West South Central
125
9,281,019
+ 26.4 + 105.5
2,836
+ 23.5
+ 78.6
87
2,336,179
+ 12.4
+ 36.6
813
+ 19.6
+ 55.7
210
16,395,609
—11.0
+ 37.0
5,041
—13.9
+ 43.7
Mountain
Pacific
Total Building Construction
New Non-Residential
Buildings
(.Including Alterations
and Repairs)
Population
Geographic
Division
Percentage
Permit
Change from—
Valuation.
Apr., 1939
Mar.,
April,
1938
$
—15.1
England-
2,062,263
—50.4
—19.2
Mid.
of 1930)
1939
Mar.,
April,
1939
April,
—3.3 161,573,507
Atlantic.
9,511,535
+ 15.7
—22.9
E. No. Central
7,989,245
—23.0
—25.8
W. No. Central
3,618,255
6,569,648
—37.1
+81.7
Atlantic
+ 11.0
+ 70.2
E. So. Central.
South
(Census
Change from—
1938
$
divisions.. 42,446,666
New
Percentage
Permit
Valuation,
1939
All
8,981,323
41,995,296
28,360,740
11,742,620
20,985,554
—6.7
—7.1
+ 19.0 59,991,651
—0.5
5,518,975
—0.6
+ 16.2 18,469,644
—19.6
+ 4.5 14,851,882
—4.9
+ 59.3
+ 35.9
4,011,533
$240,735,000
,
municipal
,.;_..2..
56,997,000
126,809.000
117,366,000
*
9.443,000
.
Mag, 1939
(4 Weeks)
$252,992,000
57,446.000
63,480,000
183,289,000
189,512,000
170,335,000
160,604,000
12.954,000
28,908.000
'
May totals in the classified construction group comparfed
with those of April show gains in public buidlings of 64%;
industrial buildings, 162%; sewerage, 8%; and unclassified
construction, 50%x
Losses
are
reported in .streets and ro^ds,
20%; commercial buildings and large-scale housing, 38%;
bridges, 12%; waterworks, 59%; and earthwork and drainage,
5%.
Comparisons with May, 1938 show increases in streets
and roads of 22%; public buildings, 367%; industrial build¬
ings, 27%; bridges, 12%; sewerage, 116%; unclassified
construction, 153%; and decreases in commercial building
and large-scale housing, 33%; waterworks, 74%; and earth¬
work and drainage, 0.1%.
Geographically, four of the six sections report higher
construction totals than in April.
South is 30% higher,
Far West,
19%; west of Mississippi, 10%; and Middle
Atlantic, 1% higher.
Compared with May, 1938, South, Mdddle West and west
of Mississippi report gains* of 142%, 121%, and 63% in that
order. Far West holds at its last year's level.
New
Capital
4,514,247
—1.4
1,748,542
—1.0
+ 10.6
4,034,050
—1.6
+ 4.8
2,073,664
W. So. Central «3,531,637
+ 34.7
+ 11.6
14,179,552
+ 21.9
+ 33.0
3,248,908
Mountain....
1,377,734
—42.3
+ 71.1
4,392,151
—12.2
+34.8
1,146,393
Pacific
6,037,807
—31.4
—11.9
26,902.221
—15.1
+ 17.7
5.256,405
State and
Fed era!....
Mar.,
142
2,052 $87,619,578
All divisions..
New
April,
-
Public.
Provided
Valuation,
of
Geographic Division
•
<4 Weeks),.
»
$183,806,000
Total
Change from—
Permit
No.
April, 1939
May, 1938
,
New capital for construction purposes
for May, $165,897,-
000, is 256% higher than in the corresponding month last
year. The current month's total is made up of $63,380,000 in
State and municipal bonds, $49,878,000 in corporate security
Volume
Chronicle
Financial
148
States Housing Authority
projects, $15,590,000 in
Rural Electrification Administration loans, and $227,000
in Public Works Administration
allotments for Federal
issues,
loans
$31,822,000
for
United
in
low-rent
3597
presenting in its "Monthly Review" of June 1 its indexes
of business activity.
"The subsidence of anxieties over the
European political situation and the settlement of the bitu¬
minous coal labor
controversy around the middle of the month
were factors
tending to check an extension of the January to
April decline," the bank said, adding:
slum-clearance
construction.
New construction financing for five months of 1939 totals
$834,554,000, a 48% increase over the $564,886,000 for the
corresponding period last year.
Of the 1939 total, $396,380,000 is private investment, 11% higher than a year ago.
of
Following six weeks during which output was reduced to about one-third
the preceding rate, bituminous coal
mining increased sharply in the
latter part of May, and at the
shortages
dissipated.
was
time the concern of consumers
same
Reflecting
a well stocked
daily rate of automobile production
Hotels According to Horwath &
Horwath—May Sales 3% Above Year Ago
Trend of Business in
In their
monthly
there
sales,
in the first three weeks of
the corresponding month of last year, in
and rates."
The firm went on to say:
surpass
occupancy
average
The
Of
March, and
Thus:
both sales and rates.
?
Increase Over
"
.
:s
•
Transient" hotels......
21%
Residential hotels
10
Rooms
.
of
the
played
an
suspension
bituminous
of
important part in
activity in April.
bituminous
coal
mined
was
75
Naturally the transient hotels had by far the largest increases, yet the
but occupancy, only
between March and April.
the
daily rate
same
as
April in most previous
but
■•: + V,
had
.•■.
rate
Pacific
The
*
Total
as
much
usual during
as
April, and
jn coal loadings.
4
car
loadings
'
(Adjusted for seasonal variations, for estimated long term trend, and where necessary
"•
'
Rooms
,
14%
Rest of Pacific Coast..
'•
large decline occurred
a
for price changes)
-
Occupancy
Rates
Restaurant
'
-
Feb.,"
19%
2
.
,.
7%
*
14%
1
+ 6
•
67%'
•
«
51
■
h.1938
March
April,
1939
April
San Francisco.
result of
*
of
substantial gains as a result
showed
also
a
maintained
was
«'
„
jn shipments.of bulk commodities, reflecting primarily a marked reduction
'
Coast district
the San Francisco exposition.
...
failed to advance
and in number of rooms occupied during the coming paonths, the
outlook is encouraging.
level.
freight
With the prospect of further increases in double occu¬
adjustments.
pancy
On the other
as
March
of
occupied than a year ago and a few had lower room sales because
rooms
power pro¬
country. Little change from the
level was indicated in sales of
grocery chain stores, while sales of
chain stores other than grocery showed a
considerably larger than seasonal
gain. On the other hand, merchandise aiid miscellaneous
;
points; in fact some of the transient hotels had fewer
of only 2
one
was
After allowing for the
changing date of Easter and other seasonal factors,
about the usual seasonal increases occurred
during April in department store
and mail order house sales
throughout the
,
Residential hotels had a 4-point increase in occupancy while transients
dispute, and mill consumption of cotton
close to the March
The chief reasons for the higher average
of 50% in double occupajicy and the discontinuance
■
in
as
pronounced
a
Electric
years.
the bituminous coal
by many hotels of weekly rates, all rooms being put on a regular transient
basis..
April
Automobile production
in March,
hand, anthracite coal production expanded sharply in April
Average room rates rose sharply,
slightly.
rates were the increase
whole
as a
in
machine tool orders was
lower, following a four-month rise.
'
residential also benefited considerably.
coal
a reduction in
For the country
duction declined somewhat mere than usual in
April, shoe production was
reduced considerably more than in most other
years, and the dollar value of
59%
5
6
effects
area
much
as
increase has. occurred in
25%
12% '
12
during May. Shipments of freight by railway
were practically unchanged from the April
measures
maintained at about
Rates
Restaurant
30%
•
indirect
to advance as usual
May 1938
Occupancy
Total
1937 production was
taken to conserve existing coal supplies accounted in
part for a somewhat larger than usual reduction in steel
ingot production.
The daily rate of pig iron
output also declined and copper production failed
April 30, and it showed substantial improvements in
on
and
only about one-third
City because of the opening of
interest focused on New York
course
1936 and
after seasonal adjustment.
direct
the general level of business
Philadelphia, Detroit and "all-others," less favorable ones.
the World's Fair
but in
May
mining in the Appalachian
Cleveland and Texas made better comparisons than last month
Chicago,
decline last year,
a
about the
tailment in cotton mill
activity
Horwath & Horwath state that 1 'hotel business continued in
May to
also
coal
over
position of dealers, the
to have declined moderately;
same level in
May as in April.
Narrow profit
margins at existing quotations for spot cotton
apparently occasioned some cur¬
of the trend of business in hotels,
survey
was
maintained at
appears
1939
1939
.
Industrial Production—
BUSINESS
OF
TREND
IN
HOTELS
IN
MAY,
1938
MAY,
.
COMPARED WITH
1939,
Steel
40
Passenger
lvv
■
Room
Sales
•
Percentage of Increase (+)
,'VV
Decrease
or
Occupancy
Rate
:■
Percent¬
Percentage
(—)
Same
'
.
"
•
'
Total
■
taurant
Month
age of
Inc. ( + )
Month
This
Res¬
Rooms
or
Last Year Dec.
+ 23
—12
Chicago
Philadelphia.
49
+ 3
+5
70
+ 21
+4
Washington
64
46
.+ 10
—9
65
64
+ 17
^-10
New York City
61
Texas.
+ 15
78
-Vi
56
+6
+6
57
—7
—9
—1
■
—4
8
;
+ 1
+2 '
63
+ 1
64
—
All others
.
...—
68
+6
56
—4'
56
+4
66
70
—2
63
61
—1
•
T2p
72
62
72
82
87
88
91 p
91
.1...
80
80
91
,
85
66r
•_
...
Crude petroleum...
Electric power
61
75
79
48
■.
....
Bituminous coal
91p
89 p
.
......
34 p
Cement r_„
51
Cotton consumption
Wool consumption
70
95
95
48
106
113
85 p
Shoes
98
110
1102?
99 p
79
78
90
83
89
87
91
89
...
86
92
92
92/?
Employee hours, manufacturing, United States.,.
64
74
74
73 p
44
37
53
71
78
76
Meat packing
Tobacco
—3
61
63
+ 18
—2
Pacific Coast.
+ 17
Motor trucks
66r
80
;
products
65
•
68
97
,
68
+6
Cleveland—--—
(—)
;
l
cars
68r
63
39
Copper
•
.
Employment—.
»
Employment, manufacturing, United States
v
•
Construction—
Residential building contracts
Non-residential building.& engineering contracts.
/
24
48
49
.
67
*
Total.....
+3
+4
—1
—
—1
—
Year to date.
+2
•*—
_
Summary of
„
Business Conditions in
Federal
Reserve
V.':
shown in the following extracts
which we give from the "Monthly Reviews" of the Federal
Reserve banks of Boston, New York, Philadelphia, Cleve¬
districts
are
land, Richmond, Atlanta, Chicago, St. Louis, Minneapolis,
Kansas City, Dallas and San Francisco:
First (Boston)
The
District
Federal Reserve Bank of Boston in its
Review" dated June
1
that
states
between March and
decrease
"there
was
"Monthly
a
moderate
April in. the level of general
business
activity in New England, after allowances had been
made for customary seasonal changes, with reductions in
most of the major lines of industry."
The bank also had
the following to say:
; V
.
quarter of thfe year
was
sub¬
stantially higher than a year ago and, despite the decline between March
remained higher than in April last
year.
period ending May 6 carloadings in New England
During the four-week
were
11-9% higher than
in the
corresponding period last year.
Sales of New England department
stores
and apparel shops during
were
April
and for the first four months of 1939
year
corresponding period a
year
3.7%
were
less than in
April last
1.1% lower than in the
bales,
as
67,776
compared with 84,839 bales in March and 49,651 bales in April
to have been
total
during April production of boots and shoes is estimated
12,009,000 pairs.
This
was a
decrease of about 26% from the
produced in March and about 13% under that of April last
During
Department store sales, United States...
Department store sales, 2nd DistrictChain grocery sales
April there
was
a
decrease from
year.
Mar^h of 2.2% in the total
number of wage earners employed in representative manufacturing estab¬
lishments in
Massachusetts
a
81
81
77
93
Mail order house sales.
88
91
New passenger car registrations "
Velocity of Deposits x
Velocity of demand deposits, outside New York
City (1919-25 average=100)
Velocity of demand deposits, New York City
(1919-25 average^lOO),--'.
94
48r
_
61
85
81
115
•
91
.,
79
114n
99
98
100
68p
,79
s.
642?
60
60
59
35
.
i..
36
31
Prices and Wages x
General price level (1913 average—100)1.......
152
154
154
1522?
Cost of living (1913 average=100)
149
146
146
146
Composite index of
110
111
111
1117?
2?
(1926 averaee=100)..
wages
r Revised,
Preliminary,
•
.......
x
Third!
■
Not adjusted for trend.
(Philadelphia)
,,
District
Industrial production in the Third Federal Reserve Dis¬
trict declined slightly from March to April, owing to curtailed
output of bituminous coal and of manufactured consumers'
goods, it is stated in the June 1 "Business Review" of the
Federal Reserve Bank of Philadelphia.
From the "Review"
we also take the following:
the
four
months
period last
reduction of 4.2% in the amount of aggregate
in
this
year
averaged about
certain lines
some
same
improvement,
Construction
of
family houses, factories, commercial buildings and public works and utilities
increased further, while that of apartments, hotels, and educational build¬
ings declined from March to April.
Employment and payrolls in 12 lines of trade and industry declined from
March to April.
Retail trade sales have increased seasonally, while business at wholesale
Industries.
"Judging from available weekly data, it appears that,
allowance for. seasonal changes, business activity in
May was maintained at or only slightly below the April
level," said the Federal Reserve Bank of New York, in
Industrial activity in
higher than in the
producing durable goods.
establishments has slackened somewhat.
Second (New York) District
14%
Preliminary reports for May indicate
year.
sales
60
.
86
76
112
weekly payrolls, according to the Massachusetts Department of Labor and
after
;/• 71
85
78
'....
Other chain store sales
particularly
year.
In New England
88
66
62
...............
72
80
•
Production of durable goods continued unchanged.
ago.
Cotton consumption by mills in New England during April was
last
Imports r
■
71
92
.
Activity in this district during the'first
and April,
79
63
Distribution to Consumer—
.v
Indications of the trend of business in the various Fed¬
Reserve
68
...
Exports r_......
Districts
eral
Primary Distribution—
•
*
Car loadings, merchandise and miscellaneous
Car loadings, other
r,
at
retail and
wholesale have
Compared wjjth a year ago, dollar
continued
chandise in both channels of trade declined.
Manufacturing:
Demand
for factory
larger.
Inventories of
this
district
little change in April and continued relatively steady in May.
haVe been in about the
same
volume
as
all reporting lines, and sales have been
for seasonal declines in the
case
mer¬
...
products in
in the previous month in
showed
Inquiries
practically
moderately well maintained except
of textiles and shoes.
Production is still
sharp curtailment in production
Bank of Cleveland in its "Monthly
31 reports that "business con¬
ditions in the Fourth Federal Reserve District during April
were not as satisfactory as in March, and in most industries
The Federal Reserve
ments from steel and
Business Review" dated May
in April
production ran
than
manufacturers.
.
.
mid-April, but increases over a year ago were larger
Chicago, total April sales of Seventh district
the preceding month.
department stores were 2% smaller in April than in
above the corresponding 1938 volume and
trading days in the current period, daily average sales were 5%
They remained, however, 3%
with fewer
.
.
non-seasonal decline
month previous.
a
Because of a decrease in
.
largely as a result of somewhat better purchases by automobile
part of May,
building materials expanded less than seasonally.
between mid-March and
In the last week of the
In some steel-producing areas
counter to the national trend in the early
The move¬
construction.
March, chiefly because of increased public works
ment of
declined from about 50% of capacity
45.5% in the third week in May.
operating rates rose three points.
of the district
the paper industry diminished.
contracts awarded in this area rose 18% over
On the other hand, building
Employment and payroll volumes recorded a slight
The national steel operating rate
lighter
month previous, as were those from the majority of stove
A more than seasonal decline was recorded in output
a
of furniture manufacturers, and activity in
bank further states:
month
Ship¬
took place in the early part of May.
malleable casting foundries of the district were
and furnace factories.
production was curtailed.
Industrial employment in Ohio
fell 2% and payrolls were 5% below the March level."
The
late in April to
than
volume and rather
moderately below the March
fell
automobiles
model
District
produced some
of 1939
As sales leveled off in April, the manufacture
increase in business.
Fourth (Cleveland)
1939
17
price concessions on items sold to that industry have
recent
and backlogs have'continued larger than last
closely geared to consumption,
June
Chronicle
Financial
3598
Automobile assemblies in April were off 35,000 units from March, al¬
larger than in March and 6% above last year.
and production declined further in all but one
Local parts makers reported a falling-off in orders,
Plate
though an increase is usual,
week of
May.
glass production
duction in the
demand for original equipment tires.
Coal production was at a
in the late opening
carryover
.
.
,
.
virtual halt in this district during April and the
Low coal production
and railroad carloadings have increased.
ore
.
with the similar
of the lake shipping season, although weather and large
tions
awarded
contracts
industry continued to show strength during April and
this district during April
in
40%
were
trends in May.
measurable above
were
The monthly
time a year ago."
review also had the following to say:
higher than
.
.
same
no
At this time last
year sales were
universal,
means
lines continuing the upward trends which began
some
Distribution of merchandise,
winter.
last
as
indicated by car loadings of
the handicap of
chants available to this bank, was well sustained, despite
•
(Richmond)
Districts
late
Bank of Richmond we take the following
The strike of
".
.
.
,
April production of bituminous coal in this area decreased sharply from
regarding
March, and was also much smaller than
the Fifth District:
business conditions in
a
spring which restricted the movement through retail channels of certain
seasonal goods, notably apparel, boots and shoes and groceries.
"Monthly Review" of the Federal Re¬
From the May 31
serve
and mer¬
railroads operating in the district and statistics of manufacturers
point for the 1937-38 recession.
Fifth
by
.
increased less thanusual during April, but appeared
following seasonal
whole activities
a
as
obtaining at the
Production receded slightly in April from March, but decreases were
March and more than double the volume of April 1938.
Retail sales in general
at their low
levels
Largely as a result of publicly-financed projects, total
the first of May."
to be
as
influences and
delay.
in
May underwent no marked changes as contrasted
period immediately preceding.
Such varia¬
occurred were traceable in large measure to seasonal
first half of
stocks at lake ports and furnaces also contributed to the
•The construction
and the
and industry in the Eighth District in April
merce
factor
was a
District
the May 31 review of "Business Conditions" of the
Federal Reserve Bank of St. Louis, it is stated that "com¬
In
In most areas, however, operations have been resumed
first half of May.
(St. Louis)
Eighth
curtailed sharply and rubber plants reported a re¬
was
of mines incident to the
the decline in output was attributable to the closing
bituminous coal miners in the Appalachian region, which
In all fields cf this district re¬
labor dispute in the Appalachian region.
continued six weeks, threw about 150,000 men out of
district, including miners, employees of railroads engaged
In both comparisons
a year ago.
began on April 1 and
opening of mines became general at mid-May and production by the end of
work in the Fifth
the month is expected to be close to normal.
hauling coal, and workers in scattered industrial plants affected by coal
n
in building
workers.
However, the
latter
reaching the highest
a
year
equal the lay-offs of miners, railroad employees and industrial wage earners
March, the latest available figures,
in
material decrease in consumer purchasing power in the Fifth
district in April and the first
Sales in department
this
in either March
half of May.
stores in the district in April were 7% smaller than
year or
April last year, the decrease during the
year
being partly due to an earlier Easter this year and partly to an additional
business day in
were
April 1938.-
Retail sales of furniture,
on
the other hand,
Increased activities
April
cities,
Wholesale trade in 216 firms declined 12% from March to
April, but in the latter month was about equal to the volume of business
done in April 1938,
Automobile sales in the district increased
sales, and were 43% ahead of sales in
April last
year,
over
March
although April, 1939
Virginia were only 22% higher than sales in April, 1938.
sales in West
value of building
The
March this
year or
April last
year,
but contracts
actually awarded last month totaled more than in any other month since
period in 1938-
four
•
declined in April, but both continued substantially above con¬
sumption and shipments a year ago.
Sixth
•
The daily rate of department store sales increased less than usual and the
trade
declined
more
than
any
Residential'
usual.
building increased but other construction declined, and textile operations,
iron and steel
The
pares
production and coal output
were
lower.
i
April increase of 14.0% in residential contracts in this district
with a'decrease of 8.6%
changes
department
in
textile operations
store
total
construction
contract
and iron and steel activity in this district
were
,
to
operations in this district
in electric power production in March,
20.1%
compares
with
a
national
average
Seventh
com¬
awards,
less favor¬
were
larger than for
The district increase
over
March last year,
gain of 11.1%.
(Chicago)
District
construction furnished
an
important
exception to
the down¬
ward
trend,
most
phases of production the level of output and incoming business
mained
as
gated less
trades
activity in that industry continued to rise in April.
considerably higher than in the
of improvement
could be noted.
than in March,
rose
sales in the
further.
same
a
store trade in
April
aggre¬
had smaller
month previous.
Declining demand effected
a
than in April 1938,
Lack of buying by the auto¬
motive industry was to a great extent responsible for this
as
W. Dodge
reported by the F.
in April last year .,
the
111%
increase in
,
.
•
new
construction being
in amount than in the
only one-third
as
in about the same volume as in
were
both city and country stores.
year at
Business failures in April were a little
large
...
.
larger in number and much larger
preceding montl\ but were fewer and
in April 1938.
as
"
.
.
liabilities were
'
.
Electric power consumption in the district was about as large
as
in
February
other
was
about
and
March,
in
1938.
The
larger than in March last year.
10%
points higher-than in
Minnesota employment index for March, 96, was tyro
February
in March
the increase in Montana offsetting the small decline in the
,
States, and
The
mining
of
number
employees at
theeiid
•copper, gold and silver mines in the district was about the same at
of April as at the end of March and at the end of April last year.
during April but
ments from
Flour
both
higher than in April last
were
year.
Flour ship¬
Minneapolis also declined during April whereas linseed product
shipments increased, but both flour and linseed shipments were larger than
in
April 1938.
•
Tenth
„
(Kansas City)
District
From the
May 31 "Monthly Review" of the Federal Re¬
serve Bank of Kansas City we take the following regarding
agricultural and business conditions in the Tenth District
during April:
was
about
this year
3% less than
decline, although
a year ago.
sales
on
a
district
The month had one less business day
than last, the Easter date in 1939
while in 1938 it was April
week earlier on April 9
was one
17, and retail prices
slightly lower than at this
are
When allowance is made for these factors, the volume of
time last year.
comparable basis probably was above
a year
ago.
.
.
.
Total retail sales in April and in the first four months of the year were
slightly above
a
year ago.
...
The value of April wholesale sales
and decreases
were
in the district was 3 % under
general for all principal lines.
a year ago
.
.
April was unusually dry and near the end of the month wheat was de¬
teriorating rather rapidly.
May have brought
favorable for the
Wheat and
some
Scattered light rains in the first three weeks of
relief.
are
coming to market in much larger quantities than a
Hogs
are
so.
The price of beef steers
March,
Otherwise, conditions have been generally
planting of crops.
corn
Prices of these grains have strengthened, especially wheat prices.
year ago.
reduction in operations of steel mills in the
Chicago district during April and into May.
re¬
but business in the retail shoe and furniture
The majority of wholeslae trade groups
period than
In
1938 period when few signs
Department
as
Dollar volume of April sales at reporting department stores in the
According to the Chicago Federal Reserve Bank, the trend
of industrial production in the Seventh District was generally
downward during April and, with few indications of improv¬
ing demand, May output will probably show no expansion.
In its "Business Conditions" of May 25, the bank also had
the following to say:
Building
large
as
Building permits issued in 51 reporting cities were 75% larger in. April
.
of
(Minneapolis) District
the
than twice
Comparing April this year with that month in 1938 the gains in depart¬
the country, but other series compare less favorably.
and cumulative
by 2% than in the comparable
nearly double the relatively high level of the preceding month
were
were more
1939
able than for the country as a whole.
ment store sales and textile
was larger
a year ago,
production at Minneapolis and at other mi.ls in the Ninth District declined
for the 37 Eastern States, but the April
sales,
monjths
Building contracts awarded in April
Corp.
and
(Atlanta) District
ity in the Sixth Federal Reserve District declined somewhat
in April but continued well above the corresponding period
of last year.
The following is also from the "Review":
Wholesale
month and a year earlier.
a
Minneapolis Federal Reserve Bank,
business volume in April about equaled that of March and
was well above April last
year.
In its "Monthly Review"
of May 28 the bank also had the following to say: >
April last
year.
and paint
and accessories
reflected by department store sales in the chief
Department store sales in April
seasonally adjusted index declined but was still the highest for April of
heating supplies
partially offset by the 24% decrease in permits for repairs.
The May 31 "Monthly Review" of the Federal Reserve
Bank of Atlanta states that "business and industrial activ¬
recent
as
Ninth
According
Cotton consumption in Fifth district mills and shipments of
March 1930.
rayon yarn
20% greater than for the same month
reported at glass, fire clay,
of plumbing and
April,
total for the first
permits issued in Fifth district cities last month was lower
than the value for either
was
were
moderately higher, than in March and
was
13% better in April this year than in March, and 3% better than in
April last year.
v"
sales
Retail trade in
»
April and was measurably greater than
8% and 9% greater, respectively, than
were
,
...
1938.
factories.
Output
than the seasonal amount.
more
In States of this district production of Portland cement in
ago.
resulting either directly or indirectly from the coal strike, and therefore
there was a
last January.
since
point
improved building situation, production and shipments of
of lumber increased from March to
jobs provided did not
new
notable increase
reflected in permits issued and actual construction
as
building materials expanded in
broadened further, and increased activity on farms called for some
additional agricultural
the
In line with the
district's cotton textile mills last month.
work
activities,
let,
contracts
There was also a reduction of about 7% in operating time in the
On the other hand, construction
April.
•
Included in favorable developments during April was a
A local strike of tobacco factory workers in Richmond and
Durham removed 2,000 men and women from payrolls for one week in
Shortage.
being marketed in much larger humbere and cattle moderately
but
lamb prices
are
and hogs is about
somewhat
a
higher.
cent
'
a
pound lower than in
Volume
Chronicle
Financial
148
Eleventh
(Dallas)
District
"Monthly Business Review" of the Fed¬
eral Reserve Bank of Dallas we take the following regarding
of Texas.
a
April and exceeded that of
were
by 13%.
a year ago
week
higher than in
any
by 6%.
and
1938.
at
a
preceding month
Lumber
wholesale trade declined
Although
Twelfth (San Francisco) District
There
'•
feet,
^
417695—CMRADlitecvhmgaonpd.s:,
seasonal
feet,
mills
•
■
,
_
week's
feet, and
a
year
206,575,00o
Factory em¬
feet
and
156,449,000
in April than in
feet;
all
but
ended
8%
or
June
■
production
business
reported
region
by 434 soft¬
1939,
the
feet.
feet,
10,094,000
as
the
for
Production
the
of
206,831,000
were
205,111,000
was
new
Redwood
Hardwood
week
same
as
:
Mill
California
3,
above
the
give
but
Northern
week
same
6,414,000
was
"
•
v
,
Reports
a
year
204,855,000
was
5,029,000 feet and 4,760,000
ago
shipments,
7,048,000 feet and 4,487,000
feet and 4,758,000 feet.
residential building was slightly lower in
reported
was 166,510,000 feet; shipments were, respectively,
168,127,000 feet, and orders received, 221,943,000
feet.
In the case of hardwoods, 82 identical mills
and
reported production last week and
March, after allowance for seasonal factors.'
the week
in
Cypress
it
ago
feet
239,-
Hemlock
Northern
production of 426. identical softwood mills
ployment and payrolls in the three Pacific Coast States was slightly lower
Value of permits issued for new
1938;
Shipments
Identical
(excepting automobiles)
maintained at about the levels of other recent months.
was
y
.
and
production
Southern
37% above production.
or
preceding
shipments,
feet;
above
and
Production-
hardwood
the
for
but Southern Cypress reported orders
reported for
production.
feet,
feet.
Last
and retail trade
regions
week of
production.
100
feet;
215,635,000
figures
Hardwood
orders
new
All regions
as
reported:
produced 211,525,000
shipped
238,680,000
Southern
same
222,302,000
mills
feet.
reported for the week
above
from
above
The bank in its further observa¬
influences,
The
Shipments I
8,804,000
were
production remained about the same as in March, after al¬
Industrial
57%
Or
the Federal Reserve Bank of San Francisco in its "Business
Conditions" of May 29.
tions stated in part:
Coast,
reported
517
Revised
feet.
production,
corresponding
totaled
1%
or
Reports
perceptible change in the general state of
Twelfth District business during April or early May, said
lowance for
mills
mills.
little
was
West
1939.
of
1939,
combined;
232,529,000
regions
orders
wood
the month, it was 6% higher than in April last year.
over
537 ;
orders,
3,
those
same
seasonally
232,396,000
Pine,
June
3,
reported shipments about last year.
All
reported production above the 1938 week.
liminary reports indicate that sales in the first half of May were about 9%
higher than in that period of 1938.
feet;
Hardwood
above
the corresponding month last year, and pre¬
or
of
June
hardwoods
shipments above output.
much lower level than in April,
Daily average sales at department stores in April were larger than in
either the
ended
and
Mills,
were:
ended
month since October, 1937, and exceeding that of a year
was
orders were 16%
new
The Association further
output.
week
orders
Southern
in the largest volume for any month in about 11
Drilling activity
the
softwoods
397,000
Awards for
Daily average petroleum production increased substantially, being
years.
of
booked
large portion
The value of construction contracts awarded increased further
residential building
ago
feet
which relieved the
widespread drouth that had prevailed for several months over
from March to
above
During
industries in the Eleventh
improved considerably by general rains
was
7%
also
business conditions in the Eleventh District:
District
14% above the shipments, and
were
above the orders of the 1938 period.
New business for the
22 weeks of 1939 was 7% above
output; shipments were
From the June 1
The outlook for the agricultural and livestock
3599
feet,
and orders,
7,258,000
April than in March and this bank's adjusted index declined 2 points to
At that level, however, it was as high as
of the 1923-25 average.
52%
last December, and higher than in any month previous to
i929.
After
■
declining in
slightly
tinued through April and the
first half of May.
Shipments
We give herewith
ended
June
3,
An
January through March, receded slightly further in April,
of
average
Trade
516
mills
for
3,
reported
the
June
on
averaging moderately higher than a year ago.
follows
as
weeks
ended
National
Production
3,
individual accounts, as reported by
banks in
Hardwoods
ing week of last
these
year.
'
of
BY FEDERAL
and
No.
f
of
Incl.
,
$442,799,000
$355,914,000
2,988,095,000
582,825,000
497,820,000
...
234,269,000
1,140,485,000
246,397,000
200,079,000
1,002,975,000
321,614,000
1,124,154,000
17
159,850,000
127.534,000
229,642,000
28
18
193,130,000
157,901,000
175,686,000
29
610.518,000
528,096,000
562,130,000
274
$8,709,398,000
$7,058,875,000
$8,455,040,000
Report
of
Lumber Movement:
June 3, 1939
lumber,, industry
during" the
Week
Ended
'
holiday
week
ended
3, 1939, stood at 65% of the 1929 weekly average of
and 68%
about
of average 1929 shipments.
74% of the corresponding
Produc¬
(holiday)
reports to the National Lumber Manufacturers Association
associations
softwood
about
any
holiday
and
the
covering the operations of im¬
mills.
hardwood
same
as
1939 week but
week
ended
Reported
preceding week and
one.
June
3
new
were
Reported production
was
11%
below
the
week.
shipments were 24% above last year's week.
For
softwoods, production, shipments and new orders were,
respectively, 23% greater, 23% greater and 42% greater
and
than
in
woods
corresponding week of 1938.
and
New business (hard¬
10% above production, and
2% above output in the week ended June 3.
softwoods)
shipments were
softwoods
20% above
were
showing
gain
a
1939,
stocks
gross
the
feet,
3,
1939,
M
'
105
102
compared
as
feet
449
as
orders
softwood
3,850,342 M feet
on
June
19
4,
by
mills
production
average
reported
as
compared with
\
days' average production..;
unfilled
M
V
by
days'
with
feet, the equivalent of
498,298
gain of 52%
reported
as
equivalent of
1936-37-38),
a
.
were
(threeJune
on
4,
"
446
softwood
days' average production,
1938,
26%
1939
the'equivalent
of
14
mills
com¬
days'
production.
'
Manufacturers'
Sharply
New
Qrders and Shipments Declined
April, Reports National Industrial
in
Conference
Board
Sharp declines both in new orders and in shipments were
experienced in April by a cross-section of American industry,
comprising 135 manufacturing concerns, according to a
confidential survey made by the National Industrial Con¬
ference Board'.
An analysis of the reports received from
the 135 companies discloses that the value of new orders
received during the month was 14.6% lower than in
March,
and that value of shipments fell
8,2%.
The value of in¬
ventories at the 'end of April, however, declined
1.1%.
Under date, of June 2%he Board further said:
Compared with the
indicators
higher, and shipments
ventory
same
remained
passed in the trough
period last
favorable,
of the
were
business
14%
yeaU the
largely
position in regard to all
because
April,
1938,
orders
New
recession.
higher than last
were
was
20%
the value of in¬
year;
holdings
was
14% less and unfilled orders were appreciably
Inventories at the end of April represented about 3M months'
greater.
shipment, while a year ago stocks
were
sufficient
to
cover
4M
months'
shipments.
of manufacturing industry,
as
gauged
by these
indicators, is to be computed regularly by the Conference Board's division
of
Industrial
ceding
Economics
month.
It
is
and
pointed
published late in each
out
that
the
month
inventory
for
the
indicator
pre¬
in
this
series, which is based on reports of the current value of stocks, Is not to
be confused with the Board's volume indexes of manufacturing
inventories,
released on or about the 12th of each month.
The
following table shows the percentage of change in these operating
factors from the levels of March, 1939, and of April, 1938:
>
Number of
Companies
was
Reported production for the* 22 weeks of the year to date
19% above corresponding weeks of 1938; shipments
was
1938,
50%.
of
The operating position
New orders exceeded the "corresponding
week of 1938 by 42%.
Reported production was 23% above
preceding
mills during the same period
2% above production of the 1938 period.
Hardwood orders showed
3,
M
with
average
week
of that week's shipments;
orders, about 77% of that week's orders, according to
the
1937.
June
three
shipments, about 63%
regional
gain
the equivalent of
pared
233,226,000
195,721,000
12—Ban Francisco
were
of
June
670,454
were
225,906.000'
10—Kansas City...
Total...
comparable
was
received
average,
146,416,000
257,890,000
output
of
263,870,000
16
of corresponding weeks of 1938.
Soft¬
26% above that of the same weeks of 1938
was
records
469,096,000
229,451,000
41
....
419,754,000
294,721,000
26
...
8—St. Louis...
509.851,000
24
above that
1939
the
same
On
.
25
....
25%
was
19%
weeks
4,192,254,000
445,936,000
in
911,947
corresponding week of 1938.
$420,645,000
4,036,663,000
of
1,152,680
during the five weeks ended Jfune 3, 1939, weer
those of corresponding weeks of 1938.
Softwood prders in
26% above those of similar period of 1938 and 7% below the
were
June 8, 1938
May 31, 1939
18
orders
930,784
1938
of
1938,
June 7, 1939
15
heaviest
1,119,960
hardwoods,
above
Week Ended—
'
v
17
portant
37,871
917,995
corresponding weeks of
Orders
Centers
.
from
25,524
887,109
24,838
Hardwood
of
yeaf
...
new
1,114,809
Shipments during the five weeks ended June 3,- 1939,
those
RESERVE DISTRICTS
3—Philadelphia.
was
905,260
28,012
1,081,549
38,411
below
1937.
On
2—New York
1929;
20%
3,734,548
Federal Reserve District
of
1939
889,983
production in
and
Aggregate debits for the 141 cities for which a separate
January, 1919, amounted to
$8,030,000,000, compared with $6,517,000,000 the preced¬
ing week and $7,835,000,000 the week elided June 8 of last
year.
■
'''
These figures are as reported on June 12, 1939, by the
Board of Governors of the Federal Reserve System.
SUMMARY
mills,
wood
total has been maintained since
tion
1938
23% above the total reported for the preceding
or
production
Orders Received
1939
1,122,025
28,709
Softwoods
week, which included only five business days in most of the
June
Shipments
1938
1,150,734
3% Higher Than Last Year
reporting centers, and 3% above the total for the correspond¬
The
Lumber
1939:
'
to
Weekly
"National
the
to
June
1939
leading cities for the week ended June 7, aggregated $8,709,000,000,
Lumber
(In 1,000 Feet)
Bank Debits
Debits
«
Five
12:
according to available information. ' Furniture plants continued active at
rates
During
1939
identical mills for five weeks
on
five
the
Lumber
June
reported by
as
Association
Barometer"
of
Ended
data
1939,
Manufacturers
/
Activity at district automobile plants, which had undergone substantial
declines from
and
Weeks
advance in new orders which began early in March and con¬
response to an
•
Production
■
Increased activity was in
than is usual in April and May.
more
December since
>■' >
■"
; ■
.'+■
S,/'
February and March, lumber production increased
Reporting
Percent
129
—1.1
New orders
75
—14.6
Shipments.
128
—8.2
inventories
Percent Change
Change
from
March, 1939
from
April, 1938
.
—13.5
+ 19.8
'
+ 13.7
Financial
3600
State Wheat Acreage Allotments for
AAA Announces
1940—Represents Apportionment of National Allot¬
ment of 62,000,000 Acres
allotments for 1940, representing
State wheat acreage
an
apportionment of the national allotment of 62,000,000 acres,
announced on June 13 by the Agricultural Adjustment
Administration.
The 62,000,000-acre allotment, announced
were
established in accordance with the Agricul¬
tural Adjustment Act of 1938.
It compares with an allot¬
ment of 55,000,000 acres for 1939.
The Act requires the
Secretary of Agriculture to establish a national acreage allot¬
ment which, at average yields and together with the pros¬
pective carryover, will provide enough wheat to meet
normal domestic consumption, export and reserve require¬
ments.
The AAA announcement continued:
on
May 16,
the 1939 direct consumption sugar quotas
States.
in all
the
10-year (1929-38) average acreage seeded
Adjustments for trend were made by giving
as
of the
sugar
entered against the quotas.
Quantity Charged Against
Quota
Polarizing
Total
Balance
Charges
Remaining
Less
99.8 Degrees
126,033
29,616
80,214
3,282
68,404
306,596
8.081
97,403
28,630
828
5,135
24,481
27,130
8,697
35,827
185,881
Puerto Rico
65,122
89,322
4,307
20,888
206,769
375,000
Hawaii
Philippines
y
610,863
Total
Than
99.8 Degrees
and Above
Cuba....
also given
States were
diverted under previous adjustment and con¬
credit for acreage
.-V";
•• •
five
full-duty countries.
The following table shows, in pounds, the 1939 quotas for those countries,
the amounts charged against the quotas during the period January-May
Cuba is the total of charges made during the first
countries other than
against the quotas for the individual
be admitted during the remainder of the year.
and the amounts which may
Charged
in the winter wheat
for 1940 well ahead of seeding
than last year in order that farmers, particularly
belt, may have opportunity to plan operations
•
•
Area
1
; _■
,
Dutch East In dies
Guatemala-....
follow:
.
.
.
■->
!
;'
..
(Pounds)
308,191
226,114
—. „
Haiti.....—.....-
_
_
—
_y
_
358,238
358,238
985,833
6,452,184
10,933,214
11,888,543
985,833
11,888,000
375,102
,
-
--
Mexico
;.
..... .
.
... .
-
j—
Peru.
United Kingdom
1940
1939
Acreage
Slate
Acreage
Acreage
Allotments
5,281
35,534
Allotments
A llotments
4,734
Quotas net used to
67,385
698,754
1,472,639
1,314,022
Arkansas
California
Colorado
53", 782
New Jersey
New York
239,009
—,
•.
Delaware
~
North Carolina...
pm — 4* -
68,405
74,033
—
Florida
397,894
North Dakota—
8,964,389
Ohio
Connecticut
1,838,127
4,515,610
851,458
....
Georgia.
137,416
123,630
Oklahoma
Idaho
989,702
895,549
Oregon
Indiana
Iowa.-.^.
....
Kansas
...
Kentucky
.t
—
Maryland
—
South Dakota
Texas...—
_
~
...
Minnesota
1,963,713
....
1,705,277
3,783,007
_
.
Montana
Nebraska.
1,851,030
129,887
Washington
115,312
90,203
99,128
337,437
302,818
3,414,642
3,049,982
Wyoming
...
62,000,000 55,000,00(1
Total.
•'
543
^ J,
_
' '
-
21,374,581
25,853
474,147
21,655,996
31,746,004
10,828
15,873
sugar, raw
value, imported from any
charged against the quota for that country.
b
Argentina,
..
.
314,817; Brazil, 1,280; British
Australia, 218; Belgium,
15,592;
Costa Rica, 22,033; Czechoslovakia,
281,649; Dominican Republic, 7,133,147; Dutch West Indies, 7; France, 187; Ger¬
many, 125; Honduras, 3,671,753; Italy, 1,874; Japan, 4,288; Netherlands, 233,046;
Salvador, 8,780,522; Venezuela, 310,209.
2,708 pounds have been imported from
Sweden, 1,481 pounds from France, 30 pounds from ,Chile, 1,880 pounds from
Dominican Republic, 153 pounds from Venezuela, and 289 pounds from Canada,
but under the provisions of Sec. 212 of the Sugar Act, referred to in footnote a,
these importations have not been charged against the quota for foreign countries
other than Cuba.
•' •
•
' .',
Malaya, 28; Canada, 603,520; Colombia, 286;
.
Statement of Sugar
.
,
Statistics of Department of Agri¬
Above
culture for Four Months of 1939—Deliveries
Year
Ago
Sugar Division of the Department of Agriculture on
June 6 issued its monthly statistical statement covering the
first four months of 1939, consolidating reports obtained
The
from
The 7,000,000 acre increase in allotment over last year was
reported in these columns of May 20, page 2989.
10 short tons o
foreign country other than Cuba have not been
212 of the Sugar Act of 1937, the first
In accordance with Sec.
1,681,155)
.
Wisconsin
74
3,560,400
Missouri
104
a
482,719
...
West Virginia
1,418,702
'
77
526,373
Vermont..
669,954
739,792
1,663,684
Michigan
234,938
Virginia.
A.«-
Mississippi
lib", 846
2,943,821
337,139
3,684,863
209,724
Utah
'
Massachusetts
123,723
3,245,869
375,695
4,221,706
South Carolina...
Tennessee
4,387
350,926
4,163
384,403
Maine..
768,303
772,659
Rhode Island—..
''
Louisiana
3,783,954
849,933
Pennsylvania....
1,789,192
1,481,810
389,177
456,046
12,789,001 11,067,349
?406,727
337,534
1*938,259
1,601,447
Illinois
46", 924
313,553
218,158
363,117
8,300,488
1,654,847
357,895
New Mexico
tm
3,442,349
7,490,865
53,402,000
26,701
...
11,968
New Hampshire.
30,554
65,115
626,306
Arizona...
14,653
Nevada
urn
6,260,167.
Allotments'
Total
Alabama
date.b.'
64,208
192,017
21,374,581
500,000
Acreage
1939
1940
(Pounds)
130,009
(Pounds)
178,182
161,906
—
—
Remaining
a
375,102
,'
Balance
gainst
Quota
Nicaragua
The State wheat acreage allotments
Stale
A
1939 Quota
'
China and Hongkong
nearly two months earlier this
The State allotments are being announced
,
value, charged against the quota for foreign
of at least 55% of its 1938 seedings.
servation programs.
44,387
404,0941
Quotas for Full-Daly Countries
The 10,828 short tons, raw
adjustment was made, if necessary,
that State allotments would be sufficient to provide for
each county an allotment
.
Sugar
Polarizing
1939
Quota
Area
the 10-year average; a further
in order to insure
time..
Tons—96 Degree Equivalent)
Short
(In
1937 and 1938, the same
1936,
of the three years,
acreage
average
weight
year
share of the
apportionment, which gives each State its proportionate
wheat, adjusted for trends.
to
of the
The separation of sugars into polarization groups is based on reports
outturn weight and polarization for each cargo of direct consumption
year.
months of the year
national allotment is based on the
99.8
The last
available for entry during the remainder
column shows the balance
was
period, 1929-38, the increase in allotment is not exactly the
the 10-year
The
and charges against such quotas
polarizing less than 99.8 degrees.
degrees and above and sugar
be made on the basis of the State
figures.
The 7,000,000-acre increase in the 1940 national allotment over
1939, is reflected in larger State allotments.
As the 1939 State allotments
were based on the 10-year period, 192&-37, and the 1940 State allotments
on
'
January-May, showing separately sugar polarizing
during the period
and farm allotments will
County
same
June 17, 1939
Chronicle
sugar refiners, beet sugar processors, importers and
Total deliveries of sugar during the first four months
cane
others.
1,983,933 short tons, raw value, com¬
corresponding period
last year.
Distribution of sugar in continental United States
during the period January-April, 1939, in short tons, raw
of 1939 amounted to
pared with 1,801,540 tons during the
1,888,896 Short Tons of Sugar Received from Off-Shore
Areas During Five Months of 1939
Division of the Department of Agriculture on
monthly report on the status of the
1939 sugar quotas for the various sugar-producing areas
supplying the United States market.
The sum of these
quotas represents the quantity of sugar estimated, under
the Sugar Act of 1937, to be required to meet consumers'
needs during the current year.
The report shows that the
quantity of sugar charged against the quotas for all off-shore
areas, including the full-duty countries, during the first five
months of the year, amounted to 1,888,896 short tons, raw
value.
For the corresponding period last year, amounted
to 1,888,896 short tons, raw value.
For the corresponding
period last year, charges against the off-shore areas totaled
2,238,173 tons, said an announcement by the Agriculture
Department, which also stated:
The Sugar
"
,
June 7 issued its fifth
value,
was as
follows:
Beet sugar processors
r
,
by refiners (Table 1)
„
Refined sugar by refiners (Table 2, less exports)
Raw sugar
2,89®.
—
...1,441,49*
353,385
146,985
(Table 2)
importers of direct consumption sugar (Table 3)
....
Mainland cane mills for direct consumption (Table 4),...
Total
39,177
1,983,933
— — -
The distribution of sugar for
local consumption in the Territory of
Hawaii
6,051 tons and in Puerto Rico it was
for the first four months of. 1939 was
18,540 tons (Table 5).
Stocks of sugar on hand on
follows,
including raws
not
April 29, in short tons, raw value, were as
for processing held by importers other than
refiners, nor stocks of sugar held by
mainland cane factories:
1939
-
Refiners' raws
423,918
' 397,147
142,657
'
Refiners' refined
Importers'direct-consumption sugar
155,437
.._...
—
1938
308,405
397,688
.....
.
The report includes sugar from all areas
for entry before June
Cuba also include certifications for entry of sugar
June 1,
were
214,967 short tons of
quota for the mainland cane area,
continental sugar beet area
for
May
entered or certified
which
was
in transit ,on
The figures are subject to change after final outturn weight
1939.
and polarization data for all importations are
There
as
Statistics for foreign countries other than
1939.
1,
recorded
raw
Data
•
and the balances remaining
areas
are as
during the first five
follows:
were
1939 sugar
TABLE
United
Regulations
gainst
Cuba.
Quotas
Stocks
461,936
579,087
Cuba
806,642
643,707
162,935
Hawaii
Hawaii
948,218
327,921
620,297
Puerto Rico
Virgin Islands
Foreign
...
countries
9,013
9,013
other
15,873
10,828
26,701
Dirtd
Direct
consumption
sugar
1,888,896
is
included
in
the
the
total
sugar
quota
2,875,044
Misc. (sweepings,&c.)
Total
above
for each
area.
The following
on
Apr. 29,
1939
837
0
170,364
0
27,745
185
0
38,199
294,287
288
0
32,870
222,513
58
0
38,599
0
0
0
27.712
35
0
627
166
0
0
1
288.964 1>536,816 1,514.480
2,895
0
308.405
a99,947
Virgin Islands
Consumption Sugars
amounts
against the various quotas, since the quota for such sugar is
Stocks
1,492
a28,ll2
Other countries
4.763.040
Lost
by Fire,
for Direct
etc.
Consumption
425,326
Philippines
than
Cuba
M eltings
298,621
245,855
10.136
22,299
all4,704
Continental
_
Receipts
1939
1,487,839
1,041,023
Puerto Rico
_.
Deliveries
on
Jan. 1,
Source of Supply
444,504
1,932,343
_
Value)
Balance
Remaining
•
Philllpines
FOR
1939
(In Short Tons, Raw Su~ar
Charged
A
The statement of charges against
January-April was made public on May 4.
May 27, page 3132.)
REFINERS' STOCKS. RECEIPTS, MELTINGS,
DIRECT CONSUMPTION FOR JANUARY-
SUGAR:
DELIVERIES
Amounts
the LoUst
for the various sugar producing areas
market.
States
quotas during
1—RAW
APRIL,
Established Under
of Agriculture to determine consumption re¬
(This statement given in "Chronicle" of
AND
1939 Sugar Quotas
the 1939 quota ofl,-
of 783,786 tons last year.
<*
of the Sugar Act of 1937,
quirements, and to establish quotas
(Tons of 2,000 Pounds—96 Degrees
Area
beet sugar
obtained in the administration
which requires the Secretary
supplying the
848,750
976,502
factories had 1,067.128 short
.,..u—u—
value, for marketing against
raw
566,719 tons, compared with stocks
the
charged against the off-shore
months of the year
value, charged against the
and 353,385 tons against that for the
—
In addition to the above stocks,
tons of raw sugar,
The data
avilable.
during the first four months of this year.
yet available.
are not
The quantities
sugar,
Total..:...........
charged
included
tabulation
in
indicates
-
0
13,766
0
459,686
252,793
349,006
299,333
161,223
14,608
167
Compiled in the Sugar Division, from
Form SS-15-A.
a
Revised.
0
0
.
reports submitted by sugar refineries on
Volume
TABLE
BEET
SUGAR
Chronicle
Financial
148
2—STOCKS,
PRODUCTION,
BY
UNITED
JANUARY-APRIL,
AND
STATES
DELIVERIES
CANE
OF
REFINERS AND
AND
Aggregate exports of
PROCESSORS,
amounted to
1939.
long
Factories
2,955,893
358,137
1,355,463
1,503,052
Deliveries
65,050
yl,463,501
z353,385
397,688
1,067.128
223 tons, compared
during
the
1938 period,
corresponding
with 2,535,853
April 30, 1939, aggregated 2,565,-
on
the
on
day jast
same
according
year,
Survey of Cotton Textile Industry for 10-Year Period
1929-39—Operations in 1938 Declined 20J^% from
1937 and 1938.
'
•
Deliveries include sugar delivered against sales for export.
The Department of
Commerce reports that exports of refined sugar amounted to 22,010 short tons,
raw value, during the first four months of 1939.
•
•
'
z Larger than actual
deliveries by a small amount representing losses in transit,
through reprocessing, &c.
:'■.,
,
•
bags)
to the report.
which
.
(20,372,906
The stock of sugar on hand in Cuba
The refineries' figures are converted to raw value
by using the factor 1.060259,
is the ratio of meltings of raw sugar to
refined sugar produced during the
x
tons
statistics show.
Compiled by the Sugar Division, from reports submitted by the sugar refineries
and beet sugar factories on Forms SS-16 A and SS-11 C.
years
856,658 tons during
30, 1939, according to the Cuban Sugar Institute, amounted to 2,689,917
Spanish tons (18,539,717 bags of 325 pounds each), compared with
Domestic Beet
Final stocks of refined. April 29. 1939
January to April, inclusive,
tons compared with
Total sugar production in Cuba during the current
crop year up to April
xRefineries
_
sugar from Cuba from
853,866 long Spanish
the first four months of last
year.
(In Short Tons. Raw Sugar Value)
Initial stocks of refined, Jan. 1,1939
Production
3601
.
y
Record
1937
■
The
York
,
TABLE
3—STOCKS,
RECEIPTS,
AND
DELIVERIES
OF
DIRECT-CON
SUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY-APRIL,
textile
to
V
•>
Source of
Sup-ply.
Stocks on
Jan.
'
Receipts
1939
Cuba
66,418
Hawaii
119,404
1939
\
Usage
108.218X
77,604
thq recently-issued preliminary statistics of the Bureau
0
0
50,658
21,930
nearly
6,994
...
2,781
64,801
20,124
14,611
12,507
established
0
Philippines
2,781
x7,781
Puerto Rico
0
0
0
China and Hongkong._...
Other
foreign
0
68
68
387
1,263
2
82.077
;
Total..,
207,565
146,985
4—DELIVERIES
142,657
BY
Deliveries
OF
DIRECT-CONSUMPTION
MAINLAND
CANE
MILLS
decline
SUGAR
THE
TERRITORY
APRIL,
OF
1939.
HAWAII
LOCAL
CONSUMPTION
PUERTO
AND
RICO
•
^
IN
JANUARY-
6,051
Puerto Rico
—
for
British
Additional
Colonies
and
effect
to
increase
The increase in the sugar quota during
announced has been divided by the
the
.
ing
*
-t--.--
14,570 metric tons
will
11,000 metric tons
alloted to
the
be available for shipments.
not
The. "Council"
Colonial
On
tons,
South
its
the
72,561 tons, Dominican Republic 20,707 tons,
prospective
judgment
which
dealing
the
now
opinion
1939,
performance
American
of
of
areas
period
of
tons,
tons
was
a
net
market
served
have
over-cautious
psy¬
All
reasonable
a
its
national
employment of a
Fortunately, there
in
market
margin
of
services in the
large population
is
a
is
values
growing
the
key¬
'
The
influential
Japanese
Japan
January-April period of 1939 went
season,
it
industry,, in
of
around
172,000,000
connection
with
Chinese
the
yards,
square
yards.
square
is probable that" the,continuing
difficulties
conflict,
were
factor.-'
.
——-
Kingdom leads with
1,563 tons and
Leading Filament Yarn
as
The world's production of rayon, including yarn and
staple
fiber, again broke all previous records and, C3,me within
striking distance of the 2-billion-pound mark, according to
figures contained in the current issue of the "Rayon Organon"
published by the Textile Economics Bureau, Inc., New York.
Rayon output ip 1938 for all counties (yarn plus staple fiber)
aggregated 1,948,045,000 pounds, an increase^of 7% com¬
pared with the output of 1,818,075,000 pounds reported for
1937.
Further details, as reported by the Bureau on June 9,
fbllow:
indicated.
United
Imports declined by 89,000,000
Producer
again
held
30%
first
place
in
of the world's
total of 471,000,000 pounds, or
10,180
1938
total.
1,404
but
the United Kingdom with 9,924
only by a slim margin over
yarn
with
rayon
of 1939 Below Last Year
on
584,600,000
Italy
with
a
/
third place as a world producer,
Total domestic output of rayon
as
com¬
the "Organon," the United States regained its position
world's largest producer of rayon filament
the
that distinction to
Exports to United States in Four Months
of
268,310,000 pounds for Italy.
Last year, states
as
output
an
and staple fiber last year amounted to 287,485,000 pounds
pared
1,274 tons, respectively, followed.
with
Germany ranked second
24% of the world total.
The United States retained its hold
headed the list, while Panama and Henduras with 1,451 tons and
Cuban Sugar
the
improvement
the
The firm also said:
In the previous
Penalizes
confidence
States Regains Position
shortage of sugar, for the
being followed by Ecuador and Panama with
respectively.
material,
broader distribution.
Philippine market.
a
pounds, or
tons also
raw
already
fulfill
products.
of
both of these developments
to
May 20 furthered by today's decision
The refined sugar exports dining the
countries.
the
World Rayon Production Again Establishes New
Record—rOutput Aggregated 1,948,045,000 Pounds
—Japan Continues to Lead All Countries—United
the United States, during the
long tons, as against
15,705 tons during the similar period last year, an increase
of 2,830 tons or a little over 18% according to Lamborn &
different
has
in
1938
Refined sugar exports by
40
for
an
Without
1938.
—:
first four months of 1939, totaled 18,535
over
stock
loan
operations
ability of the industry to continue
cannot
cotton,
essential
an
States Exports of Refined Sugar During Four.
Months of 1939 Increased 18% Over Last Year
to
costs
prolong
Production
it
of
United
Co., New York.
lower
questions the
In
of. 153,265 tons—the amount
of Great Britain that
quota year ending Aug. 31,
.
Haiti 2,170
because of the objection of two
The release of additional supplies
trading
The
but the im¬
the low prices prevalent during the year
largest yardage of piece goods exports since 1932.
The gain was
square yards over 1937, of which a considerable portion
was
making
question* by telegraph.
resulted from protests
crises.
industry,
Government
in
normal
relating
uncertainties
European
to all
needs
important consequence of
the
from
they would be entitled in the year beginning Sept. 1, 1939—was
with
several
immediate
83,000,000
The suggestion that the British Dominions and
Colonies receive additional allotments
to
'
,
beyond
particularly
the
general
of cotton
and
that 'restoration
a
the
was
Netherlands 62,606 tons, Soviet 65,956 tons, Australia 7,500 tons, and
deferred until the current meeting
and
was
deterrent to
transactions,
of
supply
to
One
"
also
Africa 7,500 tons'.
merchandise
the
in
rise
accumulations kept
"
May 20, by telegraphic vote, the International Sugar Council granted
Cuba
stock
r
for cotton goods.
The consequences of cotton futures
honsiderable discount under nearby prices, through promot¬
market
in
stone
corresponding
a
1937
.
in
the supply
additional quotas of 239,000 tons—for immediate shipment—distributed as
follows:
.
influences,
course,
major
was
of
'i.:
recognition
granted under article 24B of the
Agreement, an additional quota of 7,000 metric tons to
Haiti for the current quota year.
The Exchange also announced the following regarding in¬
creases granted at the Council's
previous meeting:
■
a
sacrificial
profit
Empire
.
invest
Unprofitable
the
there
weight
.
Sound
and
quantity
the
demand
When
22.4% greater than those of the first six
.
and
problem
of
of
a
buying
consumption
153,265 metric tons
Of this
be
'
-.110,356 metric tons
•___
Total.
*
••
in
situation
Country.
the
over
mills
when
supply
late
the
to
surplus
illusion of
warp
chology.
28,330 metric tons
—
Colonial Empire
six months,
first
markets
an
to
but
outside
latter,
to
quotations at
.
Australia.:
the
piimary
quota for
'
i__
—
by
cotton
of
gained
of buyers
pounding of: most
the current year it is
International Sugar
follows:
as
South Africa..______
in
the
unwieldy
an
conditions
depressed level.
a
continued
the current year by 153,265 metric tons, it is learned from a
cablegram to the New York Coffee and Sugar Exchange.
Council
the
to
Sugar Council at its meeting in London
approved unanimously the recommendation of the
Dominions
on
intensified
was
The International
14
in
was
correct
increased
of cotton,
Reluctance
Quota
Quotas for Other Countries
June
to
economic
Employment
consumption
prices
Increases
Colonies
and
Compared with 1937, the
June, it was largely translated intorather than improvement in price structure.
Operations during
>
1 !.
Dominions
ex¬
The survey continued, in part:
adjustment
efforts
declining
production
18,540
Council
this
trade channels
months.
s,
the
,
.
Sugar
demand.
the second half of the year were
(Short Tons, Raw Value)
International
goods
cotton
woven
20%%, which represents approximately
square yards.
of
strenuous
of
from
.
Territory of Hawaii
British
brunt
The
face
FOR
reduced
over
2,000,000,000
made
SUGAR
of
again emphasizes
.
■
OF
to
was
Louisiana and- Florida mills, on the
basis of incomplete reports, amounted to 39,177 short tons, raw value, during the
5—DISTRIBUTION
production
With general business depression following two
production
•
first four months of 1939.
TABLE
yards
square
1937
consecutive years of large output, 1938 was predestined to
be a period of inventory distribution and adjustment of
,
of direct-consumption sugar by
for
tion year.
Compiled in the Sugar Division from reports and information submitted by
importers and distributors of direct-consumption sugar on Forms SS-15B and SS-3.
x Includes sugar in bond and in customs'
custody and control.
TABLE
9,446,000,000
traordinary activity of the industry in its banner produc¬
0
878
areas
New
of
on 1937 production of cotton textiles.
Under
"market" heading, therefore, says the Association, previous
estimates of yardage production have been revised in con¬
formance with this latest authentic records
The peak of
29,
April
or
Merchants
Textile
of the Census
Stocks on
Deliveries
1,
Cotton
industry covering the 10 years 1929 to 1939.
This
it is pointed out, has the advantage of adjustment
survey,
;
,/
of
June 9 issued its eighth annual survey of the cotton
on
1939
(In Short Tons. Raw Sugar Value)
T
Association
Japan in 1937.
yarn,
after having lost
The 1938 United States'production of
filament yarn at 257,625,000 pounds exceeded that of Japan's at
209,600,000 pounds by 23%.
Exports of
in
the
first
raw
four
sugar
months
from Cuba to the United States
of
this
With
approximately
100,000 tons under those for the corresponding period of
1938, a report to the Department of Commerce from its
year
were
yarn
formance.
exception of Germany, the output of every
Japan's
production of filament
yarn
declined
principal
37%
rayon
last
per¬
year
compared with 1937, the United States 20%, and Italy 5%.
The 11% gain in
The totals for the two periods were,
Habana office shows.
respectively, 559,634 and 655,878 Spanish long tons. 'Under
date of June 3 the Commerce Department's announcement
further said:
the
producing nation in 1938 suffered by comparison with its 1937
Germany's
yarn output was not
absorption of the Austrian rayon
of the original Germany
Production
plants, but by
a
entirely caused by the
continued
expansion
industry.
ef rayon filament
'
for the past three years follows:
yarn
and
rayon staple
fiber by countries
1938
1937
584,600,000
_.
Netherlands-.............
_—«...
Belgium.
Canada..
...
.
Poland...—
.......... —.
-
_.
All others
-
Worjrt total. A
.
1....
...—r
262,900,000
196.100.000
152,420.000
142,970.000
77,700.000
66,100,000
19,950,000
23,920.000
22,050,000
17.160.000
14.200,000
13,700.000
..
268.310,000
12.800,000
.........
Great Britain
289,940.000
72,550,000
Italy—
France
320.850,000
344,200,000
341.925.000
138,195.000
—
—-
.....—
508,600.000
471.000,000
287,485,000
....
...
Germany
United States
mission, held that the decision does not invalidate the Com¬
mission's order as to top allowables, but applies only to the
detailed plan of proration.
Oil men showed similar varying
1936
16,500,000
13.625 000
22.460.000
16,270,000
12,900,000
16,000,000
Japan
15,400,000
13,600,000
_
interpretations of the decision.
v
Return of Texas to a five day production period during
the week ended June 10 was the major factor in the decline
of 181,850 barrels in the daily average output for this week
which dipped to 3,376,950 barrels, according to figures fur¬
nished by the American Petroleum Institute.
It was the
first time in weeks that production was under the estimated
market demand for the month as set forth by the United
193.435,000
41,005,000
41,080.000
34.980.000
1.948.045.000
1 818.075 000
June 17, 1939
Chronicle
Financial
3602
1.320.750.000
States Bureau of Mines which for June was set at
barrels.
Analyzing 1938,output, the "Organon" points out that while the
output of filament yarn and staple fiber established
bined
last year,
a new
com¬
World output of filament
in 24 years.
the
yarn was 990,245,000 pounds, or
17% less than the all-time record high of 1,198,760,000 pounds produced
•>
"
■''
•
,
,
■■
■
Several factors accounted for the drop in filament yarn production:
1937 output was far in excess of the ability of the world's markets
sume;
second, the general level of world consumption
was
First,
tp con¬
lower in
1938
1937; third, world-wide decline in business resulted in drying up
than in
some
export markets, while the "war scare era" also was a factor.
Italy and
Japan, the three principal nationalistic countries
further growth
and an increasing share of the total world staple
Germany,
showed
fiber production last year.
oil offset
Petroleum and Its Products—Roosevelt Asks Oil Com¬
pact Extension—East Texas Proration Setup Con¬
fused—Court Rules Against Railroad Commission
Regulations—Texas to Remain on 6-Day Produc¬
tion Week—Crude Output Off Sharply in WeekPetroleum
Stocks
Drop—Ohio Oil Cuts Crude
Prices-—Hull
Talks
with
Richberg
Situation
on
the
of
measures
which
otherwise
Indiana and Illinois basin crude oil 10 cents
Mexcian
expire Sept.
disclosure
1,
came
legislation to provide the necessary
authority for extension of the pacts between the major oilproducing States will be introduced shortly by Senator
Elmer Thomas, of Oklahoma, and Representative Lyle
Boren, of Oklahoma.
Also from Washington late in the week came the news that
the well-publicized investigation of the petroleum industry
by the Temporary National Economic Committee is off
until the fall at the earliest.
Originally scheduled to begin
this month, the postponement was due to requests from the
industry itself to prepare itself more adequately for the
Commission's questionaires and meetings of inquiry.
The Texas Railroad Commission on
Monday lost a court
decision in Federal Court in Austin involving, the
question
of validity of its order fixing the oil production allowables of
wells on small and large tracts in the East Texas field, the
Court holding that acreage should be considered as the
major
factor in setting allowables for this area.
Federal District Court Judge R. J. McMillan ruled that
the Commission's policy of prorating the East Texas field was
"confiscatory and invalid" in sustaining the application of
Roman and Nichols for an injunction
against the Commis¬
sion's^ orders embodying the East Texas allowable. The
wells in the East Texas field are permitted to
produce 2.32%
of one hour's potential flow each 24
hours, and the Court
held that the difficulty of controlling
production in this area
was
the
result
of
the
well-spacing rules.
basis did not
of sands
Commission^
own
relaxation
of
its
The decision also held that the potential
adequately recognize disparity of wells, richness
or reserves
of oil.
Immediately following the ruling of Judge McMillan, the
Texas Railroad Commission instructed its
attorneys to file
an immediate appeal'from the decision.
Judge McMillan,
on
Wednesday, denied the Commission's motion to dismiss
the injunction granted against the Commission in the case of
Rowan and Nichols, East Texas oil
operators.
He also
entered an order lifting the allowable of the Rowan and
Nichols
barrels
Well
the
on
five-acre
daily to 220 barrels
a
tract
they operate from 22
day to confirm to the Com¬
a
day for a well on an ad¬
mission's allowable of 22 barrels
jacent one-tenth of an acre tract.
The Railroad Commission announced
during the week
shortly extending the Saturday and
Sunday shutdowns of oil wells during July and August.
The announcement also disclosed that
despite the fact that
that it will issue
an
order
the wells
m the East Texas field
have shown
decline of bottom hole pressure
a
considerable
during the past two months,
there will be
no
wells
area.
change made at this time in the allowable of
Adjustment of allowables in some of the
other fields will be made
later, it was stated.
Considerable uncertainty as to
just how far flung would
~®
m
that
Jk® results of the Court's decision
case
Nichols
was
Railroad
evident in the
in the Rowan and
comments of members of the
Commission.
Lon A.
Smith, head of the Com¬
Court's ruling applies
only to the
Pr®P®r^1®® of Rowan and Nichols while Commissioner
Jerry
Sadler felt that the decision
upsets the entire
mission,
setup.
held
E.
O.
that
the
proration
Thompson, minority member of the Com¬
barrel "to meet
v
Congress
that
June 10—Ohio Oil reduced prices of crude oil 10 cents a barrel in Illinois,
the Basin and Western Indiana.
June 13—Ashland Oil & Transportation cut Eastern
prices 10 cents
a
Kentucky crude oil
barrel, retroactive to June 9.
Prices of Typical Crude per Barrel at Wella
»
,
*
a
.
■'
On the heels of the President's message to
the
domestic and
competitive conditions existing in Illinois."
Under the new
price schedule, effective immediately, Illinois and Western
Indiana crude oil are 95 cents per barrel and Illinois basin
$1.05.
Three days later, Ashland Oil & Transportation Co.
posted a cut of 10 cents a barrel in the price of Eastern Ken¬
tucky crudes with Kentucky River production going down to
$1.10 a barrel and Big Sandy River crude down to $1.02 a
barrel, effective June 9.
•
'
Donald R. Richberg, attorney for the oil companies in¬
volved in the expropriation dispute with Mexico arising out
of last year's seizure of some, half-billion dollars of American
and British oil properties, has been talking with Secretary
of State Hull concerning the progress of the negotiations
between the companies he represents and the Cardenas
Administration, it was disclosed in Washington this week.
Price changes follow:
"
next.',
increase in domestic stocks and brought a net
an
.
Extension of the legislation authorizing the Interstate Oil
Compact Commission was asked this week of Congress by
President Roosevelt, whose message asked for a two-year
renewal
average
foreign crude oil held in the United States during the week
ended June 3, according to the United States Bureau of
Mines.
Domestic stocks showed an increase of 40,000
barrels, small in view of the consistent over production of
crude in the United States during the past few months,while
foreign stocks were off 382.000 barrels.
• ,'V;
Ohio Oil on June 10 reduced prices of Illinois and Western
adequate domestic
supplies of the natural textile fibers.
."*■
operators cut
daily
reduction of 342,000 barrels in inventories of
This condition is partly due to the shortage of
foreign exchange in these countries and the absence of
3,491,000
..
production nearly 185,000 barrels,
dipping to 1,281,000 barrels.
Oklahoma
production was off 5,900 barrels to a daily average of 439,250
barrels; Kansas off 5,200 barrels to a daily average of 151,600
barrels; and California, off 4,286 barrels to a daily average
of
603,100 barrels.
The only two; major oil producing
States to show any substantial increases were Louisiana ana
Illinois, the former showing a gain of 2,300 barrels to a daily
average of 267,800 barrels.^
.•
•
A sharp and unexpected decline in stocks of foreign crude
Texas
high record
the filament branch of the industry experienced its first decline
.in^ 1937.
•'
Bradford, Pa
(All gravities where A. P. I. degrees
$2.00
are not
•"
shown)
r...$1.05
1.05
.......
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and oyer;..
...
1.02
Darst Creek
Western
Kentucky
Mid-Cont't, Okla., 40 and above..
1.20
1.10
Sunburst, Mont
Huntington, Calif., 30 and over
Rodessa, Ark., 40 and above
1.25
Kettleman Hills, 39 and over
...
Lima (Ohio Oil Co.)...
Corning, Pa
Illinois..
.95
Smackover. Ark., 24 and over.....
REFINED
THROUGH
BRINGS
UNITS
HIGH
1.22
1.22,
1.24
2.15
Petrolia. Canada—*
PRICES
COUNTRY—SINCLAIR'S
OTHER
OFF—CONTINUED
?
.75
PRODUCTS—GAS
1.02
.789
....
Michigan crude
IN
NATION-WIDE
LINE—MOTOR
REFINERY
WITHDRAWALS.
SPREAD
ADVANCES
RUNS
\
FUEL
HOLD
BOOST
STOCKS
DOWN
'
The 42 State increase in retail gasoline prices
posted "by
Refining brought in its wake numerous advances in
all sections of the country save the West Coast, with retail
and bulk prices,for motor fuel going to the best levels in
Sinclair
months.
-
Socony-Vacuum Oil Co. on June 13 advanced the whole¬
sale tank wagon price on all grades of gasoline from l/10th
to 5/10th cent a gallon throughout its entire New York and
New England market, with the exception of scattered areas
where abnormal marketing conditions exist.
Other com¬
panies operating in this area met the increase.
Texas Corp., National Refining Co. and the Shell Union
Oil Corp. were quick to follow the lead set by Sinclair's
general advance, which became effective June 14.
Prices in
all major marketing areas in the Nation except the Cali¬
fornia area are now generally higher in keeping with the
trend toward better prices for refined products.
"Recent studies have shown that
an
effort should be ma,de
to reduce
refining losses resulting from the present disparity
between prices at which oil companies must buy their crude
petroleum and the prices at which they must sell their refined
products to the public. President Ryan, of National Refin¬
ing, "said in announcing their boost.
"Unless prices of
refined products are increased, the only alternative is a re¬
duction in the price which the refining companies pay for
their crude oil.
This would work a serious hardship on the
hundreds of thousands of small business who depend upon
their livelihood on the production of petroleum."
Inventories
reduced
of
finished
921,000 barrels
and
unfinished
motor
fuel
were
during the week ended June 10,
totaling 82,716,000 barrels at the close of this period, accord¬
ing to the American Petroleum Institute.
Since April 1,
stocks hrve shown a loss of approximately 4,400,000 barrels,
which is nearly 40 % below the decline over the corresponding
Volume
148
period, last
held the
Financial
Chronicle
with abnormally high refinery operations
year
3603
DAILY AVERAGE CRUDE
for the failure of inventories to show their
reason
OIL
PRODUCTION
(Figures in Barrels)
normal seasonal rate of decline.
Since gasoline
consumption is running
a
5% ahead of
some
B.ofM.
the record pace, the situation of over market refinery runs is
the answer to the continued lag in disappearance of motor
fuel from the industry's inventories.
During the week
State
Week
Change
Weeks
lated
Allowable
Ended
from
Ended
Ended
Require¬
June 1
June 10
Previous
June 10
June 11
1939
1938
ments
ended June
10, refinery operations were up 2.3 points to
86.5% of capacity, the highest levels in months and far
the high refinery
June
14—All
companies,
cent
gallon
a
major marketing
followed
449,350
—5,200
161,400
464,800
148,650
71,600
—3,500
71,900
55,800
81,400 —2,150
29,800 —1,850
206,100 —28,800
90,450 —7,500
83,500
31,100
27,850
218,100
180,900
94,450
240,950
95,750
364,000
206,800
223,800
186,950
West Texas
East Central Texas..
East Texas
Coastal Texas..
Total Texas
throughout
with
areas,
73,600
+2:360
193,800
77,850
181,200
Total Louisiana
.06
Gulf......
T.Wat.Oil.
.08H-.0SH
-.06 >4
Colorado
V
•
.
'
ports
These
a
.0514
.04J*.-05J*
I
I
Bureau's
New Orleans.*.05H-.05J4
Tulsa
.04
-.04H
or
(Bayonne)—
27 plus
i
$1.00-1.25
$0.90
New Orleans C_
Phila., Bunker C
1.45
I
>
| Chicago—
28-30 D
New York
c
Brooklyn..
.1051
$.159
i
1851
Boston....
14,650
3,900
90,450
110,600
„
3,376.950 -181.850 3.489.850 3.131.500
.
•
b Net
from
crude
daily
oil
requirements to
inventories
must
production, con¬
new
be
deducted
determine the amount of
new
from
the
crude to
.
,
,
be
'•
•
allowable for the 3,0 day period beginning June 1.
ordered for all Saturdays and Sundays during June,
basic
average
are
Export allowanoe of 4,000 barrels included.
d Recommendation of Central Committee of California Oil Producers.
STOCKS
OF FINISHED
...$.02J4-.03
Buffalo....
Chicago
UNFINISHED
GAS AND
GASOLINE AND
WEEK ENDED JUNE
10, 1939
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks of Gas OH
Stoqk of Finished and
Unfinished Gasoline
---—j--$»17
...176
...
AND
FUEL OIL,
I
$.053
$.195 I Newark
i
51,350
2,773,850 -176,950 2.877,500 2,463,200
603,100 —4,900
668,300
612,350
be supplied either from stocks, or from
may
Gasoline, Service Station, Tax Included
s
+250
110,800
594,600 d 590,000
withdrawals
estimated
v;
i Tulsa
|
...—$.04
C117.000
56,850
.
+750
Terminal
Gas Oil, F.O.B. Refinery or Terminal
Y.
+ 7,400
Bureau of Mines calculations of the requirements of domestic crude oil
are
produced.
c
N.
+2,800
3,800
117,000
requirements
Shut-downs
1.651
—800
based upon certain premises outlined In Its detailed forecast for the month of June.
As
templated
$1.05
17,300
5,000
219,300 )
97,200
64,700
59,800
14,850
3,800
+ 5,200
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
;
„
Tulsa
Oil, F.O.B. Refinery
53,400
73,300
Total United States. 3,491,000
-.05J4
.06>$-.07
Orleans.
Gulf
Shell East'n ,07^-.08
I California 24 plus D
C
42,750
140,800
Total east of Calif.. 2,896,400
$.05
New
.Q8H-.08H
| North Texas.04
$.04^1 Los Angeles.. .03J4-.05
Diesel
259,050
55,940
"
California ...........
•
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
Bunker
267,150
+550
_
New Mexico
Chicago
$.07)4-.08
RichOU(Cal) .08 J4-.08%
Warner-Q.. .07H-.08
(Bayonne)—
+2,300
56,900
222,200
95,500
66,950
62,700
15,350
106,400
Montana...!
Other Cities—
Texas
Socony-Vac
Fuel
267,800
57,813
the exception of California
New York—
Std.Oll N.J.1.06 H--07
(Bayonne)
263,023
54,700
Wyoming
prices of
73,350
265,000
174,300
the nation-wide advance in gasoline prices initiated
New York-
,
bl313222 1,281,000 -184,300 1,373,400 1,189,950
194,200
Arkansas
York-New
New
its
409,550
Coastal Louisiana..
Michigan....
wagon
71,900
North Louisiana...
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
N. Y.
1,427,300
Eastern (not incl. 111.)
by Sinclair Refining which become effective today. „*
New York—
372,550 —74,450
218,400 —41,250
210,700 —24,800
Southwest Texas
with certain scattered exceptions.
area
—5,900
151,600
Illinois.
5-1.0th
England marketing
439,250
165,880
West Central Texas..
Representative price changes follow:
to
428,000
152,400
North Texas
for the June 3 week.
l-10th
450,300
Panhandle Texas.
rate hurt withdrawals of
13—Socony-Vacuum Oil advanced wholesale tank
4
4
Kansas
playing a major role in
and fuel oil to extremely
in these products was
10 week, the American
Petroleum Institute report disclosed.
The Institute made
two revisions in these figures for the previous week, lifting
residual fuel oil in transit to 28,597,000 barrels from 28,
058,000 reported, and gas and oil distillate in transit to
7,115,000 barrels from 6,598,000 barrels reported previously
June
Week
Oklahoma.
gasoline from stocks but it is also
boosting stocks of gas oil, distillate
high levels.
The aggregate gain
1,881,000 barrels during the June
gasoline
1939
Week
IJune)
above the normal for this time of the year.
Daily average
runs of crude oil to stills for the June 10 week of
3,510,000
barrels were up 95,000 barrels.
Not only does
Four
Calcu¬
Stocks
and Distillates
of Residual
Fuel Oil
District
zNot Including 2% city sales tax.
"
Total
At Terms,
At Terms,
Total
Daily Average Crude Oil Production for Week Ended
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
Unjin'd
in Transit
and in
Pipe IAnes
Pipe Lines
June 10 Drops 181,850 Barrels
East Coast...
The
daily
American
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
June 10, 1939, was 3,376,950 barrels.
This was a drop of
181,850 barrels from the output of the previous week, and
the current week's figure was below the 3,491,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during June.
Daily average production
average gross
for the four weeks ended June 10, 1939, is estimated at
3,489,850 barrels.
The daily average output for the week
ended June 11, 1938, totaled 3,131,500 barrels.
Further
details as reported by the Institute follow:
.
Imports of petroleum for domestic
use
and receipts in bond at principal
daily
average
of 218,714 barrels, compared with
a
June
compared with
and
totaled
10
a
50,000
!v
-
Atlantic
barrels,
*
a
daily
average
of 7,143
daily potential refining capacity of the United
States,
Mines'
basis, 3,510,000 barrels of crude oil daily during the week, and that all
bulk, terminals, in transit and in
pipe lines as of the end of the week, 82,716,000 barrels of finished
and
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,602,000 barrels during the week.
RUNS
TO
STILUS AND PRODUCTION
ENDED JUNE 10, 1939
Daily Refining
Capacity
OF
GASOLINE,
Texas Gulf...
8,605
2,166
10,131
3,544
"459
Louisiana Gulf---.
2,478
847
29
5,262
1,466
No. La, & Arkansas
412
504
270
19
589
to Stills
Percent
Reporting
WEEK
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
615
100.0
567
92.2
149
85.9
107
83.6
1,627
1,719
114
15,410
8,806
1,690
60,696
24", 760
71,491
77,686
21,172
7,535
80,008
28,971!
4,930
5,030
650
1939...
76,421
77,312
82,716
83,637
a21,822
3, 1939...
Reported.
Est.
unreported!...
89.5
487
94.7
81.6
271
79.2
z990
1,440
316
50.3
112
70.4
June 10,
June
U.
89.5
862
96.3
97.3
138
95.2
North Louisiana & Arkansas
100
55.0
38
69.1
Rocky Mountain
118
54.2
59
92.2
215
90.0
525
70.5
1.466
85.8
3,166
86.5
10.239
Estimated Bureau of Mines basis,
figures
must
1938..
*
U. S
344
"At Terminals, &c." In Californla; District,
comparable with June 10 which includes amounts not previously
'
■.
Crude Petroleum and Petroleum Products,
1.363
3,510
„
April is traceable to the abandonment of
Saturday shutdown in Texas.
However, the daily average output in
the
about 70,.000 barrels (5%), rather than the theoretical
Most of the other States declined in daily average output in
3,415
Estimated Bureau of Mines basis,
Michigan.
of a 50% gain in drilling, production in Illinois increased only 7,000
barrels
daily
Michigan
April average
the
and
Production
March.
over
stills
to
has
been increasing steadily in
(60,400 barrels)
was
the highest ever
recorded in crude-oil production, but the increase in
was
larger and the accumulation in crude-oil
However, nearly 234 million barrels were added to
yield of gasoline increased from 44.4% in
this was virtually
stocks slowed
refinable stocks
March to 44.8% in April;
balanced by a decline in the distillate yield.
Principally because of adverse weather conditions,
was
11,602
11,238
*3,129 '
monthly
Refined Products
«
610,324 '
x June,
1938 daily average,
b This Is a
the U. S. Bureau of Mines June, 1938 dally average,
12% reporting capacity did not report gasoline production.
*
week's production based on
z
4,268
April, 1939
petroleum statement reported that the production of crude oil
continued to increase in April, when the daily average was
3,517,000 barrels, the highest .since October, 1937.
The
April average wrs 72,900 barrels higher than in March and
93,600 barrels abdve that of April, 1938.
The Bureau
further reported:
V
fuel was generally disappointing.
Exports of motor fuel also
being
20%
nearly
stepped up 5 or 6%
the consumption of
Tho indicated domestic demand
43,977,000 barrels, or only 2% more than the
barrels
B."of M. June 10, *38
111,776
For comparability with last year these
^
The
♦Estimated total U.S.:
4,268
a
be increased by stocks
b These totals
motor
10, 1939.
June
3,1939
28,971
b28,597
in April.
112
June
a82,268
a82,16l
■
*
23,156
85,608
78,566
June 10,
down.
37.3
Estimated unreported
"
B, of Mines
S.
*.
2,796
149
828
7,535
b7,115
a20,842
'V"
runs
491
1,000
Louisiana Gulf
.....
2,260
♦Est. total U. 8.:
A sizable gain was
1,969
419
California
573
recorded.
387
574
Reported
304
In spite
Production
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
Inland Texas..
185
,
14,101
April, although gains were recorded in Louisiana, Illinois, and •
Gasoline
Appalachian
Texas Gulf
"107
1,699
Mountain..
17-18%.
Crude Runs
3,615
0
"
California.........
Rocky
Texas increased only
at
East Coast
299
.
District
Rate
2,923
1,514
3,631
4,705
258
Most of the increase in output in
(Figures in Thousands of Barrels of 42 Gallons Each)
PetentiaX
43
!,278
"
The United States Bureau of Mines in its current
indicate that the"industry as a whole ran to stills, on a Bureau of
CRUDE
1,192
Inland Texas....
3,355
.
barrels
Reports received from refining companies owning 85.8% of the 4,268,000
unfinished gasoline.-
2,783
i
and Gulf Coast ports for the week
daily average of 18,000 barrels for the week ended June 3
companies1 had in storage at refineries,
*506
reported.'
26,357 barrels daily for the four weeks ended June 10.
barrel estimated
386
2,487
daily-average of 223,000
J
Receipts of California oil at
ended
84
13,360
7,586
1,531,000 barrels,
barrels for the week ended June 3 and 231,393 barrels daily for the fourweeks ended June 10.
21,614
3,370
...
Ind., 111., Ky
Okla., Kan., Mo...
*
United States ports for the week ended June 10 totaled
a
20,382
3,066
12,533
7,321
Appalachian
demand of a year ago.
failed to meet expectations, the total of 3,663,000
below last April.
Motor-fuel production was
above that of a year ago but as the total demand was
stocks increased to the extent of about
of about 1,700,000
Most of the gain was in hatural-gasoline stocks, but
virtually the same for the two years,
1,200,000 barrels in April, 1939, compared with a decline
barrels in April,
finished
1938".
stocks rose
April 30, 1939.
434,000 barrels to a total of 81,623,000 barrels on
.
.
3604
I
Financial
The demand for the fuels, including coke and still gas, continued to run
well ahead
of last
clined materially in
March, increased in April due both to increased produc¬
seasonable decline in
and
tion
However, stocks of residual fuel oil, which de¬
year.
data for which
demand.
Stocks of fuel oil
at
terminals,,
procured for the first time, declined in April.
were
According to the Bureau of Labor Statistics, the price index for petroleum
products in April, 1939, was 51.9, compared with 50.9 in March and 57.5
April, 1938.
in
represented by the data in this report
was
United States
The
of Mines reported
Bureau
that pro¬
ended
June 3 totaled 757,000 tons, or 151,400 tons per day for the
five working days of the week.
In comparison with the
six-day week of May 27 the daily rate advanced 10%, but
■was nearly 33% less than the rate obtained in the week of
duction of anthracite in Pennsylvania for the week
4,144,000
ESTIMATED
barrels; hence, the operating ratio was 80%, compared with 77% in March
and
June 17, 1939
June 4, 1938.
'
The crude-oil capacity
Chronicle
UNITED
COxMPARABLE
DATA
79% in April, 1938.
STATES PRODUCTION OF SOFT COAL WITH
ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tons)
SUPPLY AND
-
DEMAND
OF ALL OILS
(Thousands of Barrels)
Week Ended
-
June 3
Jan. to
'
"
March,
April,
April,
1939
1938
1939
1938
Bituminous Coal
Daily average-.
105,510
106,768
,408.243
409,895
3,517
3,444
3,423
3,402
4,232
4,232
4,171
16,475
3,416
16,722
•
—
Natural gasoline
Benzol.a
102,702
162
192
128
709
550
109,904
111,192
107,001
425,427
427,167
3,663
3,587
3.567
3,545
3,560
-
Total
production-.
Daily average.--
•
Imports bs
-
...
>
•
Crude petroleum:
;
5,860
Total
284
_ —
333
1,337
1,404
1.494
6,691
Coal equivalent of weekly output.
4,691 136,495 131,422 221,878
885
1,009
1,702
1,052
5,701
5,743
5,104 119,913 118,308
Includes for
purposes
e
May,30 weighted as 0.4 of a normal working a^y.
PRODUCTION
ESTIMATED
7,428
1,475
1,570
1,907
5,260
i
ANTHRACITE
PENNSYLVANIA
OF
BEEHIVE
COKE
659
454
2,288
441,003
2,280
444,028
114,677
115,051
111,189
3,823
3,711
3,706
•
•'
'
Week Ended
AND
'
•
•
(In Net Tons)
6,207
366
—
93,561
of historical comparison and statistical convenience th
production of lignite, semi-ar.thracite, and anthracite outside of Pennsylvania"
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per pound of coal,
c Re¬
vised.
d Sum qf 22 full weeks ended June 3, 1939, and corresponding 22 weeks
a
•
946
.
1,035
,
supply, all oils
new
226
2,648
-
6,210
el ,085
—
of 1938 and 1929.
'
4
Receipts in bond.
Receipts for domestic use.
Refined products:
Receipts in bond
Receipts for domestic use
1929
1938
1939
b—;
Crude Petrqleum
Daily average
1938
c
a—
Total, including mine fuel.
New Supply—
Domestic production:
Crude petroleum..---
1939
April,
1939
..v: V::;'
■
1939
Jan. to
April,
j
Calendar Year to Dale d
June 4
May 27
' "
..
.
Calendar Year to Dale
'
Daily average..—-
-
3,675
3,700
June 3
Increase in stocks,
cll9
4,617
all oils.——
/
•
3,891
4,269
1939
110,060
115,170
107,298
436,734
3,669
3,715
3,577
3,639
6,222
4,966
20,475
9,222
10,849
7,553
10.427
42,520
Residual fuel oils
24,806
28,071
22,124
51,790
106,375
1,791
1,987
43,254
4,333
7,800
22,279
1,591
158,859
Gas oil and distillate fuels
43,977
5,042
10,047
52
73
101
296
Daily average
Exports b:
415,894
3,466
..
,
Crude petroleum
Refined products
24,955
36,224
35,900
Domestic demand:
Kerosene
—
Lubricants
Wax
5,201
12,304
394
1929
c
c
col¬
10,900
of working
646
313
2,175
.5,003
5,058
208
848
658
5,376
5,073
20,472
19,339
,
181
187
166
694
572
833
1,493
2,546
4,683
9,124
94,616
99,355
89,318
380,359
354,715
.3,154
3,205
2,977
3,170
2,956
276,355
307,297
278,565
307,297
16,887
—
Total domestic demand.------
Daily average
—
"
Stocks—
;
,
Crude petroleum:
Refinable in United States
Heavy In California.
•
V.:
.■
278,565
15,814
15,198
*
16,887
15,198
5,484
Natural gasoline
Refined products
—
5,484
261,757
259,492
592,120
558.739
154
171
From Coal Economics Division,
6,179 ;
•
149
152
166
b Imports-of crude as reported to Bureau of
CRUDE
PETROLEUM
BY
STATES
AND
May Anthracite Shipments ,Off 13.14%
Shipments of anthracite for the month of May, 1939,. as
reported to the Anthracite Institute, amounted to 4,205,564
net tons.
This is a decrease, as compared with shipments
during the preceding month of April, of 636,207 net tons, or
.13.14%, and when,compared with May, 1938, shows an
increase of 384,148 net tons, or 10.05%.
Shipments by originating carriers (in net tons) are as
;
follows:
;
^
v--;
April,
May,
1939
1939
1938
Reading Co......
Lehigh Valley RR
794,024
763.349
848,682
841,065
974,939
718.274
368,001
461,889
317,344
622,471
700.448
Delaware & Hudson RR. Corp
466,590
468,665
348,377
501,403
.
565,626
193,014
159,354
303,315
427,670
181,556
563,623
475,355
321,160
334,328
131,166
276,519
119,101
179,678
4,205,564
4,841.771
3,821,416
2,892,822
....
380,083
:
TotiL..———————
Jan. to April
April,
1938
574,285
Central RR. of New Jersey....
Lehigh & New England RR..........
1939
April,
Delaware Lackawanna & Western RR.
New York Ontario & Western Ry
March,
April, 1939
May,
Erie RR.. v—
(Thousands of Barrels)
,
,
20,857
Adjusted to make comparable the number
Pennsylvania RR...'
PRINCIPAL FIELDS
■
2,753,100
3,455
+.
„
Mines; all other Imports and exports from Bureau of Foreign and Domestic Com¬
merce.
c Decrease.
OF
c
592,120
Days' supply
PRODUCTION
b Excludes colliery fuel,
days in the three years.
261,757
554,122
456,000
2,020
6,179
257,232
558,739
——
—
4,721
259,492
266,700
1.967
dredge coal, and coal shipped by truck from authorized
_
1,572
1,654
.
Losses
Includes washery and
11,800
9,800
1,633
1,817
Daily average
a
388
5,380
Still gas
M lscellaneous.
,
1938
1939
Beehive Coke—
operations,
"
228
1,840
;
Road oil
Total all oils
including
6,568
7,040
1,269
-
Asphalt-'-.— ,-i
•
1938
757,000 825,000 1,128,000 23,413,000 20,582,000 31,012,000
liery fuel, a
241,300
182,200
160,200
151,400 137,500
225,600
Daily average
.Comm'l production.b. 719,000 784,000 1,072,000 22,242,000 19,553,000 28,779,000
151,550
19,860
42,580
97,446
267
Coke
Total,
United States total-,.
Motor fuel.
a
1939
Pa. Anthracite—
Total demand
.
June 4
28,134
Demand—
.
May 27
428,877
301,834
251,348
*
280,344
117,816
1938
...
Daily
Total
Arkansas—Rodessa.
Rest of State
1939
Average
123
.
159
4.1
1,679
1,359
1,576
53.1
1,740
2,431
457
48.6
1,504
1,746
.
635
87.8
2,639
719
424.0
13,401
14,450
6,704
5,879
10,213
51,525
404
613.5
19,284
21,647
74,381
1,520
•
>
'
-
_H
Total California
3,020
5,759
According to preliminary estimates made by the United
9,761
States Bureau of Mines and the National Bituminous Coal
6,887
11,048
59,008
86,704
90
132
399
466
415
180.5.
5,380
1,388
19,783
4,954
60
2.0
59
73
235
282
Kansas
221
174.0
5,489
5,104
19,891
20,862
Kentucky
418
13.9
437
432
1,755
1,706
22,723
124
_
Illinois
_
Indiana
Louisiana—Gulf coast
5,777
5,307
28.2
861
1,254
3,460
47.4
1,399
1,157
5,470
4,504
269.5
8,037
1,757
7,718
31,593
6,728
60.4
1,655
479
449
410
104.7
3,277
2,925
406
—
Ohio......
16.0
,142,
.....
13.5
418
8.5
274
255
Oklahoma—Oklahoma Clty.
,
3,907
7,370
Total Oklahoma
Pennsylvania
,069
469.0
14,777
,406
46.9
Texas—Gulf coast
West Texas
,443
348.1
1,432
10,787
220.1
6,772
East Texas
,602
,407
12,389
13,244
Panhandle
,177
72.5
2,053
872
29.1
909
Rest of State
Total Texas
West Virginia
,231
307.7
42 732
1,424.4
9,026
41,936
13,344
14,686
28,032
33,836
Rest of State
Total Wyoming
63,829
9,699
40,952
36,959
5.899
25,750
48,683
23,128
53,554
2,004
7,928
7,906
1,144
3,548
3,724
33,244
8,525
40,515
9.6
312
317
425
14.2
514
,237
41.2
1,161
986
,662
55.4
1,675
6
34,884
161,745
1,161
482
105,510
14,649
56,062
5,439
288
Working
Day
(Net Tons) "
Cat. Year to
End of May
(Net Tons)
(Net Tons)
6,182
158,515
1,238
1,904
Ji/ay,sl939 (preliminary)—
Bituminous coal
.
26.3
680,000
26.0
195,000
<-133,357,000
23,038,000
23,600
27 0
874
260,400
10,747.000
24.3
442,000
220,700
17,880,000
.a
Anthracite.b.
;__
—
Beehive coke
•
5,071,000
April, 1939 (revised)—
Bituminous coal
.a
Anthracite-b
5,296,000
24.0
Beehive coke
19,900
25.0
21,321,000
25.3
4,255,000
58,400
796
May, 1938 (revised)—
Bituminous coal.a
Anthracite.b
Beehive coke
;
'843,000
128,127,000
25.0
170,200
26.0
2,246
19,762,000
452,100
■
3,789
production of lignite and of anthracite and semi anthracite outside of Pennsylvania,
1,468
1,814
4,373
6,187
5,693
b Total
5
23
23
3,517.0 106.768 102,702
408,243
409.895
Other, a
Total United States
Average
per
Working
Days
„
15,344
3,503
of '
for
Month
1,737
3,737
7,897
15,137
1,497
.2
Wyoming—Salt Creek......
a
•
,
Number
Total
1,081
3,500
446.9
-
1,562
1,017
129.3
Rodessa
6,258'
274
107.6
,229
5,050
429
232.1
....
21,245
12,245
,962
*
Rest of State.
'
1,749
12,225
1,589
.878
Seminole
Commission, bituminous coal output during the month of
1939, amounted * to 17,880,000 net tons, compared
with 21,321,000 net tons in the corresponding month last
year
and 10,747,000 tons in April, 1939.
Anthracite
production during May, 1939, totaled 5,071,000 net tons,
as against
4,255,000 tons a year ago and 5,296,000 tons in
April, 1939., The consolidated statement of the two afore¬
mentioned: organizations follows:
/.
May,
30,799
,811
......
New York
193.9
,086
Total Louisiana
816
847
;
__
Rest of State..
Michigan
,
"
'
423
Rodessa...
Montana
New Mexico..
4.1
Preliminary Estimates of Production of Coal for Month
of May, 1939
>■
4,801
.50.9
593
_
Rest of State
Colorado..
5,696
6,281
46.8
526
—
Long Beach
Wilmington
958
403
Total Arkansas
California—Kettlfem an Hills.
1938
585
217
a
Includes for purposes of historical comparison and
production,
statistical convenience the
including colliery fuel, washery and dredge coal, and
coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of
the complete canvass of production made at the
end of the calendar year.
Includes Missouri, Tennessee, and Utah.
April Portland Cement Statistics
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its current
weekly coal report stated that the total production of soft
coal in the week ended June 3 is estimated at
5,860,000 net
tons.
The decrease from the preceding week, 350,000 tons,
or 5.6%, was due to a
partial holiday observance of Memorial
Day on May 30.
Production in the corresponding week
last year was estimated at 4,691,000 tons.
The
Portland cement industry
in April, 1939, produced
9,674,000 barrels, shipped 9,654,000 barrels from the mills,
and had in stock at the end of the month 23,806,000 barrels,
according to the Bureau of Mines.
Production and ship¬
Portland cement in April, 1939, showed increases
ments of
of 21.2
1938.
than
and
ll.l%,\respectively,
Portland cement stocks
a
year ago.
as
compared with April,
6.9% higher
at mills were
Volume
148
Financial
first
1939, is estimated as $28,168,000.
According to the reports of producers the shipments totals
for the quarter include approximately 818,000 barrels of
high-early-strength Portland cement with an estimated mill
of
quarter
Lead
shipments—19,151,000 barrels—in
The mill value of the
the
value of $1,528,000.
In the following statement
Buying of lead continued at
as
soon
sellers
weeks
of
Sales
7,644
37.7%
45.7%
37.4%
27.9%
about
43.5%
42.8%
41.9%
41.3%
Production
1939
1938
.
totaled
week.
here,
Actual
at
according
market.
has
consumption
basis
which
with
compares
of
requirements
consumers
York,
New
largely
depends
the
on
of lead in this country is held
shown
of
signs
no
&
American 1 Smelting
the
of
4.80c.,
diminishing.
Co. was
Refining
yesterday.
Zinc
'
■'
_
booked, sales for the period totaling
was
grades against 5,178, tons in the previous week.
common
the
4,272
tons
the
in
With the
tons.
quotation
here
was
talk
762
continued
at
41/£c.,
St.
of
domestic
higher
a
increased
to
the foreign equivalent and
spread between
no
orders
Unfilled
previous.
week
narrow
there
Western
511
4.65c.,
since
and
prices
lead
in
tons,
lead
observers,
to
though the market abroad yesterday
1,956
490
6,141
The position
1,736
1,842
681
days in the
few
York,
New
revision
June
4,830
1,995
557
in the last
4.80c.,
at
price
3,864
1,519
2,773
1,935
Eastern Pa., N. J. and Md
New York and Maine.
week
good week's business in zinc
against
1939
1938
excellent buying for
enjoyed
Early June 14 the price advanced
Shipments also improved, the tonnage being 4,346 tons of common grades,
of Month
Shipments
,
1939
the
previous
trend
settling
33,989
1938
for
7,154 tons of the
.
Stocks at End
District
first
'
A
'
.
the
June 14.
on
recovery
reserve
some
quotation
the
marks
the
strong.
The
CEMENT, BY DISTRICTS, IN APRIL
lln Thousands of Barrels)
fair
a
80% covered, with the July at 40%.
established
..
quite
PORTLAND
OF FINISHED
PRODUCTION, SHIPMENTS, AND STOCKS
lead
in
price
be
24.3%
41.8%
of
tons
The
The 12 months ended...
staged
April 11.
to
The month.^.1
This
action of the London
Jan. 1939
Feb. 1939
1939
showed
establishing
Louis.
TO CAPACITY
April 1938 April 1939 Mar.
and
strengthened
Those
good rate and the undertone
a
market
booking additional business.
points,
St.
London
operating against current intake have
matter
are
OF PRODUCTION
the
as
several
five
of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 161 plants at the close of
April, 1938 and 1939.
RATIO
3605
Chronicle
even
The price of Prime
firmed slightly.
Louis.
price,
.
2,846
667
821
802
399
559
586
530
2,015
! 2.033
439
681
796
793
2,900
955
1,058
935
1,122
1,680
2,700
1,755
Eastern Mo., Ia., Minn. & S. Dak
W. Mo., Neb., Kan., Okla. & Ark
625
858
730
748
2,642
2,819
535
657
618
673
1,907
2,025
Texas
751
720
580
665
853
709
Colo.. Mont., Utah, Wyo. & Ida.
194
208
246
302
451
392
California
795
906
891
985
1,253
1,228
1.31
530
176
607
405
733
7,983
9,674
8,691
9,654
22,262
23,806
Ohio, Western Pa., and W. Va_.
Michigan.
;
"
Wis., 111.. Ind.and Ky-_.__.__.
Va., Tenn., Ala., Ga., Fla. & La-
Oregon and Washington..
.
"
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
/
|
.
mittee
voted
The 'Buffer
in
by
the
June
1938'
4,390
4,575
5,043
25,023
24,361
5,879
7,983
8,171
7,259
8,467
22,979
823,796
9,674
8,691
9,752
22,262
23,806
10,361
10,535
10,943
22,467
10,164
11,823
11,716
23,286
22,534
21,374
13,357
20,569
8,573
22,179
6,281
23,954
.
10,968
11,007
July..
August
"
—
10,559
September
October
11,556
November
10,184
December
8,066
*
:
5,640
Total
...
9,654
105,548
__
concerned
are
to -ultimate
follows:"
as
.
OF
of
the situation
exports of tin
,
June 8, 46.700c.; June 9,
June
13,
QUOTATIONS)
("E. & M. J."
Straits
Zinc
Lead
Tin
Export,
St. Louis
Neto York
New York
St. Louis
8
9,775
9,800
48,700
4.75
4.60
9
9.775
9.775
48.500
4.75
4.60
4.75
4.60
4.75
4.60
4.50
Refinery
9.775
9.775
48.500
June 12
9.775
9.750
48.300
-
4.50
•
4.50
June 13
9.650
48.400
4.75
4.60
4.50
9.775
9.675
48.700
4.80
4.65
4.50
Average
,«
9.775
June 14...:.
9.775
9.738
48.517
t.4.758
4.608
4.50
..
-
Average prices for calendar week ended June 10 are: Domestic copper f.o.brefinery, 9.775c.; export copper, 9.808c.; Straits tin, 48,683c.; New York lead, 4.750c.!
St. Louis lead, 4.600c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
>
The above quotations are "M. & M. M's" appraisal of the major United States
markets based on sales reported by producers and agencies.
They are reduced to
Non-Ferrous Metals—Lead Price Raised Five Points on
Higher London Market—Tip Quotas Increased
Mineral
and
in its issue of June
Markets,"
metals holding up
All prices are in cents per pound.
noted.
Action
materials.
gic
trade
be
for two
President's monetary
years,
for the week totaled
23,852
have
Stocks
during
got
comfort out of
combined
that
about
A
in
a.
of
total
balance.
in
in
States
224%
222
14%
14%
14%
14%
14%
47%
41%
41%
46%
222%
14*16
14*16
131*16
14116
41%
42h6
47%.
224%
227%
225
14»i6
141116
increased
'•
increased
hand up to 342,419 tons.
The industry
in stocks of blister of 9,960. tons,
blister and refined decreased 54 tons.
Pro¬
deliveries of refined (domestic and export)
of
domestic
May
copper
were
,10,817
90,606
in
11,173
April
U. S. domestic
U.
S.
4,183
......107,011
153,678
172,296
332,513
Foreign
190,209
342,419
178,479
the
of
position
Effective
cent
London
foreign
market
on
than
to
more
producers,
520,898
June 14 reflected the firmer
and sales of copper by the
than
13%ccarload lots.
an
adjustment
in
This change was viewed as being
published
schedules.
,
14*16
14*16
14
pounds sterling per long ton (2,240 lb.).
n
U. S. Steel
Corp. Shipments Higher in May
panies of United States Steel
subsidiary com¬
Corporation for the month
of May, 1939, amounted to 723,165 tons.
The May shipments compare with 701,459
tons in the
preceding month, an increase of 21,706 tons, and with
465,081 tons in the corresponding month in 1938 (May),,
an
increase of 258,084 tons.
* '•
•
,
1939 to date, shipments were 3,659,833 tons
compared with 2,532,297 tons in the comparable period of
1938, an increase of 1,127,536 tons.
7
v
In the table below we list the figures by months since
For the year
January, 1935:
OF
SHIPMENTS OF STEEL PRODUCTS
YEARS
BY MONTHS FOR
INDICATED
Year 1935
—
Year 1936
Year 1937
Year 1938
Year 1939
534.055
Month
January
721,414
676,315
783,552
1,149,918
1,133,724
1,414,399
518,322
474,723
789,305
677,994
767,910
979,907
1,343,644
1,304,039
June
582,137
668.056
591,728
598,915
578,108
July
522,7.22
170,472
5,000 tons.
June 8, the base price of bare copper wire was lowered oneto
All are
547,794
624,497
614,933
February.
b Duty-free copper.
in
14»i.
lead and zinc are the official
March
April
May
Totals
14^16
222%
Shipments of finished steel products by
113,666
Stock at end, refined:
68,536
225
buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers*
for
Prices
45,961
12,669
101,936
.166,308
Totals
42%
August
165,022
58,368
Foreign
amounted
—
May
exports.b
Foreign.
Totals
107,940
United States.b
Improvement
June 14____
15,840
Production, refined:
more
disappoint¬
United States
-
al60,206
Totals
quarter
substantially
42,484
Deliveries, refined
47,759
13,799
86,486
^ Foreign scrap.
Corrected,
June 13..
TONNAGE
Foreign mine
statistical
tons
on
April
48,749
U. S. scrap, &c
Cartel
9,906
reduction
Exports
...
-
of the April and May statistics of the Copper Institute,
U. S. Mine
no
47%.
47%
411516
follows:
tons,
Production, crude
a
423,6
41%
prices.
in
14%
41%
[
Uinted
14%,
9..^
but there is some doubt about
the
14%
8____._-
the preceding month.
There was
the small decrease in domestic mine output.
summary
short
and
during May than
higher
ment
stocks
blister
of
duction
were
copper
May," bringing the total
some
so
refined
of
3M
-14*%
223
June 12
fabricators in some directions is -reported to
The price ctiJitinues steady at 10c., Valley.
by
*
June
13,371 tons, making the total sales for month to. date
Business
tons.
.improved this month.
Spot
225%
June
the
the
as
(Bid)
Sppt
The
improved buying of copper that started two weeks ago continued
early part of the last week, but interest appeared to grow les6
London market declined below domestic parity on June 12.
Sales
The
into
3M
Spot
3M
will
Copper'
.
Zinc
Spot
3M
soon.
The publication further reported:
5%.
Lead
Tin, Std.
powers
for the third quarter have been
Tin export quotas
Copper
Electro.
42 %
price of both domestic and foreign silver.
the future of the
t
is expected
silver
on
the
that
expects
extended
Copper, Std.
President Roosevelt
stockpile bill for the accumulation of strate¬
has signed the
(
Daily London Prices
of price changes was- an advance in lead
announced On June 14.
and future
only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is, devered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
ered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries-on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.l.f. priced-Hamburg,
Havre and Liverpool.
The c.l.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery quotation,
"
deliveries; tin quotations are for prompt delivery
The
ing during the last week again was in good volume.
feature in the way
of five points
15,
non-ferrous
well, compared with recent months, buy¬
major
of
consumption
with
that
4.50
•
Copper, lead and zinc quotations are based on sales for both prompt
reported
46.550c.;
.
1
METALS
the basis of ca«h, New York or St. Louis, as
"Metal
45%.
over
control
46.300c. y
12,
June 10
106 524
'
+.L J
to
June
22,875
Revised.
a
5%
quarter
June
824,092
1
•
nominally
46.850c.
14,
a23,6U
5,506,
June
experts
46.500c.June
Domestic,
Refinery
5,301
3,916
:
third
the
'
was
10,
14.
word that the com¬
left unchanged and the barter plan was
point
Electrolytic Copper
4,534
May
99%,
June
;
1939
1938
1939
February
April
on
Government.
DAILY PRICES
January
March...
for
quotaB
was
Tin
to
seems
the price eased
Month
Shipments
1939
1938
discussed.
which
the International
what
over
that the quotas for the third
rumors
on
Later
export
week
at the meeting held in Paris, June
upon
arrangement
"officially"
Stock at End of
Production
raise
to
Pool
Bolivia,
46,500c.
(In 1 housands of Barrels)
Month
wuold be lowered.
quarter
all
unsettled
was
decide
Early June 14 the price advanced
Chinese tin,
CEMENT, BY MONTHS
'
.
market
Committee might
not
Total.
London
The
Tin
984,097
886,065
572,199
501,972
465,081
478,057
441,570
558,634
686,741
961,803
1,007,417
November—
681,820
882,643
1,268,550
1,186,752
1,107,858
1,047,962
792,310
587,241
December..
661,515
1,067,365
489,070
679,653
694,204
"Yearly adjustment. —(23,750)
—(40,859)
—(77,113)
+ (30,381)
7.347,549
10.784,273
12,748,354
Septem ber...
October
—
Total for year
—
950,851
923,703
577,666
963,287
6.655,749
701,459
723,165
3606
Steel
Financial
Slightly,
Off
Operations
but
Are
"Iron
June
17, 1939
to
indicated* that the operating rate of steel companies having
that
capacity for the week beginning June 12, compared with
Expected
Go Higher
The
Chronicle
96% of the steel capacity of the industry will be 53.1% of
Age" in its issue of June
15 reported
although steel ingot production this week has declined half
54.2%
point to 523^% of the industry's capacity, this slight
change has no special significance, merely indicating that
some plants have replenished stocks of semi-finished steel,
which were depleted during the coal crisis in early May.
The "Iron Age" further stated:
3'ear ago.
a
in the
future.
near
contrary, the rate probably will go up moderately,
possibly to
about
heavier
during
60%
July and
August,
when
much
IQltt
June
June
13.-,.-27.1%
May
peak of
a
May
of
sheets and strip against recent low-priced commitments will be made.
fact, it appears that the bulk of the production of this tonnage will
In
come
during the third quarter, when the automobile industry will be engaged in
:
,
Some
in steel
gains
district is up six points to
two points to
have
operations
reduction in the rate for the
industry
occurred
this
whole.
week,
.
the
and the South
Ohio River district has gained three points to 61%.
Chicago district, which is three points lower at 4934%, and in the St. Louis
and
of steel production, are strong and are
which has forced dealers to go into the
possibly headed higher.
Oct.
31
unusual situation.
stronger as a result of continued
lower, but that is
$13.75,
25c.
or
The
Pittsburgh market is
In
some
50c.
higher
The Philadelphia market is also
export shipments.
Only at Chicago
readjustment due to
a
21c. to
are
have
market began
Apr.
9.
Apr.
in
May
May
13.J—.54.8%
Feb.
its
May'
May
May
of
summary
the
The "Iron
Last
The
rise
the
in
June, the
year in
rapid advance which carried the "Iron Age" com¬
a
53.1%
and
iron
June 12 stated:
:
*
appeared in requirements of some miscellaneous
Releases
users.
Ingot production has extended its recent upturn to 5334%.
rise for the
week, and comparing with 2534%
increase of 8 points the past three weeks,
likely to be small.
are
134-point
a
This marks an
a year ago.
but subsequent gains this month
Some districts plan unchanged schedules at least
until after July 4.
r
,
'
.
Operations will be retarded for a number of weeks by light consumption
purchase at
$14.79, which is only 50c:
year's peak figure of $15-29 in late March.
composite from its low point of the year is 71c.
scrap
mill
a
below last week's maximum quotation.
a ton
composite price has risen
scrap
below this
Nov. 28
on
2.
16
against flat-rolled steel orders are increasing gradually, and moderate gains
•
Age"
61.0%
Cleveland
of
Apr.
50.7%
51.7%
52.7%
49.4% Jan. 23
51.2%
53.7% Jan. 30
52.8%
6—.53.4%
56.8% Feb.
7
Nov.
—
steel markets
shortage of scrap
a
Pittsburgh district to supply Youngs¬
largely because of this outside demand.
quotations
12__,
24
3
10
17
Apr.
Changes in finished steel demand generally are for the better.
districts, notably Cleveland and Youngstown, there is
mills, an
June
Oct.
Western districts.
Steel scrap prices, which sometimes give advance indications of the trend
town
June
17
These
offset by losses in the Pittsburgh district, down one point to 40%, the
are
53.7%
Oct.
"Steel"
56.1%
62.6%, Feb. 20
5—22.4%
11
.32.3%
18
36.4%
25
37.0%
1_.
.39.8%
8
39.4%
15.
40.4%
Aug.
Mar. 27
61.9% Feb. 27—55.8%
55.1%
60.7% Mar. 6
51.4% Jan.
Aug.
55.4%,
51.7%
38.8%
Nov. 21
46.7% Jan.
47.9% Jan.
10
Aug.
55.7%
57.6%
Nov. 14
Sept. 26
3
Oct.
July
Mar. 13
Mar. 20
54.7%
52.1%
,
50.9%
24.
48.6%
l._
47.8%
8
47.0%
15
45.4%
22.....48.5%
29
52.2%,
5.....54,2%
Oct.
July
1939—
6—39.9% Dec. 19
Sept. 12
45.3% Dec. 26
1939—
Sept. 19
47.3%
28.7%
7.7%, the Cleveland-Lorain district has gained
53%, the Birmingham district is five points higher at 5534%
one
59.9%
Sept.
28.0%
July
despite
Aug. 29
June 27
The Wheeling-Weirton
as a
and 27.1%
ago
1938—
5
42.8% Dec.
44.0% Dec. 12
June 20
July
'
initial runs on 1940 models.
month
one
1938—
Aug. 22
9
30.4%
16
30.7%
23
29.0%
31
26.1%
6——26.2%
May
On the
shipments
45.4%
ago,
indicated rates of steel operations since May 9, 1938, follow:
May
No sharp decline in operations is expected
week
one
This represents a decrease of 1.1 points or 2.0%
from the estimate for the week ended June 5, 1939.
Weekly
in the automotive industry, despite attempts by mills to accelerate
of
low-price sheet and strip backlogs.
shipments
Until the model changeover period
has been bridged other steel consumers must provide the principal support
production.
to
A.
;i
Termination of the
Briggs strike not only helped to
push
automobile
posite up $3-83 from its low point by Aug. 9, and during that period the
assemblies up sharply last week but permits the resumption of tool and die
steel ingot rate went up
work for new models.
Aside
from
sheets
steady volupie.
from 25 to 40%.
and
strip,
against blanket commitments
and in
incoming tonnage is
holding at
fairly
a
In the flat rolled products the specifications this month
many instances
were
are not so
heavy
as
they
expected to be
were
specifications have been received, buyers are
Building construction is still the mainstay of total steel demand, with
plate also making
good showing at
a
steady
a
70% production rate.
tool and die workers through union demands
among
of the
preceding holiday period and
Heavier steel
products continue
rather
It is the opinion
substantial improvement in steel business
as
a
a
healthy revival of railroad
awards last week from the
placed
box
Congress and carloadings pursue
Rail
machine tool sales in
May to
upward trend.
A sharp increase in
exceptionally high index figure of 219-8
an
would give greater satisfaction to the machine tool industry if it did not
represent so large a portion of business stimulated
here and abroad and
Large tonnage awards of steel
However,
line
mile
the
Illinois
field
infrequent except in the building field.
are
from
the
Fabricated structural steel lettings, at
the
preceding week, but
9,000 tons for
a
new
Youngstown
17,500 tons,
Sheet
&
130-
Tube
Co.
smaller than in
were
projects total nearly 26,000 tons, including
bridge at Woodbridge, N. J., and 4,500 tons for
center administration
*
•
•
oil company has bought 8,000 tons of 10-in. pipe for a
an
in
by Government spending
correspondingly little private investment.
building in Washington.
municipal
a
One of the largest awards
5,400 tons for the Shore Road Parkway viaduct in Brooklyn.
Rockefeller Center building inn New York will take 3,600 tons.
was
A
"IRON AGE"
COMPOSITE
it will build.
cars
orders
Finished
June 13, 1939, 2.236c. a Lb.
freight
include
cars are
One week ago
One month ago—t
Foundry operations
iron
shipments
May.
beams, tank plates,
a
3
2.236c
2.211c
....2.512c.
May 17
1937
....2.512c.
Mar.
1936
..-..2.118c.
2.249c
Dec. 28
....2.062c.
9
2.016c
Oct.
2.249c.
1935....
1934
2.056c
1
...
cent
1.945c
1.792c
Sept.
6
1.870c
2.192c.
Jan.
7
1.962c
Jan.
4
2.212c
.
,
,
2
May
,
.-2.402c.
8
Jan.
,
1930
—
Jan.
,
3
2
Mar. 10
,
Oct.
1932
1927
Mar.
,
Apr. 24
1.953c.
2
Mar. 15
Oct.
Nov.
13,
1939, $20.61
a
1
fBased on average for basic iron at Valley
furnace and foundry Iron at Chicago,
—$20.61-{
20.61
Philadelphia,
23.251
Southern iron at
Valley
1938.1.
$23.25
and
Cincinnati.,
Low
High
'
.
Buffalo,
June 21
$19.61
July
6
1937....
23.25
Mar.
9
20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug. 11
1935
18.84
Nov.
5
17.83
17.90
May
1
16.90
Jan.
27
1933
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5.
13.56
Dec.
6
1930
18.21
Jan.
7
15.90
Dec.
16
1927.
19.71
Jan.
4
17.54
Nov.
Steel
June
13, 1939, $14.79
a
Gross Ton
1
.$14.58
14.08
One year ago
Scrap
Based
No.
1
heavy
melting
1939....
Steel
firmly
,
being stimulated by re¬
accqmpany improved
buying,
in
highest in nine weeks.
centers
most
last
week,.
Pittsburgh
Other
Chicago declined 1 point to 5234.
37,
Cleveland at
Unchanged districts
53,
Buffalo^ at
and
44,
unchanged at $55.70.
.
ingot production for the week ended June
steel
is
12
of
shade below 54% according to the "Wall Street
June 15.
This rate was slightly below the
schedule, although showing an increase of nearly llA points
over
the o2}4% production of, the previous week.
Two
weeks ago the ralte was 483^%.
THe "Journal" further
reported:
•
\
The
entire
recorded
a
independents
wh°
gain of better than 4 points to above 6034%, compared
with
Steel
upturn
was
accounted
5634% in the preceding -week and
subsidiaries
are
week's output.
for
by
53 34%
leading
two
weeks
estimated at 46%, a drop of 134 points
ago.
U.
S.
below the previous
Two weeks ago the corporation was at 4234%-
following table gives
a
comparison of the percentage of production
the
approximate changes, in points, from the week immediately preceding:
Chicago.
U. S. Steel
Independents
Low
Nov. 22
11.00
June
Mar. 30
12.92
17.75
Dec. 21
12.67
June
1935
13.42
Dec.
10
10.33
Apr.
1934
13.00
Mar. 13
9.50
1933
12.25
Aug.
8
6.75
Jan.
3
1933
July
5
1932
Dec.
9
1931..
8.50
Jan.
12
6.43
15.00
Feb.
18
11.25
15.25
Jan.
17
American Iron and Steel Institute
yet
in flat-rolled
and Youngstown was up 3 points to 51,
Industry
reports
not
*
a
15.00
telegraphic
This is the
heavier
was
Pennsylvania dt
Journal"
21.92
that
Higher prices
The finished steel price composite is
1937
1927
are
business
new
.
$14.08
1932
sheets
on
coverage
the heaviest since March.
Chicago, Pittsburgh and Philadelphia have moved the scrap
1 point to 43%
eastern
Mar. 28
1930
are
62 cehts to $14.62.
Detroit at 57.
$15.29
1936
previous
5 points to 40 in New England, 8 points to 68 at Cincinnati, and 934 points
were
1938
nounced
up
production
11.00
High
The
of
with the nearest corresponding week of previous years, together with
on
quotations at Pittsburgh. Philadelphia
and
habitual weakness in reinforcing bars, plate quota¬
scrap markets are more active, demand
to 47 at St. Louis.
The
One week ago
One month ago
quoting
are
gains included 3 points to 73 at Wheeling, 7 points to 67 at Birmingham,
May 14
1934
—
Pig iron sellers
what little third quarter businesses appearing.
Because
placed at
Gross Ton
One year ago
steady compared with
29
Pig Iron
June
One week ago.
One month ago
on
gains in steel making.
increased
8
are no better than
being shaded, and official levels
are
May 16
Oct.
.
1,915c.
.....
1933
lagging behind the steelmaking trend, and pig
are
far this month
In addition to almost
Ingot
-
70%.
-
Finished steel prices still are subject to concessions in certain instances.
composite
1938...
so
unchanged prices
and increases at
.
3,000
but heavy
number of weeks.
a
decrease in the iron movement.
wire, rails, black pipe, sheets and hot
Low
"the Reading-Central of New Jersey.
In some districts seasonal curtailment of foundry schedules is re¬
flected in
rolled strips. These products represent
85% of the United States output.
High
2.286c,
Jan.
for
in demand and operations is believed near,
in prospect for
2.236c.I'
1939
Pennsylvania will build 25 locomotive tenders.
tons
pending for three roads.
season
are
2.236c.•{
2.487c.l
One year ago...
The
2,000
Tin plate specifications continue active, with production holding at
Peak of the
shipments
Leading
on steel bars,
falling off in
a
Texas Corp. has
Lehigh & New England RR. has ordered 50
products is scant, but shipments
Steel
fBased
develop¬
New inquiries for track material and equipment are small but nearly
tions
PRICES
fairly heavy despite
peak level of the week before.
7,000-ton pipe line.
a
established.
THE
market
freight cars, and the Milwaukee road has bought 8,500 tons of steel for 1,000
equipment buying, which may be helped along if the Wheeler bill passes
an
prominent in
Shipments of structural shapes and concrete reinforcing bars show
ments.
production, and the orders from the oil industry,
ago.
year
a
8,145, Ford from 1,600 to 17,660 and all others from 6,075 to 8,820.
further gains and new business continues
taper off on seasonal
62.5% larger than
were
23,670 to 30.640, Chrysler from 1,100 to
to
while slightly better, leave much room for improvement.
other motor
on
.
Motor car assemblies of 65,265 units last week more than doubled those
Railroad buying is disappointing, the farm implement industry is beginning
of many in the steel trade that no one factor could contribute so much to
of additional disturb¬
seen
companies.
General Motors increased from
requesting July and August shipment.
tin
ances
However, possibility is
which
13.08
May 16
1939
54
+ 134
46
7
1938
2634
+
27
Nov. 10
1937
76
+1
88
9
1936
7034
+ 1
65
29
1935
Sept. 25
1934
Nov. 22
39
:
it
June
had
12
an¬
received
1927
2634
+4
34
+
34
+ 1
+
+ 134
34
41
—1
69
—134
49
+2
7434
—1
55
+2
Not Available
3734
1930
1928.-
+
38
+ 134
60 34
-
66
35 34
—1
60
47 34
68
1929
on
34
—134
+ 34
96
—
—3
6434
94
100
34
—3
71
37
—3
72
—3
—
73
—1
39
—134
:
,
76
74
•
—134
—3
—
34
—3
7034
—134
—4
68
—3
Volume
Financial
148
Chronicle
3607
Current Events and Discussions
banks.
Holdings of Treasury notes increased $43,000,000 in New York
City and $27,000,000 at all reporting member banks, and decreased $13,000,000 in the San Francisco district.
Holdings of United States Govern¬
The Week with the Federal Reserve Banks
During the week ended June 14 member bank reserve
balances increased $48,000,000.
Additions to member bank
reserves arose from
decreases of $50,000,000 in money in
circulation and $7,000,000 in Treasury deposits with Federal
Reserve banks and increases of $29,000,000 in Reserve bank
credit, $40,000,000 in gold stock and $4,000,000 in Treasury
currency, offset in part by an increase of $84,000,000 in
non-member deposits and other Federal Reserve accounts.
Excess
to be
of member banks
reserves
June 14
on
approximately $4,260,000,000,
district.
porting
June
_
3,000,000
i1
Bills bought
15,
advances
a
$12,000,000.
Borrowings of weekly reporting member banks amounted
1938
June 7.
•
—
+29,000,000
+18,000,000
2,605,000,000
+29,000,000
16,027,000,000
+40,000,000
+7,000,000
+3,077,000,000
2,868,000,000
____
+4,000,000
Increase,
7
ASSCt3''rrt
+161,000,000
.
7
June 7,1939
.
Member bank reserve balances.....10,101,000,000
Money in circulation
2,570,000,000'.
Treasury deposits with F. R. bank..
928,000,000
Non-member deposits and other Fed0
•
eral Reserve accounts' 967,000,000
1
.•
+84,000,000
«3>
brokers
securities..
+262,000,000
.
,«
Other
3,S33,000,000
+11,000,000
—129,000,000
309,000,000
+1,000,000
•
loans
in
dealers
and
699,000,000
—,
—
for
purchasing
or
Obligations
United
L
—4,000,000
—115,000,000
+7,000,000
+7,000,000
,
+ 62,000,000f
+ 27.000,0001
5,843,000,000
+427,000,000
—8,000,0001
guaranteed ,,by
fully
2v092,000,000
Other securities.........
Reserve with Fed. Res. banks
Cash in vault
Balances with domestic banks
+37,000,000
+658,000,000
3,269,000,000
8,417,000,000
456,000,000
2,670,000,000
Governments
States
—42,000,000
—7,000,000
.
395,000,000
2,080,000,000
.—
United States bonds
System for the 'New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks which will not be available until the coming Monday.
+1,000,000
—1,000,000
52,000,000
1,528,000,000
...
—174,000,000
.
•
1,155,000,000
Treasury bills..."
Reserve
{
•.
—22,000,000
540,000,000
carrying securities---.--—-
—52,000,000
7-7" ~
'
Treasury notes
Below is the statement Of the Board of Governors of the
$
+851,000,000
Other loans
Chicago—Brokers' Loans
(—)
77;,;'.
8,1938
—509,000,000
......
Loans to banks
Now York City and
June
—10,000,000
cultural loans....
to
or
Decrease
Since
1939
+115,000,000
Real estate loans
.
$1,000,000
21,795,000,000
Commercial, industrial and agri-
.
Federal
'
8,116,000,000
Open-market paper..
Loans
31,
May
'
Loans and investments—total
+2,197,000,000
+516,000,000
+ 281,000,000
" —7,000,000
+48,000,000
—50,000,000
—1,000,000
—7,000,000
6,936,000,000
Treasury cash.......
(+)
7.+
"'.7/7.
Loans—total
>' Returns of Member Banks in
to
'
.
'
+
Treasury currency..........
»
....
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended June 7, 1939, follows:
—5,000,000
25,000,000
Gold stock
City.
.
reporting member banks, and decreased $28,000,000 in the St. Louis district
and $27,000,000 in New York City.
Deposits credited to foreign banks
,
Total Reserve bank credit.......
York
-
A summary
12,000,000
Other Reserve bank credit...
New
Deposits credited to domestic banks increased $14,000,000 in the Minne¬
on
2,564,000,000
—.._
in
—6,000,000
_^..+
Including
(not
$11,000,000 commitm'ts—June 14)
$11,000,000
deposits decreased $6,000,000.
1,000.000
U. S. Government securities,
Industrial
•;
decreased
apolis district, $11,000,000 in the Atlanta district and $16,000,000 at all
(—)"
Decrease
or
June 7, 1939
June
$
'« v.
14, 1939
$
Bills discounted.
(+)
Increase
/
and
$36,000,0000 in the Philadelphia district and $92,000,000 at all reporting
member banks, and decreased $24,000,000 in New York
City.
Time
follows:
.
banks,
$17,000,000 in
Demand deposits-adjusted increased $83,000,000 in the St. Louis district,
and 3645.
Changes in the amount of Reserve bank credit outstanding
as
member
Francisco district,
York City and $37,000,000 at all re¬
Holdings of "other securities" increased $7,000,000.
The statement in full for the week ended June 14 will be
were
San
the New York district outside New
found oh pages 3644
r
Holdings of obligations guaranteed by the United States Govern¬
increased $20,000,000 in the
ment
000 for the week.
and related items
Chicago district, $9,000,000 in
$8,000,000 at all reporting member banks, and
increased $17,000,000 in New York City and $14 000,000 in the St. Louis
decrease of $20,000,-
a
in the
the Cleveland district and
estimated
were
bonds decreased $15,000,000
ment
+7,000,000
—32,000,000
+275,000,000
+2,062,000,000
*+29.000,000
+52,000,000
—32,000,000
+282,000,000
ASSETS AND LIABILITIES OF WEEKLY RETORTING MEMBER BANKS
IN
+
CENTRAL RESERVE
CITIES
June 15
1938
June 7
June 14
1939
1939
$
$
$
$
$
2,054
7,793
8,052
8,090
552,000,000
1,831
537
+16,000,000
—12,000,000
1,000,000
+32,000,000
—7,000,000
6,691,000,000
623,000,000
.....
(" Foreign banks..
$
2,014
+92,000,000 +2,023,000,000
—6,000,000
—1,000.000
17,057,000,000
5,229,000,000
—2,000,000
*
Domestic banks.
1938
'
Assets—
Loans and Investments—total..
-
Inter-bank deposits:
June 15
1939
deposits—adjusted
United States Government deposits
Chicago
June 7
1939
Demand
Time deposits...
»
.
——New York City
June 14
Liabilities-—
'
/
(In Millions of Dollars)
:
Borrowings
+785,000,000
+311,000,000*
—23,000,000
537
*'
Loans—total
2,760
Commercial,
agricultural loans.
Open market
2,781
1,374
1,369
537
3,009
1,514
and
industrial
.
123
124
553
Other loans lor purchasing. or
;
34
.
350
358
17"
522
17
r
Treasury bills.../
Treasury notes
118
38
384
'
167
....
+;•
48
57
159
67
1
159
f
7S7\
816
United States Government bonds
12
"49
434
13
93
385
68
13
197
112
41
I.'....
Other loans
200
113
....
69
185
201
carrying securities—
229
627.
f
221
628
■3,105
2,1541
2,150
Settlements
866
[
122
Cash.........
Sight funds at interest
Rediscountable bills and acceptances:
1,033
652
138
1,143
,1,138
333
4,842
1,027
■3,174
337
4,870
876
879
_L_
63
80
49
30
29
32
Balances with domestic banks...
77
77
73
228
240
210
396
400
486
51
49
49
7,624
7.590
6,260
1,654
1,639
1,514
United States Government...
.
Other assets—net.
...
•
,
924
'
-
\
'
7
-
Demand deposits—adjusted....
Time deposits.
<•
Domestic banks
Foreign banks
--
616
620
60
United States Govt, deposits...
Inter-bank deposit^:
Borrowings
'
*'
•
656
485
485.
61
119
60
60
12
6
2,803
2,481
528
545
271
12
464
"340
_
"344
1,492
"303
'""15
"l4
245
Treasury bills
weekly reporting member banks in 101 leading
following principal
changes for
the
week ended June 7.
A decrease of $22,000,000 in loans to brokers and dealers in securities, and
of $11,000,000 in commercial, industrial and agricultural loans,
of
Treasury
bills
and
$92,000,000
in
demand
Commercial, industrial and agricultural loans increased $5,000,000 each
New
York City
and the Chicago district, and
reporting member banks.
creased
$15,000,000 in
member banks.
Holdings
<
"
-
bills
increased
in
securities
de¬
$22,000,000 at all reporting
$12,000,000 in
,
New York
'
City,
$34,000,000 in the Chicago district, and $62,000,000 at all reporting,member
15,500,000
28,300,000
1,500,000
32,200,000
28,700,000
3,000,000
36,500,000
34,100,000
2,200,000
....125,000,000
25,000,000
125,000,000
24,300,000
125,000,000
24,300,000
-r-——255,100,000
255,100,000
256,500,000
Other assets
'LIABILITIES—
.
Capital paid up
-- —
Reserves
---
■
,
Central bank for their own account:
Between three and six months—----Not over three months
—
Sight.
-
-----
Central bank
"for
75,300,000
33,800,000
Sight deposits, gold-.--.
1,800,000
3,500,000
13,200,000
Miscellaneous items.
35,500,000
Other
;
>
,
4,600,000
'
—A
48,300,000
123,000,000
56,300,000
1,500,000
3,500,000
9,600,000
43,400,000
1,900,000
2,000,000
9,800,000
36,400,000
78,900,000
account of others:
Sight
deposits
Nickel to Be
-
.-
Replaced by New Metal in Italian Coins
Nickel coins in
Italy are to be replaced by coins made of
metal developed in that country, accord¬
a new
a report from Consul Lester L. Schnare, Milan, made
public June 7 by the Department of Commerce.
A recent
official decree authorizes the issuance of coins made of
"acmonital" to a total value of 800,000,000 lire (about
ing to
further
$11,000,000 at all
Loans to brokers and dealers
New York-City and
of Treasury
24,200,000
74,900,000
-----------------
An
explained:
announcement
$42,000,000).
deposits-adjusted.
in the
38,700,000
31,400,000
'
-- --
-
"acmonital"
holdings
38,600,000
50,000,000
—
Sundry investments---------------.-
of business June 7:
in
,
30,100,000
83,100,000
_.
.......
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the. Reserve banks themselves
and covering the same week, instead of being held until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
$62,000,000
51,700,000
29,400,000
,
'
-35,600,000'
82,700,000
-----
Long term deposits
Short term and sight deposits:
As
increases
,
45,300,000
54,100,000
Sundry investments.,
"*19
265
265"
1,485 :
Returns of Member Banks of the Federal
Reserve System for the Preceding Week
the
34,300,000
•
months:
Treasury bills
Complete
shows
—
Sundry investments.—
•
The condition statement of
•
140,100,000
100,300,000
Over six months:
1,488
cities
16,500,000
140,300,000
75,800,000
•
Treasury bills
.
Other liabilities
21,000,000
»
months
Sundry bills and Investments:
Maturing in three months:
692
2,836
->r
31,000,000
143,800,000
a— 76,000,000
'
May 31,''38
32,300,000
43,700,000
18,100,000
Time funds at interest:
Between three and six
...
_
,.
' : ,1'
•
16^200,000
— .»
Treasury bills
106
736
,' 74.8
'
Apr. 30, '3.9
acceptances
Comm. bills and bankers
Not exceeding three
'Liabilities—■
/
May 31, '39
64,700,000
.....
6,700,000
'
..
306
137
1,054
Reserve with Fed. Res. banks
Cash in vault.
(Figures in Swiss Francs)
b.
Gold.....
Other securities
of May 31
monthly
ASSETS—
-
Obligations fully guaranteed by
as
statement of conditiofr of the Bank for
International Settlements, Basle, Switzerland, as of May 31
compared as follows with the previous month and a year
ago, according to the "Wall Street, Journal of June 6:;.
The
'
*
Loans to banks
International
for
32
'
Real estate loans
Bank
of
Condition
18
33
.
of
Statement
"
355
131
524
paper.....
Loans to brokers and dealers..
Local reports
by
indicate that the chief reason for the
by the new metal is the
the
Department
substitution of nickel
desire of the Government to conserve the former.
composed chiefly of stainless steel combined with
"Acmonital" is said to be
a
small admixture of
It is the
coins
as
nickel and certain other metals, the report said.
intention of the Italian Government to retire the present nickel
rapidly as
possible upon the appearance of the new coins.
A
Financial
3608
that the saving of nickel as a result
between five and six thousand
approximately two years' normal consump¬
competent Italian authority estimates
of the
coinage procedure will amount to
new
tons, an amount equivalent to
according to the report.
tion of the metal in Italy,
June 17, 1939
Chronicle
negotiations in connection with the debt discussions which your
Government
is about to initiate.
From the
same
advices to the "Times" we take the
P^John Pelenyi, the
Nation's Position Is Strong
Potocki Says British Guarantee of Frontiers
Polish Ambassador Says His
Count
Internationally
Is of Great Aid
diplomatic position of Poland is as strong today as it
been, partly as the result of the British guarantee
of the integrity of Poland's frontiers, Count Jerzy Potocki,
Polish Ambassador to the United States, said on June 5 in
ever
of business men and bankers at the
York City.
The Ambassador
said that the non-aggression treaty with Germany aided
Poland by permitting her to strengthen her defenses, while it
postponed a final decision on German claims until Great
Britain and France had decided to discard the appeasement
an
address before
a
Hungarian Minister, in a note to Secretary
hJs"Government
making
as
group
offices of Calvin Bullock, New
policy.
Referring to the question of whether Poland would
prefer to be allied with Soviet Russia or Germany, Count
Potocki said that this "is just like asking a man whether he
would rather have measles or smallpox.
The choice is
obviously difficult."
was
a
payment on Thursday,
it has on several previous payment
dates.
prospect of Congress acting upon the
was any
The
has
follow¬
ing regarding the note to the-Hungarian Minister:
8, 1938, for a refunding of Hungary's debt.
He inquired whether there
Hungarian proposal of Feb.
This was referred to Congress
by President Roosevelt, but Congress has done nothing
about it.
Hungarian Government is again making
It is gratifying to learn that the
partial payment on its relief debt as it has done since
The Hungarian Legation's note also expresses
Government that the Congress
made in February,
Hull, said
June 15, of $9,828.16,
December, 1937.
the hope of the Hungarian
will give favorable consideration to its
1938, seeking
offer,
debt agreement on a permanent
new
a
in equal
installments covering approximately 30 years.
The proposals to which the
iTungarian note refers were recommended to the consideration of the Con¬
gress by the President on March 28, 1938, with an expression of the belief
that they represented a noteworthy wish and effort of the Hungarian Gov¬
basis
providing for payment of the original debt, without interest,
this Government.
ernment to meet its obligations to
Hungary has due on Thursday a new installment
of $37,410.66, exclusive
$2,248,750.08.
The
Rumania has a new installment due of
of arrears.
total Hungarian debt is
about $65,000,000.
approximately $2,300,000, and that of Rumania
is
...
War Debt Installment
proposal made in February, 1938, by the Hungarian
for the settlement of its debt to the United
States was referred to in our issue of Feb. 26, page 1328.
The Treasury received, on June 15, the sum of $160,693
from the Government of Finland, representing the semi¬
Payment of 36 lA% of Interest Coupon Due July 1 on
The
Finland
Is Only
Again
Nation to Pay
Full June 15
of interest in the amount of $141,662.50
annual payment
under the funding agreement of May 1, 1923, and $19,030.50
as the 12th semi-annual annuity due under the moratorium
This payment represents the
agreement of May 23, 1932.
entire amount due from the Government of Finland.
Great
Britain again
its June 15 payment
a note to the State
Department it was said that Great Britain would be willing
to reopen the debt discussions whenever circumstances war¬
rant the hope of reaching a satisfactory result.
The text
defaulted
on
which amounted to $85,670,765.05.
of the note
the
was
same as
In
that contained in the default six
months ago.
Of the 12 debtor Governments having install¬
ments due on June 15 only Finland paid in full.
Hungary
made
a
referred to elsewhere in these
today, Rumania's offer of a settlement is noted in
same
item.
The
other Nations which defaulted
were
Esthonia, Latvia, Lithuania, Jugoslavia, Belgium, Poland,
France and Italy.
The total amount due June 15, including
arrears, was $2,269,733,861.
v
v
State Department
Treasury
Says Rumania May Negotiate with
War Debt, but Cannot Link Proposals
on
with Trade Pact Discussions—Meanwhile Hungary
Makes
Debt
1938 Offer
The State
and
Payment,
/
Seeks Acceptance
of
-
Department revealed
on
,
You ask that arrangements be made for you to appear before the appro¬
priate authority qualified either to accept
to formulate
or
or to
reject the proposals you will
counter-proposals',
"
The executive branch of this Government has
approval of the Congress, to amend
or
by
of proposals
acceptance
$725,000 of
your
no
authority, wjthout the
a
new
Government.
debt settle¬
However,
Secretary of the Treasury will be glad to discuss the matter with
ascertain what your Government has in
priate consideration
may
you
contemplation in order that
the
and
appro¬
be given to determining whether the President
should at this time submit to the Congress such proposal as your Govern¬
ment may
wish to put forward.
To avoid any possible misunderstanding, I should at the present oppor¬
tunity refer to the fact that the Rumanian Minister of Finance in his
munication
to
referred
the
to
the
American
desire
of the
Minister
at
Rumanian
Settlement
Loan
1926
Republic of Cuba External Loan 30-Year
5)4% Bonds
to Be
Redeemed
July 15
on
Co., acting as fiscal agents, have drawn by
lot. for redemption on July 15, 1939, at 100 and accrued
interest, out of moneys in the sinking fund, $725,000 of
Republic of Cuba external loan 30 year sinking fund 53^%
bonds, issued under loan contract dated Jan. 26, 1923.
Payment will be made on or after July 15 at the New York
office of J. P. Morgan & Co.
"
"
*
:
J. P. Morgan &
Republic of Chile Files Offer with SEC for Servicing
Municipal Debts
Republic of Chile,
June 12, filed,a registration
and Exchange Commission
under the Securities Act of 1933 covering an offering to bond¬
holders of certain municipal issues.
The issues are: $10,132,500 Chilean Consolidated Municipal Loan 31-year 7%
external sinkmg-fuhd bonds, series A-1929, due in 1960;
$2,094,000 City of Santiago 21-year 7% external sinkingfund bonds due in 1949, and $1,457,5()0 City of Santiago
external sinking-fund bonds of 1930.
All the securities are
outstanding.
The Republic of Chile assumes the position of debtor after
bondholders present their bonds for stamping.
Under the
plan, the municipalities will service the debt by payments to
with
statement
the
on
Securities
the Autonomous Institute for the Amortization of the Public
Debt..' -v.'
From
a
;
.
■'
' :
Washington dispatch of June 12 to the New York
also taken:
"Herald Tribune" the following is
covered by the registratiqn statement,
Bondholders of the three issues
accepting the offer on or before Jan. 12,
payments made available in
republic's bonds.
the municipal
1940, will be entitled to receive the
1936, 1937, 1938 and 1939, to holders of the
The four coupons paid on the republic's bonds, which
bondholders will receive total $39.58 per $1,000 bond.
Holders of outstanding dollar bonds of the municipalities who desire to
accept the plan should
coupons
replace the debt agreement with your
of
7%
Bulgaria
deliver their bonds with all matured and unpaid
for stamping to Schroder Trust Co. correspondent of the Chilean
.
Government signed in December, 1925, or to establish
ment
of
Henry Schroeder Banking Corp., American fiscal
agent for the Kingdom of Bulgaria 7% Settlement Loan 1926,
dollar tranche, announces that the trustees of the loan have
received from the Bulgarian Government sufficient sums in
foreign exchange to provide for the payment of 36^% of
the interest coupon No. 25 due July 1, 1939.
Upon sur¬
render of such coupons at the office of the fiscal agent,
payment will be made to the holders at the rate of $12.78
for each $35 coupon and $6.39 for each $17.50 coupon.
The
June 13 that Secretary
of State Hull has authorized Radu, Irimescu, the Rumanian
Minister to the United States,, to discuss with Secretary of
the Treasury Morgenthau any proposals by his Government
for a new settlement of its war debt to this country.
Mr.
Hull noted, however, that power to make a new debt agree¬
ment rests with Congress, and negotiations looking toward
a reciprocal trade pact must be entirely separate from any
debt question.
The State Department on Jlme 13 also
acknowledged payment of $9,828.16 by the Hungarian
Government, and meanwhile indicated its hope that Con¬
gress will soon act on proposals for regularizing Hungarian
debt payments by a new permanent agreement Nwhieh would
completely liquidate the original debt, without interest, in
about 30 years.
It was noted in a Washington account
June 13 to the New York "Times" that Secretary Hull set
forth his position in a note to the Minister on June 9 in reply
to a note indicating the Rumania was considering making a
readjustment offer and intimating that new trade arrange¬
ments might be coupled with the negotiation.
Mr. Hull's
note to the Rumanian Minister follows:
'
*
submit
Kingdom
J.
token payment which is
columns
the
Government
Bucharest,
Government
which
"to
you
debt institute.
The
•
registration statement filed
made by the
by the republic includes a statement
Foreign Bondholders Protective Council last January in which
it did not recommend acceptance
of the Government's offer.
"The Council must leave to each
he will accept the offer or
bondholder to decide for himself whether
no," the Council stated.
"The Council, while
emphasizing that they are making no recommendations as to acceptance,
would point out—that if a
bondholder does decide to accept the plan offered
by the Chilean Government the payment received will, under the terms of
the offer,
be larger if accepted before Jan. 12, 1940."
+.
com¬
quote,
regularize
SEC Cancels Hearing on Hungarian
the
situation of its external debt by mutual agreement with its creditors, taking
at the same time into account the prospects of Rumanian
foreign trade and
^
Discount and
and Exchange Bank 7% 35-Year Bonds
intent of the Congress that governmental debts are not to be made the sub¬
The Securities
and Exchange Commission announced
today that the public hearing to determine whether the 7 %
35-year sinking fund gold bonds due July 1, 1963, of Hun¬
garian Discount and Exchange Bank should be suspended or
withdrawn from listing on the Boston Stock Exchange had
been canceled.
The proceedings were canceled by the Com¬
mission after the Hungarian Discount and Exchange Bank
filed its annual report for the year ending Dec. 31, 1937, as
required by the rules under the Securities Exchange Act
ject of trade agreement negotiations make3 it impossible to undertake trade
of 1934.
certain arrangements in connection therewith to be made with the United
States Government."
As you know, Section 3 of the Trade Agreements Act of June 12,
as
1934,
renewed March 1, 1937, provides that "nothing in this Act shall be con¬
strued to give any authority to cancel or reduce, in any manner, any of the
indebtedness of any foreign country to the United States."
,
You will appreciate that while this Government is always glad to,
sider any
con¬
question relating to trade between the two countries, the apparent
Volume
Annual
In
Financial
148
Report of Chicago Stock Exchange
submitting
Chicago
Stock
Chairman
of
members
to
Exchange
the
annual
the
May
on
Exchange,
31,
stated
of the
M. Betts,
report
Arthur
continued
"with
that
stagnation in the capital markets, your Exchange suffered
further
a
Betts
Further
and
mented
to say:
on
constructive
market-place
lished
contraction
severe
goes
strictly
listing
income."
fee
Mr.
adhered
of
useful
public
estab¬
a
as
membership standards
Our
to.
Exchange
our
Higher
odd-lot
optional
were
system
aug¬
was
by the listing of 34 additional corporations of national prominence.
Important
revisions
exhaustive
study.
improving
the
the
Constitution
our
Important progress
of
third
efficiency.
of
our
floor,
That
adjoining
the
trading
been
have
efforts
our
and
well
notably increased
and successful is
have
floor,
directed
3609
May 20 member trading on the Curb Exchange was 16.84%
of total transactions of
446,370 shares, the member trading
having ^amounted to 150,300 shares.
The data issued by the Commission is in the series of
current figures being published
weekly in accordance with
its program embodied in its
report to Congress in June, 1936,
on the
"Feasibility and Advisability of the Complete Segre¬
gation
of
the
Functions
and
Broker
of
The data
published
the New
New York Curb Exchange by their respec¬
based upon weekly reports filed with
are
York Stock Exchange and the
tive members.
These reports are classified as follows:
New
by the
increased
being
Ecohomic
and
of
use
transacted
facilities
our
the
and
volume of
growing
Exchange.
our
on
Total number of reports received
1. Reports showing transactions as specialists
2. Reports showing other transactions Initiated on the
tioning of the markets has been inadequate due to
We
of
restrictions.
unnecessary
represented in the recent conference of leading national securities
were
After
thorough
study
debate
and
memorandum
unanimous
a
suggested changes was submitted, to the Securities and Exchange
mission, based
after
Although
operation
of
had
we
not
were
the practical
on
five years
hoped
favorably
203
for
markets
It
exists.
essential
sidered
is
constructive
in
judicious
when
261
be
to
floor.
recommendations
the
consideration,
presented.
1934.
Exchange Act of
problems
The
facts,
and
hoped
that
be
may
understanding
sympathetic
a
developed,
4.
Reports showing
The
number
carry
the various
in
entries in
than
more
classifications
THE NEW YORK STOCK EXCHANGE FOR
ACCOUNT
y.';
A.
Round-lot
Bower &
transactions
(except
members
of
account
Per
Cenf
■
4,115,620
...
for
.
Total for
Week
;'Cy/ ;'/.y
■
Total round-lot volume.—.
B.
'
27, 1939
./J-;;'
yy•'
•/ .;
■
(SHARES)
OF MEMBERS*
Week Ended May
.
total more
may
single report may
classification.
one
STOCK TRANSACTIONS ON
of
quote the following:
we
of reports
than the number of reports received because, at times, a
y
The annual audit report was prepared by White,
Prevo, and from it
578
similarly designated for the New York Stock Exchange, since specialists on the New
York Curb Exchange perform the functions of the New York Stock Exchange
odd-lot dealer, as well as those of the specialist.
open-minded spirit.
an
86
535
no transactions
Note—On the New York Cufb Exchange the round-lot transactions of specialists
"In stocks In which they are registered" are not strictly comparable with data
problems con¬
these
and
58
257
...
Much misunderstanding respecting security
same.
factors
Securities
808
102
3. Reports showing other transactions Initiated off the
experiences and findings of the Exchanges
under the
received
nevertheless, remain the
Com¬
Exchange
1,075
floor
political conditions and the prevailing tax structures are
undoubtedly the major factors determining the nature and extent of public
participation in the securities markets.
In our opinion, however, func¬
exchanges.
York
Curb
New
York
Stock
Exchange
_
shown
business
The
Dealer."
figures for the week ended May 20 were given in these
columns of June 10, page 3449.
The SEC, in making
available the figures for the week ended May 27, said:
after
passed
were
public service is possible by
the
in
Rules
and
functioning of the markets.
A
staff and concentration of our administrative offices
technique
operating
reorganization
on
development
be recorded.
may
in
•
Chronicle
transactions for odd-lot accounts of specialists and odd-
Income
Total
deductions
the
on
appended
those
and
year
parative
for
Deductions—General
and
the
the
lot dealers):
exceeded income by. $52,916.02,
year
detailed statement
of
Fund
preceding
(below).
year
summary:
results
shown
are
in
the
shown
as
the
of
following
registered—Bought
,
Income—
57,378.12
10,180.00
8,092.10
7,037.50
,____
Telephone space rentals....
___
Profits from sales of securities owned.
Listing fees..
_.
___.
Membership transfer fees
6,500.00
3,012.00
___
Tickers in service
;
...
Miscellaneous.
_________
.___
1,576.50
r
sold
$97,749.94
61,929.48
13,770.00
9,995.93
47,900.00
5,500 .Q0
4,972.00
3,018.01.
$89,833.32
____
securities owned
on
3.
Sold.—
____
58,916.00
______
Other.
68,657.75
24.33
2,002,940
—.
....
accounts
of specialists
and
$3,529.33
Other Deductions—
3,304.16
105,710
.
122,500
Sold'.
Total...
10,476.14
2.77
228,210
....
568,351
504,853'
.
-J!',
■
»
In round lots—Bought.
■
_______
__
Survey fee..:
...
odd-lot
qdd-lot dealers:
1.
Moving costs.
——.
Transactions for the
$35,717.66
$3,382.99
C.
83,414.78
$42,228.87
_________
Bond premium amortization.
3.47
1,043,360
959,580
;
$138,222.24
57,666.00
8.32
265,610
.y
Total—Bought
.
134,170
151,440
—
-
Total.
12.54
684,930
....—-
Total
$99,514.66
Rent-
360,860
324,070
:
•„
Sold
.
Salaries—
1,032,400
the floor—Bought
Other transactions initiated off the floor—Bought
$244,835.36
$183,609.54
548,330
484,070
-
....
on
Total..—....
4.
Operating Expenses—
Total-.-—.—,
2. Other transactions initiated
1938
1939
.
Members' dues:.
-
Sold
com¬
Fiscal Year Ended AprilZO
Interest
Transactions of specialists in stocks In which they are
current
h
"
.
The
1.
Sold
Provision for non-collection of advances to Chicago Stock
I
_._
4,000.00
29,000.00
$10,687.15
Clearing Corp,
$43,005.47
$52,916.02
$78,723.13
_
Total.
__
—
—
STOCK TRANSACTIONS
_
ACCOUNT OF„MEMBERS*
Excess of total deductions
Although
period
that
the
the
decrease
listing fees.
reduction
offset
In
than
in
the
of
were
,
deductions
total
that
operating results
substantial
to
Of
excesfc
smaller
was
income..
over
less
practically
income
over
preceding
favorable.
all
This is
of
sources
the
for
attributable
income,
greater loss
extraordinary
the
to
of
lease
$4,000
the
for
loss
totaling
the
tions
In
to
a
of
same-'
the
our
in
become
of
586,710
1.
Stock
meeting
amount.
repayment
an
period
burdened
was
Of
this
for
until
the
L.
Smith
May
space
non-collection
Clearing
The
saving of
annual
relinquished
registered—Bought--Sold
with
-
68,250
...
-
a
corporation's
current
low
the
of
The
advances
2.
12.91
Other transactions initiated on the floor—Bought.—-
The
Sold.
27,180
———
18,600
Total.--,-.--.--
time
—
3.90
45,780
remaining
made
-
which
of
which
at
wholly owned
3. Other transactions initiated off the floor—Bought.—
during
Sold
18,625
15,350
—
-■
.
subsidiary,
■
■
•
,.
■
'
.
'
•
.
,
Total
operating
to be
3472,
first
1939,
volume
of these advances
as
$12,844.44,
1,
1
____
151,545
$3,304.16
amount,
expired.
Total
two
;
Corp.,
issue of June 10, page
Kenneth
for account of members:
Transactions of specialists In stocks in which they are
83,295
the
$7,304.16.
effective
the
provision
Chicago
purpose
the
causes
resulted
not
certain
represents
mately
of
did
on
period
Round-lot transactions
income.
operating
deductions-
relinquished
$11,344.44
the
B.
:
a
...
a
in
Per
Cent
Week
Total round-lot volume
expenses
addition
space
to
particularly
FOR
Total for
A.
Operating economies which havp beea effected resulted in a
for the" period of $54,714.61, but were insufficient
of
the
EXCHANGE
(SHARES)
May 27, 1939
current
represents the cost of moving and rearranging offices and equipment.
,
Week Ended
should1 be noted
it
year,
—1,073,204
THE NEW YORK CURB
ON
we
paid
of
of
approxi¬
clearing
loss
transac¬
doubtful.
'
Total—BoughtBold
«
of, the
——
C.
Odd-lot transactions for account of specialists—Bought.
Sold.—
Exchange.
2.90
19.71
-
——
Total
noted the election
President
33,975
114,055
117,245
231,300
o,
4.
*
59,028
29,846
—
♦—-—
Total
Member
Trading on New York and New York
Exchanges During Week Ended May 27
Curb
The
percentage of trading in stocks on the New York
Stock and New York Curb Exchange during the week ended
May 27, by members for their own account, except odd-lot
dealers
the
term
88,874
...
"members" Includes all
Exchange
members,
their firms and their
partners, including special partners;
a Shares in
members' transactions as per cent of twice total round-lot volume.
In calculating these percentages
the total of members' transactions is compared with
Exchange for the reason that the total of
twice the total round-lot volume on the
members' transactions includes both purchases and sales while the Exchange volume
includes only sales.
,
Stock
Exchange, was higher than in the
preceding week ended May 20, it was announced yesterday
(June 16) by the Securities and Exchange Commission.
Member trading on the Stock Exchange during the week
ended May 27 amounted to 2,002,940 shares, the Com¬
mission noted, or 24.33% of total transactions on the Ex¬
change of 4,115,620 shares.
This compares with 1,066,140
shares of stock bought and sold on the Exchange for the
account of members during the previous week, which was
19.92% of total transactions that week of 2,676,570 shares.
On the New York Curb Exchange members traded for their
own account during the week ended May 27 to" the amount
of,231,300 shares, against total transactions of 586,710 shares,
a
percentage of 19.71%.
In the preceding week ended
on
♦The
Odd-Lot Trading on
Weeks
New York Stock Exchange During
Ended June
3
and June
10—New
Figures
Shown in Tabulation
Exchange Commission on June 9 made
for the week ended June 3 of corrected
showing the daily volume of stock transactions for
The Securities and
public
figures
a summary
dealers and specialists on the
continuing a series of current
the odd-lot account of odd-lot
New York Stock Exchange,
figures being published weekly by the Commission.
The
figures show for the first time odd-lot short sales by customers
as well as other odd-lot sales by customers:
Also shown for
the first time are short sales and other sales in' round-lots
by dealers and specialists.
An item bearing
on
the Com-
Financial
3610
these figures was contained
3305.
The SEC also made public on June 15 a summary for the
week ended June 10, which figures are incorporated in the
tabulation which follows:
Total Short
payment, from the Clearing
Clearing Corp. and to receive securities, upon
intention to publish
mission's
in
issue of June
our
3,
page
THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE N. Y. STOCK EXCHANGE
TRANSACTIONS
STOCK
Total for
Odd-lot sales by dealers (customers'
June
purchases):
Total for
Week Ended
June 10, '39
Dollar
Odd-lot
3,
'39
12,197
13,782
329,083
369,580
....^$13,124,635
$15,930,956
Number of orders.
Number of shares
"Street."
4
.....
value."
New York
Increased During May
Position of Stocks Dealt in on
Curb Exchange
FOR
Week Ended
throughout the
instead of making scattered deliveries and receipts
Corp.
1939
17
June
Chronicle
position of stocks dealt in on the New
the month of May, reported as of
May 31, amounted to 12,785 shares it was announced by the
Exchange June 12.
This compares with 10,897 shares on
April 28, last.
■
The following issues showed a short interest of -more than
500 shares:
y^.;
X\y\- '
-7.
total short
The
York Curb Exchange for
.....
.
„
.
purchases by dealers (customers' sales):
590
685
14,312
18,302
Number of Orders—Customers-short sales
Customers' other sales, a
.....
~
892
None
552
None
700
None
1,628
629
560
460
550
110
Beversky Aircraft Corp.....
1.298
100
Standard Steel Spring Co. (common)
18,987
14,902
Customers' total gales
1.013
55
American
Canadian
Number of shares—Customers' short sales.......
Customers' other sales
.a......■„...
........
17,042
;.
15,979
346,772
.....
431 ;781
..
...
Electric Bond & Share Co. (common).
.
preferred)...:..:.
Electric Bond A Share Co. (6%
Lockheed Aircraft Corp. (common).....
Customers' total sales.
Dollar value.—...
T...
..
—
-...
April 28
May 31
(common).
Republics Corp. (common capital)._
Colonial Airways', Inc
Aviation & Transportation Corp.
1
447.760
363,814
.....
....
-•....$12,369,221
...
...
$15,820,237
Round-lot sales by dealers:
Number of shares—Short sales......—........
■
Other sales;i>—...v..
240
.
89,660
....
117,440
Orders of Stock
117,400
Round-lot purchases by dealers—Number of shares.
Sales
a
marked
"short
exempt"
reported
are
liquidate
customers' odd-lot. orders, and sales tc>
71.350
......
in
this
item,
b Sales
offset
to
position which Is less than
a long
round lot are reported In this Item,
78,590
Committee
The
.
Ex¬
■:
Public Relations
on
Open
stop Orders
Open
selling'orders.
dividend
dollar
With
Communications
on
Commissions
.'Exchange Elected
The final election of members of the
mittee of the New York Curb
held
on
,
year
June 13, in accordance with Article III, Section
2 of the
Constitution, and the following, who received the
highest number of votes amqng the nine candidates, were
elected:
v
are
for
the
the
-
current
received
fraction*
higher
.
-
i.e.,
by
7
firms
7 '
7
stock sells exunless he is
whom the orders
day
.
.,
a
specialist,
from
'
'
"
'
ex-dividend
selling
confirmations" of existing G. T.
7
,
the
on
first
orders and
C.
bv the specialist on^ the
handled .the same as'any other
These open buying orders" and open
month
received
shall, be
month
month.
the
variation
the
when
-
the
the
.
stocks
succeeding
during
reduced
in
stock
of a
for a dividend of 30c; per share, apd
%
so
cash" value
the
a
members-or
the
orders,
good
orders to sell shall be reduced by the specialist.
orders sent to
all
whether
new
the firs^ business day of the new
or confirmations of old -orders,
orders
open
the orders by the amount of the
the member or firm giving such orders and not,
for ' the reduction ,of
dividends
shall rest
the
specialist.
upon
the specialist on
they be
responsibility
*Ne\v
upon
'
'
7'
7
•
paragraphs.
The New York Stock Exchange issued on June 13 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of May 20,
page. 2978.
The following is the list made available by the
Exchange on June 13:
.
Parker &
Redpath; Alan L.
Shares
Shares
Class "A"—Garry Onderdonk, of L. A. Mathey & Co.; John 8, McDermott, at Auchinclcfes,
by
'
month,
a
777/.
\
Changes in Amounts of Their Own Stock Reacquired
by Companies Listed on Neip York Stock Exchange
Nominating Com¬
Exchange for the ensuing
_
multiple-of the fractions of a
made in the particular stock, orders
not
was
Nominating Committee of New York Curb
was
to
to
of
or
is
of
accordingly be
instructed
'-7
dividend
of $1,06.% per share.
the specialist prior to
dividend
a
day 'of
On
appointed by the President and
approved by the Board.
The Committee consists of Ramon
0. Williams,. Chairman; J. D. Stetson Coleman, Alpheus C.
Beane Jr., and Harold IP. ITart.
' ~
to
offers
day
business
the
A subcommittee to assist the Committee
and
.
,
_
the. next
reference
month,
<
.
and
by
received.
were
orders
of Frost & Brown;
bids
entrusted
shall
otherwise
stop
Clarence B. Rogers of Avery & Co.;
for
1%
*Orders
Philip F. Hartung of Harris, Upham & Co.;
William F. Philips of Abbot, IToetor & Paine.
equivalent
reduced-
dividend
Garry Onderdonk of L. A. Mathey & Co., Chairman;
Edward P. Frost of
'*■"
.
"
•
cash
a
Ya, orders shall be reduced by
last
■
not
buy;
to
of
amount
which
in
orders
.
is
be
members of this Committee
are:
the
*When
appointed by.Alpheus C. Beane Jr., Chairman of the
Committee on Public Relations, was also approyecj.
The
as
.
'
(b)
a
following Bhall not be reduced :
by
Mayer was appointed Assistant Treasurer.
All the ad-interim standing committees were also approved
as named for the ensuing year.
R.
The sub-committee of the Committee
;
.
The
is
Charles E.. McGowan. Secretary.
the New York
following • ruling
by the amount of
shall be reduced
ex-dividend:
orders
stock sells
a
(b) Open stop orders to sell.
shall
Christopher Hengeveld Jr., Treasurer.
Joseph
day
(a)
The Board of Governors of the New York Curb Exchange
at its regular meeting on June 14 made permanent the ad••
the
on
of
kinds
following
(a) Open buying orders ;
Exchange Governors Approve AdAppointments—J. R. Mayer Made Assistant
Treasurer—Commission Sub-Committee Named
change:
of
the
concerning dividends on stock orders:
The
interim appointments of the following officials of the
13
June
on
a
:
Curb
York
Interim
Procedure
Floor
on
issued
Exchange
Stock
dividend
New
Exchange Committee Amends Rule on
Selling Ex-Dividend
New York Stock
Previously
Company and Class of Stock
Eggers. of Penington,
per
Latest
Report
Reported
Colket & Wisner, and Charles E. Ahrens, at Vanderhoef & Robinson
Class "B"—George Douglass Debevoise. of Struthers <fc Dean; Bayard C.
Hoppin, of Hoppin Bros. & Co., and Henry L. Heming, of L. F. Roth¬
schild & Co.
k
V
business,
American Woolen
v: •
'■
■J
Class B is composed of associate menlber partners or nonmember partners of regular or associate member firms doing
.
.
business for the public.
Barnsdall Oil Co., common..
Belding Hern in way Co., common.
Chicago Mail Order Co.. common..
At the request of the New York Curb Exchange Securities
Clearing Corporation, the Board of Governors of the Curb
Exchange on June 14 adopted an amendment to the Ex¬
change Constitution giving the Clearing Corporation the
"necessary authority to settle security transactions made off
an
Exchange in any security."
Fred C. Moffatt, President
of the Clearing Corporation, described the type of additional
service which the Corporation wishes to offer and its useful¬
ness to the community as a means of
saving time and ex¬
pense.
This amendment will be voted upon by Exchange
members and if approved will become effective June 29.
The Exchange described the plan as follows:
Under the proposed plan any securities contract which is given to Clearing
Members, and
any securities
settled through
the Clearing
such contracts for settlement
bound by
contract
Corp.
York Curb Exchange,
new
Ciearing Members, may be
The Clearing Members who submit
through the Clearing Corp. will agree to. be
th^ Clearing Corp. rules
able under the
between
as
if the contract
were
made on the New
As regards such contratcs, Clearing Members will be
service to deliver securities, against payments, to the
1,417
9,335
1.418
10,758
3,700
2,500
1.300
Chicago Pneumatic Tool Co., $2.50 prior preferred
Collins & Aikman Corp., *5% preferred...
—
Commonwealth Edison Cp., shares
*
Consolidated Oil Corp., common....
466.989
Curtis Publishing Co. (The), $7 preferred
147,551
.....
...
General Realty & Utilities Corp., $6
b4,293
~
4 ,700
5,300
preferred——.....
1,280
'
6H% preferred
1
302
_
127,800
Insuranshares Certificates Inc., capital.
...
....
153.400
13,100
19,400
2,510
2,530
7% preferred;
Interstate Department Stores, Inc.,
3,774
Jewel Tea Co., Inc., common.
3,691
3,461
3,561
13.039
12,989
40,900
41,400
5% preference
Lone Star Cement Corp., common
...
Petroleum Corp. of America, capital
Plymouth Oil Co., common...
4.012
46,200
4,010
44.012
.....—• -
...
Pure Oil Co. (The), 6% preferred
44,112
46,000
....
Raybestos-Manhattan, Inc.. common
956
preferred
2,109
9.527
—
957
2,000
Safeway Stores, Inc., 5% preferred.
Sheaffer (W. A.) Pen Co., common
9,607
2
(Indiana), capital
32". 054
Vlck Chemical Co., capital
79,707
1,300
Swift & Co., capital
United Stores Corp., $6 preferred
36;750
79.932
Standard Oil Co. of Kansas (The) common
1,900
.
u
-
900
.—
Decrease due to the delivery of shares upon
3^ % series due 1958.
8,735
9,402
1,281
8,402
...
...
Hecker Products Corp., common..
a
c3,800
314,4.57
314,392
common
Grant (W. T.) Co., 5% preferred
Standard Oil Co.
800
4,809
80,200
preferred
Firestone Tire & Rubber Co. (The), common
Sloss-Sheffield Steel A Iron Co., $6
.
5,054
Federated Department Stores, Inc.. 4H%
Kaufman Department Stores Inc.,
467,109'
155,251
11,800
82,200
Edison Brothers Stores, Inc., common
Hat Corp. of America,
16,942
500
....—
Duplan Silk Corp., common..
(The),
1,560
a
10,800
V
:
1,921
.
790
58,550
....
Glidden Co.
,
27,332
27,032
"
preferred'..
'
...
Detroit Edison Co. (The), common
Exchange Approve
Clearings Amendment to Constitution
245>916
i
5%
General
5,100
237,497
?___
....
•.
Davega Stores Corp., common
Governors of New York Curb
5,273
•
4,500
....
Co., 7% preferred
Atlas Corp.. common..._—
6% preferred..
Class A is composed of regular members of the Exchange, at
least one of whom shall be engaged solely in the commission
5,473
Allegheny Ludlum Steel Corp., common
b Initial report,
c
conversion of convertible debentures,
After giving effect to the acquisition of
1,000 shares and the retirement of 1.900 shares.
Volume
Financial
148
Chronicle.
CURRENT
New York Stock Exchange Members
Oppose Waiver of
Shipping and Miscellaneous Expenses and Interest
Charges on Off-the-Floor Transactions—Comments
on Two Alternatives
Requested
In
a
Charles
13,
Secretary, states that the
the Committee
Saltzman,
E.
response
Vice-President
Days—
of
by the waiving
Increase
the
permitted
$5-00.
1937—
transactions
on
Members
to the Committee
on
Member Firms
on
on
by
Commercial
York
New
Paper Outstanding
open
market
paper
outstanding
paper
Savings
on
31....2.188,000,000
ept. 30
212,300,000
191,900,000
Aug. 31.....
209,400,000
Nov. 30
191,200,000
July
31
Oct.
Feb.. 28
195,300,000
31
195.200,000
Juqe 30.....
May 31.....
Apr. 30
210,700,000
225,300,000
251,200,000
Jan.
1938—
'
Dec. 31...—
271,400,000
July
of
Mar. 31
296,600,000
292,600,000
Jan.
31
of
bankers'
limited
.
During May this
year
decreases occurred in all branches
246,574,727
field
of
investment,
:
rates
policies."
State to
'
FEDERAL RESERVE
May 3,1. 1939
$28,091,398
184,319,712
8,184,787
$28,228,743
174,227,875
8,973,305
$27,987,722
1,923,094
May 31, 1938
Land
deem
Boston
2.
New York
;
3. Philadelphia...
,v
10,446,539
Cleveland-
5.
Richmond.,..
6.
Atlanta
1,418,781
1,274,384
7.
Chicago
4,611,942
3,691,361
2}173,170
891,250
1,648,558
8,518,624
8.
St. Louis
440,642
460,453
509,918
9.
Dallas
12.
;
San Francisco
383,245
Kansas City
11.
1,986,419
—
Minneapolis
10.
1—
902,039
858,081
1,577,384
"286",506
365*435
"198",974
15,958,511
17,436,599
,
—
Increase for month, $8,743,152.
ACCORDING
Decrease for
$237,831,575
year,
TO NATURE
OF
$268,098,573
of
Banks
from
For
dated
the" past
liable
for
total
farm
are
both
Federal
of
the
CREDIT
48,761,576
1,281,177
June
58,741,728
56,517,655
64,008,856
on
r
month.
outstanding,
now
10
have
hand.
on
The
,
all
12
banks
jointly
are
way
any
31,
May
on
those
1939,
formerly
bonds
was
rates,
July
on
1933.
1,
$1,752,359,140.
was
issued
by the Federal
individually
Government.
by the
However,
exempt
are
from
taxation.
/
with
have completed
$954,381,420
severally
and
The issuance of consolidated
consolidated
bonds
was
adopted
large-scale bond refunding
a
the
program
to agriculture.
On July 1, 1933, $1,141,897,220 of
outstanding on behalf of individual banks.
Of this
lias
been
and
$187,515,800
issue called
with
refunded
will
consolidated
have
been
for repayment on July 1
bonds
paid
off
bearing
in
cash
has been redeemed.
Federal Home Loan Bank of Chicago Reduces Interest
1,017.174
Total
"
$21,523,846.
30,406,788
Increase f
nor
of financing
banks
the small
19,413,667
Own bills
on
Loan
banks, having been
The called bonds will be
IjlII said:
when
Dollar exchange
Bills of others..
bonds
other
municipal and local
interest
Domestic warehouse credits
HELD
v
,,
by the Federal Land banks
bonds
importance
loan
8,519,382
BILLS
Re-
to
Farm
bonds and the income derived from them
plan
Land
great
amount
$80,935,800
64,591,782
goods stored In or shipped
countries.
Omaha
Federal
the' banks
which
outstanding
guaranteed in
Governor
7,957,742
on
and
by the FCA further said:
begun
was
amount
State,
Since'
loan
the
retired.
bonds,- for
bonds
types of
Federal,
of
issued
consolidated
Neither
56,095,099
between foreign
Louisville
payment of principal and interest.
loan
$85,837,117
Based
the basis
on
six-years all bonds issued by the banks have been consoli¬
loan
farm
7,192,894
28,446,812
—
issues
announcement
$81,994,101
50,785,525
i.—
the
"excessive and .unwar¬
1%'maximum interest rate
of
Federal
individual
all
Rate
Domestic shipments
deposits
10-30-year bonds dated July 1, 1929, aggre¬
$170,720.
The bonds being called, are the last of
individual
the
Apr. 29, 1939
Imports
time
on
their
gating
May 31, 1939
Exports
control."
no
decreased
Louisville and Omaha will call for redemption on July 1 all
20,838,410
$246,574,727
they have
contended,
F,. F: Hill, Governor of the Farm Credit Administration,
announced on June 13 that the Federal Land Banks of
farm
L
Board
43^% 10-30-Year Bonds Totaling $170,720
lower
Grand total
the
1—Last of Individual
Bonds Outstanding
193,308,024
4.
limited and restricted "be-
were
July
banks
'
1.
It
»
The
Apr. 29, 1939
difficulty in
a
The idea is to put
*
Federal
farm
DISTRICTS
•;
'
which
Federal Reserve District—
.
the step "as being
on
finding that
were
•
and
STATES
the
Similar action by banks in other cities including Chicago
and St. Louis, reducing the interest rate on savings accounts
from iy2 to 1%, has. also been taken.
funds
OUTSTANDING—UNITED
from
the incentive to depositors to transfer from one institution
called
ACCEPTANCES
taken
It recommended the 1% rate be made uniform throughout the
remove
paid
—BY
is
higher rate would "jeopardize safe and sound banking
a
previously
DOLLAR
Banking
1,.
the
the
BANKERS
of
•/
Board recommended
of credit except dollar exchange and those based on goods
stored in or shipped between foreign countries; whereas in
year-to-year comparisons only imports and dollar ex¬
change were above May 31, 1939.
The following is the
report for May 31,1939, as issued by the Acceptance Analysis
Unit of the New York Reserve Bank on June 12:
1% Maximum Interest Rate
Commissioner
1% and to get a uniform rate of interest.
to another.
standing increased $8,743,152 to $246,574,727 May 31 from
.
May 31.....
all that banks in general could adequately stand."
was
that continuance of
acceptances" out¬
$237,831,575 April 29, according to the monthly compilation
of the Acceptance Analysis iJnit of the Federal Reserve
Bank of New York, issued June 12.
As compared with a
year ago the May 31' total is $21,523,846 below that
Of
May 31, 1938, when the acceptances outstanding amounted
to $268,098,573.
■
;
Apr. 29
258,319,612
maximum interest
The
During May—Total May 31 Reported at $246,574,727
—$21,523,846 Below Year Ago
volume
264,748,032
on interest rates at
ranted."
Bankers' Acceptances Outstanding Increased $8,743,152
the
30
Aug. 31.....
255,402,175
248,095,184
-
earning capacity and revenues of banks to the point where it regarded the
299,300,000
During May
July
245,016,075
237,831,575
of Economic factors and influences over which
present
May 31
Oct.
28
Mar. 31-...-
banking institutions for safe investment
This
June 30
Feb. 28
Feb.
264,222,590
problem of getting suitable investments.
felt that this
cause
31..... 324,700,000
284.600.000
286,909,000
186,900,000
206,300,000
31-.— 213,100,000
268,098,573
The resolution of the Banking Advisory Board stated that opportunities
Sept. 30
331,401,000
Aug. 31..,.. 329,000,000
Nov. 30
ceiling
was
279,200,000
311,000,000
323,400,000
31
May 31.....
June 30
Reilly said the Advisory Board had decided
view of the
May 2J1» 1939.
Dec. 31
30
Mar. 31
31
"Some of the larger savings banks probably were able to pay more than
.
May
Jan.
State
by
269,605,451
1939—
278,707,940
1% interest," he said, "but other banks
This figure compares with $191,900,000 on April 30 and
with $251,200,000 on May 31, 1938.
,"
Below we furnish a two-year comparison of the figures:
1939—
$
1938—
193^
$
Apr.
Dec. 31..—
307,115,312
-
rate.
new
Mr.
dealers show a
on
28
30
in the interest of all banking in the state."
a
by, this bank from commercial
Feb.
$261,430,941
269,561,958
273,327,135
31
Nov. 30.
325,804,395
following regarding the order
Newark'"Evening News" of June 15:
following announcement showing the total value of
31 was issued by the
$188,000,000 of
31
The
commercial paper outstanding on May
New York Reserve Bank of June 13:"
Reports received
Jan.
Apr.
on
total of
Sept. 30
Oct.
Reilly, Commissioner of Banking and Insurance
for the State of New Jersey, issued an order on June 15
fixing a maximum of 1% interest on all savings and time
deposits, effective July 1.
The order was based on recom¬
mendations of the State Banking Advisory Board.
Present
interest rates range up to 2%.
Under this order no bank
or trust company
may pay more than 1% compound interest
except on contracts entered into prior to July 1.
Such con¬
tracts cannot be renewed or extended after
expiration except
of
Reserve
record
a
Louis A.
Reported
Bank—Total
The
Federal
385,795,967
$343,065,947
1938—
Mar. 31..— .292,742,315
■
in
$188,000,000 May 31 Compares with $191,900,000
April 30
r
furnishes
us,
1938—
Dec. 31
New Jersey Banks Limited to
the above
as
— .
31.
at the
Value of
$401,107,760
396,471,668
395,031,279
364,203,843
351,556,950
Aug. 31
343,881,754
Sept. 30.:
344,419,113
Oct. 30
346,246,657
Nov. 30..... 348,026,993
before July 1.
or
9-16
July
stock transactions at $1.00.
requested to send comments
are
9-16
June 30.
bonds only, for all customers, from $1.00 to $5.00, and retain the present
rule permitting waiver of interest charges on
rH CO
1
150
180
1937—
27
Apr. 30.
May 29
-
of interest charges
waiver
Buying Rates Selling Rates
120
*
following table, compiled by
Mar. 31
Increase the permitted waiver of interest charges on all transactions,
1
7-16
7-16
7-16
Feb.
objection in that it would tend to drive more business off
the Floor and would be discriminating against individual
clients.
On the question of amending the interest rule to
permit waiver of interest charges entirely in connection with
off-the-Floor transactions, received the same comment with
respect to driving business off the Floor.
The comment was
favorable, however, to waiving interest in amounts up to
$5.00 for institutional clients, except that the same argument
was presented with
regard to discrimination, the letter said.
The Committee, before proceeding further in the matter,
would like an expression of opinion from the membership on
the following two alternative proposals:
1
2
Dealers'
Dealers'
Days—
of the volume of bankers'
acceptances outstanding at the
close of each month since Feb. 27, 1937:
the-Floor transactions for institutional clients indicated valid
for all cutomers, from SI.00 to
X
90
ACCEPTANCES
1939
Dealers'
60
The
BANKERS
PRIME
Buying Rates Selling Rates
30
and
in connection with off-
expenses
ON
JUNE* 12,
to the proposal to amend
Member Firms' rules
on
shipping and miscellaneous
RATES*
Dealers'
letter to the members of the New York Stock Exchange
June
sent
3611
MARKET
May 31,1938
Loans—One Per Cent Dividend for Period
on
Ended June 30 Declared
A
of
reduction
Federal
5 to
.5123,997,818
67,545,897
.
tions in Illinois and
.5191,543,715
$2,395,332
-
on
of
collateralized
1%
Bank
member
its
non-collateralized
BY ACCEPTING BANKS
34
Loan
Home
in
the
interest
Chicago
of
was
rate
building and loan
savings,
Wisconsin, effective July 1.
advances, will
334%.
become 3%,
at
announced
the
on
associa¬
The rate
that on
Bank's ^announcement went
The
and
to say:
The
slicing
downward
inflow
of
of
trend
the
in
interest charge
the demand
private investors'
comes
for the
money
in
the wake of
a
continued
Bank's funds because of increasing
into member savings and loan in6titu-
t
tions,
Bank
to
is
cut
bring its charges for money into line with that
moving to
paid
since
the
is
Oct.
1937,
1,
which
at
it
time
non-collatcralized
and
collateralized
the interest
that
time
first
just announced will bring the rate back to
Oct.
to
to 3*4%
respectively.
went
and 3%%
up
advances,
Secretary of the Treasury Morgenthau an¬
15.
This compares with net sales of
$37,064,700 during April.
The following tabulation shows the Treasury's transactions
in Government securities, by months, since June, 1937:
$40,367,200,
on
nounced
The reduction
where it was from Jan. 1, 1936,
to borrowers in the six years'
1937, the period of lowest costs
the reserve institution.
1,
of
existence
May, 1939, resulted in net sales of
investment accounts in
the Bank has changed
at
rate
securities for Treasury
Market transactions in Government
investors.
This
Treasury
$40,367,200 of Government Securities Sold by
Department During May
Gardner, President, said.
This latter situation has generally
the institutions' dividend rates to shareholders, and the
R.
A.
served
June 17, 1939
Chronicle
Financial
3612
June
on
•
The Bank's Board of Directors have declared a
1%
of
•;.
Figures
•
June 30,
ending
This dividend is payable
•:0
Final
:
period
semi-annual
the
for
amounting to .$187,160.
dividend
on
1937—
1939,
August...
August
November.
nounced On
Jr.
360,000 purchased
15,351,100sold
12,033,500 sold
January.
Februaru.
3,001,000 sold
23,348,500 purchased
February
1939—
1938—
March
June 12 that reports from the Federal Reserve
May.
%% Treasury notes of Series A-1944. The called issue
to $426,554,600.
Reference to the offering on
June 5 appeared in our issue of June 10, page 3452.
Subscriptions and allotments were divided among the
for
follows:
the
and
districts
Reserve
Federal
'
Treasury
$9,906,600
Minneapolis...
Kansas City...
Richmond—
Atlanta
•—.—
St. Louis
*
San Francisco
7,101,900
3,461,700
1,412,500
96,736,700
.
..
within
on
of
the
debentures
Morgenthau
Henry
Treasury
'
Jr.
an¬
June 12 that tenders to the offering last week
of
$100,000,000, or thereabouts, of 91-day Treasury bills
$311,441,000, of which $100,342,000 were accepted
at an average rate of 0.004%.
The Treasury bills are
dated June 14 and will mature on Sept. 13, 1939.
Refer¬
sold
were
above
slightly
at
$20,-
par,
$1,000,000 within the System (pri¬
vately).
Maturities are as follows:,
$800,000 Sept. 15,
1939; $9,700,000 Dec. 1, 1939, and $11,450,000 June 1, 1940.
There were maturities on "June 15 of $21,000,000 debentures,
$311,441,000 Received to Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,342,000
Accepted at Average Rate of 0.004%
Secretary
short time.
a
publicly
950,000
5415,619,500
Tenders of
nounced
All of the deben¬
Credit banks.
15 and different amounts mature
June
dated
were
152,700
Total
the
1% consolidated debentures
of $21,950,000
total
a
The
9,845,900
.
'
4,076,300
.
Treasury.
$21,950,000
for
2,310,600
Dallas....
4,485,800
Philadelphia
Sell
3, 5V2 and 11V2 months.
Charles R, Dunn, fiscal agent
the banks, through whom the offering was made, an¬
nounced the oversubscription
and closing of the books
5,088,200
Cleveland
40,367,200 soldi
in
52,824,000
268,216,700
New York
tures
Received and Allotted
District—
Received and Allotted
District—
Boston,.--—
Chicago
of
of the Federal Intermediate
Total Subscriptions
■
37,064,700 sold
....
offering and private sale on June 9 resulted in
An
sale
;
Federal Reserve
Total Subscriptions
Federal Reserve
;
72,500 purchased
12,500,000 sold
^
....
Debentures
,
as
...
Banks
Credit
Intermediate
Federal
amounted
several
1,648,000 purchased
March
2,480,250 purchased April.
May
4,899,250 sold
April
$415,619,500 of 1%% Treasury notes of
Series D-1939, maturing Sept. 15, 1939, have been exchanged
banks indicate that
6,469,750 purchased
December-
December..
an¬
1,044,000 purchased'
November
January....
Morgenthau
Henry
..."
October
3,716,000 purchased
2,000,05O purchased
October.-•
Treasury
the
of
Secretary
38,481,000 purchased
8,900,000 purchased September.'
September.-
♦
Treasury's June 15 Financing—
$415,619,600 of ll/$% Notes Maturing Sept.
15
Exchanged for Five-Year %% Notes
on
$783,500 purchased
1,151,600 purchased
3,905,650 sold
July
4,812,050 purchased
12,510,000 purchased
July...
July 10.
June
$24,370,400 purchased
June
and
and
the\close of business that day there were outstand¬
at
of $950,000.
ing $194,350,000, a net increase
"
-
♦-
.
Roosevelt
President
United
totaled
Must Not Be Mis¬
Weakness—Hails Visit of British Sover¬
for
taken
Graduates
Point
West
Tells
Desire for Peace
States
.
to
ence
page
the
offering
in
appeared
3452.
of
issue
our
June
J.'
accepted bids to the offering
Secretary Morgenthau's announcement of June 12:
is from
Total accepted, 5100,342,000
Total app led for, $311,441,000
100
'High
Military Academy at West Point, N. Y., on June 12, Presi¬
dent Roosevelt
declared that this country's "desire for
must never be mistaken for weakness," and said that
international political developments, illustrated by
fate of undefended nations," had necessitated "still
peace
recent
"the
Range of ,accepted bids:
99.999
Equivalent rate approximately
99.999
vitalization of
greater emphasis upon the
0.004%
Low
Average price..
•
Addressing 456 graduating members of the United States
10,
The following regarding the
Equivalent rate approximately 0.004%
and
praised
"which
strength
the
He.
defense."
our
military expansion program,
defended the Administration's
(48% of the amount bldtffor at the low price was accepted.)
Good Will
eigns to This Country as Symbol of
from
not
comes
arms
product of trained and disciplined minds,"
President referred to the recent visit to. the United
alone" but is "the
New
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated June 21, 1939
Tenders to
a new
thereabouts,
June 15 by Secretary
The tenders will be
offering of $100,000,000,
of 91-day Treasury bills were invited on
of the Treasury Henry Morgenthau Jr.
received
the
at
Reserve
Federal
Banks,
or
the
or
branches
(EST), June 19, 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 be dated June 21 and will mature on Sept. 20,
1939; on the maturity date the face amount of the bills will be
payable without interest.
There is a maturity of a similar
issue of bills on June 21 in amount of $101,448,000.
In his
thereof,
up
to 2 p. m.,
of
announcement
said:
the
offering Secretary Morgenthau also
•
of
$1,000,
$10,000,
$100,000,
and
$500,000,
$1,000,000
'
No
tender
for
amount
an
less
than
tender must be in multiples of $1,000.
on
$1,000
will
be considered.
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.,
Fractions must not be used.
I
take
United
iii the
of 10% of the face amount of
You
Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
well
in
as
have
saved
destroyed
has
up to the
is
used
a
skill,
to
reject
amount
as
any or
all tenders
or
parts of tenders, and to allot less
applied for, and his action in
any
than the
such respect shall be final.
submitting tenders will be advised of the acceptance
Those
whose
is
sound
no
greater
of
/rational
quite
or
other
immediately available funds on
would
The Treasury bills will be exempt, as to principal and interest,
gain from the sale
or
other disposition thereof will also
all taxation, except estate and inheritance taxes.
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
shall be allowed
of any
as
a
deduction,
or
or
Treasury
Department Circular No.
Treasury bills
by the ,United State .or any of its
418,
,
as
amended, and
govern
this notice
the conditions of their
fear.
whose capacity
and
highly cooperative.,
have
The
oi
individual
of
where
affairs require that force
organize,
to
against
to
the
assist, and
moral
and
economic
itself with
life
economic
task
which
of
last
six
foes
and the task
solidarity,
problems at home,
civilian
as
men ;
has almost
past generation
today.
assume
short
time
a
transformed
have
tables
of
Your
back
methods
organization
became the
as
age
has
a
years.
com¬
predecessors,
10
years
ago,
of
warfare.
armies,
of
as
They
aviation,
military necessities of the day.
supplanted by the
trod the weary
the infantry tank and cavalry combat car clatter
plane
of
yesterday
the motor vehicle
developments
establishments,
con¬
problems unfamiliar.
mechanization
fighting
the
in
you
lieutenants
your
revision
marching
machine
to
impersonal
more
has
been
rumbles where
once
formerly the dismounted soldier engaged in personal
technical
the
force when
waged
concern
developments
and
cohesive squadron;
feet
must
second
many
required
with
be
to
internal
of
find
The
:
"
prescribe the terms of the Treasury bills and
exempt from the
or
with armed forces in the field.
the
motorization
otherwise recognized, for the purposes
"
issue.
are not
other disposition of the
tax now or hereafter imposed
possessions.
and any
be exempt, from
its
as
changed
Technical
(Attention is invited to
domination,
distress.
or
alteration
commissioned
cash
have
•
stand for aggression,
available
made
have
defense
much
as
Federal Reserve
Banks in
and
its
Army work, for the miiitaiy strength of a country can be
than
pletely
1939.
wars,
country
been
also
battles
when
Payment at the price offered for Treasury bills allotted must be made at the
June 21,
,
technical operatiqns than
hard-fought and victorious though they
training" is
the
disaster, disease
The
rejection thereof.
or
in
d'elite of highly trained men whose talent is great
corps
defend
has
it
This
possible thereafter, probably on the follow¬
The Secretary of the Treasury expressly reserves the right
work
peace-time
its
through
.
to
struct,
of
ing morning.
its
many,
record of achievement
States has a
well-being through
Army does not
be used in
can
used.
closing hour will be opened and public announcement of the accept¬
able prices will follow as soon
acquired
you
little-appreciated fact that its constrictive
a
lives
more
during
the
become
technical
But
branches thereof
technique
It is
and'
ends—
'
"
the
war..
the
of
adventure
been.
us
service
the
in
that service never
have, that
the best of your ability and the best of your
of keeping the United States safe,
engages
wealth
more
has
colleagues
as
I
as
for the Army of the United
be
trust company.
at the Federal Reserve Banks or
you
find,
endless
that
Immediately after the closing hour for receipt of tenders on June 19,
1939, all tenders received
.
peace.
find
will
•activities
Ir.
will
the
in
greeting
in
You
that it
sense
With
Tenders from others must be accompanied by a deposit
of one
*
'
v
pleasure
States.
imagination
banks
aggression
of
act
any
Superintendent, Feltew Officers:
have
incorporated
and trust companies and from responsible and recognized dealers in invest¬
or
follows:
dress
it
,
Tenders will be, accepted without cash deposit from
ment securities.
needed"
Mr.
of
He added, however, that "strength is
to achieve such a situation.
The President's ad¬
other."
against the
created
99.125.
fear
fear—without
out
peace as
Each
in the fact that friendship could, exist
nations were with¬
Its significance lay
between the two countries because both
wayg,
'
(maturity value).
recognition of the cordi¬
ality and goodwill that prevails between two great nations.
only, and in amounts or
form
*Queen Elizabeth of England,
States of King George VI and
which he described as "a courteous
strong and at
They [the bills] will be issued in bearer
denominations
The
laid
have
program
its
iron
demanded
which
has
grip
upon
combat.
the world's
of
the
modernization
been
prosecuted
During recent months international
,
armies;
our
vigorously
and
military
during'
political consrlera-
Volume
ftionR
have
nations.
have
we
We
national
still
required
defense, for
seek
that
for
desire
inter¬
mistaken
be
never
As
for weakness.
the
warfare,
of
coming
robot
machine
the
which
not
aoes
ism,
the
conflicts
tactics
the
of
in
Europe,
future
the
Far
soldier
individual
the
that
fact
intensify,
At
diminish,
than
:/'V•
For
this is
us
as
the
of
fixed
>
essential; the vast
States
United
renders
impracticable
economically
installations
defensive
all
at
even
centers,
is
be
may
required
passed
still
the day of the
history,
Other
ferred
only
work
of
of
when
than
you,
responsibilities
but must work by themselves or
will—an
all
elements
defense
with
for
that
be team¬
it must
find yourselves with
will
time,
comes—and J hope it
command the cooperation of
test of
supreme
to be
danger
is
effective,' must
war
charged with the national
instru¬
transport, and of finance; they must deal
with
management,
with
agriculture and
life.
The
then
men
be able to bring into, harmonious action the civilian
production,
labor,
with
with
and
of
industry,
X/.■
costs.
do
and
Work
of
these
divergent
have
You
Let
commend
me
problem
to
in
in
you
smaller
Army
no
bring
to
reason
cooperation.
its
your
is
There
recognize different tech¬
persuasion, and
by
and
fruitful
into
the
men's minds
other
life operates.
the ability to
than
processes,
forces
seen
how
of
non-military
which
discipline
different
and
nique
by
processes
quality of
greater
knowledge
requires sympathetic
this
To
•
aspects
careers
a
West Point.
here at
study
continuous
of
field, as the necessary
preparation for the greatest success in your chosen work. >
These
qualities of cooperation, discipline and the self-restraint and
self-reliance which make them useful are the very fabric of modern life.
If it can be developed internationally as well as nationally, we shall be
outside
problems
materially
as
between
could
exist
are
but
alone,
turn,
result,
I
in
the
sure
am
less
ho
of
a
visit
countries
is
restraint,
lessons
than
the
for
\
.
in
since
needed;
both
in
confidence,
the
armies
of
which
cooperation,
To
fear.
from
not
comes,
which,
in
minds.
West Point will
the
you
as*
without
were
strength
understanding and
and that
same
of
Nation
be of use,
will take
the
through the generations, it
the
United
States.
Income Tax Base Should
Broadened—Doubts Congress Will Act at This
Says
Session'
'
conference yesterday
(June 16) that he believed the income tax base should be
broadened to cover more taxpayers but doubted whether
Congress would act nt *this session.
Broadening, the
President said, according to the Associated Press, would
give added responsibilities of citizenship to a group not now
covered by the tax laws.
He also expressed the opinion
that income tax rates in the middle brackets probably should
bit.
a
Under date of June 16, the same advices
referred
to
what
he
termed silly and
political
editorial
articles which suggested that lowering a single man's exemption from
to
$800
and
married man's from $2,500 to
a
Government to pay
He
AN ACT
.
'
Housing Act.
Representatives of the United
States of America in .Congress assembled. That subsections (a) and (b) of
section
2
of the National
Housing Act, as amended, are amended to
read
follows:
as
"Sec.
such
2.
,
(a) The
conditions
and
terms
as
he
authorized
is
Administrator
prescribe,
may
and
to
"
.
,
empowered upon
insure banks,
contended
income groups
as
would
$1,000
permit
the
finance
associations,, instalment
^of credit, and
advances of credit, made
by them on and after July 1, 1939, and prior to July 1, 1941, for the
purpose of financing alterations,
repairs, and improvements upon or in
connection with existing structures, and the building of new structures,
upon urban,
suburban, or rural real property (including the restoration,
,..rehabilitation, rebuilding, and replacement of such improvements which
have1 been damaged or destroyed ,by
earthquake, conflagration, tornado,
hurricane, cyclone, flood, or other catastrophe), by the owners thereof -or
fry lessees of such real property under a lease expiring not less than six
months' after the maturity of the loan or advance of credit.
In no case
shall the insurance granted by the Administrator under this section to any
such financial institution on loans, advances of credit, and purchases made
by such financial institution for such purposes on and after July 1, 1939,
exceed 10% of the total amount of such loans, advances of cfedit, and
purchases.
The total liability which may be outstanding at. any time >
plus the amount of claims paid in respect of all insurance heretofore and
hereafter granted under this section and section 6, as amended, less the
amount collected from insurance premiums and deposited in the Treasury
of the United States under, the provisions of subsection (f) of this section,
which
they
sustain as a result of loans and advances
may
obligations representing loans and
of
purchases
,
exceed in the aggregate^$100,000,000.
not
under ■ this section to any such
obligation representing any such
loan, advance of credit, or purchase by it (1) if the amount of such
loan, advance of credit,, or purchase exceeds $2,500 ; (2) if such; obligation
has a maturity in excess of three years and 32 days,, unless such loan,
advance of credit, or purchase is for the purpose of financing the construc¬
tion of a new structure for use in whole or in part for residential or
agricultural purposes; or (3) unless the obligation bears such interest, has
such maturity, and contains such other terms, conditions, and restrictions
as
the Administrator shall prescribe in order to make credit available for
No. insurance
"(b)
institution
financial
shall
with
senting
Section
2
of
such
Act,
amended,
as
is
"
:
further amended by
the following new subsections:
advance of credit, or purchase, such premium charge
amount equivalent to three-fourths of 1% per annum
of such loan, advance of. credit, or purchase, for the
obligation, and' such premium charge shall be payable in-
loan,
any
exceed
net
an
proceeds
such
of
term
any
Administrator shall fix a premium charge for the insurance
granted unde'r thjs title; but in the case of any obligation repre¬
not
the
to
The
"(f)
shall
granted
of this title."
2.
adding at the end thereof
of
be
respect
institution and shall be paid at such time and in
prescribed by the Administrator.
The moneys
charges shall be deposited in an account in
the Treasury of the United States, which account shall be available for
defraying the operating expenses of the Federal Housing Administration
under this title, and any amounts in such account which are not needed
by the financial
advance
such
manner
from
derived
as
may
such
be
premium
be used for the payment of claims in connection
grapted under this title.
"(g) The Administrator is authorized and directed to make such
and regulations as may be necessary to carry out the provisions of
the
lower
Sec.
Sec.
4.
of collecting the revenues from the
effect
equivalent to the new revenue brought in.
Sec.
on
state
Roosevelt
Agreement
Urges Congress to Extend Inter¬
to
President Roosevelt asked
Conserve
Oil
and
Gas
Congress on June 15 to give its
consent to a two-year extension from Sept. 1 next of the
interstate compact to coDserve oil and gas.
In a special
message, the President transmitted a report from Secretary
of State Hull enclosing a copy of the extension agreement
executed on April 5 last by the Governors of Oklahoma, New
Mexico, Kansas, Colorado, Texas and Michigan.
The original conservation agreement was signed at Dallas,
Texas, on Feb. 16, 1935.
It was extended for two years on
Sept. 1, 1937.
The
rules
this
6 of such Act, as
amended, is hereby repealed.
provisions of sections
1,
2, and 3 of this Act
shall take
July 1, 1939.
Section 202 of the National
5.
Housing Act, as amended, is
hcrebv
striking out the word "create" and inserting in lieu thereof
the word "created."
Sec. 6.
Section 203 (a) of such Act, as amended, is amended to read
amended
President
Section
3.
result of broadening the tax base would be virtually
cost
with
insurance
tirle."
off the national debt.
that the
a
$1,200
trust
companies, mortgage companies, building and
lending companies, and other such financial
institutions, which the Administrator finds to be qualified by experience
or
facilities and approves as eligible for credit insurance, against losses
personal
companies,
loan
for such purpose may
said:
Roosevelt
*;
#
Roosevelt
by the Senate and Home of
enacted
it
Be
hereafter
,
President Roosevelt said at his press
Mr.
10 item.
v/.To amend certain sections of the National
Sec.
Roosevelt
President
be raised
June
our
or
insured
.
the purpose
be
property,
mortgage
a
*
shall
VI,
prevails
King George
and goodwill which
have learned at
you
war;
officers
from
Its significance lay in the fact that friendship
two
maintain the
pride,
held
of our hopes of peace.
the cordiality
of
strength
from
military
the product of trained and disciplined
peace,
has
the
the
the pleasure
recognition
between
that
arms
same
had
two great nations..
achieve
inside
as
to a realization
have
we
courteous
a
well
as
nearer
Recently
such
of
to
'
.
.
those of bringing about the cooperation
than
When the
national
ip
must
of
ments
approved
prior to the completion of the con¬
June 3 follow:
on
the body.
fullness of
in
greater
there
close together;
are
of
as
doubt,
army,
contact,
they
well
as
no
even
military units.
never
close
without
mind
the
of
Some
"except mortgages covering property
by
When
cooperation.
about
brings
it
as
great problem,
a
upon
groups
essential
more
would be permitted on homes more than
provisions of the bill signed by President
The
they may
not pull in the same direction.
Cooperation means discipline, not irieticU-*
lous though unthinking obedience to guard-room technique, nor blind mass
cooperation of a Macedonian phalanx or the close-order attack.
Discipline
is the tempered working together of many minds and wills, each preserving
independent judgment, but all prepared to sink individual differences and
egotisms to attain an objective which is accepted and understood.
When
men
are taken
far apart by mechanics and specialization, teamwork is far
small
in
of the President.
than 25% of the total of
[H. R. 5324]
meaning
has
the
on
which has been previously
by the Administrator."
provisions of the amendments just enacted were re¬
struction
of individual champion
leader of small and large
report
old, and after July 1, 1941, no mortgages could
year
insured
covered
day
the
May 25—both the Senate
conference
the
the
on
$4,000,000,000 the amount of mort¬
may insure under the National
of the additional $1,000,000,000 is per¬
for mortgage insurance
in actual battle
command of the
perhaps never before
leadership
of
Though
history.
into
working
are
qualities
on
Act.
Housing
action
final
newly-enacted provisions increase
The
young.
Leadership
men
The strain
for-
military
in
is
calls
that
which the Government
be
scattered;
upon those in
increasingly
10, page 3453, Presi¬
$3,000,000,000 to
one
\Tet this greater
policy.
are
widely apart.
units
have
units
units
campaigns
individual
may
of
matter
a
his own."
"on
During
tl'.evr
as
adopted
day.
insured mortgages
were
mobility in turn
means
that units, whether platoon, regimerit, or division, may be widely
dispersed—the units being broken down to the point where the individual
desirable
these
Certain
Amending
National
the
missible only with the approval
Under the measure not more
the maintenance
strategic
vital
having
that
Housing Act, but use
of territory of a nation as large
expanse
of
indicated
we
gages
V:\;v
.
sections
time
from
The object of developing aviation,
motorization, and mechanization is to attain the highest possible degree of
mobility.
House
for
necessity
the
certain
completed by Congress
was
and
qualities of individual leadership.
high
President
June 3 signed the bill passed by Congress
on
same
measure
controlling
the
the
bill
bear witness to
factor.
The
Africa
and
East
remains
rather
we
elements, courage,
their responsibilities.
developments emphasize
modern
Recent
the
by
noted in these columns June
was
amending
shall ever
hero¬
So far from submerging
intelligence and morale will have departed.
war
that
mean
a
men,
from
the primary human
have
Signed
dent Roosevelt
though technical change has transformed modern
Yet experts tell us that
Bill
of
Sections of National Housing Act—Raises Mortgage
Insurance Limit from $3,000,000,000 to $4,000,000,000
of our
conduct
must
peace
Text
our
the fate of undefended
pacific
by honorable and
but
of
vitalization
the
upon
illustrations of
dramatic
peace
relations;
emphasis
greater
had
3613
Chronicle
Financial
148
by
follows:
as
"Sec.
the
203.
mortgagee,
(a) The Administrator
to insure as hereinafter
is authorized, upon
application by
provided any mortgage offered to
hereinafter provided, and, upon such
terms as the Administrator may prescribe, to make commitments for the
insuring of such mortgages prior to the date of their execution or disburse¬
ment thereon: Provided, That the aggregate amount of principal obliga¬
tions of all mortgages insured under this title and outstanding at any
one
time-shall not exceed $3,000,000,000, except that with the approval
of the President such aggregate amount may be increased to not to exceed
him
which
is eligible for insurance as
$4,000,000,000: Provided
further, That the aggregate amount of principal
which
tion
was
25%
the
of
total
of the principal
amount
obligations
of
with
mortgages
7.
(3) of section 203
Paragraph
that
(b)
of such Act,
amended,
as
by striking out the words "until July 1, 1939."
8.
Section 203 of such Act, as amended, is further
Sec.
by
amended
Administrator under this title shall
the
from
date
the
the
approved mortgagee
an
existing
mortgage
favorable terms
after
insurance
applied
refinancing and
or
a
after
loan of
those of the loan secured
as
taking
into
time
oppor¬
Report
like amount and
a
provisions,
legal services, appraisal fees, title
Sec.
A
commis¬
amended
is
value
to read
the
of
follows:
as
"For
,
204
(a)
regulations prescribed by
in
the Administrator,
date
institution
the
of
acquisition
the
of
all
of
amount
qf
foreclosure
after
property
have
which
taxes, ground rents, and water rates,
special
which
assessments
which
noted
are
made
either of such
received,
received
amount
mortgage
any
of
rent
as
incurred
the
insurance
in
after' either
mortgage
other
or
handling
income
the
from
July
to
prior
which
1,
1941,
foreclosed
are
under, section
before
obligation
principal
there
insurance,
Administrator,
by the Administrator
of
the unpaid, principal
of
foreclosure
Sec.
the
at
of the mortgage
proceedings,
Section
10.
adding
but in
204
(g)
thereof
end
the
such
in
excess
date
old and
text of
by
'
the
by the mort¬
•y.'
2%
of
amended
is
"The
sentence:
provisions of
this Act,
to
in' this
delegating siich
to
is
11.
amended
July
construed
by
orB
inserting
after
the
prevent
205
"expenses
(b)
* '
of such Act,
incurred"
any
analysis of
by
also
It
,*
the
the
two
contains
a
countries,
general
of
207
(c) of such Act,
-
"prior
to
;
amended,.
as
follows:
as
"(c) To be eligible for insurance under this section
property or project-shall involve
principal obligation in
a
amount—
an
,»
'
••
#
mates will be the value of the property or
<
rates
other
of
These
duty,
factors
digests
trade
of
digests
for
show
data for domestic
affecting
is included
in
market
data
each
commodity
competition.
the
The
United
Extends
Credits
to
Paraguay—Export-*
Provide $500,000 to" Stabilize
Aid Also in
Road^ Construction
to
Not to exceed $1,350
per
mortgage shall
such
interest
standing
Sec.
at
per
any
13.
of
annum
time."
Section
the
as
(exclusive
4.^%
use.
provide for
term
and
seasonal
unusual
fluctuations" in
the
for
mortgage
with
him
Sec.
the
prior to the
14.
amended
complete amortization
Administrator
Title
II
;'
■
/■'
•
A
"Sec.
charges
of
such
Act,
of
effective
date
the
212.
(a)
210 of
The
amended,
as
which
of
National
to
and natural resources and of economic relations between
a
housing
menced
subsequent
certificate
otherwise,
as
the
this
the
employed
shall
Paraguay and the
portation facilities linking the country with the cpaital and with the principal
the
in
similar
clashes
for
of
as
the
times,
new
of
Paraguay
and
the
development
course
further
is
facilities
for
The expansion, of
the
the
paid
the
work
mechanics
and
"
-
the
't
•.
■
commerce
the Government of
Paraguay of
a
.
by the carrying out by
concerns,
and reducing seasonal
f the peso.
To carry out
this policy a credit in United States currency to the Banco de la
del
'
and economic relations
policy of meeting promptly commercial
obligations to United States nationals and
Republica
Paraguay would be desirable.
Recognizing
the
I wish to
resources,
valuable
be
to
of
com¬
files
contractor
construction
dwelling
a
or
less
not
was
dwellings
or
than
the
performed
employed
on
date
of
the
wages
for
the
construction
filing
the
covers
dwellings,
or
is
or
of
the
of
assure
contribution
which
new
foreign
capital
and
Paraguay
Your Excellency that it is the intention of the
to
accord
encourage such investment
every
appropriate
protection
and
by United States citizens.
From
207
section
under
for insurance filed
by the Secretary of Labor prior to
after
projects
commerce,
financing in the United States of equipment
Paratuayan foreign
with the United States would be further
encouraged
Government
certifying that the laborers
of
been
and
was
principal
in
of other
with the United States, the government of Paraguay
requests the'extension
of credit
filed
been
section:
dwelling
a
have
determined
construction
insurance.
has
mortgage which
a
which
of .laborers
character,
beginning
application
in
facilities
technical experience may make to the development of Paraguay's natural
insure
which
construction
involved
locality
foreign nations.
In order to make possible this extension and improvement of the trans¬
portation
security to
not
of
unless
such
the
section
said
amended,
as
to any application
construction
date,
repealed:
Standards
pursuant
(at
in
to
Act.
the Administrator may prescribe)
corresponding
a
such
to
housing project
prevailing
of
the
certificates
or
mechanics
and
cr
project,
shall
' y
economy
United States may further be stimulated by the provision of
adequate trans¬
pay¬
not
at
under
application
an
subsequent to the effective date of this section,
property on which there is or is to be located
or
and
hereby
is
insure
Housing Act,
Administrator
this title,
prescribe,
for -insurance)
by adding at the end thereof the following
section
of
-y
My Government considers that the development of the Nation's
and unusual fluctuations in the rate of
exchange
insurance
of
shall
periodic
by
the amount of 'the principal obligation out¬
((Labor
or
rate
peso.
materials and essential services.
Provided, That the Administrator is authorized
any
of such property or project
part
.
premium
on
210
for such
room
may,.be attributable to dwelling
bear
'
Secretary,of State Cordell Hull and Gen. Jose Felix
designed to increase the productive capacity of my country and its
exceed
Tariff
C.
and streets: taxes, Interest, and insurance during construction: organization and
legal expenses: and miscellaneous charges during or incidental to construction; and
within
the
complete
States
routes of communication to
ments
com¬
production, imports and
project when the proposed improvements
Provided, That such mortgage shall not In any event exceed the
amount which the Administrator estimates will be the cost of the completed physical
Improvements on the property or project, exclusive of the following:
Public utilities
The
all
for
appendix to the report.
an
be obtained from
may
Washington, D.
States
in part:
completed:
"(3)
the
In addition ,the Bank will co-operate
with American manufacturers and exporters and with the
Paraguayan Government in financing American exports to
Paraguay of materials to be used in public works and trans¬
portation developments,
y
"
In his note to Secretary Hull, General
Estigarribia said
mortgage on any
a
"(1) Not to exceed $5,000,000: and
'•
"(2) Not to exceed 80 per centum of the amount which the Administrator esti¬
as
and
discussion
'
.
consists
:
showing
agreement,
.
amended to read
are
on
exceeding $500,000 at any one time for
prior to June 30, 1941 in assisting Paraguay to meet
commercial obligations of United States nationals and to
reduce
amended,
as
words
the
rela¬
effective
with particular reference to the
recent years,
agreement.
new
exchange of the
from
v
The first sentence of. section
12.
any ;
in his discretion,
appoint."
may
became
the
report
use
That nothing
Administrator
of attorney,
power
section
of
by
The
will extend credits not
the
to
pursuant
attorney: Provided,
to
employee he
or
last sentence
by
of
power
12.
Estigarribia, President-elect of Paraguay, the United States
therein
interest
any
1939."
1,
Sec.
is
The
or
by order
power
officer, agent,
any
Sec
or
Administrator
be exercised by the Administrator or by
appointed by him, without the execution of
delegation of power
subsection shall be
express
by' the
which
"
Import Bank
Exchange—-To
Program
between
convey¬
may
Administrator
Assistant
relating to real property
acquired
States
Paraguay through the Export-Import Bank of Washington.
Under the agreement, brought about by an
exchange of notes
by
power
written
hereafter
the
The United States agreed on June 13 to extend credits to
•-
$.75."
of
at
'
issued
was
June
on
granted
thereby.
report
the agreement
United
the
other
instrument
designated
respect to which the United States granted tariff concessions
and
Commission,
deeds of release, assignments and satisfactions of mortgages, and any.
or
be
•
Turkey"
detailed
a
concessions
Copies of thO document
the institution
of
the
exports,
accepted,
excess
have
-
of
aceount
was
in
or
to
summarized form the information
affected
the
Turkish
and
ance,
heretofore
of
agreement,
States.
body of
the
in
dates:
10%. of
and to execute in the name of the Administrator deeds of
convey
offices shall
Commission
gives
tariff
trade
modities with
ahy
Act,
issued
amended,
as
of
The
after
such
on
actually paid
new
and
The Commission's announcement continued
introduction
United
for insurance
to
debentures
the
Act,
following
Ripo",
principal office."
Turkey's foreign trade in
or
the
and
this
paid
equal
of
as
event
no
of
the
(B) ,of
amount not-in
an
of
amount
any
of
accepted
are
been
of foreclosure costs
account
on
and approved
gagee
in
Puerto
or
in the District of Columbia, Alaska,-.
or
which
Republic
trade
individual
volume
for
on
paid
dates,
of the date the mortgage
included
be
may
the
insurance
insurance
either
sum
a
the
the
to
The
the
property, less reasonable
(2)
have
mortgage
as
States Tariff
May 5, 1939.
the
premium?
after
(b)
there. shall
the
of
appraised value of the property
for
203
Hawaii,
(
for
of such
the
property,
and
the
the, mortgagee
application
Provided, That with respect to mortgages which
the
by
dates, and by deducting from such total amount
account
on
expenses
and
property,
on
date, of
the
on
become,liens after the insurance of the mortgage,
mortgaged
;
report entitled "Trade Agreement Between the United
tive
liens prior to the mortgage,-
are
the
on
or
unpaid
was
other than by foreclosure,
been
amended,
as
;
Trade Agreement Between United
Turkey Issued by Tariff Commission
makes available in
and
rules
by adding to the amount of
proceedings,
default
which
payments
of
;
1939.
United
this subsection, the
accordance with
original"principal obligation of the mortgage which
the
of such Act,
State of the United States,
any
in
.
of such Act, as amended,
the purposes of
shall be determined,
mortgage
its
States
and similar charges."
expenses,
of section
The last sentence
9,
(c)
301
;
•
in
State,
one
»as
3,
all
set forth
name
on
and
sion, interest rate, mortgage insurance premium, and costs to the mortgagor
for
June
respon¬
such
of
reasonable
Approved,
are
satisfactory in
-
of section
such
in
Rico,
organization
are
body corporate by the
a
Alaska,
Columbia,
Puerto
or
a
issued
be
follows:
as
more.offices
of
by the mortgage offered
amortization
account
holder
the
to
that,
refused to make
for such
sflch holder failed
tunity
the mortgagor
or
of
District
Hawaii,
then existing
a
read
provide
to
the public, interest,
is in
-
(4)
Paragraph
to
the
mis¬
or
certificate,
association."
of
one
fraud
except for
insured
application
of
for
contract,
under this section unless the mortgagor files
application his certificate to the Administrator that prior to the
be
making
as
the hands of
such
approval,
of such
16.
desirable
is
the opinion
the articles of association
to
cause
or
"(4) To conduct its business
the part of such approved mortgagee.
on
shall
mortgage
oa
of
of
amended
is
contract of insurance
any
No mortgage which in whole or in part refinances
"(f)
with
the execution
of
representation
incontestable in
be
shall
executed
so
be conclusive evidence of the eligibility
insurance, and the validity of
of the mortgage for
Sec.
association
an
amended,
as
of
is
to such incorporators a
and the association shall become, as of the date
issue
may
articles
its
Administrator
that such articles of association
and
he
issuance
of
Any contract of insurance heretofore or hereafter executed by the
"(e)
such
of
(b) of such Act,
301
"If the
incorporators transmitting
certificate
adding at the end thereof the following,new.subsections:
follows:
as
mortgages insured under title II and
persons,
respects,
amended
,
for
the
sible
is
read
to
establishment
the
that
market
mortgage insured by the Administrator."
a
Sec.
amended
is
be insured under this title except mortgages that cover
property which is approved for mortgage insurance prior to the completion
of the construction of such property, or which has been previously covered
mortgages shall
by
f
to be appropriated
hereby authorized
is
The last sentence of section
15.
Sec.
Provided
date:
effective
make such rules and regula-
to
for the remainder
of the fiscal year ending June 30, 1939, and for each fiscal year there¬
after, a sum sufficient to meet all necessary expenses of the Department
of Labor in making the determinations provided for in subsection (a)."
insurance may be granted under this title after such
further, That on and after July 1, 1941, no
which
to
respect
1939
17,
be necessary to carry out the provisions of this section.
may
There
"(c)
amendment and outstanding at any one time, shall not exceed
date of this
is authorized
The Administrator
tions as
under this title after the effective
insurance, and that are insured
for
"(b)
of all mortgages that cover property the construction of
completed more than one year prior to the date of the applica¬
obligations
June
Chronicle
Financial
3614
Secretary Hull's reply to the President-elect,
following:
we
take
My Government is pleased to note that it is the desire of the Government
of
Paraguay to
the expansion of Paraguayan foreign commerce
encourage
and economic relations with the United
States by carrying out a policy of
meeting promptly commercial obligations to United States nationals and
concerns,
and
reducing seasonal and
exchange of the
I
am
unusual fluctuations
in
the rate of
peso.
further informed that the Export-Import Bank has agreed to assist
in the carrying out of this
publica del Paraguay of
a
policy by the extension to the Banco de la Re¬
/
credit.
I also have noted with gratification the assurance
of the Government of
security to
Paraguay to accord
encourage the investment of
United States citizen? in the
every
that it is the intention
appropriate protection and
capital and technical experience of
development of Paraguay's natural resources
:
Volume
Financial
Chronicle
The agreement, effected
of
ington advice of May 31 toTthe New York "Times" the
following regarding the bill is taken:
by this exchange of notes, was
letter from Warren Lee Pierson President
Export-Import Bank.
According to Washington
supplemented by
the
a
The Tydings-McDuffie act, passed In
1934, provided that from 1940 to
advices to the New York "Times" Mr. Pierson's letter had
the following to say:
July 4,
through United States commercial banks
to
1946, the projected date of freedom, the Philippine Government
should levy on exports taxes rising from 5 to
25% of the rate of duty which
would be applied against these exports under United States tariff
schedules
after the date of freedom.
The Export-Import Bank of Washington will undertake either directly or
de la
3615
provide credits for the Banco
The bill adopted today
Republica de Paraguay in order to assist it in the attainment of the
arbitrarily set
a
"free" quota for each of
expressed policy of the Government of Paraguay of stimulating the expansion
exports and provided for reduction of that quota by 5%
of Paraguayan foreign commerce and economic relations with the United
a
list of
1941 to 1946.
States
by
nationals
meeting
and
promptly
concerns
and
obligations
commercial
Eour large export factors in which
States
The total amount of such
credits shall not exceed
$500,000 at
ducted
included in the bill.
To permit the Banco de la
:
.
each
of
the
five
These commodities, together
1940 and from which 5% will be de¬
following
years,
scrap
Republica del Paraguay ample opportunity to
30, 1941.
for
were: Cigars, .200,000,000;
tobacco, 4,500,000 pounds; coconut oil, 200,000 long tons; pearl or
shell buttons, 850,000 gross.
any one
be utilized from time to time as required prior
.
In addition, the bill sets up means for annual establishment of
quotas on
and cordage and has special provisions covering the trade in Philippine
embroideries with the United States.
liquidate its obligations under the credit, it is proposed that each availment
sugar
thereunder shall be payable in equal quarterly installments during a period
not
were
from
year
Philippine trade is largely dependent
with the free quota to be applied to
.
are to
to June
American trade
on
reducing seasonal and unusual fluctuations in
the rate of exchange of the peso.
time, and such credits
United
to
each
exceeding 36 months, and the rate of interest shall be 3.6% per annum.
^Senator Clark successfully carried through an amendment providing that
aloint congressional committee, sitting with a group to be named by the
Details and other conditions of the transaction will hereafter be arranged
between the Export-Import Bank and the Banco de la Republica del Para¬
President, should meet in 1944
to consider the ultimate economic effect of
guay, but it shall be understood that all obligations under this arrangepient
Philippine
the
shall be liquidated on
Philippine relations.
before June 30, 1944.
or
.
independence
on
islands
and
subsequent
American-
'
In order to aid in the extension and improvement of the transportation
facilities of Paraguay and in the development of other projects designed to
increase the productive capacity of the Paraguayan people and their com¬
United
House
States
manufacturers and
exporters
and with the Government of
The House
Paraguay in arranging for the financing in the United States of equipment
materials and essential services.
Congress
We understand that individual expenditures under the construction pro¬
shall follow
gram
examination
projects and the certification
of the
as
To
as
.
consistent with sound financial policy, it is contemplated
is
<
that the credits will take the form of discounting, under conditions to be
agreed
bearing interest
of
seven
years.
at the rate of
5%
per annum
and maturing
over a
period
.
•+»
United
States
Close
To
Legation
Tirana,
in
Albania
after
a
sub-committee
had
heard
Although it recommended appropriation of $120,000,000 for
Secretary of State Cordell Hull announced on April 12
that the American Legation in Tirana, Albania, will be closed
and that Hugh G. Grant, American Minister to Albania,
will return to the United States with his staff.
acted
from
Major-Gen. H. H. Arnold, Chief of the Army Air Corps,
that the current expansion program would provide adequate
air defense.
Regarding further recommendation of the com¬
mittee, Associated Press Washington advices of June 12
'stated, in part: ,.r',
-' -A;v
by the Government of Paraguay
.
The bill recommended appropria¬
$14,500,000 for "educational" orders for war materials and
$27,000,000 to increase the Panama Canal garrison.
The
Committee
by the Government of Paraguay and the Export-Import Bank,
upon
of serial notes to be issued from time to time
Department.
tions and contract authorizations of $251,445,547 for 2,290
new Army airplanes and to build
up the air corps personnel;
permit the improvements under consideration to be carried forward
rapidly
Appropriations Committee OBr^uneG.2^asked
to provide $292,695,547 additional appropriation
for the War
feasibility and utility of particular
to'their necessity by the Government of
Paraguay and the Export-Import Bank.
as
Appropriations Committee Approves $292,695,547
Supplemental War Department Bill
the United States, the Export-Import Bank will cooperate with
with
merce
craft,
the
cbmmittee
suggested
"While the committee is
This decision
that
only
1,007
air¬
more
actually
were
needed
:
immediately.
proposing to underwrite the budget estimate
(of $120,000,000) for the procurement of planes," the report said, "it has
reached after the Legation was informed by Albanian
authorities that the Albanian Foreign Office has been abol¬
was
joined to the appropriation
ished and that foreign representatives will no longer be ac¬
corded the usual privileges and immunities.
Albania was
in the interest of national defense."
invaded
appeared little doubt that he would authorize use of the entire fund.
and
taken
to
over
the
United States,
Faik Konitza, had not
The
considered.
The
The
'
American
that
by
henceforward
foreign representatives in Albania will not be
Mr. Hugh G. Grant, American Minister to Albania, to return to the United
States with his staff.
.
/
„
'
enlisted
behalf of the President and himseif their appreciation
on
in which I
manner
Grant carried
r.
men
to
9,916 at a cost of about $3,600,000 and to construct housing
The committee said that the
;
educational orders would familiarize private
manufacturers with production of munitions of war of "special or technical
•
design, non-commercial in character."
f
"
,
/
.
in sending these instructions, the Sepretary of State took occasion
express
Department officials told r the committee that the Panama Canal
facilities, storehouses and the like at a cost Of $23,400,000.
ac¬
corded the usual privileges and immunities, the Department has instructed
able
•
$61,600,000 appro¬
appropriation would be used to increase the size of the garrisons from 3,516
the Albanian authorities that the Albanian Foreign Office has been abolished
and
'
a
improvement of existing stations.
as
War
Tirana, Albania, having been informed
Legation in
well
as
;i
'
:
v
$251,445,547 total for the Air Corps includes
priation for housing and technical construction at new bases and depots,
following is the announcement issued by Secretary
Hull:'
177 for the National
These, plus serviceable planes on hand or on order and plus 784
would make a total of 5,500 planes by July, 1941.
been
as» yet
calls for 2,290 regular army planes and
The bill
Guard.
planes for which the regular War Department appropriation bill provided,
consulate and that the status of the Albanian Minister
a
provision making the procurement, of 1,283
President Roosevelt has twice recommended the full program and there
by Italian troops in April.
In
reply to questions at his press conference on June 12 Secretary
Hull said that no plans had been made to change the Legation
to
a
planes subject to the President's determination of their immediate need
on
to
of the
the duties of American Minister
signing by President Roosevelt on April 26
of the $508,789,824 War Department Appropriation Bill
was made in our issue of April 29, page 2513.
Reference to the
in Albania under circumstances of unusual difficulties.
Secretary
of
States
Agriculture
Policy
Cotton
Congressional
Action
Manchester
Wallace Explains 1 United
British Spinners—Says
Will
Determine
There
ton
are
to
several
measures
advices
pending in Congress which deal with the cot¬
action
by Congress.
on
the proposals will be
Loan cotton has not-yet been taken over by the Government
and title to it is still held
by producer borrowers.
available to the trade at such
their
cotton
and market it through
cotton will be withdrawn
Of
course,
regular
a
channels.
Current prices
loans
into
The
domestic
a program may soon
be adopted
consumption and
export
as
fast
as
marketing
The
3308.
Passes
Senate
v
V
Bill
Amending Independence
Philippine Islands
Act
of
May 31 passed and sent to the House a
of the Philippine
goes into effect
in 1946.
The measure, sponsored by Senator Tydings of
Maryland, substitutes, in the ease of Philippine exports, a
on
bill having to do with economic conditions
Islands after their complete independence
quota restriction for a tariff increase—a
constantly decreas¬
From Wash¬
ing quota for constantly increasing tariffs.
—+.
for Espionage—Bill Also
Those Advocating Over¬
throw of Government by Force
House
Increases Punishment
Provides
Penalties
for
,
with out
British protest was referred to in these columns of
Senate
'
by borrowers and marketed.
conditions will permit.
June 3, page
sponsored by Senator Ellender of Louisiana, was
passed by the Senate on March 23 but it has not yet been
discharged from the House Agricultural Committee. Presi¬
dent Roosevelt on April 19 expressed opposition to the- bill
in a letter to Chairman Jones of the Agriculture Committee;
this was noted in our issue of April 22, page 2352;
The bill,
are
which will be helpful in moving a portion of the cotton held under govern¬
ment
Quota Act by increasing the quotas of
mainland sugar producers at the expense of off-shore areas
are believed to be abandoned at
this session of Congress.
considerable quantity of loan
The desirability cf supplying requirements of European mills
fully recognized and it is hoped that
obtain House enactment of a bill calling for
to
revisions in the Sugar
this cotton is
prices as will induce producers to repossess
approaching the point where it is believed
cotton is
Ad¬
determined by the action taken
of Sugar Act Amendments at
this Session of Congress Believed Abandoned
Efforts
to
situation, but definite action has not been taken on any of them.
ministration
at
Status
the "Wall Street
Journal" of June 10 the Master Cotton Spinners Federation
has received the following reply from U. S. Secretary of
Agriculture Wallace in reference to the British cotton spin¬
ners' protest that the American Government is withholding
supplies of cotton from the market:
'
According
Efforts to Obtain Passage
to
passed and sent to the Senate on June 5 a bill
increasing the punishment for espionage, including an amend¬
ment imposing penalties on those advocating the overthrow
of government by force.
The amendment, sponsored by
Representative John W. McCormack, of Massachusetts,
was approved by a vote of 357 to 17.
The entire bill was
passed on a voice vote.
Mr. McCormack's amendment
provides as follows:
The House
"Whoever knowingly or
force
violence shall be
or
imprisonment for not more
In United Press
wilfully advocates overthrow of government by
punished by a fine or nor more than $5,000 or by
than five years, or both.
advices from Washington, June 5, it was
stated:
The espionage
E. Walter,
ties for
portion of the
Democrat, of
bill, sponsored by Representative Francis
Pennsylvania, increases present maximum penal¬
convicted spies from two years' imprisonment to ten,
same maximum
fine provision of $10,000-
but keeps the
Representatives,
The House of
361
approved
2
to
Social
to
on
June 10, by
Provision
in
revised
the
who
has
24.38
26.25
benefit due under
After three years' coverage the payment, if the average wage
present plan; after 40 years' coverage it
compared with $126 under the
would be $2,100 compared with $1,680
under the present plan.
group
Regarding the House action on June 9, the Washington
said, in part:
"Post" of June 10
publicans.
The adoption of the bill by the House came after a motion
to recommit, offered by Representative Carlson (Republi¬
can) of Kansas, was rejected.
The debates and divisions in
the House, said advices June 10 from Washington to the New
York "Times," showed no partisan trend.
A large number
of amendments, it is noted, were offered, and defeated, to
the end of liberalizing still further the benefits under all
categories, especially old age assistance.
The most im¬
portant of these proposals which will doubtless be again
offered in the Senate, continued the "Times," sprang from
the desire of the poorer States to obtain larger Federal
participation in the way of grants for various forms of
Associated
the
"
Press
Federal
was
sent to the Senate
saved
from defeat
which
were
"50 or 60" Republicans
8 finally voted "yes."
J.
defeated, found Democrats opposing each other. Republicans
Democrats
"economy-minded"
The
amendments
proposed by Colmer and his allies were branded as
"serious, regrettable and major blunders" by Chairman Doughton of the
Ways and Means Committee.
He alleged that they
were an attempt to
bring in through the back door the Townsend old-age pension plan dis¬
approved by the House last week.
•
The defeat of the Townsend old age pension plan in the
House on June 1 was noted in our issue of June 3, page 3309.
by the Ways and Means
Federal partici¬
J.
Arthur
testifying
Altmeyer,
the
on
Among other things the
amendments "freeze" existing old-age insurance taxes for three years at
existing rate of 1% on employees and 1% on employers.
three
of
for public assistance programs
Forty-
to
vary
Chairman James E, Byrnes, Democrat, of
has advocated a
•
year.
Another saving of
„
paid their contributions to State funds late.
Old-age insurance benefits would become payable in 1940 instead of 1942
five
1940 to
years,
about the
same as
now
his Board
Mr.
persons
over
65 would be brought under the old-age insurance
insurance
Another provision would
tencj to do away with lump-sum payments to
of old-age insurance
beneficiaries in favor of monthly survivor
A Federal old-age and survivor insurance trust
fund would be established,
Secretary of the Treasury, the Secretary of Labor and the Chair¬
<jf the Social Security
Board
1937, would receive $38.63
,
wage was
$100
a
per
month in old-age insurance if their
month.
.
.
1,
—Present Plan—
Federal-State public assistance
:
■
if the wife also
was
aged 65.
If she had worked and was entitled to "pri¬
total of her and her husband's primary
benefits
was
less than the married
In other words, the husband and his wife could take their choice
of each receiving the "single" benefit payment to
The present law
was
provides for
a
which they
were
entitled
larger.
age
65.
or parent
month:
*
plan
provides
monthly
payments
to
a
dependent
child,
(over 65) on the following scale, if the worker averaged
■
Administration
efforts
for
revision of
the
present
and munitions for Nations at war.
was
The
measure
it is
drafted in accordance with recommendations by
Secretary of State Hull.
The Republican members of the
Committee voted solidly against it, and reserved the right
objections.
Representative Fish of New York,
ranking minority member of the Committee, said on June 12
to file formal
that he and other so-called isolationist Representatives would
take the
lump sum payment—of three and one-half
times what the worker has paid in—to his survivors in case he dies before
revised
.
neutrality law during this session of Congress were given
impetus on June 13, when the House Foreign Affairs Com¬
mittee, by a vote of 12 to 8, favorably reported the Bloom
bill, which would repeal existing mandatory embargoes on
stated
"married" payments would be due only
mary" benefits herself, the married benefit would not be paid unless the
"married," whichever
.
tion June 21
arms
No payments.
a
from
'
"
Revising Present Neutrality Law is Favorably
Reported by House Committee—Contains Repeal
Mandatory Arms Embargoes in War Time—
Reflects
Recommendations
of
Secretary Hull—
Senate Committee to Consider Neutrality Legisla¬
The
Under the revised plan, the larger
$100
'
of
average
(Marital Status) Revised Plan
(Marital Status) Revised Plan
Coverage (Unaffected) Single Married Coverage (Unaffected) Single Married
3 years
20 years
*
$25.75 $38.63
32.50
30.00
45.00
5 years $17.50
30 years
26.25
39.38
42.50
32.50
48.75
10 years 22.50
40 years
27.50
41.25
52.25
35.00
52.50
widow,
2,600,000 needy persons received benefits
1938
during
.
—Present Plan—
The
employers' pay rolls.
of March 25.
Here is how the amendments would affect monthly payments to a worker
reaching
on
Security Board were noted in our issues of Dec. 24, 1938,
3842, and Jan. 21, page 367.
Proposals of Secretary
Morgenthau were referred to on page 1728 of the "Chronicle"
1 or thereafter and who
who averaged $100 a month:
the
the old-age
hearings on the amendments before the
House Ways and Means. Committee appeared in these
columns April 15, page 2198.
"
.
Recommendations for revision in the act by the Social
Bill
have been participants in Federal old-age insurance since it started Jan.
or
freeze
A reference to the
Under the Social Security Act amendments passed by the House today,
benefits.
would
Mr. Altmeyer told the Committee
♦—
advices of June 10 said:
married persons who reach the age of 65 on Jan.
*
3%
trustees.
as
Associated Press Washington
monthly
amendments
present level,
page
benefits, graded according to the degree of relationship.
with the
Security
.
benefits.
survivors
Social
$495,000,000
programs.
(
benefits and about 200,000 additional under the unemployment
pyrnes
based on the relative
skeptical of proposals to reduce the existing unemployment
Altmeyer testified that
totaling
45 years the total estimated outgo would be
provided.
the
was
insurance tax of
estimated outgo on these accounts during
About 1,100,000 additional persons such as seamen, bank employees and
employed
Although
insurance taxes at their
1944, inclusive, by an estimated $1,200,000,000.
Over the period of the next
In the past, Senator
variable system of Federal grants
,
pensioners, aged wives, widows, children and aged dependent parents.
This would increase previously
legislation.
ability of the States to finance security programs.
$15,000,000 to employers vfould be affected by refunds
and abatements to those who
South Carolina, of the Senate
Unemployment Committee, was invited to sit with the Finance Committee
in the consideration of the pew
This change is estimated to save employers $65,000,000
roll as at present.
man
paid by States to the
aged and the blind and 33 1-3% of benefits paid to dependent children.
Unemployment insurance taxes from employers would be calculated on
the
"whereby the
the State."
.
only the first $3,000 of each employee's earnings, instead of the entire pay¬
to
and to substitute a system
in accordance with the relative economic'capacity of
At present the Government puts up 50% of benefits
The average rate for employers could be reduced from 2.7%
2%.
"believes that it is
Security Board
percentage of the total cost in each State met through a Federal grant would
$250,000,000 to employers in that year if they all took advantage of this
.provision.
,
essential" to change the system of making uniform Federal grants to States
1940, at an estimated saving of
be able to do this in
would
Social
Altmeyer testified the
the
They also would
old-age insurance payments in 1940 instead of 1942.
Mr.
•
and unemploy ment
required standard may reduce their contributions.
a
States
June
Altmeyer testified before the Senate Finance Committee on House-
approved amendments to the Social Security Act.
start
•
on
12, urged revision of the law to give greater Federal benefits
to
less
wealthy States.
Associated Press Washington
advices of June 12 summarized his testimony as follows:
2% each comes into effect.
funds
Security
Social
amendments before the Senate Finance Committee
Mr.
Changes in Job Insurance
$417,000,000
1
"Blunders," Says Doughton
before the rate of
benefits
supporting
Democrats
and
"4-to-l" plan would cost the Federal Government
annually.
and Means Committee.
reserve
all of
Altmeyer, Chairman of the Social Security Board, had estimated that
Colmer's
1942, instead of advancing to 1H% each next year.
three years
unemployment
...
.
Representative Disney (Democrat), of Oklahoma, declared that Arthur
today may be summarized as follows:
maintaining
of the
One leader in the tight for a
It is estimated this will save contributors $825,000,000 in the
States
,
the hands of pension-
at
the Colmer proposal and on a series of modifications,
on
supporting
Old-age insurance taxes would be stabilized at 1% each from employers
and employees until
was
matching basis complained that although
Debate
changes from existing law which the House approved and
The principal
Present law
to a total of $20.
had promised to support the amendment, only
partisan of pensions for the blind, with the approval
help of the majority members of the Ways
and
up
Republicans to indorse the Colmer plan.
4-to-l
offered by Representative Jenkins of Ohio, a Republican,
who has been an active
Administration
The
limit of $15 a month to $20 a
State contributions dollar for dollar.
The successful
matching
$4,
minded Democrats, many of whom are 100% New Dealers, by failure
pation in assistance to the blind from a top
month,
would grant
$15.
up to
#
Committee, on the advice of the experts, was an increase in
amendment
174 to 97, provided
dollar that the States appropriated for the needy aged, the
Government
imposes a dollar-tor-dollar matching obligation on the Federal Government
man
only change from the bill recommended
The
The Golmer amendment, defeated by a teller vote of
that for every
covered by old age insurance will eon.inue to
contribute to his retirement pension 1% of his pay up to
.i3,000 until Jan. 1, 1943. In 1943 the rate will go up to
1 H%'
Under present law, the rate is due to go up to 1^%
next Jan. 1.
The employer pays the same tax as his em¬
ployee.
The following is from the Washington advices to
the "Times," June 10:
working
to States for old-age assistance.
,
the House action, it was observed
accounts, it will mean that the
If the Senate approves
in
Representative Colmer (Democrat) of Missis¬
that the Federal Government greatly increase its rate of contributions
,
Republicans.
•.'■;/ ■'v-
assistance.
yesterday
Disregarding party lines, the House supported Administration
in voting down a proposal of
sippi
a
the
entitled to benefits under the
will be six times the monthly
These
37.50
40.63
43.75
22.50
lump-sum payments to
plan for
survivors
no
1 Child
Widow
15.00
16.25
17.50
30 years
40 years
had been $100 a month, would be $154.50,
of experts created by the original law, with only one
minor change.
The measure was sent to the Senate, where
the Finance Committee began hearings June 12.
The only
House members voting against passage of the bill were Representatves Smith of Ohio and Thill of Wisconsin, both Re¬
a
made
is
worker
his coverage.
Security Advisory Committee,
recommended by the Social
a
above schedule.
series of amendments to the Social
a
These amendments were in the general form
Security Act.
of
estate
19.69
20.63
13.75
20 years
$32.19
32.81
34.38
$19.31
3 years $12.88
5 years
13.13
10 years
and
or
Coverage 1 Child
1 Child
Widow
Coverage 1 Child
vote of
a
and
or
Widow
Parent
Widow
Parent
Security Act
Recommended by Board of Experts—Senate Fi¬
nance
Committee Begins Hearings on Measure—
Revisions
Designed to Liberalize Benefits and
Reduce Three-Year Burden
Amendments
Passes
House
1939
17
June
Chronicle
Financial
3616
,
,
fight to the floor of the House and to the country.
favorable Committee report on the
Washington dispatch June 13 to the New York
After announcing the
bill,
a
"Herald Tribune" said:
With this hurdle cleared, the Bloom bill is expected to receive a favorable
rule from
the
Rules
Committee on
Thursday
(June
15) and to be taken
Volume
by the House, probably not later than next Monday (June 19).
up
then reach
crucial stage, with the leadership of the
a
convinced
that
the
bill
be
can
and
passed
20 Senators
House by no means
Gerald P. Nye,
the
statement circulated by
a
Bloom bill
Two
the
to prevent the passage of such legislation as
of
to
affairs.
until
is
Today the
September.
The
chances
by
of adjournment
automatic
15 are looking
July
be determined
Park..
adjourns.
leave
until around
If it looks like
on
July 2.
on
President
Then
July 2 or wait uhtil Congress
meant
will
prolonged struggle over neutrality, then he
a
reported
case
of
European
a
Committee
Voted
voted
to
As
the
a
down
amendment
an
embargo provision of the existing law.
designate the
came
Doicn
by
Repre¬
Schiffler, Republican, of West Virginia, to retain the
result,
Then, by
vote
a
by Representative Hamilton Fish, Jr.,
eliminate
to
Section
3, which authorizes the
war zone.
controversy
that its sessions
Queen.
over
finishing the bill, which
would
have
might have overlapped the visit of the King and
the
Committee
voted,
11, two Democrats
joining with the Republican minority to adjourn the session until Monday
»
.
arms
Republican, of New York,
23, when he expects to go to Hyde
June
He will then decide whether to leave
the fact that the bill, which will be
of 14 to 9, it rejected an amendment
Roosevelt reiterating at his press conference
today that the date of his departure for the west coast and Alaska could
not
House
sentative Andrew C.
expected to result which might well keep Congress in session
slimmer daily, with President
on
Embargo
•
•
.
filibuster
A
of
eve
conflict.
A.
Robert
Senators
posibilities,
based
was
Administration desires, in favor of the democracies in the
Taft,
Ohio, and Henry Cabot Lodge, Jr., of Massachusetts, not only have failed
sign but have indicated that they sided with the Administration on foreign
Presidential
the
as an indication that
Committee members had been influenced
by the visit.
without automatic embargo and
giving the President authority to designate
"war areas" in the event of
hostilities, would operate in the manner the
the Pittman bill, which have many points in common.
or
postpone final action now on
Royal couple would be interpreted
This contention
Republican, of North Dakota, voicing their opposition to
Republican
visit of the
the
Senator
changes in the neutrality law and their willingness to stay in Washington
all summer, if necessary,
.
action
Representative Luther, Johnson, Demo¬
of Texas, argued that to
crat,
"
have signed
3617
Before the House Committee had
voted, 12 to 11, to delay futher
on the bill until
Monday, June 12f
It will
the Senate isolationlist
with
group girding for a bitter-end fight.
More than
Chronicle
Financial
148
12
to
.
William B. Bankhead, Speaker of the House, said today that he
that
the
but he
House could
While
time
to
careful to avoid saying tht he thought Congress,
was
could finish its
"depends
complete its work in
believed
adjourn by July 15,
thenf
work by
From
In
The exact date of adjournment, he
House
readily complete its
can
the
the
by mid-July,
schedule
Senate will have its hands full to complete only two major
"must" pieces of
Alben
W.
to avoid
mention neutrality as a piece
even
relief by that
Senate Foreign
of
Acting Chairman
Senate,
"
only
minor
one
transactions
with
•
Republican, amendment,
'
the
,
Committee
provisions of the bill that restrict
vote
warring nations and require transfer of title
There
comparatively non-controversial sections of the bill.
Paragraphs which, in effect, knock out the mandatory war-time arms
embargo of the present law and permit the President
areas"
forbidden
American
to
citizens
and
ships
to establish "combat
approved
were
by the
Committee last week.
!
>
the
in
before goods can be shipped to
beligerants from the United States.
the dozen various
•
the
remain to be approved
Relations Committee will meet tomorrow to set a
"neutrality" bills which have been submitted.
solidifying opposition
.
financial
second.
of "must" legislation.
date when its membership will agree to begin considering
take
we
House Foreign Affairs Committee indicated
yesterday that
yesterday indorsed without record
the first instance, and
immense losses of revenue, in
save
running out of money for the payment of relief wages, in the
He did not
The
today said
Barkley, of Kentucky, majority leader,
13
Administration-approved neutrality bill would be favorably reported
Accepting
that the Senate would have to complete action on taxes and
date in order to
face
today.
legislation by July 1.
Senator
the
Bloom of the
developments.'*
on
the
Washington "Post" of June
following:
whole,
said,
as a
the
,
-
..
"
"
Present at the meeting of the Committee will be Cordell Hull, Secretary
It is around the crucial question of a
of
State, and Under Secretary Sumner Wells, Secretary Hull is credited in
Congressional circles with having persuaded the House Foreign Affairs
of
Committee to report out
arms
Relations Committee unless whip and spur are
Chairman Key Pittman, Democaat, of
various times
begin in the Foreign
1. Permit the President
commercial
There is no reason to
only at their
2.
which expired in
3.
Permit
other supplies,
shipments of
It
loans
and
the
munitions
of goods,
to
funds for nations at
of
instruments
An effort by
as
war,
well
one
as
the
at
the
use
of American ports as a
commerce with belligerents.
Practically, the Bloom bill, like the Pittman
would operate to favor England and
France
as
after the outbreak
the
of
joining
base of supply;
submarines and armed
,
and
"cash
carry"
bill,
Four
areas.
There
.
are
A
host
of
A
Key Pittman
Clark
arms
A
one
by
embargo group, including Senators Nye
(Dem.,
Mo.),
Hiram
has
W„.
Johnson
announced
it
will
(Rep.,
and
other
self-
mid-summer, if
embargo provision of the neutrality Act cleared
today in a manner indicating that the De¬
mocratic majority on the House Foreign Affairs Committee
is reconciled to acceptance of the Roosevelt-Hull dictum,
said a Washington account to the "Herald Tribune", which
in part continued:
*
13 to
The
whom
Bloom
bill,
arms
which
proposed
modified
a
"Herald
isolationist
Senators
stood
pledged
today
to
Tribune''
of
Congress if the Roosevelt-Hull neutrality proposal is insisted upon.
The program of the
Senate isolationist
.was
made known
as
the House
the
embargo
on
war
munitions.
Senator P.
Nye,
Cordell
Hull,
as
a
direct reply in opposition to the position taken by
Secretary of State, in his
recent
letters
to
the
.
The
visit
on
question
of
"embarrassing the
Administration"
by action
during tlje
one way or
neutrality legislation also entered into the stormy meeting of the House
Foreign Affairs Committee, at which the first three sections of the Bloom
.bill
were
approved.
proposal to authorize the President to
embargo of American
proposition
Moore
letter
it
written
was
Chairman
had
roya
the other
King
to
repeal
all
arms to
name
an
aggressor
the guilty nation.
neutrality
legislation
and
throw
*
a
presented by
Senator Johnson
month
was
It
ago.
said
"would at
that
once
(Rep., Ual.), to
giving
make
us
the
an
President
autocracy."
a
move
toward
a
American commodities on a "cash-and-carry" basis.
.
(King George VI and Queen Elizbeth)
this
Senator Borah, however, would permit warring countries to buy all other
House and
Senate Committees.
com¬
from
compromise neutrality law that would prevent the sale of
arms to all belligerents.
They added:
Republican,
spokesman for the group said "a declaration of neutrality principles"
had been drafted
Thomas
Senator Borah had assumed the lead in
Foreign Aftairs Committee approved the vital sections of the Bloom bill to
eliminate
exported
Hearings before the Senate Foreign Relations Committee
proposals to amend the Neutrality Law to grant the Ad¬
more freedom of action in dealing with
belligerent Nations were opened on April 5 when Henry L.
Stimson, Secretary of State under President Hoover and
Secretary of War under President Coolidge, was heard.
Mr. Stimson advocated the proposed changes in the present
law to give the President greater discretion in foreign re¬
lations, such as the power to name an aggressor.
United Press Washington advices of April 7 said that
and
delay adjournment
munitions
on
stated in part:
12
Key Pittman, of the Senate
and
ministration much
ban in Section 1 of the present law.
Under date of June 7 advices to the
arms
backed by the Clark-Nye-Borah-Johnson group of isolationists
authority to name an aggressor
8, the Committee rejected the Vorys amendment to the
mandatory
all
hearing before the Senate Foreign Relations Com¬
mittee on May 8 a letter was made public from John Bassett
Moore, former State Department official, voicing disapproval
of the proposals that the President be given' power to name
and boycott an aggressor nation.
Washington Associated Press advices May 8 also said:
arms
Voting
place
At the
its first hurdle
milder version of the
would
each of
These proposals, put in
;
American markets wide open to all comei*s.
On June 6 the Administration's drive to repeal the auto¬
Administration-supported
measure
The
necessary, to keep the existing Act intact.
matic
bloc of fighting champions.
a
sponsored by Chairman
which
The
Chairman
(Rep.), Bennett C.
Calif.)
filibuster into
•
that would embargo every type of war supplies destined to a warring nation.
(Dem., Nev.), embracing Secretary of State Cordell Hulls-
styled isolationists,
by
and to confine the
to
the
country to a belligerent on a cash-and-carry basis.
declaration of "neutrality principles," are before the committee.
The
measure,
mittee,
\
bills, ranging from outright repealers
vote,
of
two houses.
Major Proposals
the briefest form, are:
Majority Leader Alben W. Barkley (Dem., Ky.), began
seeking a compromise program through which he hopes to
avert a filibuster by the
mandatory arms embargo bloc
said United Press accounts from Washington June 14, from
,
12-11
four concrete proposals before the two committees,
which is backed
also quote:
meting of the
an
Sections
they conclude that reconciliation is impos¬
sible, and take the whole issue to the floor of the
The Bloom bill, unlike
On June 14 the Senate Foreign Relations Committee agreed
to take up neutrality law revision on June 21, while Senate
we
by
opposition.
Control Board.
ists among themselves, or until
Pittman bill, would not make it criminal for American ships to carry
which
in
They will sit behind closed doors until they have reconciled the extrem¬
aginst Germany and Italy
European hostilities.
goods outside of certain designated combat
as
the. Republicans
May 13 J. Fred Essary, Correspondent at Washington
stated that the Foreign Relations
Committee of the Senate and the Foreign Affairs Committee
of the House completed their open hearings and moved to
frame a new neutrality measure.
The correspondent further
reported in part:
^
V
that the former nations would be expected to have control of the Seas
soon
Democrat
On
prohibition of the arming of American vessels
engaged in
in
American republics were
an afternoon
of the Baltimore "Sun"
and collection of
the solicitation
of American ports by foreign
and
Representative Bloom to call
tinuance of the Munitions
Act respecting the banning
present
war;
Barton
amendment requiring
proposed bill that still remain to be acted upon include provision for con
contained in the
war
"neutrality" fight.
of the
nations
of
instruments
of the
crux
war;
use
Vessels
and
provisions
credits
Representative
an
a
ordinary
exempt
exempted from the operation of these sections of the bill.
provisions
and in this would repeal the mandatory embargo against
regulation of the
merchant
classes
This is the
re-enacts
obligations.
may
Committee in order to complete the bill was defeated
of .all
arms,
present law.
of
carry"
and
"cash
the
re-enacts
May.
sale
short-term
ing fund-raising activities in the United States.
<
practically
and
President
provisions forbidding sale of goods to
belligerents unless title has been transferred prior to shipment and restrict¬
ships and American citizens would penetrate
own risk.
This
credits
it unlawful to deal in securities of
that the
except
(Republican), Of New York, obtained adoption of
Require foreign purchasers of goods to take title in this country before
shipments.
A
publicity for such transactions.
The Committee also approved
certain combat areas upon outbreak
define
to
embargo in time
"last-ditch" fight.
(Democrat), of Missouri.
belligerent government,
The Bloom bill would:
of war, into which American
of Senator Clark
Foreign Affairs Committee would make
expect any kind of bill out of the committee for several weeks yet.
M
arms
a
Sections of the Bloom bill indorsed at yesterday's meeting of the House
used in the committee by
Nevada.
mandatory
rallying for
are
no compromise will be made on the
embargo, received 18 Senatorial signatures yesterday, headed by the
name
during the last fortnight to discuss the neutrality issue.
The filibuster tactics of the Senate group may well
Senators
"declaration of principles," stating that
He received
bill favored by the Administration.
a
of the members of the committee in his apartment at
most
that isolationist
war
"
Key
Pittman, of the Senate Foreign
on
Relations
Committee,
proposed that arms shipments be permitted on a new "cash-and-carry"
policy to replace the present neutrality law.
Borah, the ranking Republican
the Committee, felt that the proposal had merit, but that arms shipments
should
gressors
be
embargoed.
Neither
and non-aggressors.
Senator would differentiate between
ag¬
Financial
3618
law makes an embargo mandatory once the
The present
President de¬
the
of war exists, which he never had done for instance in
clares a state
Chinese-Japanese
made another week.
Any country that had the money to lay on the line
volved in the war.
and
the
and
other
ships
goods, however, could buy food, cotton, oil
transport
,r
favored extending the aid of American resources only
contended
Others
aggression.
of
victims
to
to
commodities in this country.
Senators
Some
such
would lead
policy
a
war."
America "to the brink of
20 Senator Borah said that testimony of pro¬
ponents had failed to disclose to him any practical way in
which a war referendum amendment to the Constitution
Associated Press accounts
this, added in part:
workable.
could be made entirely
Washington May 20 reporting
tions.
the question of fighting all wars
to define foreign
that aire not purely defensive.
wars.
proposal, introduced by
Judiciary subcommittee in support of a
Senate
take from Congress and give to
12 Senators, to amend the Constitution to
themselves the power to declare war, except when an attack is
or made on the United States, its possessions or the Western
the people
threatened
Hemisphere.
\
Roosevelt and
...
The referendum amendment
was
opposed by President
Secretary of State Cordell Hull when it was brought up in
but it has drawn strong support in both
the House then adopted the subcom¬
minimum of discussion,
a
make the proposal
States adopt it,
doubted
in the world to do so, and that he
nation
Report
Bill Extending Monetary Powers
Adams
on
month limitation on
be
The subcommittee originally proposed that these costs
material costs.
limited to $6 per worker in an effort, Representative Woodrum, Democrat,
of Virginia, explained, to force larger contributions from communities
sponsoring the projects.
*
.
Later the House refused to strike out of the relief bill the
provision
Committee's
Appropriation
of relief funds for the
$125,000,000
earmarking
Public Works Administration."
The teller vote was 194 to 84
President Roosevelt is reported as stating at a press con¬
on June 16 said that the new WPA appropriation
was nar¬
that other nations would follow this course.
Minority
With
for
voice vote.
a
ference
that should the United
Borah said
Senator
It
•
Along with questioning whether there was any way to
would be the first
by
the last session,
House and. Senate.
rowly defeated in the House last year.
workable,
adopted the amendment making Federal projects eligible
The House
WPA allotments
mittee's amendment restoring the $7 per worker per
emphasized this point in questioning witnesses appearing before a
He has
.
Representatives after rejecting the increase
in the relief bill, approved the amendments made by its
subcommittee designed to liberalize some of the restrictions
proposed on the Works Progress Administration spending.
The action on these amendments were given in Associated
Press dispatches from Washington June 16 in part as follows:
suggested that if it is to be practical, some method must be found
But he
it
201 to 82
favoring the principle of submitting to
Borah is on record as
Senator
the people
June 16 by a vote of
rejected a proposal to increase the $1,716,000,000
relief bill by $534,000,000.
The House Deficiency Appro¬
priations subcommittee earlier in the day, in an effort to
head off opposition to some provisions of the relief bill
adopted amendments to ease some of the proposed restric¬
House of Representatives on
The
The House of
On May
from
Proposal to Increase WPA Spending
House Rejects
1,000 American war-
Britain have ordered more than
Under Borah's plan, delivery of them would be cut off if those
went to war, as would arms shipments to all other countries in¬
countries
-
*
Borah believed the embargo on arms should be
war.
France and Great
the Advisory Council will be
of those representing
views
made mandatory.
planes.
June 17, 1939
Chronicle
would not be placed before him for signature in its
present form. The relief bill was presented to the House by
its appropriation Committee on June 15.
•
The testimony of various Mayors before the House Ap¬
propriations Committee, investigating the WPA was given in
these columns May 13, page 2829.
bill
of President Filed by Senator
minority report on the bill extending the monetary
of President Roosevelt, was filed on June 14 by
Senator
Adams
(Democrat) of
Colorado.
Washington
advices June 14 to the New York "Times" said in part:
A
powers
Senator
submitted
Adams
his report
as
supplement to
a
majority
a
and which endorsed the House bill to
June 30, 1941,-the President's current authority to reduce the
report which was entered yesterday
extend until
gold content of the dollar from 59%, where the Executive fixed it in 1934,
50%, and to continue for that length of time control over the $2,000,-
to
000,000 Stabilization Fund.
the Banking and Currency Committee cast a
Mr. Adams recalled that
tie vote on an amendment to the House bill to eliminate
devaluation authority, and stated bluntly that
by
a
Senator Adams wrote" in his report that the United
t.
continuance of the
"devaluation of its currency
nation is an evidence of weakness and not of strength."
and
be stabilized
commercial
made the
one
States dollar "should
unchangeable standard of
outstanding,
value in the world."
"The so-called advantage which a foreign country enjoys in its
trade from devaluation of its Currency is due to the fact that, as a
export
result o
devaluation, it can produce its exports at a lower cost," his report continued.
"This simply means that, as a consequence of devaluation; wages and rawmaterial costs
reduced-and therefore it
are
sell its products at a lower
can
price in the world market.
,
<
.
•
New Corporation Tax Bill Sent to House by Ways and
Means Committee—Approves Sub-Committees Draft
—Undistributed
it has in the foreign country by reducing
the
United States
can
compete with the reduced costs of
so as to
16Yi t,o 19%.
'
>
-
Corporations with net income
3.
Capital stock and
$25,000 to be taxed 18%.
over
profits tax.
Allow corporations to increase
Existing law, which gives corporations the right to revalue their capital
either
upward
downward
or
otherwise.
on
June
This provision would take effect next year.
provision allowing
1939 losses to fc>e carried
dollars
loss
over
given amount of work
a
or
materials
before
as
devaluation,
regardless of the fact that the intrinsic value of the dollar has been reduced
in value by the proportion
Devaluation-is primarily at the
of the
wage earner,
salaried
of
approval
the
Currency Committee
ssue, page 3455.
bill
14%
•
the
June 6
on
by
was
Banking * aDd
noted in our June^lO
Senate
.
♦——-
'
6.
Opposition to Mead Bill by E. E.
Council
Bill
of
James
H.
York
Provide
Perkins
Indicates
Loans
of
National
Bank's
Small
Business—
City Bank of
Contacts
With
New
the
Sub Committee of the
Currency opposition
on
June
Senate Committee
15
before
the
insurance
on
of
bank
loans
to
small
business
was
presented, according to advices to the Wall Street "Journal"
Washington bureau, from which we quote:
from its
The
Smith,
At present they have a 16j^.% flat rate.
spokesmen
for the Advisory Council yesterday were Walter W.
President of the Council and of the First National Bank of St.
8.
The present rate
10% op profits made in the United States.
Foreign corporations not engaged in trade
States
which
might receive income from dividends, rents, royalties, etc.,
will continue to pay their present rate
which they will pay 10%.
9.
business in the United
or
of
15%,
except as to
dividends, on
This continues existing law.
Corporations in bankruptcy
or
receivership, joint stock land banks
housing corporations will be taxed like all other corporations.
a
credit of 2 M % of their adjusted
net income to relieve them from the undistributed
profits tax.
Capital Losses Changes
.
10.
Repeal present
charged
against
limitation of $2,000 on
ordinary income
capital losses (on assets held
in
full against
year
in
losses
which
over
In case of long'term
18 months) allow the loss to be applied
for the same taxable
ordinary income of the corporation
the
loss
was
that can be
capital losses
of corporations.
realized.
In the
case
of short-term capital
(on assets held less than 18 months) corporations to be given same
treatment
as
is
now
accorded individuals—that
is, only allow short-term
Louis; Howard A. Loeb, Vice President of the Council and Chairman of
capital losses to be applied against short-term capital gains.
the Tradesman
term
E.
National Bank &
In their discussion of the Mead
-
Trust Co. of Philadelphia; and Edward
Brown, President of the First National Bank of Chicago.
specific provisions of the
measure
bill, these bankers attacked not only the
but also its underlying assupmtions.
On June 15 James H.
Perkins, Chairman of the Board of
Directors of the National City Bank of New York, laid before
the Senate Committee
with small
a
statement
on
the banks' contacts
business, and further reference
to
Mutual
Banking and
on
the part of the Federal Advisory
Council of the Federal Reserve System to the Mead bill for
Federal
1
existing
the first $5,000 of net taxable income;
Existing law allows these corporations
Washington
have no net
will pay
1§% regardless of the amount of earnings.
Foreign corporations engaged in trade or business in the United States
and rental
hearing in
less
or
Banks, insurance companies, China Trade Act corporations and cor¬
be taxed
Small
Business
At
on
of $25,000
19%.
Brown of
for
1940 and* any excess
'
Advisory
Reserve System and Others—
Federal
Would
to
corporations
present
'
income
net
12K%
are
other corporations.
7.
'
At
The sub-committee added a
over
the next $15,000 and 16% on the next $5,000.
is
'
with
These rates
on
to
:
'*
1941.
to
investment companies to be taxed
'
*' '•*
changed
porations in possessions of the United States to be taxed at the same rate'
as
.
•
carried
Corporations
rates.
employes and those with fixed incomes.
The
be
to
5.
expense
not
was
operating loss carryover privilege.
of the devaluation,
"Any trade stimulation from devaluation is temporaTy and ultimately
costly,
1941,
■'
workman and producers for a time continue to receive the same number of
for
30,
•'
Allow corporations a carryover of net operating losses for two years.
4.
and material CQsts is due to tlxe fact that the
excess
but not decrease their capital stock valuation in each of the next two years.
stock
foreign product.
"The reduction of wages
profits tax, which expires
The tax, plus present regular corporation taxes, ranges
2.
the cost of raw materials and reducing wages so that the
price of its products
extend the undistributed
to
not
1939.
31,
from
given foreign competition by devaluation,, it is only because devaluation in
reduce the
Decision
1.
Dec.
.
"If devaluation by the United States will enable it to meet the advantage
the United States will operate as
Tax
18% Proposed for Corporations with Incomes
Over $25,000
v
•
The House Ways and Means Committee sent to the House
yesterday (June 16) the bill drafted by its tax sub-committee
calling for the dropping of the undistributed profits tax.
Under the agreement reached on June 12 the subcommittee
in revising Federal taxes affecting
business, decided to
substitute for the profits tax a flat 18% tax on corporations
with net incomes of over $25,000 a year, according to
Representative Cooper (Democrat), of Tennessee, chairman
of the sub-committee.
It was further tentatively decided
that corporations with incomes of less than $25,000 would
be subject to present rates ranging from 12lA% to 16%.
The sub-committee'a proposals, it was indicated in Wash¬
ington advices June 12 to the New York "Times" were out¬
lined by Representative Cooper as follows:
Sees "Reduction in Wayes"
r
Tax Abandoned—Flat
Profit
of
this, and the^
H the short-
capital loss exceeds the short-term capital gains, the excess can be
applied against
The
The
same
a
similar gain the following year.
advices to the "Times" also said:
sub-committee
voted
excise or "nuisance" taxes,
to continue for two years
ment obtains between
also
to
continue
for
two
years
which yield about $500,000,000
the present postal rates.
the present
annually, and
The Postoffice Depart¬
$75,000,000 and $90,000,000 a year from the 3-cent
letter charge and other postage rates as increased a
few years ago.
Volume
In
it was
pleas to the sub-committee for relief in the case of mergers
required to pay taxes on obligations assumed
the corporation whose
by the new corporation.
life expired with the merger would pay
rather than its stockholders,
electric
Only
facilities, the building of
Two
.
that remedy of the
members
grounds that it
been
even
hearings (on June 5) on proposals for
House Ways and Means Committee
issue of June 10, page 3454.
•'''
■
Edminston
(Rep., Mich.), who also voted against
(Dem.,
Va.),
West
"an outrage to ask for a rule"
Representative Andrew
TVA subcommittee,
of the
member
a
answered "the White House."
President
Roosevelt
Democratic leaders
week in
last
urged
early
memorandum addressed
a
action
House
to
but indicated a
the measure,
on
preference for consideration of the Treasury bond-limit bill to which the
,
TVA
bill amending the Tennessee Valley
Authority Act of 1933 was sent to conference by the Senate
to adjust the
differences between its measure and that
approved this week—June 13—-by the House without a
record vote.
Designed to curtail the activities of the TVA
the May bill was passed by the House this week, despite the
opposition of Democratic leaders.
The House Rules Com¬
mittee had previously granted a special rule permitting imme¬
diate consideration by the House.
The final vote came after
an all-day debate.
The bill, if approved by the Senate and
signed by the President, may prevent purchase by the TVA
of the properties of the Tennessee Electric Co., controlled
by the Commonwealth & Southern-Corp.
As a result of
the House revolt said the New York "Herald Tribune"
account from
tomorrow.
bill, and asked who wanted the action taken.
on a
for
request
"someone in the House leadership
the granting of the rule, stated that it was
Scope of TVA and Affect Sale of Commonwealth &
Southern
Tennessee
Properties to Government
,
the rule on the
against
they found themselves without any other legislation
and
Representative Carl E. Mapes
Proposed TV A Bonds—Legislation Would Restrict
■ •
voted
(Rep., N. Y.) characterized the proceed¬
the measure was that
on
blundered"
to take up
the
15
Committee
printed, and for which no report had yet been written, and on
hasty action
had
Tennessee Valley Authority Act Sent to
Conference to Adjust House and Senate Differences
—House Reduces from $100,000,000 to $65,000,000
June
Rules
"outrageous" to ask for a rule on a bill which had not
ings as "stultifying" and charged that the only reason for the
Bill Amending
Agency
the
of
was
Representative Hamilton Fish
The conclusion of
On
facilities in competition with private
new
which hearings were not available.
tax revision before the
our
by the sale of the bonds for acquisition of existing
enable the purchase or building of local distribution systems.
which clogged ordinary
business evolution.
Mr. Cooper said that "safeguards" would require that
the benefits of the law change would apply only in "bona fide" mergers.
noted in
obtained
companies, and for loaning to municipalities and co-operatives to
power
such taxes,
alleged "double taxation" would remove a condition
was
funds
the
under today's recommendations.
Advocates of the change had told the sub-committee
This authorization would permit use of
by the United States Treasury.
said
merged and its stockholders were now
that both the corporation which is
3619
Chronicle
Financial
148
bond authorization
added,
a
as
"rider"
prior to its passage by the
Senate,
'
-■
• / ■
Major Amendments Made
Major amendments attached to the measure as reported out by the Mili¬
Affairs Committee today would:
tary
Limit the
1,
that
to
be
cf operation of TVA to the territory now
area
the
through
acquired
acquired from Alabama Power Co. and Mississippi Power
counties of those
properties from Commonwealth & Southern.
Require TVA to establish a sinking fund to
bonds to be issued when they
direct
rate
Co. in the northern
of
Negotiations are now under way for purchase
States.
the Alabama and Mississippi
2.
served plus
TVA-Tepco deal, and territory to be
become due.'
the authority to issue to
provide for payment of
In addition the measure would
the Treasury 50-year bonds at the going
and future expenditures
of Federal interest covering all past, present
attributable to power operations.
'
3.
measure
Washington June 13 it was indicated that the
with Senator George W.
payment of taxes
Prohibit
by TVA to local taxing agencies.
increase in electric rates and not
an
The
by
specifically that any tax less should be made up
also states
by the Treasury or the TVA.
bill would be forced into conference,
Norris, Independent, of Nebraska, demanding the original
measure.
So insistent has been Senator Norris on the legis¬
1.
'
Other known amendments were as follows:
Cut in Bond Authorization
lation, it was noted in the advices from which we quote, that
he recently attached his bill as a rider to the Administrationsponsored bill to remove the restriction on the national debt
which holds Treasury issues to only $30,000,000,000 of the
authorized total of $15,000,000,000, in, long-term securities.
The TVA rider was attached to the, bond limitation bill
It
as
to
and
The
the
accounts
same
and
of the
disbursements
will be subject
in
his
to
allow
credit
to
for payments not otherwise
'
TVA
The
now
the
prohibited from making any
is
being made,
area
Payments
on
to
the
compensate
those
;
loss in tax revenue by reason of the
Democrat, of Kentucky, Chairman of
j;'
to
was:
The Reserve Board
Deposit
Southern Tennessee
the
as
of May
Alabama
12,
Commonwealth and Southern Corporation dated
1939, and, in addition, to purchase the properties of the
Power
Co. and
the Mississippi
counties in northern Alabama and
Power Go. in certain specified
northern Mississippi."
.
take the following:
The TVA lost
measure
The
a
voted to
,
$100,000,000 to $65,000,000,
reduce from
reimbursing
States and
retirement of private Utilities
bond
the mid-South and prohibit
counties for tax losses suffered
through
from the area.
The bonds authorized for issuance under the
House
change from the Senate bill, would be obligations
but would not carry the guarantee of the U. S.
passage
a
It wrote in amendments to a Senate
bill to restrict TVA to a specific territory in
Final
•
placing drastic limitations on its future operations.
House
from
,
yesterday when the House approved a
issue to be floated to finance the deal.
it
"
:
,
bitter fight late
of the legislation came on a
before the final action, the House
measure, a
complete
of the Federal agency,
Government.
voice vote.
The House legislation,
The resolution
proponents
tonight served
indicated that
of the Federal Reserve System, in
plans and views on monetary and
held by agencies within or outside
credit matters proposed or
the Government, including
positions."
+
notice that they would
make
every
bill and pass the measfure as approved
$106,000,000 of bonds, fully guaranteed both as to
principal and interest.
to Review Validity of
(Wis.)
Oil
Case—Justice
Court
Madison
revised the $10^,000,000
This would give the TVA. blanket authority tc issue up to
„
suggestions to the chairmen of the Senate and House Bank¬
ing and Currency Committees, proposed that steps be taken
"to determine the objectives by which monetary and banking
authorities shall be guided," and "the validity of different
the Board's own
Washington dispatch of June 12 to
effort to emasculate thte committee
by the Senate,
issue of April 15, page 2202,
Immediately
the New York "Journal of Commerce":
TVA
1
$25,000, but
approved the larger amount after
An item in our
Appealed from Circuit
Dismissals in
Department
Court's Denial to Set Aside
Dismissal Order
favorable Senate action.
a
Committee
the Board of Governors
carried to passage by a coalition of Republicans
from
the Senate con¬
Mr. Eccles had told
Senator Wagner that $25,000 would hardly be enough to start the investi¬
gation which the Committee ought to make.,
proposal that Administration leaders said there was no prospect of
We also quote
'■ V-''J
authorizes an outlay of $100,000 from
tingent fund for the investigation.
The resolution originally authorized an expenditure of only
Supreme
Democrats opposed to public power sales, so
Senate
bank regulatory and monetary
is a recog¬
regulatory
voted, 192 to 167, to substitute its own
amendments for the Senate bill.
and
o
•
the Treasury and Federal
A kind of semi-fued or rivalry between the agencies
formulation of a definite, well-ordered bank
plan.
.
the
Fpom Associated Press accounts from Washington June 13
we
'
nized hindrance to
Power Co., as contemplated in the contract agreed to by
the Authority and
initiated.
has not seen eye to eye with
Insurance Corporation on many
'questions.
Tennessee Electric Power Co. and the
purchase the properties of the
action is in answer to
corrective measures are
V,"
' ,■
"To give the'TVA only specific authority to issue bonds to obtain funds
bill
.«
appeals by the Federal Reserve
Board and Chairman Marriner S. Eccles, who have warned that existing
money and credit conditions may lead to uncontrollable inflation unless
Committee, told the House the purpose of thq
the House Military Affairs
14. The study would be
membership of the Senate Banking
> -«
Committee, or a subcommittee.
In the Washington "Post" of June 15 it was stated:
The Committee's
of the corporation.
Representative Andrew J. May,
(Democrat) of
ported by the Committee on June
and Currency
payments other than
Accounting Office supervision.
offered by Senator Wagner -
conducted by the full
■
States hnd political subdivision in
served by the Authority for any
electric power activities
have thus far successfully resisted all attempts
bring TVA under General
for hearings by the Senate Committee
on Banking and Currency for the purpose of considering and
recommending "a national monetary and banking policy by
which the monetary and banking authorities of the Federal
Government shall be guided and governed, and to consider
and recommend the character of governmental machinery
best calculated to carry out such policy"- was favorably re¬
be done by the authority.
Limitation
provided by the original
the
New York, calling
allowable when shown to be reasonably necessary to the accomplishment
of the work authorized by law to
that
ing and Currency Committee
United States, except that the Comptroller General is
discretion
as
•
Requirements
A resolution
procedure in relation to the general accounting office as are all
authorized
bond on its own authority without
Study of National Banking Policy Proposed in Wagner
Resolution Favorably Reported by Senate Bank¬
being carried on or
in northern Alabama
Authority
the
of principal and interest
proponents of the authority
to
Mississippi already mentioned.
other agencies of the
TVA issue
that
guarantee
TVA clear all disbursements through the
general accounting office, as is now done-in the case of all Government
departments.
This provision has been suggested every time a TVA bill
has been under consideration since original enactment of the TVA Act
3.
on
be carried on and to the areas
to
contract
Direction
Norris bill.
to the area in which those activities are now
northern
municipalities and co-operatives to
buy local distribution systems.
2.
Federal
they relate to the generation, transmission and distribution of electric
under
consumption of the Tepco
TVA, but prohibiting extension
enable them
subsequent rehabilitation by the
of financial assistance to
[the House bill] restricts the future activities of the Authority, so far
power,
' |
.
of $100,000,000, ap¬
proved by the Senate, to $65,000,000, to cover
deal and
June 1, as was reported in these
columns June 3, page 3308.
The TVA bill had previously
passed the Senate on April 13
\
Stating that instead of the issuance of $100,000,000 TVA
bonds (Government guaranteed) authorized by the Norris
bill,, the measure as passed by the House on June 13 limits
the bond issue to $65,000,000 not contingent obligations of
the United States an<b upon which the Government does not
guarantee the interest the "Herald Tribune" advices ,June 13
from Washington said: '
•
•
passed by the Senate
.
Reduction in the amount of the bond authorization
Department of Justice, under a ruling in the United
Supreme Court on June 5 is granted a review of a
decision of the Seventh United
States Circuit Court of
The
States
Appeals at Chicago, in
the Madison, Wis., oil price-conspir¬
appealed fi'om the "Circuit
cases.
The Department
Court's iudanient denying a Government
acy
motion to compel
3620
Financial
Federal
Judge
Stone
T.
Patrick
Wisconsin
of
to
Chronicle
regulatory agency to
vacate
Washington Associated Press accounts of June 5 it
staffed
was
The
Indiana,
Pittsburgh,
before
companies,
York,
of New
Sinclair
Petroleum,
Shell
the
oil
major
Socony-Vacuum
1937,
October,
in
Nation's
the
of
25
opened
trial
price-fixing
of
Judge
including
Cities
Stone.
In
Standard
Government
Refining,
the
Texas
Co.
which
companies
the
for
later
the
evidence
the
Judge
Stone
aside
set
defendants
11
the
sustain
and
indictments
the
The
ground
Bell
with
regulatory
important
agency
in
body to act in some measure as a co¬
a
regulation
the
bodies
regulatory
System Companies."
charged
that
emphasizes
report
"There
is
brought to bear upon
the duty of fixing rates
with
its report that
The Commission states .in
there
returned
verdicts
of
the
indictments
substantial
no
Stimulant
general subdivisions.
In the summary and
evidence
or groups
as
to
I presents facts without
Part
which
the
are the result
of increasing
parent
company
its
corporate
structures
have
in
the
involved
subsidiaries of subsidiaries."
Statement
of many mergers
and consolidations in
of the Bell System consistently followed the
interest
business
of
furishing
telephone
service" and that "throughout the
history of the Bell System the changing
also 30 corporations
are
Peace—Issues
findings of the Commission it is stated "The present
Companies of the Bell System, usually covering entire States
of States,
policy
18 others.
property of the
ReciprocallTradefAgreements
to
two
regulatory body."
any
Conclusions and Recommendations of the Commission.
Associated
dismissed
was
by
or comment, except
explanatory.
Part II contains a discussion
Current Regulatory Problems, (2) Summary and Findings, and (3)
of (1)
——♦
Fifth Anniversary
The
The report in
directed
for
Feb. 25 issue, page 1102.
our
Hull Praises
as
and
be countenanced
not
decision, handed down last Feb. 15,
,' •'
Act
fix
verdicts.
He granted the new trials to
referred to in
•••
Federal
conclusions
motions
then
jury
the
verdicts
the
the
on
verdicts.
Secretary
raise,
to
30 individuals, all of whom moved to
aside
set
Circuit Court's
The
conspiracy
filed
defendants
denied.
were
guilty against 16 corporations and
dismiss
with
Anti-Trust Act.
Sherman
the
of
of
close
verdicts,
charged
violation
in
the
was
connection
legislative and
and
wholesale and retail prices of gasoline in 10 Mid Western
the
maintain
States,
to
organized
properly
elements of the essential factual
Not only, therefore, is an adequately
"This practice is clearly against public interest, is condemned, and should
The
At
many
evidence to indicate that improper influence has been
Service, Gulf Oil of
others.
and
them
operating agency with the States."
involved
Oil
and
itself, but there is need for such
stated:
It
afford
background of telephone regulation.
his orders dismissing the indictments against 11 defendants.
In
June 17, 1939
a
parent
and
subsidiaries,
company,
The report further
"There
that
points out
organized for the purpose of holding title to the
Long Lines Department of the American Telephone and
Telegraph Co. in
certain States."
And as showing the growth of one sub¬
sidiary the report recites that "During the period from 1882 to 1929, the
on
of Law
recorded total assets of the Western Electric Co. increased from
$1,114,000
economically
to
$308,721,000", while "sales
strong influence for world peace, Secretary
of State Hull said on June 12 in a statement commemorat¬
to
$410,950,000."
Agreements
Trade
Reciprocal
beneficial and
Act
is
a
or
Secretary Hull repeated his contention that "discriminatory
economic
of
life
United
Press
but
regimentation
increasing
an
further
quoted
Secretary
Hull
is
not
possible to stifle normal
"Small
nations
become
increasingly
and
and national
which
into
enter
dependent
if two
large
economic
1934," the report shows,
curities,
as
nations
independence,"
arrangements
the large
upon
nation
vassals of the
into
enter
with
he said.
large
a
As
with
agreement
an
instead
of
result
establishing
bound
is
large nation.
and
ancient
general
a
nations
less
than
usual
other,
force,"
he
the
ill-fed;
*
that their
■
economic activity—which is nothing
on
and
normal
work
of
men—cannot
be
nations
who
nor
compensated
by
nor
remedied
oppressive
must
by
unwilling
pay
said.
'.
"The end of
that
He
that
asserted
canceled
by
channels
which
other
basic
The object
destruction"
portable
the
the
spurious
preferences
tribute
.
activity
under
forced
threats
'
'
.
and
of
the
temporary
turn
human
the
which
the
of
advantages
turning
force
the
people
of
„
trade agreements
entire
when
the
"artificial
trade
deprive
to
restriction
production
into
themselves
of
food
;
plan
burden
,
are
is
to
or
the
prevent
armaments
structure"
of
"waste and
becomes
totalitarian
economy
'
of the
program,
now
participated
in
by
20
foreign
countries
FCC Asks New Curbs
on
Telephone Industry—Report
Congress Based on Investigation of A. T. & T.
Urges Changes in Law
to
Federal
Communications
Commission
on
June
14
forwarded to Congress the Report of the Special
Investigation
on the American
Telephone and Telegraph Co. and other
companies engaged in telephone communication in interstate
commerce
made
in
Public Resolution No. 8.
The present report is the Commission's revision of the
pro¬
posed report by Commissioner Paul A. Walker, Chairman
response
to
of the former Telephone Division of the
Commission which
had charge of the
investigation.
Briefs and comments sub¬
mitted by the American
Telephone
subsequent to the hearings
and Telegraph Co.
considered by the Com¬
were
mission in the preparation of this
Report.
The Report was
unanimously adopted and signed by the entire Commission,
Frank R. McNinch, Chairman, Norman S.
Case, T. A. M.
Craven, George Henry Payne, Frederick I. Thompson,
Thad H. Brown, and Paul A.
Walker, Commissioners.
The report consists of
approximately 900 mimeographed pages and deals
with the history,
development, magnitude, and operating practices of the
telephone industry, with particular reference to the Bell System.
Pointing
out the
savings to telephone subscribers of
reductions
in
rates
resulting
more
directly from
the
than
$30,000,000 through
investigation,
the
result
justifies the Congressional reference that "the American people are entitled
to know if they are being
over-charged for this service even though they may
Bell
much
as
System, the report shows
1% of the more than 18,-
as
The stockholders,
the American Telephone
company,
selection of executive personnel has been
Companies
departments to operating officers
The separate
entity
corporate
be said to be merely a legal fiction from
may
the standpoint of the practical direction ojT every operating function of the
entire Bell System."
"
Capital Structure of American Company Sound
.
The report states that the capital structure of the American
Company
is sound in that it is in
a
ratio of
73% capital stock to 27% of debt.
company's earning position, it could have taken
care
The
of its needs
for financing since 1906 at a lesSer cost if securities issued
had been opened
to competitive bids rather than
being disposed of
exclusively through J. P.
Morgan
and
Co.
and
its
Mdrgan-Stanley and
successor,
Co.
connection the Commission recommends in the
report to, the
of securities
In
such
Congress that
the Commission be given
authority to pass upon the issuance
or
refunding
by the Bell System Companies.
The report contains an extended discussion of the
relationship of Western
Electric Co., the manufacturing
subsidiary, to the cost of the telephone
In its discussion the report
Western Electric Cb.
to the
points out,that "The relationship of
operating units of the Bell System is such that
opportunity is afforded for pyramiding of profits.
If Western Electric CO.
has made excessive
profits on its sales of materials and equipment for the
construction of operating telephone plant and if rates for service are ade¬
quate to earn
a fair return on the cost of such
property, a double profit^to
holding company will result; first, from the manufacture and sale of
telephone equipment and, second, from the earnings of the operating
the
company .'V
On the subject of patents the
report covers in detail the policies, practices
and the present patent
position of the Bell System.
The report states that
"the Bell System has
continuously held from year to year a large number of
unused patents" and that
"developments capable of improving service and
decreasing its
been
cost
have
withheld for considerable periods."
The
Commission in the report definitely expresses the view that the Bell
System
should be required to license others in the
use
definite recommendation to Congress that
"in the event of the refusal of
any common carrier
of patents held, and made
utility engaged in interstate communications
to license
others upon reasonable terms under
any patents obtained in connection with
communication service tb the general public as a common carrier
utility,
the
Commission should be empowered, upon the application of
parties so
refused, to order the issuance of such license; provided that the granting
thereof will not be deterimental to the communication
service rendered by
the
utility holding such patents and not detrimental to technical progress."
The Commission's report shows that "The American
Telephone and Tele¬
graph
Co. management controls the prices of telephone apparatus and
equipment purchased by the operating subsidiaries through its ownership
of the Western Electric
Co.; it controls changes in operating plant through
joint
ownership
with
Western
of the
System's
technical
Telephone Laboratories; and it controls plant construction
ing
unit,
the
costs and
Bell
operat¬
of the local companies through selection and standardization
expenses
of plant construction and maintenance
practices, traffic operating methods,
commercial
forecasts
and
long
range
planning,
and
depreciation charges
included in operating expenses
Summary and Conclusions
The report points out the necessity for strong
regulatory powers over the
telephone industry, both through the agencies of state regulatory bodies and
the Federal Government, and in connection therewith
says, "The efforts of
individual States to ascertain many of the basic facts
necessary for effective
telephone rate and service regulation within their borders, have at all times
been hampered and have
frequently been rendered largely nugatory by
reason of their
necessarily limited jurisdiction, many essential elements of
Bell System organization and practices
being beyond their control," and
further says "So long as the BeU System continues to be
organized upon its
basis the individual States
.
report discusses the securities sales of the Bell System and indicates that in
In the Commission's
summary and
[Strong Regulation Advocated
of the
subsidiary Associated Companies.
be satisfied with the service."
present
se¬
181
Company's ownership of the outstanding
legally control the parent
of the Associated
service.
covering three-quarters of this Nation's entire foreign trade, has proved
beneficial to the United* States and the other
parties as well, he added.
*
In
means.
more."
control
Telegraph Co., but the actual
and
The
or
and
Co.
of the voting
other
various
American
the
or more
over a long period of years
by the management itself as represented
by the executive officers and the directors."
The report further states that,
"The operations of the Bell System are directed
by the officers of the
American Company through a system of informal instructions,
suggestions
insup¬
,
American
50%
invidual stockholder holds
view of the
military
*
requirements.
follows
of
national
crashes, Mr. Hull declared.
The
potential control through
was
which
in
made
of
destruction,"
is
process
necessity
in
as
over¬
'
and
corporations
ownership of 10%
and recommendations from the heads of its
are
"
no
.
loans,
creating sterile armament,
upon
and,
commonly known
companies
„
the
by unpayable
come
influ¬
of
measures
had not joined in the American trade
"finding at length that their people
liberties are gone."
are
nor
spheres
collapse."
economic
which
"Excessive and arbitrary checks
more
their
take defensive economic
and economic rehabilitation and progress,
peace
be
to
He said that several
program
"272
indirect
or
management
of course,
discriminatory agreement
a
divide
to
System controls through ownership
telephone
000,000 shares of American Company stock outstanding.
economic exist¬
for
to
"that
nation
.
themselves,
other nations inevitably will
ence,
had
or
voting securities
without dimin¬
processes
and
security
such
inevitably become political
"Likewise,
between
operating
of these companies the American
ishing human freedom,
ence
21
either had direct
follows:
"It
voting stock
all, at the end of
of
their ultimate loss of political freedom."
accounts
develops that the Bell
associated companies, among which is the Western Electric
Co., the manu-'
facturer and supplier for the System.
"There were in
arrangements not only necessitate an increasing regimenta¬
tion
and in 1929
Ownership of Bell System
The report
ing the fifth anniversary of the trade agreement program.
human beings and
in 1886 amounted to $1,382,000
must
continue
to look
to
the
Federal
conclusions the report states,
telephone industry of the United States renders
which, by
reason
an
"The
essential public service
of its very nature, is not only subject to but definitely
requires regulation by public authority.
It is today a six billion dollar
The development of the Bell Telephone System has resulted in
industry.
the concentration in the hands of
greater portion
nation,
a
absolute."
The
at
a
single corporate aggregate of by far the
of the telephone service,
equipment
concentration which in the interstate
Commission, therefore,
this time deemed
and facilities
of the
telephone field is well nigh
.
„
necessary
expresses
the view in its report that
"It is
and desirable to recommend the following
amendments" to the Communications Act of 1934:
Volume
Financial
148
First, specifically to authorize this Commission to prescribe basic cost
methods
accounting
be
to
followed
materials
under
for the general supplying of
companies
manufacturing
by
with operating telephone companies
contract
equipment, and by manufacturing companies subsidiary to or
or
affiliated with operating telephone companies through corporate
structure.
Second, to require approval by this Commission for, and as a
precedent to the issuance
refunding of
or
any
Third,
amend
Section
(a)
201
Fourth, amend Section 202 (b)
ratherrthan
facilities,
well
services and charges,
as
in
connection with the use
that this section of the Act will correspond to
so
and
of
by implication that practices, classifications, regulations
as
wires in chain broadcasting shall be subject to regulation
and
clarify
Act to
joint interstate rates per se.
make it clear by specific language
so as to
operated by
amend
Section
221
(a)
application
for con¬
(Section
mission of all acquisitions
by
one company
Com¬
of the stock or voting stock
of
Eighth, in the event of the refusal of any common carrier utility
engaged
reasonable terms under
in interstate communications to license others upon
a
carrier utility,
common
the
During
the
withdrawals
and
and repayments
been
and
$40,-
$419,468,915.
aggregating
withdrawn
$104,432,377 remains
$346,242,195 has been disbursed and $233,-
borrowers.
Corporation purchased from
April the
the Federal Emergency
(3 issues) of securities having a
value of $1,480,000 and sold securities having par value of $948,045 at
service
rendered
by the utility holding such
of
premium
a
having
Corporation
The
$3,700,000.
PWA securities
also
collected
maturing
Through April 30, 1939,
value of $457,796.
par
Corporation has purchased from the Federal Emergency Administra¬
tion of Public Works
4,024 blocks (2,972 issues)
value of $636,659,549.
of securities having par
securities having par value of $451,-
Of this amount,
sold at a premium of $12,977,851.
were
Securities
having a par
In addition, the Corporation has
of $159,346,154 are still held.
value
agreed with the Administrator to purchase, to be held and collected or sold
the Federal Emergency Administration of
as
in a position to deliver
The
Public Works is
from time to time.
listed
report
of
of securities having an aggregate par value
later date, such part
a
$35,332,000
follows disbursements and repay¬
from Feb. 2, 1932, to April 30, 1939:
as
ments for all purposes
Disbursements
Repayments
$
$
Loans under Section 5:
Unci, receivers) —1,975,774,828.92 1,860,389,326.35
Railroads (Including receivers)
638,135,661.06 *194,295,993.11
Banks and trust companies
patents
detrimental to technical progress.
not
has
amount
of
provided that the granting thereof will not be detrimental to
communication
and
projects
self-liquidating
Administration of Public Works 3 blocks
the Commission should be em¬
powered, upon the application of parties so refused, to order the issuance
such license;
Cancellations
618,211 has been repaid.
obtained in connection with communication service to the gen¬
as
projects.
Through April 30, 1939, 285 loans have been
$76,004,910.
on
available to
at
another company for purposes of control.
public
sell-liquidating
794,343 of this
611,841
(a) now makes filing of such application optional.)
eral
authorized
the
to make the
as
Seventh, amend Section 221(a) so as to require approval by the
any patents
for
amounted to
«
so
solidations of telephone companies subject to the Act mandatory.
221
of
carrier subject to the Act without au¬
any
thorization from this Commission.
Sixth,
During April, 3 loans in the amount of $16,000 were authorized to public
agencies
.
Fifth, amend Section 214 (a) of the Act to prohibit the abandonment
any interstate line
$18,181,397 of which has been withdrawn and $74,728,807 remains avail¬
by this Commission
the preceding half of
withdrawn-
of 1,418 businesses,
able.
par
the section, 202 (a).
were
Through April 30, 1939, the Corporation has authorized or has agreed to
the purchase of Participations aggregating $107,669,611
amounted to $44,000, disbursements amounted to $429,000
jurisdicton.
Communications
of the
this Commission's jurisdiction over the division of
$1,196,738
ing April and similar authorizations aggregating
condition
securities of corporations which
offer telephone service subject to this Commission's
3621
Chronicle
of regulation against the industry to be regulated.
Total loans under Section
Chairman continued:
standing Indebtedness
was
tion projects
damaged
Loans
disbursed.
been
Of this latter amount
has been repaid.
authorizations
capital notes and
4,432,773,409.18
The
preferred stock,
disbursed and $11,211,secured by pref . Btock).. 1,157,137,961.56
RFC Mortgage Co.j..
25,000,000.00
Purchase of stock of the Fed. Nat: Mtge. Assn._
11,000,000.00
Loans secured by preferred stock of insurance
companies (including $100,000 disbursed for
n>tmBnnnnA
the purchase of preferred stock) — 2
....
34,475,000.00
1939,
been
have
have
Federal
Administration
Emergency
Works security
During April, loans
banks
amounted to
in
the
were
a
$2,447,579.
$328,883,638
cancellations and
withdrawals
$699,306 and repay¬
Through April 30, 1939, loans have been
of this
amount
has
$20,033,035 remains available to the borrowers.
banks aggregating
been
withdrawn
and
$985,918,849 has been
disbursed and $926,195,066, approximately 93.9% has
been repaid.
During April the authorizations to finance drainage, levee and irrigation
were
increased $7,500, authorizations in the amount of $147,097
withdrawn
and
$415,637
was
disbursed.
loans have been authorized to refinance
aggregating $143,200,495,
Through April 30,
1939,
634 drainage, levee and irrigation
$24,955,105 remains available to the borrowers and
117
$86,644,803
during April.
withdrawn
to
industry
5 (d), which was added to the Recon¬
19, 1934 and amended April 13,
aggregating
business and industry in cooperation
National Recovery Administration program, the Corporation has
loan companies to assist
$319,961,741.
Of this amount $73,380,776 has been withdrawn and $91,476,119 remains
available to the borrowers.
In addition, the Corporation agreed to pur¬
authorized 6,294 loans for the benefit of industry aggregating
chase participations
amounting to $3,375,563 in loans to 50 businesses din¬
200,000,000.00
124,741,000.00
•
145,000,000.00
2,600,000.00
55,000,000.00
....
.....
banks
a
Corp. for loans to farmers.
Administrator:
;■
mutual mortgage insurance fund..
Joint Stock Land
Federal Housing
To create
t
For other purposes
—--
—-
Agrlcul. for crop loans to farmers (net)..
Governor of the Farm Credit Administration for
revolving fund to provide capital for pro¬
duction credit corporations
.........
Stock—Commodity Credit Corporation
Sec. of
*
Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (incl. $39,500,000
Stock—Disaster Loan
held in revolving
Administrative
Administrative
1933....._-—
10,000,000.00
60,146,074.55
115,000,000.00
40,.500,000.00
97,000,000.00
16,000,000.00
3,108,278.64
13.637,002.92
115,696.87
--
126,871.85
expense—1932 relief
Total allocations to
.
44,500,000.00
fund
Expenses—Prior to May 27,
Since May 26, 1933
governmental agencies..
directly by Corporation
certification of Federal Relief
For relief—To States
States
on
Administrator
$15,597,962 were authorized
Authorizations in the amount of $1,302,104 were canceled
during April.
Through April 30, 1939, including loans to
loans
to purchase:
Owners' Loan Corp.._
Loan banks..
Commissioner
Federal Farm Mtge.
To
Finance Corporation Act June
470,421,080.08
..7,369,444,097.09 5,488,098,445.20
927,474,924.83
of which $31,600,587 has been with¬
has been disbursed.
Under the provisions of Section
600,745,209.49
a-—-
-
for loans to:
Farmers
of 6,858 banks and trust
authorized for distribution to depositors of 2,774 closed
$1,334,835,521;
584,903,955.94
Public
Capital stock of Federal Home
Farm Loan (now Land Bank)
total authorization for
$496,824, disbursements amounted to
ments amounted to
,n
7,727,920.79
Governmental agencies under pro¬
Capital stock of Home
authorized for distribution to depositors of 3
of $338,390,
—-
*
visions of existing statutes:
'
amount
—
Secretary of the Treasury
$169,818,552 of this has been withdrawn
been met.
of
transactions. ...
-
Allocations to
Through April
maide for the purchase of preferred
and debentures
/
purchase and make loans
*
mortgage
.1,227,612,961.56
Total.
577,176,035.15
$1,902,-
debentures of 6,779 banks and trust companies
capital notes
2,425.46
$18,063,730
cluding
397.89 repaid on loans
Purchase of stock of the
$63,128,200 remains available to the banks when conditions of authori¬
struction
Electrification Administration—
Total
Only $8,668,173 is owing
$48,237,755 to be secured by preferred stock,
with the
,
loans,excl.of loans secured by pref.stock,5,541,085,926.04
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (in¬
__a_
Loans to Rural
by preferred stock, capital notes and debentures of 9 banks and
companies of $1,390,084,714.
or
.
767,716,962.21
18,810,540.49
aggregating $1,341,846,959 and 1,122 loans were authorized in the amount
1938,
4,433,701.61
22,177,690.67
49,566,014.74
4P, 914,105.50
1,538,251.64
787,716,962.21
19,644,491.78
56,700,000.00
Other
Total
1939,
drawn,
of closed banks.
and orderly market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation
—.
been withdrawn, $19,189,023 remains available to borrowers
companies in the aggregate amount of $31,125,000.
districts
and purchases of assets
on
Loans to mining, businesses
Of this amount $506,-
$2,547,219,131.
During'April, authorizations were made to
were
12,003,055.82
45,224,586.66
164,162,417.91
45,308,852.06
4,381,700.00
---
sale of agricultural
Loans to business enterprises
banks and that includes $7,493,543 from one mortgage and trust
districts
reconstruction of property
fire, tornado, flood
surpluses in foreign markets
7,536 banks and trust companies (including
aggregating
$2,021,083,679 has
closed
22,302,000.00
233,618,211.58
earthquake,
by
Loans to aid In financing the
company.
•.
1—
and other catastrophes
amounted to $496,466;
Through April 30,
disbursed and $3,044,522 repaid.
303,432, approximately 94%
zations
22,450,000.00
346,242,195.01
...
L.A..
.......
Loans for repair and
disbursed for loans and
(including those in liquidation)
receivership)
946,420 has
and
;
self-liquidating construc¬
Loans to aid in financing
;
loans have been authorized to
of
3,678,552.69
teachers'
of
Cancellations and withdrawals of loans to banks and
$308,390.
companies
$147,019
30,
3,300,000.00
public school authorities for payment
salaries and for refinancing out¬
Loans to
During April, loans were authorised to one bank (in liquidation) in the
amount of
stock,
3,300,000.00
86,644,803.05
...
drainage, levee and Irriga¬
tion districts
repaid, making total dis¬
1939 of $7,369,444,097 and
through April 30,
repayments of $5,488,098,445 (approximately 74.5%).
trust
purchase
cotton—...
Loans for refinancing
Loans to finance the carrying
bursements
secured
...—3, 967,306,863.04 3,263,714,952.59
5
of Agriculture to
Secretary
14,718.06
payment of pro¬
cessing tax
;
open
'
,
Processors or distributors for
551,332.21
14,718.06
Credit unions
5,561,058.67
361,575.63
600,095.79
■
...
9,250,000.00
5,643,618.22
719,675.00
1
Fishing Industry.
to
13,064,631.18
12,971,598.69
9,250,000.00
Federal Intermediate Credit banks—...—...
Agricultural Credit corporations
Loans
17,720,473.54
13,064,631.18
12,971,598.69
_
program
During April, $28,665,275 was
investments and $89,000,731 was
by
22,423,604.87
A
deposits of public
moneys.!
Livestock Credit corporations..
during April amounted to $55,144,415,
rescissions
of previous
authorizations and commitments
amounted
to
$8,662,000,
making total
authorizations
through April 30, 1939, and tentative commitments out¬
standing at the end of the month, of $13,257,179,898. ThL
latter amount includes a total of $1,058,626,842 author¬
ized for other Governmental Agencies and $1,800,000,000
for Relief from organization through April 30, 1939.
Authorizations aggregating $26,794,931 were canceled or
withdrawn during April, Mr. Jones said, making total can¬
cellations and withdrawals of $2,234,737,913.
A total of
$856,454,047 remains available to borrowers and to banks
in the purchase of preferred stock, capital notes and deben¬
and
173,243,640.72
116,429,632.91
86,725,666.19
State funds for insurance of
monthly report, issued May 27, Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation, stated
that authorizations and commitments of the RFC in the
those in
387,236,000.00
173,243,640.72
119,392,042.50
90,693,209.81
"Joint Stock Land banks
In his
trust
385,899,305.33
387,236,000.00
Regional Agricultural Credit corporations
Report of Operations of RFC Feb. 2, 1932 to April 30,
1939—Loans
of
$13,257,179,898 Authorized—$2,-'
234,737,913 Canceled—$7,369,444,097 Disbursed for
Loans and Investments—$5,488,098,445 Repaid!
/
tures.
518,143,639.22
Building and loan associations Unci, receivers).
Insurance companies
•.
;
recovery
_.
...
Mortgage loan companies
Federal Land banks...
Ninth, it is suggested that the Congress give consideration to the question
of assessing the cost
Under Fmergency
Under
Appropriation Act—1935—
Relief Appropriation Act,
299,984,999.00
al7,159,232.30
499,999,011.22
500,000,000.00
Emergency
500,000,000.00
1935,
1,799,984,010.22
Total for relief
Interest on notes
17,159,232,30
33,177,419.82
—-
issued for funds for allocations
and relief advances
—
10130080,451.96 a5505,257,677.50
* Does not include $5,150,000 represented by notes of the Canadian Pacific Ry.
Co., which were accepted In payment for the balance due on loan made to the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
Grand total
.......
Chronicle
Financial
3622
of funds disbursed for relief under the Emergency
Corporation's notes have been canceled
$2,706,477,122.57, equivalent to the balance of the amount dis¬
bursed for allocations to other governmental agencies and for relief by direction of
a
utility
or with¬
with the amount dis¬
and repaid by each, are shown in the following
The loans authorized and
drawn
bursed
to
(as of April 30, 1939), contained in the report:
Authorized
Protection
j
$
$
$
$
Aberdeen & Iiockfiah RIl. Co....
127,000
127,000
Hit. Corp.
275,000
275,000
2,500,000
634,757
400,000
Ann Arbor RR. Co.
95,343,400
41,300
41,300
11,069,437
(receivers)..
634,757
11,204
......
Ashley Drew & Northern Ry. Co.
400,000
95,358,000
14,600
Birmingham & Bo'eastern RR.Co.
41,300
Boston & Maine RR..
11,009,437
Buffalo Union-Carolina RR
53,960
Carlton & Coast RIt. Co.......
,
.
special
535,800
•
3,124,319
500,000
Charles City Western Ry. Co....
464,299
Chic.Gt. West. RR. Co.(trustee).
...
1,000
150,000
Chic. Milw.St.P.&Pac; RR.Co.
464,299
140,000
5,916,500
46,588,133
1,289,000
140,000
."
Chicago-& Eastern III. RR. Co..
5,916,500
Chicago & North Western RR.Co 46,589,133
Chicago Great Western RR.Co..
1,289,000
12,000,000
32,000
155,632
4,338,000
838
150,000
150,000
......
500,000.
Chic.Milw.St.P.&Pac. RR.Co.
11,500,000
3,840,000
this
1,150,000
13,718,700
10,398,925
2,098,925
8,300,000
Co..._ 29,504,400
Columbus & Greenville Ry. Co,
60,000
53,600
60,000
29,450,800
1,561,058
.
CoppeirRrange RR. Co
Denver & Rio Grande W.RR.Co.
Denver & Rio Grande W,RR.Co.
Erie RR.Co...
Eureka Nevada Ry. Co..
I
Fla.E. Coast Ry. Co. (receivers)
Ft.Smith & W.RyCo.(receivers)
Ft. Worth & Den. City Ry. Co..
Fredericksburg & North. Ry. Co.
1,150,000
219,000
1,800,000
3,182,150
16,582,000
.
(receivers)
99,422,400
22,667
1,000.000
....
985,000
1,070,599
809,888
28,900.000
3,000,000
17,000
758,600
300,000
400,000
162,600
1,300,000
18,672,250
In
200,000
7,995,175
400,000
162,600
The
.162,600
39,000,000
22,000,000
ong
50,905,000
2,297,672
and
100,000
200,000
5,147,700
147,700
1
eral
...
.....
.
Texas & Paciric Ry. Co........
700,000
700,000
Texas Southern-Eastern RR. Co.
30,000
30,000
45,000
39,000
39,000
Wabash Ry,Co.
(receivers)
6,000
23,231,583
Western Pacific RR. Co
and
Wrightsville & Tennille RR^..l.
and
to
,
with
750,000
22,525
22,525
......
Illinois,
but
*
Represents
a
a
'
»
The loan to Minneapolis St. .Paul & Sault Ste.
secured by Its bonds, the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went into
was
due
on
bankruptcy, we sold the balance
the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing
over a
period of 10 years, $350,000
of which matured and was paid on Feb. 1, 1939.
b Includes a $5,000,000 guarantee; In addition the
Corporation also
guaranteed
In
addition
to
the above
ized
for
loans authorized
the Corporation
in
principle, loans in the amount of $95,135,675
specified conditions.
upon
has approved,
the performance
to
one
both
It
of
types
kinds
is
of
the
a
Rule
Under
Affects
Exemption
Company Systems
Announcement
was
Holding
from
made
Act
Act—
Holding
Company
of
Small
of
of
on
June
9
that
the
Securities
and
Exchange Commission has amended Rule U-3D-12 under
the Holding Company Act so that after
July 1, 1939, no
company shall be exempt by virtue of that rule unless a
statement, claiming such exemption and indicating the basis
therefor, shall have been filed with the Commission.
The
rule
provides
exemption from all provisions of the Act
for all companies within a
holding company system whose
an
aggregate annual gross
revenues from
public utility^opera-
of
corporation
be
is
client
Industrial
trial
life
viding
such
little
insurance.
better
law,
These
with
such
furnish
more
than
to
thus
protection
be able
to
by
get
out
the
details
It
is also
worked
the
Perhaps the
provision
for
most
medical
to pick his own hospital
relationship between the
The article governing these
personal
be effective immediately.
which
includes
were
hospital
or
new
designed
of
much
provisions pertaining to
indus¬
will
undoubtedly
primarily with
a
be
view to pro¬
to the thousands of policyholders who purchase
provisions of these policies, heretofore regulated but
protection
insurance.
by
which
a
be organ¬
may
Life Insurance
contribution
that
the
are
Henceforth
insurance plan.
and
preserved.
is
code
contracts
will
is allowed
the
that
so
previously indicated, is to
is
years,
many
indemnity
contemplated.
plan
man
important
such
goal
a
this State, with the approval
indemnity
plans are
hospital
the
providing
has already
that the subscriber
his
for
is
document.
same
Association,
other
in
under
policyholder
The
under the
the
and
This
corporation
issued
that the Medical Society of
of
throughout
statute', together
corporations.
be organized
may
matters,
interest
included
medical expense
professional
Another
would do much
in other States,
working
been
subscribers
may
policies
physician
own
have
indemnity
become
several
associations
public
Gen¬
including
legislation
uniformity.
cooperative stock
a
or
Medical
feature
as
of
progressive
insurance
such
features
new
medical
voluntary prepayment medical
his
desirability
success.
furnishing
coverage
understood
American
important
care
of adminis¬
administrative
the
Medical Indemnity Corporations
the
organizations.
that
and
decisions had
to date were
difficult
of
recently adopted
supervisors
of
no
understood
Amends
up
opinions of the Attorneys
The
for
who
purpose
but
been
indifferent
Combination
type*
on
Much
'
up-to-date and
basis
a
non-prqfit
persons
corporations,
oi'
SEC
but
among
for
the
service
law
amendments.
new
aspects.
premised
nave
as
membership corporation
both
the payment of interest.
that
serve
with
far
provisions
their
the
complicated, statute,
uniformity
Non-Pro jit
•
klarle Ry. Co. (The Soo Line)
by
courts
keep
to
numerous
a
direct
was
insurance
Outstanding
guarantee; in addition the Corporation also guaranteed the pay¬
period of nearly 8Q
a
pertinent and
the
codes
will
Totals.......................763,414,2.17 106,393,556 638,135,661 199,445,993
ment of interest.-
the
Efforts
Department.
substantial
which
thus
over
up
said,
J
The Insurance Department hopes that this
revised
as
towards
Department
subtractions and modifications.
consolidated but' never revised nor
been
substantive
the
of
whiph
the country.
1,403,000
'
»
grown
period
was
service corpo¬
corporations, where it will
.
had
had
became
in
of
bring about
3,600,000
400,000
22,525
a
in
up-to-date administrative procedure
\yas
quite apparent.
Furthermore, it was realized that
New
York's outstanding position
in the insurance' world a
of
13 <502,922,
■
the
additions,
of
proposing
law
rulings
code
4,366,000
-
sighed
constituting
as
,
law
this
Department
stktuteh all
machinery
revised
700,000
15,731,583
,4,366,000
13,502,922
750,000.
15
June
on
Insurance
the
sections.
faulty
the
because
»
30,000-
Tuckerton RR. Co
New
it
all
by
insurance
work of
1,200,000
......
70
In¬
An official
York State Insurance Depart¬
,
1909
year
each
tration
45,200,000
......
in
various
1
108,740
of
brings to realization "the efforts and
process
During
......
100,000
Western Pac. RR.Co. (trustees).
Wichita Falls .& Southern RR.Co.
and
made
765,000
5,147,700
108,740
the
insurance
the
interpreted
640,000
•
York
through
1892
......
'
accept, the
Culmination
described
bill,
•
codified.
..
640,000
Sumpter Valley Ry. Co
Superintendent to
York
New
of
announcement
The New
years
300,000
2,805,175
18,672,250
200,000
....J.
117,750
by
in part:
,11,500
4,975,207
7,995,175
18,790,000
200,000
its
In
7,699.778
28,900,000
•
-
51,405,000"
Tennessee Central Ry. Co..
Texas-Okla. A Eastern RR. Co..
.
Lehman
Piper-Hampton
indemnity
be effective immediately.
18,200,000
......
300,000
.Co.(receiv)
insurance
new
by State Superintendents of
and medical
rations
27,499,000
3,000,000
222
600,000
..
1,070,599
25,000
18,200,000
7,700,000
Southern Ry. Co
785,000
27,499,000
3,000,000
17,000
4,975,207
Savannah & Atlanta Ry. Co....
The
the
to adopt
power
Jan. 1, 1940, except as to non-profit hospital
...l..
99,200
785,000
......
29,500)000
Seaboard Air Line Ry
Southern Pacific Co
2,309,760
23,134,800
u-.
Penasylvania RR. Co
Salt Lake & Utah RR. Corp
Sand Springs Ry. Co....
100,000
99,200
18,200,000
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern; Ry. Co..
Salt Lake & Utah RR. (receivers)
100,000.
5,124,000
......
N. Y. Chic. & St. L. RR. Co....
N. Y. N. II. & Hartford RR. Co.
Pittsburgh & W. Va. RR. Co...
Puget Sound & Cascade Ry. Co..
has
aspirations of the Superintendents of Insurance during the
last 70 years who have sought to have the insurance law
recodified."
The new law will become effective generally
86,843,082
1,070,599
25,000
RR.Co......b32,499,000
Pere Marquette Ry. Co..
Pioneer <fc Fayette RR
and time saved..
Act—Marks
Effort
ment states that this
...r._
6,843,082
'
of
announcement
50,000
......
Mobile & Ohio RR.Co. (receivers)
Murfreesboro-NashvilleRy.Co..
New York Central
the
of
complete rewriting of the State insurance law.
2,550,000
197,000
......
99,200
785,000
Mobile & Ohio RR. Co
the
policy¬
part
will be simplified,
agent
Insurance
permits
the
made
Signs New York Law, Recodifying
Insurance
so-called
......
744,252
r.
23,134,800
^..
the
agreements
of
them
be
surance
800,000
2,550,000
3,000
.
100,000
5,124,000
Missouri Southern RR. Co
New York
in
Lehman
Governor
35,290,000'
120,000
9,278,000 ' 8,500,000
...
1,729,252
Missouri Pacific RR. Co
of
form
the
forgot
will
13,915
'520,000
"800,000
6,843,082
Missouri-Kansas-Texas RR. Co.
these
smoke-and-
lightning,
legislation will be necessary.
Years
6,000,000
520,000'
2,550,000
200,000
Mississippi Export RR. Co
in
agent
an
work of
the
Commissioner
State
Meridian
Minn, St. P.<fc S.S.Marie Ry. Co.
If
plan
new
have
which
endorsements
many
completely protected,
more
the
others,
passed
Governor
"
6,000,000
13,915
800,000
.....
the
and
of
riders,
policy if adopted by the National Association, Mr. Pink explained.
354,721
*350,000
Bigbee River Ry. Co¬
trustee)..
feature^
for; many
......
....—
......
10,278,000
Maryland & Penna. RR. Co
In
1,111,000
3,183,000
546,000
.
Louisiana &nArkansas Ry. Co
Maine Central RR. Co
best
Explosion,
carried
generally
the
result,
a
the
practice.
policies.
In
be
will
States
just
"new
10,539
—....
546,000
Lehigh Valley RR. Co
Litchfjeld & Madison Ry. Co
of
*
As
.
replace
older
been
back
some
code
393,706
627,075
78,000
)0,539
Georgia&Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co....l...105,422,400
Green County RIt. Co...."
13,915
Gulf Mobile & Northern RR. Co.'
520,000
Illinois Central RR. Co
35,312,667
the
need
the
eliminates
by" the committee,
upon
contains
15,000
3,183,000
Galveston Terminal Ry. Co
agreed
form
■
227,434
8,176,000
......
the
suffer.
policy.
In
•
new
J..
3,000
90,000
78,000
Gainesville Midland RR. Co
Galv. Houston & Hend. RR.Co.
71,300
582,000
of
itself.
assured
the
1,800,000
will
policy
the
on
might
document
>
' -
\
•
issued;
now
damage have
smudge
holder
500,000
8,081,000
'
proposed
Superintendent,
the
policies
feature
a
written
53,500
......
;
.
been
..;
53,500
♦
The
of
revised
The
•
2,000,000
1,800,000
3,182,150
16,582,000
3,000
717,075
227,434
8,176,000
15,000
Denver & Salt Lake West.RR.Co.
Gainsville Midl'd Ry.
*
•
:
(trustees).....
-
"
53,500
2,000,000
8,300,000
Del. Lackawanna & Western Ry.
opinion
not pressed for passage, as the National Associa¬
and uniformity and cooperation in the various
was
acted,
yet
desirable.
of
types
8,300,000
.
The bill
not
is
the
in
13,718,700
......
had
States
gives wider coverage.
Chic. No. Shore & Mllw. RR. Co.
......
year.
tion
3,840,000
Chicago R.I. & Pac. Ry. Co...
Cincinnati Union Terminal Co..
Mr.
recommended to the National Association was introduced in the Legislature
537
3,840,000
......
of simplifying the standard form of fire insurance
Pink pointed out yesterday, and a bill embodying the form
the question
to
policy,
'
•
(Trustee)
study
220,692
35,701
The official
Chairman of the Association.
added, in part:
York State Insurance Department has also given considerable
New
The
.
Francisco
Louis H. Pink, New York State Superintendent
announcement
14,150,000
14,150,000
3,124,319
San
in
•
(Atlantic Coast Line and Louis¬
ville & Nashville, lessees)
Association .of
National
the
of
committee
Commissioners at its meeting
next week.
139,909
'
,
Central of Georgia Ry. Co..
Central RR. Co. of N. J
Colorado & Southern lty
a
,
simplify
to
of Insurance, is
13,200
'
afforded the insured and at the
existing practice and make the
document understandable by any layman will be proposed
time
Insurance
53,960
'
549,000
Carolina Clinchfield & Ohio Ry.
announced
policy designed
insurance
protection
same
by
90,000
610,073
4.59,757
400,000
12,171,721
2,500,000
increase
to
127,000
-
fire
revised
a
Department
Insurance
State
14 that
June
on
Repaid
Disbursed
Existing Practices,
Revise
and
York
New
The
Withdrawn
Baltlnore <fc Ohio RR. Co. (note)
In
Fire
Canceled or
Alton It It. Co.
the book value
or
$1,000,000.
exceed
York Insurance Department Sponsors Simplified
Insurance Policy—Is Designed to Increase
New
AtUhorizcUlons
Ala. Tenn. & Northern
$350,000
do not
authorizations canceled
together
railroad,
each
for
table
followed
24, 1938.
exceed
not
assets
amended
provisions of an Act (Public
Congress and the Interest paid thereon, pursuant to
No. 432) approved Feb.
17, 1939
of whose
addition, the
rule describes in greater detail the method to be
in calculating the gross revenues and book values.
do
tions
In addition to the repayments
Relief and Construction Act of 1932, the
In the amount of
June
The
have
been
set
forth
in
detail.
A
company
issuing
such
policies will be required to provide for the naming of a beneficiary by the
,
Volume
insured,
and
surrendered
of
use
Financial
148
to
within
clauses
the
pay
30
the applicants
in
payment
will
for
A prohibition is placed upon
have
The
limitations
the
form
in
ance,
continued.
The
entitled
industrial
be
will
life
of
industrial
the
to
further
life
Mr.
and
regard
with
is
that these
the
during
coming
of
Labor.
The
bill
Pennsylvania
signed
June 9* the
on
"sit-down"
practice" and "an illegal act."
The passage of the legislation by the Legislature was noted
in our issue of June 3, page 3310.
The Governor also on
June 9 signed a bill amending the Anti-Injunction Act,
and a bill affecting the working hours of women.
Advices
to the Philadelphia "Inquirer" from Paul W. Ramsey, re¬
porting from its Harrisburg bureau, June 9, said :
"as
Governor
enacted
He
"Little
be
issued
labor.
A
which
were
thousands
workmen,
and the Pennsylvania
staged
Industrial Organizations)
(Congress of
the
on
Pennsylvania
the
representing
(American Federation of Labor)
a
Capitol grounds last Monday against the bills.
the
signing
after
Labor
to
Board
Governor
measures,
James
the
announced
member of the
a
as
Pennsylvania Labor Relations, Board to fill the vacancy caused by expira¬
tion of thet term of P. T. Fagan, Pittsburgh C. I. 0. leader.
In announcing Monday night [June 6] that he would sign the Peale and
Gillan bills, Governor James said:
'
-
smoke
misrepresentation and
of
screen
propaganda
bills, nothing has been produced of any va'idity to show that they will
detrimental to proper labor relations in this State."
addition, to
In
signing
be in
late
shifts
day
a
The
from
The
This
law
also
particularly
10
m.-
p.
his
working of two
textiles.
law
new
.
.
amends,
prohibited
.
bill, which became law today, revises the State Labor Rela¬
G.
,
Relations
disputes
union
groups
Board's
within
Hines
Board
the
well
power
over
investigate
to
employee?; allow craft
as
bargaining agents;
own
sit-down
a
employer in
provides
issuance
contract
joibed
and
a
of
bill
been
when
the
for
employee
an
strike,
damage
an
Board
the
its
on
be
must
a
served
walk-out
motion
own
"State Journal."
Required
*'
•'
with
notice
of
and that
occurs,
the
at
or
direction
the
the
of
■■■.
In
the
be
of
case
Governor
must
to the
report
<
utility, the
a
interference
no
with
appoint
Governor.
Jurisdiction
labor
doubt
disputes
operations of
In
in
kind
the National
the
of
case
exists
which
Labor
the
and
representatives.
is
employees
rather
ih
may
30
days,
after notice there
in
which
time
the
attempt
mediation
and
the
to
will
size.
cases
law
apply
to
Nearly all such have interstate
jurisdici
Board.
Co.,
staged
considered
some
/
whether
bring them technically under the
Relations
has
Problem
a
Lansing
Consumers
conducting hearings
It
in
of. any
concerns
some
provides that
for
commission
•
r
Considerable
tioii .of
law
new
operation
special
a
for
the
instance,
election
an
possible,
NLRB
determine
to
however,
has
been
bargaining
that
employers and
elect to seek the services of the State Board
than become entangled in the red tape of the Wagner law.
Nine
Proposals for Amendment of Federal Tax Laws
to
Congress by President Lowry of
Submitted
John
Lowry, newly-elected President of The Merchants1
Association, announced on June 13 that following a study
of the Federal
the Association had sent
Congress, but simplification of
part of the enormous expense
now involved in preparing tax
returns; if not repeal, at
least amendment of the capital gains tax to give corpora¬
tions the same advantages with respect to gains and losses
as are given to individuals; the restoration of the practice
of
permitting consolidated returns;
the elimination of
double taxation of corporate dividends, and other important
items.
The proposals are presented as a program "to en¬
courage business recovery and to remove some of the bur¬
densome provisions in the present Federal tax laws."
As a
already proposed
tax,
corporation taxes
without
when
a
hearing,
majority of
a
to
when
the
permit
a
as
for
valid
employees
employees attempt .to-coerce'.an employer and when
property.
in
avert
suggestion,, The Merchants' Association proposes the
k small expert commission to study a plan
coordination
better
the
Federal,
of
State
inter¬
and
view to making recommendations
for remedying .other defects in the tax laws at the next,
session of Congress.
The recommendations of the Associa¬
tion follow, in part:
"
-.
national taxation,
"
with
a
Undistributed Profits
1.
undistributed
2.
not
they seize,
,
its entirety.
.
.
Capital Gains and Losses
labor
have
Tax
profits tax should be repealed in
the
during jurisdictional disputes between rival unions,
;
to
establishment of
The
so
the Senate
to members of
Committee,
the Secretary of the Treasury, the Secretary of Commerce,
and to the entire New York City delegation in Congress,
nine proposals for the amendment of the present tax laws.
These include not only repeal of the undistributed profits
Injunctions
Act
tax laws by its Committee on Taxation and
Public Revenue, of which Laurence Arnold Tanzer is Chair¬
-
labor dispute.
a
Anti-Injunction
orders,
'violated;
striking union
damage his
or
amends
restraining
has
that
Notice
contending parties together, but its recommenda¬
compulsory force.
\
•
: .
no
v
Broadens
Gillan
employee of the Lansing
an
It must seek to bring
tions have
,
veto
labor practices
join
matters,
coerce an
or
as
make it unfair
labor
in
require
choose their
industry to
an
sit-down strikes and
others
rulings;
of employers
petition
on
employer's property
The
is
intervene
may
tenth
v
Secretary of Labor and Industry Lewis
coerce
affixed
industry to work
in
women
1913,' which the
of
Governor
the
designated to permit the
is
industries,
some
work
labor
to
measures,
to:
Labor
outlaw
these
working later than
Peale
Act
Give
the
in
female
women
tions
midnight.
as
any way
'
Women's Hours
bill which would permit
signature to another
these
about
...
Extends
as
past
Board.
Finance Committee, the House Ways and Means
.
appointment of Harry Gifford, Reiffton, Berks County,-
the
law
new
man,
Named
v
"Despite
and
new
Merchants' Association of New York
backing of industry and the united opposition of
Council
Union
Shortly
Moers
Governor.
disputes.
the
demonstration
mass
and
labor
had
Federation of Labor
Industrial
revision
Republican
to
Anti-Injunction Acts
Gillan bills' which amend the Acts
strikes, give employers more rights under the
broaden the grounds on.which injunctions may
sit-down
during
measure
organized
today
approval
Labor
and
the Peale and
into law
outlaw
Wagner Act,"
The
final
Relations
of the
the past Democratic administration.
during
to
Mr.
labor
hie
gave
Labor
signed
as
so
unfair
an
James
State
the
of
by the State Legislature outlawing
passed
strikes
Treasurer
;
■
impending strike, five days before
every
can
of
term.
Strike
—Governor Also Signs Bill Amending Anti-Injunc¬
James
City
former
serve
a
three-year term.
Lappin, Detroit attorney and former Deputy Labor Commissioner,
as mediator in labor
disputes, was named to a
C.
Board
tion Act.
Flint,
will
year.
Governor James of Pennsylvania Signs Bill Outlawing
"Sit-Down" Strikes—Labor Had Opposed Measure
of
two-year term went to Walter Moers of Lansing, Vice-President of
the Lansing Typographical Union and
Secretary of the Lansing Federation
.
Governor
Raab
The
recommendations
consideration
E.
to
Committee
expected
3623
Arthur
frequently has served
one-year
1938, are
of other
in
number
a
Legislative
it
A.
endowment insur¬
enacted
as
made
has
Raab
who
required to send them notice
insurance,
named
President of the Chamber of Commerce, to be Chairman
substantial benefits may
to
insurance and
Department
Joint
insurance,
given
children's
upon
Insurance
recommendations
He
is
the
policyholders who default
In order that
become
be informed of these benefits, the company is
thereof.
policy
the
if
forfeit, the insurance because of minor ailments
insurance.
after they
beneficiary
the
to
days after death.
which
of
proceeds
Chronicle
incentive
business activity, and undoubtedly increase the yield of other
the income tax sufficiently to offset, in whole or in ,large
part; the loss of revenue which they now yield.
If
capital gains are taxed, capital losses shall be deductible
Jrom ordinary income, and corporations given the same advantages with
respect to such gains and losses as are given to individuals.
outright repeal of any tax on gains would serve as a great
The
,to
increase
previsions
of
...
Veto
of
William
the
Green,
Labor, in
from
The
ure
President
telegram
a
Washington,
labor
and
should
la/bor bill by Governor James
it
said
He
to
said
impaired
the
bargaining."
in
the
that
philosophy
in several
guaranties • contained
ously
labor
a
said:
the legislation
"inconceivable
was
the American
of
June 3.. Associated Press accounts
on"that date,
leader condemned
subscribe
slavery."
on
urged by
Federation of
was
respects
as
the
a
-
vicious anti-labor
great State of
which
the bill
"rights of
workers
in
meas¬
Pennsylvania
back to the days of
nullified, the fundamental
Act and seri¬
self-organization
and
taxpayers
them
upon
iit
signed
Michigan
June 8 by
on
Labor
Relations
Governor Dickinson.
It
Act
calls
was
for
in
public utilities, hospitals, "or any other industry affected
with a public interest," a 30-day notice is required.
Indicoting that the law goes into effect with its signing by the
Governor, and the appointment of the first Commission,
June
8 from
Lansing to the Detroit "Free Press"
Strike votes
were
taken
of
cities
no
evidence that union
by Consumer Power Co. employees in
Wednesday night and
Problems
raised
had
[June
hurried
7
and
a
number
but there
8]
•
,
:
*
,
.
the
present
time
in profits in certain years and
the
law
does
not
permit over
a
period of years offsetting the gains of some years by the losses of others
with obvious injustice in many cases.
We recommend that taxpayers be
allowed
to
to
carry
over
during
losses
gains.
a
period of three years as an offset
.
5.
strongly recommend
We
Consolidated Returns
Double
6.
believe
well
it
that
restore
as
return
to the earlier practice of permitting
method of
income and encouraging business activity.
reflecting true
We
a
of taxpayers to file consolidated returns as one
affiliated groups
a
fair
Taxation
would
also
practice
of
Corporate Dividends
help
common
business
to encourage
to
earlier
tax laws
activity as
if
the plan,
adopted in 1918 were restored under which intercorporate
dividends were exempted from taxation and corporate dividends in indi¬
vidual income tax returns were exempt from normal income tax.
was
to tackle
first,
Governor Dickinson indi¬
v.'
strike, however, would be
a
separately named by the Governor.
7.
the Governor's action.
by industrial difficulties in the future will be for the
,
A utilities
be
Thursday
restlessness
Board, instead of the Governor,
to
At
others.
in
of Losses
Carryover
fair and reasonable to reccignize the fluctuations
only
of business which result
types
many
is
originally
said:
cated.
it
a
five-day notice of intent to strike, and in the case of strikes
advices
preparing
4.
believe
losses
Signing by Governor Dickinson of Michigan of New
Labor Bill—Requires Five Days' Notice of Impend¬
ing Strike—New Board Named Under Measure
to save
so as
a
m
V;
collective
We
newly-enacted
possible
considerable part of the enormous expense. now imposed
their tax, returns."' We believe it would b? an
improvement to abandon-the present- graduated tax and substitute in its
place a flat ,tax at a,fair rate with some reasonable .exemptions.
.
.
.
to
"
♦
A
Simplification of Corporation Taxes
Corporation taxes should be simplified as much as
harks
original State Labor Relations
3.
.
problem for
a
1
special committee,
In
with
Taxation of Non-Resident Foreign
the event that Congress
Corporations
should decline to accept our recommendation
exemption of corporate dividends from the individual
suggest" that rion-resident'* foreign corporations should ' be
dividends as domestic corpora¬
respect to the
normal
tax,
we
required to pay only the same tax rate on
tions.
.
.
,
Financial
3624
8.
The
taxes
are
the
the
net
of the
a
guessing game.
.
We recommend,
.
.
of
loss
would
which
revenue
by
ensue
higher
a
flat
tax
rate
on
income.
Dissolution
9.
personal
fiitile
and
sympathy with
being in
as
from punitive
State legislation for this
to
pass
one
under
month
1938
the
Graves
exempting
have
the
ex¬
purpose
Federal
Act
renewed.
was
cording to H. H. Heimann of National Association
Credit Men—Address at Annual Congress of
of
We,
Association
reasonableness
the
suggest
The greatest
privilege granted under Section 112 (b)
Legislature.
"
,
10. Further Tax Revision
While
the
preceding suggestions would eliminate many of the
objectionable provisions of the present tax laws they would by no
eliminate
the
all
of
the
establishment
better
of
coordination
view
to
objectionable
of
submitting
small
a
provisions.
Federal,
We
commission
expert
and
State
recommendations
Federal tax laws at the next session
is
peace
for
therefore
study
to
international
plan
a
for
taxation
remedying other
most
means
recommend
the
with
defects
in
a
the
of Congress.
contribution of the United States to world
Heimann, Executive Manager of the National
Association of Credit Men, declared on June 12 in his key¬
note address, "Contingent Liabilities," before the 44th an¬
nual Credit Congress of the Association at Grand Rapids,
Mich., in the Civic Auditorium, before representatives of
manufacturing, wholesaling and banking institutions from
National
of
Conference
"we should think less of
Investors
New
in
York
Dis-
Graham for
of
C.
to
Purchase Own Bonds
At
A.
Enable
RFC Loans to
less conscious of dictatorial greed and more con¬
growth."
In the course of his address the credit executive listed 10
moved
Investors, discussion centered around various railroad legis¬
before
Congress, and on a plan of Charles A.«
Graham, President of the Bank of LeRoy, at LeRoy, New
York, to improve the financial condition of roads through
loans of the Reconstruction Finance Corporation for the
purchase of their own bonds below par in the open market.
Among those scheduled to attend the luncheon were, Senator
Truman, co-author of the Wheeler-Truman omnibus rail¬
road bill, and Representatives Chandler and McLaughlin,
of the House Judiciary Committee.
A report approving Mr. Graham's plan, was prepared,
and presented at the meeting, by Lewis L. Shellbach, of
Standard Statistics Co. and David W. McKnight of the
Argus Research Corp. The Graham proposal contemplates:
now
Legislation through which the Government
can
make loans to railroads
for the purpose of purchasing their own bonds in the open market at prices
under par.
V
•
t
"
•
Allow the railroads, over a term of years, through refunding operations,
to repay
curred
the Government the money advanced plus interest and costs in¬
by the
Government—no
dividends
to
be
paid
by the
borrowing
company until loan is repaid.
Any profits
or income
1.
The
3.
The
of
They include:
policing of
hours.
•
Restriction
4.
"must be re¬
and
unless all of the present planning
business by government.
J
theory that a nation can spend its way to sound prosperity.
changed attitude towards work and overemphasis on shortening
much
Too
2.
of
lack of
and
production
'
,
balance
between
production
distribution.
and
plans.
price control
5.
Rigid
6.
Barriers
7.
"Rainbow-chasing"
8.
Creation
9.
Growing lack of responsibility by
-, ;
trade.
international
to
of
10.
thinking rather
mass
Philosophy
that
"
Despite
,
war
aids
than
*
hard individual
'
civilization and business progress.
,
•
Mr. Heimann reaf¬
firmed his belief that "America is by no means
all washed
The opportunities that have been here before are
up.
•
thought.
political parties and loss of party
contingent liabilities,
these
•"
social security programs.
regularity.
still
here, dormant though they may be for a time."
He added :
The American people are slow to move, 'but once under way are hard
to stop.
Recent events indicate a stirring among our people, a desire
to test the social program developed in recent years by the relatively simple
fundamental
and
all
need
we
Europe's
muscle
to
standards
troubles,
first
but
Possessed of our great resources,
may well react to
of yesterday.
back
start
we
the
on
speak
have solved our own
sympathetic heart
with conviction
problems.
' •
if
our
•
mind and our
•
accruing to the railroads under this proposal to be
exempt from taxation.
Mr.
which, in his opinion,
liabilities
checked,
or
programming is to be of no avail."
by the New York State Unit of the National Conference of
lation
with democracy;
scious of democratic
contingent
(June 16) afternoon, at the Hotel Astor in New York City,
more
European revolt and more in American re¬
covery;
Roads
luncheon and round-table conference held yesterday
a
dictators and
with
concerned
less
Problems of Railroads and Investors—Plan
cusses
In the view of Mr. Heimann,
Europe and more of America; be
sections of the country.
all
less interested in
^
solving our domestic problems,
be found in
to
H.
Henry
,
Domestic Problems, Ac¬
Should Be the Solving of
but felt it would
unless the privilege
taxation,
World Peace
Contribution by United States to
Main
dissolution
and desirability of extending the
(7) of the 1938 Federal Act for a
period of one year from July 1, 1939, in order to permit the passage of
complementary State legislation at the next session of the New York
therefore,
up
came
introduced by Senator Truman, one,
two bills
Companies
Commissioner
Tax
holding companies
for
extended
of Personal Holding
Lehman
Governor
themselves
pressed
be
of
clear-cut
a
...
of
nature
franchise tax based on fair valuation, the repeal of
present capital stock and excess profits taxes and compensating for
lacking
1939
17,
for discussion included
providing for
fair apportionment of costs of altering or rebuilding railway
bridges when made necessary by improvement of navigable
streams; and the other proposing the so-called "Land Grant"
rates thus requiring the United States Government to pay the
same freight rates and passenger fares as private citizens.
which
Other legislation
Taxes
provisions with regard to capital stock and excess profits
neither a true capital stock tax nor excess profits tax, but par¬
present
rather
take
and Excess Profits
Capital Stock
June
Chronicle
Reiterating that there is a great deal of evidence abroad
,
Graham undertakes,to
answer
what he terms "the
two
principal objections," the fear of Government ownership
of railroads, and the possible profits by speculators should
the plan be adopted.
As to the first, he says, there is no
more danger in this
program than in the loaning of money
by the RFC to banks for capital purposes.
The second
objection could be met, he continues, by limiting the purchase
of bonds, to those bonds held on a date prior to the enact¬
ment of the legislation.
'
\ The Shellbach-McKnight report says in part:
in
the
Mr.
land
today that we are conscious of our problems,
Heimann said :
The experience
only sound way to a real
enjoyment of life is along the traditional ways, when those traditional
ways are based upon sound principles of justice and have been instrumental
in furthering the progress of welfare of mankind.
Learning this lesson
fully, costly as it may have been, one cannot arbitrarily say that the cost
I
have
no
was
they will be successfully solved.
doubt that
the past few
of
yeafs is convincing us that the
not worth while if it
was
necessary.
„
,
We strongly feel that our group should urge that Federal funds for bond
Poll
whose securities
reorganization
are
can
selling at a substantial discount.
In this
the
great
expense
and time involved in
ceedings.
The
bankruptcy
receivership
RFC, if authorized by Congress, should be willing to loan
at a low rate of
interest,
2 % for
say,
a
15-20-year period.
would not be the loser because the security
which
or
without
were
purchased at
discount.
a
pro¬
money
The Government
for any loan Would be the bonds
So, the actual, equity for the RFC
advance would be substantial.
From
a
social standpoint the execution of such a proposal would have an
important effect.
First, it would tend to increase employment because it
would make available funds
used to pay fixed charges.
for
capital expenditures that are now being
Secondly, it would strengthen the position of the
railroad bonds which would remain in the hands of numerous charitable in¬
stitutions, banks, insurance companies, etc.
we
in
Thus, from every standpoint
believe the best interests of the railroads and the railroad investor, lies
full support of legislation making possible the lending of funds to
railroads to purchase their own securities.
Only this week the tax sub¬
our
committee of the
House of Representatives
voted to recommend legislation which
porations
to
without incurring tax liability.
Bronx in New York
une" from which this
The following two
With encouragement such
as
this
value
our group
should have additional incentive to support this far-reaching constructive
To the first question,
Graham proposal consideration was
given in the discussion to the Wheeler-Truman transporta¬
tion regulation bill, the Chandler bill for
reorganization of
to
the
railroads and several other bills
The House has already acted
bill and the Senate
in
our
on
now
respectively; terms of the bills
the Chandler
the Wheeler-Truman bill, as
issues of April 22, page 2354 and
noted.
on
were
May 27,
was
noted
page
3146,
outlined in the items
right in refusing to be a candidate
against a third term is a safeguard against
no
74.2% answered "yes," 12.9% answered "no" and
opinion.
Regarding the second question, 66-2% felt that
guard against one-man rule and Fascism,
the tradition was a safe¬
32% voted "no" and 1.8% had
opinion.
no
The vote, Mr. Barton said,
before the Senate.
favorably
learned, added:
questions were asked:
Do you think the tradition
one-man rule and Fascism ?|I
12.9% had formed
addition
are
for
proposal of Mr. Graham.
In
City
Do you think George Washington was
a third term as President ?
would permit financially weak cor¬
par
the
overwhelmingly opposed to a
third term f6r President Roosevelt, it was indicated this
week in a postcard poll conducted by Representative Bruce
Barton, New York Republican.
Mr. Barton, in making
public the results of the poll on June 13, predicted that the
the State would go Republican if an election were held at
this time. He said that 74.2% of those responding supported
the theory of George Washington in declining a third term,
while a large majority of those who voted for President
Roosevelt in 1936 were also against a third term.
A Wash¬
ington dispatch of June 13 to the New York "Herald Trib¬
Ways and Means Committee
buy their interest bearing securities at less than
Representative Bruce Barton In¬
New York City Boroughs.
Boroughs of Manhattan, Queens and
Voters in the
\
•
by
Oppose Third Term for President Roosevelt—74.2%
Of
Those Who Answer Postcard Questionnaire
Reported Against Another Four Years
manner actual
be accomplished within a reasonable period of time and
without the further impairment of railroad credit in general and
Conducted
dicates Voters in Three
purchases be made available to those railroads of marginal earning power
by parties.
classified
70-1% held that
group, 49.5% said the tradition
became even more significant when
Of those who voted for Mr. Roosevelt in 1936,
George Washington was right.
Of this same
safeguard against Fascism. Mr. Barton noted that in a Gallup poll
published in April, 1938, 70% of the respondents said they would not favor
was
a
a
third term for the President.
ing stronger, rather than
This, he said, showed the opposition grow¬
weaker.
Volume
Financial
148
"It is interesting to note," the Representative said, "that in
poll about
respond—a
live issue in many minds in
a
made up
a
largely of men and
business, whether
special personal reason to fear any step that might appear to
direction of Fascism.
City
the
paid
New York City is
be found, in all
roundly,
Roosevelt stronghold of 1936, shows that,
out
doubts
his availability for
as to
third term in 1940.
a
"Having in mind that the upstate Republican vote always is larger in a
today the
wholly
point where a Repub¬
apart from other issues, to cut the Roosevelt vote to a
lican victor#- in New York State would be
Unless
will
assured."
questions
of
Thomas
J.
of
safety
vital
most
dealing
fair
and
For
the
work
it
which
holders
ance
is
benefit
in
supervision,
which have
with
is
of vital
matter
a
their
companies and
of
importance!
After
which refuses to
company
a
is not
but
court,
a
Often
sion.
that
expense
and
tuted.
There
be
should
existence
general
of
practice
and
terminate
to
times "when
the
defense
companies
legitimate
rely. on
to
They
claims.
the
It
is
is
defenses
in
are
little
it
has
consideration
of
purely
or
retaining
of
•
2009)
combined
defender
or
private
to
is
-
What
we
to
say
"We
this:
is
you.
Insurance Department and, if
your
that
insurancewise,
facilities.
are
complicated questions
or
in
to
You
helped
The
or
should
of
course,
is
of
10
Neither
this
the
"Most
want
or
you
in real
will
similar
tion
dealing
lis
in
so
may
come
Club and
made
every
Industrial
that this
know
to
or
public
visory
Board.
Dunn,
"many
these
"And,
of
was
yourselves
summary
a
refused
principal
policies necessary
as
to
Our railroads
referred to in
owned;
pay
for
their
all
entirely
the
and
are
in
regulated
as
no
Excepting pipe lines,
the
citizens
Federal
own
maintained
costs
support
private enterprise.
by
every sense
of
"Railway Age," at
a
as
Transportation Ad¬
it
seems,"
and
said
Mr.
changes in
preserve all trans¬
of
no
boats
taxes.
earnings;
their
local,
State
and
pay
large
National
taxes
used
governments;
on
a
inland waterways owned and operated
is plainly
and
barges,
a
socialistic
but
Commercial
defeated by business
business
same
oppo¬
man
the railroads, all
use
enterprise.
waterways
carriers
on
the
I.
Private
provided and
highways
dis¬
Board—Most
Re¬
.
Conference
Board
June
on
15
of its survey of bank credit for
The study showed that there
agencies and that bank credit
5% of 1,755
and that most refusals were found to
•
agencies, were
on
their credit experience from 1933 to 1938.
not
tion
9,000 firms were approached in
connection with the survey.
1,755 and, since the identities of reporting concerns
protected, "it is believed that a great majority of those which did
return the questionnaire were either satisfied with, their credit situaor
else had no serious cause for dissatisfaction.,
This inference isa
numbered
supported
,
The,
of the Board's survey continued, saying:
of
total
fact that the ratio of replies to
the
by
the
in
1932
credit' in
The
firms
was
facturing'
have
covered
1931 and 1932.
"
."
'
,
engaged in manu¬
"Do you now find, or
by the survey, most of which are
asked
were
the number of firms
Conference Board survey, of the availability of bank
double that in the present one, reflecting the acute
stringency which prevailed in
credit
to answer
this
question:
recently found, any difficulty/in obtaining from your bank the
required for legitimate business purposes?"
Other
you;
accommodation
credit
such
specific details of any refusal or restriction, the
with Government lending agencies, the need for
and suggestions for improving the credit situation of
concerned
questions
experience
company's
agencies,
industry.
In
reply to the first
they
had
tion
question,
1,601 of the 1,755 firms reported that
bank credit problems; 3.7% had received less accommoda¬
they asked for, and 5.1% had been refused credit by their
than
no
banks.
Many
of
conetruction
most
of
concerns
its
the
the
concerns
industries,
five-year
to
or
any
refusal
reporting
which
period.
reporting refusal
ordinary,
reference
are.
other class of commercial carriers is entirely
Government
by
private enterprise—they are privately
other carriers
The barge line
the other
entirely
from
the
a
of the
:
impersonal and slow.
summary
Private
to
a
are
:
negligible in amount as well as
The results of the survey of
the Board, which will be published in detail in book form
late this month, showed that bank^ credit for legitimate
business purposes was obtained without difficulty by more
than 91% of the 1,755 concerns, large and small, that re¬
Federal
you
enterprise in this
supporters
make
more
'
'The study also showed that loans made by
be justifiable.
is
private enterprise are New Dealers, while
their principal opponents are business interests that pro¬
fess devotion to all private enterprise, and condemn New
Dealers for attacking it."
In part, Mr. Dunn continued: •
portation
legislation and
for
present unfair
by
by banks to the extent of only
reporting,
concerns
its
of
whether
and
Menace
Valley
paradoxical
the
profiting
Conference
need for new credit
no
was
confusion
June 13 of the Indianapo¬
on
excepting
because,
Agencies Shown by Suryey of
Industrial
National
was
situations
but the present transporta¬
Ohio
the
and if we
And business
solved,
be
made,
legislation is
when
costly,
difficulty
avail
to private
Publishing Corp. and editor of
Traffic
would
be
selfish
interests regardless of the effects upon
private enterprise, and every American taxpayer.
undertake
we
policies
joint luncheon in Indianapolis
transporta¬
own
The
in'
of the Federal and State governments," de¬
clared Samuel 0. Dunn, Chairman of the Simmons-Boardman
our
direction,
\
V,
,
National
A
Imminent
menace
(Sen¬
It
trend.
this
reserve
fusals Found Justifiable
fact.
treated courteously,
New Deal,
is not the
its best and, per¬
toward socialization
trend
would not solve
business, interests,
passed.
additional
and
approached
"The most imminent
country
business interests
some
the same time practice,
in the right
problem
the
Industry"
•
as
rapid
passage
start
.No Need for New Credit
Transportation Policies of Federal and State Govern¬
ments Rather Than New Deal Viewed by Samuel
as
so,
heard
yet
never
regulation
the
were
Dunn*
never
If
most
Replies
O.
if
profit?"
a
it.
probably
and
start
a
the
that
certain
of
Its
would be
it
whether
be
would
their
3459.
page
a
Does any-
survive
pending in Congress legislation
now
similar
legitimate business purposes.
can
particularly
Superintendent Pink
issue,
long
have
and at
the
arrest
to
transportation.
but
opposition
other
undertake
hesitate .to
not
be
of
in
compe¬
will recall its defeat
deadly single blow ever dealt to private enterprise in this
country.
And, if so, they will recall it as a blow dealt private enterprise1
in its own house by certain of its professed friends in an effort to serve
not, it will involve you in no ekpense."
address
June
pur
you
will,
profit."
a
earn
in
put the-railroads
Business has right now
arrest
There is
carriers
that" direction
in
determine
If
made up 'of humans.
the study of
it
of law
are
you
Commerce
"equality
could
pretend,
enterprise,
to
are,
now
taxing power of
,»
of
I
we
enter¬
indefinitely
can
railroads
"would not
that
enterprise
dishonest
and
of
which would
all
sition, the time
as
.
to
matters.
This
attorney.
an
establishment
the
ported"
involving serious
the
private
a
other industry
as
private enterprise
opportunity
subject
claim
not
inclination
hypothetical
as
member of the Interstate
a
means
private
transportation.
kind
help out in situations which obviously indicate the necessity or desira¬
bility
without
large part of it.
a
last,
problem;
the
that it knows all
>vhich it cannot arrive at immedi¬
many
no
•
•
does
it
regulating and
the
of
likely to be used
more
infallible because, after all,
not
Furthermore,
to
Department
Certainly there
answers.
ately.
Insurance
or any
by
enterprise,
private
a
of
any
subjected,
if
not
it
However,
technical
are
because
disagree
v
the
preserve
promote both government and business policies plainly tending
subsidies
will
Department
will
defenses.
or
justified.
Finajly,
transportation
28 years
any
all
by the ICC and provide
thorough and impartial investigation of the vitally important question
tion
opposing fraudulent and dishonest claims, and in some instances they are
fully
all
backed
advocate
favor
requiring
and
intelligent and judicial expert—recently said
an
about
any
in
continued
otherwise be insti¬
feels a claim
might
the
company
crying
attacking
thp controversy, thus avoiding
which
litigation
to
course,
technical
some
honest
with
of
with' which
paid,
of
incident'
are,
numerous
'
believe
by
its
bill
for
of
whereby claim
ways
that
fact
equalizing regulation
policies, it would be certain that, this
several
are
sufficient
is
delay
there
enterprise
organizations, while
policies
Deal
longer to
for
inconsistent
and
would
practices of
insurance companies may be supervised by State insurance departments, the method
in
the New
York
Department is that of investigation of
individual
complaints with reliance upon persuasive force on the part
of
the Department to secure relief when
deemed justified.
By this
method the Department
has been very successful in amicably adjusting
claim disputes.
After a thorough investigation of the facts in each case
coming to its attention, the Department informs the parties of its conclu¬
conceivably,
While,
make
sides,
that,
views
be
all
ate
of the State government.
agency
indisputable
business
position to maintain its properties and earn
destroy
of
administrative
an
is
to
haps
what he regards as a just claim.
pay
all, the Insurance Department
holds
to
right in the law whereby the Superintendent of Insurance may take action
against
a
defend
however, there is no specific
Generally,
private
a
earnings all the costs of render¬
...
address
in
It
of policyholders
treatment
is whether
costs.
enterprise
Meyer,
man
do,
qualified in New York State and made them¬
to the obligations of the New York law.
In
practices
system of
a
acid test
transportation
own
local
New
own
much
all
on
H.
expressed
discussing the subject of claims, Mr. Cullen said, in part:
claim
favor of
One
position to maintain their properties and
a
he
selves subject
The
all
part of transportation
no
"put
companies
insurance
able
business
that
his listeners
warned
He
deal
they say?
another
is
and
tition," all other proposed
some
to
B.
public
State
in
State.
this
in
their
to
Pink,
specified
he
.
pretend to be in
what
enterprise by
Commission—surely
Superintendent of Insur¬
detail various phases of
his Department is doing to protect insur¬
J.
Louis
by
it
all their
private
a
Dr.
Cullen,
and
ance,
extent
.
.
from their
against
speedily
we
Government.
First Deputy Superintendent of Insur¬
ance of New York State, said on June 9 in a radio broad¬
cast.
Mr. Cullen referred to another broadcast a week
earlier
that
other public property are
a
socialistic enterprise,
or any
that
to
keeping
And
private
pay
competition
the two
are
insurance
in
concern
large part
a
by subjecting all carriers to equal regulation and
pay
heaven
be
not
prise.
Safety and Fair Dealing Considered Paramount Matters
in Insurance Supervision—Thomas J. Cullen, in
Radio Broadcast, Discusses Work of New York
State Insurance Department
The
and
large national
a
to
remain
matters
of
high
carriers
New York City would be sufficient,
in
to
portation
Presidential year, I am confident that if the election were held
anti-third-term sentiment
taxes
private enter¬
prise, are at the same time—right now—covertly or openly opposing, by
every means in their power, every proposal and effort to make all trans¬
half of those who then voted for the President for a second term entertain
some grave
making
service.
members
is
mean
be done only
can
their
ing
probability, in the Democratic column in 1940-
"This survey, in a
business
interests
requiring them all to
who otherwise would
porters of the President to sway the minds of many
business
favor
which
1936 sup¬
the
that
part of private enterprise.
those
they
poll is that the
third term is sufficently strong among
a
a
waterways, highways
on
taxes,
private enterprise really
be accentuated.
may
not
Do
lead in the
Hence, the anti-third-term sentiment in New York
"The first conclusion properly to be drawn from this test
sentiment against
from
and
of foreign birth or background who have
women
in
pays
the costs that their use of the
highways causes.
But it is beyond
dispute that to whatever extent the true and total costs of conducting any
New York City.
"Comparative tests in other cities would be useful.
well-supported claim that the public
of
trouble to
high percentage for a mail test—which shows that
very
third term is
pute the
the current
in four to whom cards were sent took the
one person
3625
Chronicle
or
were
It
in
was
a
or
restriction
depressed
were
condition
in
the
throughout
also found that nearly half of the
restriction did not require bank credit in
short-term uses, but for longer periods,
given business transactions as source
and "without
of funds for
repayment."
Although
most
accommodation
were
not
credits.
rated
on
in
of the 154 firms experiencing difficulty had requested
the ,basis of the general credit of the company, 82
a rating service
widely used in the granting of trade
' '
3626
Other
the
Financial
disclosed in
facts
regard to the 154
refusals
or
cases,
and
restrictions
were
working capital was sought in
able
101
these
"many of
if granted, would have involved semi-fixed capital loans repay¬
a period of from two to five years,
and in some instances over
requests,
over
longer period."
a
117
In
18
small
of
the total,
real estate or chattel
or
paper
collateral
offered
was
as
the
small,
very
firms
is,
that
reporting refusal
having
companies
restriction
or
capital
a
.$500,000
of
Legal
of
In
|W
bank
to
furnished
bank
of
examiners
rather
bases
those
stress
than
for
,
those
,
,
of
"
■
.
refusal
potential
or
application
for
refusal
have
which
,
'
.
•
,
In
many
it
cases
that
do
to
borrower,
for
pertain
with
the
believed that banks
is
secondary
the
warrant
loan
Thirteen
because
some
to
banking
financial
preferred
policies,
condition
base
to
consideration
loans
had
borrower.
one
already been
market
current
assets
the
additional
extended
current
financial
conditions in
The
that
Unsatisfactory
unsatisfactory
cases,
stated
of
the
were
in
16;
though
their
had
none
industrial
uniformity
proper
the
executives
expressed
of
and
grounds
for
in
18
unstable
were
the other hand, that "a substantial
on
been
requested.
ThiB
of
in
the financing
companies
reporting
funds."
"
offered
opportunity to
every
executives
of industry.-
credit
refusal
as
restriction
or
intermediate
periods
Seamen
who
to high-
the employment
Strike—Dissension
Hinted
which
17, without gaining its objective.
The
strike started because the companies declined to include in
the new contract (replacing one which expired last Mar, 31)
a provision
for preferential hiring halls, demanded by the
union, which would have deprived the company of any right
to say what men should be hired.
Except for the first few weeks of the strike, operations of
the companies were only slightly affected.
Reporting the end of the strike in Atlantic ports, the New
began last April
York "Herald Tribune" of June 13 said:
The action of the union, according to the announcement, was initiated
by itB strike policy committee last Friday after it was reported that
.
most
frequently
by
the
executives
credit
of
being
are
concerns
difficulty
understood,
had
petitioned
and the national council
held Friday night.
National
the
election on Standard Oil ships.
Labor
existing credit facilities."
Recommendations of the policy committee
accepted
were
by the membership at
today.
The
high
of
restriction
of
credit
small
is
percentage
accounted
concerns
thofie
among
"would have become
Oil tankers in the domestic
Standard
trade, it
a
was
lockout."
in
part
liquidation and deflation in the period from
1929
or
of
the
financial
structure
for
by
to
refusal
"the extreme' credit
1933.
Rehabilitation
of
many
small concerns required additional
loan funds for relatively long periods.
The undistributed
profits tax acted as a deterrent to the improvement of the equity capital
position through the retention of earnings.
In the early part of the
equity capital
or
period of revival
many
for
and
intermediate
affected
by
banks
the
adverse
fiscal
policies,
in
not
were
long-term
loans.
position to
a
attitude
The
classification
such
loans
have
of
an
authorities."
Federal
the
both
to
the
by
'
also found
are
consider
of
requests
banks
the
was
examining
aboard.
crews
N.
U.
M.
No
The company, the union said, was planning to
for
shipping on
tanker of these companies will be
any
given by the union to any but strikers with full picket
explained,
was
bearing
duty.
problems of industry and on bank credit policy.
according to the report, "the economy has been dependent
spending to an unprecedented extent.
Because of the arti¬
Federal
ficial
was
afforded
support
virtually
more
than
"The
with
the
earnings,
earnings
it
over
resumption
the
noraiai
of
Federal
which,
in
turn,
to
reserves
to
flows
of
Government
affected
and
the
capital
had
banks
of
the
effect
bank
allocate
to
attitudes
sub¬
bankers
of
in
Reconstruction Finance
the
years
Federal Reserve
banks
.
by the East Coast district at
further development
prevent
Esso
the
as
Tanker Men's
of'a
treasurer
that
so-called
company
lqnger
a
meeting
being called
was
union to
be
Association.
of the Congress of Industrial
there
against
behalf of the Gulf district*
DeGross,.secretary-
Organization affiliate, had stated,
a
strike and the only question remaining was
"how to get our jobs back."
The companies affected, including Standard
no
was
Oil of New Jersey, Socony-Vacuum, C. D. Mallory., Tidewatter Associated
and Petroleum
well
as
Navigation, have been sailing their vessels from Gulf ports,
from East Coast ports, with wholly or partially
and with little apparent
Further
action
tion
was
the
at
substitute crews
difficulty.
New
Orleans
meeting indicated
that
the split
developing in the N. M. U. has been widened and
a
resolu¬
adopted divorcing the operation of the Gulf district from New York.
This resolution,
which provides for the retention in the Gulf of all funds
collected in the district, also prescribed that "steps be taken to vacate
from,
office in the Gulf district any official who is known to be dominated by or
risk-taking."
four
on
Action at the meeting here was taken after Charles
takes orders
After
been voted, here
This action followed similar action
off to
easy
on
"fink" and
the ships.
in New York, where leaders of the union stated the strike
which has been
The
credit.
adverse
an
ability
surplus and
and
on
Abandonment of the strike called by the National Maritime Union
„
amounts
stantial
regard
and
employed
crews
as a
Orleans
five tanker companies has
as
short period.
policy of
money
receipts,
revenue
high level of surtaxes and the undistributed profits tax combined
fiscal policy that
is best described as speculative,
tended to
a
retard
a
by expenditures in excess of
to forecast business trends
impossible
This action,
that while the companies may be able to give
means
dispatches of June 14, to the New York
"Journal of Commerce," reporting the end of the strike in
Gulf ports, also suggested a split developing in the N. M. U.
They said:
•
/
on
financial
"Since 1933,"
On
New
XJ.
bring these
"dump" their
crews.
clearances
known
..
important
Twenty
charged, which were
transferred to foreign runs when the strike started, still have their N. M.
ineligible for the job by union
reporting
meeting
a
.
if continued, it
employment to a non-union seaman, he will be considered
for Financing Srriall Enterprise
an
The strike against the oil companies, union officials said, had reached a
it
Facilities
Board for
Relations
Results of the votes at other Atlantic and Gulf ports
be announced
point where,
was
under
met
an
Esso Tanker Men's Association was in the process of formation and, it was
vessels into American ports during the next two weeks and
reporting no bank credit experience or no bank
that the requireemnts of all deserving borrowers
Within
The National Maritime Union abandoned this week the
to
"The majority of
improved
strike of oil tank seamen in Atlantic and Gulf ports,
will
represent a safe and profitable medium for
comment
solicitation
loans."
opinion believed that loans for
an
banking
commercial
active
found in the opinions of industrial
was
role of banks
concerns
"The
not
denied
industry of the applicant, unsatisfactory ratio of
liabilities, and excessive inventories.
to current
the
grade
been
others
suggests that the banks desire to avail themselves of
No
did
concern
had
concerns
even
increase
or
policy
reported that the banks voluntarily offered them funds
of current requirements, or suggested that they accept a line, of
excess
credit
refusal
banking
the legal limit permitted
to
earnings
statements
report of the survey revealB,
number of
credit
Tank
End
NMU
only
refused
requested.
companies
Under the agreement improvements are to be made in the
and insurance provisions are to be extended.
was
is
been
has
42-hour week and two weeks' vacation for the
and a
year,
attrib¬
"it
and
credit
relating to
rather than to imply that the financial condition of the
on
the union.
which will go into effect tomorrow and will run for
ventilating and heating of the trucks, sanitary facilities are to be
Oil
restriction
or
company."
restriction
in
accounted
is pointed out that the information
it
whose
concern
a
'
.
percentage
borrower
by the
only
should
the high
with
policy, however,
that
natural
the
requirements
'
connection
uted
Restriction
or
and restrictions, condition of the bank for 1%, policy
for 54%, and financial condition of the reporting concern
bank
33%.
York State Board of Mediation
provides for a 43-hour week and one and one-half weeks vacation
the first
second year.
refusal
of
the
for.
and
limitations
for Refusal
contract,
new
two years,
for
Reasons
12%
The
were
less.
or
The settlement was reached after the New
by only
offered
was
cars.
had arranged a meeting between the employers and
four-fifths of
than
unsecured
mortgage
11%.
or
concerns,
More
73%
or
cases,
collateral;
(A. FJof L.) and three operators of about 175
The companies involved were: United States
Trucking Corp., Binks, Inc., and Wells Fargo Armored
Service Corp.
Reporting the settlement, the New York "Herald Tribune"
of June 11, also said:
Local 820
armored
following:
General
June 17, 1939
Chronicle
Corporation and Federal Reserve Loans
combined
advances
made
by
the
RFC
from any political
"
party."
Resignation of Arthur Thomas, Gulf district executive committee chair¬
and
the
under
the industrial advance programs on June 30,
1%% of the total industrial and commercial
by member banks.
man,
because of Communistic party activity in the N. M. U. was announced
by him.« He said: "I refuse to be
a
part of the bureaucratic dictatorship
1938,'amounted to less than
that has been set up
loans
opposed to the N. M. U. becoming
an
formed
It has now reached the stage in this
extended
The
had
Conference
beerf
concerns
been
Board' survey
refused
disclosed
from
sought
that
lending
replied.
requested.
from
Government
mercial
bank
More than
ment
as,
the
more
firms
Other
the
by
of
159
their
one-quarter had
the
,
79
1,765
had
the
sought
restriction
or
credit
received
that
concerns
for
the
of
applications
full
loane
a
complaints
total
cost
of
a
that
borrower;
(6)
between
conflict
with
Government
lender
(4)
or
to
or
shipowners' stooge.
accept the dictates of the party
Car
and
is
an
almost
borrower,
Federal
(7)
given
complete
the
were
(1)
(2)
that
of
excessive;
(3)
application,
and
requirements
to
comparable to
as
by
policies
were
expense
that the terms
policies, such
promptly
reasons;
agency
collateral
was
less
the
character
absence
that
of
were
of
the
personal.con¬
found
loans
of
ex¬
are
undistributed
in
relations
at
times
in
Strike
the Armored
take orders
I have patiently waited for the termination of the
could not be construed
Tentative
Agreement Reached in Allis-Chalmers Strike
The Allis-Chalmers
Manufacturing Co. strike was tenta¬
tively settled June 15 according to announcements made by
representatives of the company and labor.
Both sides had been
Ends
with
Car
called to the conference table by
Gov. Julius P.
Heil.
It
the
was
U.
announced that the tentative agreement would be submitted to
A.
W.
Saturday.
membership
for
ratification
in
the near future,
possibly
•
.
Production
departments at the plant, which normally employes about
6,500 in tbue manufacture of tractors and electrical equipment, have been
closed since
May 24 when the union called a "work holiday" to back its
demands for blanket contract at all Allis-Chalmers plants.
profits tax.
Signing of New Pact
Armored car chauffeurs and
guards in New York City
settled their strike June 10 and returned to work June 12
after a week of idleness.
A new contract was entered into
between
unalterably
sabotage."
Martin
Armored
am
is immediately labeled a disrupter
tanker strike before taking this action in order that it
com¬
by commercial banks.
requirements
that
consideration
banks, and
other
with
including interest,
excessive;
no
than
lending
without offering specific
compliance
loan,
considered
were
Reserve banks
refused
that there
commercial
applications
about
to
cessive ;
(5)
that
were
incident
I
auxiliary of and having its policies
union where any official or member of the union who refuses to
as
by
by the Communist party'.
accommodated
Federal
was
with
than
half
accommodation
lending agency after refusal
reported
amortization,
tact
than
that
agencies
reported: that
fully or in part.
90% of the firms that had had experience with the Govern¬
believed that their credit standards were either as rigid
rigid than, those of commercial banks.
More than half of
applications
expenses
that
Less
were
RFC and
that
83
agencies
or
these
these,
restricted, and less
or
amount
a
Federal
Of
by the top officialdom at New York.
Chauffeurs and Guards Union,
Union
The U. A. W.
Settles
General
Motors
Strike
(A. F. of L.), headed by Homer Martin,.
withdrew pickets from plants of the General Motors Corp.
on June 14, after, according to Martin, the company agreed
to recognize his union as a bargaining agent.
The strike,
which was called June 8, did not succeed in more than cur-
Financial
Volume 143
ailing operations temporarily at one or two plants, because
(C. I. 0.) union refused to recognize the
strike and continued to work.
Bitterness resulting from the
strike, led to violence between the two labor factions, which
required intervention of police.
|D Associated Press advices from Flint, of June 14, reporting
Chronicle
Leo T.
the rival U. A. W.
the settlement, said in part:
Details
sentatives made
submit
Leaders of that portion of the union
Industrial Organizations
and
ment
R.
J.
mutually satisfac"
Corporation repre¬
members.
union
to
bargaining agent.
a
Martin aids left for Flint and Saginaw to
comment.
no
the terms
as
which remained in the Congress for
voiced skepticism concerning Martin's announce¬
O.'s U. A. W. A., tele¬
Thomas, President of the C. I.
graphed William S. Knudsen, General Motors President, that "ahy under¬
standing reached with Homer Martin will have
standing with General
no
Motors workers, for whom only the U A. W. A. affiliated with the
has
the
right
We will hold
speak.
to
C. I. O.
strictly accountable for any
you
breach of contract you have signed with us and for any violation
Wagner
Labor
and
of the
Relations Act."
Other
Businesses
Chairman
Stress
to Apply Standards
Seeking Profits—FDIC
in
Addresses Wisconsin Bankers Conven¬
^
tion—Philip
A.
Benson
Predicts
Governmental
Easier Credit
on
Bankers would do well to apply to their
problem of the
for profits the standards and
ingenuity they expect
from their customers in other lines of
business, Leo T.
Crowley,
only 170 of Chevrolet's 6,897.
previous reference to tbe strike appeared in
June 10, page 3467.
issue of
our
of
the
Federal
Deposit
closely resemble those of other businesses, and that
the
operating problems are much the same.
A Milwaukee
dispatch of June 8 to the New York "Herald Tribune"
quoted the following additional extracts from his speech:
Bankers expect their merchant customers to be alert and to do business
on
basis that is readily adaptable to
a
or new models
merchandisers
of standard
make
to
immediate
changing conditions.
prices and offer inducements that
of any
business
will
the
move
their floors.
or
'
Economists Council for
by Dr. John M.
Chapman, Assistant Professor of Banking at Columbia
University and Economic Adviser to the Bank of America
National Trust and Savings Association, California.
The
Council will undertake to study and to make available
Organization
American
the
of
the Study of Branch Banking is announced
public information on various phases of branch bank¬
a view to promoting a better public understand¬
to the
ing, with
economic
ing of branch banking and its importance to the
Its first publication, just
welfare of the American people.
is
released,
Four
economists
well-known
other
Frederick
of
F.
A.
Cfyril
G.
Professor
the
of
Depart¬
of
College
University.
Ray
Professor
Political
of
careers
erence
to
the field
in
of economics,
banking.
The Chairman, Dr. Chapman,
academic work at Columbia, has held such
branch
besides
his
Adviser to the State Banking Department of West
Virginia and Executive Secretary and Adviser to the State
Banking Board for the State of Ohio. He has written and
on many books <on banking problems, and at
the present time is Executive Vice-President of the Council
for Applied Economics in New York City.
From the an¬
collaborated
Bradford
and
time'
was.
Review.
James
Committee
time
the' Board
of
one
' He
author
the
is
of the
Bureau
Advisory
Economic
of
Editors
of
potential buyers and
served
the
Political
of
"As
view
Association
for
two
on
Reserve
of
book,
"Money
of. the
National
Economists'
has'
James
Prof.
turn to
a
of
member
"Statistics
for
Clarkson
and
and
including
Prof.
assume
James
is
period
He will
for
a
omists'
journals
on
matters
Federal
The
Road
to
Revival,"
and
Credit
"The
Boston
at
University,, is Educational
Chapter of the American Institute of Banking and
of
Committee
publications
Business
the
Consumer
Credit Institute
include
Man,"
"Elementary Statistical Methods,"
"Sayings Banks and Savings Depart¬
(in collaboration with Lindley Bond),
Conditions"
Financial
Credit
and
(in
Its
"Interpretation
collaboration
Uses,"
with
(co-author with
R.
stopping
the
banks
losses
long
had
a service nature.
suffered from
President of the American Bankers
delegates that Federal authorities
appear about to shift their emphasis to lending.
The
Milwaukee "Sentinel" of June 9, in quoting Mr. Benson said:
Curtailed
Benson,
told
the
embarking
on
a
of
program
political thinking.
time
He
Conference Board,
Committee
Savings
and
on
as
was
F.
H.
the research staff of the Na¬
and later
Monetary
Loan
Chief of the Section of Statistics
on
was
Policy.
Association
of
President of the Econ¬
He is
New
credit
easy
The books cotild be
The country is not as conscious of deficit financing as it
'
Benson
nation
and
to current
more
.
is of taxation.
Mr.
the
spending
conform
would
warned,
however,
easier
no
exjsts through its credit system.
way
capture control of
to
He pointed out
a
a
government
use.
He proclaimed :
"Under such
system the time may come when the power over credit
a
become the
may
The public needs to under¬
silence opposition.
power to
stand these proposals, which represent a
radical departure from the Am¬
erican conception of free enterprise."
•
p..
*.
Would Encourage Capital
Mr. Benson termed the basic lack in American economy a lack of con¬
fidence—lack of willingness
to
He said
venture.
if timid
capital could
be put to work, a large share of unemployment would end.
capital,
however,
speaker said.
work in
cannot
atmosphere
an
The banks
Investment
hostile to
profit,
He declared the atmosphere hostile to business also
hostile to profit
and called for
are
the
was
rembval of all discouragement to business
a
'
.
doing their share in sound manner; the A. B. A. President
said, citing figures to indicate that 86
but
of every 100 banks
are
making
positive efforts to stimulate loans.
Commercial Banking Operations in Making Small Per¬
sonal Loans Discussed by John B. Paddi1—Official
of Manufacturers Trust
Co., in Address at Conven¬
Banking, Says Per¬
Represent Sociah Helpfulness on Part
sonal Loans
of Bankers
■
Problems
"The
Institute of
of American
tion
<
;
Small
of
Loan
discussed
Operations
in
a
Com¬
June 6 by John B. Paddi,
Assistant Vice-President of the Manufacturers Trust Co. of
mercial Bank"
were
on
New
York, in an address before the annual convention of
Banking at Grand Rapids, Mich*
his analysis of the question of making small personal
In
he discussed instalment selling, the subject of per¬
loans,
sonal credit, collection and
President of the
Haven,
and
author
Economy at Yale since 1922.
litigation activity, the problem
of the note, renewals of loans,
co-maker
the
of
and com¬
The small loan service, Mr. Paddi said, fills a
definite social and economic need.
"Making personal loans
petition.
sound
a
on
ness
basis," he said, "is a function of social helpful¬
part of banking, and is a good medium of
kindlier social attitude toward banks."
Mr.
the
on
fostering
a
Paddi said, in part:
While
because
it
As
is
is
not
practical
them
from
collections
bank.
for
which
situations
credit
the
we
believe that
men
do
represent
less
than
1%
of
balance,
the
conform
not
volume.
with
our
loan
standards.
as
the
discuss
Where
the
for appears to be disproportionate, we suggest that the
the application be reduced.
Occasionally co-makers specifically
applied
amount
of
request us to approve the
done
statistics,
to protect co-makers as well
frequently talk to co-makers direct to
unpaid
credit
Our
keep accurate
loan is assured income, the life of the borrower
the credit basis of the
insured
to
ethically bound to protect co-makers, and act accordingly,
feel
we
enforced
one
States Treasury.
a
general
The bankers should then
new
Philip A.
P.
banking and other phases of economics. He has been Professor
on
of Political
"The
.
Advisory
"Consumer
National
works
the banks should analyze internal operations with
the American Institute of
others).
Industrial
tional
of
and
United
the
Today,"
Westerfield served at
Prof.
First
the
Management"
Doherty),
of
Boston
the
His
Business
of
September
In
University of Pennsylvania.
written
extensively in various
"England
the
of
America.
ment
organizations,
Canada, to
in Montreal,
Chicago Banks."*
of
Director
of
Bankers.
City
Sutcliife, besides his duties
Prof.
a
of v business
He is also the author of "The Economics of Money,
Banking,"
Growth
,
second step,
Association,
Science,
policy, international finance and capital movements, and monetary
management.
and
comprehensive plan of advertising, of
types of acceptable credit extension, such as insured mortgage
financing, the financing of receivables, instalment paper and personal loans."
Financial Research of the
Director of the American Aca¬
the position of Director of the School of Commerce.
years
leave from the
of gold
a
toward
1933 to 1937, and is at the present
number
a
going to McGill University
be
"a
operations, particularly those of
Conference on
•
Research,
Social
and
consultant
as
of
successful
acquaint them with the advantages of his commodity
i
and his services.
and a member of the Economic
Advisory Conference of the National Industrial Conference Board.
He has
demy
with
American
the
of
well-known
the-
of
Vice-President
Monetary Policy from
on
He has
1936.
member of the Royal Economic Society.
a
Executive
was
Secretary
National
deal
promotion, of door-to-door solicitation, if need be,.in order to search out
University
Lehigh
at
articles and reviews on finance to various publications,
Banking," and is.
Prof.
Economics
of
Professor
Head of the Department.of Finance since
many
one
befen
has
and
1935,
contributed
at
prefer to
In lieu of substitution of Government services.
the matter we also quote:
nouncement in
and
credit
1
for increasing profits
program
long and
with special ref¬
posts as
Economic
merchandise
Mr. Crowley recommended that the bankers should
place first in their
Yale University.
Economy,
All of the members of the new Council have had
varied
since
who
we
his potential
It takes aggressive¬
and hard work to succeed in todays business
dispensing capital and credit also may become the arbiter of their
Westerfield,
B.
Dr.
and
and
'
customers.
balanced better
Finance, University of Pennsylvania. .
of Economics and" Director of the
of Business Administration, Boston
of
world,
Professor
Sutcliffe,
Division
Head
and
of
They are:
University.
Lehigh
James,
William
Graduate
Economics,
Professor of
Bradford,
Finance,
members
be
will
Chairman.
the Council of which Dr. Chapman is
ment
the subject.
comprehensive bibliography on
a
promotional ability,
ness,
outmoded
.
canvass
market in order to encourage the demand Tor his
product.
Study Branch Banking Announced
by Dr. John Chapman—Issuance of First Biblio¬
graphy
on
Subject
new
we expect
seriously doubt the wisdom and the ability
who failed to advertise and to
man
When
products, hit-the market,
adjustments to meet the change—to
surplus merchandise from their shelves
In this day and age we should
Economics Group to
Insurance
operations of
banks
lower
A
Chairman
Corporation, said on June 8 in an address before the annual
convention of the Wisconsin Bankers Association at Milwau¬
kee.
Mr. Crowley said that in general the
products,
reported only 174 of 2,988 Fisher employees absent today
General Motors
Crowley Advises Bankers
of
search
revealed, but Martin said they were
were not
tory and recognized his union
3627
loan for the original amount, and when this is
distinctly undersipod
is
it
just released will be followed shortly
by another publication, a survey of branch banking, pre¬
for
pared by the Council, and this in turn will be followed by
a
catechism on branch banking.
These publications and
that they will assume full responsibility
Nevertheless,
others
no
bibliography
are
available to interested groups and individuals at
cost, by writing to the Chairman of the Council, P. O.
Box
467,
Grand Central Annex, New
York.
prompt payments.
executives of large corporations frown on employee indebtedness.
a great number of companies operate their own loan plans,
Many
or
credit
and to
will
of
unions, to keep their
make certain, as
borrow
many
for
employees out of tbe hands of loan sharks
far as possible,
that il they have to borrow they
However, the feeling
legitimate needs on a sound basis.
employees
is that
they do not want it known that they
are
•
Financial
3628
contracting
judged
be
they
lest
debt
a
Whalen, President of the Fair Corp., and Premier Antonio
Oliveira Salazar, who was heard in a transcribed radio talk.
rates
they
tional relations, saying, in part:
"no co-maker" service,
delinquencies.
later
toward each other but one policy—the policy
bound
their
of
some
the
in
times
hope
efficiency
the
disrupt
relations, is eliminated.
-The renewal and
refinance
There
is
that
is
the
problem
a
The
payment.
final
the
after
usual
emergencies have recurred,
and
needs
same
of Portugal in the New York World's Fair."
Portugal's great colonial empire and mentioned
In conclusion he said:
Fair, directly or indirectly, brings
of methods and
"May all of your people find that the
them those rich
benefits which come from understanding
The progressive spirit of your people has been
life in other lands.
explanation
such as
had landed at the Azores to begin regular
that recently America's Clippers
importance.
of
benefits for the Americans, and
insurance
wish to acknowledge their
gratitude by returning to you a high degree of
cooperation as we continue along the course of true
enables people to borrow economically on a sound basis,
with minimum requirements.
It Is obviously better to save money in advance to
take care of emergencies requiring unusual expenditures, and we should like to en¬
courage you to open an account in our special interest department when the loan Is
paid, to accumulate funds gradually for future needs.
However, in your present
circumstances should you find it more convenient to reduce the amount of your
few remaining payments and extend the period of your loan for another full year, or
to obtain additional funds, we shall be glad to give you further consideration."
in the New York World's Fair was
that
.
have
they
taxes,
As
want
we
control
to
the extent of
renewal business,
our
this letter
Withdrawal of Nevada from Participation in New
World's Fair
The withdrawal of the State of Nevada from
-when
who
those
to
on
a
should
be
sent
borrower"
such
does
not
these
These
renewals
ratios
Finally
cause of the withdrawal was the demands by New
York electrical unions to wire all exhibits.
From the New
major
York "Herald Tribune" of June 9 we quote:
is
the
thoroughly
2%
only
banks
the original
York
City is about
industrial
in
service
branches,
about
banks,
volume
$100,000,000
$60,000,000.
principally to
their
from
loan
in
$300.
to
The
total
a
companies',
the
yet
loan
render
line
a
this
not
popular
more
concerned
is
and
offers
with
the
charges
of
type
size
of
service
terms.
the
are
as
it
may
which
Many
debt
as
in amounts ranging
banks
are
banks
has
To those who specialize
seem,
for
guarantees
borrowers
they
instalments.
are
expertly
privacy,
are
with
they
not
the
"
.
waives
so
of
.
-
the two countries.
Mr.
Duran-Ballen and Luis
Neftali Ponce, Ecuador's Commissioner General to the Fair,
described their country as one of liberty and many natural
resources.
Mr. Ponce said that the people of Ecuador, like
those of the United States, esteem most
highly their liberty,
tween
freedom
the
„
and
national
independence.
was reported in our issue of May 6, page 2679.
The follow¬
ing regarding the building is from the New York "Times"
of May 25:
.
The
Corp.
Mr.
Ponce, according to the New York "Herald Tribune,"
described Ecuador as a
country of liberty and many natural
resources, having much in common with the United States,
and predicted that " 'in the world of tomorrow' all the coun¬
tries of the Americas, faced with similar
problems of growth
and construction, must
inevitably follow a similar line of
development."
He added:
More and
new
more
other American
will the problems of the United States and those of the
Nations be solved through like procedures, and more and
more
shall
we
more
shall
we come to
find
common
ground in
realize
our laws
of old Federal Hall already boasts a
national shrihe, on the site
miniature dioramas depicting old
multitude of historic exhibits, including
it appears
as
which shows the harbor as it was in the 17th Century
Coin
range
1
on
Also on display are exhibits portraying the history
today.
collections
and waterfront life.
stud
basement
the
from ancient windjammers to
The entrance to the information
the
do ship models that
with a Trylon and Perisphere
This rotunda covers 5,000 square feet
ground floor of the building, is marked
model 45 feet tall to guide visitors.
and has
four information
Historical
Society, the Brooklyn
Committee, the New
Museum, Cooper Union Museum
exhibits.
*.
have installed various displays are the
Bank Note Co., the State Chamber of Commerce, the Chase
and private
collectors have lent many
Downtown
American
booths or counters built between marble pillars.
with the Fair's Downtown District
In cooperation
York
rotunda, as
modern liners.
bureau, which is in the main rotunda
organizations
that
the Bank of New York,
P. Morgan & Co., the New York
Stock Exchange, the Perera Co., the National City Bank of New York,
the Equitable ^Building Corp., the Seamen's Bank for Savings and Sixty
Bank of New York,
the Guaranty
the Forty Wall Street Corp.,
Trust Co., of New York, J.
Wall Tower, Inc.
,
-
Other
included Charles M. Spofford,
Assistant United States Commissioner to the Fair, and J. C.
Holmes, Administrative Assistant to Grover A. Whalen,
program
President of the Fair
Subtreasury Building at
Subtreasury Historical Museum.
Under the sponsorship of
Secretary of the Interior Harold L. Ickes the building was
set aside as a historic site under Federal administration; this
of the Stock Exchange
The pavilion of Ecuador at the New York World's Fair was
formally dedicated and opened to the public on June 11 by
Sixto E. Duran-Ballen, Ecuadorian Consul General in New
York, who acted in place of Ambassador Colon E. Alfaro,
who was unable to attend.
The speakers at the dedication
ceremonies emphasized the many ties of unity existing be¬
of the
Wall, Broad and Nassau Streets in New York City was
formally opened recently as the World's Fair Information
Bureau of the Downtown District Committee and as the
and
on
.
New York City
New York, one of
Foreign Buildings Dedicated at New York
World's Fair—Buildings of Ecuador and Portugal
Formally Opened
speakers
■
Opened in Subtreasury Building in
basement rotunda
The
much
amount
Additional
individual
,
Historical Museum
a
skilled
are
commercial
of
which were cut 20% in 1939; and the fact it
In withdrawing from the Fair we're just main¬
within its budgets.
taining that policy."
loan
but
incomes,
commercial
many
higher rate .lenders.
of
small
percentage
make up any difference.
of our exhibit was to demonstrate the soundness of our
■
banks, and about one-fifth of the small
mysterious
longer
thht
limited
large
a
increasing competition
as
26
$60,000,000, and
supposed
with
earners
that
contingent fund into which we can dip to
no
In fact, one feature
State financially; its low taxes,
of 62
-
loan companies,
generally
shows
industrial
affected the volume of the
comakers,
is
wage
borrowers
one-half those of
this
small
;
have
that were made to us, we
we find it will not.
We
Now
would carry us through.
sum
by commercial banks in New
wprkers, and that 50% of their loans
$150
almost
not
of
transacted
It
classification
clerical
"Upon the strength of the representations
believed that
branches,
250
making
„
$30,000 to stage our exhibition here," Mr. Swinburne
said, "and naturally we're disappointed not to show it.
lives
23
operating
companies cater
and
"We appropriated
.
loan
personal
banks
To try to rewire it, he said, would
it, yet the electrical workers' union at the Fair demanded
that it wire all exhibits.
loans.
departments,
personal loan
said, represented three years' work in Nevada, and the
have been to wreck
by identifying themselves more
.
small" loan
annual
to
The principal amount
over
The building and wiring
everything the dam in Nevada does.
wiring had been by union electricians.
refinanced loans
lending agencies doing business at 447 locations;
The
miniature
of that exhibit, he
In New York City
depression, and there is considerable over¬
have countered
offering
industrial
seven
Due
reason.
on
have 29 small loan companies operating 162 branches;
we
banks
commercial
and
of
banks.
as
Altogether
this
major exhibits Nevada was to show here, Mr. Swinburne said,
working model of Boulder Dam, weighing five tons and wired to do in
was a
mitin ^problem—competition.
widened since the
industrial
few
a
increase
an
for
us
used as offsets
current volume.
our
our
decide whether another renewal
"Once a borrower, always a
Many commercial banks have opened
lapping.
end
shows
come to our
has
field
21% of
and is not
credit men
saying
prevail- with
generally
fact,
participation
June 8 by
on
Commission.
substantially lower than normal lending experience.
are
we
The
the unpaid balances
restrictions,
have been kept down to
oi
all.
at
In
frequently.
too
refinance application
passing
letter*
apply
announced
York
Swinburne, architect for the Nevada World's Fair
Mr. Swinburne is reported as saying that the
H.
H.
One of the
only to those who make the first six payments promptly,
addressed
civilization."
no
"Cur personal loan plan
sent
rich in
I am sure that the people of my country
tuition and medical fees.' Many people tell us
compunction about staying in debt in this manner
because it provides a means for compulsory saving.
Some lenders place a notice in the coupon
book suggesting renewal
after the fourth or fifth payment.
"While we do not follow this practice,
nevertheless we write our customers a letter, which I should like to quote:
premiums, interest,
With this
Mr. Whalen referred to
another
or
accommodation
further
celebrate, with no
tendency on the part of at least 50% of borrowers at
to refinance their loans before maturity, or request
strong
a
time
one
also
is
friendship.
uncompromising entanglement, you and I can
restraint and with heartfelt sincerity, as we are doing,
of unselfish and
air service across the Atlantic.
feature
of mutual respect—and are
and only one tie—that of sincere
one
the participation
because of co-maker inter¬
organizations
of
by
thought
that when their employees borrow they will do so
economically and conservatively through us.
It is also a source of satisfac¬
tion to them to know that the possibility of hard feelings which some¬
plan
The United
toward one another.
of employment and value of services, and cooperate on
They realize that whether they forbid it or not, sooner or
employees will borrow, and they have sponsored our
length
salary,
ideologies and
briefly how our two countries stand
States and Portugal have and practice
alignments, it is perhaps fitting to state
officially verify rate of
These employers
employees.
their
to
the international field is full of axes,
"In these days when
••
co-makers
hundred well-known concerns to consider loans without
several
with
ments
Dr. de Bianchi spoke briefly on interna¬
ceremonies
the dedication
At
appreciation of these circumstances, we do not ignore the popularity
and to meet this demand we have made arrange¬
In
of
of the speeches the "Herald Tribune" of
Regarding some
June 13 said:,
companies
loan
to
this embarrassment they are compelled to pay higher
waiving this requirement.
to avoid
and
rates,
Grover A.
Dr. de Bianchi, Commissioner Ferro,
made by
living beyond their means.
as
prefer to borrow elsewhere, regardless of the cost.
There are many people who, as a matter of general principle and pride,
will not ask anyone to sign as a co-maker in order to qualify at bank
Consequently
June 17, 1939
Chronicle
and activities, and more and
that, where spirit coincides, there policy must
Assets
the
of
Church
Pension
Fund
as
of
Dec.
31
Reported at $32,989,500
Assets of
$32,989,500
the 21st annual report
Episcopal Church issued May 29.
The President
is William Fellowes Morgan Sr., and J. P.
Protestant
of
the
as of Dec. 31, 1938, were reported in
of the Church Pension Fund of the
Fund
Morgan is Treasurer.
On the basis of market prices, the
invested assets were reported to have a value of $34,192,518
compared to a cost of $33,580,565.
These securities, how¬
carried on the books of the Fund at only $32,461,568.
The Fund is paying pensions at the rate of $1,341,000
a year and the average age allowance to Episcopal clergymen
is now approximately £1.000 a year compared to $792 10
years ago and $556 in 1922.
ever, are
coincide also.
Portugal Day at the New York World's Fair
brated
guese
on
was cele¬
June 12 with the official dedication of the Portu¬
exhibit by Dr. Joao Antonio de Bianchi, Portuguese
Minister to the United States, and Antonio Ferro, Commis¬
sioner General of Portugal to the Fair.
Addresses were
Vacation
Expenditures Expected to
Reach
a
New High
Mark
Vacation
new
high
travel
expenditures in the United States will reach a
of $5,000,000,000, with passenger motor
mark
climbing
to
260,000,000.000
miles
in
1939, Colonel
Volume
Charles
E.
predicted
Speaks,
Colonel
President
June 15
on
Chronicle
Financial
148
Speaks
at
of
based
his
the
following
the
on
factors:
tomb
business conditions;
improved
cisco Fairs;
increase in
and
year;
vacationists
in
the
the
About 61c. of
United
situation,
keep
will
which
velt
tions,
and
ment,
refreshment, and retail
fie said.
The
for transportation,
go
remainder
be
will
accommoda¬
room
divided
on
at
Soldier
and
the
on
on
Canadian
Later in the day the King was received by the
at
dinner to
a
British Embassy.
the
President
Roose¬
Mrs.
and
They then left by train for
New York.
amuse¬
among
King George laid a wreath
Arlington he laid wreaths
and
Unknown
they were hosts at
States.
dollar will
every
meals,
international
the
members of Congress.
He and the Queen then attended a
so-called "informal" tea at the White
House, and that night
San Fran¬
and
increase in automobile registrations
sales;
car
new
disturbed
the New York
Vernon
tomb,
of
Memorial.
Somewhat
this
Mount
Washington's
Mass.
estimate
At
tery.
Corp.,
Rubber
Fisk
the
Springfield,
3629
In describing some of these events
Washington dispatch of June 9 said:
purchases.
Associated^Press
an
King George VI and Queen Elizabeth met New Deal officials and other
social
International Chamber of Commerce Publishes Journal
World
on
to
Trade
The International Chamber of Commerce, Paris,
recently
or' 12
1,200 business men from some 40 countries will convene
discuss the outstanding economic issues of the day and
celebrate the Chamber's 20th
anniversary.
during the 20
In the short
on
and
House
that
The
the
with
beneath
a
quickly,
tree
information
"England
is much
those
•
struction
Stewart
President Roosevelt
page
3470.
June
9,
and
to New York
Fair
and
the
on
noted in
were
Majesties
Their
issue of
our
remained
in
following day they traveled
$ew
City, where they visited the
Columbia
University.
automobile to the President's
N. Y., where they remained for
before continuing
Throughout
slightly
brief
stay
in
traveled.
generally
was
the
cement
this
agreed
friendly
that
relations
King
country.
the
Great
12
June
on
his
done
had
between
George
President Roosevelt from
visit
A
telegraphed
the
receiving the message when his special train
Philadelphia en route to Washington from Hyde
Park.
The King's message of appreciation for the Presi¬
dent's hospitality said that "the kindness shown to us per¬
sonally by you both was endorsed by your fellow country¬
The
and
Queen
The
stiired
In
To
who
this
and
you,
us.
and
New
in
we
was
personally
by <
.
four
past
you
both
with
countrywomen
York
and,
indeed,
have been accorded
our
only
a
goodwill
our
days.
was
us
vis^t to
brief
and
such
heartfelt
wherever
We
by
been
the
to
true
thanks
shall
great
country,
has
given
us
always
in
the friend¬
hospitality and
and
your
best
such
though
and
of
memories
treasure.
thousands
many
"
of
American
more
allow
you
spontaneous
citizens
courtesy,
R.
I.
and the Queen to sail for home without expressing
the extreme pleasure which your all too brief visit to the United
States gave us.
The warmth of the welcome accorded
you
everywhere
you
visited in this country was the spontaneous outpouring of Americans who
were
of
of the
like to think that
you
joins
me in
in
voyage.
deck
<
in
he would
as
these
days
of
members
with
but
of
President
The
replied
that
and
he
the
world affairs
strenuous
,.
any
views
Ronald
Sir
explained to the King the amazing
had
The President added that he
built
world
out
for
become
to
capital.
a
the' capital
He
explained that
but had
of Australia,
"
.
day
by the monarchs in New
in an article by Raymond
spent
follows
American
an
the
first
stepped
time
ashore
flying the royal standard at
sailor King and
destroyer
in
history,' England's
the
at
city.
George
yestferday
Battery
"
.
.
receive
to
the
*
VI
78-mile
their
for
decorous welcomes at the
brief and
hours
for
June 9
to
see
them
pass
the
in
Fair, where
train, the
trackless
the express highway to 72d Street.
Seventy thousand tickets, each good for two, were issued for standing
room
on
the downtown ramp of the elevated highway, which runs up the
Queen
who
were
along
the
Stars
and
The
Along
passed.
the
between
there
was
children,
King,"
the
Save
familiar
Street
96th
of
of
British
other non¬
the
foot
on
in
long as there was
as
and
the
Union
with
the
air
national
British
where
Park,
Central
if
school
the
crowds
Jack,
not
anthem
the
as
words
the
of
King's
and along the Grand Central Parkway
Triborough Bridge and the Fair Grounds
unbroken line of cheering persons on both sides of the road.
late in
their
war
that
drive
Stripes
Return
of
the
the
sang
Queens end
an
Returning
warehouses and
along the highway.
vacant spots
and
thicker.
"God
many
Street
waved
children
were
not
72d
Across
car
steamship docks,
sought admittance to the highway
There
room.
past
At the last moment the police were ordered to admit
buildings.
descript
up
...
Manhattan
of
side
west
all
drove
Trip Is Hour Late
the afternoon, nearly
reluctance
veterans
and
to
leave the
an
Fair,
hour behind
their schedule
where they received
distinguished Britishers at
a
sort of
scores
miniature
garden party, the King and Queen passed through
packed the sidewalks from curbstone to building line from
Palace
in¬
the
bridge to Columbia University.
Arlington National Ceme¬
the
royal
on
Battery from Governpr Lehman
rode with them to the World's
LaGuardia, who
stood
Buckingham
.
Majesties' itinerary in Washington
cluded visits to Mount Vernon and
Labor
of
invited,
were
know whether the King had expressed
to
the
laid
of
for
King
King and
crbwds
Their
King just
that
of the
greatest
Mayor
because
parting felicitations to your Majesties and best
wjshes for a safe and pleasant
forces,
conference today that he supposed he
with
King George in an informal
press
affairs
the
city.
Queen
thousands
felt the sincerity of this manifestation
friendship of the American people.
Mrs. Roosevelt
Federation
such conversations would not be significant.
adding
guests.
I shall always
his
any
deeply touched by the tact and graciousness and understanding hearts
our
Green and
that both William
American
and" Queen Elizabeth left Columbia University
drive to Hyde Park, where they were to be
guests of the President and Mrs. Roosevelt through .today, they had
driven over a 51-mile city route packed solidly with cheering crowds. , . .
and
.
departure from Halifax on June 15 King George
and Queen
Elizabeth received a farewell message from
President and Mrs. Roosevelt expressing "extreme pleasure"
which the visit of the royal couple had given them.
The
message follows:
cannot
told
given
the
After
kindly
,
On their
I
E.
,
attended.
Green
Mr.
.
labor
Organizations
Lady
Richard
Admiral
Rear
the
it
wishes.
GEORGE,
once
rival
including
life,
Drive Up Express Highway
your
it
one,
we
the
of
regrets.
with
been
masthead
yesterday
>_
have
the
was
When
has
.
.
Mary
Administration;
Progress
Ambassador;
completed.
World's
that
Strauss
applause and cheers, if not the homage, of half the people of this, the New
.
endorsed
cordiality
a
*
.
reception of which
a
Roosevelt
Mrs.
to
Nathan
and
non-official
guest list disclosed
'
first
that
host,
our
showed
also
send
to
President,
Mr.
during the
unmistakable.
was
necessarily
was
grateful,
'
Washington,
Though
we
shown
countrymen
United States,
feeling
deeply
hospitality
hearts.
our
liness
are
your
kindness
fellow
your
the
for
talk
summary
Scottish
and I
yourself
her
'
follows:
as
Administrator,
Woodrow Wilson.
international
had
From
telegram read
the Recon-
Associated Press Washington dispatch of June 9
capital
only
York
>
,
The King's
Ellen S.
and Mrs.
Jesse Jones of
Daniell in the New York "Times":
countrywomen with a cordiality that has stirred
hearts."
our
of
John Fahey described
Corporation,
Washington in the last 40 years.
been
A
and
system,
King of the gradual development of the city and described it as
Canberra
nor
Loan
from
the British Ambassador,
the
told
Hopkins
relief
work
hardly talk to another without mentioning the subject.
change in
to
President
and
welfare measures
Wallace,
the King about his big lending agency.
British
Industrial
sent
reporter wanted
Lindsay,
reached
men
having said that
social
to
Hull,
the Work
of
Mrs.
the
Roosevelt
concerning
special train in Canada—the
"intelligent"
many
as
King
Security Board.
guests
the
but said that
could
one
to
developed
Bureau, and Katharine Lenroot of the Children's
and
he observed,
press,
and
Britain
asked
He
reference
Housing
Kerr
were
of
of
would
He
en¬
much
with
Owners'
respectively,
discuss
manner,
vast crowds that greeted them wherever they
Editorial comment was also enthusiastic, and it
seated
was
It
.
.
President
thusiasm by
about
described the housing program.
W. W. Alexander of the Farm Security Admin¬
were
S:
also
Lewis
said:
the
States
unequaled
The King
that
so
questions
House.
White
Harrington explained the
Women's
Lewis,
Mr.
would
United
the
his
to
program.
the
Secretaries
were
Federal
wife of
Another
by
Park,
'
received with almost
were
the
Congress
that
24 hours
more than
'
the
There
L.
and
proceeded
the royal
Fair and a
said,
Roosevelt
answers
discussed.
York World's
then
before
States Housing Authority
Announcement
John
by train
home at Hyde
Canada.
to
their
King and QHie'en
They
summer
the
of
lawn
Social
the
the explorer,
Byrd,
on
dinner
state
York World's
Mrs.
chosen,
with
liberal
the Home
of
Florence
Bureau.
week ago,
a
elaborate
program
One guest quoted the
C.
addition, thefe
istration ;
by
Washington
south
more
MacDonald,
of the United
Their
reception
the
upon
economic
Finance Corporation told
Lindsay,
and, their
King and Queen in a
tomb of George Wash¬
an
Hyde Park.
were
subjects
F.
of
that
Canada
8
and
Administrator; Aubrey Williams the National Youth Adminis¬
operation
Woodward
In
June
event
and
present"
is
he
Anderson of
on
the
the
for
decorating the
Soldier
tration, and Elmer F. Andrews the Wage-Hour Act;
0
of
people generally recognize."
King George VI and Queen Elizabeth of England, after
four-day visit in the United States, left this country on
the night of June, 11 for another brief trip in eastern
in
interlude
visit to the New
a
tea
social
the
of
Colonel
the
of
heads
and
visitors.
royal
guests said, that he already was equipped with broad general
which
a
arrival
members
the
met
The dinner, returning last night's White
be supplied
on.
activities
economic
and
Cabinet
turn
particular agency was doing.
Roosevelts at
today's
Perkins.,
Queen Conclude United States Visit—
Sail from Halifax for England—Four-Day Visit to
United States Marked by Enthusiastic Crowds in
Washington, New York and
En
Route^—King
Telegraphs His Thanks to President Roosevelt—
Monarchs Received by Congress, See New York
World's Fair and Spend Day at Hyde Park, N. Y.
15.
his
Unknown
questions, they reported.
British King and
June
at
some
Among
on
the
guests
social
by
his
restful
a
the last
was
Administration's
than
England
what
the
of
King George might
organization.
for
a
furnished
hospitality,
week-end
of its existence and describes the diffi¬
to promote inter¬
national economic cooperation and the development of trade.
The tables included in this issue give a summarized picture
of the services rendered by the International Chamber of
Commerce to the business community, its current work, itsactivity as the spokesman of world business, its growth and
sailing
Washington
in
Ten
brief conversation, answered questions, and volun¬
couple turned northward for
years
before
each
tonight at the British Embassy.
encountered in its efforts
has
for
the
on
attended
was
and
them sat
ington
and members of the International Chamber of Commerce's
staff epitomizes the Chamber's outstanding achievements
culties it
couple
It
busy day of meeting Congressmen,
series of articles by leaaing business men
pages a
small, quietly informal White House tea devoted
a
royal
agencies,
The function
to
of 80
the
information
of
teered
over
today at
Administration.
Government
published a special illustrated issue of "World Trade" in
preparation for its Copenhagen Congress this month, when
space
leaders
informing
the
route
was
lined
with
Froni 95th Street far into Westchester
spectators.
Financial
3630
At
pointments
where they were greeted by Dr.
Nicholas Murray Butler,
the steps of the library before a cheering crowd,
Queen went through another little ritual emphasizing the
Columbia,
the
and
King
States and England.
the United
between
ties
11 at Hyde Park were described in a
It
which
family tonight at the Hyde Park railroad station in
the
meeting of the two rulers
first
9j.
[June
the
striking contrast to
in
was
'.
V
'
.
and
pomp
ceremony
Washington
in
?
'
•
V
'
.
,
the two
friepd from across the sea like a .benevolent,uncle.
■'
of
wrap,
her
face
wag
even
.
wreathed
hatless.
The
smiles.
in
King
;
had
handshake
a
and
fe\v
a
jacket
and
Snyder, the President's
thanks,
of
also,
Troop
The
little
the
the
Queen's
the
the
of
rear
three
at
Hyde Park with the President and
velt.'"They. then
to the
returned
towns¬
with
for
estate
made their
first
of northern .New
liner
the
to
tour
in
nent
in
appearance
Brunswick.
city of Fredericton.
its
arrival
crowds
minute
3,500
their
welcome
to
population,
Majesties
the
was
officially.
before
pause.
And
«
along
around
the
gaily-decorated
overnight
through
route
the
picturesque
Yesterday
make
of
the
St.
to
the
royal
In
of
the
25,000
River
Lawrence
their
to
came
checkerboard
town- to-say
the
wives
French
business.
scholars
needs
and
within
its
ranks.
and
receive
honorary degrees
on
promi¬
June 12 at the
City Y. M. C. A. he has had an important influence in
the policies of this great institution.
President J. Nelson Norwood, in conferring the degree
determination of
as "a typical business
quality" who had ''in the most approved
American tradition forged your own way to the present high
position you occupy." Since 1923 Mr. Lawrence has been
President of the Bankers Commercial Corj). and since 1908
one of the owners of Printers Ink Publishing Co. -
women
south
to
men
Mr. Lawrence referred to him
upon
Loup.
the
of the State of New York and of the Young Men's.
executive of the best
fol¬
shore
Canada's farewell
26-minute
stop
War
their
in
persons
last night
veterans
the
visitors spoke to nearly all
royal
up
lined
near
Sunday best looked
the
station
,
From the Atlantic to the
mence
bprs,. whose people
no
wholly dedicated
are
*
possibility of
between neigh-
war
to the pursuits
to all men of how civilized nations should
,
A.
B.
A.
Receives
Exercises
,
.
Gifford Receives Honorary Degree at Union '
College—-Delivers Principal Address, in Which He
Says Business Is Today's Foremost Profession
Com¬
•
received
Association,
an
appealed to the 490 graduates for an attitude of mind re¬
flecting the "scientific approach to problems. It is so easy
to lose the scientific approach and to fall into age-old emo¬
tions, into traditional methods of thinking about social
problems," he said. "To be successful over a period of time, *
any democracy must have a group willing to search for the
facts, to base their conclusions on those facts, and to keep
-the emotions incidental to the truths revealed through the
search for facts," he said.
He likewise stated:
Emotional thinking leads naturally to class struggles
Walter S;
Honorary
University—Addresses
Manager of the Aiherican
honorary LL.D degree
from Miami University, at Oxford, Ohio on June 12.
Presi¬
dent A. H. Upham made the presentation at the commence¬
ment exercises which closed the 115th year of the University.
Dr. Stonier made the commencement address in .which he
of peace, a pattern
ljve together.
of
Miami
Dr. Harold Stonier, Executive
Bankers
»
.
Stonier
from
Degree
-
.
Pacific, and from the tropics to the Arctic, lies
large part of the earth where there is
Harold
Dr.
While
platform
•-
pn.
King George VI and Queen Elizabeth sailed for home on
June 15 from Halifax, Nova Scotia, aboard the liner Empress
of Britain thus ending their 30-day tour of Canada and the
United States.
Before departing the King and Queen made
farewell radio addresses at a luncheon given in their honor
by the Nova Scotia Government in which they thanked the
people of North America for the reception given them.
In
his remarks the King said that his visit to "Canada's great
and freindly neighbor to the south" had been "all too brief."
Concluding his address by declaring he was going home with
a
thought which was a comfort apd an inspiration, the
King said:
<
•
a
to
wants
anniversary commencement of Alfred University,
Alfred; N. Y., at which 120 seniors were graduated.
The
the
and
valley
men
along
academic
York
10-
from villages
Matapedia
Loup„ and
in
success
pair.
World
100
green-and-brown
a
the
'
way
Canada, Riviere du
holiday in Riyiere du
a
was
farms
scheduled
for
,
earlier, lumbermen and fishermen* with
the blue and silver special train on its
lowing the last official stop in French
whose
station
waved
the
Brunswick
the
'
even
children
gathered
New
first
Ilqurs
between
correlation
business.
in
success
degree of Doctor of Laws was conferred upon Mr. Lawrence.
George W. Morey, of the research staff of the geophysical
laboratory of the Carnegie Institute of Washington, re¬
ceived the degree of Doctor of Science and President Albert
W. Deaven, of Colegate-Rochester Divinity School, the
degree of Doctor of Humane Letters.
In nominating Mr. Lawrence, Dean M. Ellis Drake said
that his leadership in the business world has been recognized
by his election to the presidency of the Chamber of Com¬
merce of the State of New York and as President of the New
the
of Britain.
with
high
and
business management?"
.
103rd
at
province this morning with 27 days of their
three" to go before, they sail from Halifax on the.
this
and
over
Empress
Newcastle,
town
capital
arrived
They
•
Christian Association in New York, was one of three
bright sunshine the King and Queen set out from here, after being
given a roaring welcome, on an automobile trip through central New
American
profession of modern
the
Richard W. Lawrence, President of the Chamber of Com¬
In
Brunswick
mind is effective in the
Lawrence, President of State Chamber of Com¬
Receives Honorary Degree of Doctor of
Laws from Alfred University
merce
a
10-minute stop at this little town, crowded
a
fishermen
and
farmers
today in
objec¬
merce,
Canada said, in part":
Queen Elizabeth
George and
King
the
W.
R.
lunch and for dinner before departing for Canada
on their special train.
v
An Associated Press dispatch of June 13 from aboard the
royal pilot train in
to. accomplish
necessary
and challenge to those scholars and that;
Studies made and tested seem to
by and large the mind well trained in youth has the best
succeed in any business, and that scholars „and„ scholarship are of
importance
ermine
the
picnic
maritime provinces
test
a
posed the question:
definite
a
and
Business
Mrs. -Roose¬
President's
business
that
chance to
real
On the morning of June 11 the King and Queen attended
church
capacity,
royal
the
many
reach out and touch
i • '
r
'
/•
/
to
y"
wrap.
at
steps
circle about them, and
crowded close enough almost
people
of
to
small
forming a
the troopers
train,
close
stood
company
psychology
;
is
There
indicate
unit.
same
and
qualify for
scholarship
chauffeur.
for
to
and said:
the departure—Captain John A. Gaffand Lieutenants Walter F. Reilly and H.
Hawthorne,
K,
Allen Gay of the
of
order,
affairs.
Gifford
Mr.
biggest State troopers who guarded
ney
as
business is
human
of
"How
'
words
authority
was
to turn back, as. she. appraoched the
hands with "Monty"
and shake
high
.
.
,*
.
the. Queen who remembered
It .was
dinner
a
wore
a
problems of policy, organization, the dealings, with people, the use
science,
conduct
.
of
public interest.
Modern
does teaching and university research.
the
for
part of scholarship which b.elieVes that the trained
flurry of
a
was
well
as
skill
requires
management
responsibility
of
tives of modern
in a rose-colored chiffon gown and white ermine and
busier than the King, shaking hands with, everyone,.
Elizabeth,
Queen
fox
She
There
phrases and laughter, ahd a medley of good-byes.
farewell
train,
•
the public welfare.
in
of satisfaction to educated men, for industry is
Nation and commerce the chief hope of
basis
in which the nations of the world can live in peace.
scholars
The
respect did it differ so much as in the attitude of the rulers of
nations toward each other.
The President gazed on his new young
no
peace
well-being of the
business
sense
a
needs
Thursday morning
on
the
of the
economy
and
of
interest
an
provides
Modern
tableau
which marked
a
'
In
an
Elizabeth bade farewell to President Roose¬
King George VI and Queen
to be attained not by taking away from one
by producing more for all.
Success will mean
and the happiness of mankind.
management should be, and for the most part is,
is
that
cause
business
with
basis
the
"Herald Tribune" from one of its staff correspondents:
goal
a
the
for
imbued
of that date from Ilyde Park to the New York
velt and his
material
giving to another but
and
much
Modern
dispatch
in
democracy
We already have a
well-being,
George viewed a portrait of an earlier George Rex,
who signed the cliarter that established Columbia 185 years ago as Kings
College.
Then the King and Queen inspected the original charter itself.
they spent there King
The events of June
toward
progress
higher standard of living in this country
than anywhere else in the world, and we in business look forward with
confidence to further progress toward the goal of democracy in material
the 15 minutes
In
real
made
have
we
well-being.
University President, on
cultural
June 17, 1939
Chronicle
who
are
and many Americans
following European philosophy in the field of the social
predicating their
program on
and any attempt to
class struggles.
sciences
are
We have no class es in America,
divide Americans along this line is an attempt to super¬
impose upon this country the results of European
thinking.
Walter S.
Gifford, President of the American Telephone &
Telegraph Co. and honorary Chancellor of Union College,
in
an
address
at
Union
College,
on
the
annual
exercises
commencement
of
James
business
is
today's
foremost
his address he had
Law
conferred
June
Mr.
the
him,
upon
13, from which
believe
I
business
challenge to
opportunity
said
take
we
New
the
"Times"
York
the following
of
extracts from
for
be
to
of
men
the
guarantee
a
well-being which
of
constructive
the
cause
the unrest within nations.
that
is
the
creator
of
and„,expanding under
the
In
improvement
this
democracy
country
in
we
a
a
holds .the
which
liberal education,
highest
intel¬
and the greatest
capacity.
the
possession
or
prosperity.
of
most
And since
material
it
It
the
of
of
is
natural
the
is business with
well-being,
it
is
to
system of free enterprise, that
the lot of mankind.
lack
the
wars,
the
nounced
has decided to retire from active business on June
and that the
in
spite
of
temporary
will be
discontinued on that date.
The
Speyer to retire was made known a year
appeared in these columns
A history of the banking house,
made available this week, states that the founder of the
reference
thereto
ago,
and
June
4, 1938, page 3609.
Speyer
banking
Speyer
(uncle of James Speyer, the present senior partner
developing
must look largely
of
Speyer
Frankfort
to
say
&
house
in
the
United
States
was
Philip
Co.), who came to New York in 1837 from
Germany.
The announcement goes on
o/Main,
that he began business in this city as an importer
European merchandise and a dealer in foreign exchange
at No.
21 South William Street.
In 1845 his younger
of
began with democracy in politics.
and
firm
of Mr.
is
aid of science
business,
we
of
Retire from Business—102-Year-Old
material
resources
revolutions and
of
education,
many,
well-being
is
profession
of brains and
men
to
Speyer & Co., New York and international bankers, an¬
on June 13 that their senior partner, James Speyer,
30, 1939,
delivering
intention
Contrary to the belief of
for
After
Gifford's address:
lectual
not
profession.
honorary degree of Doctor of Civil
Speyer
Banking Firm to Be Discontinued on June 30
-
June 12, at Schenectady, N. Y., said that
We followed with
setbacks
and
disap¬
brother, Gustavus
(father of James Speyer), arrived here
Volume
148
Financial
and
Chronicle
3631
joined biin in business.
Tliey formed the firm of
Philip Speyer & Co. in 1848, with offices at No. 43 Broad
confirmed
Street.
issues of June 10,
page 3473 and June 3, page 3322, respec¬
The
Philip
in
Amsterdam,
the
and
bonds
In
died
the
Speyer
in
debts
of
The
the
has
in
In
the
States
field
investors,
countries,
firm
of
of
At
era.
this
Chairman: Mildred Turnbull,
Vice
'
'
in
Pacific,
(
and
railroad
Texas,
to
J.
and
securities,
sold
particularly
in
this
Mexico
of
of
the
whose
market
including
&
Great
as
i.e., Hungary,
Greece
German
first
Paulo,
cities
offerings
of
World
the
Brazil,
supervised
were?
and
Bulgaria.
by,
They
City of Leipzig
Co.
In
7%
6V£%
the
bonds,
Berlin
Electric
Elevated
bonds, &c.
industrial
field
have
financed
many
Machine
Co.,
Corp.,
for
and
Sharon
others, such
Wayne Pump
Since
24-26
1903
Pine
Co.,
the .firm's
Street,
Steel
League
of
and
also
have
been
in
have
the
three-story structure,
Speyer
in
&
1906)'" to
Florence,
Co.
(together with
and
company,
James
three
the
were
adopt
first
pension
a
SEC
acted
Speyer
Mr.
each, member of
Speyer
wap
for
Speyer)
was
the fund
born in New York
house
employees.
Building,' Nos.
the
turned
received
on
an
July 22,
.
1938
to
over
since
an
the
(in
When he was"
resided
here
Since.
ever
In
1886
he
became
a
partner
New
of
this
Association
York} 1937."
•
Mr.
foreign governments.
in
the
"Order
of
"in
recognition
Speyer
This year he
the
Flag,"
of
has received
the
was
outstanding
also
awarded
Legion
of
several
of
achievement
decorations
the
of
Petroleum
Board's
Davis
United
Pulitzer,
Publisher
of
Texas
Board
office.
of the late Joseph Pulitzer,
In November, 1933, he went with the
and
From
later
was
December,
placed
1933,
to
in
charge of the
July,
1937,
Mr.
the election of the
1939-40:..
-v/"'
.
Society of Chemical Industry
following officers for the year
v'-"; -r\-v
v
Chairman Wallace P^Cohoe, Vice Chairman Lincoln T. Work,
Honorary
Secretary Cyril S. Kimball, Honorary Treasurer J. W. H. Randall.
/
The
following new Committee members were elected to
place of retiring members: L. W. Bass, J. V. N, Dorr,
C. R. Downs, J. C. Hostetter and E. P. Stevenson.
The annual meeting of the parent society will be held in
Exeter July 10-15 and, all chemists are invited.
take the
W. B. Matteson to Retire
as
Assistant Vice-President of
New York Federal Reserve Bank—Has Served Bank
began his
career
lisher, big-game hunter and poet, who had inherited his share of the Pulitzer
October, 1911.
The elder Pulitzer, who had begun his
amazirig journalistic career in St,
Louis before extending it to the New York
field, brought lip his sons from
the beginning with the idea that
they should carry on his
newspapers after
These papers were "The World" and "The
Evening World" in
Post-Dispatch" in St. Louis.
To
Joseph Jr. went the task of publishing "The Post-Dispatch.
Ralph,
shortly after his father's death, assumed the presidency of the Press Put>
lishing Company, which published both the New York journals.
Herbert,
the youngest of the three Pulitzer sons, served as
president
graduate of Bates College
a
Industry Elects Officers
New
his father's newspaper shortly after his
graduation from Harvard in 1900
and served "The World" in various executive
capacities until a year before
that newspaper was sold to the Scripps-Howard interests
in February, 1931.
Ill health was given as the
capse of his retirement at that time by the pub¬
estate on the death of his father in
is
associated with Robb, Clark and Bennitt,
American Section of Society of Chemical
States
Since
on
between
was
July, 1937, and has been Super¬
He
■—♦
from the New York "Times" of June 15:
son
to
came
Supervising At¬
was
"
interim
Administrative
East
V
operation at the Harkness Pavilion of the Columbia-Presby¬
terian Medical Center, New York
City. He was 60 years old
on June 11.
A native of St. Louis, Mr.
Pulitzer, eldest son
of the late'Joseph Pulitzer, was a Vice-President of
the
Pulitzer Publishing Co., publishers of the St. Louis PostDispatch. A brief account of his career, as follows, is taken
New York and ' The
with the Commission in
in
Ralph Pulitzer, publisher of the New York World from
on June 14 of complications
following an
Ralph Pulitzer, eldest
1936 he
from
1911 to 1930, died
his death.
came
announces
Former
In
was
graduate of Stanford University.
a
The American Section of the
Ralph
1938,
with the Senate Interstate Commerce Sub-committee investigat¬
ing railroad finance.
'. '•
York World
■
Oakland, Calif., and John F.
Assistant General Counsels.
former law firm in New York City.
"f*
of
Assistant
as
vising Attorney in charge of opinions.
Flag Association, &c.
Death
as
•
Supervising Attorney in the Public Utilities Division
He came with the Commission in September, 1935,
and Harvard Law School and
honorary life membership
Honor
•
Attorney in the San Francisco Regional Office.
Mr. Davis
Speyer & Co., and since 1899 he has been the firm's senior partner.
In 1937 Speyer & Co. were'elected to
membership' in The Hundred Year
Association in New York, and in 1938 James
Speyer was voted the gold
medal
November, 1938.
an
Jenks is also
his parents returned to Germany, where he was educated.
of 21 he entered the family banking house in Frankfort o/Main
has
he
.
charge of civil litigation.
After graduating from the Hastings
College of Law of the University of California, he practiced law in San
Francisco with the firm of Orrick, Dahlquist,
Harrington and Neff.
Mr.
and, before returning to New York, he had business training and experience
in London and Paris
banking houses.
He returned to New York in 188£j,
and
appointment of
Associate Director
torney in
insurance
annuity ploicy.
1861.
as
Washington and from January to November,
fund
years old
At the age
the
Mont.,
Appoints C. M. Jenks and J. F. Davis
Mr. Jenks has been
Palazzo
New York
in
Butte,
The Commission's announcement further said:
after
In
of
announced
Christopher M. Jenks of
Davis of Portland, Me.,
as
banking
its
O'Brien
also
On June 12 the Securities and
Exchange Commission an¬
nounced the appointment of two members of its
legal staff,
Radio-Keith-Orpheum
modeled
H.
General Counsels
financial
as
Commission
Calco
times
Raphael.
private
fund
from
gift
a
designed by
on
Director has been abolished.
'
Pandolfini
Exchange Commission Announced
,
•
offices
Utilities
Assistant
George Spencer, Assistant Director of the Division, will
continue in that capacity.
The position of Assistant to the
Underground Railr
various
Corp. of America,
Public
Named
Division, and of Roger S. Foster of St. Paul, Minn.,
Counsel to the Division.
All three appointees are mem¬
bers of the Commission's staff.
f:
bonds
the
sold
fee.
low
a
Corp.,
Radio
as
of
O'Brien
as
several
of
Chemical Co., Pittsburgh Steel Co., Metal & Thermit
Corp., Corn Products'
Refining Co., Lackawanna Steel Co., General Chemical Co., Victor Talkingadvisers
H.
of the
the
War
and
the
also
&
at
Director
SEC—R.
appointment of Joseph L. Weiner of New York
Director of the Public Utilities Division.
He will succeed
;
they
Appointed
of
Securities and
Robert
corporations^ viz., City of Berlin 7% notes,
German Railways Credit, City of Berlin
6^% bonds, City of Frankfort
o/Main 7% bonds, City of Dresden 7% bonds, Westphalia United Electric
Power Corp. 6% and 6Yz% bonds, Hamburg-American Line 6%% bonds,
ways
'
private law practice.
United
to
and
many
Household Finance
C. Roy Smith, whose resignation as Director will
take effect
June 3.0 and who will resume his
Northern,
'
introduced
After
San
of
finances
Nations,
of
the
Librarian,
June 10 the
The
Cuba.
and
Weiner
The
placing
and
Francisco, Chicago Rock Island
Co.
Beach,
Director
by
Government
reorganizations,
&
Elizabeth
'
Division
„•
International
Speyer
State
L.
to
full
in
meet
companies
-
.
many
on)
1880
,
these
Mrs.
Secretary: Anne Staley, New York University, Wall Street
Division.
Philip
Huntington
United, States
of
Chairman:
1939-40:
& Co.
(from
P.
Association
Librarian, Royal Bank of Canada.
Corp., Chicago.
Stock
until
name
Collis
late
the
to
bonds
that
Libraries
year
time
York
New
construction
the
for
the
&
under
Southern
•
the
of
Special
The Financial
Group of the Special Libraries Association
has elected the
following officers for the
railroad
in
of
Elects Officers for 1939-40
large refunding operations.
foreign
States,
American
charged to Speyer
was
the So. Louis & San
placed here loans
.European
Union
of
Europe
specialized
members
railroad
railroads
Kansas
of
name
plans
.
Missouri
and
the
Group
States
finance
to
in
construction
business
in. business
and
participated
number
a
the
two
Baltimore & Ohio,
Pacific,
and
War
Financial
and
Berlin
United
of
amount
\
the
.
firm
Civil
became
Western
of
amounts
abroad.
connections with
introduction
the railroad
Pacific
these
large
and
London,
Speyer-Ellissen
their offiliate in
bonds.
prepared
Central
the
mercantile
when
days
in
substantial
a
the
continued
1876,
Co.
the
purchasing
them
during
firm
early
&
finance
by
Philip Speyer & Co.
The
Lazard
Brothers, and
during
its
government
1868
Speyer
issued
abandoned
Exchange.
the
issued
followed
connections
Brothers
Mattos
was
foreign
In
Speyer
their
concerns—marketed
bonds
This
firm
Co.—through
o/Main,
Government
railroad
&
Teixeira de
banking
cause.
.
banking house is further sketched
tively.
Speyer
Frankfort
Paris
&
of the
career
follows:
as
by the Senate on June 13.
The naming of
Leahy and Mr. Gaston was mentioned in our
Admiral
during the year's
Ralph's retirement and the demise of the
once
famous
newspaper.
Opening
*
♦
1914—R.
G.
Rouse
Appointed
Walter B. Matteson, an Assistant Vice President bf the
Federal Reserve Rank of New York, will retire from active
service at the end of this month, having reached the retire¬
ment age of 65, it was announced by the Bank on June 15.
The appointment of Robert G. Rouse as an Assistant VicePresident of the Bank, effective July 1, to succeed Mr.
Matteson was announced by the Board of Directors of the
Reserve Bank.
The following is from the Bank's announce¬
ment in the
bank
matter:
Matteson joined
Mr.
was
the staff of the Federal
Reserve
Bank
when
the
opened in November, 1914, his previous experience having been
largely in commercial banks in New York City.
the present
Heis the ouly
one among
officers of the Reserve Bank who has been in its employ during
the whole quarter-century
■
in
Successor
of its existence.
In recent
years,
Mr. Matteson
has been concerned with the open market operations of the bank in Govern¬
President Roosevelt Nominates Leland Olds to Federal
Power Commission—Senate Confirms Two Other
Mr.
nomination of Leland
member
of
the
securities, and with Treasury issues, and he has carried out
part of the transactions
of the Federal
Appointments
The
ment
Federal
Olds, of New York, to be
Power
Commission
for
the
a
term
and
Rouse is now a
one
which have given effect to the
Second
of the officers in
Department.
He is 40 years old,
a
the Class of 1919, and has been with the
20
was sent to the Senate by President
Mr. Olds was for
many years Executive
Secretary of the New York State Power Commission.
President Roosevelt's nominations of Admiral William D.
and of Herbert E.
Gaston to be Assistant Secretary of the
Leahy to be Governor of Puerto Rico
Treasury
were
years,
large
where
his
United
States
Government
Bond
graduate of Princeton University in
Roosevelt
June 8.
a
market policies
Vice-President of the Guaranty Trust Co.
charge of its
expiring June 22, 1944,
on
open
Reserve System.
Guaranty Trust Co. for the past
experience has included selling and
making security loans, and portfolio management.
buying
bonds,
Since December, 1934,
he has been onb of the officers in charge of the United States Government
Bond Department,
dealt
in
which was organized at that time, and which has, since
Government securities in the New York market, and with port¬
folio managers in all parts of the country.
-
Financial
3632
Harry R. Smith Elected President of American Institute
of
Banking at
Annual
Convention at Grand
Rapids—Other Officers Elected—Boston Chosen as
City—Remarks of W. J. Cameron
1940 Convention
Harry R. Smith, Assistant Vice-President of the Bank of
America National Trust & Savings Association, San Fran¬
cisco,
Institute of
th§ concluding session of the annual convention
elected President of the American
was
Banking at
National
succeed Mr. Smith in that post.
bankers
Pollock,
First National
the
of
Cashier
Tulsa, Okla.
'
•.
Carter
Garnett
the educational
of
convention
.
f
which is
Bankers Associa¬
through study groups and
Silver plaques were awarded
to the chapter in each of three groups which had the most
effective or outstanding publicity "with particular reference
to the quality of the material presented and its effective¬
ness as chapter advertising for the year
1938-39" in that
group.
Philadelphia chapter, .which last year won perma¬
nent possession of the N. W. Ayer & Son cup for notable
achievement in the organization and development of pub¬
licity in the interests of the Institute, won first place this
year for chapters with a membership of 751 or over; Rich¬
mond won the award for chapter with a membership of 251
to
750;
and Anthracite Chapter,
(Pottsville, Pa.)
re¬
ceived the plaque for best in chapters with a membership
chapters in 350 communities.
of 250 or less.
A
-
reference
June
to
•-
s
appeared
in"
page
of Philip A.
Brown, Personnel
„Director of the Chemical Bank & Trust Co. of New York
,City; "Wili F. Kissick, Chairman of the Department of
Economics of Kalamazoo College, Kalamazoo, Mich., and
Paul
F.
Cadman, President of the American Research
Foundation, San Francisco, Calif.
'
Speaking at the final business session, "June 9, W." J.
Cameron of the Ford Motor Co., Dearborn, Mich'., said :
ings Bank of Brooklyn, N. Y.; J. Stanley
I
hope and anchor of our country.
governs life more directly than govern¬
regard business today as the chief
that
With
all
ment
does.
includes,
it
business
laws
Economic
At this
deeper" than political legislation.
go
substantial basis that exists for
preeminently cherish.
The material pedestal
on
which spiritual and'social values must rest, if they are to be real and
human experience, is formed by the plentiful production and the vigorous
circulation of wealth, by which I mean the things we use for life.
For
health, community education and religion flourish when business , and
industry flourish, and when industry and business fail," these fail, too.
Your ordinary observation confirms that, and a profound responsibility,
therefore, devolves upOn business men to maintain the soberness and
wisdom and courage of American business than has ever devolved upon
business
moment
the
us
human
is
before.
we
'
•,
Our, cry for new principles
we
old.
call
where
we
in
Events
of
all
this
classes tif
In
are
"
:
*
us:
another
our
we
necessity
that is
upon
us
people.
is
.
now
He
President of American & Foreign Power Co.,
Calder is
Ernest
Curtis
1890 in Winfield, Kan., and, following gradua¬
born May 15,
was
in
this
reference
issue
Two years later Mr.
Galder was appointed chief clerk of the Eastern
Boston, Mass.,
was
is made
Purchasing Agent and Assistant to the General Manager.
Calder was associated with the Texas and Dallas Power & Light Co.'s
Mr.
Dallas, Texas as Secretary, Vice-President
at
the
.
Mr. Calder,is
Industries
a
Inc.
S.
U.
International Securities
&
Corp.
a
'■
•
ABOUT
ITEMS
U. S. & Foreign
Corp.,
Superpower
-
TRUST
BANKS,
&C.
COMPANIES,
Arrangements were made June 16 for the transfer of a New
York Stock Exchange membership at $62,000.
The previous
transaction was $68,000 on June 9, 1939.
'•
♦
•
v,
"■
.
The New York Coffee and Sugar
Exchahge, Inc. announced
on June 15 the sale of the membership of Mr. J. H. Walter
Lemkau to Mr. S. A. Schonbrunn for $2,500, off $100 from
the
previous sale.
Chester
E.
that at
„
President
Gersten,
and
Trust
Public
The
of
-
Na¬
Company of New York, announced
meeting of the Directors lield June 15, Benjamin
a
Gruber, Assistant Cashier at the Delancey Street Office
was promoted to Assistant
Vice-President; and Morris L.
B.
Assistant
Krolin,
Manager
Arthur
J.
Morris,
President
to
Office,
that
at
to Assistant Cashier.
'
.
who
started
the
Fulton
of
as
promoted
\
was
;
■
■
boy and
messenger
a
Trust
of New
York, announced this week the promotion of another former
rose
of
Clement
had
Company
John A. Mack, to Secretary, and the promotion
messenger,
M.
Cooder, to Trust Officer.
Mr. Mack, who
Assistant
been
Secretary, started as a Fulton Trust
messenger boy in 1901, the year after Mr. Morris began his
career with the same bank.
Mr; Cooder, associated "With
Fulton
Trust
for
the
William
J.
20
past
Trust Officer.
MacGuire,
had
years,
been
Assistant
,
,
,
senior
in
partner
the
New
York
Investment firm of MacGuire & Co., died suddenly on. June
12
his home in
at
and
At
Greenwich, Conn.
native of Providence,
a
He
was
39
Assistant Vice-President and W. B.
an
years
old
It. I.
meeting of the Board of Directors of Bankers Trust
a
Trust Officer. '
was
made
Dunkel was made
a
"
.
Hammer,
stitution
Assistant Treasurer
75
years.
several
Mr.
'
years
National Chairman,
.
American Institute of Banking
a
Hammer
to
Treasurer of L. W.
in the sugar business for
born in Norway and after
leader
was
experience in
returned
of the Continental
York, has resigned from that in¬
Vice-President and
become
to
Minford and Co., Inc.
his
the export-import business in
native land to engage in the
field there, this business being principally with the
States.
He became a United States citizen in 1919
same
Clark Appointed
Foreign Power Co., Inc.
City Bank of New York, Selected
director of The National
Corp., British Columbia Power Corp., and Italian
Securities
Argentina
♦—■—
Leroy S.
and President, from 1912 to
1927, when he became President of American &
Einar
to
selected by the delegates as the con¬
city for 1940.
Secretary-
became Assistant Secretary and Treasurer,
successively
And
at the convention of John B.
Paddis, Assistant
Vice-President of the Manufacturers Trust Co. of New York.
,
Pa., and, during the next four
Pennsylvania Railways Co. at Potteville,
•
address
vention
a,stenographer in
school, commended his business career as
Bank & Trust Co. of New
item
from an
following regarding the new Governor is
by the Exchange on June 14:
The
becoming apparent
;
.
where
be brought or sold fairly and
may
Company of New York held this week, C. S. Ryon
have not yet understood those
We must go through on the road
indicates
telling
;
travel is impossible for this Nation or any other..
began;
consciousness
the only
providing
which
values
maintain an honest and free market place
with complete faith of the
buyer or seller in the integrity of the transaction.
As a modest investor,
I shall be glad if I can help them in apy way in carrying on such a policy
and bespeak for them the cooperation of the public.
securities
tional •Bank
our
3463, extracts having been given from
Benson, President of the Amer¬
Bankers Association, and President of the Dime Sav¬
10 issue,
the addresses
ican
.
addresses
the
of
some
York Stock Ex"
and his associates in the New
I believe that Mr. Martin
change are determined to
years
sections of the
than 40,000 students en¬
The Institute has more
rolled in its courses and operates
,
of the Exchange to
this statement:
Following his election as a Governor
represent the public, Mr. Calder issued
Treasurer,
Institute,
the
/
1906
Co.,
Trust
,
of the American
section
Bank &
reported in these columns of Oct. 1, page
as was
2029.
tion from high
tion, attracted nearly 1,500 bankers from all
country.
elected to
Inc.
Bank, Atlanta, Ga.
National
Fulton
the
of
annual
37th
were
28, 1938,
on
announcement issued
F.
W.
resigned
the
terms to
Gormley of the Seattle-First National Bank, Seattle, Wash.
Matthews of the First National Bank, Philadelphia, Pa.
H.
Edward
The
three-year
Council of the Institute, as follows:
Executive
Elmer
elected for
were
President of the University of Chicago,
Dec. 17.
Mr. Conway and Mr. Wood
the Board as public representatives on Sept.
Robert M. Hutchins,
who
Jacksonville, Fla., was elected Vice-Presi¬
Bank,
dent of the Institute to
Four
Florida
Vice-President of the
Leroy Dart,
J.
year.
Jack
Minn., who had served during
Bank of. Mankato,
Citizens
the
Barlow,
F.
Milton
succeeds
He
Mich., June 5 to 9.
Cashier of the National
Institute held at Grand Itapids,
of the
1939
17,
June
Chronicle
United
and
his
started
Leroy S. Clark, Assistant Treasurer of the Marine-Mid¬
land Trust Company, was appointed Chairman of the De¬
partmental Conferences of the National organization of the
in
American
banking
in
career
1920.
In
his
19
years
York.
Grand
Institute
National
Trust
Bank,
the
Governors.
He is also
an
instructor in
tion at that school and has been in
the
Bank Organiza¬
banking .profession
for 20 years.
♦
Curtis E. Calder Elected
a
The
F.
of
City
Donald
the
International
of New
Trustees
meeting
on
June 14 elected Curtis E. Calder
a
Governor
of the Exchange representing the public, to serve until the
next annual election.
The nomination was made by William
McC. Martin, Jr., President, and was unanimously approved.
Carle C. Conway and General R. E. Wood, who were elected
public representatives
been re-elected.
on
Calder
was
elected
to
Bowery Savings Bank of
June
12 the promotion
of
was
appointed Real Estate Officer.
1
MacGregor, former General Manager of the Stock
Clearing Corp.,
a
subsidiary of the New
York Stock Ex¬
home in City Island, New
He was 75 years old.
Mr. MacGregor was born
New York City and began his Wall Street career in 1881
change,
died
on
June 9 at his
York City.
in
with
the
banking house
of George
Opdyke & Co.
Three
year,
later he became Manager of the Auditing Department
of the New York Stock Exchange.
Employed by the Clear¬
succeed
ing House of the Exchange in 1892, he became Manager in
the Board of Governors last
Air.
the
on
Richart,
Duncan
The Board of Governors of the New York Stock Exchange
of
announced
Manager of the Real Estate Department and in January,
1936
and R. E. Wood Re-elected
have
America,
real estate officer, to Vice-President.
Mr. Richart joined the bank organization in January, 1934
as
Governor of New York Stock
Board
York
New
Exchange to Represent the Public—C. C. Conway
at its
of
Bank
Co., and the Continental Bank & Trust Co.
Rapids,
President of
of
of Banking at the convention held in
Michigan, June 5-9.
Mr. Clark is a past
New York Chapter and a member of the Board
banking Mr. Hammer has served with the Battery Park
years
Volume
from
He became General Manager of the Stock Clearing
Corp. in 1920 and directed the inauguration of the present
day branch.
The following year he introduced the system
of paying loans through the Stock Clearing Corp., and in
April, 1929, the central delivery department.
Mr. MacGregor retired from the Stock Clearing Corp. in September,
pany
1929.
office
1895.
He subsequently introduced security clearing systems
for the
New
York
Produce
The
Exchange, died
and
on
he
years
the
was a
1900.
in
served
1922
to
was
After
broker
a
almost
ten
lyn will
19th
and
it
Avenue,
for
Ontario
the
a
<
year
distinguished
entered
the
that Mr. Rundle
service
France
company
Montreal
has
been
with
in
the
Manager of the company's
The
new
President is a lawyer,
in
1905,
is
Chairman
and is active in
many
of
Board
the
of
Governors
of
other public bodies.
CURB
EXCHANGE
L.
Clinton
There have been
some
exceptions to the trend,
of the public utility stocks
which in a number of cases registered new peaks.
Indus¬
trial issues have moved up and doAvn without much change.
17th,
June
Saturday,
today,
by
today
group
Aircraft shares have held within
a
narrow
channel while oil
stocks and
wing is placed back from the street.
new
the
Assistant General Manager in 1930 and 1931,
as
particularly in the preferred
Carrying out the architecture of the older portion of
building, the
for
Macdonnell
as
Macdonnell,
Mr.
retirement, after 48 years of service, of Walter
Joint General Manager of the bank.
downward.
Bank of Brook¬
September, 1929,, is necessary to properly serve its custom¬
ers.
Mr.
successively
THE
Miller, Manager.
The addition of the original bank building, first opened in
the
now
Trading on the New York Curb Exchange has been very
quiet this week and the trend of prices has generally pointed
of service to the community the
of The Dime Savings
Brooklyn,
announced
was
are
graduate of Queen's University, has the degree of M. A., was Rhodes
a
Bentley,
its enlarged banking quarters at 86th Street
open
they
the floor of the Exchange.
on
years
Bensonhurst Branch
Except
War,
1930,
Manager,
Manager since that time.
Coggeshall and Hicks and from 1929 to October, 1938, Mr.
Righter
General
Trust Officer in 1911,
Manager.
Great
He
General
nounce
For many
member of the New York brokerage firm of
Amherst College
and
as
words,
other
In
in 1911.
The directors of the Westminster Bank Ltd., London, an¬
Born in Upper Lehigh, Pa., Mr. Itighter
graduated from
was
from
as
the
$282,754,000.
to
were
President
Queen's University^
New York Stock
June 9 at his home in Greenwich, Conn.,
the age of 62.
at
since.
ever
scholar
of
they
General
became
Exchange and New York Curb
member
a
new
throughout
4
Itighter,
$28,244,000
what
service of the company
is
L.
times
ten
Exchange.
Walter
3633
Chronicle
Financial
148
mining and metal issues have been quiet.
Public
utilities
and
industrial specialties were
again
prominent in the trading during the brief session on Saturday.
Dealings were light as many of the regular traders were away
over the week-end or were attracted
by the visit of King
George and Queen Elizabeth.
The turnover was approxi¬
mately 41,000 shares against 36,000 on the preceding Satur¬
day.
More new tops were recorded in the public utility
preferred stocks, but the changes were generally small and
without special significance.. The gains'included among
others Draper Corp., 334 points to 663^; Texas Power &
Light 7 pref., 1^ points to 103 K; Southern Union Gas A
pref., 1 % points to 123^; North American Light & Power
pref., 1 % points to 63; and Pittsburgh & Lake Erie, 1 point to
55M. "
v-.■
;
Industrial shares led the modest advance during the early
trading on Monday.
As the day progressed the market
quieted down and an easier tone prevailed throughout the
list.
Public utility preferred stocks were in demand and
during the opening hour a number of the more active issues
worked info new high ground for the year.
Aluminum
stocks were down, aviation shares were quiet and there was
little change in the mining and metal issues and oil stocks.
The transfers were 77,815 shares.
The declines included
such active issues as Aluminum Co. of America, 33^ points
to 105K; Pittsburgh & Lake Erie, 2 points to
53lA\ Pitts¬
burgh Plate Glass, 2 points Hto 103; and Sherwin Williams,
2^ points to 90
•;
'
Mixed price changes within a narrow range dominated the
trading on Tuesday.
There were no spectacular movements,
arid while a few active issues«managed to cb'mb to higher
levels during the forenoon, a part of the gains were canceled
before the session closed.
Some profit taking appeared from
,time to time but had little effect on the market trend.
Public utility stocks were generally off although there were
occasional gains of a point or more among the preferred
stocks.
Aluminum shares moved around without definite
trend, and while the oil issues were somewhat stronger, the
gains were small
Mining and metal stocks were off and
aviation issues were quiet
The transfers were slightly
higher the total reaching approximately 95,000 shares against
78,000 on Monday
\
Curb stocks again slipped downward on Wednesday, most
of the active issues registering small declines as the session
ended
There were some bright spots in the public utility
preferred stocks and a few modest gains were recorded in the
oil group but the changes were without significance
Indus¬
trial .specialties were down, Royal Typewriter slipping back
3 lA points to 50H; Singer Manufacturing Co , 2 points to
164; Pittsburgh Plate Glass, 2 points to 101; Mead Johnson,
2M points to 146; and Tennessee Electric Power 7% pref.,
declining 4 points to 94.
Aviation stocks, were quiet
with most of the changes on the side of the decline
The
transfers for the day totaled 92,160 shares against 94,435'on
Tuesday.
There were 281 issues traded in with 67 advances
,
.It provides the bank with
and
another entrance on 86th Street
doubles the business:handling capacity.
floor-space has necessitated the redesign¬
practically
The newly-added
ing of the main banking floor which will present a roomier
formerly.
than
appearance
ton
DeKalb Avenue,
at
;
:
was
.
of the institution, on. Ful¬
When the Bensonhurst Branch
first opened in 1929, the first
day's business brought deposits of $80,000 for the accounts
of
Before thb close of 1929 deposits in
1,885 individuals.
the branch had
to more than $1,250,000, and at the
grown
present time it is serving more than 31,500 depositors whose
.
total
accounts
than
more
$17,000,000.
official
At. today's
opening the public will be welcomed and about 700 of the
leading citizens have been specially invited.
Tlie building
will
be
from 9
open
to 5
m.
a,
President
the
that
terest
Dime
Mr.
American
Savings Bank
of
also President of the
Bonson, is
Philip A.
Brooklyn,
It is a matter of in¬
m.
p.
The
of
Bankers Association.
Warren
of
Unbehend
B.
11
June
on
National
Lincoln
the
Bank
&
elected
President
Co.
Avas
Syracuse,
Trust
of
Syracuse, N. Y., to succeed the late William T. McCaffrey.
Mr.
Unbehend
has
served
Vice-President and Trust
as
ficer since the bank's inception
He was educated
engaged in Syracuse banking since 1910.
in
Of¬
in 1930 and has been actively
Syracuse,, and is a member of the Class of 1940 of the
Graduate
School
Banking of
* /.'■
of
Association.
the4 American
Bankers
•
of the Union Trust Co. of
J. E. MacCloskey, Jr., Avas
member of the" Board.
Mr. MacCloskey is Vice-
At a, meeting of the directors
Pa., held
Pittsburgh,
elected
a
Chairman
of
June
Board
the
of
5,
Directors
Belfield Co.
The
and
concerns.
National
Second
celebrated
other
75th
the
Bank
Counsel
General
and
Co. and
of Harbison Walker Refractories
director of the
a
:
■
of
Allentown,
recently
Pa.,
anniversary of its founding by
formal dinner at the Lehigh Country Club.
in¬
an
The institution
began business under the 373rd Charter granted by the
United
States
Government to national banks.
Through
,
the years it has grown
continuously and today has a capital
$1,834,616 and deposits of $5,597,807. Its pres¬
ent officers are Thomas E. Ritter, President; Charles H.
Wonderly, Vice-President; Walter Schwenk, Cashier, and
structure of
Fred C.
Smith, Assistant Cashier.
"o
,
.
Blaine
B.
Vice President of the First National
Bank of Portland, Portland, Ore., and a lawyer, died in that
city on June 12.
Mr. Coles, who Avas 44 years old, was born
in Columbus, Wis., and Avas a graduate of the University of
Oregon.
Coles,
a
4
Several
changes
were
announced
June 8 in
on
of Toronto,
the per¬
Ont., Canada,
owing to the retirement of W. E. Rundle, as President of
because
institution
the
Presidency
of
ill
health.
He
succeeded
is
in
Manager of
the company, Avho will hold both offices.
The following As¬
sistant General Managers have also been appointed: W.
M. O'Connor, Manager of the Toronto office, and Terence
by J.
M. Macdonnell,
General
Sheard, Assistant to the General Manager.
succeeds
and
H.
Mr.
O'Connor
as
Manager
of
the
H. A.
Clarke
Toronto
office
V.
Laughton, K. C., has been appointed Estates
Manager in Mr. Clarke's place.
The Toronto "Globe" of
June 8, from which
Mr.
Rundle
completes
in
who
38 years
will
iii
this is learned, added in part:
continue
to
the service of
serve
the
on
the
company.
Board
He
of
Directors,
became Secretary
1901, Manager in 1907, General Manager in 1911 and President in 1931.
Since
he
became
increased from
General
Manager
102' to 552 and
in
and 128 declines
Declining prices predominated during most of the dealings
Thursday, and while there were a number of the more
on
sonnel of the National Trust Co.
the
.
•
1911
the assets
the staff
of
the
under administration
company
of
the
has
com¬
preferred utility stocks that moved against the
trend, the market was substantially lower at the close. The
volume of business was slightly higher as the transfers in¬
creased to 108,080 shares against 92,160 on Wednesday.
Industrial specialties were off, oil stocks were quiet and
mining and metal issues were unchanged.
Aircraft shares
were slightly higher,
but the aluminum stocks were quiet
and made little progress either way.
Outstanding among
the recessions were Aluminium, Ltd., 2 points to 124; Jones
& Laughlin Steel, 2% points to 22M; Standard Steel Spring,
2 points to 38, and United Gas pref., 2H points to 853^.
Following an early decline on Friday the Curb Exchange
steadied to some extent, and while the gains canceled a part
of the morning losses, the market continued below the pre¬
ceding close. There were occasional strong spots but with
one
or
two exceptions the advances were small.
Note¬
worthy among the declines were Bell Aircraft 1 point to 22;
International Petroleum (1A) 2 l/i points to 21; Pepperel]
active of the
Financial
3634
points to 47%. As compared with Friday of last week prices
were substantially lower. Aluminum Co. of America closing
last night at 101% against 108% on Friday a week ago;
American Cyanamid B at 24% against 25%; American Gas
& Electric at 84% against 85%; Babcock & Wilcox at 17%
——--
—
against 18%; Bell Aircraft at 22 against 23; Chicago Flexible
Shaft at 73 against 74 %; Creole Petroleum at 19 % against 21;;
Electric Bond & Share at 7% against 8%; Gulf Oil Corp. at
Australia
Netherlands-.-..Switzerland
—
—
-
—
—_
11,943
—
Carthage which sailed from Bombay on May 27th carries gold
£240,000,
The SS.
to the value of about
25% against 27%; Pepperell Manufacturing Co. at
against 72, and United Shoe Machinery at 83 against 84,
AT
TRANSACTIONS
NEW
THE
YORK
CURB
£8,447,181
£3,253,680
».
craft at
DAILY
6,209
Other countries
29,787
2,126,959
50,602
-.--
429,692
Germany
Other countries
i
32% against 34%; Humble Oil (new) at 62% against 63%;
International Petroleum at 21% against 23; Lockheed Air¬
69
17
The following were the United Kingdom imports and exports of gold,
registered from mid-day on May 22d. to mid-day May 27th.
Exports
Imports
United States of America. £2,407,071
British West Africa
£285,160
6,020,202
British East Africa——
24,554 Canada—
Switzerland
6,709
British India...—
278,663
British India
6,990
New Zealand..
16,320
1% points to 69 and Nelii Corp. 1%
Manufacturing Co.
June
Chronicle
V.
SILVER
.
somewhat poorly supported market prices eased off until 19 15-16d.
for cash and 19%d, for forward were quoted on Saturday.
India resold
and there was a moderate amount of selling of a miscellaneous character.
In
EXCHANGE
a
was
showed some inclination to cover and at the lower levels support
received from American trade and arbitrage buying whilst Continental
and
speculative demand was also attracted.
Bears again
Bonds (Par Value)
Stocks
(Number
Foreign
Week Ended
of
June 16, 1939
Shares)
Domestic
Total
Corporate
lost today when with quotations
for forward the market presents a
A slight recovery yesterday has been
again at 19 15-16d. for cash and 19%d.
Foreign
Government
sellers.
steady appearance with buyers easier to find than
Saturday
Tuesday——
Wednesday
Total
484,965
14,000
8,000
.46,000
$83,000
$8,221,000
92,060
-
13,000
$839,000
1,312.000
1,763,000
1,289,000
1,870,000
1,343.000
$112,000
$8,416,000
1,729,000
1,260,000
1,843,000
1,289,000
94,535
""
— —
—
$9,000
17,000
23,000
13,000
1,275,000
107,780
71,385
—
—
Thursday-.—.
Friday.. —
$825,000
41,140
77,615
—.
Monday..---------
$5,000
20,000
11,000
16,000
The following were the United Kingdom imports and exports of silver,
registered from mid-day on May 22d. to mid-day on May 27th.:
Exports
Imports
British Indian.
£93,210
£7,159
Belgium
—
_•
United States of America66,820
7,575
Germany
Denmark
2,353
x2,347
E,ire--.__—
Sweden.
2,297
2,450
Portugal..
Other countries
2,707
5,126
Other countries.......
...
.....
—
New York Curb
1938
484,965
368,925
18,460,691
$216,781,000
83,000
2,378,000
$147,776,000
3,334,000
112,000
121,000
2,903,000
3,043,000
$8,416,000
$5,038,000
$222,062,000
$154,153,000
Foreign government—
Foreign corporate
%
—
—
Pursuant to the
of
10,
JUNE
CERTIFIED
RATES
19 13-16d.
19%d.
YORK
(Per Ounce .999 Fine)
24—
-43
25—
43
26
—...—..43
27--"-.43
-
—
cents
— —
—
cents
...
30—.1
cents
cents
43 cents
19.788d.
exhcnage on frew York recorded during the period
May 25 to May 31, 1939, was $4.68% and the lowest $4.68 1-16.
•
•
—Bar Silver per Oz.
Cash.
Highest pricie
Lowest price
for the week just passed:
EXCHANGE
19%d.
."
daily to the Secretary of the Treasury the buying rate for
the different countries of the world.
We
BANKS TO TREASURY
19 13-16d.
Statistics for the month of May, 1939:
cable transfers in
FOREIGN
May
May
May
May
May
The highest rate of
from
requirements of Section 522 of the Tariff
give below a record
19 13-16d.
25.—20d.
26-,_20d.
27.-19 15-16d.
30...20d.
31--19 15-16d.
Average
19.975d.
May
May
May
May
May
NEW
IN
*
Oz. Std.~
2 Mos.
Cash
the Federal Reserve Bank is now certifying
1930,
Silver per
-liar
FOREIGN EXCHANGE RATES
^
Act
LONDON
IN
— —
Kingdom.
Quotations during the week:
18,314,286
$4,822,000
95,000
Bonds
Domestic?.—
£167,387
■
Including £2,275 in coin of legal tender in the United
x
$8,221,000
Stocks—No. of shares-
Total
£24,657
,
1939
1938
1939
Exchange
_
Average.
—
Per Oz. Fine
148s. 6d.
20 3-16d.
I9Md.
19.928d.
...—_.-20%d.
19 15-16d.
.20.123d.
—
Bar Gold
Std.—
2 Mos.
-
—
—— —
148s. 5d.
148s. 5.63d.
FEDERAL RESERVE
BY
UNDER: TARIFF ACT OF 1930
1939, TO JUNE 10,
FINANCIAL
ENGLISH
1939, INCLUSIVE
MARKET—PER
CABLE
daily closing quotations for securities, <fec., at London,
reported by cable, have been as follows the past week:
The
Noon Buying
Rale for Cable Transfers in New York
Value in United States Money
Country and Monetary
as
•.
June 12
June 10
$
.
.170230
.170191
.169955
.169977
.169975
.169908
.012125*
.012075*
.012075*
.012075*
.012075*
a
a
a
a
a
.209044
.209031
.209108
.209025
.208972
4.683125
4.683680
4.683000
4.683125
4.681388
4.680972
.020620
.0205o4
.020554
.020570
.020550
.020557
krone....
a
'
June
10
Wed.,,
June
June 13
12
.020490
.401088
.401061
.401055
.400994
.400944
.008566*
.008564*
.008566*
.008566*
.196000*
.195750*
.175750*
.195750*
.195750*
.195750*
.052605
.052601
.052604
.052604
.052606
.052604
.532011
.531561
.531522
.531172
.530783
.530805
.235302
.235288
.235336
.235283
.235213
.235172
.188120
.188080
.188160
.188140
£67%
£94%
£94%
£107%
£107%
£107%
£106%
£67%
£93%
Holiday
1960-90—-
.008566*
Hungary,
£67%
£94%
-
£93%
British 4%
.400972
.008560*
148s. 5d.
June 16
June lb
19%d.
19%d.
148s.5%d. 148s. 6%d.
Holiday
War Loan-
.026489
.026498
Germany, relcfisrnark
Greece, drachma
Fri„
Thiers.,,^
14
19 15-16d.
British 3 % %
:208927
Czechoslov'la, koruna
Engl'd, pound Bterl g
Finland, markka....,
France, franc
i.
June
19 13-16d. 19 %d.
19 13-16d
148s. 5d.
148s. 4d.
Gold, p. fine oz.148s. 5d.
£68
\
£68
Consols, 2)4 %_ Holiday
Silver, per oz__
$
.012075*
lev
Denmark,
June 16
June 15
I
?
$
S
Europe—
Belgium, belga——
Bulgarla.
June 14
June 13
Tues.,
Mon.,
Sat.,
Unit
•
£106%
.188100
pengo
Italy, lira.*..-.*
Netherlands, guilderNorway,
krone
Poland, zloty..-—
.026498
.026496
.188100
—
.026506
.042497
.042477„
.042480
.042500
.042475
.007064*
.007035*
.007035*
.007035*
.007035*
.110225*
.110225*
.110225*
.110226*
Sweden, krona
Switzerland, franc...
.241094
.241163
.241091
.241000
.240991
.225411
.225413
.225472
.225383
.225319
.225227
dinar...
.022720
.022640
.022640
.022640
.022660
.022660
Chefoo (yuan) dol'r
.123250
*.123500*
.122500*
.125500*
.123500*
.123500*
-64.64
64 64
64.64
64.64
(newly mined)
U.;-';1',-;;
64.64
64.64
.110225*
.241094
U. S. Treasury
.007035*
.110225*
on
Bar N.Y.(for.)
.042495
Rumania, leu
Spain, peseta.—
price of silver per ounce (in cents) in the United
the same days have been:
Closed
42%
42%
42% v\
42%
42%.
The
States
Portugal, escudo
Yugoslavia,
COURSE
BANK CLEARINGS
OF
Bank clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us based
'
upon
Asia—
telegraphic advices from the chief cities of the country
(Saturday, June 17)
indicate that for the week ended today
China—
from which
8.0% below
corresponding week last year.- Our preliminary
at $5,873,239,891, against $6,383,958,739 for
Hankow (yuan) dol
.122000*
.121625*
.121875*
.121125*
.121625*
.121625*
Shanghai (yuan) dol
.125916*
.126083*
.125833*
.125750*
.126083*
.126083*
Tientsin (yuan) dol
.123416*
.123583*
.123333*
.124500*
.123583*
.121083*
clearings from all cities of the United States
it is possible to obtain weekly clearings will be
.288531
.289437
.289562
.289281
.288656
.288437
those for the
.349101
.349196
.349359
.349468
.349421
.349296
...
.272873
.272858-
.272876
.272916
.272785
total
..
Hongkong,
.272757
.544700
.545000
.545000
.544750
.544437
3.732125
3.733125
3.731875
3.731000
3.730000
dollar.
British India, rupee
Japan, yen
Straits Settlem'ts,
.544250
dol
'
!■.
Australasia—
the
3.730687
stands
for the
Our comparative summary
At this center there is a loss
week in 1938.
same
week ended
.
Friday of 19.7%.
for the week follows:
3.745937* 3.746812* 3.747625* 3.746875*3.745250* 3.744750*
Africa—
.633281
4.634218
4.636250
4.634062
4.631000
4.631875
Canada, dollar.'.....
.998613
.998058
.997675
.997832
.997089
..997050
Cuba,
.999500
.999500
.999500
.999500
.999500
.999500
.200240*
.200240*
.200240*
.200240*
.200240*
.200240*
.996093
.995507
.995195
.995312
.994648
.994570
Union South Africa, £
i
Clearings—Returns by Telegraph,.
:
Week Ending June 17
North America—
...."
peso
Mexico,
peso...1
Newfoundl'd,
dollar-
New York
Chicago
-
.312200*
.
••
Chile,
free
"
.312055*
.060580*
.060586*
.060586*
.060586*
.060586*
.060586*
.051920*
.051400*
.051000*
.050900*
.050960*
.051733*
.051733*
.051733*
.051733*
.051733*'
a
.040000*
.040000*
.040000*
.040000*
.572300*
.572300*
.572300*
.572300*
.572300*
.616178*
Nominal rates,
.040000*
.572300*
peso
Uruguay, peso..
*
.312115*
.040000*
export
Colombia,
.312240*
.051733*
..
peso—official
"
.312345*
Boston-
.052280*
Brazil, mllreis official
"
.312250*
.
j.
— _
Philadelphia..
South America—
Argentina, peso
.
.616186*
.616296*
.616211*
.616042*
.615971*
_
—
_
—
— .
Kansas City
a.—.v...
.
San
Francisco.
—
I
GOLD
The Bank of
England gold reserve against notes on May 24 was £226,160,005 at 148s. 5d. per fine ounce, showing no change as compared with
the previous Wednesday.
In the open market about £1,500,000 of bar gold changed hands at the
daily fixing during the past week.
A large proportion of the supplies
consisted of newly produced gold supplemented by a small amount from
the authorities: most of the offerings were again taken for shipment to
New York.
Quotations—
May 25.
May 26-May 27.
May 30_.
May 31.J
Average
,
Per Fine Ounce
;
_
1.
____
__
'
148s.
148s,
148s.
148s.
148s.
148s.
5%d.
5%d.
5%d.-
5%d.""
5%d.
5%d.
78,533,266-
Cent
—16.7
+ 13.2
274,000,000
+ 13.5
140,634,868
+ 29.2
J
+1.3
77,489,219
+ 5.0
81,900,000
78,000,000
118,042,000
122,278,000
—3.5
90,362,996
-
96,126,838
—6.0
——....—
,
79,646,721
77,714,075
+2.5
86,576,638
82,077,820
+ 5.5
64,142,010
60,615,379
+ 5.8
$4,108,649,446
785,717,130
$4,663,835,790
—11,9
744,506,110
+ 5.5
.$4,894,366,576
978,873,315
$5,408,341,900
—9.5
975,616,830
+ 0.3
$5,873,239,891
$6,383,958,739
—8.0
Detroit...
Cleveland.
-. —
.
•
—
—
Total all cities,
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 31, 1939:
311,000,000
181,669,901
——. ..
^
Other cities, live days;
We
$3,406,719,678
248,179,913
280,840,171
...
Pittsburgh
Baltimore
MARKETS
$2,735,935,743
i—.
i;—
...
Eleven cities, live days.
GOLD AND SILVER
—
St." Louis.
No rates available.
THE ENGLISH
.—.
1938
u.
-
_
'
—
^
Per
.
1939
— .
five days.
All cities, one day
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish
them
today,
inasmuch
as
the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
for the week previous—the week ended June 10.
For that week tl^ere was a decrease of 14.0%? the aggregate
results
-
clearings for the whole country having amounted Ur
$5,601,950,192, against $6,517,401,776 in the same week
of
Volume
Financial
148
3635
Chronicle
Outside of this city there was an increase of 5.7%,
clearings at this center having recorded a loss of
24.5%. We group the cities according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
in 1938.
Week Ended June 10
the bank
Clearings
Inc. or
375,815
Detroit
78,217,503
Grand
3,676,034
1,311,199
1,033,293
17,851,000
Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South
Bend
1,840,262
Terre Haute
5,346,758
20,674,816
1,275,890
Wis.—-Milwaukee
la.—Ced. Rapids
Des Moines
Sioux
10,559,310
3,357,603
City....
307,875
68,605,623
2,206,332
+22.1
936,488
889,377
16,130,000
+40.0
1,167,105
4,083,107
17.823,625
1,272,807
7,959,910
3,070,336
+ 57.7
+ 14.0
+ 66.6
+ 16.2
+ 10.7
550,604
99,064,641
2,937,429
1,388,933
1,216,577
19,889,000
1,819,389
412,571
92,579,255
2,546,551
1,213,241
1,103,417
16,608,000
1,151,836
+ 30.9
5,240,009
4,690,396
+ 16.0
20,805,604
20,060,726
+ 0.2
1,262,151
+ 32.7
7,865,730
1,026,344
8,834,195
+ 9.4
3,057,357
3,461,702
438,932
278,785,148
440,453
—1.9
623,948
307,312,285
—3.9
951,712
+ 8.3
—15.7
1,427,038
3,737,261
1,105,494
1,917,934
—25.6
312,415,695
949,192
4,576,322
1,641,634
1,703,0.17
448,1616,640
439,917,724
+ 1.9
487,007,232
441,396,191
93,800,000
37,905,128
18,323,980
84,100,000
29,696,571
16,303,069
431,968
295,324,562
1,030,593
3,151,161
1,281,835
Til.—Bloomlngton
Chicago
Decatur
Peoria
Rockford
:V.\'■:!
'v.
%
Seventh Feder al Reserve D istrict—C h i cago—
Mich.-Ann Arbor
a
.
districts:
1936
1937
Dec.
S
loss of
a
District the totals show
1938
1939
24.1%, but in the Boston Reserve
gain of 2.4% and in the Philadel¬
phia Reserve District of 5.3%.
In the Cleveland Reserve
District the totals are larger by 10.1%, in the Richmond
Reserve District by 9.9% and in the Atlanta Reserve Dis¬
trict by 15.0%.
In the Chicago Reserve District the totals
show an improvement of 1.9%, in the St. Louis Reserve
District of 15.6% and in the Minneapolis Reserve District
of 13.8%.
In the Kansas City Reserve District the totals
register an increase of 3.4%, in the Dallas Reserve District
of 17.3% and in the San Francisco Reserve District of 1.9%.
In the following we furnish a summary by Federal Reserve
the totals show
at-
Springfield....
+ 16.0
849,770
4,493,841
1,675,055
1,465,211
OF BANK CLEARINGS
SUMMARY
Total
(18 cities)
Inc.or
1st
224,869,937
12 cities
Boston
s
*
S
Federal Reserve Dlsts.
1936
1937
Dec.
1938
1939
Week Ended June 10,1939
;
.
&
219,5^5,966
4,379,81>0,076
Eighth Federa 1 Reserve Dis trict—St. Lo tils—
Mo.:—St. Louis__
+ 17.3
72,900,000
85,500,000
f
246,927,565
241,852,471
+ 11.8
34,903,679
18,920,516
31,213,089
16,293,984
613,000
635,000
—3.5
871,000
510,000
139,937,195
121,042,073
+ 15.6
150,900,108
13<L609,640
3,729,511
65,000,157
25,464,128
2,099,311
Ky.—Louisville.. ;
Tenn.—Memphis
2d
.NewYork.. 13
"
3,323,012,542
—24.1
3,501,096,082
3,310,485,732
3d
PhlladelpblalO
"
401,419,198
381,194,485
+ 5.3
375,935,236
350,374,995
4th
Cleveland..
7
"
2o8,385,859
234,640,721
307,825,972
277,864,901
6th
Richmond.. 6
"
136,051,498
123,813,278
141,349,431
121,724,978
0th
Atlanta
10
"
160,480,890
139,523,178
7th
Chicago
18
"
448,166,640
439,917,724
8th
St. Louis...
4
"
139,937,195
121,042,073
+ 10.1
+9.9
+ 15.0
+ 1.9
+ 15.6
95,733,338
+ 13.8
107,564,799
100,219,025
Ninth Federal
121,182,353
117,142,619
+3.4
135,052,594
122,235,202
Minn.—Duluth..
+ 17.3
+ 1.9
203,456,519
68,122,158
66,838,951
Minneapolis...
7,044,347
.69,861,805
239,459,031
208,466,859
Paul..:
25,185,778
+ 16.1
9th
10th Kansas
Olty 10
"
"
108,985,566
11th Dallas:
6
"
72,132,098
12th San Fran... 10
"
207,326,416
7
Minneapolis
157,333,681
61,491,799
x
...
T otal (4
cities).
130,609,640
St.
Reserve Dis trict—Minn eapolis
5,655,785
+ 24.6
60,285,700
+ 15.9
5,746,604
71,200,536
+ 6.2
24,816,575
+ 1.5
+ 19.9
2,000,325
664,874
3,136,932
23,705,086
2,267,309
608,553
739,652
2,471,253
+26.9
551,361
2,584,524
2,578,453
108,985,566
95,733,338
+ 13.8
107,564,799
100,219,025
N. D.—Fargo...
113 cities
5,601,950,192
6,517,401,776
—14.0
5,918,573,889
5,502,135,139
Outside N. Y. City.....
2,377,209,301
2,248,054,135
+5.7
2,545,528,711
2,294,997,661
Total...
S.
2,301,071
729,696
D.—Aberdeen
Mont.—Billings
725,937
.
Helena
Canada.
.3 2 cities
+35.8
294,007,891
399.239,593
290,947,450
now
add
our
Reserve Dis trict—Kans
Tenth Federal
Neb.—Fremont.
Week Ended June 10
108,239
_
145,571
Hastings
atInc. or
Omaha
Kan.—Topeka
,
1938
1939
Dec.
:
.
1936
1937
Reserve Dist rict-^-Boston
Federal
First
$
Mc.—Kan. City.
—
St.
531,043
584,561
—9.2
724,892
1,811,654
193,169,993
2,063,725
—12!2
2,140,311
637,397
1,887,047
189,918,225
579,207
+ 1.7
209,004,197
Mass.—Boston..
752,026
596,11$
467,349
603,845
—13.6
664,582
3,461,373
2,153,715
10,989,507
9,058,800
+30.4
+ 7.6
+6.3
+ 18.7
+ 4.3
486,566
+ 0:9
4,486,059
11,544,100
544,018
19,595,966
+2.4
246,927,565
241,852,471
8,641,405
1,259,166
35,900,000
8,414,457
1,003,246
28,400,000
631,755
669,503
606,931
River
460,452
521,505
2,952,938
Lowell
New Bedford..
Springfield
2,265,075
1,639,556
—1.5
N.H.—Manches'r
1,764,075
8,948,732
4,165,139
9,446,600
490,875
Total (12
cities)
224,869,937
Second
Feder al Reserve D istrict—New
1,010,143
+ 33.6
24,300,000
462,785
—52.4
+ 9.1
—10.9
Conn.—Hartford
New
Joseph
Haven...
R. I.—Providence
Pueblo ....'
Total
8,421,511
3,507,546
Eleventh Fede ral
V
Binghamton
Buffalo
...
Jamestown
.
594,266
694,078
3,224,740,891 4,269,347,641
7,979,822
+ 1.5
4,640,085
3,441,077
+25.8
3,034,040
5,897,750
447,780
17,857,404
21,490,134
Newark
4,933,987
405,597
+ 19.5
+ 10.4
5,782,293
399,224
+ 13.2
18,001,858
18,792,645
Northern N. J.
—33.6
40,941,856
25,959,683
,
'
15,769,039
32,372,687
Third Federal
Reserve Dist rict—Philad elphia-
;
317,729
457,720
362,783
•Bethlehem....
352,969
1,248,505
1,178,281
Lancaster
455,363
831,527
+2.8
394,912
1,254,723
*300,000
301,307
—5.6
+ 6.3
364,000,000
+ 13.4
1,487,459
2,290,671
923,479
796,262
1,304,042
+ 17.0
N. J.—Trenton..
2,563,600
6,602,800
Total (10 cities)
401,419,198
381,194,485
+ 6.4
—61.2
9,744,720
+ 12.3
—5.3
1,723,000
912,101
4,246,810
Total'(6 cities).
,72,132,098
61,491,799
+.17.3
68,122,158
+5.3
375,935,236
350,374,998
Twelfth Feder al Reserve D istrict—San
31,500,838
Wash.—Seattle...
Yakima
911,593
...
Ore.—Portland.
26,744,723
.
Utah—S. L. City
Calif.—L'g Beach
.
■,
Pasadena
,San
1,935,940
+ 52.5
1,993,393
2,377,52l'
49,183,021
75,985,400
+ 11.6
61,120,577
90,808,143
51,897,619
78,145,354
12,848,100
1,642,452
2,074,254
10,348,800
+ 24.2
+28.8
11,968,100
1,987,286
12.4
3,089,280
.
(7 cities).
93,544,027
+ 6.4
130,859,193
234,640,721
+ 10.1
307,825,972
277,864,901
1,275,624
2,367,909
—
1,782,211
2,279,858
Santa Barbara-
298,127
+ 22.7
460,715
282,222
3,110,000
2,583,000
+ 20.4
3,055,000
2,506,000
34,572,851
1,167,301
+20.6
41,702,091
Richmond
1,319,973
S. C.—Charleston
D. C.—Wash'ton
22,164,866
62,411,860
22,780,139
Total (6 cities).
136,051,498
123,813,278
Md.—Baltimore
67,388,636
.
Reserve Dist rict—Atlant
Sixth Federal
•
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks'nvllle
_
Mobile
_
37,250,726
1,106,117
71,248,083
27,851,083
61,647,963
23,578,240
141,349,431
121,724,978
—2.7
+ 9.9
3,073,853
15,493,242
cities)
3,887,390
17,179,642
47,100,000
1,089,725
+ 17.1
18,066,166
+ 21.7
51,400,000
+ 14.2
1,205,495
1,036,400
16,861,000
964,486
+ 7.5
15,388,000
+ 9.6
1,121,742
17,306,000
18,966,388
+ 8.9
22,971,324
X
+ 30.9
X
1,847,619
X
45,900,000
1,001,291
957,450
15,449,000
16,452,129
1,443,233
X
173,812
137,573
+26.3
141,725
97,770
La.—New Orleans
37,082,179
33,395,811
+ 11.0
39,386,220
Total (10 cities)
160,480,890
139,523,178
+ 15,0
157,333,681
2,331,753
1,313,233
+ 35.7
2,305,913
—1.1
203,456,519
+ 1.9
239,459,031
+ 13.1
+ 0.5
+ 4.8
+ 1.9
+ 6.0
66,838,951
33,301,242
795,185
26,416,627
14,522,170
3,963,152
3,038,525
120,292,000
2,133,488
1,300,678
2,043,792
208,406,859
-14.0
5,918,573,889 5,502,135,139
2,377,209,301 2,248,054,135
+ 5.7
2,545,528,711 2,294,997,661
Week Ended June 8
Clearings
at—
Inc. or
1938
1939
Dec.
i
134,843,652
Montreal
132,105,426
Winnipeg
37,882,215
19,819,889
27,154,573
5,705,087
3,149,846
5,708,571
4,634,346
2,010,378
1,936,766
2,039,266
3,742,035
3,438,941
-
Vancouver
Ottawa.
...
Quebec
Halifax
Hamilton..
John
St.
1937
1936
$
Canada—
Victoria
-
Edmonton
Regina
348,392
455,121
Brandon...
97,733,373
94,974,779
23,628,043
13,791,488
+ 38.0
+ 43.7
96,892,334
84,343,770
31,439,252
15,358,075
23,924,175
+ 13.5
23,693,,207
•4,503,716
2,489,678
+ 26.7
+ 26.5
4,258,067
2,366,901
4,372,776
+ 30.5
4,131,480
1,563,470
1,563,027
2,992,189
3,525,575
2,413,799
307,147
+ 12.2
—11.8
354,195
+ 28.5
39.1
+ 60.3
+
+28.6
+ 23.9
+ 6.1
+ 42.5
+ 13.4
4,787,336
3,945,210
1,475,612
1,527,318
2,266,594
3,294,42?
2,873,755
236,043
137,839,681
106,267,995
52,475,793
17,934,169
25,306,332
4,026,989
2,614,716
4,208,048
5,440,545
1,872,115
1,726,169
2,946,903
3,663,933
3,507,083
303,807
449.793
1,245,075
1,015,828
+ 22.6
347,299
1,236,759
Moose Jaw
568,304
416,467
+ 36.5
548,094
840,861
831,241
+ 1.2
798,177
805,105
Fort William
764,005
New Westminster
743,767
552,387
169,791
496,456
654,925
884,985
+ 2.7
755,815
249,903
693,961
675,410
565,469
190,931
578,250
1,049,907
685,863
630,825
906,692
061,659
2,371,378
344,072
2,608,414
314,368
I^thbrldge
Saskatoon
Hat—
Peterborough
827,163
Sherbrooke
Kitchener
1,003,428
2,927,989
295,179
—
Windsor
Prince Albert
Chatham
Sarnia
Sudbury..
+ 15.3
—1.3
*
Estimated,
x
No figures
1,499,950
571,523
205,968
632,584
943,737
716,032
648,818
560,378
472,031
+ 23.1
624,084
536,648
+ 28.1
472,578
502,862
621,950
—6.9
548,309
822,765
+ 6.3
494,955
688,544
+ 35.8
290,947,450
383,647,699
755,305
399,239,593
Total (32 cities)
+ 13.4
255,997
874,249
Kingston
+ 39.8
+ 26.3
+ 17.8
745,295
690,021
604,853
578,988
Moncton
+ 36.8
+ 47.2
2.484,708
130,066,191
40,594,186
1,019,996
31,651,000
15,488,614
4,296,169
4,418,241
135,316,000
2,650,592
1,672,476
2,351,757
3,726,055
3,431,622
118,148,000
3,410,095
SCO
—5.0
+ 10.4
+ 2.5
776,739
.
5,601,950,192 6,517,401,776
Outside New York
30,198,223
Vicksburg
Franci
(113
.........
Medicine
a—
+ 5.2
X
33,145,068
825,974
26,088,609
12,140,292
—5.7
6,805,423"
1,616,000
Brantford
1,483,824
+ 8.0
3,672,607
1,628,946
32,604,436
+ 13.1
3,863,386
20,125,166
57,300,000
1,244,859
20,661,881
2,132,207
Grand total
London
365,932
Va.—Norfolk
207,326,416
(10 cities)
Calgary
Reserve Dist rict—Richm ond—
Fifth Federal
W .Va.—Hunt'ton
Miss.—Jackson.
11.1
99,573,054
"
Ala.—Birm'ham
+
258,385,859
Mansfield
13,731,718
3,968,776
3,596,431
120,338,000
2,472,208
Francisco.
San Jose
Toronto
17,356,900
1,316,195
2,987,218
123,784,094
Columbus.....
1,170,997
1,532,933
49,962,594
4,002,000
1,559,598
2,952,429
Cleveland
Pa.—Pittsburgh
53,059,097
District—Da lias—
948,942
1,863,348
2,329,000
54,894,945
84,400,625
Cincinnati
Total
+ 29.6
1,168,597
338,000,000
1,167,627
2,316,171
Feder al Reserve D istrict—Glev eland—
Ohio—Canton
Reserve
799,797
.
+60.1
1,525,641
2,475,981
Scranton
Wilkes-Barre
>•
—
610,756
I...
390,000,000
1,419,007
Youngstown...
122,235,202
117,142,619
—8.1
Galveston
,
560,117
+14.8
367,000,000
1,251,124
1,911,207
748,389
Fourth
135,052,594
2,856,818
636,938
•
+ 23.9
Total
364,631
733,012
Pa.—Altoona
York
+ 3.4
+ 16.5
+ 36.4
Stockton
3,323,012,542 4,379,850,076
Reading
+ 47.8
+ 16.0
1,625,223
2,501,335
80,302,232
—24.1 3,501,096,082 3,310,485,732
Total (13 cities)
Philadelphia...
643,465
576,121/
2,956,380
La.—Shreveport.
8,111,026
4,598,083
2,520,136
3,822,700
+6.7
3,754,350
,
N. J.—Montclair
Chester
+2.0
8,223,986
2,046,000
1,073,582
3,684,049
I
Worth...
Fort
601,412
839,400
+ 1.0
—24.5 3,373,045,178 3„207,137,478
4,329,076
'
Syracuse.
Conn.—Stamford
•
78,824,222
3,077,855
30,199,401
29,990,415
1,987,949
3,018,602
92,683,466
2,972,447
814,026
671,020
+ 9.2
1,663,287
44,800,895
Dallas
417,607
7,337,584
3,697,683
7,832,715
Rochester
Westchester Co
+ 0.9
+ 5.2
2,268,416
55,505,737
7,560,696
2,297,000
1,012,895
3,487,354
Texas—Austin...
'
7,582,609
1,349,446
26,500,000
529,343
701,034
N. Y.—Albany..
New Ylrk
91,570
144,033
95,641
120,276
2,698,752
—2.6
2,015,818
2,888,514
121,182,353
(10 cities)
423,847
641,374
3,139,011
1,787,955
10,393,282
3,829,325
9,958,900
.
Wichita Falls..
Elmira
City
+ 5.0
+ 21.4
2,781,768
26,233,278
951,080
668,214
Cdlo.—Co). Spgs.
York-
15,946,294
Worcester.....
<
as
208,140,608
+ 4.8
'
Portland
F'all
s
%
103,103
119,950
2,200,384
2,913,402
80,436,369
3,443,390
__
Wichita.-
$
,
•2,710,086
27,605,618
Lincoln
Me.—Bangor
587,082
760,383
detailed statement showing last week's
figures for each city separately for the four years:
Clearings
•*—1.9
383,647,699
Total (7 cities).
We
x
x
441,396,191
150,900,108
Quincy
130,066,191
487,007,232
•
111.— Jacksonville
294,007,891
available.
947,913
Financial
3636
Chronicle
VOLUNTARY LIQUIDATION
Amount
Salisbury, Pa
committee:
$50,000
,
J. L.
Barchus, A.
Davis, care of the
liquidating bank.
Absorbed by The Citizens National Bank
of Meyersdale, Pa., Charter No. 5833.
Effective
26,
1939.
Liquidating
E. Livengood, and P. S.
May
National Bank Notes—All Legal Tender
Amount afloat May
of Reduct.
National Bank of McMinnville, McMinnville,
From $180,000 to $125,000
—
*
June 3—The First
Tenn.
1
$55,000
-
COMMON CAPITAL STOCK INCREASED
1939
$193,139,762
1,781,135
Notes—
..................
Net decrease during May
/
NOTES
following shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of May and June, and the amount of
the decrease in notes afloat during the month of May for
the years 1939 and 1938:
...
Amount of bank notes afloat June
Amt.
1939
17
The
REDUCED
COMMON CAPITAL STOCK
NATIONAL BANK
IN
CHANGES
NATIONAL BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
June 2—The First National Bank of
June
-—-*$191,358,627 *$223,242,440
1-
Includes proceeds for called bonds redeemed
Note—$2,218,019.50
Federal
bank
Reserve
secured by lawful money, against
1938
$226,494,440
3,252,000
by Secretary of the Treasury.
outstanding June 1, 1939,
June I, 1938.
notes
$2,258,881.50
on
Amt. of Inc.
stadt, Ky.
From $35,000 to $50,000
—
CHANGE OF LOCATION AND TITLE
June 9—Location of "The First National
DIVIDENDS
East Berns-
June 9—The First National Bank of East Bernstadt,
—
$15,000
—"
Bank of East Bernstadt," East
Bernstadt, County of Laurel, Ky., changed to London, County of
Laurel,
Ky., and title changed to "Second National Bank of London."
The
following securities
were
sold at auction on Wednesday
By R. L. Day & Co., Boston:
>
^
—
13H
100 Middlesex Products Co., par $20...
129 American Felt Co., 6% preferred, par $100
58
50 Trinity Copper Corp., par $5; 25 Dominion Copper Co., par $10; 20 Ohio
Copper Mining Co., par $5; 3,000 Providence Coal & Power Co., par $1;
200 Nevada Gold Mines, Inc., par $1_.
..$10 lot
231 American Sintering Co.,
par $50..
............$15 lot
30 United Public Service of N. J., common, par $1
1H
...
4 Waltham
prior preferred, par $100
$300.....
132 Saco Lowell Shopa, preferred A, par $20-170 Saco Lowell Shops, common, par $5
8 Universal Winding, common, par $100
Watch, 7%
55H
....
211
...
12
—5H--H
40H
:
1 Boston Athenaeum, par
Bond—
—
.__.i
Per Cent
r
$5,000American Commonwealth Power 6s, 1952; coupon Feb., 1932 & sub. on $9H lot
the
The dividends announced this week are:
Per
-
Slocks
.
Trust* Co., Cambridge, Mass
$
Share
per
Share
Name of Company
Aetna Insurance Co. (quarterly).
Affiliated Fund, Inc
'
10c
Extra__
i
-
Allied Products Corp.
01d«ss ^
'
10c
$3H
35
70Pelzer Mfg. Co., v.t.c. $40 paid In liquidation, par $5...$1.30, $1.35, $1.3Q, $1,25
American Brake Shoe & Foundry, common
2 Knitted Padding Co.....
American Business Credit com. class A
0 University
2 Nyanza Mills, par
.....
9H
:.
$100...
1
814
1
5H
45H
....
20 Haverhill Gas Light Co., par $25..
2 H. M. Sawyer & Son Co., preferred, par
8 8-10 Post Office Square Co._'_
5
-
-
$100...;
....
....
_.
Fitchburg Gas & Electric Light Co., par $2.5...„..
20 Amoskeag Industries Inc.; 3,000 the Doctor Jack Pot Mining Co., par 2He.;
10 Utah Consolidated Mining Co., par $5; 10 National Woodworkers Machin-
"
$100; 1 membership certificate Manchester Country Club, par
$100; $100 Intervale Country Club, Manchester, N. H.; 25 Moline Plow
Co. Trust, 2d preferred; 1,000 International Mining Co., par $1; 50 HerschellSpellman Motor Co., preferred, par $50; 50 Herschell-Spellman Motor Co.,
common, par $50;.,50 Gilman Mfg. Co., preferred, par $100;'50 Gilman
Mfg. Co., common; 1 Derryfield Building Assn., par $25; 1,000 The Coriolanus Gold Mining Co., par $1; 13 Canadian'Mead-Morrison Co., Ltd.,
common; 26 Canadian Mead-Morrison Co., Ltd., preferred,
par $100;
128 The Boston-Newell Co., par $10; 5,000 Black Diamond Anthracite
Coal Co., par $1._
$16 lot
ery Co., par
REDEMPTION
CALLS
AND
SINKING
Company and IssueAluminium, Ltd, 5% debentures.
July
July
Aug.
Bucyrus-Monighan Co. class A shares
..July
Buffalo & Fort Erie Public Bridge Authority 1st lien 5s
July
Oedar Rapids Mfg. & Power Co. 40-year 5% bonds..
/O UviilUSJ UI j
July
Colgate-Palmolive-Peet Co. 6% pref. stock
...Aug.
Commercial Credit Co. 2%% debentures
j.
July
Commonwealth Edison Co. 1st mtge. 4s.
a
June 27
1st mtge. 3Hs-----June 27
Connecticut Ry. & Lighting Co. 1st mtge. 4Hs-- ------July
1
Continental Steel Corp. preferred stock
.July
1
Cuban Telephone Co. 1st mtge. bonds
..Sept. 1
Empire Properties Corp. collateral trust bonds
;
July
5
Finance Co. of America at Baltimore 7 % pref. stock.,
.July 10
General Motors Acceptance Corp. 3% debentures
Aug
1
Georgia-Carolina Power Co. 1st mtge. 5s_
...July
1
(B. F.) Goodrich Co. 6% conv. debentures
Aug
2
Hartford Times, Inc. 4H% debentures
July
1
*
Houston Oil Co. of Texas 10-year 5Hs. series A_...._^Aug. 16
International Salt Co. 1st mtge. 5s
:
;
;.._July 17
Julian & Kokenge Co. common stock
.May 31
Kansas City Gas Go. 1st mtge. 5s..
Ai,
Aug
1
Kaufmann Department Stores 7% preferred stock.
June 3ft
Kirby Lumber Corp., 1st mtge. bonds
July 16
Manila Gas Corp. 1st mtge. 6s.4—
...July1
Marchant Calculating Machine Co. 7% pref. stock.
June 30
Mercantile Properties Inc. 5H% bonds
....July
1
Montana Coal & Iron Co., 1st mtge. 5s
....July
3
Morris Finance Co. 7% preferred stock
*.
June 30
National Steel Corp. 1st mtge. 4s
.June 26
New Orleans Public Service Inc., general lien 4Hs.
July
1
New York City Omnibus Corp. prior lien bonds
July
1
New York Trap Rock Corp. 1st mtge. 6s
June 26
Nord Railway Co. 6H% bonds
Oct.
1
Northeastern Water & Electric Co. coll. trust 6s
Aug.
1
Pacific Lighting Corp. $6 pref.,stock
....July 15
Paris-Orleans RR. 5H% bonds...
...Sept. 1
Pittsburgh Steel Co., 20-year 6s
June 20
Roanoke Water Works Co. 1st mtge. 5s_.
July
1
Robertson Paper Box Co. 6% pref. stock.
..July 15
Sierra Pacific Power Co. 1st mtge. 5Hs
June 23
(Robert) Simpson Co. Ltd. 1st mtge. 5s
...Jan
1
Servel, Inc.^lst mtge. bonds...
July
1
Shawinigan Water & Power Co., 1st mtge. 4Hs
July
7
Sierra Pacific Power Co. 1st mtge. 5 Hs
June 23
Socony-Vacuum Oil Co., Inc., 15-year 3Hs
July 21
(A.) Stein & Co. 6H % preferred stock.
July
1
*
Sunray Oil Corp., 5% debentures
July 31
Tide Water Associated Oil Co., 15-yr.
3H% debs
...July
1
Union Twist Drill Co. 7% preferred stock
July
1
United States Cold Storage Co. (K. O.) 1st mtge. 6s__
Aug.
1
Warner Brothers Pictures, Inc., 6% debs
June 29
West Desenfecting Co. 1st mtge. bonds
July
1
Weston Electrical Instrument Corp. class A stock
July
1
Western United Gas & Electric Co. 6% pref. stock......July
1
6H %preferred stock
July
1
,*Weet Texas Utilities Co., 1st mtge. 5s
July 13
Wisconsin Publie Service Corp., 1st mtge. 4s--.June 20
Woodward Iron Co. 1st mtge. 5s
July
1
2nd mtge. 5s
Sept
1
*
...
.
•
..
w
_
—
-
*
...
.....
...
Announcements this week.
-
-
-
-
10c
t25c
15c
J
U%
12
June 23
June 23
June
June
16
15
June
June
July
July
June
June
1
June
15
July
June
15
15
American European Securities, $6 preferred..
Covering cum. period for 7 mos. end. 9t30-36
t$3.50
June 20 June 23
(quar.)._
$2
June 30 June 15
American Hard Rubber, 8% preferred
American Investment Co. of Illinois—•
43^c
7% preferred (quarterly)
8% preferred (quarterly)...
50c
— -
50c
$2 series cumulative preferred (quar.)
—
$2 cumulative preference (guar.)
- American Manufacturing, 5% preferred (quar.).
506
UK
June 20
June 2Q
July
July
July
July
July
June 20
June 20
June 15
$2
June
June 22
10c
June
15c
American Potash ,& Chemical Corp. (increased)
American Securities Shares (St. Louis)
Anchor Hocking Glass Co—
—
---
July
July
June 29
June 30
•
%1H
Preferred (quarterly)
2596
3381
2598
June 26
Buc!
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":
Arkansas Louisiana Gas Go. 1st mtge. 4s
Associates Investment Co., 10-year 3% debs
American District Telegraph of N.
Preferred (quarterly)
June 21
July
June
;
—
3381
Below will be found
stocks of
Date
1.31H
preferred (quarterly)
American Capital Corp., $3 preferred.— _
American Casualty Co. (Reading, Pa.)
Anglo-Iranion Oil (final)—
15%
American shares ordinary registered—
10c
Ashland Oil & Refining Co. (quar.)
$1H
5% preferred (quarterly)
50c
Atlantic City Fire Insurance (quar.) — -...
$2
Attleboro Gas Light Corp. (quarterly)
—
12 He
Automatic Voting Machine Corp. (quarterly)
Balaban & Katz Corp., 7% preferred (quar.)___
Common (irregular)
-—u.
—
12Hc
Baldwin Rubber Co., common (resumed)
12Hc
Common (resumed).
— 3«jC
Bangor Hydro Electric (quar.)
_j:
$3 lA
Bank of New York (quar.)...
—
68 He
Barker Brothers, 5H% preferred (quarterly)._
J62Hc
Barker's Bread, Ltd., 5% preferred (quar.)
40c
Bickford's, Inc., common
62 He
$2.50 preferred (quar.)..
.—t$lH
Birmingham Electric, $7 preferred
——
t$l^
$6 preferred
— — 25c
Bliss & Laughlin, Inc
-•— —
20c
Bond Stores, Inc., common (quar.)___.------20c
•Common (quar.)
-Boston Acceptance Co., Inc., 7% pref. (quar.) _
Boston Insurance Co. (quarterly)
——
40c
Boston Herald Traveler Corp. (quar.)
25c
Boston Wharf Co. (irregulor)
—
32 He
Brautford Cordage Co., Ltd., 1st pref. (quar.)—
MH
Bridgeport Machine, 7% preferred (quar.)
25c
Briggs Manufacturing
—
British American Tobacco Co., Ltd.—
lOd.
Amer. deposit rceipts ordinary bearer shares.
lOd.
American deposit receipts ordinary regis, shs.
British Columbia Elec Pow. & Gas Co., Ltd
6% preferred (quarterly.)_ —
British Columbia Telep. 6% 1st pref. (quar.) —
6% 2nd preferred (quar.)
— iBrooklyn Borough Gas Co., common (quar.)_—
6% preferred (quarterly)—,—
Brooklyn National Corp..(quar.)
Brooklyn Trust Co. (semi-annual)
Brunswick Site Co. (resumed)— —
—
Bfush-Moore Newspaper?
FUND
'
NOTICES
5M%
June
70c
(s.-a.)
June 21
June 21
June 19
June 19
July
July
July
Aug.
July
25c
(quar.)_ —
June 30
June 20
June
.
14
June 30
June
5c
43?*c
12Hc
$1%
-
June
June
25c
A (quarterly)
Amerex Holding Corp. (semi-annual)—
American Bernberg Corp., 7% preferred
July
July
July
6c
25c
Reduction
Holders
June 26
June 17
June
6
June
40c
— -----
1(quarterly)
Alaska-Pacific Consolidated Mining Co
Allemannia Fire Insurance (Pittsburgh) quar—
Air
When
Payable of Record
July
July
Abercombie & Fitch, $6 preferred (s.-a.)
Adams Oil & Gas (quartely).
Aeronautical Securities.
Aloe (A. S.) Co., 7% preferred
By Crockett & Co., Boston:
Shares
show
% per,Share
'
Slocks
dividends previously announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
of the current week:
Shares
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
are
have not yet
SALES
AUCTION
Dividends
Paffe
2414
3212
3525
2573
3216
3527
2892
2892
3059
3059
2738
3219
1474
3220
3531
3376
3221
3377
3378
3690
440
2274
3379
1811
3535
'3072
3073
3380
3537
3382
1176
887
3079
1179
3540
3242
3082
3388
3388
2604
3542
3542
3243
1978
3700
3392
3247
2&12
3397
2921
3087
3087
3703
3548
3398
3398
*7^
------
•
17l4C
—
—_
_ —
_
_ —
1939
June 20 June 19
June 15 June 15
June 30 June 20
July
July
6H% preferred (quarterly)
6% preferred (quarterly)
Bucyrus-Erie Co., 7% preferred (quar.)
Buffalo National Corp., 6% preferred (s.-a.)
June 30 June
19
June 23 June
19
Sbpt. 15 Sept.
July
July
6% preferred (1927 series)7% prGfGITG(i
California Packing 5% pref. (quar.)
Canada Bread 5% preferred (quar.)
June 21
9
July 15 June 20
July 10 July
1
June 30
Jyne 23
July
July
8 June
2
8 June
2
3 Judo
July
1 June
July
1 July
Aug.
July 10 June
1 June
July
20
July
July
July
16
17
30
13'
15 June 30
1 June 23
1 June 20
1 June 12
1 June
12
1 June 30
1 June 30
8
July
/—
«•— —
Canada Packers Ltd. (extra)
Canada Southern Ry. (semi-annual)
Canadian General Investments, Ltd
Coupon stock
Registered
Canadian Industries
Canadian Light & Power CoT (semi-annual)—$7 preferred (quarterly)
r$6 preferred (quarterly)
Canadian Wirebound Boxes Ltd.—
1 June 20
July
~
Carpel Corp. (quarterly)
1
June 30 June
June 17 June
(quar.)_—
5% preferred B (quarterly)
5% preferred B (accumulation).
$1.50 class A (accumulation)
Cannon Shoe preferred (quarterly)
1 June 20
1 June 20
June 30 June 20
June 30 June 20
—
_
California Oregon Power Co.—
6 % preferred
8
June 30 June 27
Aug.
Aug.
July
Common (irregular)
Builders Exchange Bldg. (Baltimore)
Burkhart (F.) Mfg. Co., $2.20 pref.
Common (irregular)
15
July 20 July 15
Sept. 20 Sept. 15
1 July 10
Aug.
1 June 23
July
1 June 26
July
June 30 June 22
1 June 22
July
1 June 22
July
1 June 14
July
1 June 14
July
July
July.
W"
1 June
1 June 20
June 30 June 15
June 30 June 15
1 June 20
S1H July 15
$1H
July 15
July 15
Aug. 15
3
t$lM July
3
t62Hc July
3
37Hc July
3
i$I July
1
$1H Aug.
$1 %
52 He
12 He
12Hc
X%IH
50c
$1 %
$1H
t37Hc
68Hc
50c
July
July
July
July
July
July
July
June 30
June 30
June 30
July
31
June 20
June 20
June 20
June
15
June 30
15 June 30
15 June 30
15 June 30
15 June 26
1 June
17
1 June 17
2 June 15
July
1 June 21
June 28 June 14
#
Volume
Financial
148
Carolina Power & Light Co.—
$1H
Central Insurance Co. of Bait,
June
June 20
$1.05
37Xc
July
June 20
July
June
June
June 27
25c
19
Common
June
$2
June
June
15
13
45c
July
July
July
June
19
June 20
30c
June
June
12)4c
643151
June
June 25
July
July
June 29
18c
50c
MM
Quarterly
(Phila., Pa.)
$1.
________
Citizens Wholesale Supply 7% pref.
(quar.)
87 )4c
75c
— —
(s.-a.)
5% preferred (quar.)
__.
Cleveland Graphite Bronze (interim).
Cleveland Union Stock Yards (quar.)
25c
12Xc
———
17
June 29
June
July
July
July
9
25
21
21
June 23
June
25c
June 16
50c
June
June 15
July
July
July
Aug.
July
July
Aug.
July
Aug.
June
15
15
June 15
July
15
June
June
13
Consolidated Retail Stores, 8%
July
June
19
8% preferred (quarterly)—
•_
Continental Pass. Ry. (Phila.)—
$0.610313 per share
Cottrell (C. B.) & Sons 6% preferred (quar.)_
Crystal Tissue Co. (resumed)
8% preferred (s.-a.)
—
Cuban Atlantic Sugar Co—
—;
Oct.
Sept. 19
(quar.)
(Lima, Ohio) (quar.)
Colt's Patent Fire Arms__
MM
—__
Columbia Baking Co. $1 partic.
Common (irregular).
Common
(extra)
—_
25c
pref. (quar.) —
________
::
_____________ — _ —
;
.
50c
—
$1.62
$IX-
Columbus & Southern Ohio Elec, 6)4% pf. (QU-)
6% preferred (quarterly) __
Commercial Nat. Bk. & Tr. Co. (N. Y.) (qu.)
Concord Gas Co. 7% preferred
.
Conn. General Life Insur.
,
20c
20c
—.■_•
(irregular).,—;__
pref. (quar.) —
Dean (W. E.) & Co. (quarterly)
Preferred (quarterly). —
$4
(semi-annual)
Detroit Edison Co
2)4 %
j
June 24
June 20
Aug. 20
1 June 15
—-
(Toronto) (s.-a.) ___
Ltd. (interim) —
Dominion Tar & Chem. Ltd. 5X% Pref. (qu.)_
Driver-Harris Co. (increased)—
——._
Co—
(quar.)
June 20
June 20
30c
June
10
June 30
June 20
July
12
June 30
:$im(
June
7
June
%\M
-
Ltd., preferred (quar.)
Management Fund—
Eastern Steel Products.
June 20
June
40c
—
—— _—_______
— —
June 26
July
July
July
$1.62)4 July
July
62)4c
t$3 July
July
*25c
$1.37)4 Aug.
15c
July
Dominion Fire Insurance
7% preferred (quar.)
10
Series "Al"
■ --
Economy Grocery Stores (quar.)
Edison Brothers Stores, Inc—
Edmonton City Dairy
12
June 24 June
12
June 24 June
15
25c
—,•-»—*—
——
June 24 June
20c
-
-
-
10c
20c
Series "F"
June 27 June
19
25c
—
6 X% preferred (accumulation)
Electric Auto-Lite Co. (irregular)
%%IM
—
75c
Electric & Peoples Traction—
Extra
60c
$2)4
%2M
$1
Fairmont Park & Haddington—
share.
_
5Cc
10c
15
June 23
15
I June 23.
1 June 26
June 30 June 21
June 29 June
22
July
1 June 30
July
1 June 30
—
June 30 June
15
37}4c
Common (extra)w—
Common (quarterly)
6% preferred (quarterly).--------
July
1 June
17
June 30 June
17
10c
July
1 June 20
75c
——
1 June 17
10c
—_
July
40c
Fedders Mfg. Co., Inc. (irregulor)
Federal Services Finance Corp. (Wash.,
July
July
July
July
July
15 June 30
15 June 30
3 J«ne 20
D. C.)
,
-_
$1)4
30c
Co. (N. Y.) irregular. _
$6
Fifth Avenue Bank (N. Y.) (quar.)
- - — —
$1
Firemans Fund Ins. (San Fran., Cahf.) (quar.)_
70c
First Investment Counsel Corp. ."A" (quar:)_„
$25
First National Bank of N. Y. (quar.)
— — :
$1X
Fishman (M. H.) Co., 5 % com. conv .pref. (quar.-)
Florida Power & Light, $7 preferred:__________ t$l .31
t$1.13
$6 preferred
— MX
Food Machinery Corp. 4X% (preferred)
Federation Bank & Trust
25c
—
Foreign Bond Associates, Inc. (quar.)
Foreign Lt. & Power Co. 6% 1st pref. (quar..) —
Foresight Foundation "A" (semi-annual)
Formica Insulation Co. (quar.)
—
Frankford & Southwark Phila City—
Passenger RR. $2.112622 per share.
Fuller (Geo. A.), 4% preferred (quar.)_
Fuller Brush, 7% preferred (quar.)__
Fulton Trust Co. (N. Y.) (quar.)
Galland Mercantile Laundry (quar.)____
Galveston-Houston Co. (initial)
Gardner-Denver Co. (quar.)
$3 convertible preferred (quar.)
General Baking Co., common
$8 preferred (quarterly)
General Capital Corp. (Boston)
—
General Machinery Corp.j common
15c
$irs
$1
MM
MX
50c
25c
25c
75c
15c
$2
24c
15c
(quar.)
MX
%IX
preferred (quar.)
General Tire & Rubber, 6% pref. (quar.)
Germantown Pass. Ry.(Phila.)$0.616182 per
Gilmore Oil
Goderich Elev. & Transit Co., Ltd. (s.-a.)_,
Goodrich (B. FV) Co., $5 preferred (quar.),
life
_
MM
$154
$134
50c
$134
$6 preferred (quar.)
Jamaica Water Supply, common
$5 preferred A (quar.)
50c
._
$134
12 34c
—
Jenkins Brothers, non-voting (irregular)
Founder shares (irregular)-.
50c
$1M
7% preferred (quarterly)
(E.) & Sons (quarterly)
7% preferred (quarterly)
—
Kansas Gas & Elec. Co. 7 % pref. (quar.)
_
$6 preferred (quarterly)
—
__.
25c
Kahn's
MM
_
$134
13c
__—
30c
75c
15c
(s.-a.)
King-Seeley Corp. 514% conv. preferred (quar.) 2734c
3734c
Kirsch Co. $1.50 preferred (quar.)
,*.-J
10c
Knott Corporation, common
— $1
Lambton Loan & Invest, (sarnia, Ont.) (s.-a.)__
1M%
La Salle Extension University new pref. (quar.)
50c
Lerner Stores Corp. (quar.)
; _;
- —
$134
4)4% preferred (quar.)
Lexington Telephone 6 34 % prior preferred. — — $10.83
75c
Life Insurance Co. of Va. (quarterly)
25c
Lion Oil Refining Co. (quar.)
25c
Liptoir (Thos. J.), Inc., class A (quar.)
6% preferred (quarterly).
Long Island Safe Deposit Co
50c
Loomis-Sayles Mutual Fund, Inc.-—; —
20c
Loomis-Sayles Second Fund, Inc
MX
Lynn Gas & Electric (quarterly)
Xc
M. J. & M. M. Consolidated Oil Co. (quar.) —
•
37r5cc
25c
t25c
$1M*
Grand Rapids Varnish Corp. (increased) quar__
Green & Coats Sts., Phila, Pass. Ry.—
T
15 July
5
June 20 June
9
1 June
15
July
July
July
July
July
July
15 June 30
1 June 20
1 June 20
1 June 15
1 June
June 22 July
15
15
1 June 20
June 30 June 20
July
1 June
15
15
July
July
1 June
July
1 June
July
1 June
July
1 June
July
1 June
July 20 July
Aug.
1 July
July
1 June
July
1 June
July 10 June
July 15 July
July
1 June
July
1 June
19
Convertible
—
—
-
10c
Juno 20 June
July
1 Juno 20
June 30 June
15
July 15 June 20
3 June 15
July
1 June 20
July
5
July 15 July,
1 July 20
Aug.
1 May
June
3
July
July
July
July
July
July
1 June 21
5
25 July
1 June
13
1 June 23
June 22
10
June 20
June
20
Juno 30*
June 30*
June 21
June
30
June 26
June 26
June
June 20
July
July
June 20
15
June
Aug.
July
June 20
$2
July
July
July
June 20
$5
130c
(s.-a.)
Sept.
Sept.
June
June 26
June 23
50c
June 30 June 20
June 30 June 20
3H
-r r —
June
5c
iMM
t$134
t$134
30c
MM
-
4c
-
15
June
14,
June £-14
19
1
15
15
June 24
June 20
June 20
30
Juno
15
$2
50c
June 30
June_24
6c
$134
$1X
■
'
$2
lc
40c
$134
MM
134c
55c
MM
June 15
June
June 15 June".
Sept.
July
July
July
July
Aug.
3
1
1
1
1
15
Junol-23
June
June
T
preferred (accum.)
______
(Minn.) 5% pref. (quar.)
1st preferred
Yeast Co
—
24
15
June
19
July
18
June 30
50c
June 30 June 20
75c
Aug.
1 July 15
Aug.
1 July 15
July 15 June 30
Aug.
1 June 27
$134
$154
$134
Aug.
Aug.
1 July
1 July
$1
—
1
1 Aug.~15
June 29 Junel22
July
25c
6% pref
15
June' 20
15c
50c
—
10
19
June
July
July
July
July
July
July
July
July
July
July
June
,
Co. $6 pref. (quar.) ——
634 % pref. A (quar.) —
15 June
June 24 June
1
1
1
June 30
13c
10
Northwestern
15
10
Aug. 20
Aug. 20
June 21
July
5
— —
June 26 June
June 30
1 June
25c
Rosario Mining
Northern States Power
9
July
June 21
55c
$1X
Niagara Falls Smelt. & Ref. (quar.) — .
North Ameri. Aviation, Inc. (irregular)
_____North Amer. Rayon Corp. 6% prior pref. (qu.)_
North Star Oil Ltd.,
10
6 Juno
June 30
•/
Murphy (G. C.) Co., 5% preferred (quar.) —
Nashau Gum & Coated Paper 7% pref. (quar.) —
Nation-Wide Securities voting shares
— _
National Battery Co. $2.20 conv. pref. (quar.) —
Nat. Bearing Metals Corp. 7 % pref. (quar.)
National Bond & Share Corp
National City Lines, common
Northwestern Electric,
14
June
July
July
July
July
25c
N. Y. Honduras &
June 30 June 23
14
1 June
50c
50c
15
June 30 June 23
1 June
28 July
June 21
MX
$2 preferred
_ _ _ New London Northern RR. Co. (quar.)_
New Orleans Public Service, $7 preferred
15
20
1 June 20
June
—
6% preferred B (quar.)
New England Power Assn.
6% preferred
$2 preferred
July
July
July
July
June
50c
6% preferred—________
:
:—--5% preferred—
—1
Morris Plan Bank of New Haven—,—
Morris Plan Bank of Virginia Richmond (s.-a.
Morris Plan Co. of San Francisco Calif, (quar.
Mt. Diablo Min. & Dev. (quar.)
Mueller Brass Co. (irregular)
20
June 29 June
June
July
25c
6% preferred^_
Mississippi Valley Utilities (liquidating)Missouri Edison Co. $7 cum. preferred
Model Oils, LtdMoneta Porcupine Mines, Ltd
Montana-Dakota Utilities
National Power & Light
June 29 June 15
June
XMM
$6 pref erred .
National
15
15
June
MX
Fwd., pref. (interim.) —
Michigan Cities Natural Gas Co—
—
Mid-West Refineries (resumed)
•---Minnesota Power & Light Co., 7% preferred—
(quarterly).
(quarterly)
i
Fuel Gas Co. (quar.)
15
June 29 June
July
July
July
July
July
50c
— -
30 Juno
June 30 June
MM
McQuay-Norris Mfg. Co. (interim) _ ^
Mengel Co. (action deferred)—
Merchants Bank of New York (quar.)
Extra
1 June 22
1 June 22
July
June
10
1 June 20
8
—
McKay Machine Co. (quar.)
8% preferred (quar.)
McMarius Petroleum Ltd., partic. pref.
1 June
16
(quar.)
Newberry (J. J.lRealty,
3 June 15
15
1 June 20
July
July
July
July
25c
June 30 June 20
July
June 22 June,
12
preferred (quar.)
10
19
June 22 June-15
June
50c
Mahoning Coal RR. 5% preferred (s.-a.)
Common (irregular)
Mansfield Theatre, Ltd., 7% pref. (accum.)
Mapes Consolidated Mfg. (quarterly) —
Marlin Rockwell Corp
Masonite Corp., common (quar,)
5% preferred (quar.)
Mass. Fire & Marine Ins. Co. (s.-a.)
M<)Graw Electric Co. (qiiar.)
20
19
15
25c
$3 preferred
1
1 June
June
$134
Class A
30
1 June 23
15 June 30
15 June 30
June
—
6% preferred (quar.)
_
Magor Car Corp.; common (quar.).
Common (extra)
7% preferred
Mahon (R. C.) Co., $2 class A preferred
19
23
13
15 July 10
1 June 20
June
MacAndrews & Forbes, common._.
20
15
15 June 30
July
July,
July
July
July
July
June
7% 1st pref. (quar.) —
June 30 June
sh.
.
1
June 30
June 30 June
20c
5c
General Finance Corporation
July
35c
Merchants Trading &
(increased quar.)—
Common
July
July
June 30 June 20
1 June 20
July
'
Passenger Ry. (Phila.) $0.352102 per.
Family Loan Society, Inc.—
Cum. conv. preferred A (quar.).
$0.704207 per share
July
July
June
June 23
—
4)4% convertible
15 May 31
June 30 June
($4.115302 per stk. tr. dtf.)
Electric Vacuum Clearner Co. (irregular) ______
Elizabethtown ConsoL Gas Co. (quar.)
)— Elizabethtown Water Consolidated (s.-a.)
Empire Safe Deposit Co. (N. Y.) quar—
Endicott Johnson Corp., com. and 5% pref
Amount, if declared, will be determined at
meeting to be held on June 16th.
.Equitable Fire Ins. Co. (Charleston, S. C.), s.-a.
Stock trust ctfs. 4s
Common
June
Co., Ltd—
23
10
1 June 21
July
(quar.)
common
7% 2nd preferred (quar.)
June,15
1 June
July
June 20 June
15c
—
Island Creek Coal
Mabbett (G. E C.) & Sons
July
July
15
31
31
25c
$7 1st preferred (quar.)____ <.
$6.50 preferred (quar.)
$6 1st preferred (quar.)
.,
:
Kayser (Julius) & Co
Kearney (James R.) Corp. 6% pref.
Kern County Land Co. (quar.)
$2
—
50c
lXc
50c
Kaufman Dept. Stores, common
July
20
30 June
Aug. 10 July
Aug. 15 July
(quarterly)
June 20
June 24
20
1 June
July
Iowa Public Service Co.-
June 20
30c
Dominion Foundries & Steel,
Eaton & Howard
15
June 20
July
July
31
50c
—
(quar.).
6% preferred (s,-a.)
6)4 % preferred (quar.)
Dixie-Vortex Co., class A
Duneau Mills common
June
July
July
15c
July
50c
July
$1.37)4 Sept.
*
Duff-Norton Mfg.
July
Holders have the
i
Diamond Shoe Corp. common
June 21
20c
—-
—
15
June 17
$2)4
—
15
June
June
5)4% preferred (quar.)—
Deposited Bank Share of New York—
Payable in trust shares.
option of receiving cash.
July
July
25c i June
—
4
June
MX
Denver Union Stock ifards, common
Series A
$2
f.50c
(quar.)
Consolidated Oil (quar.)—
Consolidated Rendering Co.
50c
Preferred
pref. (accum.)
June 30 June
June
20c
Investment Foundation Ltd. 6%
Inventors Royalty Co. (quar.)
1 June 20
15 June 30
15 June 30
35c
28c
13
July
July
July
June 30 June 23
Intertype Corp. (irregular)
June
1 June 20
June 30 June 28
75c
t$2
July
July
Collateral Loan Co, (Boston)
—
5% preferred (quar.)
j.
Houston Oil Field Material, pref. (quar.)
Houston (Tom) Peanut Co., 1st pref. (s.-a.)
Howe Sound Co. (quar.)
Ideal Cement Co. (capital)
Illuminating & Power Secur. Corp., com. (quar.)
7% preferred (quarterly)-'
Illuminating Shares A (quarterly)
Income Foundation Fund (quar.)
Independent Pneumatic Tool, vot. tr. ctfs..;
Inland Investors, Inc. (interim)
:
Install Credit Co., preferred (s.-a.)
:_
Insurance Co. of Nor. Amer. (s.-a.)
Interallied Investment Corp., class A (s.-a.) ——
(quar.)__
preferred A
Inter-State Royalty Corp., Ltd. A (quar.)
June 23
Colonial Finance Co.
12c
International Power Secur. $6
June
—
$134
$1
MX
3734c
$3 34
International Button Hole Sew. Mach.
June
1
Extra
July
June
25c
Bottling class A (quar.) —:—,——
Coleman Lamp & Stove
10 June 20
June 30 June 20
June 21
July
July
25c
62Xc
1 July 15
June 30 June 20
3734c
30c
15
June 23
Coca-Cola
June
1 June 20
43 He
—_
June 20
June
$1
Aug.
MM
July
$5
$1H- July
—_
(quar.)
Cleve. Cin. Chic. & St. Louis common
ICC
5c
(extra)
19
1 June
July
July
July
$1M
9
1 June
June 30 June 20
1 June 15
July
15c
30c
—
(quar.)
1 .Time 20
July
July
Horn & Hardart Baking (quar.)
Household Finance, common (quar.)_
10
—
Payable of Record
Hilton-Davis Chemical, preferred (quar.)
Honey mead Products Co
10
June
s.-a.)
50c
Preferred (quarterly)
June 10
Chicago Daily News, common
$7 preferred (quar.)
1
Cincinnati Union Stock Yards (quar.)_
6% preferred (quarterly)
City Baking Co
Harris-Seybold-Potter, $5 preferred
3%
t75c
Hawaiian Sugar Co., common (quarterly)
Heller (W. E.) Co., common (quar.)
July
July
July
t$2)4
t$2M'
— —
(Boston)
Chatam Saving & Loan (Savannah(
Chemical Bank & Trust Co. (quar.)
19
1 $2.62)4 July
6% preferred
Chain Store Invest. Trust
June
June
$6 preferred
31Hc
Hartford Fire Insurance (quar.)
Hanover Fire Insurance Co. (N. Y.) quar.)
May 25
May 25
(irregular)
Share
Greenwich Gas Co., $1.25 partic. pref. (quar.)__
Guaranty Trust Co. of N. Y.(quar.)
Guilford Realty Co. (Bait.), 6% preferred
17
17
15c
Central Maine Power 7% preferred
Preferred
June
__
Cayaga & Susquehanna RR. (irregular)__
Central Aguirre Associates (quar.)
Citizens Pass. Ry.
June
July
June
15%
June
15%
2)4c July
Amer. deposit rets. B ordinary
Carriers & General Corp
Carter (J. W.) Co
July
$1)4
$7 preferred (quarterly)
$6 preferred (quarterly)
Carrerras Ltd. Amer. depos. rets. A ord—
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
3637
Chronicle
July
t50c
July
July
July
July
July
1
1
1
1
33 1-3 c
16 2-3 c
MM
tllM
$1
June 23
June 23
June 23
1 June 15
1 June 23
June 30 June 20
25c
June 30 June
40c
July
July
July
July
July
75c
m
15
15
June 23
15
12 June 20
1 June 23
3
10
1
June 15
June
17
June 30
June 20
June
5
3638
Chronicle
Financial
Per
Name
Share
of Company
Norwich & Worcester RR., 8% preferred
NovadelAgene Corp. (quar.)
OgiJvie Flour Mills Co., Ltd. (quar.) __ ^
Ohio Public .Service 7% preferred (monthly)
6% preferred (monthly)
$144
25c
June
June 20
$134
6% prior preferred (quarterly)
June
June 20
June 20
June 20
United Shoe Machinery Corp., common (qu.)__
July
U. S. Electric Lt. & Power Share, Inc. (Md.)—
June
15
United Fuel Investments, Ltd.—
June
15
June
15
6% A new preferred (quar.)
United Loan Indus. Bank (quar.)
75c
____■
Orange & Rockland Elec. Co.
6% preferred (quarterly)_„
___■_
5% preferred (quarterly)
— —
Pacific Can Co., common (quar.)
Pacific Finance Corp. of Cal. 8% pref. A (quar.)
June
June
10c
*
Onomea Sugar (monthly)
June
July
July
$134
Co. (Boston) (quar.)
Associates (increased)
June
Voting shares
—
—
—
—
_—
—
—
July
July
July
Extra
15
15
15
1 June 23
15
15 June 30
15 May 31
19
Wetherill Finance
30 June 15,
Class B
15
15
(duar.)
June 20
Wolverine Tube Co., com.
Common (reserved).
June 30
—__
June
_,
,
_
_.
—
„
__
Junu 30
Oct.
Full paid allotment certificates
__$ 1.3734
Seven-Up Bottling Co., common
534% convertible preferred (s.-a.)________
Shamrock Oil & Gas Corp., 6% preferred
6% convertible preferred
Shawmut Assn. (Boston) (quar.)
Sierra Pac. Power Co., 6% Pref. (quar.)__
Common (irregular),
Singer Mfg. Co.. (quarterly)
1
;____
June 30
.
$134
July
July
July
July
July
July
Aug.
35c
55c
t$3
t30c
10c
1939
June 20
June 24
June 20
June 20
June
10
June 21
June
15
July
26
June
16
July
14
June
15
June 26
June 20
June 20.
June
15
June 20
June 20
June
15
30 June 15
15 May 31
15 May 31
15 May 31
26 June 20
1 June 16
1 June 21
1 June
21
June 20
June 23
June 20
June
June
19
June
June
10
June
June
10
3734c
3734c
$134
preferred (quarterly)
(quar.)
England Telephone. __•
South West Co. (Mass.) .preferred (quar.)
Sports,Products, Inc. (irregular)__^
Square D Co
.j._.
v
Standard Chemical Co., Ltd. (resumed)
Standard Fire Insurance (Trenton, N. J.) (quar.)
Standard Oil of Ohio, 5% preferred
June 23
30c
June
June 20
50c
July
July
July
June
June
June 21
June
June 20
Aug.
Aug.
July
July
July
July
July
July
July
July
60c
June
75c
$134
82 34c
50c
_
Superior Water Light & Power, pref. (quar.)
$134
8234c
Participating class A
B
Talcon, Inc. (increased)
Tamblyn (G.) Ltd., common (quar.)
5% preferred (quarterly)
Taunton Gas Light
120c
16234c
$1
(quar.)
$134
Thatcher Manufacturing Co. (quar.)
13th & 15th Sts. Passenger Ry Co.—
25c
share
(quarterly)
$1
Extra
50c
Mining Co. (irregular)
Tip-Top Tailors, Ltd. (quar.)
7% preferred (quarterly)
Title & Mtge. Guarantee Co., Ltd.—
(New Orleans, La.) (irregular)
Traders Bldg. Association, Ltd. (quar.)_
Traders Finance Corp., Ltd., 7% pref. B (quar.)
6% preferred A (quarterly)
Trico Products
(quarterly)
per
5c
115c
1S134
$134
$134
1$134
1S134
6234c
Trusts & Guarantee Co., Ltd. (Toronto), (s-.a.)
Chatillon Corp., 7% preferred
Twin States Gas & Electric, prior lien pref.
(qu.)
Tubize
Union Passenger
July
July
July
July
July
June 30
June 30
June 30
111
t$134
$1.34
12
July
15
June 30
June
1
7
15
June 23
July
5
June
15
June 23
July
June
1
6
JUne
16
June
16
June
15
June
15
June 23
15
June 30 June 20
June 30 June 20
June 30 June 16
July
July
3 June 20
3 June 20
July
June 30
June
June
8
July
July
July
July
July.
July
June
15
June
15
June
14
June
share
1 June 26
1 June 26
1 June 23
1 June 23
10c
'
June 30 June 21
July
1 June 20
give the dividends announced in previous weeks
paid.
June 20
June
June 30 June
___
Adams Express Co
The list does not include dividends
an¬
the preceding table.
15
15
June 30 June
15
June 30 June
10 June 26
July
July
July
July
July
June
3
June
3
15
3744c
75c
30c
$1M
75c
8Mc
1244c
June
June 20
June 20
19
1 June 19
July
June 28 June
9
June 28 June
9
1 June 15
July
July,
July
:
244c
$144
$144
1 June 30
1 June 20
June 30 June 20
June 20 June
"
15c
July
1244 c
July
July
43 Mc
5^> pref. (quar.)
Alpha Portland Cement
25c
______
,
10
1 June 15
1
1
July
1
July
3
June 24
25c
June 19
June
19
June 20
June
8
June
1
June 24 June
$1,
$144
July
July
20c
10
1 June 15
1 June 15*
2 Sept. 15*
15
20c
Quarterly
uarterly
7% preferred (quar.)
7% preferred (quar.)_____
7% preferred (quar.)
American Agricultural Chemical.
American Bank Note (no action)
6% pref. (quar.).
;___
American Can Co. preferred (quar.)_
American Cigarette & Cigar pref. (quar.)______
American Cities Rower & Light, class A (quar.)
Option dividend cash or class B stock.
American Crystal Sugar Co. pref. (quar.)____:__
American Cyanamid Co. cl. A & B (quar.)__
5% cum. conv. preferred (quar.)i
American Envelope Co. 7% pref. A
(quar.)
7% preferred A (quar.)
American Express Co. (quar.)____j
American Factors, Ltd. (monthly);
American Felt Co., 6% preferred.
'i
American Gas & Electric Co. pref.
(quar.)_
American General Insurance (quar.)
American Hawaiian Steamship
;
American Home Products Corp. (monthly)
American Optical Co. (resumed)
!
(quar.)
June
Sept. 30 Sept. 15
50c
j.
(quar.)
Oct.
50c
50c
:_
Aluminum Mfg. Co,, Inc.
Dec. 31 Dec. 15
June 30 June 15
$1M
$1M
$1M
7% preferred (quar.)
American Power & Light Co. $6 pref. (qu.)
75c
$144
15c
1M%
$1M
SIM
$144
(quar.)__
American States Insurance Co. (Indianap., Ind.)
American Sugar Refining preferred (quar.)
American Superpower 1st preferred
American Surety Co. (semi-annual)
American Telep. & Teleg. (quar.)
American Thermos Bottle pref. (quar.)
American Thread Co. pref. (semi-annual.)_
American Tobacco Co. preferred (quar.)__
American Water Works & Electric Co.—
Amoskeag Co. (s.-a.)
_j
15
15
July
July
>
1 June 12
1 June 16*
June 30 June
15
July
1 June 10
July
July
June 17
July
June 15
June 15
Aug. 25
Dec.
Nov. 25
June
t$144
$144
July
July
July
Aug.
25c
June
June 20
10c
16
June 30
June
July
T.
8
25c
July
June
15
20c
July
June
14*
25c
June
June
5
July
Sept.
June
17
SIM
SIM
t75c
Sept.
5
Dec.
Dec.
July
July
June
9
June
9
June
5
Sept.
May 31
Aug. 25
June
June
9
Aug.
July
75c
July
July
$144
30c
July
July
SIM
July
$144
July
$1M
July
$2M
87 He
July
1244c July
July
144%
Aug.
July
4
1st preferred (quar.)
Preferred (s.-a.)
Anaconda Copper Mining Co
Appalachian Electric Power $7 pref. (quar.)_
$6 preferred (quar.)
Armour & Co. of Dela. 7% preferred (quar.)
31 Dec.
Sept.
$5 preferred (quar.)
t6244c
American Public Service 7% preferred
t$144
Amer. Radiator & Standard Sanitary, pref. (qu.)
$1M
American Safety Razor (quar.)
30c
American Smelting & Refining Co
50c
Preferred (quar.)
$1M
Snuff Co
Sept. 30 Sept. 15
Dec.
,$1M
$144
68Mc
30 June
June 30 June
35c
American Paper Goods Co., 7% pref. (quar.)__
Preferred
Junell6
June 26 June
$1M
Altoona & Logan Valley Electric Ry. Co
Aluminum Co. of Amer. 6% pref. (quar.)
Aluminum Goods Mfg. Co. (quar.)
16
Ti
Allis-Chaimers Mfg.
American
1
June 26 June
July
July
$3
Albany & Susquehanna RR. (s.-a.)
Allegheny & Western Ry. (semi-annual)
Allen Electric & Equipment (quar.)
Allen-Wales Adding Machines pref. (quar.)_;
Allied Chemical & Dye Corp. (quar.)
>___,
Allied Laboratories (quar.)__
Allied Products Corp
Preferred (quar.)
Preferred
15 July
10c
Alabama Great Southern RR. Co. ord. stockPreferred-
1
13
July
35c
;___
Quarterly'
13
June 30 June
10c
$144
___
___
Alliedjjtores Corp.,
Payable of Record
40c
,
Holderb
When
Share
Addressograph-Multigraph (quar.)
Aero Supply Mfg., class A (quar.)
Aetna Casualty & Surety (quar.)
Aetna Life Insurance (quar.)
Agnew-Surpass Shoe Stores pref. (quar.)
~
Agricultural Ins. Co. Watertown, N. Y. (quar.)_
Ahlberg Bearing class A (quar.)
Air Associates, Inc. (quar.)____
c
$7 cumul. preferred (quar.)__
.
Union Traction Co. of Phila. ($17.50 paid in)
^
1 June 24
1 June 10
1 June 20
10c
444% conv. preferred (quar.)
17
Ry. Co.
$0.205683 per share
July
July
July
July
10c
-
June 30 June
Tintic Standard
$0.963591
June
50c
Sunray Oil Corp., 534% conv. pref. (quar.)
Superior Portland Cement, $3.30 class A
25c
15c
Common (quarterly)
25c
t4334c
J43 34c
6834c
Stayton Oil Co; (quarterly).
Time, Inc.
June. 30
July
July
July
July
25c
'
Steel Co. of Canada, 7% pref. (quar.)
per
15
10c
Abbott Laboratories (quar.)
Extra
:__
June 20
50c
Preferred A
$1.408415
15
1 June
Per
June 20
$134
6%
Southern New
Texas Electric Service, $6 preferred
1 June
"10c
Name of Company
Southern California Gas Co.—-
Class
;___
(irregular)
nounced this week, these being given in
1939
50c
____.
Class B_"
we
and not yet
15
Selected Industries, Inc.—
Standard Products Co__.
July
July
July
July
July
$1M
June 30
.___
'
June 19
June 30
June 30
__
Extra
Below
June 20
_____
—
15
June 30 June 23
25c
(quar.)_____,
Yomesite Portland Cement Corp.—•
4% non-cumulative pref. (quar.)
15
_________
—
14
9
June
15 July
1
3 June 22
June 30 June
50c
Woodley, Petroleum Co.
June 23
1 June 20
1 June 26
June 28 June
15c
__
Wisconsin Investment Co
June
5
1 June 20
July
July
July
July
July
15c
—______
June 30
June
15
June 30 June 20
(quar.)
(Formerly Securities Co. of Milw., Inc.)____
_
___—-_
1 July
Aug.
June 30 June 20
Wisconson Co., 7% preferred (quar.)—
Sept. 15
10
16
19
50c
—
—
________
July
3 June 20
June 27 June
,___
(quar.)
common
6% preferred (quar.)
1
12
12
21
June 26 June
July
;__
_
1 July
1 July
July
t$l
;
Winn & Lovett Groc., pref.
Class A (quar.)
15
June
10
$2
__
June
10
15 June
Aug.
Aug.
t$lM
Western Massachusetts Cos
30 June 15
June
15 June
June
$1
—
29 June
June
$2
Virginian Ry., common
—_
$144
6% preferred (quar.)
,___■
75c
Vulcan Corp., $3 conv. prior pref. (quar.)
t$144
$4.50 cum. preferred
SIM
Wagner Baking, pref. (quar.)
50c
Wayne Pump Co.
—_:
Wells Fargo Bk. & Union Tr. Co. (S. F.) (quar.)
$344
West Jersey & Seashore RR. (semi-annual)
$144
West Kootenay Pow. & Lt., Ltd. 7% pf. (quar
)t$lM
West Michigan Steel Foundry (quar.)
1244c,
West Phila. Pass. Ry.
$1.015233 per share
35c
Western Electric Co. (increased)
1 June 15
1 June 15
5c
Viau, Ltd., 5% pref. (quar.)
15
30 June
July
June 30 June 26
$1
8% preferred (quar.)
15
June
5 June 20
5 June 20
10c
:—----
Utilities Equities Corp., $5.50 priority stock—
June 20
June
June 20
June 30 June 26
$144
;■ t$i
(quar.)
_'
_____
•__
Universal Leaf Tobacco Co., Inc. (qu£q\)_
Common (extra)
15 June 30
1
1
May 26
July
July
.013
•__
United Steel & Wire Co., Inc.
1 June 24
1
1
1
'1
preferred (quarterly)
U. S. & Foreign Sec., $6 1st pref. (quar.)
U. S. & Internat. Securities, 1st pref
July
1 June 24
June 30 June 23
20c
Aug.
1634c Aug.
644% Preferred C (quarterly)
$134
Aug.
5% preferred (quarterly)
30c
Common (quarterly)July
Pacific Gas & Electric Co. (quar.)
50c
July
Panhandle Eastern Pipe Line Co.—
$134
July
6% partic; preferred class A (quar.)
$134
July
,6% preferred class B (quar.)
__
Pathe Film Corp. $7 preferred (quar.)
$134
July
Pennsylvania Co. of Insurances on Lives and
40c
Granting Annuities (Phila.) (quar.)
July
Peoples Pass. Ity. (Phila.)
June
$4.694717 per stock trust certificate
__'—
$2
July
Peoples Telep. Corp. (Butler, Pa.) (quar.).i
25c
June
Pet Landowners A
June
Petroleum & Trading Corp. $1.25 partic. A__>—
3734c
Philadelphia & Darby Ry. Co.
\ '
'
June
$0.194832 per share-_______
Philadelphia & Gray's Ferry Pass. Ry.—
June
$0.469471 per share.
Philadelphia Traction Co.
June
$0.4115302 per share.
$1.3134 July
Phillips Packing 5)4% preferred (qUar.) _
10c
June
Pilot Full Fashion Mills, Inc.
Oct.
65c
6 44% cum. preferred (s.-a.)
June
15c
Piper Aircraft Corp., 6% conv. preferred (quar.)
1734c June
Pittsburgh Thrift Corp. (quar.)
June
Plaza Perm. Bldg. & Loan Assn, (Bait.) (s .-a.) _°
$3 34
15c
Plomb Tool 6% preferred (quar.)July
3734c June
Pollocks, Inc., 6% preferred (quar.)
.—
Procter & Gamble 8% preferred (quar.)
July
June
Providence Bldg. Co.' (s.-a.)
15c
Providence Gas
•
July
2c
Prudential Investing Corp-__
July
____:
Prudential Investors $6 preferred (quar.)
$134
July
20c
Nov.
Quarterly Income Shares Inc. (reduced) (quar.)
20c
Railroad Employees Corp., class A
July
'■
Class B
20c
July
20c
80c. preferred (quar.)__
July
Rand Mines, Ltd.—
4s
Ordinary bearer (payable on coupon No. 72)
4s
Ordinary registered
Rath Packing Co..
3334c July
Reece Button Hole Machine Co. (quar.)
20c
July
Reliable Stores Corp. 5% conv. pref. (quar.)
3734 c- July
June
Reliance Elec. & Engineering
1234c
Republic Investors Fund, Inc__
34c July
10c
Rhinelander Paper
July
Rich man Brothers Co. (quar.)_
75c
July
June
Ridge Avenue Pass. Ry. ($1.408415 per share)
"""50c" Aug.
Rich's, Inc. (quarterly)
Roberts Public Markets, Inc
June
10c
Saguenay Power Co., Ltd.—
..
■
534% preferred (quarterly)
\ $1.3734 Aug.
St. Joseph Ry., Lt, H. & P., 5% pref. (qu.)
$134
July
25c
June
Sangamo Co., Ltd. (quarterly)
50c
July
Sayers-Scoville Co., common—
$134
6% preferred (quarterly)
►
July
50c
June
Schwartz (B.).Cigar Corp., $2 pref. (quar.)
June
Seaboard Commercial Corp., com. (qUar.)
20c
6234c June
5% preferred^ class A (quarterly)
28c
Second Inter-State Roy Corp. A (quar.)
July
Second & Third Sts.. Passenger Ry. Co.—
June
$1.4084 per share
.s
.,
June
10c
Security Engineering, common (quartly)
June
Common (extra)
10c
Preferred (quarterly)
4334c June
Slid June
Seiberling Rubber, 5% pref. A (initial) new
__
6%
1
July
June 24
June 26
744%
6244c
3744c
Amer. dep. rets. ord. reg__
13
$134
1234c
July
July
J75c
$244
United Molasses Co., Ltd.—
June 20
$134
-----
Aug. 15 July 31
July 15 June 22
United Fruit Co. (quar.)
June 21
$5
25c
$3 preferred (quarterly)______
Old Colony Insurance
Payable of Record
38c
United Corporations, Ltd., $1.50 class A (quar.)
15
50c
—
__
Omar, Inc__
June
Share
Name of Company
Holders
When
Per
Holders
Payable of Record
July
July
July
July
July
50c
J25c
5834c
Oklahoma Natural Gas common—_
Old Colony Trust
When
June 17, 1939
71
$2H
25c
SIM
$144
$1M
July
July
July
7
June 15
June
15
June
15
June
5
June
15
June 10
June
15
June 20
May 31
June 10
1 June 16
6 June 24
5 June 24
June 22 June
6
1 June
1 June
8
July
July
July
8
1 June 13
,
Volume
14 J
Financial
Per
Name of
Arkansas Power & Light $7 preferred
$6 preferred
-—
m12Mc
June
June
luc
June
June
15c
15c
June
June
15
June
June
t20c
June
15
15
15
June 15
June 15
June 15
94
Aug.
June 23
$2M
July
July
Aug.
June
June
June
July
July
June 20
June
July
50c
June
June
M
A
SIM
$1
25c
75c
Bird Machine Co.
June
June
June
UH
$1A
July
June 30
SI H
SIM
.SIM
62c
15
15*
July
July
July
July
July
July
July
July
July
July
July
July
July
June
15
June
15
June
13
13
Colonial Ice $6 preferred (quar.)
50c
n$l
t$2
UA
45c
U2&
3 June
15
3 June 15
June 3Q June
June 30 June
1 June
2
2
July
July
July
July
1 June
10c
June 28 Juen
25c
June 30 June
25c
June 30 June
June 30 June
25c
02 Ac
25c
June 20 June
9
——
30c
July
July
July
July
July
liJune
l'June
10
20 c
20c
— ——
s——
10c
UA
50c
20c
—
Class A (quar.)..
i
50c
—
—
British American Oil Co,, Ltd. (quar.) ——
British Columbia Power, qlass A (quar.)
—
J25p
t50c
18c
Broad Street Investing Corp. (quar.)-_-_
Brunswick Balke Coilender Co.—
Preferred (quar.)
Brunswick Site Co
SIM
— —
10c
SIM
Bucyrus-Erie Co. preferred (quar.)
— Bucyrus Monighan, class A (final)
Called for redemption at $35 per share
July 1, 1939.
■
'
Budd Wheel Co. 7% preferred (quar.)
Buffalo, Niagara & Eastern Pow., $1.60. pf. (qn.)
$5 1st preferred (quar.)
Building Products, Ltd. (quar.)
——
Bulova Watch Co., Inc.___
—
Bunte Bros., 5% preferred (quar.).
—
—
j
_
45c
SIM
4i,C
SIM
17 Ac
5uC
—
SIM
:—— -
SI H
70c
—
Burdine's, Inc., $2.80pref. (quar.)_
Burlington Steel, Ltd. (quar.)
—
—
———
—
4M% B preferred (quar.)
—
— — — —
—
—
—
Consumers' Gas of Toronto (quar.).
Consumers Power Co. $5 preferred (quar.)
S4M preferred (quar.)
May 31
June
June
15
15
15
15
Aug. 15
Sept.
t3P
*75c
75C
•
tsi
111
J25c
115c
t2 5c
tlltli
tSl A
tin
t$r|
$2
t5uc
150c
SI
UA
SIM
Cannon Mills Co
25c
Capital Administration Co. $3 cum. pref. (qu.)-
75c
Carnation Co
50c
SIM
5% preferred (quar.)
Carpel Corp
50c
Carpenter steel Co
Case (J. I.) Co. 7% preferred (quar.)
Celanese Corp. of Amer. 7% prior pref. (quar.).
40c
SIM
SIM
S3M
7% cum. 1st partic. preferred (quar.)
Central Hanover Bank & Trust Co. (qu.)
Central Illinois Light, 4M% pref. (quar.)
Central Patricia Gold Mines (quar.)
SI
SIM
4c
lc
;
,
t$3,
tS3M
SIM
SIM
Dec.
Nov. 15
June
15 May 31
July 25 June 30
July 15 June 30
July
3 June 15
Sept. 15 Aug. 31
Dec.
July
July
15 Nov. 30
3 June 15
3 June 15
June 30 June 16
June 30 June 16
3 June 16
July
3 June
1 June
1 June
16
July
15
July
15
July
July 31 June 30
July 15 June 30
1 June 20
July
4
July 11 July
1 June 20
July
June 30 June 20
June 30 June 20
June 30 June 20
July
July
July
July
1 June 16
1 June 19
1 June
1 June
17
17
June 28 June 14
June 20 June 10
1 June
12
1 June
June 30 June
1 June
July
16
16
17
July
July
July
1 June 20
Continental Steel Corp
Preferred (quar.). —
15
9
June 30 June
9
1 June 10*
July
1 June 10*
July
June 30 June
15
rJune
9
15
1 June 15
1 Aug. 15
1 June 15
1 June 17
1
June 15
15
June 30 June
July
163 June 15
June 23 June
1
July
1 June 10
15
June
15
June
15
June
15
July
15
June
15
June
9
June
9
June
19*
June
16
;»im
—
June
June
June
June
15
June 30 June 16
July
July
July
July
July
July
SI.76
$1.32
1
50c
50c
12Mc
50c
25c
12Mc
25c
——
(quar.)
$2
—
Crum & Forster Insurance Shares 8% pref. (qu.)
Cuban Telephone Co. 6% pref. (initial) —
$2.
preferred
Curtiss-Wright class A
:—.'--—-—
Danahy Faxon Stores, Inc. (quar.)----------Daniels & Fisher Stores Co. (quar.)
50c
S3
C urtis Publishing Co.
------
— ---
-----
Extra
—
Dayton & Michigan RR. Co. 8% pref. (quar-X-.
Deisel-Wemmer-Gilbert
^
-
Delaware RR. (serhi-ann.)._Delta Electric Co. (quar.)
'
;
^
_
15
June
10
10
14
1 June 10*
July
July
1 June 13
5
July 15 July
Sept. 30 Sept. 20
June 30 June 20
June 30 June
July
July
15
1 May 31
15
June 30
Common
-------
15c
June 26 June
June 30 June
15
June 30 June
15
"If
SI'
SIM
5Mc
2C
25c
$2
SIM
25c
25c
75c
75c
Sept.15 Sept.
July
July
5
1 June 15
5 June 16
June 24 June
July
1 June
July
15
17
17
15
1 June 20
•Tune 30 June
10
1 July
1
1
June 20 June
16
July
July
June 24 June 15
July
5 June 20
July
1 June 20
Sept. ,1 Aug. 10 '
Dec.
1 Nov. 10
Sept.
1 Aug.. 10.
3-1-40 2-10-40
30c
15c
Dome Mines. Ltd.
-
Monthly
Dominion Coal Co., 6% pref. (quar.)
Dominion Glass, Ltd. (quar.)
Preferred (quar.)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)
—
— -
*50c
July 20 June 30
June 30 June 16
25c
-----
1 July 15
1 June 10
1 Aug. 18
Dec.
1 Nov. 18
5
June 20 June
25c
Co. (increased quar.)
Quarterly
—
Dr. Pepper
Doernbecher Mfg. (quar.)
July 31 July 17
July
3 June 15
July
3 June 15
July
3 June 15
3 June 15
July
tSIM
62 Mc
30c
38c
SIM
SIM
|$1M
-
{SIM
75c
Draper Corp. (quar.)------Driver-Harris Co. preferred (quar.)
Duke Power Co. (quar.)
Preferred (quar.)-
SIM
75c
SIM
50c
Duplan Silk Corp—
S2
du8PonMEfl0) <ieN?mours^ SL50 pref."(quar.)
-
Duquesne6Light ^^"Ist"preferred "(quar.) 11
pref. (quar.)--
Co. (quar.)—
Preferred (quar.)———
3lMc
SIM
Participating preferred (s.-a.)
Participating preferred (s.-a.)-_-_ .------ — Distillers Corp .-Seagrams, Ltd., 5% pf. (quar.)
Dixie-Vortex Co., class A
;
—
(quar.)
Dominguez Oil Fileds (mo.)
June 21 June
15c
-
(N. Y.) 7% pref., (quar.)
Deposited Bank Shares series B~l —
----Detroit Gray Iron Foundry (semi-annual)
Detroit Harvester Co—_ -—------ _x
—
Detroit Hillsdale & Southwestern RR. (s.-a.)-_Devoe & Raynolds 2nd preferred (quar,)-----Diamond Match Co.. common
*
-----
Eastman Kodak
June
June 29 June
June 24 June
50c
5oc
;
25c
—
------
Long Hook & Eye (quar.).----
Dentists Supply
50c
15 June 30
10c
Davega Stores, 5% preferred (quar.)
David & Frere Ltd., A (quar.)
De
15
15
15
S2.19
Corp. class A.
Crown Zellerbach Corp------.Crum & Forster
1
1
1
1
SIM
—
Preferred
3
July
July
July
July
SIM
SIM
SIM
SIM
— —
______
July ; 1 Jqne
June 27 June
25c
Early & Daniel Co,, oref. iquar.)Eastern Steamship Lines preferred—
May 31
June 30 June
June 30 June
25c
Eagle Picher Lead,
June 20
1 June 20
20c
90c
....
July
July
June 20 ;May 31
6
1 June 20
June 30
lm
m
$4 A cumulative preferred (quar.)
Continental Gas & Electric prior pref. (quar.)
Continental Oil (Del.).
June 30 June
June 30 June
15
15
15 June 30
15 June 30
12
1 June
Continental Can Co., Inc.—
Davidson-BoUtell preferred (quar.)..--
Ac
12
Jung 12
1 June
Aug.
July
July
July
Aug.
July
July
July
July
July
25c
S3
Nov. 24
June
15c
SIM
—
—
Dec.
June
1
1 Aug.
—
.Continental Baking Co. 8% pref. (quar.)
Continental Bank & Trust (quar.)
Crown Cork International
May 31
1 June
Sept.
J25c
—.
15
June 15
June 20
July
July
July
July
July
July
19
1 June 15
20c
— _
15
Aug. 26
1 June 16
1 June 16
SIM
-
July
June 20
1 Sept. 18
•40 Dec. 18
1-11 June 29
July
July
July
Sept.
July
July
July
SIM
75c
Consolidated Laundries Corp. pref. (quar.)--—.
June
15
Oct.
July
ljjune
Sl.M
—
16
June
19
July
75c
15
June 20
5
16
75c
June
June 20
June
—
»Central Power Co. (Del.) 6% preferred
7 % preferred
—Central & South West Utilities $7 pr. lien pref—
—
,
June 26 June
1 June
July
1 June
July
SIM
June
June 20
2c
Consolidated Bakeries of Canada (quar.)
Consolidated Biscuit Co_„
Consolidated Edison Co., N. Y.', Inc., S5 pref—
Consolidated Film Industries, $2 preferred—__
Consolidated Gas Elec. Light & power (Bait.)-
,
50c
SI
75c
Connecticut Light & Power (quar.)—
Connecticut River Power 6% pref. (quar.)
Consolidated Aircraft preferred (quar.)..
,
1
15
1 June 14
June 20 June 10
June 20 June 10
1 June 20
July
1 June 15
July
(Madison, Wis.)
July
Aug.
July
July
Sept.
1
1
1
1
tSIM
$1.55
37Mc
-
June
July
July
July
July
June
37
-
Continental Telep. Co. 7% partic. pref. (quar.)_
OA % preferred (quar.)_
Coronet Phosphate Co
——
Cosmos Imperial Mills 5% pref. (quar.)—
Craddock-Terry Shoe Corp.—
5-6 % 1st preferred (initial)
—
4-6 % 2d pref. (initial)
—
3-6% 3rd pref. (initial)
— ----- — Crandall,.McKenzie & Henderson
— ——
Cream-of-Wheat Corp
Creameries of America, Inc. (quar.)
Orowell Publishing..
15 June 30
1 June 19
July
—
—
15
17
75c
-— —
—
1 June
3 June
Jupe 10
<—
Canada Wire & Cable, class A (quar.)
-- —
Class A (quar.)
Canadian Canners, Ltd., 1st pref. (quar.) — —
2d preferred (quar.)—
I
—
Canadian Car & Foundry Ltd.,.prefs (no action)
Canadian Celanese, LtdPreferred (quar.)__
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
Canadian Foreign Investment, Ltd., pref. (qu.)_
Canadian General Electric (quar.)
Canadian Industries, Ltd
—
7% preferred (quar.)
———
Canadian Oil Cos. preferred (quar.)
Canadian Wallpaper Mfrs. class A and B
Canadian Westinghouse, Ltd. (quar.)
Canfield Oil Co
6% preferred (initial quar.)
—
7% pref. (quar.)
—
July
July
July
July
June
40c
'
Canada Packers, Ltd. (quar.)—.___—
3| June 15
50c
75c
— —
Canada Northern Power Corp. (quar.)
15 June 30
June 30 June 16
1 June 15
July
35c
15c
— -
lO
15 June 30
July
July
July
July
July.
■
•-.
Burry Biscuit Corp. 6% preferred (quar.) ———
Calamba Sugar Estates (quar.)
i
--Preferred (quar.)
——L—
California Ink Co. (quar.)
—
Camden & Burlington County Ry. (s.-a.)-_
Canada Cement Co., 6M% pref
Canada Cycle & Motor Co. 5% 1st prior pref—
Canada & Dominion Sugar Co., Ltd.—
New (quar.)
New (quar.)___—;
— —
—
— Canada Malting Co., registered (quar.)-i-_ —
—
1 June
July
July 31 July
July 31 July
1 June 16
July
June 30 May 31
1 June 10
July
,
51.06 M
SI
51.06 H
-
1 June
15
16
19
19
15
15
15
-
6% preferred
Commonwealth Utilities, 7% pref. A (quar.)
6 % preferred B (quar.)—6 A % preferred Cf (quar.)
Connecticut Gas & Coke Securities pref." (qu.) —
Connecticut General Life Insurance Co. (quar.) _
15
15
50c
—
Commonwealth Telep. Co.
15 June 20
July
1 June 14
June 30 June
SIM
—
_
15|June 23
1
1 June
June 24 June 14
June 26 June 15
1 June 20
July
1 June 12
July
'
4M% convertible preferred (quar.)..
Commercial Investment Trust Corp. (quar.)
S4M convertible preference (1935) (quar.):..
Commonwealth Petroleum (initial)--——Commonwealth & Southern Corp preferred.
llJune 10
July
July
July
July
15
75c
•Colt's Patent Fire Arms (quar.)_
Commercial Credit Co. (quar.)
10
2
June 30 June 20
June 30 June 20
15
SIM
$5.80
S3
SIM
SIM
i
$7 preferred (quar.)
15
8
1 June
———
,
Class A (s.-a.)
2
1 June 20
June 28 June 20
SIM
SIM
■
June
1 June
2
July
July
25c
Coca-Cola International Corp. (s.-a.)
x,June 15
June 26 June
June 26 June
30c
•;
Class A (quar.)
June 30
8
June 30 June
50c
Colgate-Paimolive-Peet pref. (quar.)
June
25c
SIM
SIM
$3 A
9
1 June
20c
Coca-Cola Co
14
—
3 June
1 June
July
July
July
75p
June
—
June 26 June 15
1 June 15
July
30c
_
—
June
Brazilian Traction, Light & Power, pref. (quar.)
Bridgeport Gas Light Co. (quar.)
—
Brillo Mfg. Co., Inc. (quar.)
$6 prior lien preferred
10
June
SIM
r
Extra
10
June
—— ------ —
(quar.)—
7% preferred (qqar.)
7
June
_
I Holders
When
Payable of Record
July
July
$2 A
SIM
Extra.
5% preferred (quar.)..
June
il4
ii7i
_
40c
— -
Brach (E. J.) & Sons (quar.X--
$4.50 preferred (quar.
Climax Molybdenum Co
Clorox Chemical Co. (quar.)_
7
July
02 Ac
-
Boston Electric Ry. Co.. (quar.)
Bower Roller Bearing Co——
—
June
_
June
:
-,—
SIM
SIM
SIM
SIM
$10
$1.12
-
5oc
— ------
* - u
62m
-
June 23
60c
(quar.)—,r-
;-
S2M
SIM
—
20c
-—-
Borg- W arner Cor p.___
Boston & Albany Railroad Co__
.
15
10c
Brass
Bralorne Mines, Ltd.
Extra
June
Cluett.Peabody & Co., Inc. (interim)
Preferred (quar.)
tSl
tSIM
5% preferred (quar.).
25c
Cincinnati New Orleans & Texas Pacific
June' 27
July
July
July
July
July
July
22C
,
—
Bon Ami class A (quar.)—
Class B (quar.)
SIM
.
Cincinnati & Suburban Bell Tel. Co. (quar.)
Cincinnati Union Terminal 5% pref. (quar.)——
5% preferred (quar.)
•_
5% preferred (quar.)
Citizens Wholesale Supply preferred
(quar.)
City Ice & Fuel Co
Clearing Machine Corp.
;
Cleveland Electric Illuminating (quar.)
June 20
— -------
(quar.)_
&
5 1
June
—
_
SI
$1
50c
— ..
10
5uc
—
Black & Decker Mfg. Co. common
Bliss& Laughlin
—*
Bohn Aluminum
June
July
37 Ac
_
50c
Chicago June. Rys. & Union Stockyards
6% preferred (quar.)
Chicago Pneumatic Tool, $2.50 prior pf. (quar.)
S3 convertible preferred (quar.)
Chicago Towel Co....
Preferred (quar.)
Christiana Securities, pref. (quar.)
Cincinnati Gas & Electric preferred (quar.)
12
15
37 Mc
37 Ac
25c
5% preferred (quar.)__—
7% preferred —•
_•
B-G Foods, Inc., preferred.
Bird & Son, Inc. (quar.).--
35c
Extra
Extra.
3
June 20
25c
Extra
Belding-Corticelli, Ltd. (quar.)
3c
SIM
...
___
Preferred (quar.)
;
Bell Telephone.of Canada (quar.) —--------Bell Telephone of Penna., 6M % pref. (quar.)_
Beneficial Industrial Loan
,
Prior preferred (quar.) —
____
Bethlehem Steel Corp. 7% pref. (quar.)
■
June
SIM
1
Chicago Flexible Shaft (quar.)
June
til H
Tube
Share
Company
Champion Paper Fibre & Co. 6% preferred (qu.)
Chesapeake Corp. (liquidating)
Chesapeake & Ohio Ry
Preferred series A (quar.)
Chesebrough Mfg. Co. (quar.)
14
12
-
5% preferred w. w. (quar.)
5% preferred x-w__
Atchison Topeka & Santa Fe By- 5% pref.
Atlanta Birmingham & Coast RR.—
5% preferred (semi-annual)
Atlanta Gas Light 6% cum. pref, (quar.)
...
Atlantic Refining Co., 4% pref. A (quar.)
Atlas Corp. common (quar.)
Autocar Co., preferred (quar.)
Automobile Insurance (Hartford) (quar.)
—
Averv (B. F.) & Sons, 6% Pref. w. w....
_6% preferred x-w
,—
Badger Paper Mills (irregular)
,— —
BakeliteCorp. 6M % pref. A (quar.)
;
Baldwin Co., 6% pref. (quar.).
--BancOhio Corp. (quar.)---—,
-—
Bangor & Aroostook RR. Co. (quar.)
5%'cbnv, preferred (qiiar.)
—Bangor Hydro-Electric Co., 7% pref. (quar.).
6% preferred (quar.)
Bamcof America N.T. & S. A. (quar.)..
Bank of the Manhattan Co. (quar.)
:
Bankers Trust Co. (quar.)__
Bastian-Blessing Co
x
-Preferred (quar.)
—-— -Beatrice Creamery Co
$5 preferred with warrants (quar.)
Bayuk Cigars, Inc., 1st pref. (quar.)
______
Beatty Bros., 2d preferred (s.-a.)
Beech Creek RR. (quar.)__
—
Beech-Nut Packing Co. (quar.)
Central
June 15
June 15
June 15
July
July
June
Art Metal Works
Asbestos Corp., Ltd. (new initial—quar.)
Extra
:
Assoc. Breweries of Canada (quar.)
Preferred (quar.)
Associates Investment Co. (quar.)
Per
Name of
Payable of Record
$i
Armstrong Rubber Co. class A & B
Arnold Constable Corp
3639
Holders
When
Share
Company
Chronicle
——
SIM
SIM
SIM
SIM
Aug.
July
Sept.
July
July
July
July
July
Aug.
July
July
July
July
July
SIM
June
+50c
July
July
July
SIM
SIM
15 June 30
1 May 27
1 June 20
1 June 15
1 June
15
15 Aug.
4
June
15
July
July
10
10
1
25
25
15
1
30
1
1
1
June 15
June
15
June
20
June
23
June
5
June
5
Financial
3640
June 17, 1939
Chronicle
Per
Name of
Name of Company
20c
Management fund P
Ecquadorian Corp
--Egry Register Co. 5A% pref. (quar.)
Electric Boat Co
Electric Controller & Mfg
Electrical Products Corp
Electric Storage Battery Co
12
Harbison-Walker Refractories Co 6% pref.(qu.)
MA
June 24 June
15
10c
3c
fund A-l__.
Management fund B__
June 24 June
20c
Eaton & Howard, Inc. management
June 24 June
12
Harding Carpets, Ltd---Harrisburg Gas Co., 7% pref.
Harshaw Chemical Co
SIX
July
1 June 10
June 20 June
June 21 June
60c
10
7*
50c
60c
June 30 June
50c
Preferred
ElPaso Natural Gas Co
1 June 20
July
1 June 20
June 30 June
9
July
July
25c
Elgin Sweeper Co. $2 prior pref. (quar.)
40c. cum. pref. (quar.)
Elizabeth town Consolidated Gas (s.-a.)
Elmira & Williamsport KR. (s.-a.)--.-.
—El Paso Electric Co. (Del.) 7% pref. A (quar.)..
El Paso Electric Co. (Texas) $6 pref. (quar.)——
10c
S2X
$1.60
50c
...
—
Ely & Walker Dry Goods 1st pref. (s.-a.)
2d preferred (s.-a.)
Emporium Capwell Corp
—
AA% pref. A (quar.)_.—
—
4H% preferred A (quar.)
AA% preferred A (quar.)—t
7% preferred (semi-ann.).
--Engineers Public Service, $6 preferred (quar.) —
S5A preferred (quar.)
$5 preferred (quar.)
—
Excelsior Insurance (N. Y.)
Ex-Cell-0 Corp
Falcon bridge Nickel Mines
Falstaff Brewing Corp. (quar.)..-Preferred (s.-a.)
—
—
FamiseCorp. (quar.) —
Famous Players Canadian (quar.)
Fanny Farmer Candy Shops—
Faultless Rubber Co. (quar.)
$3$3
30c
56 Ac
56 Ac
July
9
1 June 23
1 June 23
June 30 June 21
July
1 June 20
July
July
July
July
July
July
July
15 June 30
15 June 30
Oct.
2 Sept. 21
2 Dec. 21
56 Ac
Jan.
$1A
$1%
SIX
July
July
July
1 June
15
15
1
1
16
July
July
3
3
June
17
June
22
Sept. 23 Sept. 13
—
15c
July
June
15c
3c
1 June 16
1 June 16
15
1 June 10
30 June 14
1 June 20
June 30 June
15
25c
75c
June
35c
July
35c
Shops. Inc. (irregular)
5% preferred (s.-a.)-.:—
Federal Insurance Co. (N.J.) (quar.)
1 June 15
I June 15
June 30 June 13
2 Sept. 21
June 20 June
5
25c
•
—
25c
60c
Jluy
July
July
July
25c
June
50c
Ferro-Enamel Corp.
16
1 June 20
Oct.
15c
—--—
Extra
30 June
3 June 14
3 June 14
July
20 June
10
9
1 June
June 30 June 15
Fidelity & Guaranty Fire Corp
50c
Fifth Ave. Coach Co. (quar.)..
__s25c
July 25
Filene's (Win.) Sons Co.
st.isx July 25
Preferred (quar.)
J
- — 15c
June 30
Finance Co. of Amer. (Bait.), com. A & B (qu.)
8Mc June 30
7% preferred class A (quar.)
Directors have elected to redeem all outstand¬
July
July
15
21
June 20
N. J.) (qu.)_
—
First State Pawners Society (quar,):
Fisher Flour Mills preferred (quar.) —
Idaho-Maryland Mines Corp. (mo.)
—
A (quar.)
15
June
15
June 20*
125c
June
S2X
Sept.
July
May 27
Aug. 19
15
25c
July
July
July
June
20
MX
MA
t20c
June 20
June
15
Gemmer Mfg. Co., class A.
75c
General Mills, Inc. common
87 Ac
Aug.
MA
July
Aug.
July
July
July
MA
,
Great West Life Assurance Co
Great Western Sugar Co., preferred (quar.)
Common (quar.)
July
9
10
25 June 23
14
15
June
15
50c
50c
Oct.
15c
June 30 June 15
3
Aug.
July
June
12
July
15
June 24
June 20
liSept.
20
15
June
16
SIX
July"
July
July
July
July
June
5c
June 20
June
17
June
17
International Salt Co.
s._.
13
June 27 June 20
July
$1
my*
July
July
July
Hi A
July
mx
1 June
15
1 June 20
June
15
June
15
June
15
30c
Sept.
1
1
1
1
30c
Dec.
1 Nov. 10
25c
$1
__
—
Preferred
163c July
*62 ^c July
75c
July
June
15
June
15
June 21
June
June
June
10
14
June
14
July
July
July
June 20
June
June
15
June
15
June
9
July
July
July
July
June
15
June
17*
June
June
July
July
July
July
June 30
June 21
June 21
9
June 30
June
9
June
15
July
June 20
June
June
16
July
July
July
July
June
10
June
15
June
25
June
15
June 30 June
15
June 30 June 15
1 June 30
July
SIX
six
SI A
SIX
$1A
SIX
$1A
SIX
—
Extra
July
July
SIX
—
10
$2
$1A
^
Co. (quar.)__
Light Co. 1st pref. B
Kansas Electric Power 7% preferred (quar.)
6% preferred (quar.)
Kansas Power Co., $7 preferred (quar.)
$6preferred (quar.)__
Kansas Utilities Co. 7% pref. (quar.).
Kaynee Co. 7% preferred (quar.)
Kayser (Julius) &Co_
1_.
Katz Drug Co., pref. (quar.)__'_
Kaufmann Dept. Stores, pref. (quar,)
Kearney (J. R.) Corp. (quar.)
——
Preferred (quar.)_
Keith-Albee-Orpheum Corp., 7% conv; pref
Kemper-Thomas, 7% special pref. (quar.)__
7% special preferred (quar.)
Kennecott Copper Corp
—
Kerlyn Oil Co.. class A (quar.)
Keystone Public Service preferred (quar.)—,
Kimberly-Clark Corp. (quar.)
10
35c
SIX
Joliet & Chicago RR.
Kansas City Power &
30
tt50c
Hi A
3%
MX
June
July
10c
a_———
Jewel Tea Co.. Inc
—:
Johns-Manville Corp. 7% pref. (quar.)
June
SI A
3
Aug.
1 July
July
1 June 30
July
3 June 15
July 15 June 30
July
1 June 15*
July
1 June 15
25c
———
June
50c
_
Extra
June
50c
Hancock Oil Co, (Calif.) A & B (stock div.)
Hanes (P. H.) Knitting 7% pref. (quar.)_
■
July
25c
Hammermill Paper Co., 4A% cum. pref.
(qu.)
Hamilton Cotton Co. Ltd.,
conv.jpref
Hamilton United Theatres Ltd., 7 70 pref
—
July
$1 A
$3
37 Ac
37 Ac
$2
(
(quar.)
Investors Corp. of R. I. $6 preferred (reduced)—
Iowa Southern Utilities (Del.)7% pref
6A% preferred.
6% preferred
——
Iron Fireman Mfg. Co. (quar.)
Quarterly
Irving Air Chute (quar.).."
June
43 He
—
*
International Silver Co., preferred.
MA
$100
______
MA
mx
—
;
June 20 May 31
June 30 May 31
mx
pref. (s-a.)
(quar.)
International Shoe Co_
15 June 20
10c
150c
—
62 Ac
tnx
t$2A
3%
Guaranty Trust Co. of N. Y. (quar.)
Gulf Oil Corp
Gulf Power Co. $6 preferred (quar.)_
Hackensack Water pref. A (quar.)__
Halifax Fire Insurance Co. (s.-a.)
June 20
1 May 23
Aug. 10
16
June
20c
Guarantee Co. of North Amer. (quar.)
Extra
40c
July
July
1 June
June
80c
>
13
15
14
$3
*15c
Greening (B.) Wire Co.. Ltd. (quar.)
Greif Bros. Cooperage Corp., class A
Greyhound Corp
5A% preferred (quar.).
Group No. 1 Oilp
t30c
-
Jersey Central Power & Light, 7% pref. (qu.)—
6 % preferred (quar.)
5A% preferred (quar.),
June
50c
20
16
13Hc
Greene Railroad Co. (s.-a.)
22
1 June
June 20
3H%
MX
12
June
June
June 30 June
July
July
July
July
July
July
25c
June
25c
June
50c
June 22
Jefferson Electric
15
$1*4
June 22
l'June 17
15
56i4c
•
15
June
40c
37 Ac
3
3
1
10
1
1
June
June 20
MX
MA
——
July
July
July
July
July
July
1
June
30c
$4
1, June
1 Tune
July
75c
15
July
June
MX
15
'July
1 June 15
2 A% jJuly
l May 31
1' c [.Tune 27 June 20
July
July
9*
10
50c
MA
10*
June 30 June
10c
10*
75c
10c
June
June 30 June
15c
l'June
llJuly
June 20
$1A
MA
1 June
June
Irving Trust Co. (quar.)______
llJuly
July
July
Aug.
July
MX
—
— —
LJune
June 20 June
July
July
50c
Insuranshares Certificates, Inc."
1 June 10
10c
$1A
MX
Investment Co. of America
July
66c
_
7% preferred-.
;—
International Ocean Telegraph Co. (quar.)
1
2c
June
June
$2
International Power, Ltd., preferred
International Products Corp., $6%
1
■;
July
July
July
S1A
International Mining Co
'
-~
International Nickel Co. Canada, Ltd..
1
June 20
30
1-2-40 Dec. 30
9
$1H
12Ac
June
l'June 20
MA
2 Sept.
June 30 June
June
July
25c
—
June
July
July
July
25c
Oct.
XMX
tlOc
$1A
$1X
10
19
$3
'.
June
General Box Co. (s.-a.)
General Candy Corp., class A
General Electric Co
•___
6% preferred (quar.)
i
General Motors Corp., $5 pref. (quar.)
General Paint Corp. preferred (quar.)__
General Printing Ink Corp
$6 cumulative preferred, (quar.)_»
General Public Utilities, Inc.—
► $5preferred (quar.)___
General Railway Signal, preferred (quar.).
General Telephone Allied Corp., $6 pref. (qu.)
Genera!-Telephone Corn., $3 conv. pref. (quar.)
General Telephone Tri Crop
General Time Instruments, pref. (quar.)
General Tire & Rubber 6% pref. A (quar.)
General Water, Gas & Electric Co
S3 preferred (quar.)
Georgia Power Co., S6 pref. (quar.)_
S5 preferred (quar.)
Gibralter Corp. of Amer. 6% partic., pref
Gibson Art Co. (quar.)
Quarterly
Gillette Safety Razor
$5 convertible preferred (quar.):
/--Glens Falls Insurance Co: (quar.)
Glidden Co., 4 A% conv. pref. (quar.).
Globe Wernicke Co., preferred (quar.)
Godchaux Sugar, Inc,, class A
Preferred (quar.)
Goebel Brewing Co
Gold & Stock Telegraph Co. (quar.)
Goldblatt Bros., pref. (quar.)
Goodyear Tire & Rubber (Canada) (quar.)_____
Preferred (quar.)
Gorton-Pew Fisheries Co. (quar.)
Grand Rapids & Indiana Ry. (semi-annual)
Grant (W. T.) Co. (quar.)
5% pref. (quar.)
l$3X
t$3X
1
3 June 15
1 June 10
Educational Publishing Co.—
June
$1^
MA
25c
1 June 12
3 June 30
July
July
25c
—
....
$3.50 preferred
International Harvester Co. (quar.)
July
$1.:
15
26
July
July
Intercolonial Coal Co. (s.-a.)
Preferred (semi-ann,)
July
—
June
1 June 20
June 30 June
—
June
June
26
June 21 June
6% preferred (quar.)
June
30'June 15
July
$2
(s.-a.).--
Imperial Life Assurance (Can.) (quar.). —
Quarterly —;
;
Quarterly—
Imperial Tobacco of Canada, ordinary.
Indiana General Service Co. 6% pref. (qu.)-—^
Indiana & Michigan Electric 7% pref. (quar.) —
6 % preferred (quar.)
;—
—
Indianapolis Power & Light, 6A% Pref. (quar.)
7c
June 30 June
June
5c
—
$1A
June
1 June 22
1 June 20
June 26 June 10
July
1 June 20
June 26 May
July
2 June
.
International Cellucotton Products (quar.).
June
July.
July
$2
Humble Oil & Refining (quar.)
Huron & Erie Mtge. Corp. (quar.)..
Hygrade Sylvania Corp
________
19
General American Investors, $6 pref. (quar.)
General American Transportation Corp—
15c
June
5 A % preferred (initial quar.)
—
25c
June 26 June 20
*7 5c
37Mc
IM
37 Ac
19
....
MA
62 Ac
June
15c
1 June 20
Co
Houdaille-Hershey class A (quar.).
Class B (interim)
Howe Gas & Electric preferred (quar.).
Hudson Bay Mining & Smelting Co., L td.
Extra
3
1 June 17
July
20c
Illinois Bell Telephone.
Illinois Central RR. (leased lines)
1 June 16
3
17 June
17 June
July
37 Ac
30c
Horn & Hardart Baking
Interlake Steamship Co
International Business Machine.
Fuller Brush 2d pref. (quar.)
•—
Gannett Co., inc., $6 conv. preferred
—
Co
Co. (N. J.) (quar,)—__
Hoover Ball & Bearing
3 June
6 June l6
15c
(quar.)
15
—-
June
15
15
MA
(D. H.) Co. Ltd. (quar.).
Home Gas & Electric Co. 6% pref.
Homestake Mining Co. (monthly)
June
15
15
June
5c
June 20
June
15
5c
Extra.
International
17
June 30 June
July
1 June
July
July
July
50c
July
July
July
July
July
25c
1
$1A
12Ac
June 26 June
MA
— ...
June
37 Ac
25c
17
$5 convertible preferred (quar.)
Hollinger Consol. Gold Mines, Ltd—
$1X
$1X
25c
20
June 26 June
.
Insurance Certificates, Inc..
50c
13
June 30 June
—
—
10
MX
31 AC
25c
June 28
Extra
Haloid Co
5% preferred (quar.)
Hinde & Dauch Paper Co
5% convertible preferred (quar.)
Hinde & Dauch Paper Co. (Can.) (quar.)
July
July
6
l June 10
15c
*—.
June 23
June
1 June
June 24 June
Indianapolis Water Co., 5% cum. pref. A (quar.)
17
July
4<>c
—
Hibbard, Spencer, Bartlett & Co. (mo.)
Furnace
15
l June 15*
2 June 10
July
(quar.)
Hoskins Mfg.
June 30 June
July
July
June 30 June 20
MX
Hickok Oil Co.; prior preferred (quar.)
Holfnes
June 30 June 26
June 20 June 10
June 30 June 20
Co. (quar.).
Hercules Powder Co—
Holland
July
6
3 June 15
15 June 30
1 June 23
20
June 30 June 20
(quar.)..
Preferred
July
July
July
July
10c
-
June
25c
Gatineau Power Co. (quar.)
5 % preferred (quar.)
Preferred
>.
Helme (Geo. W.)
Holders
When
Payable of Record
A3 Ac
Co. (quar.)
1%
87 Ac
62 Ac
—-
4A% conv. preferred (quar.)
r.
Foresight Foundation, Inc., class A (s-a.)
Ford Motor of Canada, A. & B. (quar.).._._.—
Fort Wayne & Jackson RR., pref. (semi-annual)
Foster & Kleisdr Co. 6% class A pref. (quar.) —
Fox (Peter) Brewing Co. (quar.)j
;—...
Fruehauf Trailer Co
(quar.)
Heller (Walter E.) &
Extra
5% conv.preferred (quar.)._•__Ingersoll Rand Co., 6% preferred (s.-a.)_.,
Institutional Securities,, bank group shs. A——
...
(quar.)—
Hedley Mascot Gold Mines Ltd.
June
Food Machinery Corp
Preferred
—
Industrial Acceptance Corp. $2 class
»
Class B
20c
*60c
$1 A
*3c
July
Finance Co. of Pennsylvania (quar.)
First National Bank (Jersey City) (quar.)
Florsheim Shoe Co. class A
25c
MX
7% preferred (quar.)
June 20
ing 7% class A [pref. stock, par $5, at S5A
per sh. plus accrued divs., on July 10.
First National Bank (Toms River,
First National Stores (quar.)
10c
(quar.)
Harvey Hubbell, Inc. (quar.)
Hayes Steel Products, preferred
Hazel-Atlas Glass Co
16
Aug. 31 Aug. 16
Nov.
1 Sept. 15
July
t25c
37Hc
1 June
June 30 June
20c
t7Ac
Federal Bake
Quarterly
;
Federal Mogul Corp.-.:
Fernie Brewing Co..
Share
Company
July
July
July
6
1 June 16
3 June 22
June
14
June
15
June
_
15
June
20
June
20
June 21
30 June 20
June 26 June
9
1 Jurte 15
July
July
1 June 20
75c
Jqjy
1
SIX
■SIX
six
July
1 June 15
1 Aug. 22
.
25c
834c
70c
25c
June 3^ June
Sept.
Dec
June
July
July
July
July
July
1
June
10
20
Nov. 21
30 June
2
1 June 10
1 June 15
1 June
13
1 June 13
1 June 13
Extra
Lambert Co
(quar.)
Quarterly
Langendorf United Bakeries class A (quar.)
Class B (quar.)
Class B (extra)
Preferred (quar.)
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
I^high Portland Cement Co. 4% pref. (quar.) —
Lehman Corp
<
Libby, McNeil & Libby 6% preferredi.
Liggett & Myers Tobacco, preferred (quar.)
Lincoln National Life Insurance (quar.)
Quarterly
July
July
July
1 June 15
1 June 15
1 June 15
25c
—
Koppers Co., 6% preferred
Kresge Dept. Stores preferred (quar.)
4% 1st pref. (quar.)
Kroger Grocery & Baking Co. 7% pref. (quar.).
6% preferred (quar.)
Lackawanna Railroad of New Jersey
Lamaque Gold Mines, Ltd. (quar.)
Landis Machine Co.
July
July
July
July
July
MA.
SIX
12Ac
25c
Klein (D. Emil) Co...
Kleinert (I. B.) Rubber
1 June 10
1 June 10
1 June 10
June 20 June
June
30c
$1A
SIX
SI A
SIX
(quar.)__
. —
Kings County Lighting 7 % pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)__._ —
July
July
July
15
Tuly
1
June
20
10c
June 30 June
15
75c
July
July
$1
$1
SIX
$m
$i
lOC
10c
37Ac
25c
June
Aug.
1 June 15
1 June 20
30 June 20
July
20
July
Tune
17
July
July
July
July
Aug. 15
June
12
1
_
June
9
Tune
9
June
17
Aug.
5
2.5c
Nov. 15 Nov.
4
50c
June 24 June
14
30c
5c
June 24 June
14
June 24 June
14
June 24 June
14
75c
2c
June
30 June
62Ac
July
1 June
15
July
1
June
14
July
July
7 June 23
July
1 June l3
1 July 27
*1
20c
$3
$13^
30c
I Aug.
30c
Nov.
1 June
1 Oct.
10
16
27
Volume
Per
Name of Company
Lincoln
Share
Per
Holders
When
Name of
Payable of Record
50c
25c
(quar.)
6% preferred (quar.)
Lindsay Light & Chemical Co., preferred (quat.)
SIX
1X%
Link Belt Co
June
3
June 15
June 15
June 30
June
20c
July
50c
Sept.
50c
Dee
Nov. 24
July
June
Little Schuylkill Navigation ER. & Coal
Lock Joint Pipe Co. (.monthly).
Locke Steel Chain Co. (quar.)
$1.05
16
06c
June
June 20
30c
June
June
Sept.
Sept. 25
June
June 20
$3X
preferred (semi-ann.)_
Loew's, Inc. (quar.)_,
Dec.
50c
-
15
50c
June
t$3 34
June
June
17
75c
June
June
12
SIX
Sept.
Longhorn Portland Cement Co.—
5% refunding
Extra
25c
-
-
July
18
July
June
17
30c
SIX
(quar )
37 Xc
Louisville Gas & Electric Go. class A (quar.)
Glass B
Dec.
Aug.
six
S2X
.
Lord & Taylor (quar.)
Lorillard (P.) Co. (quar.)
Preferred
Nov. 20
25c
_
Loose-Wiles Biscuit Co
5% preferred.5% preferred (quar.)--
Dec.
six
5% refunding partic. preferred (quar.) j
Extra
Sept.
25c
--
~---p
Aug. 21
Aug. 21
$1*
preferred (quar.)
par tic.
-
Nov. 20
Oct.
June
June
15
May 31
Mhy 31
Preferred
June
1X%
-
July
July
July
July
6% preferred (quar.)
6% preferred (quar.)
June 30
Oct.
Sept. 22
134%
IX %
SI H
SIX
SIX
,40c
S3
43Xc
4334c
—
"—
-
;
-
Preferred (quar.)
Lykens Valley RE. & Coal (s.-a.)
Lynchburg & Abingdon Telegraph (s.-a.)—-—
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.)--McColl-Frontenac Oil, pref. (quar.)
McKee (Arthur G.) class B (quar.)
------ —
—
—_
tsix
25c
75c
Extra
SIX
Magnin (I.) & Co., pref. (quar.)
Preferred
(quar.)
Manischewitz (B.) Co
Preferred (quar.)
SIX
-—
'
$1
SIX
2
June 30
June 20 June
July,
1 June 15
July 15 July
1
July
1 June 15
50c
50c
Mapes Consolidated Mfg. (quar.)
Margay Oil Corp. (quar.)
Marine Midland Corp__
Marine Midland Trust Co. (quar.)
Marion-Reserve Power, $5 pref. (quar.)
L_
10c
-
July
25c
:
-
June 20 June
1 Aug. 16
1 June 15
1 June 15
20c
Metropolitan Edison Co., $7 prior pref. (qu.)_—
$6 prior preferred (quar.)
*
$5 prior preferred (quar.)
$7 preferred (quar.)
$6 pref. (quar.)__
—
$5 preferred (quar.)
Meyer-Blanke Co. 7% pref. (quar.)
Michigan Assoc. Telep. Co. 6% pref. (quar.)--Michigan Silica Co
Mickelberry's Food Products preferred (quar.) —
Middlesex Water Co. 7% pref. (s.-a.)
Midland Grocery 6% preferred (s.-a.)
—
Midland Steel Products
Mid Vale Co
15
June 30 June
19*
July
July
July
July
July
SIX
25c
_
8% 1st preferred (quar.)
$2 non-cumulative.-
June 26 June
25c
•
—
July
25c
Merck & Co
July
75c
Memphis Natural Gas
Merchants & Miners Transportation Co-
Sept.
75c
Extra
—
flM
60c
S3X
S3
■*.
—,
—
six
SIX
SIX
SIX
SIX
six
SIX
.,
:——
50c
$2
50c
SI
-
Minneapolis Gas Light Co.—
$5 preferred (quar.)
Mission Corp
^
_
Mississippi River Power Co. 6% prer
Mitchell (J. S.) & Co., Ltd., 7% pref. (quar.)_.
Mock, Judson, Voehringer Co., Inc.—
7% cumulative preferred (quar.)
Mode O' Day Corp
—
Modine Mfg. Co
Monongahela West Penn Public Service, pref—
Monroe Chemical Co., preferred (quar.)
—
Monsanto Chemical Co., S4X pref. A (s.-a.) —
Preferred B (s.-a.)
i
Montana-Dakota Utilities
.
T
July
July
July
31
31
31
31
31
June
31
15
July
July
July
July
July
July
July
$1*
25c
SIX
SIX
June
23
June
15
June
16
June
16
June
16
June
17 "
1st
SIX
15c
July
June
Nov. 10
July
July
June
15
July
June
15
25c
July
June
9
SIX
July
June
16
July
July
July
Sept. 30
June
8
SIX
SIX
SIX
June
8
—
si x
2-2-40
(quar.).--—
S2X
—
—
6c
SIX
SIX
40c
.
-
50c
SIX
(quar.)
Morristown Securities
Corp—
Mother Lode Coalition Mines (irregular)
Mountain Fuel Supply Co. (irregular)
Muskegon Piston Ring
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% preferred (quar.)
—
6% preferred (quar.)
Mutual System, Inc., pref. (quar.)
10c
2-2-40
July
1 June 12
June 30 June 15
July
June 3o June
June 20 May 25
June 30 June 12
SIX
SIX
June 28 June
six
Dec. "28 Dec
50c
5% preferred A ww
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Candy 1st & 2nd preferred (quar.)
National Cash Register
National Casket Co.. preferred (quar.)
National Dairy Products (quar.)
Preferred A & B (quar.)_.
National Discount Corp. (quar.)
5% preferred (quar.)
National Grocers Co., $134 pref. (quar.)-
National Lead Co
.—
National Oil Products (interim)--:
National Standard Co
15
June 26 June
July
21
15 June 30
15 June 30
July
July
93 Xc
9
Sept. 28 Sept. 21
6c
—
15
3 June 15
75c
Common
Myers (F. E.) & Bro. Co
Nashville & Decatur RR. guaranteed (quar.)
National Biscuit Co. (quar.)
National Bond & Investment Co
15
10c
15
1 June 20
4nc
—
July
15 June
13
20c
June 21 June
10
SIX
t50c
J 44c
SIX
June 21 June
10
July
July
July
July
3
3
1
15
June 15
June 15
June
12
25c
June
30
SIX
20c
SIX
50c
SIX
37 Xc
12,m
25c
37 Xc
June 30 June
15
1 June
1 June
1
July
July
1
June 30 June 20
June 30 June
Juiy
1 June
20
lO
June 30 June
16
1 July 21
June 30 June 20
July
1 June 15
Aug.
June 20
June
June
15
30
June
15
June
15
June
10
July
July
June
17
July
July
May 31
June
15
July
June
July
July
July
July
July
June
15
15
15
June 21
June
15
10
10
July
July
July
July
July
June
16
June
15
June
June
June 21 June 14
June 30 June 13
$134
$134
$2
tsix
15c
— -----
$134
125c
tsix
50c
8734c
6234 c
10c
32 34c
SIX
25c
tsi
50c
$1
15c
June 15
June
15
June
15
15
June 20 June
1 June 15
3 June 15
June
20 May 26
July
June 20 May
July
July
July
July
July
1 June 19
15 June 30
June 28 June
1
Aug.
July
—
June 2
June 30 June
Oct.
%IX
50c
i---
75c
7 34c
—
12
15 July
3
15 June 30
1 June 15
40c
Six
—
15
June 27 June 16
15
1 June
July
June 27 Jdne
50c
I
17
June 30 June 20
July 15 June 30
July
July
July
July
$134
,
26
1 June *6
6
1 June
1 June 15
15c
—
9
July
75c
—
—
20
June
...
1 June 15
June
1
1
17
Sept.15
Nov. 15 Nov.
4
1 June 15
July
5
Aug. 15 Aug.
June 30 June 16
July 25 July 11
June 21 May 24
- - - - - --,
■_
'
1st
70c
SIX
six
SIX
six
SIX
*
preferred (quar.)
Philadelphia Electric Power,
- —
pref. (quar.) —
Co. (Hartford) (quar.) _
Pickle Crow Gold Mines (quar.)
Pictorial Paper Package Corp
Piedmont Mfg. Co—
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh, Bessemer & Lake Erie—
(Semi-annual)
Pittsburgh Metallurgical Co —
Pittsburgh Fort Wayne & Chicago (quar.)_—r.
7% pref. (quar.)—
—
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass
Pittsburgh Thrift Corp. (quar.)
Plough, Inc
Plymouth Oil Co. (quar.)
Extra (stock dividend)... .
- Plymouth Rubber Co., Inc.. 7% pref. (quar.) —
Pocahontas Fuel, pref. (semi-ann.)
Pollock Paper & Box, 7% pref. (quar.)
7% preferred (quar.) —
Phoenix Insurance
SIX
- _,— -
$7 conv. preferred (quar.)...
—
Pennsylvania Power Co. $5 preferred (quar.) —
Pennsylvania Power & Light $7 pref. (quar.)
$6 preferred (quar.).
$5 preferred (quar 4/T
■
Pennsylvania Telep. Corp. 6% preferred (quar.)
Pennsylvania Water & Power (quar.)—
—
Preferred (quar.)
Peoples Drug Stores (quar.)..
Special—-----------Peonies Gas Light & Coke Co—
Perfect Circle Co. (quar.)
——
Perron Gold Mines, Ltd. (quar.)...,j
Pet Milk Co.' (quar.)-Peter Paul, Inc.
;
Peterborough RR. (s.-a.) —
Petroleum Corp. of America
——
Philadelphia Co., $6 pref-—
$5 preferred (quar.)
Philadelphia Bait. & Washington
—
Philadelphia Dairy Products Co., Inc.—
r
1
Sept. 30
25c
35c
-•
July
June 30 June
June 30 June
10
June 20
20c
-
G. & E. held.
15
-
June
70c
——..j
— _—
10
June
$134
—
——
Peninsular Telephone
Preferred A (quar.)
June
June
$2 34
Pennsylvania Edison Oo., $5 pref. (quar.)
$2.80 preferred (quar.) —__ — ...
Pennsylvania Glass-Sand Corp.—
Nov. 10
June
yu
10
June 30
Liquidating div. of 1 sh. of Sioux City G. & E.
common stock for each share of Penn W.
15
Dec.
i
Penn Western Gas & Electric Co
9
July
SIX
SIX
$1.65
—
preferred (quar.)..—
'
(quar.)
— - —
pref. (quar.).
Preferred A (quar.).
Penney (J. CO Co
June 20 June 10
June 15
July
87 Xc
50c
75c
preferred (mo.)..,. 41 2-3c
—
Penn Traffic Co. (s.-a.)
1 June 15
July
June 20 June
25c
43 Xc
Dec.
-—
" $134
.
2d preferred
1 June 15
3 June 16
1
1
June
Park & Tilford, Inc.,
Parke Davis & Co.
July
1 June 20
9
June 29 June
July,
—-
Paramount Pictures, Inc
June 20
Aug.
25c
40c
4% convertible preferred (quar.)
June 25 June 20
9
June 15
SIX
8734c
pref. (quar.)
Ottawa Light, Heat & Power Co. (quar.)
5% preferred (quar.)
—
Pacific & Atlantic Telegraph (s.-a.)__
Pacific Greyhound Lineconv. pref. (quar.)
Pacific Lighting Corp. $5 pref— - — —.—
For a period from May 15 to June 30.
Pacific Public Service
—'$1.30 1st preferred (quar.)__
— —Pacific Telephone & Telegraph C<j
-;—
6% preferred (quar;)-—-Pacific Tin Corp. (special)..
j«—
Page-Hersey Tubes (quar.)
Cos., Inc.
June
June
6%
Paraffine
16
June 30
—
June 24
July
July
15
June
July
July
July
July
50c
6% preferred (monthly)
58 l-3c
7% preferred (monthly)
—
$1
Ohio Service Holding Corp. $5 non-cum. pref. —
(Quarterly)
Morris & Essex RR. Co
May
May
May
May
May
May
July
19
16
%2X
-—
Preferred B
19
June
S2X
6% preferred (quar.)
5% preferred (quar.)
—
Montgomery Ward & Co
2
Class A (quar.)
Moore Corp., Ltd. (quar.)—
Preferred A & B (quar.)
±
—
Moore (Wm. R.) Dry Goods (quar.).
Quarterly
.
Quarterly
...—
1
Morris Finance Co., class A com.
Class B common (quar.)
June
June
15
May 31
July
——
Otis Elevator Co. (quar.).
"
June
10c
20c
6% preferred (quar.)_.__„
Omnibus Corp., 8% pref. A (quar.) —
Ontario Loan & Debenture Co. (quar.)
75c
May Department Stores Co. common (quar.)—
Mead Johnson & Co. (quar.)
...
Oilstocks, Ltd. (s.-a.)__
Omar, Inc. (irregular)
8
June
160c
25c
Ohio Water Service Co., class A
8
15
June 12
June 30
June
.
1 June 15
15
June
May 31
XS1X
6% preferred (quar.)
Mississippi Telegranh Co
5
June 30 June
June 30 June
July
15
June
8734c
Ohio Public Service Co. 5%
16
June 20 June
Master Electric Co
Preferred
July
3734c
SIX
June
July
July
July
July
July
July
July
Ohio &
10 June 20
1 June 16
37Xc
SIX
;—
—.
•
10
„
"
25c
May 31
May 31
June
7i y»c
Ohio Finance Co
15
June 17
—
—
—
10
15
June
Nov.
—
1 June 20
9
June
June
75c
No-Sag Spring Co__
—Nova Scotia Light & Power Co. (quar.)
Novadel-Agene Corp. (quar.)
NY PA NJ Utilities Co., non-cum. pref
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quar.)
i
—
$6.60 preferred (quar.)
$7 preferred (quar.)
•—
$7.20 preferred (quar.).
4
Nov. 15 Nov.
July
1 June 20
July
June
30c
6% preferred (quar.)
Nov. 30 Nov. 29
June 20 June
June 15
S2X
Norwalk Tire & Rubber preferred (quar.)
July 15 June 30
July
1 June 20
July
1 June 20
5
Aug. 15 Aug.
50c
—
—
16
t$1.50
Northwestern Telegraph (s.-a.)
July
1 June 15
July
1 June 15
Aug. 31 Aug. 30
10c
------
Preferred (quar.)
15
June
Nov.
—
7% preferred (quar.)
23
Dec.
1-2-40
Manufacturers Trust Co. (quar.)
Mesta Machine Co_
15
June
40c
North Central Texas Oil Co., Inc., com.(interim)
Northern Ontario Power Co. (quar.).
June 21
25c
Mathieson Alkali Works (quar.)
Preferred (quar.)
June
—
North American Finance class A (quar.)__
Prior preferred (quar.)
;
30
June
Mansfield Tire & Rubber Co. (quar,)—
Extra.-
Preferred (quar.)
July
5X% preferred (quar.)--
1234c
-
(quar.)
June 20
50c
Norfolk & Western Railway (quar.)
North American Co. (quar.) —
Louisville Gas & Electric Co.
(Ky.)—
7% cumulative preferred (quar.).
;
6% cumulative preferred (quar.).—
5% cumulative preferred (quar.)
Lunkenheimer Co pref. (quar.)
6
5
June
.
Class A (quar.)
Noblitt-Sparks Industries
15
June
•
—
17
June
June 20
June
June
20c
10c
50c
-
—
•
Sept. 18
July
July
July
June 30
•
June
July
July
-
June 20
——•
Loew's (Marcus) Theatres, Ltd., 7% pref—
Lone Star Cement Corp
July
40c
;
1st preferred (quar.)
$1.3134 July
;
50c
July
Newberry (J. J.) Co. (quar.)
New England Fire Insurance (quar.)
13c
July
New England Telep. & Teleg. (quar.)
June
SIX
New Hampshire Fire Insurance (quar.)
40c
July
June
New Idea,Inc
15c
New Jersey Power & Light Co., $6 pref. (quar.)
July
$134
July
$5 preferred (quar.)
$134
July
$134
Newport Electric Corp. 6% pref. (quar.)
New York & Harlem RR. (s.-a.)
$2 34
July
Preferred (quar.)
$2 34
July
New York Lackawanna & Western Ry
July
SIX
New York Mutual Telegraph (s.-a.)
75c
July
New York Power & Light 7 % pref. (quar;)
July
SIX
July
$6 preferred (quar.)
six
New York State Electric & Gas pref. (quar.) —
3Xc July
July
Niagara Alkali Co., 7% pref. (quar.),-—SIX
$134 June
Niagara Shares (Md.) pref. A (quar.)
J25c July
Niagara Wire Weaving Co. (quar.)
;
5t)c
Aug.
lyuu Corp., class A (quar.)
Aug. 24
Aug. 24
Aug. 24
Sept.
50c
Holders
When
Payable of Record
25c
National Sugar Refining Co
Natomas Co. (quar.)
Navarro Oil Co. (quar.)
Nehi Corp
June 30
SI.10
SI.10
Special guaranteed (quar.)..
Extra.
June 30
July
pref. (quar.)
Liquid Carbonic Corp
Little Miami RR„ original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Lockhart Power Co., 7%
July
July
July
Share
Company
National Steel Car Corp. (quar.)
National Steel Corp. (quar.)
Telephone & Telegraph Co. (Del.)
Class A (quar.)
Class B
3641
Chronicle
Financial
148
.
.
SIX
" $1
six
1 June 10
1 June 10
July
July
July
Aug.
July
June
15
July
15
15
July
July.
July
June
June
15
June
15
June
15
July
July
June
15
June
15
8
25c
July
June
25c
July
June
8
5< >c
July
July
June
21
50 c
June
16
4c
June
June
1
25q
July
June
10
40c
July
June 20
Oct.
Sept.
25
June
June
19
$134
SIX
July
July
June
1
June
1
Six
June
June 15
SIX
July
July
Juiy
1 Juno 21
$134
30c
5')c
50c
10c
734c
6uc
J 10c
9
1 June
1 June 15
June 30 June 15
June
75c
Oct.
50c
June
SIX
six
SIX
SIX
75c
17 Xc
15c
35c
2%
SIX
$3
SIX
SIX
30 June
July
July
July
July
Oct.
May~3l"
1 Sept. 15
19 June 13
1 June 10
5 June 10
4 Sept. 10
1-4-40
July
12-10-39
1 June 10
June 30 June
July
15
1
3
10
1 June 15
June 30 May 29
June 30 May 29
1
15 June
1 June 20
Sept. 15 Sept. 15
July
July
Dec.
15 Dec.
15
3642
Financial
Per
Name of
Power Corp. of Canada
1st preferred (quar.)
(interim)
:30c
25c
20c
;
(quar.)
Quarter! y
Public Service
Co"
+* ** *»
*» •»
#•
•»
pref. (quar.)_
$5 preferred (quar.)__
Publication
Corp.,
----
Preferred (quar.)
Radio Corp. of Amer. $3 M conv.
Class B preferred (quar.)_
50c
SIM
IX %
1 M%
1H%
—
i-
Reed Roller Bit
■
.
_
.-
8Mc
8Mc
July
July
July
July
July
20c
SIM
$4
$1-/8
UK
UK
UK
—
—
50c
SIM
r—
$3
25c
SI M
SI K
15c
SI Yi
(quar.)"I
Preferred (quar.)
Stedman Bros., common
Strawbridge & Clothier, 7% pref
Stix, Baer & Fuller Co. 7% pref.
Sun
Life Assurance of Canada
(quar.).
Sunshine Mining Co.
Supersilk Hosiery Mills, 5% pref. (s.-al)IIIIII"
Sussex RR. (s.-a.)
Swift & Co. (quar.)
IIIII
Sylvanite Gold Mines (quar.)
...IIII
Tacony-Palmyra Bridge (quar.)
II
(quar.)
Extra
Preferred (quar.)
19
1 June
1 June
19
1 June
19
19
1 June 24
9
8
li June 15
ljJune 15
1 June
15
l|June 15
1 Juiy
20*
l'June
l'June
15
k
30'June 15
i I June 10
Preferred
1 June
11 June 16
1-3-40
Dec,
July
1 June
July
3 June 15
June 30 June
June 30 June
Aug.
July
19
17
17
5
1 June
15
1 June
15
June 21 June
9
July
July
July
15 June 30
July
July
July
July
Juno
.
June 15
June 16
July
July
June
July
June
15
June
12
June .15
5
5
15 Dec.
Sept
:
;
—
—
au
Wayne Knitting Mills, pref. (semi-ann.)
Welch Grape Juice Co., preferred (quar.)
Wellington Fund, Inc,_
a
Wesson Oil & Snowdrift Co., Inc..
West Jersey & Seashore RR. (s.-a.)_...!
West Penn Electric Co., class A
•
...
(quar.)
."
$6 preferred
...I
—......a—
West Virginia Pulp & Paper Co...
West Virginia Water Service. $6 preferred
Western Assurance Co. (Toronto, Ont.)—*-
15
20
Sept.14
Dec.
14
15
June
15
June 30 June
15
July
June
15
PJune 15
June 30 June
S2M
Juiy
3 June
15
16
50c
30c
5c
July
July
II June
12
l'June
1
June 30 May 23
June 30,June 15
25c
June
30|June 15
June 30 June
June 30 June
Aug.
1 June
15
15
17
July
1 June
_
June
June 30 June
15
15
15
16
June
15
June
July
June
15
15
July
July
June
10
June
15
July
Juhe 30
June
SIM
June
10
June
June
15"
July
July
July
June 20
June 20
June
20
15
June
15
...
50c
$1
aa._1_
SIM
:
(quar.).
$2
a a
t25c
SIM
Wilsil, Ltd. (quar.)
Winsted Hosiery Co.
Extra
(quar.——
50c
.
Aug.
Aug.
June
13
June
17
June
17
June
15
June
15
July
July
15
15
Oct.
15
Nov.
Oct.
15
SIM
SIM
SIM
June
May 31
May 31
May 31
25c
July
July
June
15c
June
10
50c
June
June
16
SIM
June
June
16
9d.
June
May 16
50c
June
June 20
Aug.
4
May 17
May 17
25c
Aug.
July
July
July
Aug.
Sept.
25c
Oct.
July 20
Aug. 19
Sept. 20
Wurlitzer (Rudolph) preferred (quar.)
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co.—
SIM
July
July
June
9
7% cumulative preferred (quar.)
Youngstown Sheet & Tube Co., pref. (quar.)..
Youngs town Steel Door Co
SIM
SIM
June 30 June
July
1 June
15
17
15 June
1
June
June 20
July
21
21
5
5
—-a—_.
...J.
July
July
June
1 June 16
Aug. 31 Aug., 15
20c
(quar.)
Wheeling Steel Corp., $5 prior pref
3M%
12 Mc
SIM
15c
17
16
15
1 June
Weston (Geo.) Ltd.
6M% preferred
6% preferred..
Wiser Oil Co. (quar.)
3 June 20
1 June
15
10
July
July
1 June 20
July
16
June
June 30 June 19
.Time 30 June 19
3'June 20
July
July
June 26 June
June
June
15
10
10
1
June 20 June
Weston Electrical Instrument class A—
SIM
June
20 Oct.
Oct.
Wisconsin Public Service, 7% pref
July
Oct.
June
10
75c
20 July
July
July
July
July
July
July
July
July
June
July
12
July
25c
50c
Westmoreland, Inc. (quar.)..,
June
SIM
31
20 June
Nov.
June 20
June
li
June 20 May
June
25c
.July
12
June 30 June 20
July
July
July
July
July
SIM
June
Sept.
1
May 31
June 30
1
1
15
$1.20
Preferred (quar.)
June
June 20
June
Aug.
Aug.
Aug.
Aug.
July
July
5c
(quar.).
2UC
Sept.
15
June 20 June
9
_
June 28 June
30c
1
Will & Baumer Candle Co., Inc pref.
June
June
12
SIM
25c
SIM
tsi
_'
16
Sept.
1
June
July
July
—
(semi-annual)
Whitaker Paper Co
Preferred (quar.).
July
1
June
1 IJune
^
.....
31
Sept. 15
June
9 Sept.
SIM
SIM
—
Western Tablet & Stationery preferred (quar.)..
Westminister Paper Co. (semi-annual) :
June 20
15
Oct.''
July
July
July
July
t75c
2Mc
75c
6% pref. (quar.)_._._
7% preferred (quhr.)
West Point Mfg. Co. (quar.)
West Texas Utilities, $6 pref.
15*
July
29
June
tSIM
6% preferred (quar.).
7% preferred (quar
June
20
28
Jan.
9jDec.
12Mc
SIM
-SIM
SIM
SIM
West Perm Power Co.
Western Dairies, Inc., pref
Western Exploration Co. (quar.)
Oct.
Feb.
SIM
.—
—.
16
29
Nov.
Dec.
50c
25c
19
July
Sept.
t50c
r
—_
July
Aug.
July
10c
—
I
June
June
June 30 June 20
June 30 June
25c
—
15
1 June 20
June 30 June
SIM
SIM
S2M
SIM
.SIM
(S. D.) Co. (quar.)
Preferred
July
20 Nov. 29
$2
25c
(quar.)..
30c
25c
15
20 May 31
20 Aug. 31
SIM
Western Grocers Ltd.
Dec.
SIM
15
1 June
SIM
...
14
14
July
40c
1 June
40c
Waukesha Motor Co...
2
June
S3M
15
20
Aug. 15 Aug.
12Mc
;
_
Warren
15
15 June 30
15 June 30
June
43 Mc
1 June
Dec.
10c
Wagner Electric Corp. (quar.)..,—
Waldorf System, Inc
*
Ward Baking Co. 7% pref.
l'June 16
1 Sept. 15
June 22 June
*
Viqtor-Monogham Co., 7% preferred
Virginia Electric & Power $6 pref'. (quar.)
Vulcan Detinning Co
Preferred (quar.).
'
8
June 20
50c
IIIHI
a
Vapor Car Heating Co., 7% pref. (quar.
.7% preferred (quar.)...
Vermont & Boston Telegraph..
Victor Chemical Works (quar.)
14
1 June
50c
I
Extra
Class A
1 June
75c
(quar.)IIIII
15
June
Upper Michigan Power & Light—
SIM
6% preferred (quar.).
SIM
6% preferred (quar.).
—
SIM
6% preferred (quar.) —
t$2
Upressit Metal Cap Corp., 8% pref.
t$2
8% preferred
—J
Utah Power & Light, $6 preferred........j
tsi
$7 preferred.
___St 1.16 2-3
82 M
Valley RR. Co. (s.-a.).-._
Valve Bag 6% nreferred (quar.)
SIM
40c
Van Norman Machine Tool
1—
1 June 20
June
75c
1 June
1 June
10 June 20
50c
,50c
....
Universal Products
15
Ju!;r
Corp. (initial)
Sterchi Bros. Stores, 1st pref. (quar.)
50c
July
July
July
July
lc
Foundry Co. (quar.)
Universal-Cyclops Steel Corp.
1 June 19
15
50c
15c
1111111
IIIIII
S2M
SIM'
5
June 20
SIM
Preference
June 30 May 31
1 June 15
July
53c
July
58 l-3c July
United Stove
15
July
July
Aug.
July
25c
_
June 30 May 31
50c
5
9*
10
15c
Standard Steel Construction, pref..A
Starrett (L. S.) Co
25c
SIM.
lc
1 June
July
July
lc
25c
2
1 June
IsiM
II
III.I
June 24 June
15 July
Oct.
....
(quar.)
9
10c
United States Sugar Corp
June 26 June 15
Shell Union Oil Corn., 5M% conv. pref.
8% preferred (quarterly)
Springfield Gas & Electric $7 preferred (quar.)..
Square D Co
Staley (A. E.) Mfg. Co
-__I_IIIII
$5 cumul. preferred (quar.)
7% preferred (semi-ann.)
Standard Brands, Inc. (quar.)
$4.50 pref. (quar.)___
"III""
15
July
July
3c
$2
1 June
Sept. 15 Sept.
1 June
SIM
$15
July
10c
SIM,
July
July
20c
SIM
......^—.
Quarterly
Quarterly
10
June 30'June 22
SIM
(quar.)
15c
15c
75c
1 June 20
1 July 17
Aug.
July 15 June 30
Oct. 16 Sept. 30
preferred (quar.)—
United States Trust Co. (N. Y.) (quar.)
July
pf.~(qu.)_
SIM
23 June
July
SIM
SIM
SIM
(qu.)
SIM
1 June 20
Dec.
June
15c
Corp
10
25c
June
37 Mc
.'
5
1 June
25c
2
$2
20c
(quar.)
1 June
'
—
„
_
.
July
July
July
July
SIM
1 June 24
July
July
July
July
Aug.
July
July
50c
(quar.)
UK
Sherwin-Williams (Canada) 7% preferred-a
:. m ik
Simon (H.) & Sons, Ltd. (interim)
;
15c
7% cumulative preferred (quar.
SIM
Skelly Oil Co., 6% cum. pref. (quar.)
a__
SIM
Skenandoa Rayon 5% conv. pref. (qu.)
.
SIM'
5% preferred A (quar.)
a
SIM
Sloss-Shefiield Steel & Iron, $6 pref, (quar.)...
SIM
Smith Howard Paper Mills, pref. (quar.).
Smith (L. C.) & Corona Typewr ters (omitted)
Preferred (quar.).a
SIM
Sonotone Corp. (irregular)
5c
Preferred (quar.)
15c
South Carolina Power Co., $6, 1st'pref. (quar.)
SIM
South Penn Oil Co. (quar.)...
37Mc
South Porto Rico Sugar Co
25c
8% pref. (quar.)
$2
South West Pennsylvania Pipe Lines.
50c
Southern Calif. Edison Co., Ltd.—
5% original preferred (quar.)
37 Mc
5M% pref. series G (quar.)"
;. 34 Kc
Southern Canada Power (quar.)
t20c
1 June
50c
July
July
S3
25c
......
12*
July
July
common.
United States Pipe &
Sept. 20 Sept.
SIM
,
June 30 June
50c
-50c
June 20 June
25c
(quar.)..
15
July
95c
United States Playing Card Co. (quar.).
United States Rubber Co. 8% 1st pref
July
July
July
July
July
July
50c
Southwestern Portland Cement, 8% pf.
...»
1 June 20
July
UK
■
15
15
50c
8 May 18
1 June 10
June 30 June
"
Southwestern Gas & El. Co. 7% cum.
Southwestern Light & Power $6 pref.
U. S. Petroleum,
Common.
June 30 June
■
1 June
preferred (quar.)
(quar.)
16
15 June 30
June 30 June
25c
Sheep Creek Gold Mines, Ltd. (quar.)
Steel Products
1 June 15
.
37 Me
30c
(extra)
Southern Natural Gas (new)...
Preferred
16
July
June 20 June 20
25c
Corp: (quar.)..
6% cum. preferred (quar.)'
;.
Selected American Shares, Inc..
Selected Industries, $5.50 div. pref. (quar.)
Standard Oil Co. (Ohio),
Preferred (quar.)
l'June 15
1 IJune 30*
15
1 June
June 30 June
;.
July
July
July
10c
Securities Acceptance
Phosphate
9
1 June
July
June 30 June
.
July
:
Shattuck (F. G.) Co. (quar.)
l'June
June'30 June 15
July
l'June 20
3 June 15
July
50c
^
Servel, Inc. pref. (quar.)
Preferred (quar.)
1 June 20.
liJune 10
July
17 M %
...
Scran ton Lace
l'July 21
Aug.
—__
Southern
June
15
$3
5Cc
:
-
June 30 June 20
.UK
...-—
....
Preferred
1
15
15
June 30 June 20
10c
—
Extra...'
1 June
5c
Remington Rand, Inc..
Preferred ww (quar.)
Rensselaer & Saratoga RR. (s.-a.)
Reynolds Metals Co. 5M% conv. pref---.:
Rice-Stix Dry Goods, 1st & 2d pref. (quar.)
Rich ice Cream pref. (quar.);.
a_
Risdon Mfg. Co.', 7% pref. (quar.)
Riverside Silk Mills, class A (quar.).
Rochester Telep. 6M% preferred (quar.)
Rolls-Royce, Ltd., Am. dep. rec. (final)
Rome Cable Corp. (initial).
'
Roeser & Pendletpn, Inc. (quar.)...
Ross Bros, Inc. (Del.)
Ruberoid Co..
Rubinstein (II.) Inc., class A (quar.)
Russell Industries, Ltd. (quar.).
7% preferred (quar.)
Sabins-liobbins Paper,.pref, (quar.)
Safeway Stores, Inc.
7% preferred (quar.)..
6% preferred (quar.)
5% preferred (quar.).
St. Croix Paper, pref. (semi-ann.)
St. Joseph Lead (quar.)
,a
Quarterly
>
St. LouLs Bridge Co., 6% 1st pref. is.-a.)
*3% 2nd preferred (semi-annual)
Sangamo Electric Co. (quar.)
...
Savannah Sugar Refining (quar.)
Schenley Distillers, 5M % pref. (quar.)
i
Scott Paper Co., $4M cum. pref. (quar.)..
Scovill Mfg. Co
Scranton Electric Co., $6 preferred (quar.)
Preferred
19
9
15
1 June
SIM
.....
13 June 22
1 June
1 June
June 24 June
40c
1 .June 20
July
July
SIM
.___
19
1 June 20
Julv
412-3c
———
(quar.).
Union Premier Food Store (quar,)..
Union Twist Drill
—_a„__
Preferred (quar.)..—
—
United Biscuit Co. of America—
•
.
7% preferred (quar.)
United Bond & Share Corp., Ltd. (quar.)
Quarterly
a
United Carbon Co. (quar.)
United-Carr Fastener Corp. (quar.).....
United Dye wood Corp., pref. (quar.)
United Elastic Corp
United Gas Improvement (quar.)
_-i,
Preferred (quar.)
United Light & Railways 6% pr. pref. (monthly)
6.36% prior preferred (monthly)..
7% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)..United States Gauge Co. 7% preferred (s.-a.)
United States Gypsum Co. (quar.)
1 June
1 June
25c
I...
i.
Reliance Mfg. Co. (111.)..:
Preferred (quar.)_
Seeman Bros,
July
July
July
—
Union Pacific RR.
Aug. 31 Aug.
July
1 June
50c
(quar.)
Extra.
Union Investment Co.,
l June 20
9
1 June
25c
9
1 June
37 Mc
Tunnel RR. of St. Louis (semi-ann.)
July
1 June
June 30 June
50c. June 30 June
Ray-O-Vac Co
8% preferred (quar.)
Beading Co., 2d preferred (quar.)
Iieed Drug Co
Class A (quar.)
9
June 30 June
July
July
Twentieth Century Fox Film Corp.
Preferred (quar.)
———
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp
1
15
9
1 June
50c
June 20
June 24 June
1M
87 Mc
$IM
1st pref
16
15
1 June
50c
July
June 20
July
July
July
July
I'M,
—_ —
June
Tune 30 June
1
June 27 June 15
June 27 June 15
50c
Non-voting, common
_a——
Original preferred (quar.)."
:
Pure Oil Co., 5% J referred (quar.)__-5M% preferred (qu r.)
6% preferred (quar.)
,—.r- —
Quaker Oats Co. (quar.):
1
June 30 June
ux
UX
common...
June
July
July
July
15
1 June 15
1 June
July
July
July
10c
6% preferred (monthly)
5% preferred (monthly)...
._—_ —;
Torrington Co.
Tri—Continental Corp. $6 cum. pref. (qu.)
Tuckett Tobacco Ltd.; pref. (quar.)
15
June
luc
25c
Thompson Products, Inc
SIM
Preferred (quar.)—.—....
SIM
Tide Water Assoc. Oil, $4.50 conv. (quar.)
Toledo Edison Co., 7% preferred (monthly).... 58 l-3c
Sept. 20
June 15
June
July
July
62MQ
68 Mc
10c
Texon Oil & Land
June 20
Oct.
SIM
SIM
6% preferred (quar.)
Public Service Electric & Gas, 7%
July
50c
6% preferred (monthly)
—
Public Service of Oklahoma, 7% pref. (quar.). a
10
| Holders
Payable of Record
Company
Taggart Corp., preferred (quar.)
Inc
5M% participating preferred (quar.)___ — -Teck Hughes Gold Mines (quar.).
Texas Corp
15 July 16
15 Juiy
5
June 28 June
8
58 l-3c July
50c
July
41 2-3c July
60c June
6% preferred (monthly)
5% preferred (monthly).
Public Service Co. of N. J
Name of
Talcott (James),
July
July
25c
37 Yc
37 He
•»«»
Colorado"7 % "pre!. (mo.).I
of
June 24 June
%3c
$1M
Prosperity Co. preferred (quar.)
Providence Washington Insurance Co
Public National Bank & Trust Co. (N. Y.) (qu.)
When
July 25 June 30
July 15 June 30
July 15 June 30
June 15
July
:75c
June 17, 1939
Holders
Payable of Record
t 4M
—
2nd preferred (quar.)
Pratt & Lambert, Inc—
Preferred Accident Insurance
Premier Gold Ming Co.
When
Share
Company
Chronicle
SIM
Quarterly
Extra
—
Extra
'
Woodward & Lathrop
......
.
:
Preferred (quar.)
Woolworth & Co.. Ltd., ordinary (interim)
Worcester Salt (quar.)..
.*.
Preferred (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
—
SIM
10c
5c
Extra
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
a...
*
50c
25c
25c
—
15c
25c
Transfer books not closed for this dividend. )
Nov.
June
June
June
10
June 20
June 20
'
t On account of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a tax
case
of non-residents of Canada,
of 5% of the amount of such dividend will be made.
Volume
Condition of the Federal Reserve Bank of
New
The
Weekly Return of the New York City
Clearing House
York
following shows the condition of the Federal Reserve
1939,
The
Bank of New York at the close of business June 14,
in comparison with the
date last year:
3643
Chronicle
Financial
US
weekly statement
Clearing House
previous week and the corresponding
STATEMENT
OF
issued
by
York
New
the
City
Friday afternoons is given in full below:
on
MEMBERS
OF
THE
NEW
HOUSE
CLEARING
YORK
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY. JUNE 15, 1939
June
June
June 7,1939
14,1939
15,1938
*
$
S
5
Gold
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
Clearing House
Assets—
Average
Average
Surpltis and
Capital
Members
certificates
hand and due from
on
6,355,910,000
1,473,000
99,233,000
United States Treasury_x
Redemption fund—F, R. notes.
Other cashf
6 363,004,000
4,514,931,000
1,638,000
S
1,235,000
85,862,000
93,452,000
Bank of New York
Bills discounted:
Secured
Govt,
S.
direct or fully
obligations,
234,000
discounted
hills
2,813,000
538,000
20,000,000
90,000,000
42,243,000
590 ,340,000
56,144,300
182,956,700 61 ,696 604,000
3,320,000
217,000
218,000
2.882.000
Corn Exch Bank Tr Co.
4,293,000
45,626,700
Continental Bk & Tr Co.
c871 091,000
96,122,000
41,997,000
262 206,000
19,893,500
544 ,138,000
109,051,700
555 ,081,000
53,071,900
47 ,264,000
4,324,900
133,379,000 d2,474 ,186,000
48 ,302,000
3,830,300
c957 ,990,000
79,762,300
4,000,000
Chase National Bank...
54,855,000
584 672,000
71,537,000
21,000,000
15,000,000
10,000,000
50,000,000
Irving Trust Co.
211,000
2,882,000
Bills bought in open market...i..
Industrial advances
Cent Hanover Bk&Tr Co
507,000
776,000
Co
First National Bank
V
1..
238,000
611,000
Other bills discounted..
Total
1/61,383,100 al,768 ,057,000
Manufacturers Trust
>
377,000
guaranteed.........
10,722,000
46,824,000
166,015,000
5,229,000
77,500,000
Guaranty Trust Co
U.
by
172 ,350,000
479 ,526,000
20,000,000
Chem Bank & Trust Co.
6,456,618,000 6,450,504,000 4,609,618,000
Total reserves.....
13,746,900
26,257,900
6,000,000
Bank of Manhattan Co.
National City Bank....
100,270,000
i\ 25,741,000
3,244,000
f 5,783,000
Bonds.........
2,424,600
28,266,700
7,000,000
8,369,500
362 ,065,000
91 ,201,000
7,000,000
9,497,500
83 ,077,000
2,800,000
48,422,000
4,312,000
30,742,000
2,941,000
3,249,000
25,097,000
2,457,000
51,869,000
918,777,800 11,711,874,000
628,421,000
Fifth Avenue Bank..
-.I....
.....
i
Treasury notes
6,000,000
Comm'l Nat Bk & Tr Co
United States Government securities:
5,000,000
12,500,000
Public Nat Bk & Tr Co.
.......
Treasury bills
256,538,000
331,160,000
134,259,000
256,538,000
216,454,000
331,160,000
329,307,000
134,259,000
200,094,000
Bankers Trust Co
500,000
25,000,000
...
Title Guar & Trust Co..
Marine Midland Tr Co..
-
New York Trust Co
Total U. S. Government
securities..
721,957,000
721,957.000
745,855,000
....
725,667,000
725,833.000
753,679,000
Total bills and securities
9
■
Totals
Due from foreign banks
_
Bank premises ...... .1
Other assets.
.
..
....
—
...
61,000
...i..
Federal Reserve notes of other banks
Uncollected Items......
... ....... -
4,099,000
201,581,000
8,959,000
16,493,000
519,013,000
....
68,000
60,000
13 ,504,000
110 ,220,000
9,253,300
3,340.000
3,824,000
136,893,000
164,876,000
.8,959,000
As
trust
9,890,000
16,107.000
*
12,137,000
official reports:
per
National,
March 29,
companies,
,1939.
y
March
1939;
29,
§8,397,000; d $101,846,000;
e
1939
March 29,
March 31, 1939.
Includes deposits in foreign branches as follows:
c
State,
S27l.890.000; b $95,809,000
a
533,025,000.
7,413,476,000 7.341,696,000 5,554,092,000
Total assets..
•
<Liabilities-*—
'/•••
.
'
,
895,594,000
1,091,572,000 1,116,319,000
1
F. R. notes in actual circulation
THE
.
Deposits—Member bank reserve acc't.. 5,405,327,000 5,38.7,958,000 3,645,480,000
434,219,000
230,354,000
U. S. Treasurer—General account....
209,580,000
50,507,000
110,680,000
126,569,000
Foreign bank
LONDON
STOCK
EXCHANGE
■
275.627,000
Other deposits......
2<tl 037,000
Quotations of representative stocks
each day
247,793,000
Other liabilities, incl.
Sat.,
Mon.,
Tues.,
June 10
June 12
June 13
6,017,103,000 5,970,029,000 4,377,999,000
Total deposits....
183,634,000
Deferred availability items
accrued dividends.
1,965,000
j
134,326,000
1,812,000
158,137,000
Boots Pure Drugs
1,884,000
British Arrier Tobacco.
Cable & Wire ordinary
7,294,274,000 7,222,486,000 5,433,614,000
Total liabilities.
,
4
Surplus (Section 13-bE>......
-
Other capital accounts...
-----
50,937,000
52,463,000
7,457,000
8,438,000
Surplus (Section 7)
50,848,000
52,463,000
51.943,000
7,457,000
7,744,000
8,442,000
9,854,000
De
Ford
Ltd
Holiday
A
Hudsons Bay Co
Ratio
of
total
to
reserve
deposit
and
Metal
660,000
for foreign correspondents
79/6
Box
Rand Mines
make industrial
to
vances.....................
2,254,000
2,253,000
j.——-.
Cop M
Roan Antelope
3,992,000
Rolls Royce.
110/-
...—
94/3
10 /17/2/9
!./21/3
130/6
£14)3
x
These are
over
31, 1934, devalued from
Vlckers
West
appropriated,as profit by the treasury
the nrovlsions of the Gold Re3ervp Act of 1934.
«
under
—
Wltwatersrand
,
1 h
20/128/£13)3
80/-
.
79./-
£8% /.
£8)3
V
15/6
108/9
107/6
106-10)3
£35)3
£34)3
£34)3
£12
£12)3
15/-
£4)3
£4)3
;
„£4532
25/10)3
25/6
36/36/9
23/9
23/3
19/19/-
26/-
37/24/3
19/3
*.
'
15/-
25/S
36/3
23/18/9
•
•
\
£53i«
£5%
'
Areas
2/9
20/-
15/3
110/-
26/3
37/3
25/19/3
United Molasses.-.-.".
from the Reserve Danks when the dollar was, on Jan.
difference, the difference itself having, been
16/3
2/9
11-
£8)3
£12)3
£43ie
Unilever Ltd....
100 cents to 59.06 cents, these certificates being worth less to the extent of the
■
£35 a
'
93/3
"9/,16/-
128 /6
£4*3?
Swedish Match B..—
,
94/9/3
94/6
79/-
£35)3
/
'
certificates given by .the United States Treasury for the gold taken
...
60/7)3
25/9
£6)3
£14)3
Royal Dutch Co......
Reserve bank notes.
61/3
26/£6®ia
10/17/2/9
1 /20/9
129/-
Shell Transport
t "Other cash" does not Include Federal Reserve notes or a bank's own federal
62/6
26/9.
£633i6
•
£12)3
15/6
-
4/£15)3
£87ig
£8)3
£12#
„
Rio TInto
Commitments
.
£15
London
bills purchased
on
131/9
Imp Tob of G B & I...
Midland Ry._-
87.4%
91.0%
90.8%
F. R. note liabilities combined...—
Contingent liability
£49)3
4/£15)3
79/-
17/3
2/9
1/21 IS
Gaumont Pictures ord.
Total liabilities and capital accounts.. 7.413,476,000 7,341,696.000 5,554,092,000
£50)3
£15 H
£14)3
11/-
a
£50 H
£6l3ic
94/3
Co...
Distillers
Electric & Musical ind^
40/9
95/6
63/1)3
26/3
•
£6J3
Beers
Frt„
June 16
40/6
96/-
4/~
62/6
27/-
Courtaulds S & Co....
50,844,000
Tliurs.,
June 15
41/96/9
/_
£15)3
Cons Goldfields of S A.
Capital Accounts—
■Wed.,
June 14"
41/9
97/6
£15)3
£53)3
.
Central Min & Invest.
Capital paid in__.
received by cable
£53)3
41/19)3
98/1 )3
Marconi....
Canadian
as
of the past week:
£5M
£53i«
;■
£5)3
Weekly Return for the Member Banks of the Federal Reserve System
.
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
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.
These
figures
are
the Federal Res&vve
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20, 1937, ap follows:
'
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to broker# and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made alsO to include "acceptances of own bank'purcluised or discounted ' with 'acceptances and commer¬
described in
,
bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
'
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural
"
cial paper
would each be
•
A more
"on securities" and "otherwise secured and unsecured."
detailed explanation of the revisions was published in the May 29,1937, issue of the
segregated
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Federal
Reserve
Total
Boston
New York
PhUa.
$
DtitrlCls-
ASSETSK
other loans
$■
•s
S
.
....
,
of Dollars)
LEADING CITIES BY DISTRICTS ON JUNE 7, 1939 (In Millions
Cleveland Richmond
S
page 3590.
"Chronicle,
'
Chicago
"
St. Louts
S
Atlanta^
$
5
21,795
1,158
8,890
1,114
1,873
677
603
573
3,134
415
659
241
310
863
1,473
188
$'
S
"Dallas
San Fran.
S
Minpeap. Kan. City
S.
'
678
3,099
8,116
Loans and investments—total....—
Loans—total
loans, and
as
•
366
649
512
2,176
309
157
259
252
944
3,833
259
236
104
182
500
186
79
154
165
307
309
62
131
24
7
10
3
31
3
3
18
1
16
Open market paper
Loans to brokers and dealers In securs.
699
25
559
25
20
3
6
37
5
1
4
.4
10
540
23
260
32
26
1.5
12
79
12
7
10
15
49
199
53
170
36
30
102
49
1
1
4
73
76
113
50
Commercial, Indus, and agricul. loans
Other loans for purchasing or
securities
carrying
.......
1,155
Real estate loans
Other loans
—.—
2
38
1
4
1,528
121
474
92
196
---
securities
1
159
12
1
8
165
14
6
28
839
39
221
176
33
404
47
34
77
49
108
5,843
344
2,351
301
597
138
101
911
147
114
110
83
646
2,092
49
1,111
101
101
56
60
269
61
18
138
1,296
258
283
65
91
487
100
43
140
58
310
159
114
1,102
185
93
167
114
337
348
167
42
57
8,417
385
141
99
17
42
19
12
60
12
7
14
147
178
179
286
167
177
499
138
116
276
1,309
81
509
103
107
36
49
84
24
18
23
17,057
1,079
8,182
838
1,190
445
372
2,409
413
279
490
433
927
5,229
249
995
279
744
203
184
917
190
118
144
136
1,070
552
15
79
53
42
28
40
107
20
2
24
34
108
6,691
274
2,885
340
379
261
257
979
315
136
368
211
286
623
Other assets—net
28
4,977
436
LIABILITIES
Demand deposits—adjusted
Time deposits—.
■:
United States Government deposits..
Inter-bank deposits:
Capital
179
1
53
456
Balances with domestic banks
banks.
Foreign banks
383
2,670
Reserve with Federal Reserve Bank..
Cash In vault
Borrowings
21
46
1
3,269
United States bonds---
Obligations fully guar, by U. 8. Govt.
Other
24
48
395
...
Treasury notes
Domestic
7
60
2,080
Treasury bills
Other
81
52
1
Loans to banks
„ —
13
2
1
1
13
20
"""350
13
17
24
7
"""17
6
3,726
246
1.616
225
370
96
94
402
93
j
account
1
546
768
....—...
—
-
•
'■
'•
1
•
-—.-
22
270
30
245
18
—
-*nr-'
—T.—
LiabiUties
.
11
237
,
3
57
5
100
85
•
""299
342
3644
Chronicle
Financial
June 17, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing tho condition of the 12 Reserve banks at the close of business
for the
System
The second table shows the
Reserve note statement
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns for
Thursday afternoon, June 15,
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the 12 banks.
The Federal
as a
week last year.
on
The first table presents the results
Wednesday.
on
the latest week
in
appear
the Federal Reserve System upon the
The comments of the Board of Governors of
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS JUNE 14, 1939
*
Three Ciphers (000) Omitted
'*
.
June 7,
May 31,
1939
May 24,
May 17,
1939
1939
1939
May 10,
1939
*
$
$
$
Apr. 26,
1939
Apr, 19,
June 15,
1939
1938
*
June 14,
1939
S
'
$
$
ASSETS
■
May 3,
1939
,
$
Other cash
349,876
13,198,718
9,076
359,825
13,119,718
7,823
363,506
13.030.716
8.346
381,893
12,876,718
8,785
381,058
13,750.868
13,672,936
13,674,168
13,597,485
13,567,619
13,491,047
13,420.955
13,266,561
11,047,891
1,808
2,084
1,659
1,974
2,207
1,848
1,668
1,946
2,114
1,958
1,773
1,717
1,410
1,628
1,229
1,606
3,404
3,407
4,055
2,835
9,396
561
561
14,420,719
9,467
375,874
——
—
13,222,730
9,372
365,383
10,637,401
9,372
382,078
1,447
1>690
hand and due from U. S. Treas. x.
13,282,718
3,137
on
13,317,722
8,547
346,667
13,806,060
Gold ctfs.
Redemption fund (Federal Reserve notes)
13,391,719
9,273
9,164
401,326
.
Bills discounted:
Secured
8. Government obligations,
guaranteed-----'-
by U.
'
direct or fully
Other WHS discounted
-
-
-
Bills bought in open market
•
5,992
3,614
.4,072
> 3.490
3,038
561
562
562
562
562
560
537
12,825
12,796
12,810
12,811
13,291
13,478
16,635
911,090
1,176,109
476,816
911.090
1,176,109
476,816
911,090
1,176,109
476,816
1,132,053
687,857
4,058
!
561
,
'
Industrial advances-—
-----
12,429
12,469
-;
12,487
9.
'
United States Government securities—Bonds.-
744,105
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,580,182
2,580,4.72
2,581,121
2,581,456
2,580,987
2,581,459
2,580,878
2,580,906
2,580,888
2,590,583
911,090
1,176,109
Treasury notes
Treasury bills-.*-------—---———-
.
r»
Total U, 8. Government securities.-
Other
securities
Foreign loans
on
—
gold——
Total bills and securities
Gold held abroad
——
premises
161
161
161
""ieo
19,807
593,886
42,523
53,092
19,450
683,343
42,552
52,171
18,991
549,526
42,549
51,619
19,638
609,905
!
16,921,543
16,066,093
16,976,149
16,811,924
4,463,349
10.005,034
926,636
272,959
276,227 v.
269,917
42,452
------
61,182
17,274,332
17,030,411
—
""160
162
20,976
50,398
19,613
672,694
42,633
49,104
16,794,871
10,696,511
16,631,655
14,429,857
4,459,364
4,465,004
4,433,389
4,417,822
4,123,102
9,966,905
9,902,809
9,742,839
950,876
222,716
285,975
7,904,250
959,289
250,495
270,220
9,872,140
936,271
225,656
328,257
11,332,133
11,202,406
9,277,203
682,059
663.169
4,153
675,937
16,352,155 "16,287,550
14,081,941
134,971
149,152
27,264
147,739
27,264
32.968
32,718
38,943
'
■——
All other assets———-——-——.
Total assets--—.-
161
19,494
551,229
42,464
54,138
579,855
42,453
56,990
—
-—-
161
19,6i2
.
Uncollected items
Ban k
'*
""162
21,684
762,610
Due from foreign banks---—
Federal Reserve notes of other banks
580,517
42,599
42,549
50,694
183
22,109
682,909
44,657
41,525
LIABILITIES
Federal Reserve notes in actual circulation
4,437,703
4,476,310
4,476,764
4,446,379
reserve account-—
10,100,929
10,052.043
United States Treasurer—General account—
927,989
934,964
Foreign banks
351,029
363,444
309,600
10,096,622
915,385
281,541
320,4x1
10,029,054
920,325
284,806
301,130
11,743,391 *ll,ei7;648
11,535,315
11,569,775
11,474,546
11,446,909
11,362,324
737,472
10,334
584,207
559,681
5,325
599,244
556,182
4,961
688,655
6,285
5,051
618,943
4,519
16,928,900
16,084,992
16,577,085
16,620,359
16,631,835
16,467,506
16,450,790
134,969
149,152
134,953
134,945
149,152
27,264
27,264
34,047
34,050
33,097
134,948
149,152
27,264
33,370
135,003
149,152
27,264
32,895
134,982
149,152
27,264
33,020
134,998
149,152
27,264
17,274,332
17,030,411
16,921,543
16,965,093
16,970,149
16,811,924
16,794,871
16,696,511
16,631,655
14,429,857
85.3%
85.4%
86.4%
85.4%
85.3%
85.3%
85.2%
85.1%
84.9%
82.4%
11,388
11,473
11,530
11,635
11,688
11,686
11,722
11,749
1 11,659
13,638
2,280
1,916
1.561
7.685
286
464
Deposits—Member banks'
Other
—
deposits
—-
-
Total deposits
—————
•
912,910
226,956
289,458
■
934,887
139,487
298,579
'
Deferred availability items.—
y
Other liabilities, inch accrued dividends.—
CAPITAL
•
—
4.574
5,699
ACCOUNTS
Capital paid in.——.—,
—...
Surplus tSection 7>._———----Surplus (Section 13-b)-.—
y
1
6,827
.
"
Other capital accounts
•_
Total liabilities and capital accounts
Ratio of totar reserves to deposits and Federal
Reserve note liabilities combined
—
Contingent liabilities on
foreign correspondents
bills
purchased
for
■
134,972
149,152
149,152
27,264
32,667
..
133,551
27,683
1
■
^
•
1,840
Commitments to make industrial advances....
ti
■
I,
i
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted!
16-30 days bills discounted61-90 days bills discounted
2,938
2,732
2,364
190
161
107
321
263
212
163
138
——
244
275
320
360
283
399
343
382
150
111
129
-255
230
355
280
501
428
449
373
349
; 3,137
3,467
3,614
4.072
242
207
,2,052
—
"
——
Over 90 days bills discounted...*.—...—
Total bills discounted
1-15 days bills bought In open market....
16-30 days bills bought in open market
31-60 days bills bought In open market....
61-90 days bills bought In open market
Over 90 days bills bought In open market
-
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
2,858
'
'
159
.
664
s
4,058
483
•
•
4,055
„
,
.
363
358
265
292
322
360
597
3.490
3,038
2,835
9.396
180
203
129
•
28
1
'
70
47
202
206
203
110
""190
106
23
28
47
159
299
301
214
285
152
106
69
""""66
50
.413
252
""308
28
.....
253
225
*
•
,
;.
561
561
561
562
562
1,333
561.
.1,367
1;629
1,635
1,685
562 \
128
562
560
1,908
•
2,044
1,259
274
537
"
1,352
-
621
Total industrial advances
16-30 days U. S. Government securities..
31-60 days U. S. Government securities
61-90 days U. S.. Government securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
628
526
1,052
,359
.198
166
900
9,266
...
—
1-15 days U, 8. Government Securities
•
1,032
———_—
31-60 days Industrial advances..
61-90 days Industrial advances.
Over 90 days industrial advances
2,492
——...—
31-60 days bills discounted
9,250
9,335
147
99
712
1,017
9,321
9,?76
,
96
104
109
748
156
743
985
1,670
725
246
249
1,028
9,250
1,042
9,278
715
704
885
10.318
10,372
13,919
298
"
,
,
12,429
•12,487
12.825
12,796
12,810
12,811
13,291
13,478
69,693
63,798
67,450
137,405
170,495
2,122,624
130,468
2,131,204
86,005
85,813
152,680
126,468
2,113,049
82,185
83,440
146,043
2,129,399
85,813
67,450
136,793
145,910
2,128,049
85,440
161,415
2,112,399
75,673
69,520
138,060
150,623
2,130,139
2,124,717
85,848
84,355
153,613
123,000
2,117,199
1,942,758
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,727,517
4,750,019
273,709
4,738,919
262,155
4,746,943
300,564
4,750,545
289,814
287.196
4,750.139
290,775
4,739,164
274,160
4,740,896
307,507
4,723,841
306,019
4,420,471
297,369
1,437,703
4,476,310
4,476,764
4,446,379
4,463,349
4,459,364
4.465,004
4,433,389
4,417,822
4,123,102
4,865,500
4,869,500
3,367
4,872,500
3,838
4,872,500
3,941
4,872,500
3,491
4,872,500
3,846
4.872,500
3,361
4,872,500
2,893
4,847,500
2,667
4,535,632
4,872,867
4.876,338
4,876,441
4.875.991
4.876.346
4,875.861
4.875.393
4,850.167
4,543,953
•
12,469
,■
16,635
'
g0,428
54,413
155,360
82,553
154,145
75,673
134,293
137,405
127,630
155,437
101.541
193,239
171,040
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
in actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas__
By eligible paper
3,064
8,321
United States Government securities
Total
*
collateral
4,868,5641
"Other cash" does not Include Federal Reserve notes.
x These are certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
these, certificates .being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
"
»
cents on Jan. 31, 1934,
.
y With the statement of -Jan. 4, 1939 two new items appeared, "Other liabilities, Including accrued dividends," and "Other capital accounts."
The total of these
two items corresponds exactly to the total of two Items formerly in the statement but now excluded, viz.: "All other liabilities," and "Reserve for contingencies." 1 The
statement for June 15. 1938 lias been revised on the new basis and Is shown accordingly.
Volume
Chronicle
Financial
148
3645
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 14, 1939
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
Total
Boston
New York
PMla.
ASSETS
S
$
S
$
certificates
band
on
Cleveland Richmond
S
Atlanta
Chicago
St. Louis
$
8
S
S
Minneap. Kan. City
$
San Fran
Dallas
8
$
8
and
660,860
831,626
1,473
99,233
1,234
28,533
773,391 6,456.616
13,420,719
690,627
746,654 6,355,910
9,467
623
375,874
Other cash *.
26,114
13,806,060
272,927 2,256.503
26,861
353,172
1,231
23,568
859,330
377,971
843
366,660
320,671
255,689
225,263
575
421
575
438
244
540
21,746
50,828
20,280
10,189
20,191
15,549
774,784
1,270
32,782
295,248 2,307,752
387,515
266,316
341,106
241,352
808,836
3
24
85
93
"""25
28
414
.219
353
446
Bills discounted:
Secured by U. 8. Govt, obligations
direct or fully guaranteed
1,447
320
377
195
63
145
85
57
Other bills discounted
1,690
87
234
25
42
210
20
33
105
355
105
90
25
31
438
304
20
782
71
2
2
16
16
41
4
.785
221
593
944
.
'
Total bills discounted..
3,137
611
561
42
218
57
52
24
12,469
Industrial advances
U. 8. Government securities-
407
220
1.752
2,882
2,511
370
1,170
455
'
Bonds
J
911,090
1,176,109
Total U. S. Govt, securities.....
87,759
470,816
„
Treasury notes
Treasury bills.
35,579
.
90,042
116,233
47,696
61,570
24,961
47,123
41,369
53,403
21,650
102,026
131,706
53,395
44,123
27,660
46.954
36,346
76,830
56,958
23,092
35,708
14,476
60,613
24,573
46,916
19,021
40,209
99,176
2,564,015
191,322
721,957
206,907
253,398
134,227
116,422
287,127
1124,173
77,844
132,140
102,283
216,215
193,523
725,668
209,695
253,925
135,776
117,329
287,743
124,204
78,662
132,815
103,196
217,046
162
12
61
16
15
7
6
20
2
2
5
5
11
21,684
762,610
42,452
61,182
363
4,099
656
1,560
42,043
2,320
35,095
20^243
1,147
36;221
2,922
3,659
8,959
16,492
4,646
5,955
9,533
6,093
59,970
2,589
3,512
3,120
111,353
3,917
5,647
527
201,581
2,023
20,485
1,268
76,218
1,426
90,186
2,422
1,512
1,727
3,183
2,663
3,175
37,456
3,200
4.791
957,216 1,216,930
581,385
445,651 2,719,552
553,831
369,730
517,140
316,760
414,302
193,454
147,761
983,254
179,447
133,588
170,054
75,723
351,261
189,765 1,333,091
48,082
198,463
12,256
42,372
9,291
6,306
258,286
54,327
10,155
5,475
142,650
49,192
239,553
10,155
6,660
8,913
190,362
50,701
10,155
2,037
568,107
8,054
259,394 1,580,232
328,243
206,556
300,378
259,255
659,648
20,309
36,378
28,053
156
39,126
306
Fed. Res. notes of other banks......
Uncollected items
premises
Other
331,160
134,259
.
2,580,182
Total bills and securities.
Due from foreign banks
Bank
73,522
94,907
38,478
256,538
67,984
assets
Total assets.,
1,050.088 7,413,476
'
2,058
2,502
2,273
25,759
1,238
2,141
374,218 1,075,115
H
LIABILITIES
F. R. notes in actual circulation
380,527 1,091,572
4,437,703
Deposits:
"
Memoer bank reserve account....
U.S. Treasurer—General account..
Foreign
Other
488,735 5,405,327
52,783
209,580
126,570
25,213
6,462
275,626
478,179
43,112
558,897
80,347
247,917
49,558
351,029
363,444
33,207
32,567
5,696
11,312
15,058
3,539
11,743,391
573,193 6,017,103
560.194
683,123
316,072
71,993 ,183,634
42,715
5,320
86,404
56,886
25,666
110,839
35,469
516
16(J
211
592
139
155
320
924,989 1,184,345
566,572
433,032 2,674,917
543,298
360,608
507,130
5,075
'4,983
4,523
4,255
22,666
713
1,429
3,984
4,685
545
2,912
5,630
3,293
3,153
1,001
1,462
1,753
6,844
1,319
2,056
3,613
1-.142
1,000
445,651 2,719,552
553,831
369,730
517,140
585
189
634
10,100,929
927,989
bank...:
deposits
41,757
44,0«7
25,267
22,127
'
Total deposits
.....
'
"
Deferred availability items
.Other liabilities, Incl. accrued dlvs...
737,472
10,334
...
Total liabilities^
494
1,965
16,928,900 1,026,207 7,294,274
•
363,187 1,050,341
CAPITAL ACCOUNTS
Capital bald in......
Surplus
134,969
149,152
.Other capital accounts.....—
9,397
10,083
50,844
52,463
12,057
13,654
27,264
—...
(Section 7)
Surplus (Section 13-b)____
2,874
1,527
7,457
13,696
4,416
8,438
.2,058
14,323
1,007
3,601
34,047
...
Total liabilities and capital accounts 17,274,332 1,050.088 7,413,476
Commitments to make Indus., ad vs..
2,253
11.38s
'577
957,216 1,216,930
1,465
1,555
'
..
'Other cash" does hot include Federal Reserve
581,385
1,028
Boston
Total
;
150
79
4,006
3,892
1,266
1,867
!0.566
9.?65
2,12!
2,122
374,218 1,075,1x5
2« 8
notes.
FEDERAL RESERVE NOTE
Three Ciphers (000) Omitted
Federal Reserve Bank of—
13,696
'
PMla.
New York
STATEMENT
Cleveland Richmond
Atlanta
San Fran.
Dallas
Minneap. Kan. City
St. Louis
Chicago
'
■
Federal Reserve notes:
8
Issued to F. R. Bank by F. R. Agent
Held by Fedpral Reserve Bank
In actual
Collateral
circulation
held
$
.
4,727,517
289,814
•
$
$
$
8
■
'
'.
8
•
14,935
204,827
11.373
158,704 1,018,653
35,399
10,943
316,760
414,302
193,454
147,761
983,253
179,447
345,000
435,500
210,000
169,000 1,035,000
195
105
355
331,695
4,437,703
380,527 1,091,572
4,865,500
420,000 1,210,000
•
8
8
8
432,024
17,722
397,587 1,187,390
95,818
17,060
.....
$
137,750
192,288
12,841
4,162
143,500
19
53,558
351,261
85,500
182,000
25
7,143
170,054
434,000
438
.
404,819
75,723
8,860
133,588
196,000
.
82,866
178,914
.
by Agent as security
for notes Issued to banks:
Gold certificates
hand and
on
due
fr,om United States Treasury....
Eligible
paper
387
3,064
,
605
99
90
.
>304
442
85,804
434,442
'
Total collateral
United States
345,195
420,387 1,210,605
4,868,564
435.605
United
Treasury Bills—Friday, June 16
Government
States
York Stock
Rates quoted are for discount at purchase.
June 21 1939_.______
June 28
0.05%
0.05%
0.05%
0.05%
1939—'——
Asked
.
Aug.
■
Bid
9 1939
Asked
0.05%
...
Aug. 16 1939...
12 1939...
July 19 1939—
July' 26 1939....
0.05%
Sept.
6 1939.......
0.05%
0.05%
0.05%
0.05%
0.05%
Sept. 13 1939—.
0.0/>%
5 1939
...
July
—
Aug.
•
Aug. 23 1939
-
Aug. 30 1939
...—,
182,438
Securities
the
at
New
page
the
on
New
page.
Stock
York
Daily, Weekly and Yearly—See
Exchange.
3661.
Stock and Bond Averages—See page 3661.
0.05%
2 1939.....—.
July
-
Exchange—rSee following
Transactions
■
Bid
'
143,519
196,025
169,099 1,035,090
210,355
THE
PARIS
BOURSE
Quotations of representative stocks
each
as received
by cable
day of the past week:
June 10
June 12
June IS
June 14
June 15
June 16
Francs
Francs
Francs
Francs
Fjancs
Francs
7,900
7,900
7,800
7,800
Banque de Paris et Des Pays Bas
1,163
Banque de 1'Union Parlsienne—
462
Canadian Pacific... —176
1,158
458
1,150"
1,142
Quotations for United States Treasury Notes—Friday,
Bank of France..
June 16
,
Figures after decimal ''point represent
a
|
one
32ds of
more
or
173
166
14,700
14,5d0
14,400
14,100
790
786
779
780
1,560
1,550
1,540
1,530
l",620
52
544
50
540
49
46
45
540
533
Comptolr Nationale d'Escompte
Coty S A.......
839
250
839
250
830
830
Courriere...
224
535
223
530
1,630
1,520
250
220
"320
530
528
1.630
1.620
1,520
1,500
352
351
.....
Cie Distr d'Electriclte
—
Cie Generate d'Electriclte.
J
Int.
Maturity
Bid
Rate
Asked
l%%
1%%
100.7
15 1939...
101.15
101.17
Mar. 15 1942...
i H%
101.26
101.28
Sept. 15 1942...
Dec.
June
15 1940.
Dec.
15 1940
Dec.
15 1941...
101.27
101.29
Dec.
102.10
..
...
Bid
Rale
Maturity
Mar. 15 1940.—
Sept.15 1939...
Cie
Int.
102.10
Asked
102.28
1K%
1 54%
2%
154%
102.30
104.12
15 1942...
105.20
105
105.2
102.23
June 15 1943...
104.14
105.18
102.25
—
Generale Transatlantique
Citroen B__
B
.... —
-
.
*
'*
-
Credit Commercial de France—
Credit
1,640
1,540
350
■"
572
Lyonnaise
Lyonnaise cap.—
Eaux des
Mar. 15 1941...
IH%
102.18
102.20
Dec.
15 1943...
1 H%
102.31
103.1
Energie Electrique du Nord
15 1941...
154%
102.20
102.22
June 15 1944...
154%
100.31
101.1
Energie Electrlque du Littoral..
June
as
1,150
899
901
425
54
1,697
79.20
81.70
81.75
87.90
86.50
1,130
903
905
420
55
1,678
78.10
81.50
81.70
88.00
86.50
890
891
892
882
86.10
85.90
87.00
85.60
110.75
6,240
111.10
6,220
110.50
110.40
109.90
6,170
6,200
6,120
2,095
1,438
81
68
2,068
1,433
83
67
2,043
2,048
1,412
1,420
68
67
1,539
1,520
1.520
1,499
639
88
579
640
88
575
647
—70
68
DAY
Llquide
Pathe
received by cable
of the past week:
June
June
10
12
June
June
June
June
13
14
15
16
Per Cent of
AllgemeineElektrizitaets-Gesellschait (6%) 114
Berliner Kraft u. Licht (8%)
160
Commerz-und Privat-Bank A. G. 6%.
105
Deutsche Bank (6%)
..Ill
Deutsche Reichsban (German Rys.pf. 7%).122
Dresdner B$nk (6%)
105
Farbenindustrie I. G. (7%)—r
152
.Reichsbknk (8%)
178
Siemens & Halske (8
..—..192
Vereinigte Stahlwerke (6%)—..
—102
—
-
114
160
105
111
122
105
151
178
191
102
Par—
Capital
Pechiney
Rentes Perpetual 3%.
Rentes 4%. 1917
Rentes 4%, 1918
Rentes 4H%. 1932, A
115
115
115
160
160
160
105
111
122,
105
111
122
105
111
122
105
151
178
191
105
151
102
105
Rentes 4M%,
1932, B
Rentes, 5%, 1920—
114
160
Royal Dutch
Saint Gobaln C & C
105
111
Soclete Franclase Ford
122
*—
Schneider & Cie
Societe Generale Fonciere
105
—
Societe Lyonnaise
"
150
Soclete Marseilles...
...
..."
Tublze Artificial Silk
189
188
186
Union d'Electriclte...
101
101
101
Wagon-Llts.
150
567
639
........
Closing prices of representative stocks
each day
1,600
1,470
1,120
Orleans Ry 6%
EXCHANGE
569
1
250
634
640
HOLI-
Nord Ry
STOCK
352
571
'
1,130
—-
Lyon (P L M)
BERLIN
172
174
642
Kuhlmann
L'Air
THE
450
14,500
Canal de Suez cap
point.
453
7,700
;—
preferred..
-
.
417
420
50
420
54
1,675
1,110
1,163
78.80
78.60
77.60
81.25
80.70
80.30
81.20
80.90
80.30
87.60
82
>
86.50
81
636,
87
.
87
573
573
68
67
81
„
June
3646
1939
17,
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
__
United States Government Securities
Below
furnish
we
on
the New York Stock Exchange
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal 'point represent one or more ?jIds of a.point.
.
.
Daily IiccoTd of U. S. Bond Prices
122.1
122.2
(Close
122.1
122.2
;
4s, 1944-54.
"
■m
-J-i
121.16
....
5
....
25
116.12
116.10
116.12
116.11
116.12
116-10
2
•
'"
(High
116.3
1946-56--...--—(Low.
(Close
M
«r
«.
2
1
103.16
103.18
A I A) AT.
103.18
103.16
103.18
20
(Close
5
Total sales in $ 1 ,000 units.
(High
:'
■ v w
105.22
—
m
+r
*>
,»
(Close
W
Total sales in ?1 ,000 units...
3^s, 1941...
A.*"*'-.
,
'4*
' »
-
—
2HB, 1950-52..
(Close
160.19
.
110.29
110.30
110.31
110.29
110.30
110.27
111
110.31
110.30
110.27
110.30
8
5
8
111.17
111.18
111.16
..—•--(Low.
(.Close
111.17
111.18
111.17
111.18
111.16
111.17
111.19
111.17
111.18
111.16
2
37
3
6
**
M
112.8
H2.8
''
+
«•
•
—«.
35
*»
~
3s, 1946-48
...L.
112.5
w
—
-
1
111". 18
111.16
12
H2.1
112
112.1
111.30
112.1
112
109.16
109.10
109.15
109.12
109.11
109.9
109.12
109.10
109.9
109.13
109.11
70
60
18
26
109.22
109.25
109.29
109.29
109.26
109.25
109.29
109.22
109.29
109.26
109.25
109.29
1
1
*20
45
Total sales in 81
-
100.10
100.9
100.9
100.8
100.9
100.9
....
100.10
105.12
J
105.12
105.12
105.9
105.6
....
105.9
105.9
105.9
2
108.30
108.25
108.16
102.5
101.30
Mil.30
"Y
""""
-
(-'Deferred delivery sale.
10
t Cash sale.
108.25
108.16
108.25
108.16
1
table
1 Treasury
108.30
above
includes
only
2 Treasury
108.30
5
1
1
—"
..(Low.
Note—The
109.18
50
105.9
105.9
105.6
2___
5
109.18
109.18
7
6
.
105.6
....
(High
* Odd lot sales.
109.22
190.10
■
Total sates in 8,1,000 units
109.22
109.20
H09.4"
'
—
-
'
.
-
M
109.4
«.
''
"
109.4
^
—
-
m*
«»
3
-
(LOW."
(Close
\
v
sales
M
•
-
'
5
1
Transactions in registered bonds were:
bonds.
3^s, 1943-1947——
3^8, 1943-1945...
■Treas. 2J^s, 1955-60
.
.
of coupon
.
110.27 to 110.27
-.iu_-H0.24 to HO.24
109.6 to 109.6
-
— — —
1
52
(High
108
108.6
108.3
108.4
108.2
107.30
...-..('Loy.
(Close
108
108.6
108.1
108.3
108 '
107.25
United States
108.6
108.1
108.4
107.25
United States
.
j...
109.22
/
100.9
2
(High
1
4
100.9
'
Total sales in SI 000
units
2%s, 1956-59.
109.20
»
m.
109.20
(High
.
•
*
■•<.#+ m.
,,000 units...
1951-54.'..',..
2^8,
'«►
1
(Close
•«
109.22
35
w
109.3
4
5
1
100.10
'
(Close
.1^8, 1945-47
109.3
100.1b
Total sales in $1,000 units
109.26
'
••
....
■..(Low
36
109.3
'
(Close
_
109.3
109.3
109.8
109.8
2^8, 1942-44
109.29
(High
..(Low.
(Close
v'L
109.6
109.8
109.6
(High
Total sales in $1,000 units
.
2%8, 1948-51
.
2
'T
109.5
109.4
Total sales in $1 ,000 units...
w
-
109.5
109.2
109.11
(Close
,
-
units...
(High
2^8, series B, 1939-49 ..(Low
109.4
109.11
..(Low.
-
-
(Close
2
7
109.23
(High
-
Total sales in $1,000 units..
111.24
6
-
^
(Low
111.24
112.2
Total sales in $1 000 units...
2%S, 1945-47
16
Total sales in $1,000
111.24
11'2.2
109.23
..(Low.
—
2
V
"
(Close
6
(High
.
1
II"
III!
109.11
3s, series A, 1944-52.. ..(Low.
111.14
3
-
-
109.11
Home Owners' Loan
111.14
(Close
27Ab, 1955-60.....
109.12
111.14
111.16
2
«
....
10b" 12
109.12
109.12
113.10
112.2
1
lbb'.n
109.11
*
■
112.3
3
V
.
J
109.11
*2J*B, 1942-47
113.10
112.3
Total sales in $1 ,000 units...
110.1
110.1
" '(High
,_'__;__(LoW.
113.10
112.3
112.1
126
....
(High
112.1
(Low.
(Close
V
'
Total sales in $1,000 units...
112.1
(High
i.
12
Total sales in $1,000 units
6
113.21
,
-
105.21
105.24
110.1
.
'
3s, 1951-55..
•
112.2
1
^
(Close
Total sales in $1 ,000 units...
....
31
(Close
...
112.1
13
111.18
•
(.Low.
38
106.18
3
M
106.25
36
106.17
106.18
111.18
-
36
107
106.18
111.18
'
~
108.22
70
107.4
^
(Close
112.5
•
'
-4m
108.27
106.25
f,
(High
113.21
113.20
—
106.17
'
3s, 1942-47—.__(Low.
112.7
X7
113.20
M>
106.27
107
•
4
113.21
113.20
(High
106.22
106.25
107.1
(High
(Low.
112.2
112.7
5
Total sales in $1 ,000 units...
38
106.27
107.5
111.12
"112.6
112.7
M
(Close
65
105.20
3s, 1944-49...
111.12
4
(High
2
107.4
..(Low.
111.12
Z'HB, 1949-52.'... .......(Low.
16
35
36
Total sales in $1,000 units.
3
111.17
(High
106.25
(Close
110.25
2
111.20
(Close
•
„
2
..(Low.
106.30
105.21
3^8, 1944-64
110.25
Total sales in $1 ,000 units...
106.26
105.24
110.25
Total sales in $1 ,000 units...
3KS, 1946-49.!..
106.15
107
105.23
.
J
lio'io
112-8
106-25
105.24
Federal Farm Mortgage
LoW.
3^s, 1944-46....
«
106.30
.106.19
nolo
(High
106.17
106.25
105.20
111
(Close
106.30
107
Total sales in $1,000 units
Ill""
Total sales in $1 ,000 units...
10
106.30
40
2s, 1947.......
(High
3Ks, 1943-15....
108.26
5
■
10"6".31
106.27
2
0
.
107""
(High
110.30
toil
.
108.25
1
107".4"
105.20
iio;3o
2
108.24
....
108.26
*2
(Close
110.31
106.24
108.26
Total sales in $1,000 units...
lib"30
106.19
-
108.30
108.25
..(Low.
5
110.31
-
-u..
108.25
(High
111
,r -
.108.30
'
Total sales in $1,000 units
105.26
111
mi
~
'
13
108.30
(Low.
105.26
1
100.24
Total sales in $1 ,000 units...
5
107.23
107.4'
105.26
105.25
W
«•
A-m.~ f'
•
107.14
84
(High
2^s, 1949-53..
111
mt
#r «•
~
(High
.(LO W.
107.18
12
(C'los
'
M
107.23
46
|
5
•
( Lo vV.
107.22
31
'
111
•
3^s, 1943-47....
107.8
Total sales in $1,000 units...
.
105.26
,'
-
»
107.14
107.18
(cios
....
105.26
Am
2
(High
107.22
107.19
(High
.....(Low
2MB, 1948
1
---r
j 103.19
+
105.22
(Close
Total sales in 81 ,000 units....
107.23
107.18
(High
•,
115.26
—
2
105.22
—(LoW.
ZHB. 1941-43
—
103.19
.
.
107.23
107.19
Total sales in $1,000 units..
103.19
103.16
—
25
107*26
(Low.
115.26
»
2
~
"
115.26
(High
Total sales in $1,000 units..
3%s, 1940-43
''
115.31
115.31
116.3
.
1
•
115.31
116.3
....
107,16
-
-
-r
>.
2MB, 1945,....
3%s,
107.14
107.22
107.13
Total sales in $1,000 units
23
13
2
107.22
•»
•M
107.27
116.5
116.12
6
Total sales in 81,000 units...
-
...
,
■
"
....
107.24
Total sales in 81,000 units...
'(High
...(Low.
2%b, 1960-65..
107.16
107.22
107.24
107.27
116.12
116.10
w
116.12
Low.
(Close
1
116.10
116.13
116.12
(High
June 12 June 13 June 14 June 15
107.31
i
?54s, 1958-63..
121.16
122
■
Bond Prices June 10
June 10
;
Treasury
121.16
122
....
«*
116.12
(High
(Low.
(Close
f
'
13
2
Total sales in $1,000 units...
.
122
122.7
122.1
(High
•»
1947-52.',..
4!4s.
,
;
■
,
Daily Record of U. S.
June 10 June 12 June 13 June 14 June 15 June 16
--( Low.
'
Treasury
Owners' Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home
a
No
of the day.
unless they are the only transactions
1
NOTICE—Cash and deferred delivery sales are disregarded in the day's range,
is taken of such sales in computing the range for the year. ,
,
account
108
.
Total sales in ?t 000 units
108
'
7.
35
7
20
40
4
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AMD
HIGH
BALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
Monday
June 10
.
June 12
June 13
June 14
June 15
$ per share
$ per share
$ per share
$ per share
62%
131
63
J62%
131
,
*131
62%
42%
42%
*40
45
35%
36
*34%
36
7%
7%
22
22
54
7%
22
22
54%
*%
8%
*122
*21%
22%
53%
%
%
*40%
*34%
7%
22
22%
54
*%
130
%
%
%
8%
7%
7%
*6%
*6%
7%
*6%
*6%
7h>
7%
8%
*10
17%
8%
'
10%
165% 166
12
*10%
*12
17%
9%
12
9%
9%
62%
7%
h
734
*6i8
*6%
45
36
734
21%
22l2
54
78
8*8
130
lh
7%
10
10
17%
8%
17
1714
12
9%
163% 164
*10%
12l8
12
12i8
9%
69%
69%
70
70
9%
68I4
36%
35%
36%
3414
1*15%
16%
15%
15%
*llo
1%
15%
*1%
*14%
68%
35l2
15l2
1%
*1%
1%
16%
*67%
20
69%
■20%
30%
31
12%
52%
12%
*
52%
68%
*19%
,
16%
*34
17
*21
x7%
734
7%
22%
52
50
*%
8
%
34
734
8ig
34
7%
*6%
*6%
*9%
16%
8%
*67%
zl9
123g
5214
*12
28%
51%
22%
51%
34
8
758
6-i4
7%
*6%
7hi
1034
1634
*6%
83.
7
*9
10
16
16%
8%
8%
162% 164
*11%
*11%
8%
.
12
12%
53
Apr 11
120
Apr 10
2,000
300
1,300
2,800
50
34
.
200
6,400
20
34
7%
*6%
*6%
*9%
157S
2,500
7%
900
6%
7
101
16
200
3,600
8 3,
500
162 34 163%
1,600
*8%
12
1178
12
""600
9
13,900
8%
Acme Steel Co..
No par
25
Adams Express.
No
....No par
Adams-Mlliis
Address-Multigr
19% Apr
Corp
Afr Reduction Inc
.10
No par
Air Way EL Appliance.-No par
Alaska Juneau Gold Mln
10
Albany & Susq RR Co
100
Allegheny Corp.
No par
5H % Pf A with $30 war. 100
5H % pf A with $40 war. 100
5M% Pf A without wat.100
$2.50 prior conv pref.No par
Alghny Lud Stl Corp..No
Allen Industries
par
900
68%
19%
29
12%
52%
Allied Mills Co Inc....No par
Allied Stores Corp..
No par
*15%
1%
15%
*15%
15%
200
5% preferred
100
Allis-Chalmers Mfg
No par
Alpha Portland Cem__No par
1%
*1%
134
300
Amalgam Leather Co Inc
17
6%
1
conv preferred
67%
"i~,I66
19%
*18%
19%
1,700
28%
29%
28%
2834
7,000
12
12
1134
12
1,800
American Bank Note.
51%
51%
51%
51%
50
Am Airlines Inc
68
67
J In receivership.
* r>ei,
180
delivery,
34 Apr 10
6% Apr 10
5
Apr 8
5% Apr
9
Apr
14
Apr
8
8
8
634 Apr 11
34
67%
*18%
6% Apr 11
Apr 12
117
151% Apr 10
10
Apr 10
9% Apr 10
6
Apr 11
54% Apr 11
28
Apr 8
1234 Apr 8
1% Apr 4
13% Apr 4
50
April
16
Apr 26
28%Jime 14
5
69%
17
45% Apr
34 Jan
1
Inc...
3334
*14
19% Apr
8
31
8
28
1
4
30
Allied Chemical & Dye.No par
68%
7,700
31% Mar
6% Apr
69
34
33% Apr
par
Allied Kid Co.
*11%
9%
Abraham & Straus
3434
*66%
Lots
Amerada Corp
No
par
Am Agrlc Chem(Del).. No-par
10
6%
preferred
n New stock
Cash sale.
%
share
per
share 5
Highest
per
61
share
Nov
6434 Mar 15
June
7
11*9% July
427S June 10
30% Mar
45
Oct
June
52
Jan
13L
45
11
Jan
25
Mar
10
Jan
Feb
6% Mar
14% Mar
16% Mar
May
27% Jan
65% Jan
1% Jan
121
36%
18
Jan
40
% Mar
_
May 25
834 Mar
95
Apr
12334
Oct
1234 July
24
Oct
30
Aug
67% Nov
1% July
13% Feb
125
Dec
1% Jan
% Mar
i%
Jan
1478 Jan
1338 Mar
6% June
%
Jan
Jan
5
Mar
5% June
17%
17%
Mar
734 June
21% Nov
28% Jan
11% Jan
14% Sept
4% Mar
2934 Nov
1234 Jan
19
193
124
Jan
13% Jan 21
13% Jan 4
70
Mar
8% Mar
38
Jan
14% Aug
197
12%
Oct
Oct
14% July
13% Nov
Mar
70%
34% Mar
11% Apr
1% Mar
5534
Oct
20
Oct
Jan 20
10
Mar
24
Jan
May 25
55
May
78
July
Mar
197s Jan
2% Jan
19
Mar
7
4% Mar
1133 Jan
70
48% Jan
3%
Oct
Oct
Oct
3
10
22
Dec
28%
June
3
10
Mar
23% July
.Tan
fi
46%
24% Jan
31
fin
50
x
per
1734 Jan
±_10
....
r
Lowest
Highest
$
share
4 A % conv pref—_____100
500
22%
7%
per
Abbott Laboratories ...No par
20
22
22%
49%
34
734
S
10
*14
17
Bid and asked prices; no sales on this day.
7%
634
Lowest
Par
,
1,300
34%
7%
*119
34
163% 164
*11%
12
*1134
12%
9%
9%
68% 69%
34% 35%
*15%
15%
*1%
1%
*14
*21
22
*119
119
68%
*21
22D
19l2
29
5210
734
22
673s
12%
34%
51
1912
28%
12%
5214
12%
34%
22%
On Basis of 100-87»arfl
Week
3434
Range for Previous
Year 1938
Range Sines Jan. 1
STOCK
Shares
62i4
6134
62
61%
61%
149% *131
149%
149% *131
45
*40
*40
45
45
*758
19%
30%
June 16
$ per share
3534
68%
29
*50
*15
*40
%
734
36%
*14
62%
J119
10%
*8%
*163% 165U
12
*10%
12%
*34,
8%
*122
*8
10%
2114
22%
*52%
%
8%
*122
17%
7l2
'
8
8%
130
62%
149% 1113 H? 14938 *128
*
YORK
EXCHANGE
the
$ per share
STOCKS
<
NEW
for
Saturday
Ex-dlv.
y
Ex-rights
Apr
63
11 Called for redemption
Nov
New York Stock Record—Continued-Page 2
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
STOCKS
Sales
CENT
NEW
for
Saturday
Monday
Wednesday
Tuesday
June 12
June 13
June 14
June 15
$ per share
$ per share
$ per share
$ per share
57g
*534
38
*130
132
*5%
90
57g
*5%
534
*36%
38
37%
36%
37%
*130
96%
*175
9534
176
23
*38
23%
39%
*17
175
2234
17%
*37
17%
132
132
132
96
175
*174
2234
21%
22
38
37%
37%
1734
17
17%
*98
110
*100
110
*95
*123
124
*122
124
15
15
7%
6%
6%
734
734
*7%
7%
9%
*734'
9%
9%
9%
9%
74%
3%
74%
74%
9%
74%
3%
75
*74
3%
3%
American
300
21%
157g
16%
*98% 110
122
15
7%
834
9
*72%
7%
Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
400
9
2,300
75
50
*5
*5
5%
5%
5%
5%
5%
500
*160
*160
*160
500
500
*160% 500
*160% 500
*160% 500
2%
2%
2%
234
234
2%
*2%
234
2%
2%
*2%
2%
19
18
18%
20
1734
187s
19%
19%
18%
1978
19%
1878
6%
100
*5%
*5
534
734
'734
*7%
7%
*7%
6%
*15%
157S
15%
16
15
15%'
14%
*14%
1478
14%
14%
*14%
1434
300
378
37g
378
378
1,300
*30%
31%
50%
2%
4
4
*378
31
*30
30 78
31
31
50
*48%
4834
48
48%
31%
48%
*30
31
49
49
Amer Hawaiian SS Co
6% preferred
3,100
1,400
2
American
50
Home Products.-.1
American Ice
No par
2
2
2
*178
2%
22
21
21
20%
20%
20%
20%
20%
20%
20%
20%
600
5
5
5
5
47g
17%
478
*47g
4%
4%
*4%
5%
400
Amer Internat Corp ...No par
17%
1678
5%
17%
17%
16%
17
1,900
American Locomotive. .No par
53%
13%
278
50
50
*49
50
49
49
300
13%
13%
*13
13%
13%
13%
700
Amer Mach & Fdy Co ..No par
2%
*2-%
3
300
Amer Mach & Metals..No par
1%
18%
177g
177g
*50
53
52
52
*13
13%
13%
13%
13%
278
278
278
*234
434
434
34%
34%
1234
34%
1278
159
12
12%
159
34
34
34%
12%
*152
42%
44%
145
*
151
*
43
41%
.
151
150
139
„
68
151
13%
600
American Safety Razor..
12%
1234
800
American Seating
28
27%
27%
28
190
Amer Ship
41%
42%
42
139
*136% 140
68%
151
20
6,500
1,000
American Stores
No par
200
American Stove Co
No par
17
600
American Sugar Refining.. 100
89%
200
~23%
23%
10%
11%
24
11%
107s
107g
*10%
11%
*10%
11%
*10%
11%
10
10%
*10
11
17%
17%
16%
17%
16%
17
*1634
88%
*88
*88%
*18%
1834
88%
88%
83
82%
82%
85
85
85
85%
82%
84%
150% 150%
*150% 151
534
534
148%
534
5«g
534
a
89%
*18
18%
18%
16634 166%
169
83
*88%
90
*88%
18%
18%
168
168% 169%
.
18%
88%
158
82%
80
82%
82%
83%
81%
.
978
9%
86%
*84%
4%
*4%
958
86
*4%
4%
34%
34%
5
35
34%
5
34%
*47s
47g
5
35
38
*30
25%
32%
24%
37
37
*34%
22
22
22%
23
*30
600
1,100
*113
113
115
113
112% 113
11334
11234 n23„
*11234 H334 *112
*9
10%
10%
97g
*9%
97g
10%
*978
*978
*97g
10%
10%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
26
26
261"
26
27
*26
26%
*26
27
*26
*2534 27lo
1207g
12078 *119
1,2078 *119
*119
12078 *119
12078 *119
12078 *119
99
a99
99
99
*99% 101% *99% 101%
*9834 101
*100% 102
4
4
4
37g
4
378
378
*378
378
378
37g
378
34
35
34
35
*32% .35
36
35% 35% *35
36% 36%
65
65
65
65
*40%
*40%
65
*40%
*40%
*40%
*40% 65
*38
38
38%
38%
39
38%
38%
*40
40
40
38%
40%
22
38%
22%
*35
45
217s
22%
*7
1178
12%
95
*
....
*11%
7%
95
"7%
*
95
*
95
*1078
7
7
7
7%
7%
♦
11%
*107g
11%
*11%
11%
7%
12
*7%
7%
.
95 1
300
„
7%
8
"7%
8
"7%
*72
77
*7634
85
*76%
85
*76%
85
*7634
60
*57
61
*56
62
*56
61%
*55
38%
*37
*37
38%
*37
38%
*36%
37
36%
36%
*36%
*98
9934
*97
*97%
99%
*97
*98
99%
*97
*97
99%
*97
*98
997g
*98
*98
.9934
*98
29%
*64%
400
800
100
9934
"7%
8%
100
99%
29%
28%
29%
2734
28%
27%
28%
65
64
64
64%
18
18
17%
64-%
18
63%
17%
*6%
7%
*6%
64
64
19
18%
18%
8
*6%
7%
*6%
*11%
•
64
*63%
17%
7%
,7%
1 *11% 13
500
------
*
200
12
13
12
12
13
12
■*1178
*12
20
21
20
20
1934
20%
2034
20%
20% 21%
110%
110% *110
111% *109
111% *109
*109
110% *109
110%
•7%
7%
7%
7%
7%
7%
734'
7%
7%
734
7%
*7%
46
*45
45%
*45%
45%
45%
45%
45%
*4478
*44%
*4434
45%
54
54
*51
*52
54
*51%
»F2
54%
55
54%
53%
*54%
3,900
*109
11834 *116
*116
*5%
*2%
.
57s
*5%
2%
*2
3
2%
2%
2%
*2
2%
2%
2%
20%
*18%
5
6%
6%
20
5
1 l7g
*64
; 5%
6%
5%
6%
478
3,500
6%
6%
1,000
20%
400
69
*65
69
13%
*12%
13%
12%
13
8%
7%
7%
*73g
8
*28
28%
14%
14%
217g
'22%
*100% 104% *100
*28%
126
*8
*26
14%
21%
*113
*113
23%
*21%
28%
*26
28%
*26
28%
126
8%
75
125
14%
14
14%
1334
1334
3,400
21%
20%
21%
21
21%
2,100
—
—
—
—
22%
*113
*22
-
-
-
-
227g
all3% 113% *113%
22
22%
22%
126
125
*8
8%
8%
7478
*72%
23%
22%
*120"
125
8%
7478
125
8
8
*8
7478
*72%
21
21
21
720%
5434
54%
54%
*54%
5434
754
20%
54%
*53%
54%
50
49
49
49%
49%
*487g
49%
*48
49%
58
56
57%
55%
56%
23%
17%
17
17
108%
108
108
22%
22
17
173g
*17%
11
11
*16%
19%
40
40
22%
*
2234
22%
18
167g
108%
*21
22%
18
54%
17
*106
107
20%
56
22
------
600
300
22%
20%
53%
*48
9,100
20%
3,500
53%
49%
54
55
17%
*167g
17%
108% *107
108%
700
200
19,900
1,100
1,000
*20%
21%
20%
20%
*20
20%
17%
17%
17%
*17
1734
500
10%
717%
9%
9%
3,100
10
9%
19%
*16%
19%
*16%
19%
♦16%
*31%
*31%
40
*34
40
*34
40
2178
22
600
19%
40
1934
*36
40
Bid and asked prices: no sales on
1678
20
23
8%
1,700
7478
*16%
*17
22%
18
1678
107
22%
125
10%
10%
2l7g
10
23
10%
107g
10%
167g
107
23
*118"
*72%
21%
23
100
14%
21%
24
22%
28%
800
------
21%
*49
23%
108
*26
------
14%
*54%
*72%
57
69
21%
*72%
22%
2078
75
58%
*65
101% *100% 101% *100% 101% *100% 101% *100% 101%
*
*
30%
30%
31
31
*27% 30%
*28%
*72%
58%
*17%
20%
*7%
21%
8
478
6%
*65
13
*7%
19%
7,800
5
21
*12%
1434
126
21
10
5,900
-
21%
■22%
this day.
21%
22%
21%
t In receivership,
2134
72i2 Jan
58
Mar
8084 July
153g Mar
12
Dec
20
7% Mar
2234 Apr
2078' Jan
23% Nov
35% Jan
April
1138 Apr 10
•1078 Apr 10
i27
Apr 13
35% Apr 10
34i2 Mar 10
53% Jan
129% Feb 17
139
5912 Apr 14
68
146i2May
15% Apr 11
14i2 Apr
7
8
75% Apr 11
Jan
4
4i2 Mar 31
8is Apr J1
78
June
5
28% Mar
6
103
June 13
4584
130
15H2 Jan 18
3
20U Apr 10
8I4 Apr 8
9
Apr
1
75% Mar
Jan
Apr 10
3% Apr
41
Jan
4
2034 Apr 11
35
Apr 11
1312 Apr
111
8
Jan 23
884 Apr 11
1% Apr 11
21
Apr 21
Mar
20
5,20 J
a Def. delivery,
97
May
9
334 Apr 10
50
538 Apr 11
Jan 23
5»8 Apr il
58% Nov
140
Apr
Jan
Dec
6184 Dec
150
15% Mar
6% Mar
Feb 18
12
Dec
4O84
Feb 20
131s
14i2
22i2
9178
18i2
l'70ig
87i2
19
3
19%
9
82
Dec
Jan
4
111
Mar
Jan 19
8934 Jan 16
68
Mar
l53i4May 26
130
83g Jan
88% Aug
6884 Mar
Oct
91%
152
Apr
378 Mar
5
Jan
117% Mar
120% Oct
150% Dec
12% Mar
Mar 11
Oct
31
Dec
Jan
Deo
Jan
1184
June
Jan
,
Deo
9% NOV
14% Jan 20
6
Mar
16% Nov,
9312 Mar 10
68
Apr
91
Jan 10
684
Apr 11
105% Jan
24% Nov
3% Mar
2358 Mar
784 Jan
25
Mar
36I4 Jan
21
Mfiy
547g Jan
29
Mar
23%June
II434June
155s, Jan 15
2i2 Jan 9
29i2 Jan 6
12114 Jan 4
103i8 Jan 10
6ig Jan 4
Mar
20
Apr
116
July
82
Mar
37b Mar
Mar 15
13
10% Jan
5
Mar
Mar 11
72
Nov
3
4
Mar
Mar 15
85
Z52
May
103g Jan
Oct
Oct
6434
2178 Aug
Mar
2
July
42%
Apr
10
Oct
43
1084 Mar
97
Nov
9%
43s Mar
5
Jan
Aug
7% July
45
«
113% Oct
20% Oct
4% July
31% Aug
122% Oct
10378 Oct
7
July
72
Jan
94% Jan
59% Dec
13
Nov
9
Dec
•77% Deo
12% Nov
Aug
75
70
Jan
5
78
Apr
8
60
June 12
48
Dec
Co.-No par
30
Apr 11
38
June
6
'27
Mar
73% Sept
39% Nov
5% pref with
warrants--100
warrants 100
Atch Topeka & Santa Fe.,100
5% preferred.
100
90
Jan
9
100
June
72
Mar
95
Nov
$5 pref without
8912 Apr 27
99
June
72
Jan
95
Nov
23i2 Apr 11
4278 Jan
22% Mar
517„ Apr 26
71
40
May
72
Jan
RR—100
Lines..No par
5% preferred..
—.100
Atlantic Refining
25
4% conv pre! series A—100
Atlas Gorp
5
6% preferred
*
50
Atlas Powder
..No par
5% conv preferred:
100
Atlas Tack Corp
No par
15
Apr
30% Jan
10i2 Mar 14
Mar
30
Deo
Apr
8
8
14
6
10
Apr
8
Atlantic Coast Line
Atl G & W I SS
tAuburn
5
50
41
Austin
11%
13% Mar
73
100
8%
22
8
47g
*6
6%
20
6%
50
------
20
Mar
14834 July
24% Mar
6% Mar
2% Mar
600
478
9
4
Jan
2284 Jan
May 15
4
2%
11
1838 Jan
162
12*8 Apr 10
Jan
2%
*19
41% Nov
19% Oct
58
x%
5
16% Mar
33i2 Apr 11
9% Apr 10
2%
11%
4484 Mar 11
8
47% Nov
50
2%
13%
1484
*125
5
5
200
300
Oct
Mar
28% Mar
preferred...
Associated Dry Goods
Jan
7%
3% Mar
5
7%
29%
19
4
2
19
6
Jan
57g
69
8
22
31
6%
4,000
116
*64
*7%
*28%
5
■
11
116
Feb
Jan
*5%
5%
69%
13%
*64
*13%
8%
227g
47g
6%
11
„
5
11%
116
21
1334
23~
11%
*2%
19
5
5
5
11%
2
19
*18%
19
*
*5%
*19%
69%
*113
5
116
21
13%
28%
11%
•
*18%
-
*19%
*7%
*28
5%
11%
•
21%
5%
2%
*18%
5
11%
5%
*19%
5%
57g
*2
2%
5%
117%
*116
117
117
*5%
57s
234
;2%
11834
7
65
Assoc Investments
2,900
2034
Oct
Nov
52
7% 2d preferred
12,100
*6
45
122
Mar
Mar 31
6% 1st preferred
-
------
6434
16%
18
-
------
99%
27%
13%
20 84
7%
*6%
-
Mar
20.
3334 Apr 11
100
1
...100
100
,
4,800
-
100
27
par
100
7%
28
27
'■*18
•
20
par
-200
73
8%
par
preferred.....
Armstrong Cork Co
Arnold Constable Corp
5
Artloom Corp
,--No par
500
61%
~~8~
3
No par
100
No par
7%
------
83
60
8%
77
54%'
par
Nov
17% July
5% Jan
4984 Mar 11
8
10% Apr
Jan
11712 Apr 27
$6 conv pref....
500
------
Apr
79
99% Mar
23
x26
3% Apr 10
Apr 8
305g Dec
23g Mar
4i2 Jan
4018 Jan
124l2 Mar 20
Jan 14
20% July
884 July
Mar
,
Nov
45% Dec
2% June
June
10
preferred
.....100
&Co(Del)pf7%gtd 100
Armour & Co of Illinois.....5
2,700
1134
25
Mining..50
Armour
400
95
54%
"~8%
*73
23
44
1584 Jan
218 Apr 11
67s Nov
36
Oct
79i2 Jan
8
33
7%
------
7
♦
Apr
24
Anaconda W & Cable..No par
200
.
*1134
11
43i2 Jan 10
AnchorHockGlass Corp No
$0.50 conv preferred.No
Andes Copper Mining
A P W Paper Co
No
Archer Daniels Mldl'd.No
.
♦
4% Mar
123g Mar
6
283s Apr 10
4*8 Apr 10
Anaconda Copper
940
*37
23
13% Nov
784 Jan
3038 Jan
$5 prior conv pref
100
26,000
23%
100
45
22%
22i2May 15
414 Apr
14% Apr 8
47
April
Preferred
6,200
23%
No par
..No par
$0 1st preferred
4%
22%
23%
3034 Mar
147
100
Amer Zinc Lead <fe Smelt—1
37%
40
*34%
Mar
April
American Woolen
32
2278
Mar
1%
Nov
15
May
2
Feb
I2a4 July
2078 July
Mar
9
Apr 10
3378
4%
24%
•;
7
10
12
73
200
5% July
25%
5% Mar
2
100
10
preferred
Foundries Ine
Jan
5U Feb
148
Am Water Wks & Eleo.No par
200
4%
*32
37
*32%
32%
23%
24%
23%
6,100
,90
*4
4%
4%
47g
6%
5
7
35i2May 31
50U June 10
2%May 10
25
25
Am Type
1,300
2% Mar
13% Mar
15
100
Teleg Co
Common class B__.
600
9%
9%
*81
Amer Telp &
American Tobacco..
3,700
«.
5%
5%
33%
*33
33%
'
47g
38
*30
2478
24%
*37
*33
34%
47g
82
148% 150
•
10%
90
Am Sumatra Tobacco..No par
500
800
81
100
Preferred
17,200
*80
82
84%
18%
18%
161%
83%
81%
*149% 150
14834 *148% 150
5%
578
5%
534
5%
9%
9%
9%
934
9%
90
*85
89
90
*83%
4%
4%
4%
4%
*4%
85
<
157% 158%
18%
18%
161% 164'2
25
6% preferred
.100
Amer Steel Foundries..No par
23%
177g
25
151
*
97g
*17%
*30
American Snuff
24%
177s
90%
10
100
7,100
*66%
9%
*17%
*8614
*4%
68
41%
41%
151
151
300
Building Co.No par
Amer Smelting & Refg.No par
Preferred
1.100
*137% 139%
68%
*66%
•
~23%
11%
18.50
Co...No par
13%
24%
1034
*11%
*10%
...100
*12%
10%
"24%
4H% conv pref
25
12%
23%
11%
,
American Rolling Mill
13%
11%
25%
Jan
7% Nov
177
Jan
12
152
Preferred
10
13%
25
"25%
Mar
177
Apr
934 Jan
173sJune
1% Jan 24
I4i2 Jan 23
Jan
4
3% Jan 20
20i2 Mar 11
Apr 8
278 Mar 31
Jan
>
6% July
25r>8 Apr 8
4134 Apr 11
100
1,500
9,600
152
28
164
4
2638May 17
13
*66%
*
•
Apr
2
Apr 8
1214 Apr 10
Nov
I684
83
Dec
2% Mar
Mar 22
6
15
Mar
8% Mar
67%
538 Jan
434May 26
28
13%
41%
139
68
68
*67
1
11712 Apr 20
No par
$5 preferred
400
28
139
al38% 138%
68
*67%
9
4
74i2June 12
Dec
978 Nov
4% Mar
Jan
10i2 Jan
Feb 11
No par
Am Had & Stand San'y.No par
53%
28
43%
4334
*139
Apr
IDs
534 Apr 10
6I4 Apr 11
61
Mar
9% Mar
884 Feb 24
32
53%
28
1234
28
8
.No par
54%
*12%
13%
12%
514 Apr
Light...No par
54
13%
*12%
*13%
28
July
$6 preferred
56%
13
1334
28
Oct
20
100
American News Co
5,200
13%
55
28
125
Amer Power &
13%
*13
56%
13
117
13% Sept
900
13%
*54%
56%
13
Feb
88% Mar
14
5
2,600
13%
55
14%
*13%
89%
123%June
Apr
No par
6% conv preferred
12
1178
100
Amer Metal Co Ltd
90
33%
33%
152
155
100
Preferred
1,700
13%
13%
13%
*54%
*152
155
13%
14%
14%
,
12%
1178
12%
117g
*152
34
34
34
33%
12%
156
*152
14%
*54%
14%
.
-
29%
40
*152
2%
6% non-cum pref
*111
24
*39
1
3
+2%
29
29
29%
29%
29%
29%
29%
29% 2919
125
124%
*115
124% *115
124% *111
124% *111
24
24
24
24
24
24
*23% 24
23% 23%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
39
39
39
39
38%
38%
39
39%
39% 39%
30
*23%
*50
17
2
10
American Hide & Leather... 1
100
48%
*30
*20
125
115i8 Mar
14
1,600
16%
14%
30
8
109i2 Apr 20
Apr 11
1534
*111
27
10
1478
278
12% Mar
Jan
No par
16%
18%
347s Dec
5784 Nov
2334 Nov
Jan
$6 preferred
4
2%
176% Nov
24i2 Jan
Apr 10
*14%
4
No par
....No par
Aug
Oct
160% Mar
55
164
100
Amer & For'n Power
Nov
135
105%
35
5
*16
2%
Jan
8
No par
4
*2%
7084
share
1438 July
52
8
17 2d preferred A
147g
-
23% Mar
114
Apr
3
per
684 Mar
4
6
178i2 Feb 17
17 preferred
16%
49%
4
100% Jan
1,000
I
7
*634
7%
American Express Co
4
*30
Jan
Apr
2% Apr
Amer European Secs.__JVo par
1,100
*14%
4%
Encaustic Tiling.. 1
Highest
share $
5412 Jan
134 May
3,600
7%
16%
50
*7%
100
per
.
•
7%
3%
3%
3%
'
*5
5%
3%
3%
1st preferred
American
1,200
3%
100
No par
Co NJ 25
American
100
3%
3%
preferred
Am Coal Co of Allegh
6%
7%
*7%
*8%
75
.9
*72%
75
5%
American Chicle
100
;
share
1312 Apr
100 May
32
100
Am Chain & Cable Inc.JVo par
15
*6
100
Preferred
1,700
*2%
25
American Car & Fdy..No par
600
1534
1534
*98% 110
*12134 123%
__.100
Can
Lowest
per
8
$
378 Apr 8
3134 Apr 1
125
April
83»i Apr 11
16712 Mar 3
17i2 Apr 11
l
Preferred
4,400
35%
6%
.7%
87g
*7%
*74
American
500
21
20%
*34
15
*6
6%
*6%
122
*2%
4,000
17434 17434
174
Corp
&X% conv pref
70
92
90%
35%
110
132
*130
94%
Range for Precious
Year 1938
Lots
Highest
$ per share
Am Brake Shoe & Fdy.iVo par
35%
*2%
*6°8
7%
300
16%
*95
8
*6%
5%
3634
132
91
*122% 123
15
*2l4
5%
*36%
37
35%
16%
110
124
*2
*130
7174
175% 176
21
21%
21%
175%
*123
*2.4
132
95%
Bosch
5%
*36
94%
Lowest
Par
Shares
share
ver
36%
*5%
37
*130
95%
95%
5%
5%
*3534
$
On Basis of 100-Share
Week
June 16
June 10
$ per share
Range Since Jan. 1,
YORK STOCK
EXCHANGE
the
Friday
Thursday
3647
18%k{ay 2
IO414 Apr 12
7
April
43% Apr 8
50%June 6
116
June 15
4% Apr 10
Automoblle.-No par
2
June 15
Nichols...——No par
$5 prior A..—*.
No par
Aviation Corp. of Del (The) .3
Baldwin Loco Works v t C--13
Baltimore <fe Ohio
.....100
4% preferred......
100
Bangor & Aroostook
50
Conv 5% preferred
100
Barber Asphalt Corp
10
Barker Brothers
No par
2
Apr 13
5>$% preferred....
50
Co—........6
No par
...100
25
$5 preferred w w
No par
Beech Creek RR
50
Beech-Nut Packing Co.....20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendix Aviation
5
Beneficial Indus Loan..No par
prlorpf$2.60div ser'38No par
Best A Co
No par
Bethlehem Steel (Del).No par
5% preferred.
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bloomingdale Brothers.No par
Blumenthal A Co pref
100
Boeing Airplane Co
5
Barnsdall Oil
Bayuk Cigars Inc
1st preferred
Beatrice Creamery
n New
stock,
r
Cash gale,
19
June
6
412 Apr 10
914 Apr 11
4i2 Apr 10
5
Apr 10
19
Apr 11
67
Apr 8
107g Apr 8
18
•'
Mar
Mar 15
1734 Mar
14% Jan
27% July
10178 Apr
109% Aug
5
978 Jan
48% Aug
8
684 Mar
3884 Mar
6684 Jan
3
36
Mar
Jan 11
105
Jan
Jan
127
6I2 Jan 5
458 Mar 10
4% Apr
378 Jan
2
6
2% Mar
5
,Mar
884 Jan
4
Mar
5% Mar
10% Jan
30% Jan
87
Jan 11
Jan
6
13
Jan
5
33
Feb 28
Apr 10
98
Apr 10
19l2 Jan 4
22%May 24
11434 Jan 16
23
29
Mar 23
June 12
Mar 22
163g Apr 11
1778 Apr 11
481« Apr 6
46
Apr 26
51% Apr 11
878 Jan
73% Jan
2984 Jan
21% Mar
5434June
57i2 Mar
20
25
3
11
6
11
4
80
Jan
15i2 Apr 10
18
Jan 11
90% Apr 11
115
1578 Apr 10
14
Apr 8
8*2 Apr 10
l7%May 31
35
Apr 18
19
Apr 11
27
x Ex-dlv.
Jan
11
1384
7
Jan
July
12% Mar
2384
14
Oct
34
Nov
5
10% Mar
21% July
9
Mar
21
Nov
109
Apr
115
Jan
25
Apr
94% Apr
19% Dec
102
Dec
9
July
584 Mar
Sept
83
8% Mar
30% Dec
67
Jan
15% Mar
21
Dec
207g Mar
50
Nov
3984 May
1284 June
75
Mar
787g
18%
1147#
2984
24%
1984
21%
Dec
Nov
Nov
Oct
July
17% June
984 Mar
10% Mar
13% Apr
44
Feb 24
May
55
3484
Jan
Sept
357g
3
Oct
30% Mar
117
3
4
23% Mar 11
17«4 Jan
Oct
Mar
21% Mar
Feb 28
22% Jan
y Ei-rlghts,
July
July
90% Apr
126
70
8% Dec
17% Dec
98
Dec
1
3
Mar
Nov
6% Jan
5% Dec
3684 Deo
82
113s Mar
11312 Apr 28
7% Apr 10
28
1 Nov
8
36
June 10
101%June
68
126% Dec
2484 Dec
21
17
Mar
17% jan
8
Apr
2% June
12% Mar
3012 Jan
878 Jan
2414 Apr 11
a:1238 Apr 11
15U Apr 10
IIOI4 Apr 11
6
6% Mar
4734 Mar
87g
8% July
6
23i2 Jan 10
110i2June
4% Mar
447g Nov
1
*| Called for redemption.
Nov
Nov
Oct
Dec
New York Stock Record—Continued—Page 3
3648
HIGH
PRICES—PER
AND
SALE
Tuesday
Monday
Thursday
June 10
June 12
June 13
June 14
$ per share
*22
22 >4
$ per share
$ per share
$ per share
*21
21%
22
22
110
110
*109
110
*21%
*56
57%
*56
57%
*1912
2012
2078
2434
2
*1958
20
27
7»4
*25%
207s
2412
*158
2678
*7i8
*1038
2214
40
*39
1%
91S
1U2
39%
*25
26
7
7%
7
*25
2612
7
7
10
10
49%
49%
*1%
1%
9%
2034
*38%
*48%
*1%
*8%
9%
*8%
11%
11%
15%
8%
14
8%
101
*97
101
38
38
38
*3584
4%
4%
43,)
2812
19%
195s
14k
WI4
13%
1338
♦13s ' 1%
*1258
13
*7%
7*4
*2012 20%
4%
*2734
4%
4%
453
484
28
21
9%
*8%'
38%
37%
37%
500
21
22
21%
21%
3,900
*35%
37
36
36
10%
14%
14%
8
98
*98
4%
35%
35%
4%
27%
19%
1334
4
4%
4%
27%
*27
27%
27%
19%
19%
14
13%
1%
12%
19
14
1,900
*6%
21%
21%
20%
20%
*2034
234
21
8%
? 2%
44
1312
13l2
13%
18
18
18
18
13%
*52
1
234
234
8%
45%
13%
18%
8%
44%
8%
44%
13%
18%
13%
1834
45
13%
17%
55
lis
2%
8%
45
44
21
*52
1
5%
1114
17%
*10%
11
10%
17
17%
16%
*4612
48%
47
47
4%
31%
4%
31%
*52
1
1
*5%
10%
5%
10%
17%
*514
5%
5%
1034
17%
*46%
4%
31%
*5%
*38%
8034
*15%
*2%
13%
1834
55
1
17i2
*41
*62
55
1
5%
234
8%
17
48%
4%
*46%
4%
834
10%
16%
10%
17%
*10
45
48%
4%
1
5%
46
*44%
4%
*31
43„
*15%
1512
*2%
*38%
'
116
116
'
7934
117
44%
45
45U
*104% 105% *104% 105%
19
19%
18%
18%
98
99%
*9812 100
12%
12%
1278
13%
*67
*67
68
67%
45U
203g
534
*4
434
*4
5
*84i4
95
*4%
*84%
Carpenter Steel Co
100
Carriers A General Corp
11%
29
29
29%
20%
*9%
21
21
*20%
335a
*91
92%
20%
*92
*%
3g
534
*3%
434
4-%
*4%
*4%
*84%
5%
95
'37%
'
7%
2834
101
37%
*2034
2
-
33%
92%
*92%
92%
3%
*184
3%
*134
92%
-*%
%
%
%
11%
134
11%
134
11%
2
2
35
47%
*%
%
*34
*%
*134
33%
*32%
34
47
*4538
46%
*%
*84
1"
*25
28
71%
13% .13%
71%
97%
.60
3t2
20%
70
111% 111%
*23%
24%
*75
77
....
43
30
62
16
16%
*105% 107%
%,
%
%
%
%
la4
*134
*32%
34%
*44
46
*32%
*43%
%
*32%
45%
34%
4538
*%■
%
12
12
*%
9
%
1,200
*%
%
In
*%
*%
I12
*%
*8
*8
9
*11
2
100
2,100
400
100
25
*15
15%
*4
4%
6%
*5%
*4
10%
10%
10
10%
25%
25%
70%
13%
*25
26%
69%
13%
69%
13%
97
'97
*47%
*3
68%
13%
?
96%
*47%
96%
3%
3%
3%
60
*
60
9%
*25
68
9%
*24
26%
28
11%
300
9%
9%
1,900
70
67%
69%
*13%
13%
13%
13%
96
9634
95
95
*47%
*3
60
*47%
*3
3%
60
3%
1s%
*42
42%
29%
*42
"42%
29%
...
*127
129
60%
60%
15%
15%
105% 105%
42
29%
...
42%
3034
*131
128
*60%
*42
42%
30
*42
...
42%
30%
*131
128%
60%
'
41%
42%
2834 030
*131
128% 128%
.....
...
28
94%
*47%
*3'
.
*18%
54,000
13%
95
60
3%
20
700
*65
111
60%
26
*1434
*4
6
*23
24'
*75%
....
£41%
28%
*131
41%
29%
...
129
12734 12734 *125
*60%
*14%
1434
*14
15
*14
15
4%
584
*4
434
*4
4%
*4
4%
*5
5%
5
5
5
""140
*4
4%
19%
19*2
*4%
1834
19%
4%
19%
*4%
*4%
"2",700
8934
89
4%
6
20
20
*76%
47
*107
8734
79
47%
108
9%
28
684
85
76%
76%
4634
4634
*107
11%
10%
*4
5
*4
19%
19%
*88%
*8%
*25
6%
84
*76%
46%
109% *107
52%
52%
52%
52%
*108% 110% *109
110%
11%
1034
4%
20
1934
19%
19%
8934
*88%
9%
9%
29%
6;
*26
6%
84
85
79
*76%
45%
46%
109%
108
52
52%
51%
109% 109% "109%
10%
10%
9%
28%
6%
85
79
46»4
29
29
14
14
*18%
*84
8834
*26
28%
*26
6
6%
87
6
6%
*84%
*76%
46
79
4638
*8312
*76%
86%
79
45%
45%
109%
109% *107
51
52
50%
51% 51%
110%
110% *110
110% *110
10
10%
10%
9%
10%
13s
1%
1%
1%
.1%
*107
108
1%
59
59
59
59
60
63%
61%
62«4
61%
62%
60%
60%
29%
293s
29
29%
29
29%
29
29%
28%
29%
2834
28%
1%
1%
1%
1%
•Bid and asked prioes; no sales on this day.
60
100
-
5
par
5% preferred
_j.--.100
J Chicago A North Wesfn.100
Preferred
100
Chicago Pneumat Tool .No par
$3 conv preferred...No par
Pr pf (|2:50) cum div No par
tChlc Rock Isl A Pacific
100
7% preferred..
$ In receivership,
a
Aug
July
9
Mar
July
106% Dec
26% Nov
96
Sept
12% Dec
19%
46
Mar
72% July
18%
Dec
28
2
Mar
9934
Apr
6%
»
Dec
4
5
3
Mar
3% Mar
88
Aug
Dec
Jan
5% July
111% Nov
14
July
8% Jan
6% July
104
52% Jan
6
26% Mar
Jan
4
4% Mar
4
17% Mar
Oct
Oct
12%
47% Jan
Apr
59%
13
46
Oct
106
Mar
Mar 21
94
June
3
18
May
33% Nov
June
1234 July
48% Mar
38% Jan
6
20
Dec
April
22
June
.70
Jan 24
92%June 13
Apr
89
% Apr 21
1% Apr 10
% Jan 14
384 Jan 4
Dec
1% Mar
4
%M»y 8
l%May 19
8
% Apr 5
% Apr 8
% Mar 22
1% Apr 21
10
Apr 10
32
April
% Jan 4
3% Jan 5
13% Mar 11
2% Sept
8% Mar
"
9% Apr
1
44% Apr
%June
1
84 Apr 10
1
Jan
1%
Jan
Dec
I84
Jan
'
No par
15
68
.
2
Mar
3% Jan
20% Jan
38% Mar 14
22
48% Mar 11
84 Feb 6
37% June
% Dec
6% Mar
1
1% Jan
1%
9%
14%
13%
Mar
Jan
Mar
Dec
%
8
■
12
Jan
Dec
Mar
Mar
3% Mar
Jan
Jan 11
25
May
59
1
58
Mar 11
64
3
2
Mar
8
8
Apr
Jan
Dec
6
Jan
May
2% Apr
1%
6% Jan
15% July
%
% Nov
3
Jan
784 Sept
52
Feb
July
%
% Jan
35% Mar
79
Jan
1%
1
9
8
100
% Aug
14%May 23
97%June 10
Apr
100
_
1% Jan
85% Mar
10
4% Jan
26
Mar 11
6% July
1984 Dec
3984 Nov
47
Nov
1%
Jan
3
July
2% Jan
1284 Jan
19% July
13% Nov
Oct
51
88% Nov
13%
Jan
Jan
80
Dec
Mar
60
Feb
10% Mar
6% Nov
27%
Oct
Feb 10
69
Feb
4
70
Nov
76
Mar
110% June 12
115
Feb
9
106
Apr
115
Aug
20% Apr 11
74% Jan 23
78
42
3
Jan
36% April
21% Apr 11
15% Mar
29% Mar 10
Mar
13
45%May
60% Jan
2
5
3084 Mar 15
67% July
44
Dec
32% Mar
10% Mar
30% Nov
.76
Jan
45
Feb
60% Nov
2584 July
Cluett Peabody A Co..No par
Preferred..
100
127% Jan
No par
114
5
April
135
Coca-Cola Co (The)
133
Jan
6
105% Mar
14234 Aug
No par
68
7
62
Mar
2
57% July
61% Nov
16% Mar
4
Class A
Colgate-Palmolive-Peet No
par
Jan
11% Apr 10
101% Feb
1
20% Apr
8
36% Jan
5
8
108%June
3
100
18
Apr
May 20
8
11% Apr
100
3
4% 1st preferred
100
4% Mar 31
1
Apr
14
v t e
No par
73
April
Apr 11
o
No par
v t
7% Apr 11
74% Jan
62% Jan
3834 Apr
100
105% Apr
Commercial Solvents.-No par
Commonw'lth A 8ou__No par
$6 preferred series
No par
Commonwealth Edison Co. .26
n New stock,
r
Cash sale.
42
Apr
106
Apr
9% Apr
lEx-dlv.
y
June
5
9% Mar
3% Mar
3
7% Jan 4
20%May 27
20%May 25
4% Mar
4
Apr
13% Mar
13
Mar
Jan
3
63®4
Apr
15% Jan
30% Mar
4
6
9
Mar
93
83
Feb
8
25% Dec
5% Mar
57
May
50
May
57
Jan
3
23
Mar
109% Mar 20
84
Mar
29%June
6% preferred series A... 100
5% preferred
100
Commercial Credit
10
20
4
2% Feb
64% Mar
500
13% Mar
8784 June
Jan
7
3
5% Apr
7% Mar
May
78
9% Jan
1% Mar
Columbia Gas A Elec. .No par
Jan
23<4 Jan
4584 Jan
28*666
Comm'l Invest Trust..No par
$4.25 conv pf ser *35_No par
June 16
£25% Apr 10
23% Apr
4M% conv preferred
29
8
10
3
13
10
6
8
14
10
31
preferred-No par
conv
111
106% June 13
100
5% conv preferred
100
Colonial Beacon Oil Co .No par
Colo Fuel A Iron Corp.No par
$2.76
Marl6
No par
6% preferred
Collins A Alkman...
Columbian Carbon
Def. delivery,
Jan
22% Nov
58
Jan
82
June 12
5% Mar 11
95
Feb 24
Nov
89
120
Jan
29% Mar
100%
9
Columbia Pict
100
113
46
4% Jan
107% July
8
600
3,200
9
4
99%June12
19% Jan 4
72% Mar 14
22% Jan 11
5% Jan 3
46% Nov
8% Jan
42
July
884 Aug
98%
Mar 11
55
107% Jan
24% Jan
Oct
1034
20% Aug
12% June
2% Mar
62% Mar
Feb 25
9
Clev A Pitts RR Co 7% gtd.50
Special gtd 4% stock.....50
Climax Molybdenum
No par
4
3
9
3
11
Apr 10
5,400
15,800
7,200
21,700
94% Mar
122% Mar
Mar
May
4% Mar
34% Mar
63% Apr
Feb 18
85
20% Jan
3% Jan
Apr
5
21
7% Jan 9
42% Feb 17
53% April
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
37%
6% Jan 3
34% Mar 11
40% Mar
May 16
100
June 12
47
"
£2512 Mar
4
10
21% July
Jan
14
2,900
Mar
.
8
8
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.50
Class B
2.50
800
Mar
1
5% Mar
8% May
12% Mar
Jan 17
8% Jan
1784 Jan
20% Jan 18
2%
6
^..5
Mar
15% Mar
45
30
No par
6H% preferred
City Investing Co
City Stores
Clark Equipment
13
9
33
Chrysler Corp
City Ice A Fuel
Mar
6
_,..__25
Chile Copper Co.
20
6
% Apr 8
7% Apr 11
Apr
5
7
Apr '8
25
Apr 8
100
par
15% Nov
44% Nov
22
July
24% Jan
61
Aug
2% Jan
102
100
Chlckasha Cotton Oil......10
Child* Co
....No par
Mar
17% Jan
19% Mar
Apr 10
Colorado A Southern
28%
*8%
100
preferred
Oct
6
52%June
3
800
19%
89%
10
4%
19
19%
18%
10%
1%
1%
20
15%
*88%
9%
*85
200
1,400
29
8934
6%
84%
12,100
*18
89
6%
100
29
4%
20%
6%
""566
*18
*4
*25
5,300
18,400
29
20
28
700
*18
4%
*25
40
77
*42
4%
Chicago Mall Order Co.
tChic Mil St P A Pao..No
July
Apr 20
CCCAStLoulsP.yCo5% preflOO
300
28
20%
20
9%
1,480
""166
70
*110
*60%
60%
60%
15
15%
15»4
15%
15%
15%
15%
15%
106% 106% *105% 107% *105% 10734 *105% 107%
*60%
10
68%
67
*12%
100
^Chicago Creat Western.. 100
Chicago Yellow Cab._.No
9
11%
*24
100
July
5
86
.100
6% preferred
%
*%
*8
.9%
19%
19%
19%
19% *1834 20
18%
*65
70
*65
70
*68% -70
*68%
70
111
110% 111
*11034 113
♦11034 111% *110
23%
23%
23
23
'23% 23%
2334
2334
*73
77
*7.5
77
*75%
77
*75%
77
20%
*19%
9%
100
v
29
28
29%
2984
29%
28%
26%
26%
26% 27%
*26%
2784
108% 108% *107% 109% *107% 109% *107% 109% *107% 109
*107% 109
25
100
34%
45%
' %
1
♦%
%
9
11
11%
300
800
12
12%
12%
%
11%
200
%
*%
12%
700
134
11%
%
%
Preferred series A
10
24
2% Mar
13% Jan 4
45%Juneri3
6% Apr 11
..25
Dec
9
17% Apr 10
'
200
*%
%
%
*8
1%
*11%
Chesapeake A Ohio Ry
29
16% Aug
22% July
3% Jan
6
27
.No par
100% Nov
7% Dec
54% Jan
534 Oct
39
July
5% May
16% Mar
18% Apr 11
..5
...
Chesapeake Corp
4% Mar
5% Jan
98
No par
tChlc A East 111 Ry Co
6% preferred-
3%
38
%
*11
11%
100
*%
*%
*%
*%
9
-
*11
*131
129
1234
8,900
92%
*92
1%
11%
.
I'OOO
32%
32%
Common
1% Mar
23«4 Mar
9% Jan
•'•22% Apr
684 Mar
14% Mar
46% Nov
9
April
6% prior preferred
...100
Cham Pap A Fib Co 6% pf.100
Mar
13% Mar
5
3
3% Apr 8
3% Apr 11
6% Apr
Mar
3
15% Mar
3
June
Mar 22
33
62
4
9% Jan
8
85%June
Apr
3% Mar
2% Jan
13
Apr 14
1
Checker Cab
10
*134
*134
33%
'47
1234
*%
1134
1034
*60%
2
13
*8
*8%
*10%
1034
*126
19
20%
*11%
%
Certain-Teed Products
Jan
5% Mar
75
15% Feb 28
18«4 Jan
4
Cerro de Pasco Copper.No par
1,700
110
30
109
100
...
2,500
260
Oct
8
2% Apr 10
Century Ribbon Mllls.No par
800
*9
*134
*%
13
47%
2984
*131
Central Violeta Sugar Co.-.19
Preferred
Oct
13%
18% Apr
1
Jan
Nov
Oct
Apr 17
""266
1834
1%
'
Apr
64-
Central 111 Lt4H% pref,..100
Central RR of New Jersey.100
98
11%
%
No par
10
Central Foundry Co.
2034
*%
84
60
98
3%
1
103% Mar 27
13% Apr 10
2*4
12
1484 Nov
Jan
3812 Apr
100
7% prior preferred.
Celotex Corp,
400
5
4%
4
95
*134
11%
,,
*%
5g
*134
13
4234
20
37%
37%
738 " 7%
27
27%
.*%
*%
■
4,000
100
3
*84%
21%
34
92%
3,700
100
Co..
Preferred
19%
*4%
10
*9
32%
33%
'
"8"900
Case (J I)
40% Aug
43
Dec
14%
1
6
2% Apr
66
April
110
April
Caterpillar Tractor
No par
6% preferred
100
Celanese Corp of Aroer.No par
,113
*4
•
34
*45
10
2034
20%
32%
*92%
38
*65
20%
*9
2034
21%
*%
*5g
*%
*19%
38
7%
2734
98%
20
7%
290
700
*334
.
700
3,200
5
1
37% Aug
41
Apr 20
13% Apr
Oct
Deo
16
5% Mar
8
4%May 19
38% Mar 31
6% preferred...
100
Central Agulrre Assoc .No par
*234
113
37%
7%
27%
98%
1934
38
11%
66
£19%
20%
*4%
*84%
4%
28
*20
*%
*%
*3%
11%
*61
5%
4%
5
95
*3%
*98i4 100
32%
*134
34
%
97
28
*19% ' 20%
*9%' 10
%
s8
*47%
1134
66
*20%
5%
433
5
95
7%
101
*134
*11%
3g
'
12
%
*34
*84%
38
7%
2834
3%
-
*2
2
*%
13
11%
*60
20%
*4
33
92%
*%
*134
20
*4%
21%
32%
34%
*%
*%
66
•
'
*134
*134
*1134
11%
66
20%
29
20%
10
i'l34
67
*2 34
234
234
234
234
3
*112
*112
113
113
113
113
101% 101%
20% 2Q%
*9%
10
*10,114 103
12%
67
39
7%
*
,
100
Jan
8% Aug
9
15%June
8
77
434
28
23%
9% Apr 11
Capital Admin class A._
..1
s3 preferred A
.-210
Carolina Clinch A Ohio Ry 100
50
Oct
Dee
52% Dec
14% July
19% Jan
36% Oct
10% Mar
27»4 May
15
Apr
8
140
.
% Feb
share
30%
£1634 Mar
.
Apr 11
5
per
107
I
43% Mar
9
44
400
3% Mar
5% Mar
Highest
,24%May 25
36
Apr 29
4
8034
1% Mar
4
Jan
39
Jan 20
55% Jan
5% Jan
3% Apr
*77
Feb
10% Apr 11
13% Mar 1
2934 Apr
*28
Mar
28
34% Mar
25
38%
18
9
4
...TOO
80
2
June
Jan
No par
anadaSoa Ry Co
Canadian Pacific Ry
7934
5
95
38%
39%
(
5
June
2
April
Cannon Mills
5% Mar
1284 Mar
50
8
12
900
38%
v
*7%
39
5%
7,300
4
6
6
39
434
*4U
70
50
Mar
7
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
80%
534
*334
300
Mar
4
Mar
1
*7934
2%
2%
113
113
*412
2,100
12,600
14
13% Jan
Calumet A Hecia Cons Cop..5
*38%
2012
20%
2038
*234
2%
*112
113
5%
60
6% preferred
Callahan Zinc Lead
May
40
25% April
11% Apr 8
13% Apr 10
48% Mar
1
No par
June
1% Dec
15% Jan
31% Jan
8
Apr
7
..No par
*14%
15% *15%
15%
15%
15% '15%
£2'%
2%
*2%
234
2%
*2%
2%
77
78
79%
79%
73%
75
78%
79
114
114% 11434 114
113% 11334 *112% 115
44
44
44
44%
43%
44
4284
43%
*104% 105% *104% 105% *10434 105% *10434 1q5%
1734
18%
18%
1834
18%
19%
17%
18%
QQ
98% 98%
297%
98%
97%
98
15%
2%
*114
*5%
5%
*5%
Byron Jackson Co
California Packing
40
8034
*15%
*2%
7934
534
700
5,200
81
40
*80
3
8 H2
*80
5%
5%
558
40
8OI4
210
4%
3134
5%
4%
3134
•
55s
Byer* Co (A M)
No par
Participating preferred. .100
10%
17%
5%
31%
Butte Copper A Zinc
900
5%
1634
30
..6
700
3
"e'soo
1
%
—
5 <7 conv preferred
55
*52
1
•
IBush Term Bldgdep7% pflOO
Butler Bros
10
600
44%
13%
19%
13%
18%
55
1
Bush Terminal
150
9
15
8
29% Apr 11
3
Apr 8
No par
Burroughs Add Mach
300
21%
234
*41
44%
13%
19%
3,000
Jan
16% Mar
21% Apr 10
16
April
11% Apr 10
11% Apr 10
1
Apr 10
6% Mar 31
5% Apr 10
18% April
2% Apr 10
1
40
3
100
7
No par
Burlington Mills Corp..;
Apr
784 Feb 27
9434 Apr 11
4
Apr 8
Bullard Co
400
*8%
5%
32
32
32
234
8%
13% Apr
15% Mar
82
27'4 Mar 30
1
1
8
8
10
3
8
73s Apr
27
Apr
No par
900
13%
*1%
*1134
1% Apr
5% Apr
No par
1,600
Apr
—.—5
7% preferred
100
Budd (E G) Mfg
No par
1% preferred.....
100
Bulova Watch
13%
13%
1%
12%
6%
'
1%
16% Apr
31
share $
per
2*4 Mar
41V Apr 14
31% Jan
9% Apr
Budd Wheel
18%
6%
*8%
8OI4
90
13%
13%
19% Apr
512 Apr
8% Apr
$
Jan
32
8
10
10
8
10
12
1% Apr
Brown Shoe Co
400
18%
13
16% Jan 12
1834 April
1
(The)..........15
5
100
Bower Roller Bearing Co—17
Brewing Corp of Amsrica—3
Bridgeport Brass Co
No par
Brlggs Manufacturlng.lVb par
Brlggs A Stratton
.No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
f6 preferred
No par
Bklyn-Manb Transit..No par
{6 preferred series A .No pa
Brooklyn Union Gas ...No par
per
20%June 9
21% Mar 10
12% Jan 30
Borden Go
Bucyrus-Erle Co
2734
7%
*12
Jan 24
Bond Stores Inc
1,500
4
4
Jan 23
51
Borg-Warner Corp
Boston A Maine RR
2,700
180
8
104
No par
Bruns-Balke-Collender.No par
100
2,100
35%
*6%
*2%
*3812
2,300
4%
35%
*27
6%
21
44
200
9%
10%
.104%
4%
6%
13%
'
13«4
13%
.1%
Class B
share
28% Jan 3
110%June 6
5934May 13
$
share
per
16% Apr
5
8
8
98
4%
400
$
...No par
No par
14%
14%
8%
200
48%
1%
10%
13%
1%
12%
3
412
1%
7%
*7
31i2
1%
*1%
12%
9
4%
200
1%
12%
13%
*1%
12%
*8%
*31
7,700
38 34
♦193s
13%
13%
1%
12%
*234
5i2
9%
20%
14
3
*11
9%
37
*4%
600
7
19%
4%
19%
14%
13%
14
55
*36
37
26
7
500
3834
4%
4%
26
200
9.400
4,000
3934
49%
97
97
23%
2
9%
20%
83s
4%
20%
21
22%
*1%
7
27%
19%
28
19%
8%
1434
20%
*1%
*8%
10%
38%
21%
37
1434
8%
8%
100
100
*19%
48%
Bohn Aluminum & Brass
Bon Ami class A
20
57%
9%
20%
*38%
*48%
39%
21%
60
1,300
2,800
9%
*35%
14%
38
200
*57%
2
*1%
Par
Year 1938
Lowest
Highest
Lowest
Shares
110
26
20%
11%
*39
22%
57%
20
21
23%
*19%
9%
21%
3984
49%
1%
11
3934
22
*36
38
1434
21
3934
*39
3934
22%
*36
85s
1
1%
9%
15%
*52
1%
20«4
57%
110
On Basis of
Week
$ per share
21
21
110
£23
*1%
20%
21
2334
1%
25%
11%
8i2
38
23%
20%
22%
'
2314
434
*19
24%
*38%
15i8
;
19%
20%
2312
11%
38
*97
57%
*834
3978
3978
2278
*35i2
*109
19%
2034
10%
*48%
*138
22%
110
*56
39
49%
1%
,
110
57%
21-%
39
50
1%
9's
1158
,*4878
7%
IOI4
2H4
10%
22
*1%
,
*56
20%
24%
2
26%
7%
20%
24%
*21%
22%
110
*109
June 16
Range for Previous
EXCHANGE
Friday
June 15
$ per share
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
1
100-Share Lots
Range Since Jan.
Sales
for
LOW
Saturday
June 17, 1939
9
91
60
110
Feb
9
Mar 14
Jan
31% Mar
3
90
Feb 14
Ex-rlghts.
6
9
9
Jan
5% Mar
1384 Feb 25
-
1
Mar
25
Mar
22% Mar
129
Nov
Nov
17
104% De
3984
Oct
107% Nov
Feb
29
23% Nov
834 Jan
11>4
10
Jan
June
2284 July
22% July
98% July
19
Nov
35% July
9% Oct
83
Oct
70
Oct
59% Nov
108% Nov
64
Nov
112% Oct
12% July
2% Oct
5584 Oct
28
5 Called for redemption.
May
Volume
New York Stock Record—Continued—Page 4
148
3649
HIGH
PRICES—PER
SALE
Monday
Tuesday
STOCK8
Range Since Jan. 1
NEW YORE STOCK
On Basis of 100-Share Lots
the
NOT PER CENT
SHARE,
EXCHANGE
Friday
Thursday
Wednesday
Sales
for
AND
LOW
Saturday
June 12
June 13
June 14
June 15
June 16
$ per share
$ per share
$ per share
*6
7
$ per share
Shares
Highest
5 per share
5 per share
Week
$ per share
7
*6
7
*6
7
24
24
23
24
23
23%
*6
7
*6
7
*6
7
*6
9
*6
9
*6
9
2012
7
20
2034
*6U
2012
*634
*84%
*1%
1014
31i4
1073s
*634
*134
234
13i2
7
*6%
81
*73%
7
81
*73%
88
85
85
*73%
*1%
1%
10
10
31
107%
634
107
634
16%
16%
*9%
6%
7%
2
'
234
16
138
1%
96%
*96
10%
12
H4
97
*9%
30 34
107%
*10
13%
*98%
lk
*134
*2%
3
*2%
13s
<6%
734
8
2
*11
*1%
11
31%
*9%
30%
31%
107
1%
1%
17%
22l2
*6%
*6%
3734 38
3878
115
H4U *114
7%
7%
734
36
36%
3634
2%
2%
23g
2334 24
243g
2234
2212 *22
1%
9634
37%
'
2%
23%
*21%
24%
22%
10%
10%
' 1584
15%
10%
15%
1%
1%
57
37
38%
'
5612
7
2%
23%
36%
2%
24
21
21
56
56
55%
2%
0%
5
130
Corn Exch Bank Trust Co.20
57%
*56%
63%
63%
*171% 177
175
175
*171% 177
*171% 177
6
5%
5%
5%
53s
538
5%
5%
22
*343s
37
*34%
37
*343s
37
33i2
1034
*31%
a:10%
33%
1038
*31%
33%
10%
*31%
10%
*10
83
*82
3034
82
82
80%
3034
30%
30%
29
71
*67
71
*68
4
300
Crosley Corp (The)
2,900
Crown Cork & Seal
No par
*10%
22
80
80
28%
29%
*384
65
65
65
*334
4%
23
*31%
37
33%
"""360
9%
9%
1,000
*34%
83
*78
82
2934
65
28
*62
200
*334
4%
3%
*56%
3%
3%
3%
3%
3%
*3%
3%
59%
56%
12%
12
123s
*1134
*4%
4%
4534
53s
4%
59%
12%
4%
*56%
*12
56%
12%
4%
*56%
12
12
*45
4434
4434
44%
5%
5%
5%
25%
24%
59%
12
4%
44%
5%
25
5
5
46%
*46
*334
3%
434
4%
46
46
'
5%
5%
25i4
26
90
*80
'*534
20%
20%
*16%
1634
17%
*5% ■«' 53s
*34
1
*17%
,
*6%
*2534
*33%
*42%
*6
26%
34
43%
63s
*18%
*83%
1834
90
*10
1034
*32%
33%
14%
1434
3234
6834" 6934
3234
*738
*11%
11%
17
17
1534
*34
25%
33%
*42%
12%
11%
141%
*123
125
*116
117%
16%
4%
*4%
-169%
169
180
6%
18%
*934.
*31%
*1458"
32%
67%
15
3234
68%
*83%
734
11%
11%
12
12
*112
115
11%
11%
2%
6634
734
-1134
734
*1034
6%
1734
*7%
42%
*84
10%
33
*31%
*10%
23
22%
18%
18%
1%
28%
1834
1%
29%
28%
10%
11
1034
*2%
7%
2%
7%
2634
23%
27
7%
2634
*23%
27%
*1
8
27
24%
2734
1%
106
106
26%
23
26%
32%
67
110
148%
146
142
140
18%
1%
3,300
12,100
10%
11
2%
1%
30
10%
2%
25
7%
25%
5,200
4,900
22
22%
1,000
26%
*34'
26%
1
34
34
*2
7%
24%
,22%
*26%
10
10%
78%
79
87
*85
89
185%
92
86%
92
92
*88%
92%
1%
1
1
1%
1%
1%
1
1
1%
1%
1%
1%
*2%
2%
1%
*1%
2%
10%
2%
*2%
*1%
2
*1%
2
*1%
2
*1%
*4%
*4%
5
*4%
5
*434
5
434
1%
4%
4%
*29%
2934
25%
1534
93
*24%
*15%
*90%
105
*97
*3%
1%
*s4
25%
*89%
36%
3%
1%
%
26
90
36%
20%
*18
•
*1%
8
1734
*1%
1%
8
8
8
8
*17%
1%
3834
39
10%
9%
2
*1%
17
17%
*1%
1%
17%
*1%
2%
8
434
28
24%
*4%
5%
*4%
27%
27%
25%
27%
24%
*15%
15%
*14%
15%
*91%
15%
9234
*14%
93
*91%
9234
91%
91%
1%
13s
*97% 105
*1%
200
200
1%
1,800
%
23%
*23%
24%
800
90
36%
200
34
*34
23
89%
89%
36%
36
36
36
21
*18
sales on this day.
*88%
90
36%
21
♦88%
3534
*18
} In receivership,
800
4,000
21
a Def.
delivery.
NOV
37% Nov
15% Nov
92% Nov
Mar
4784 Jan
4
19% Mar
4438
Jan
Jan
6
70
Apr
94%
13%
Jan
Feb
16
25
Co—2
Ltd. No par
5% pref with warrants.. 100
Diamond T Motor Car
Distil Corp-Seagr's
Dresser
18
4
k
9
9
102% Jan
1384 May
1984 Mar
25
Jan
10
11
8
28
13
16%June
6
9
Mar
17
Nov
25%
Jan
4
7% Mar
8%
Jan
4
1% Jan
4
2%
115%
25
Mar
40%
Jan
30%
Jan
42
Dec
11
Oct
44
Jan 16
9% Jan
4
20% Mar
1
87
Mar 11
12%> Jan 9
35% Jan 16
22% Jan 3
33% Mar 29
78% Jan 3
Apr 10
135
Jan
5
Mar 31
MarlO
10
Apr 14
12
Jan 25
108
Apr 12
115
Jan 18
11% Jan 5
19% Jan 13
No par
100
I) & Co...20
126% Apr 11
15634 Jan
6% non-voting deb
100
54.50 preferred——No par
13684 Jan 26
142
117% Jan 26
l23%June 1'3
118% Feb 27
18% Mar 2
4
12% Apr 11
4
Apr 1
May
18% June 13
1% Apr 8
22% Apr 11
Eltlngon Schlld—
20% Apr 11
1834 Apr 8
23% Apr 11
% Apr 4
28
Apr 13
preferred-—-No par
55Yi preferred w w._No par
56 preferred
No par
Equitable Office Bldg.-No par
J Erie Railroad
100
4% 1st preferred
100
4% 2d preferred
100
Eureka Vacuum Cleaner
5
Evans Products Co
—5
Ex-Cell-O Corp
3
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
Fairbanks Morse <fc Co.No par
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction... 15
56
100
preferred
Smelting Co 100
Federal Motor Truck..No par
t Federal Screw Works.No par
Federal Water Serv A. No par
Federated Dept Stores.No par
4Ji% pf.100
Fidel Phen Fire Isn N Y..2.50
Fllene's (Wm) Sons Co.No par
Fed Dept Stores
n
New stock,
r
Cash sale.
*
1% Apr
8
8
11
10
13
10
10
Jan
3
65% Apr
69
Apr
% Apr
1% Apr
2
4
Apr
Apr 11
14% Apr 11
6
1
April
234 Apr 10
24
11
April
Apr 10
Apr 11
81
Jan 24
20
85
Apr 5
2% Apr 10
1
June
8
34May 25
1834 Apr 11
83
Apr 1
2784 Apr 11
1634 Apr 11
Ex-dlv.
y
31
Mar
87%
Jan
Oct
Oct
23% Nov
91% Nov
17
Jan
35
Dec
25% Oct
34% Aug
8084 Deo
141
Deo
is4 May
8% Mar
Apr
102
MarlO
I3O84 Mar
109% Apr
11134
Jan
1334 Nov
3% Mar
5
121% Mar
4
Mar 10
Jan
157
10% Mar
Mar
2
13% Mar
Mar
0
Jan 4
Mar 0
Jan 19
2% Sept
22% Mar
6% Mar
Mar
Feb
6
18
3
5
9
7
2134 Mar
38
'
62% Apr
27% July
30% Mar
134 Jan
Jan 25
38
preferred.—--—--.ICO zl03%Mar 22
7
Apr 8
Engineers Public Service
1
Mar
41% Jan.20
Jan 23
6% Apr 10
5%
12
„
Jan
Dec
90% Mar
33g Jan
8% Apr 10
♦
Mar
Mar
4
38%
15%
3%
12%
'
2
6
II
05% June
8% Sept
2834 June
6
183% Feb 8
27% Mar 10
19%Juhe 10
15% Apr 11
2
2034
31%
186% Jan
3
A
84 Nov
Jan
8
138% Apr 26
175
834 Nov
Mar
4
Dec
Mar
preferred.
100
25%
Feb
32% Jan 11
34%June 7
Mar 31
115% Jan
25%
76
10
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc
—1
Eastern Rolling Mills
5
Eastman Kodak (N J)-No par
"
12.3% Feb 25
Du P de Nem (E
55 conv
17% Dec
11% July
111% Dec
16
6
'
No par
(The)
5
Electric Boat
3
Elec & Mus Ind Am shares...
Electric Power & Light. No par
57 preferred.....—No par
56 preferred
No par
Elec Storage Battery..No par
Elk Horn Coal Corp.,.No par
EI Paso Natural Gas
—3
Endlcott-Johnson Corp
50
884 July
6% June
Jan
lll%June
56
MfgCo
Electric Auto-Lite
29% Nov
4% Mar
13% Mar
3
8%
April
101% April
Inc
Nov
634June 10
17% Mar 10
30% Jan 26
Edison Bros Stores
Oct
50
Mar
No par
No par
6% cum preferred 3
Eaton Manufacturing Co
83
13% Mar
2 6% June
10
Co No par
Co
Jan
Mar
48%
„
Aug
7% Dec
28% Nov
24
Ltd——No par
Dow Chemical
May
May 26
Jan
Apr 18
30
...No par
DOehler Die Casting
56
June
3% Mar
12% Mar
55
18% Apr 10
28
Apr 3
39
Apr 12
5% Apr 1
15% Apr 10
7934 Jan 23
934May 18
No par
No par
6% partic preferred
35
Jan
24% Jan
Apr 11
11% Apr
12% Apr
4
Apr
% Apr
103
Apr
10
100
Western..50
Raynolds A
4% Mar
84
8
6% July
1584 Apr 10
JDenv & R G West 6% pf.100
Detroit Edison
100
Diamond Match
Mar
May
23
107
...
Devoe &
3
3
Jan
7% Jan
Apr 11
4% Apr
May
Mar'
5%
6% Jan
13% Apr 10
4% Apr 12
5
25
preferred
Jan 21
5
Jan 24
45
Federal Min &
"""206
58
Jan 10
91
Apr
Apr
7% Mar
28% Jan
Deere & Co..
30
1%
%
35%
1,800
3%
*88%
Bid and asked prices; no
434
27
25%
15%
*90% 94%
*97% 105
1%
*84
34
*18
2634
*24%
*1434
3%
36%
21
*4%
"""116
1%
36
*18
500
1,200
1%
3%
25%
89%
21
7%
18
300
1%
25%
89%
*18
*2%
*3%
26
89%
25
234
100
3%
*24%
%
*34
25
400
*1%
*24%
%
1%
*7%
5
*34.
*1%
*17%
25%
*3%
7,900
1%
28%
3%
1%
6,700
100
17%
5
*3%
1%
90
33,500
1%
27%
*97% 105
100
800
5
*24%
*97% 105
3%
3%
~1~366
85%
*1%
5
15%
800
90%
1%
*434
29%
25%
15%
*97% 105
„
84%
2
5
*91
2,700
1,200
*88%
*%
434
28«4
*24%
7%
80%
85%
*90
8%
.
*2%
10
93
18
734
26%
2234
26%
10%
3834
106% 106% *105% 106%
5
8%
2,600
1,600
18%
*1%
1734
22
*7834
86%
18%
22
29%
*34
"34%
'105% 106%
10
80
86
18%
2234
180
80
10%
79%
*8%
6,200
4%
*175
19
*38%
106% 106%
3
166% 167%
4%
169
*34
-934
*234
.4%
400
50
11"
303s
1
*7834
400
19
39
10%
3%
26%„ 26%
200
4
4
19% Apr 11
73% Apr 8
Davison Chemical Co (The).l
8%
,140
5% Mar
48
Duplan Silk.
6,400
180
40
25%
13
Apr 14
4% Apr 11
400
*122
123
123
116%
116% *116
15-%
1534
16%
42% Oct
117% Nov
38
100
1%
29%
35
79%
*234
30%
IO84
2%
734
26%
23%
22%
*%
10
13s
22%
19
1%
147%
Apr
29
No par
Dunhlll International..
.1
~7~606
Mar
21%
1438 Jan
No par
Douglas Aircraft..
115
Jan
85
9
Apr 29
No par
Davega Stores Corp...
Dome Mines
200
19
3
37% Mar
—No par
7,700
500
3
Jan
3184 Mar
21% July
8% Aug
Class A..
3,100
7%
11%
12%
*12%
*38
79
a
758
12
*3434
10%
1%
'734
11%
*175
900
Jan
29% Nov
10% July
4334 NOV
1
1
Class A...
*116% 120
117
115
39
78%
*1%
7%
26
22%
14%
12
1%
"
10%
*9012
%
2%
*934
*31%
38
Oct
538 Nov
234 Mar
110
Jan
Dec
22% Mar
Dixie-Vortex Co.....-No par
67%
*10%
■
1,900
85
69%
3434
*34
3484
*38
1%
*84
10%
33
*110
180
22%
85
300
6
1734
6
1734
*10%
11%
12
*175
%
14%
3234
14%
*7
115
180
*42
42%
6%
18
600
70»4
No par
Delaware Lack &
200
56
177
87
Delaware & Hudson
3,000
Apr
Apr
Apr
162
12
Preferred
1,400
200
1,100
40
253
58% May
Curtiss-Wrlght
3,000
25%
3234
42%
25%
32%
26
67
8
12
120
Mar
16
50
Diesel-Wemmer-Gllbert
4%
3% Dec
3584 July
29% Nov
10
65%May
...
Packing.....
Curtis Pub Co (The)
Cudahy
400
16
% May
21% Mar
Jan 16
6
„
Dayton Pow & Lt 4H % pf 100
—No par
Preferred
20
34
34
119% 119%
36% Nov
May 17
preferred... 100
Cuban-American Sugar
10
Preferred
100
800
3234
117
*110
_
21% Mar
3% Apr 6
3
Apr 8
49
Apr 5
10% Apr 11
3% Apr 1
100
Preferred
8,700
10%
33
143s
3234
*934
14%
3234
69%
12
15%
*15
32
32
18%
115
78%
1
*25%
120
138
19
106% 106%
*%
3234
6634
29%
11%
2%
39
86%
*14%
•
*117
117
*175
35
92
*934
*31%
14%
32%
67%
14%
32%
2534
32%
42%
85
*84
13s
19
35
*85
18%
293s
*38
*90
*6
10%
120
6%
25%
32%
42%
33
*11%
2334
39%
36
36
*38
*934
*112
180
11%
2%
8
27%
25
28%
1%
7%
27%
4%
1
,
*175
*214
*23%
*2?%
*%
15%
5
1534
*%
148
148%
147%
14734 149%
148% 149%
141% *140
141% 141% *139% 141% *140
12234
123
123
123% 123% *12234 123%
*116
116% 116% 117% 117% ill6%'116%
15%
15%
16
16
16
15%
16
4%'
*4%
4%
4%
*4%
458
4%
167%
169
169%
169% |71%
168% 171
*1%
2934
19%
*83%
*31%
117
118
233g
*
16%
33%
42%
6%
18%
85
42%
26%
11% July
65
15%
26%
*15
'""166
June
April
Apr 8
76
Apr 14
24% Apr 8
19%
26%
18%'
Nov
6
9
Cuba RR 6%
Conv 5%
60
19%
*26
100
*110%
....
*34
.
26
33%
6%
2334
19%
1%
29%
23%
1
120
*2534
I884
85
10%
33%
*6
*18%
8
*139
180
25%
3334
43%
*7
149% 14934
16%
119%
119
*5%
6
1,000
June
116
5
9
96
Cutler-Hammer Inc
7%
18%
434
5
5
1
5,400
49
Jan
41% Jan 3
40% Feb 28
Cushman's Sons 7% pref.. 100
18,
6
*110%
...
5
16%
5%
*34
400
103% July
36% Mar
_
'
58 preferred
*16%
16%
15%
1,900
11,900
65% Mar
Oct
28
55 conv preferred....No par
Crucible Steel of America.. 100
16
*6%
634
18
1934
26%
15%
16%
16%
5%
*5%
6
16%
1
*119% 120
16
118
115
*112
*6%
*16%
19%
*25%
26
16%
119
119
6'
18
*5%
20%
20
700
234 July
7% Apr 11
8
35 May
4
5
90
16
5
19%
26
26
16%
17
*6%
*110%
111
4%
800
26% July
20% Apr
52.25 conv pref w w..No par
Pref ex-warrants
No par
Crown Zellerbach Corp
'
*55
*1634
55g
558
111
*1134
*80
90
*80
90
k...
*16%
634
18
16%
119% *118
*118
6%
25
25%
25%
*55
1634
'6%
5%
*80
90
12
46
5%
25%
*17
*110% 111%
20% 2034
*4%
...
1634
6%
26
25%
*55
18
*5%
*44%
5%
*80
17
*17
26%
*26
90
...
17
634
18
6%
111
111
25%
25%
*80
17%
634
*17%
5%
5%
*55
*55
*17
10
334
59%
4
70
1,800
70
'■
334
4%
■
28%
3%
*56%
4i4
*3%
5% conv preferred...... 100
(The).2
No par
10%
*80
71
*67
25
Crane Co
Jan 26
Jan
1734
107
Jan
4
54% Apr 19
Apr 21
3% Jan 26
21
Apr 8
93
Apr 12
26% Jan 3
Jan
95% Nov
1% Mar
31% Jan 3
29% Jan 4
5734May 31
66% Mar 10
17634 Jan 6
6% Mar 9
171
1
Cream of Wheat Corp.
23
37
33%
10%
10%
10%
Coty Ino--;.
300
2234
*34%
33%
*29%
80%
2934
49
25
...100
.
600
110%
10
Preferred
30%
10%
59%
*334
*56
■
37
33%
*34%
*31i2
7,900
4,600
Corn Products Refining
*102% 104%
30%
■
100
22%
22%
2234
30%
30%
2,700
5%
22
Apr
May 31
44
16% Apr 11
1
Jan
8% Mar
Jan
36%June
Continental Steel Corp.No par
7%
9 '4 May
103g Jan
Continental Oil of Del
Oct
IO84 July
Mar
78
Oct
Nov
73g
Mar
10
16% Jan
22% Mar
8
Apr
34%
104
2% Sept
2% Mar
100 .Mar
5
Apr
7
Jan 10
2
12%
Mar
2% Mar
3
Jan
116
800
64%
102% 103
334
111
5,600
'
17
6
5
15
Mar
88%
100%June
29% Apr 11
1% Apr 10
21% April
57%
*175
176%
*17212 176
5%
5%
5i2
5i2
2234
23%
2234 23%
23% 23%
24%
2414
*101% 102% *101% 103
*99% 102
*98% 102
3034
3034
30%
3034
*30% 30%
*3018 30i4
11
11
*11
10%
10%
lll2
*10% 10%
*24
24
23
23%
24%
24%
24%
25
.20
Continental Insurance...52.50
64%
63%
3% Jan
32% Apr 11
Apr 1
-.100
54.50 preferred
No par
Continental Diamond Fibre.5
Continental Motors
Mar 10
1% Apr 10
88
Apr 8
2,400
4,800
5714
6434
9%
21
55%
64
6%
35%
64l2
63%
9
6%
36
2%
*19%
56%
700
8% preferred
April
8
Apr 11
Apr 11
Apr 27
Apr 10
Apr 10
Jan
I
4% Mar
107% Mar
23%
7
35%
*64l4
64%
134
,
N.o par
Continental Can Inc
71
9% Jan
11%
100
35
4
1% Apr
Continental Bak Co cl A No par
900
1
7
No par
2,400
6,600
Feb 27
Mar
2% Jan 5
12% Mar 10
434 Apr 11
5
Class B
10%. Sept
4% Mar
55
Apr
6
7% Mar 10
4,800
37%
*57
64%
10134 Jan
No par
93%
115
*113
115
Apr
5% preferred v t c
100
Consumers P Co?4.50 pfNo par
Container Corp of America. 20
95
295
97%
37
600
"""366
Dec
85
88
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t 0..25
1,200
97
4
Consol Laundries Corp
Consol Oil Corp
100
Mar
4
3
8% Feb 28
73
No par
$5 preferred-
Mar
6
5
Jao
25% Jan
79% Apr 18
1% Apr 1
8% Apr 11
27
Apr 11
2,000
11,800
2%
21
2334
*21
$2 partic pref
15
8
100
w w
3% Apr
1
5
Mar 31
6
100
6M% prior pref
Consol Film Industries
Consol Edison of N Y._2Vo par
10
1%'
No par
20,600
1,900
99
*113
7%
Consolidated Cigar
share
per
8% Feb
3088 Jan
5%June
Consol Aircraft Corp
200
*8%
2%
6
April
1
434 Apr 17
18% April
5% Apr 10
Apr
19
par
No par
7% preferred
99
2%
36
2%
24
*7
Congoleum-Nalrn Inc..No
30
600
10
*1%
97
3834
3534
2%
100
99
15
1%
115
7%.
2,800
1%
2%
*8%
,
1534
38
738
36%
23g
-7%
36%
*134
10%
96%
7
734
2
*6%
1%
11%
*113
115
6%
784
9934
1% *
38%
*113
6%
7%
15%
13s
97
107
107
107
99
*9834
30%
30%
107
11
9934
11%
16%
11
*9%
10
30
31
106% 106%
6%
6%
7%
734
1%
*184
2%
2%
*9
10%
*1%
lk
5
Conn Ry & Ltg 4H % pref.100
19%
7%
81
81
1%
10
30%
19%
*85
17
2438
20%
*73%
634
*98%
3612
23g
19%
81
9934
11%
*73s
20
Congress Cigar
100
88
634
11%
114l4
19%
1934
100
5%
*73%
1112
3734
7
5%
*84%
6%
*1114
*9834 100
*96
5%
"{job
7
85
7%
8
2
114
6
No par
23
7
81
*634
*134
8
2%
5%
22%
85
112
IOI4
3134
1073s
6%
*11
22%
*5%
Conde Naat Pub Inc
7
*6
*22%
7
2234
*6
*73%
81
88
*7312
1934
7
*6
22%
Par
Highest
Lowest
Lowest
June 10
$ per share
Range for Previous
Year 1938
36%June
4334 Jan
Jan 30
111
% Mar
17
Feb
33
Apr
Apr
94%
117gMar 10
2% Mar
80
June 14
38% Mar
87
June 13
40
Mar
92
June 14
40
Mar
1%
Dec
1%
Dec
5% Jan
3
4
4
3
Jan
5
1%
5«sMar
8
2% Mar
5% Mar
134 Jan
2% Jan
13
Jan
3
24% Jan 3
2% Jan 20
6% Feb 27
43% Jan
29% Jan
1638 Mar
92%June
110
5
4
4
7
Mar 15
0
Jan
6
7
1% Jan 19
26% Mar 11
3% Jan
8984 Feb
0
36%June 15
19
Mar 17
Ex-rlghta.
234 Mar
10%
1%
3%
19%
22%
Dec
Apr
Mar
Mar
May
May
6% Mar
07
Apr
52% Apr
2% Mar
1% Mar
1
Sept
12% Mar
67%
Jan
22% Mar
15
June
1 Called for redemption.
New York Stock Record-Continued—Page 5
3650
SALE PRICES—PER
HIGH
AND
Tuesday
Monday
SHARE,
Wednesday
June 10
June 12
June 13
Range Since Jan. 1
$ per share
$ per share
$ per share
21%
47
47
217#
22%
21
213#
21%
21%
*104% 105
105
105
*45%
47%
46%
40%
20 34
21
2034 2134
34
*33
34
32
33
*32
33
*31%
22
*21
22
20%
2034
*1934
207s
*20
2
2
2
2
*17#
2-30%
2
21%
21U
"""
105%
*103
*33
*21
*2
2%
33
*3112
*107
19>4
*181#
73
73
*2
27S
.
*3012
.
40
2012
2
2034
2
,
*2l2
17g
*2%
234
9
>8%
*10*4
11
15
*14
1*14
*48% '
*48%
634
•
*634
7%
*98% 103
47
47l4
9l2
*140
9%
9%
*140% 142
142
3
50
6%
3
2%
*2
2%
8%
8%
10%
2*98%
10%
98%
2%
*8%
*10%
4%
4%
*10%
11
4%
4%
14%
*48%
14%
50
*0%
7%
*14
*21
23
*20
*50
57
*45
56
10%
20%
22
"MOO
2%
*2%
*2%
2%
2%
.1,500
9%
8%
8%
11
*10%
190
10
*86
*86
87
863g
20%
45
44%
4478
126% 126%
45%
*35
5
9
*8
9
109
*108
109
*8%
*108
109
*108
*7g
*173#
*1
llg
1%
17%
17%
89
*8512
*7#
*1634
17%
89
*85%
*
1
20
16%
2534
20
*16
78
*1634.
*24i2
*19%
*16%
1788
s,
2534
*12l2
1234
*12
*13
1334
97l2 *.—
*
23%
6%
*5078
97g
57
12%
23
Gaylord Container Corp
5H% conv preferred
"""266
Gen Am
12%
13%
10%
*85%
*34
*16%
24
*19%
16,
12%
22%
6%
*5078
10
58%
*56
18%
*40%
183s
45%
18%
45%
*403#
9%
177#
*314
3%
3%
3%
3%
*2%
2%
2%
2%
2%
*77
7014
29
*102
17%
I884
7014
29%
*3%
*3%
3%
General
3,100
General
*20%
22%
106
56
*50
56
100
20%
21
24%
19%
16%
12%
|
7#
*16%
23%
17%
23%
19%
120
16
12
23%
6%
52
958
58%
12
*12%
18
45%
3%
%
\
h
5%
578
1%
157#
157g
1234
1%
16%
*1278
31%
*24
1%
1%
16%
16%
*127#.
13%
3H2
31%
*24%
1478
21%
26%
25
1478
22%
26%
147#
23
1%
16%
13%
31%
25
1478
22%
26%
1234
*30%
31
724%.- 24%
14%
21%
26%
*16%
*7#
89
16%
*85%
34
%
*34
1634
1034
*16%
/
♦23%
19%
1384
100
10
1%
16%
89
7#
17%
23%
100
1,900
52
500
9
57
3,700
•
17%
■1,700
45%
*39
' 3%
3%
3%
"lb",900
*3%
2%
2%
2%
2%
.2%
1,000
3%
3%
72.
*69
26%
*3%
27
1,200
17,400
800
6%
1%
15%
*12%
1%
*31
24%
1434
21
15%
57#
*1%
15%
"3" 100
12%
*12%
31%
31%
24%
147#
2034
2584
24%
°1434
2134
61
*42
61
*42
61
*42
61
*42
61
3434
29
*27
347g
347g
34
30
29
19
19%
12%
*12%
*34
187#
123#
*34
1%
*10%
18%
*12%
13%
*11
*3%
*16%
4%
*3%
16%
*31%
32
*1534
*31%
*35%
13%
36
35%
*15%
16%
103
*100
13%
*15%
1378
*100
1%
13%
4%
16%
32
35%
13%
16%
148
*144
'
6%
*75
6%
95
3
1
6%
*75
...
13
13
73%
6%
-
134
134
13
134
13
73%
134
*60
63%
10934 *109
*61
10984
64
*109
*15%
17%
*15%
*35%.
1278
*15%
1834
183#
187g
1734
1834
12%
123#
123#
12%
12%
1%
13%
4%
108
17%
32
*34%
36
36
35,
13
13
13
16%
103
6%
80
3%
108
rl2
12
110
....
13
39
8
*n%
*92
*33
33%
12%
*69
12%
70
10934110%
n%
105
*15%
3834
*107
*11%
3334
34
11%
1134
3*11%
*69%
70
1097# 1097# *109% 110%
*534
578
57#
6%
47
47
47%
47%
697#
3%
3%
3%
70%
6319'
110
171
3834
109
11%
6334
33%
110
33%
1034
33%
33%
33%
33%
5%
3284
5
5
5
5
47#
47#
47#
1%
1%
1%
1%
1%
1%
1%
1278
13%
12%
12%
21
21
12%
20%
1%
12%
*20
21
*41
42%
*6
6%
12
*20
41%
*6
this day.
10
28
Mar 31
Apr 15
7#May 29
15
50%
Jan 27
51% Mar
June
8
9% Apr 11
1034May
98% Mar
153# Apr
534 Apr
44
Apr
U# Dec
1234 Mar
Sept
95
Mar
2% July
Oct
41% Nov
13
34
Mar
8% Mar
,
14% May
98
Mar 14
137# Jan
66% Mar 11
June
9
Mar
6% June
46%
Dec
5
Mar
Hayes Body Corp—
Hazel-Atlas Glass Co..
24% Jan
13
Mar
Mar
37
Apr
28% Nov
51% Jan
384 Mar 14
I84 Mar
27# Jan
2% Sept
79
Mar 13
60% Apr
2434
74%
38%
10934
Jan 4
Mar 16
Jan 3
Jan
10
Mar
32
June
Apr 10
8
,
2
Jan
87#
Oct
1
Mar
2% July
16% June
8
Mar
14% Nov
22% Nov
Apr
Jan 27
*3134 Mar 13
Jan 23
24%May 31
16% Jan 5
31% Jan 4
8
Apr
8
Apr
8
20
Jan
,24% Jan 26
June 14
>14% Apr 11
Mar 11
,
10% May
19
Apr
20
Jan
9% Mar
123# Mar
23% Apr
Apr
3
122
4
35
July
13% Mar
28% Nov
34% Mar
50
June
2184 Mar
9
734 Mar
22
Dec
7%
13
12%June 13
Apr
8
% Apr
Apr
1
1% Jan
8
18% Feb
9
Feb
7# Mar
12
Mar
3
Mar
Jan
8
Mar
24
24
Nov
32
Jan
5
30
Apr
Apr
30
25
35
June
10
8
32%May
3534June
14%June
5
Mar
1
Apr 11
15
Apr 19
99
96
Apr 12
May 19
17
130
5% Jan
17% Mar 10
103% Mar 28
12
Mar
101
Nov
83
June
100
Nov
Apr 10
32
15
Mar
Apr 20
144
J^n 4
May 29
120
Apr
-3
7% Mar 10
4% June
Jan 19
80% June 15
50% Mar
2
Apr 10
93
April
8% Apr 10
—100
Jan
6
June
9
4i#
108
13i#May 29
Feb 20
117
1% June
7034 June
5% Mar
Mar 24
81
5
par
54
Jan 28
No par
104
Apr 27
No
preferred
Hlnde A Dauch Paper
10
8
500
11%
400
Holly Sugar Corp
600
4
17
Jan
Jan
6
98
Jan
9
No par
103
t C..25
-.5
Hudson A
100
5%
32%
3234
3184
47#
1%
434
32
47#
"3", 000
47#
1%
2,200
Hudson Motor Car
11#
1%
2,900
Hupp Motor Car Corp
11%
12%
11%
1134
6,700
Illinois
200
?1
41%
*19
21
*40
40^2
30
6%
*6
6%
500
a Def.
delivery,
Manhattan
-.100
Hudson Bay MIn A Sm Ltd 100
preferred
No par
1
Central
100
6% preferred series A—„100
Leased lines 4%
100
RR Sec ctfs series A
w New stock,
r
1000
Cash sale,
x
Apr
8
834 Apr 10
100
5% preferred
Howe Sound Co
5%
27
61
v
Oct
Dec
21% Nov
52% Oct
118
Aug
Jan
stk.No par
Houston Oil of Texas
60
105%
Sept
11% Mar
Houdallle-Hershey cl A. No par
com
Mar
Mar
15
51
100
12.50
Apr
8
Apr 21
47# Apr 10
Apr 10
40
1% Apr
3
Apr
3
6
25% Apr 11
484 Apr 8
1
Apr 8
984 Apr 10
16% Apr 8
3834 Apr 10
5
April
Ex-dlv.
y
Oct
Dec
135% Dec
40
110
par
87
80
31%May 1
105% Mar 18
No
20%
6
10
7% Apr 10
10% Apr 1
95 May 10
60% Mar 31
Dec
11% Nov
10934June 13
7
5
Class B
Jan
Jan
98
preferred
Homestake Mining.:
12684
19
preferred
7%
June
111
Jan
Oct
Dec
143# Apr 17
Hollander A Sons (A)
11%
63
6%
Dec
Nov
161
Co—10
Holland Furnace (Del)
109
300
128% Apr 10
*784
75
Dec
6
100
140
111
135% Mar
preferred
Hershey Chocolate
8
3484 July
May
90
cum
13% Nov
21% Jan
8884 June
47# Feb
110
Nov
Mar 17
71
25
6% July
103
Jan
Household Fin
Jan
22
Mar
500
Oct
Jan
2
Apr 10
10
300
1»4
28
8
3
4284 Mar
4,800
Oct
7
140
70
Jan
Dec
50
5
5
35
107#
32
142
Jan
3
*33%
1034
July
24% Dec
15% Nov
30% Dec
347#June
Jan
*69%
30
40
Jan
11%
Dec
2% Mar
10
9
.
134 Jan
2434
227#
12%
16%
10
108
77# Jan
June
70
Jan
Nov
267# Oct
68% Dec
38% Dec
52% Mar
34 Mar
17
"3", 500
3% July
37#
85
1% Jan
4-% Apr
7# Apr 10
11
Apr 10
28
15% Mar
6934 June
86
63
July
Apr
25
Hecker Prod Corp.....
*7%
63
Feb
15«4 July
May
2
Helme (G W)
conv
61
11
..100
Hat Corp of Amer class A— 1
6H% preferred w w
TOO
$5
June
27% Nov
11% Feb
67
167
"""460
20% Nov
100
29
preferred...
conv
Nov
1684 Nov
25
Water
par
$4
July
26%
37% June
Jan 21
200
Nov
2% July
27% Nov
15% Mar
27% Mar 10
8% Jan
Jan
110
.1
99% Feb
17# Apr 10
July
97# July
12% July
101%
Jan
47
45
Mar
13% Mar
11
10
Jan 23
Aug
537# Nov
124% Nov
*85
11
May 17
125
1% Jan
20% Jan
34
2%
Dec
21% Mar
Jan
54
Oct
Nov
79
684 Mar
,110 Mar
1% Jan 20
7% Apr 11
Apr 17
1434 Mar 31
1%
50
Jan
Jan
4
28
Jan 26
117% Nov
25% Mar
Apr
Feb 28
15% Jan
1634 Jan
52
40% Nov
June
1117#
67# Jan
107# Jan
92% Apr
84 Apr 19
Apr 27
NOT
Mar
118
9
126%June
28
Apr
89
25
June
38
Apr
4% Apr 10
14
June 15
87
127
May
36% Apr 11
121% Apr 8
Nov
48
% Mar
60
Jan
72% Jan 26
138
Apr
38%
109
% In reoelverahlp.
39
Feb
Apr
Mar
Mar
100
preferred
*4%
*6
1% Jan
117
No par
*4%
*40%
6%
1
—
1%
41%
117% Apr 11
Apr
*1
*19
5May 31
4
Jan
% Apr 10
50
1%
5%
21.
5
Apr 10
500
*4%
3284
Jan
10
1,700
4%
33%
5
36% Jan 27
44%
63
6
*4%
3284
28
Apr 11
130% Mar 31
Mar
159
46%
5%
33%
Mar
No par
*534
*4%
Mar
2078
108%
27%
227#
10834
,.No par
46%
*1
35
May 24
Preferred
6
1%
11
Jan
Hercules Motors
47
*1
Jan
Hercules Powder
17%
Oct
5% July
19% Oct
387# Nov
,87
Nov
75
25% Jan
Dec
11% July
136
35
Apr 10
42
6% preferred
.*
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
0%
9% Nov
59%
1784 Apr
19%May 12
114%June
Oct
102% Dec
43
1,700
*5%
5%
63%
2% Mar
534 Mar
Dec
19% Nov
52
Sept
Jan
'""400
*93
62%
6% Mar
Apr
115
70
46%
1%
Bid and asked prices: no sales on
400
7,600
100
6
1%
6%
*38
*69%
5,100
4634
1%
6
3%
109% 109% *108% 110%
110
1%
*41
20
*534
1%
7
38%
11%
""666
4634
*1%
*4%
43
67#
Mar
Mar
RR—-100
preferred
Mar
29
Mar 13
June
Greyhound Corp (The).No par
6%
95
110
*108
*38
7%
11%
900
63%
*60
*15%
*93
64
33%
11%
697#
132
17%
7%
6%
•
•
4% Mar
82
132
69%
*15%
*10534 109
9
4734
*6%
21
148
*144
*6%
6%
*41%
*19%
*80%
_
--
10
11
148
28
7% preferred class A
Hall Printing...
Hamilton Watch Co ...No
101% 101%
67#
*46%
1234
20%
4278
*15%
Jan
140
Hackensack
2,600
9
103% Mar 28
Apr 14
110
12%
16%
June
Apr 10
GreeD (H L) Co lnc
6%
48
Jan 17
24
100
*10034 101
80%
*92
33%
12%
70
123#
*6%
*7%
64
12
*34%
80%
_
637#
70
16
52
July
8%
6% Nov
8% preferred—
100
Gulf Mobile A Northern.. 100
13%
4%
Sept
18
97
7234 Dec
Greene Cananea Copper..100
5H%
13
133
Preferred
Guantanamo Sugar
32
36
.6%
33#
2,500
1
*107
109
4107% 107% *107
109
all34
1134
117#
1134
1134
117#
*108
116%
116% *109 " 116% *109
*166%
*160%
*166%
13
1234
12%
12% *12%
64"
33%
*3%
13,900
12%
*30%
85
109
17%
109
~64~
148
109
63%
8
64
21J
*60
*60
*15%
39
64
*144
148
33#
10934 10934 *109
*107
11%
*20
*60
39
11%
20%
133% *132
109
12
*15%
16%
*101% 103
132% 133% *132
39
*93
6%
*80
127#
100% 101
*10034 101
7134
*107
8%
16%
103
■
70%
133
63%
63
71%
40
*11%
*15%
*100
12%
*11%
30
18%
*14%
16
*31
109
*8
4%
*14%
*39
8%
*,3%
*%
13%
16
32
35%
110
*1210
4%
*11%
3~900
3334
30
177#
12%
1
*30%
*144
3%
*%
13%
33%
*27
30
*15
148
6%
1
34%
16
20
80
33%
*2T
31%
*107
8
*34
*11%
*3%
20
*166%
*165
*72
31%
34
28
*144
3%
3%
*106% 108% *106% 108%
12
117#
12
12%
*110
116% *110 .116%
73%
*3%
*15
3334
28
20
3%
*165
*34
*11%'
34%
29
*10034 101
148
85
18%
12%
*100
103
100% 100% "100% 101
21
20% 20% *20
*144
34
1834 Jan
100
.No par
-100
Great Northern pref
Great Western Sugar.
Mar
4% Mar
Oct
2% Mar
—
Green Bay A West
~
9% Mar
85
7% Jan
37#
57# July
18
July
Jan
1,000
"42
Jan
Mar 27
100
Mar
Mar
14,400
61
14
2% Mar
10
5
25%
*42
Jan
80
Motors—— 1
Graham-Paige
1% Mar
Jan
Apr
21%
80
4
Nov
Sept
3
1434
140
2% Jan
13
Jan
58
32
69%June
«4 Apr
par
100
1434
25%
197# Mar
Apr
Gt Nor Iron Ore Prop.No par
20%
Jan
53
900
*138
Jan 13
90
800
2534
55
30
Oct
Nov
5%
21% Apr 11
200
2134
91
par
1,600
138
29%
Mar
par
12%
138
Mar
2% Mar
25
Apr
par
31%
26
11
50
9
4% Jan
13% Apr 11
24%
140
5
6
'334 Jan
18
Mar 31
par
24%
26
9
100
Co
No
5% preferred
No
Goodyear Tire A Rubb.No
$5 conv preferred
No
Gotham Silk Hose.....No
12%
31%
*140
29«4 Jan
9034 Jan
2% Apr
Goodrich Co (B F)
1234
140
Jan 18
70
*14%
*138
30
100
Co...5
Gillette Safety Razor..No par
$5 conv preferred
No par
Gimbel Brothers
No par
$6 preferred
..No par
Glidden Co (The)—.—No par
4H% conv pref erred..-.50
Gobel (Adolf)
1
Goebel Brewing Co....
1
•—
General Tire A Rubber
15%
140
3
Corp. No par
Gen Time Instru Corp. No par
Granby-Conso 1M S A P
5
Grand Union (The) Co..
1
$3 conv pre! series...No par
Granite City Steel..—.No par
Grant (W T)
.<
10
5% preferred
*—20
>138
109% Nov
60% Jan
8% Apr 10
134
37% Nov
Mar
41
500
140
Apr
Mar
32% Jan
l7%May
2,200
31%
Jan 26
40
18
85
Apr 28
1%
24%
147#
96
Oct
5
Apr
57#
1,300
35% Jan
108% Jan 11
15
534
15
Jan
4%
19% Apr 11
*1%
_
Oct
21
16
1%
6
39%
1% Mar
20
Corp
Preferred
%
*6
300
3%
72
*69
72
"8", 100
69
*68
102
17
102
16%
13% Apr 10
47% Mar 22
5%May 17
Gold A Stock Telegraph
80
*77
*138
26%
100
1934 June
15
Apr
5
$6 pref.iYo par
6% preferred
3%
69%
28
10284
3%
3%
Utilities
$6 preferred
lb" 800
3%
69%
Gen Realty A
22%
6%
*
3%
26%
100
— 1
No par
6% preferred
200
2
May
1% Apr 10
32
May 29
18% Apr 26
1% Apr 10
2% Apr 10
8%May 17
9% Apr 11
94
Apr 22
334 Apr 10
105
No par
No par
Signal
5
14% Apr 11
67
7
Gen Public Service
Gen Railway
8
Apr 14
21
...No par
$6 preferred.
100
6
3% Jan
21
103% Apr
1
Gen Theatre Eq
17%
102
No par
Common.
General Printing Ink
700
45%
273#
—10
-No par
$5 preferred..
General Refractories...No par
177#
*37%
17%
...100
6% preferred
General Motors Corp
General Telephone
177g
80
No par
Gen Steel Cast
45%
16%
A .No par
$6 conv pref series
General Mills
4
Jan
June, 7
36
1% Apr
114
100
6%
*77
$4.60 preferred.
Gen Gas A Elec A
31% Jan
6
Apr
17
per
9
2538 Mar
Highest
share $ per share
267# Oct
16% Mar
Nov
76
Apr 100
43% Nov
24% Mar
31% Dec
107# Mar
$
105%June 8
4834 Feb 16
May 12
25
No par
No par
No par
General Foods
600
""600
17% Apr 10
99% Jan 16
38% Apr 8
16% Apr 8
31
600
1778
80
Highest
$ per share
No par
900
884,
-17%
70%
28
100
16
11%
1334
97%
*40%
17%
No par
7% preferred—
General Electric
217#
11%
18
100
7% cum preferred
General Cigar lnc
19
23%
18%
19%
97%
23%
22
No par
Class A
-
*153#
11%
*12%
24
60
*12%
200
5
8%
109
*108
109
52
1434
21%
26%
*8
,
......
Gen Outdoor Adv A...No par
38
*434
9
*56%
578
1%
434
1%
1634
7L
5%
*33%
36
57
*09
%
180
*33%
52
3%
6%
122
900
52
70
78
70
100
86
40,50)
9
*10134 103
6%
rr~9o6
43%
43
*56%
*77%,
72
122
58
28%
*69
52
9%
*56
334
2%
'103
1334
*84%
31,600
8,900
125% 125%
971
22% 23%
6%'
6%
*51
3534
1534
11%
191
*157#
700
2034
*116% 120
*85%
16%
J8 1st
160
200
*7#
89
General
3
1034
43%
44%
125% 126
1
*»4
70
69
27%
103
3%
72
*09
72
*85%
7#
171#
1734
17%
7012
70%
2778 28%
102% 102%
105
*69
18
16%
16%
80
*77
80
*77
80
185S
' '
97%
*507#
10
1
89
13
13
97%
23%
6%
52%
6%
57
*18
7g
173g
25%
21
16%
109
2,200
144
144
Investors...No par
...No par
Transportation
5
Baking
5
preferred
No par
Bronze
5
Cable
No par
$6 preferred
*234
1034
434
5
50
Gen Aroer
"T966
3
*8
834
*108
109
No par
$6 pref No par
Industries Inc.—
100
107#
21%
34%
5
*47#
*8%
1%
*1
9%
*567#
24%
6%
5212
*38%
40
*434
443<
125% 125%
*33%
36%
Gamewell Co (The)
Gannet Co conv
Gar Wood
50
9%
120
10
$3 preferred.—..—
45%
9%
9%
*2034
(Robert).......1
Galr Co lnc
4%
45%
*84% 86
122% 122%
122
44
44%
5
*478
5
4378
125% 125%
*35
37
*35
40
*47#
122
122
122'
122
12 1% 122% *121
*12014 128
86
Gabriel Co (The) cl A ..No par
*0%
7%
*98% 103
143
10
1434
*48%
7%
457#
*115
357g
*85
86
86
Freeport Sulphur Co
800
34%
3434
-36%
35%
36%
365s
37
44%
447g
44% 44%
44% 45
4434
45
44%
447g
447#
45
1161
*116
116% *116
116%
*1157S 11014 *1157# 116% *1157# 116% *116
*%
3
*%
34
%
%
%
%
%
*%
59
60
*58
6334
59% 59% *60% 6334
*59l2 6334 *59% 63%
30
700
100
*4%
50
No par
F'k'n SlmonACo lnc 7 % pf. 100
11
*95
10
17 conv preferred....No par
Francisco Sugar Co
500
*30%
20%
2%
1434[ *14
*50
118
35%
20%
35
100
100
Foster-Wheeler
10
2%
35
20%
10%
21%
56
20%
1,000
74
2%
*2%
3
1034
22%
118
4H% conv pref
60
17%
17%
*07
4%
143
10%
*21
20%
117
117
117
400
9%
147
*2%
30%
j Follansbee Brothers..No par
Food Machinery Corp
100
45%
*50
11U
23%
551s
217S
27#
200
30%
*9812 103
9%
9%
*143
Florshelm Shoe class A. No par
27#
*6%
Co
Florence Stove
200
*105%
100
*48%
46
46
142
142
*95
*14
*6%
7%
*98% 103
9%
9%
203#
No par
.No par
Fllntkote Co (The)
400
17%
*4%
1434
50
*48%
*98% 103
45%
46
III4
116
*30%
6% preferred series A... 100
First National Stores...No par
20%
2
2934
74
38
20%
1,100
4,800
A Rubber.-.10
Firestone Tire
200
32
32
2
*23#
*2%
2%
*2214
551«
*2084
*20%
17%
*67
278
2%
3
11
1734
75
2%
9%
*96% 100
2,000
Lowest
Lowest
Par
*19%
*134
32%
20%
107
107
2
*8%
278
10 7g
22%
114l2 114%
30%
20%
11
*278
*17#
2934
20%
20%
,
*98% 103
46%
46%
9%
46;%
2%
20%
1?8
2%
8%
10%
8%
10%
*96% 100
4%
4%
*96'2 100
43#
4%
20% 21%
20%
20%
*1043# 105% *104% 105%
47%
40%
47%
46% 46%
21
207#
21
20% 2034
1939
Range for Previous
Year 1938
Lots
$ per share
Week
105
2034
On Basis of im-Share
Shares
21%
105
31% 31% *30% 31
*106
108
107% 107% *107
1734
18%
18%
*18%
1834
*66
*67
75
*67
75
*2%
*2%
27#
*2%
2%
*30%
*30%
38
*30%
36
20 >2
June 16
$ per share
share
per
17,
EXCHANGE
Friday
June 15
$
STOCKS
NEW YORK STOCK
the
CENT
Thursday
June 14
$ per share
NOT PER
Sales
for
LOW
Saturday
June
15% Jan 4
104% Jan 12
66%May 11
534 Mar
11%June
102
1384 July
25%
Jan
Mar
108
May
Apr
17% Mar
60
Aug
48%
36% Mar
17% Jan
9
3
6
Mar
70% Jan
3
46%
Jan
18% Oct
72% Nov
June 14
83%
Jan
105% Nov
5
Mar
110
8% Jan
55% Mar
6
9
23% Mar
35%
Oct
984 July
53%
Jan
I84 Jan 20
1
May
3% July
5% Jan 9
35% Jan 10
3
Mar
9% July
35% Nov
87# Jan
2i# Jan
2034 Jan
5
3
35
3
49
Jan
4
Mar 13
11% Jan
Ex-rlghts.
4
20% Mar
Mar
5
% June
10
284
Jan
Oct
6% Mar
12
Apr
207# Dec
35% Dec
23
Mar
44
Apr
11%
3%
^ Called for redemption.
Nov
Dec
Volume
LOW 'AND
New York Stock
148
HIGH
SALE
Record—Continued-Page 6
3651
SHARE,
NOT PER
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
STOCKS
for
PRICES—PER
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 10
June 12
June 13
June 14
June 15
June 16
Week
$ per share
$ per share
$ per share
$ per share
$ per share
8 per share
Shares
*6
65s
65g
2H2
*6
*6
*6
7
7*8
7*8
21
2034
20*2
20%
207g
20*4
*100
103
*100
103
102*2 103
7*8
2134
21*8 21l2
10212 *100
102*2
*99
*150
153
81
81
8034
8034
11*8
1138
11
11*4
*51g
5*4
*6*4
634
26*4
*25
26
9678
*97
100
26*4
9678
*150
*5*8
79*4
11
10*2
*5*8
19
8*4
834
58
33
24
33
*20
*123
*79
8%
3
57
3
27s
*23
24
*86
7
7
634
9
■
72*2
18*2
18*2
18*2
18*2
8
87S
18
11,.
*9l2
343s
33*4
*86
34
1078
*2678
10*4
*9*4
10*4
67g
6 •%
634
32%
1034
I07g
*26
2*2
80
*78*2
33*8
33
*26
24%
2478
"I684
24*2
247g
24*4
*4*4
5
*4*4
5
*412
5
2778
2778
28
28
27%
275g
2634
27 x
26*4
*9*2
265g
26
26*4
*25
26
9
*9
16*2
*10
10*8
*16
18
*16
17*2
*16
17*4
*17*4
17
*4
1738
5*4
*4%
5*8
3134
32*8
?2*2
32l2
33
22*4
22*2
*112*4
,
'
*112*4
«
-
-
-
*3?8
4"
%
4
%
%
*3s
134
134
2
2*8
23*4
*1U4
23*4
1134
23
23-%
11*2
*30*4
31
11*4
*293g
*4734
48
47*2
'
434
31
47*2
*412
38
38*2
106
*105
107
107
18234 *178
*15*2
38
30
47g
44%
5*4
*377g
38*2
106
177
38*2
46*8
45*4
*107*2
4638
45*4
*107*2
10*8
10
2%
19
1978
2358
233s
*108
233g
.
25g
193s
110
24
'
48
*2l2
19
*108
2334
158
*1758
*44
157
158
158
18
158
18
,18
*18
*43*2
44*2
*43*2
29l2
29*2
45*8
*29
30
'
*130
m.
*22*2
23*4
22*4
22*4
-
-
-
10*2
,48*2
234
19
110
237g
158
457g
♦107*2
10*8
10*2
234
19*2
110
*108
x23^s
29
18*4
*28*4
34*8
*14*4
35
15
15
*14
29
*275g
29
28
34*4
22
34*4
1478
1*2
1%
*534
634
*534
6*4
20*4
"20*2
1934
11*2
12%
*1*2
4*2
20%
19
1178
1258
1034
I5g
1*2
458
412
l3g
12
12
13
*1258
158
434
*1*2
45g
*334
4*4
-
*334
1%
4*8
*114
*5%
12*2
*3*4
-28
44*2
29*2
131
131
34*4
34*8
51
51
*4
4l2
30*2
*29%
5034
4
♦295s
101*2 *100
*100
14
*13*2
1478
145s
108
*103
13*2
14*2
300
38*2
'
5
Liggett A Myers Tobacco..25
Series B
26
300
2,500
11*2
12*2
*12*4
1*2
4%
1*2
z4%
4*8
4
4*2
1*4
Lone Star Cement Corp No par
2%
19*2
200
Long Bell Lumber a ...No par
700
Loose-Wiles
270
1,000
43
29*2
4,400
29*2
-
300
300
-
56.60
20%
34*2
1,000
3,300
No par
preferred
No par
...
No par
Loft Inc
5%
1*4
534
Apr
Jan 24
3i8 Apr 10
23
Apr
-
3612 Apr
418 Apr
3
10
31
10
10
10
11
34«4 Apr 6
97i2 Apr 11
99% Apr 11
1,300
M
310
'10%
4,400
12%
600
1*2
*12l4
1*2
1*2
900
4%
4%
4%
2,200
380
Jan
6
8
3
4
8
1584 Jan
36i2 Apr
.20
177
2%
3934
39
39*2
39*2
39*2
700
2434
2434
24l2
2434
1,200
*172
*172
177
50*4
50*2
4*2
4%
30
*28
100
100
*100
13
13
13
145g
*10278 107
30
*4%
*27*4
101*2
13
50
101
1234
177
50*4
4%
30
101
1234
*172
500
Martin (Glenn
177
7%
50*2
50
*4*8
*27%
2*^560
4%
400
30
105
*101
1234
1234
14
14
14
14*8
14%
1378
*10278 107
*1027g 107
♦10278 107
Jan
4
27*i Jan
5
3
-
—
^
^
»
"40
500
6,900
100
preferred
Stores... 10
No par
53 preferred w w....No par
56 1st cum pref.
No par
McCall Corp
No par
McCrory Stores Corp
1
May Department
Maytag Co
6% conv
193a Mar
678 Mar
12i2 Mar 10
3284 Mar 13
1934 Mar
23*4 Mar
5*8 Dec
66*4 Mar 13
688 Jan
3
Jan 10
25
Mar
106i2Mar 14
81
Mar
40
81*2 Mar
107*4 Mar 14
180
157
40*4 Nov
29
50
Apr
Mar
12% Mar
64*2 Jan
4
33
Mar 20
99
Mar
Dec
*4 Mar
Ills Jan 19
Jan
5
26
4i2 Jan
22*4 Mar
4
9
2i2 Mar
14*4 Mar
62
Mar
1
92
243g Feb 25
June 16
126
June
Apr
12i2 Mar
297g Apr
20*2 Mar 13
58
Jan 3
Jan
June
13*4 Mar
159.
preferred...—100
m
Mar
45g Mar
5*4 Mar
'
1*4 Mar
53s Jan
458 Sept
638 Dec
5i2 Mar
164
Jan
6
175
4
Feb 14
Mar 11
40'4 Apr 8
4
Apr 10
52
28i2 Jan 30
36*2 Mat 10
93
Jan
3
1078 April
934 Jan 26
88
Jan 13
6*s Mar 10
101
Feb 14
17*4 Jan 20
14*a Mar
2*4 May
25
Mar
19*4 Mar
156
Aug
2812 Mar
3*2 Mar
16*8 June
75
Apr
8*4 Mar
2*4
7*t
16
*
Bid and asked prices; no sales on
this day.
1478 Nov
61
2 Def. delivery,
n
New Stock,
r
Cash sale,
x
Ex-dlv.
tEx-rlghts.
Oct
36 7g Nov
165
Feb
53
Oct
77g Aug
28*2 Deo
97
Dec
16
2
Jan
Mar
13*8 Nov
61
Mar
92*8 Nov
.
t H* receivership.
Jan
Jan
Aug
37*8 Dec
?** Oct
•
*
July
6
1478 June
102*2June
Jan
103g Nov
1*4 Jan
Jan
Dec
Nov
Aug
Oct
Nov
Oct
Nov
Jan
16
Mar
Apr
36
32*2
49*8
196g
40*2
23g
10*8
20*2
9
1
34i2 Apr 10
23
April
Nov
195g Oct
67*2 Dec
2% Mar
138a Mar
-
395s Feb 24
5% Jan 3
67*2 Jan 3
154
32
Mar
247g Mar
8*s Mar
16*8 Feb 17
Oct
Oct
July
Nov
Dec
Dec
126
16
Apr
7
9
63*4
5*4
23*2
107*8
21*4
Mar
22
4
10
334June
Nov
2H2 July
62*2 Nov
111*4 Oct
1165a Mar
5
Mar 29
205gJune 12
l238June 6
418 Apr 10
103*4 July
20*4 Mar
7*2 Mar
Apr
Jan
Dec
May 29
5
110
9
37*4 Nov
102
176*2 Dec
18*4 Nov
Jan
108
Oct
7*4 July
1*8 Jan
5*4 Jan
29
July
143a Nov
365g Oct
58% Nov
145s Mar
May 26
1734 Jan 20
40% Jan 5
47
Mar 13
*4 Mar
984 Apr 10
2%
Mar
% Dec
178 Mar
18U Mar
2678 Mar 17
2
May 12
2%
120
4
to
3
% Jan
558 Jan
1*4 Jan
Co...No par
2*8
305g Dec
x25% Oct
19i2 Jan
Apr
7*2 July
Jan
.38*2 Jan
Apr
Jan
10*4 Mar
13*a Mar
Apr 10
L) Co
1
Martin-Parry Corp.—-No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
2434
Nov
25i8 Apr 11
1
Apr
Marshall Field A
•
Jan
17
10
9,700
2434
18
30
Inc.—No par
No par
5
July
316s July
21% Nov
95
33
9
Jan
Oct
8
Mar 16
131
5
Dec
Mar
43% Feb
—1
Bros.
..No par
t Manhattan Ry 7% guar. 100
Modified 6% guar
100
Manhattan Shirt......
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
6
Market St Ry 6% pr pref. 100
19*2
223g
8*2 Mar
3*8 May
31% April
13
35
Mar
30*4 Jan
Garden
146g Nov
30
July
33s July
15
35i2 Mar 10
25
Mar 8
118
2
Feb
Mar
Oct
8
5U Jan
Apr 25
28
..No par
9,700
*39*4
22
Mar 3,1
Mack Trucks Inc
Macy (R H) Co
Apr 10
19i2 Apr
147i2 Jan
124
Mandel
«,
1734
334
17
105
No par
preferred
Mar 31
41i2 April
23s Apr 10
25
(P.) Co...
7% preferred..—.
Louisville Gas A El A..No par
Louisville A Nashville..—100
MacAndrews A Forbes
10
6%
6
100
10
100
Biscuit
preferred
Lorlllard
30
.
Inc
Loew's
30
.
18*4
43
Jan 26
17
Mar
15*8 Mar
2i2 Mar
18*8 Mar
25
Oct
Feb
128J Mar
14
.
Oct
61
9
June 15
13% Apr 11
318 Apr
100
1*4 Mar
1258 Jan
1312 Jan 20
23i2 Jan 20
Jan 27
Jan
19
Mar
19
2,100
18%
Mar
«27-^ June
Apr
Oct
Mar
26% May
6*2 Mar
514 Jan 15
28 June 12
Apr 27
148g
10*8
3
284 Mar 24
1384 May 17
35
Apr 10
105
Apr 10
».
484 Mar
Dec
80
40i2 Mar
Liquid Carbonic Corp..No par
„
8
Jan 11
2778May 26
300
32%
2%
*2
Nov
13
4U Apr
13*4
2*4
91
Jan 18
16
47%
334
Nov
143sMay 20
64,800
4
Dec
16
.No par
Lima Locomotive Wks.No par
97g
10*8
100
Link Belt Co
100
i
Lily Tulip Cup Corp..iNo par
-
Madison Sq
634
12
Dec
Lion Oil Refining Co...No par
•
Magma Copper—
Manatl Sugar Co
187g
11%
12%
Dec
10*2 May
63
Apr
14*4 Mar
10*4 Mar
Apr
9% Apr
Oct
13*8 July
24i2 July
11
95
June 12
H4 Apr
203s Mar
Jan
24ig July
100
16i2 Jan 20
Apr
^May
78
123
Mar 13
Jan
12
834 Apr 11
Apr
I84 Apr 11
,
745g Dec
11 li8 Oct
130
July
Mar
500
*
200
108% 108*2
23%
2278
158*2 159
5if Mar
Nov
997g Jan J 7
Feb
113
Mar
18
83*4 Nov
12«4 July
12
17178May 10
16
Apr 10
21
Apr 10
3H2 Apr 11
Preferred
100
-
400
43g
14*8
700
200
5034
1434
134
2l7g
'11%
1434
4%
*10278 107
1,100
2,300
1,100
2,400
28
50*2
*29%
Lehigh Portland Cement...26
4% conv preferred.
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
..50
Lehman Corp (The)
1
Lehn A Fink Prod Corp....5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers Corp...
...5
■
*27*2
*1%
*5%
17*2
4
30
Lee Rubber A lire..
1,900
*14
51
101*2
13*2
4,200
*2
118
11% Jan
23
83s Apr 24
127g
40
*172
34
1434
187g
1078
12I84 Jan 20
Sis Apr 11
April
No par
21*2
4*4
49»4 Apr
12i2 Mar
,1912 Jan
11
..No par
Bryant...
29
1*8
*5*2
Jan
32
255g
*172
Lane
300
*27*2
1*4
Mar
5% preferred
Lambert Co (The)
*14
634
58
122
Jan
10
14*2
19
Jan
2014 Apr 11
45*4
34%
Nov
June
13*2
25
177
34%
Jan
124
44U Mar
64
24
29
1412
*275s
24
Apr
25
45
20*4
June
113U
133
33*4
40
*172
21
16
Mar
793sJune
20
.1,000
4,100
*130
Feb
Mar
105
7
Jan
8
3
25
6
48*2 Jan
30*4 Nov
35*4 Jan
36% Nov
96i2 Dec
11*8 Oct
117g Oct
6
6*8 Mar
8
97
15ig Nov
627g Nov
63
19
100
Feb
Jan
July
9
125
35
Laclede Gas Lt Co St Louis 100
.
6
140
3
Apr 8
13
Apr 10
11712 Jan 27
6514 Apr
122U Apr
Kroger Grocery A Bak.No par
3,100
Mar
Jan
5758 Nov
Jan
2078 Mar 20
4
Jan 27
June
12
Jan
1084 Jan
Apr 14
13
26*4
177
«
Apr
32*4
41
2*2
3378
-
-
18
68
Mar
378
June
87
6
13*8
*23g
40*2
*255g
29*2
.
734June
Mar
46*2 Mar
6*2 Feb
97g Feb 28
1484
Mar
28
95a Jan 19
33*2
13*8
3278
2*4
2%
43*2
43*2
*28*4
538 Apr 11
Mar
1912 Mar
35% Jan 21
3178 Mar 9
96
Mar 24
Jan
Kress (8 H) A Co.. 1..No par
18
16*4
,5
3
4
84
Jan
4*4
18%
2i4
28i2
.
Feb 10
34
3H4May 19
19
Apr 10
*334
13
1334
3358
26*4
18*4
60i2June
Jan 12
29
2
132
6i4May 29
314 Jan 23
39i2 Jan 9
325g
13*2
33*4
42
23%
159
1484 Jan
6134 Jan
87*
1278 Apr 10
15
2%
684 Apr 11
26i8 Apr 11
134
30
2,400
2,400
*19
3678 Mar
Jan 11
5534 Jan
138 May
4*8
13*4
1378
34
26*4
234
19
117g
500
5%
47
6*4 Mar
11,000
44
9%
Oct
Jan
8
55a Apr 11
33*4
1338
337g
*2*4
*41
4734
18%
20%
-
*107*2
*2%
23
-
44
*3778
Oct
Mar
9*8
478
16278 Mar 23
814 Jan
434 Jan 12
Kresge (S S) Co.
10
Kresge Dept Stores....No par
300
10%
19
*130
22
*21*2
1*4
I3g
634
*5*2
1934 ,•19
10%
IH4
12*2
12*2
1*2
1*2
45g
45*2
9*2
*158
159
*157
45
18*4
45
*10634 110
23%
-
No par
15
15
47
48
47*8
*212
*18*2
55 prior preferred...No par
29
*5
16478
...1
58 preferred
29
*107*2
*
♦
*28
14*2
45*2
46
M
15.
Xl478
131
15
35*2
15*4
29
21%
,
21%
11%
Mar
3*8 Mar
8
Kinney (G R) Co
50
«
*102
106
*18*8
*43*2
*2734
353g
38*2
11
Jan
141
15718 Apr
20
10%
.
Jan
70
Kimberly-Clark
No par)
Apr
May
665s Mar
44% Jan
B
98
48
3i8 Jan 4
27% Jan 4
19584 Mar 13
28
8,700
105*8
105% *103
106
107
106*2
10434 1047g
10434 10434
177
*174*4 177
*174*4 178*2 *174U 177
16
16
16
16
*15%
,*15*2
*15*2
25
*24
*25
*24.
"26
2534
25*4
32
32
32*2
32*4
*31*4
32*4
33*8
15
*14
14%
14*2
14*2
*1334
14*2
13.1
*130
~
47g
*3778
22*2
11
11*4
*103
105
46
110
/
47g
434
*38*8
15%
1934
*1*2
47g
1434
*25s
22%
44*4
15l2
*108
2*8
227g
30*2
179
OO
2*8
227g
*11
4434
*15*4
48*2
%
16*8 Nov
.No par
Keystone Steel A W Co .No par
-
30
14*2
48*2
234
4*8
%
-
44
15*2
934
4*4
*38
«
31
14*2
•
*«>.«- —
678 Mar
500
2678
*412
683 July
4
400
26
.
Mar
1534 Jan
Kennecott Copper
'
5
22
47
*15*4
*1075S
21%
*111*4
2
500
25
16*8
Mar
June
4
Dec
1
10
31*4
21*2
*111*4
4*8
4*4
%
*%
2
*1%
31%
3078
45*4
107*4
26
434
31*2
22
.
5
*2938
105
34*2
5
11
*15*2
25*4
33*8
14%
26
26%
34*4
16%
23*8
106
16
16
Xl6%
17*8
*4
10
16
18
26%
*8*2
11
34*2
*14*2
*
25*2
.100
15
80
Jan
4i8
92
16%
24%
*4%
2678
25%
*8%
*1334
27
*26
26*4
9*2
2i8
28%
478
.
5
5
*2
2*8
*2
*4*2
1678
"4"
4
25
10
3
79i2May 26
15,000
2
2
16%
I
Oct
6*4 Nov
978 No?
34it Nov
193s
June 16
1
*25
«
£47g
27%
*111*4
*111*4
-
-
1734
5
*21
3418
22
-
247g
*16
1734
17*8
24%
preferred
Class
10
327g
1078
26%
*10*2
2%
,
*16*2
16*2
31
22*4
9
22
2*8
2*8
16*2
2434
*4*4
*26*4
3378
10%
9i8 Mar
28i2 Jan
100
Kendall Co 56 pt pf A ..No par
200
80
32
33*8
10%
2734
*26
*25
*25
16*2
2478
10
32
27*2
2*8
2*8
25
80
*78*2
1034
1034
1034
28
2*8
80
3234
-
300
6%
6%
*78*2
Nov
5% June 15
12l8 April
85
Apr 25
712 Apr 10
Sis Apr 10
9*4
9*4
*6%
100
6% conv preferred......100
Kayser (J) A Co...
__6
Keith-Albee-Orpheum Df__100
Kelsey Hayes Wh'l conv ci A_1
"400
98
*86
98
*9*4
67g
No par
Kaufmann Dept Stores
1578
9*2
16*2
5*4
*86
98
*86
98
4%
98
*14
Sept
95
29
Kansas City 8outhern.No par
11
*9*2
*85
14%
146
7*8 Mar
358 Apr
278 Mar
185
120
.No par
Kalamazoo Stove A Furn
100
98
„
1412
14%
1
preferred..
Jones St Laughlln St'l pref. 100
1,500
18
8
*1534
11
*9*2
*85
98
1458
50
Kan City P A L pf ser B No par
8
8
*658
*78*2
25
183s
11
*9*2
*85
1434
1,700
Feb
56*4 June
Mar
No par
Preferred
19
16%
Corp
Johns-Manville
2,700
90
100
9*2
,
2778
*2*8
11
98
1434
56
*119*4
*7*2
16*4
8*2
,
135
5
618 Apr 11
Island Creek Coal
19
19
*119*4
18
*16
17*2
*85
98
*8
8
*16
,
_
100
Jewel Tea Inc
47
9
4
814 Apr 10
77i2 Jan 9
Intertype
*4434
46*2
19
----
7034
132
130*8 *127
*4434
19*4
70
72%
xl30
47
*119*4
*119*4
70
73*2
132
*4478
34
23g
72l2
132
48*8
80
*25
73
132
132
*45l2
*78*2
48*2
600
June
94% Jan
17% Jan
Mar
Foreign share ctfs...No par
40
20%
par
10*4 July
30s8 Aug
119*2 Dec
Mar
Mar
8
8
Interstate Dept Stores.No par
Prelerred
100
200
80
10
20%
*20
79
80
97g
9%
*8*4
Shoe....No
preferred
Mar
2
Inter Telep & Teleg...No par
400
124
7
11*8
7%
87
*76
10
34*4
8*4
*20
10*2
10*4
*82
*123
*86
*2534
6%
634
79
*658
*15*2
10,700
3,600
2,700
124
*9*2
16
6%
634
*76
*9*2
107
6*2
*123
7
*178
93%
79
10*4
434
92%
124
*65s
106
International Sliver
100
*76
15*2
*38
International
100
*20
98
<
600
24
*91
*123
*14*4
4
33
*23
79
75
100
No par
*32%
20
■47
preferred
24
124
*85
28*2
6%
327g
79
133*2
100
International Salt
8*4
20*2
16
6% conv pref
Internat Rys of Cent Am.. 100
4
14*8 Mar
60
15
Apr
4284 Apt. 11
.......100
Inter Paper & Power Co
620
20
8*4
98
Preferred
6
*130
1% Apr
1
Int Nickel of Canada..No par
4,200
3,100
*123
*16
11
Internat'l Mining Corp
Highest
$ per share $ per share
3
2% Apr
1
784 Apr 10
2% Apr
200
11
Apr
384 Apr 10
100
79
20*2
100
600
87
90
Int Mercantile Marlne.No par
14,500
123
*9*2
-
9
*8*4
Preferred
33
1034
4% Apr
4% Apr
17% Apr
Int Hydro-Elec Sys class A .25
55
*82
8
8
10
8
8
8
Lowest
29*2 Jan 16
Apr 11
33
634
67g
90
8
48
6*4
11*8
*82
100
Apr
9% Apr
Apr 11
54%
6*4
152
67
16
33
3278
147%May 11
155
56
*23
Jan
100
600
•
119
....No par
Prior preferred
1,100
1,100
1,800
67g
Iron..
Jan
4% Apr 10
I684 Apr 10
Apr 3
86
m.No par
92*8
„
93%
6*2
1034
11*8
*8
15*4
*4*4
634
Rubber
5 per share
Int Business Machines.No par
Internat'l Harvester
No par
4,200
278
100
5 per share
Year 1938
Highest
Internat Agricultural..No par
300
5
*47g
27g
67g
678
*3218
24
63g
65g
11
98
17
100
2,100
5734
5*8
278
.
Interlake
3,300
162*2 *159% 162*2
56
56*2
33%
33*2
*86
9338
6*2
*14
.
'
7*8
55*4
*32%
*3278
*22i2
33%
33*2- 33*2
*85
*2is
5
preferred
Intercont l
9
834
57
6%
3
•
49*4
55*4
9
73
185s
*16*2
9%
57*4
'
*33
*11934
*10*4
*2%
58
162
5
*678
* Interboro Rap Transit.. .100
Interchemlcal Corp.. ._IVu par
390
79
47
*26*8
162
'5
3*4
59
162
7*8
*82
18*2
*86
•
400
1,000
578
123
*•1858
*11934
*9*2
58
100
No par
25
*5%
*24
178
134
134
*134
19%
*1734
19%
*17%
181
17778 181*2 *177
178
18
18
5
48*2
7*4
*132
83g
*134
182% 185*2
61
7
113s
*20
--
*16*2
834
100
*8*4
49
*47
9
634
11*8
77*4
76*2
*132
3
*3*8
933g
*86
8*2
20*2
12378
79*4
8*2
*2*2
33
*7
100
*82
3
5
25
634
7%
11*2
7%
*11*8
*2*2
58
*87
.
7
678
97%
3
preferred
97*2 100
6
25
161*2 16134
33
*23
93%
6
par
No par
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
1
400
■
57
•
33
24
*87
*5%
97*4
4912
33
58*4
33
*3212
5%
*
55s,
*5*4
2,500
5%
6%
No
Inland Steel
800
10%
5*2
4734
47%
48*4
4878| 4758 48%
136
136
*134
13712 *133
13712 *133*2 13712 *133*2 137%
»■
8
8%
8*2
8*8
8*4
83s
8*4
8*4
8%
83g
32
3034
3214
327g
3134 32*8
3034
30*2
325g
3l7g
5
5
5
5%
5*4
5%
5*4
512
5l8
5i2
34
33*2
76%
10*8
24
60
153
76%
10%
10
Industrial Rayon
Ingersoll Rand
20
79
6
*18
400
10*4
25
*134
178
I97g
185*8 186
19
2,000
76*2
99
9
Indian Refining
100
20*4
5*2
6
9*4
6%
*150
Par
,
79*4
10%
97*2
9
185
49*4
50*8
137*2
*134
152
152
153
25
25*2
*2*2
61*2 61*2
6034
6134
♦161&8 16212 *16158 16212
5*4
53g
5*8
5*8
3
3*2
*3*4
3*4
678
678
7*8
7*8
4934
5*4
6*4
6*4
25
2
*134
*150
*99*4 100
9%
185
19*2
182
182
80
1058.
5*4
3
9*4
2
*19
153
*79
634
*234
95s
9*2
*150
5*4
*63g
3
*2*4
153
Lowest
102*4
*6
20*4
*99
Range for Previous
^Called for redemption.
New York Stock Record—Continued—Page 7
3652
Wednesday
Tuesday
Thursday
STOCKS
NEW YORK STOCK
the
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
EXCHANGE
Friday
Saturday
Monday
June 10
June 12
June 13
June 14
June 15
June 16
$ per share
9 per share
$ per share
5 per share
19
19
Shares
20
*1912
778
*7%
57
57
*1914
*71«
66%
10%
11%
11%
100
19%
*7
57
10%
19%
77g
57
10%
9
9
100
*95
100
*95
8
8
8
8
*57
*54l2
*55
59
*55
59
*51l2
53
*5H2
53
61
*45
53
61
61l2
4%
*59%
22l2
Ah
3%
2078
1734
1514
17l2
29l2
*7%
29l2
77g
29
14
14*8
14
'.
*2314 24
*iio
112
*62*4 63l4
112
*111
47
*11%
*23%
15
29%
7%
1378
24%
112
4
4
*42
47
*1%
11%
1%
1%
1%
5
10
*8%
9
58
53
*50
'53
53
53
""160
60
60
59%
3%
18%
59
59
3%
17%
3%
17%
1.000
2,300
334
3%
18
*13%
28%
18%
14
28%
7%
7%
13%
13%
112%
59%
3%
18
zl3
*27%
.7%
13%
722%
100
*7%
X
13
•
27%
27%
7%
1,610
30
13
900
28
*3%
277s
170
*46%
*10
10
10
*27%
277*
27%
27%
28%
13%
13%
*13
•
J3%
*45%
6%
500
10
220
25,900
19%
18
18
11
11%
9%
11%
10
26%
27%
170
170
13
13
*13
97
93
97
19%
18%
*18%
19%
*18%
18%
9%
18%
9%
18
*109%
6
*5
26
47%
6%
*45%
6%
*17%
11%
*9%
26%
6i
18%
6,900
1,500
2,000
900
16%
113
16
500
13%
93
19%
18%
9%
15%
9%
26%
210
267g
170
13
*168
13
"
*92%
18%
177g
18%
5
170
13
*92%« 97
*18%
19%
18%
8,200
10
500
13
600
97
18%
100
100
1,300
18
9%
15%
1178
*97
20%
174% *170
*165
144
173
*170
173
171
171
*168
144
144
*144
146
*144
145
144
144
*18%
734
64%
*8%
19%
734
64%
18%
18%
73i
64
778
64
17%
.7%
63%
7%
17%
77g
63%
834
8%
*117g
13%
*36% * 45
*40% 45
*314
3%
*11%
*36%
8%
13
45
*32
45
*40
45
*31
45
*3%
*10%
3%
10%
.27
28
3%
*10%
26%
*10%
*28
10%
29%
—
11%
8%
11%
3%
10%
26%
17%
7%
17%
7%
17%
7%
62
63
61%
7%
*7%
*11
*33%
*31%
3%
*10%
25%
*85%
8
12%
174
*168
7%
11
40
*33
45
3%
10%
*31%
25%
*85
26%
3%
*10%
*25%
90
*80
90
*38
40
40
40
36
36
15%* 15%
14%
14%
24% 24%
37% 37%
*2
2%
*6
6%
114
114
*83
*50
53%
*%
*2%
*%
*10%
*70%
*186
11
75
188
86
87g
9
*109% 110%
%
%
%
2%
2%
*2%
2%
*%
•
%
*%
%
*10%
*70%
11
7534
*10%
*70%
186% 186%
187
112% 112%
21% 2178
58% 58%
5578
56
15% ' 15%
112% 112%
21% 21%
59% 59%
557g
56
15%
15%
84
84
8%'
8%
85
85
8%
110
39
7%
21%
*16%
111
327g
5%
327g
40%
7%
21%
17
111
*6
8)
110%
42
*32%
4%
11
74
33
4%
7%
*21%
16%
5
41%
7%
21%
167g
*109% 111
6%
19%
57g
578
1878
187g
I87g
*137
140
*137% 140
9
9%
9%
9%
*36% 40
*37% 39
*24
2478 *24
2478
45
*43
*43
45
116
*116
68
68
*4%
3%
12%
*4%
*10%
*317g
*48%
*11%
4%
3%
12%
5
11%
32%
49
12%
68
4%
3
13%
5
11%
32%
49
11%
*4%
*10%
31%
48%
11%
132
132
131
155
*151
*18%
*
2;
4%
3
*12%
*151
188
110
110
33
33
4%
*38%
7
20%
47g
42
7%
21%
51%
52%
%
%
*2%234
*%
%
10%
10%
*70%» 77
*534
18%
6%
18%
113
21
*59
1,200
*24
*43
45
67
4%
27g
*12%
*4%
*10%
31%
48%
11%
42
8%
*24
45
4%
3
12%
5
11%
3134
48%
11%
67
*4%
*3
*12
4%
*10%
31%
48%
11%
8
110
33
4%
20
15%
16
*109
110
5%
18%
6%
18%
*138
137
9
38%
24%
45
8%
*33
24%
*42%
15%
4%
42
7%
20%
15%
110
4%
18%
140
8%
38%
24%
457g
4%
3%
66
*414
*3
4%
4%
3%
7
15
5%
18
4%
7%
197g
15%
5%
18%
*18%
600
Northwestern
23,800
380
4,600
3,100
3,200
40
400
1,900
170
45
100
40
4%
*3
*4%
4%
10
10
100
317g
47%
11%
5,300
1,200
130
131
*125
130
*151
156
*151
J In receivership,
.
a
100
...
No par
.
$5,50 conv 1st pref— No par
Outboard Marine & Mfg
5
—No par
100
Outlet Co
18%
Owens-Illinois
Class C—$2.50
70.
Feb
75
Feb
7
85
6
40
June
Marli
110
Jan
58
Apr
28
Mar
r Cash
sale.
*
Jan
Mar
21% Nov
Mar
23
5% Apr
38%
43% Feb 25
18
Mar
37% July
3% Feb 28
2
Mar
Jan
9
8
Jan 17
18% April
54% Apr 17
53%May 8
12% Apr 11
82
Jan 3
7% Apr 10
102% Jan 4
30
^eb24
2% Apr 10
32% Apr 1
6% Apr 10
15% Apr 8
12% Apr 10
104
Jan 23
5
Apr
1
16% April
May 26
135
7% Apr 10
37%June 9
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
378 Apr 11
2% Apr 10
11% Apr 8
37g Apr 10
9% Apr 8
27% Apr 10
41
Apr 8
9% Apr 8
114
Apr 11
Ex-dlv.
y
Dec
12% Mar
38
Jan
5% Mar
6
118% Mar
120
Mar
Mar
54
Jan
1
Dec
2% Mar
% Jan
4% Mar
4% Jan
.5
16% Jan
Jan
11% Mar
Apr
111
June
78
1% Jan
Jan
120
Aug
110
62
4%
Mar
101
Apr
63% Nov
2% Jan
7% July
1% Jan
16% Dec
Dec
38
Mar
90
133
June
198
Jan
June 14
100
Mar
110
Dec
26% Feb 27
,
13% Mar
26%
59% June 13
66*4June 10
19% Jan 3
88% Mar 27
45% Apr
57%
Oct
Dec
20
Dec
11434 Jan 4
110%June 15
33 June 12
578 Mar
75
June 10
10% Jan
5
30
Jan
6
20% Mar
3
113%May 25
8% Jan
27% Jan
144
Apr
4
3
5
93%
Jan
14% July
103
Dec
35
Sept
1% Mar
5
Nov
12% Mar
87g Sept
41
Sept
5%June 10
42
June
6% Mar
92% Bept
25
May
19% May
7% Mar
83% Apr
"
4
Mar
13% Mar
122
Jan
147g
327b
Jan
Feb
19% Nov
111% Sept
10
Nov
29% Nov
147
Nov
Jan
5
6% Mar
54% Jan
4
30% Apr
60
247gJune
9
10
22% Aug
45
9
15
Jan
116% Mar 25
70
Jan 3
Mar
39% Apr
115
Apr
40
Mar
?ac Tin Corp (sp stk)_No par
n New stock,
Nov
40
Mar
257g
preferred
71
7
Jan 30
6%
July
108% Nov
Apr 10
NO par
Pacific Telep & Teleg
*
Jan
26
99% Apr
17
Pacific Ltg Corp——NO par
4%
12% Aug
9% Mar
6
146
25
Pacific Gas & Electric
130
Def. delivery,
7% Mar
14% June
100
100
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Mills
""loo
2% May
5% Dec
2% Mar
10% Mar
6
Jan
4
3% Mar
9% Mar
12% Mar 14
*22% Mar
34% Mar 10
49
MarlO
32% Mar
9% Mar
14% Mar 11]
87
132 June 9
Apr
155 May 22 *13212 Mar
10
Coast.
1st preferred
2d preferred.
400
156
Bid and asked prices: no sales on this day.
6% preferred
Otis Steel.
Pacific
155
SBE
No par
Otis Elevator—....
Pacific Amer Fisheries Inc—5
132
18%
100
6% preferred A
Oppenhelm Coll So Co—No par
140
11%
31%
47%
*11%
par
Omnibus Corp (The) vtc No par
300
132
20%
...No
Oliver Farm Equip..—No par
4%
3%
13
*151
*18
Ohio Oil Co
"5" 100
132
20%
50
Preferred
66%
155
*18
Telegraph...50
Norwalk Tire & Rubber No par
Preferred
65%
*131
19«4
July
29%June
Apr 28
110
10,400
*42%
*151
*18%
July,
82
10
May 16
600
110
*24
155
19%
30
20
51
50
5H% pref series-...—50
North Amer Aviation..:
1
Northern Central Ry Co...50
Northern Pacific.,
100
North'n States Pow Co $5 pf.l
Feb
Dec
Dec
23% Jan
119
6% preferred, series
23
18
55
113
2,700
11,500
Mar
Oct
Jan
Jan 25
9,100
145% Sept
28% Nov
C% Oct
81% Nov
5
Apr 12
J
178%
22% Jan
50
.100
June
June
47% Jan
N Y Lack <fc West Ry Co.. 100
preferred
154
127
12% Sept
106
131
,
6
8
111
7%
Oct
July
10% Apr 10
18% Apr 8
30
Apr 8
l%May 20
2% Apr 10
%May 23
8% Apr 8
7*0
Apr 8
100
*11
317g
48
11%
Feb
31
8
12% Apr
—50
.
June 14
17% Mar
Apr 28
8% Apr
27
-lNo par
_
Nov
19% July
48% Nov
N Y & Harlem..
preferred
16%
17% Jan
.100
2,700
*11
31%
48%
11%
9%May 8
18% Apr 11
73% Mar 14
32
Apr 8
—No par
JN Y Ontario & Western..100
N Y Shipbldg Corp part Btk.-l
3
4% Jan.7
11% Feb 8
2% April
Dock
York
2078 July
59% Jan
50% Apr
43%May 25
IN Y N H £ Hartford—100
8%
4%
11%
Louis Co.. 100
0% preferred series A—100
NYC Omnibus Corp. .No par
Apr
20
Conv
38%
24%
8%
*4%
11%
31%
47%
*11%
N. Y. Chic & St
30
Mar
4
.
1078 Oct
6% July
Mar
Mar
Mar
MarlO
168
139
138
*33
4%
11%
York Central—-No par
4
—100
110
*109
12%
-
New
Jan
8
May 22
May 23
Oct
16% July
106%
105%
3%
3%
17%
11%
44% Mar
107
25%
115% Nov
113% Oct
Adjust 4% preferred....100
North American Co
10
42
19%
13
1
Neisner Bros Inc
30% July
Mar
Norfolk & Western
21
Sept
12% Mar
20
Nov
Mar
40
33
*31
*35
*12
.No par
94% Nov
9% Mar
81% Jan
15% Jan
Apr
Oct
Mar
8
10
Nov
"n%"8ept
27% Jan
Apr 25
6% Apr
14% Dec
28
168%
10% May
8
6% Apr
Jan
Nov
1478 Nov
65
13% Mar
69
July
19
27% Jan
40
Natomas Co—
Jan
14% Apr il
40
preferred.
Mar
6
15% Mar
12%
Mar 27
8
106
Dec
10% July
3
9
5
6% Feb 17
28% Jan 4
18% Jan 10
167g Jan 4
% Mar 27
*116
66%
114
4% Jan 13
5H% Prior preferred... 100
6% prior preferred- —-.100
National Tea Co—.No par
New
12% Mar
16%June
117% Jan
110%
29
150
7
160
86%
8%
,
33
Jan 17
Jan
15% July
62% Oct
7% Mar
8% Mar
14% Jan 3
28% Mar 11
Oct
8% July
64%
54
4
1578 Mar 15
175
32
37% Mar
6% Mar
9% Jan 20
800
8
8%
110% *1X0% 111%
*116
67%
*78
85%
25
Mar
25% Jan
4% Apr 11
23% Apr 10
11% Apr 4
9% Apr 10
86
Apr 21
18% Mar 31
Apr
4
5
77
58% " 58%
55%
5578
147g
15%
55%
Jan 20
200
112% 112%
20%
55%
15
Feb
109
Mar
5
Jan
171
National Supply (The) Pa. .10
$2
2
til
Mar
95
May 29
9% Jan
51
.■>
600
"""900
4
26
9% Apr
34% Mar
3
89% Mar 2
195% Mar 10
59
7
*116
67%
%
278
%
10%
111
Mar
11% Mar
3
185
184
186
20
8
14% Mar
145
'
21%
*35
7
*35
*73%
*83
"""80,
Jan
Mar
10% Mar
64% Mar
Mar 31
5% preferred-
100
5
7% Jan 3
44% Mar 13
Jan 14
5% pref series A—
100
Newport Industries.
•- -1
N. Y. Air Hrake
No par
1,800
2,000
54
59
20%
137
76"
...
30
Mar 25
4% conv serial pref.-.100
700
40% Nov
22% July
17% Nov
Jan
16% Mar 11
165
Newberry Co (J J)..._No par
800
38% Aug
135
par
10
3.900
'."54% "Oct
100
""460
21,700
Mar
22% May
—100
preferred A
preferred b:
No par
300
10%
27
20%
21%
59%
7
9%
37%
2478
10%
75
20%
15%
137%
10%
186
55%
15%
84%
8%
8%
109%. 109%
*31
33%
4%
4%
9
*%••
%
*112% 113%
113
15
*534
18%
*2%
,
7%
6%
10% preferred
.
2%
Co——.—-— -.1
$4.50 conv. preferred.No par
National Lead
10
National Steel Corp
*115
51% *.—
%
%
10%
55%
*36
....
*%
*83
137
37%
%
2%
186% 187
16%
16%
*109% 11084 alio
*116
67
*115
....
53% *....
*51
*%
%
278
*112% 114
2l7g 217g
*58
58%
56
56%
15% 15%
*85
*115
*115
53%
Nat Gpysum
National Pow & Lt
1,300
3%
25
25
16% Apr 10
8% Mar 31
12% Jan 13
No
♦800
11
54% Mar 10
Mar 9
Apr
9% Apr 10
7% Apr 11
23% Jan 24
160
Apr 24
Dec
37% Mar 13
19
9% Apr 12
Apr 8
106% Apr 14
4% Apr 8
110
39
Register—.. No par
Nat Mall & St'l Cast Co
"
*51
117% Sept
122%May 24
95%May 31
23% Mar 9
26% Jan 5
6,0d0
.
*115
*116
Jan
Apr 10
157g Mar
2,200
2,200
*85
90
90
90
90
*39
41
*40
41
*39
41
39% 39%
*107% m% *107% 112%
107% 107% *107% 112% *107% 112%
11
11%
10%
11
11%
11%
11%
11%
11%
11%
35
*34
*33
35
35
35%
35%
34%
34% 35
14
14%
1378
14%
14%
14%
147g
15%
14%
14%
14
14
12%
12%
13%
13%
*1378
14%
13% 13%
22
21% 22%
22%
22% 22%
23% 23%
225S. 23%
36
36
35%
36
35% 35%
*36%
37
35% 36%
*2*2
*2
*2
2%
2%
2%
2%
2%
2%
*5%,
6%
*5%
6%
*5%
*5%
6%
6%
*5%
6%
114
114
113%
113% 113% *111
113% *111' 113% *111
*80
*107% 107%
11% U78
100
200
45
10%
Mar
May
10% Apr 26
7% pref class A
11% July
2% Jan
3% Jan
20% Nov
10
90%May 4
17% Apr 25
Nat Dairy
Dec
Dec
67
5% pref series A w w__ —lOO
Nat Bond & Share Corp newNo
1,300
40
*31%
*3%
10%
10%
25%
2/400
-
•8
11
40
45
3%
"2,700
%
1%
111
5% Apr 10
14% Apr ~
Cash
Jan
Jan
45
Nat
Jan
3%
May
Nash-Kelvihator Corp
5
Nashv Chatt & St Louis...100
National Acme
1
Nat Aviation Corp
5
National Biscuit.—.
10
National
Oct
17%
121
50
100
7% cum pref
100
Nat Bond <fc Invest Co. No par
72%
35
5
111
4% Apr 10
Murray Corp of America...10
Nat Distillers Prod—No par
~
60%
7%
*33
Murphy Co (G C)
Nat Enam & Stamping.No par
17
60
Inc
Munslngwear
July
Mar
10% May
1% Mar
4% Mar
3
MarlO
Jan
Mar 22
30
No par
No par
No par
preferred
Oct
Nov
Jan
16% Apr 11
Co—.—.—-1
Brass
conv
July
8
2% Jan
17% Jan
9% Apr 10
10
Apr 10
Muillns Mfg Co class B—..1
100
""600
145
16%
7%
Mueller
111
Mar
4
1
Oct
92
100
147g Jan
2% Jan
9% Jan
14%
227g Jan
30% Nov
Apr *117
49%
4
Feb 28
6% Jan
54
40% April
33
Apr 28
30
Apr 11
—-.5
Wheel—
85% Jan
47% July
118
Motor Products Corp—No par
Motor
5% Mar
12% Mar
15% June
76
Apr
7% Nov
10% Apr 11
85% Apr 10
60
2,100
50
173
145
144%
18
77g
617g
7%
—- -
Cylinder Gas Co
1
Products.—No par
...100
7% pref class B...
-100
Nat Dept Store
No par
6% preferred
10
600
15,900
113,
,
*12%
Essex
4
112
10
Myers (F & E) Bros—No par
1,100
27
&
5
3
Jan
115% Mar 14
Apr 8
Apr
Apr 10
Apr 8
Apr
26% Mar
57% July
115
Montg Ward & Co. Inc.iVo par
Morris
12% Jan
16% Jan
% Apr 14
Apr -
1
10
5% preferred
"2",400
18%
11%
9%
11%.
4
$4.50 preferred.
No par
Preferred series B.—No par
'
"3" 600
*9
9%
*9%
15
15%
15%
15%
16%
111
113
112
113
113
113%
113% *110
*110
113% *110
113% "110
113% *110
113
5%
5%
5%
6
*5%
5%
578
57g
*578
6
*5
*5
*5
5%
*5
5%
5%
5%
5%
5%
5%
26
26
25% 25%
25% 26
25% 26
26
25%' 26
*11%
13
*11%
13
*12
13
*11%
13
*11%
13
13
11%
11%
11%
11%
12
12
11%
11%
1178
12
12%
*95
9978
997g *95
*97% 100
*97% 100
100% *97% 100
19%
19%
20% 20%
20% 20% 719% 20%
21%
20% 20%
*112
""166
6%
*17
Monsanto Chemical Co
$7
46%
6%
11%
*168
170
*45
47
Mission Corp
Morreli (J) & Co—No par
""280
....
11
*18%
16%
3%
40%
10%
1%
lmpt—1
pref erred.. ...No par
-10
Mo-KAn-Texas RR
No par
Minn Mollne Power
7% preferred series A—100
3,400
Jan 16
110
t Missouri Pacific—..——100
5% conv preferred.*
100
Mohawk Carpet Mills
20
*93
10
18% Apr 8
101
April
55
Apr 11
3% Mar
4
29
8
6% Apr 10
$6.50
2,100
Apr
39% Jan
11% Apr 10
4% conv pref series B...100
100
19%
18%
113
26
8% cum 1st pref..
100
Minn-Honeywell Regu-No var
1,300
1%
478
17
June 16
*13
5
5
%
97
16%
Co
Copper
1%
4%
*18%
1834
,10.
Dec
600
*93
*112
Dec
16%
""eoo
*93
18%
9%
16%
30
117g
6%
18%
*168
170
*168
170
48%
48%
67g
19%
11%
10%
10%
lll2
*10
May
June
47
...
18«4
*10%
14
11
*40
—-
*46%
67g
9
Mar 13
*1078
1%
4%
*%
•
48
634
21
11%
6% Jan
117g
*%
Nov
28% Jan
47
II4
73
3% Apr 10
17% June 13
1
-60
5% conv 1st pref..;
Merch & M'n Trans Co No par
*40
4%
Oct
Jan
50
*107g
1%
80
32% Apr
11
5
Apr
9
3
4
47
*%
Nov
15% July
55
6
11
*1%
5
Feb
20
1,000
70% Jan
61%June
900
4
95
6
6% Mar
58
Mid-Continent Petroleum.. 10
Midland Steel Prod....No par
37g
Apr
MarlO
Jan 19
Miami
378
Mar
70
12
Apr 11
1,500
30
5
1
99%June
8
51
2,000
400
MarlO
12% July
537g Oct
26% Jan
11% Nov
46
Mengel Co (The).
Mesta Machine
June
20% Nov
Mar
No par
7%
7%,
1
1
1
1
1
1%
1%
*lh
*13%
14
*13%
14%
13%
13%
14%
14%
14%
14%
14%
I4i4
*97
98
98
98
98
97
98%
98%
9834 99
98i2 9812
117
*115% 117% *115% 117% *115% 117%
*115% 117% 117
*11534 118
122
122% *122
122% 122
122
121% 122, *122
I217g 1217g 122
49
51
48%
49%
52
50%
50%
51%
49% 50%
5178
52%
*32% 35
*32% 35
*33% 35
*33% 35
*33%
34
*32l2 35
30
30
30
30% *29% 30%
30% 30%
*30% 31%
*3012 32
13
11
13%
12%
11%
11%
11%
13%
11%
11%
*1134
12
13%
*13%
137g
13%
14%
*14
14%
13%
14
I4I4
14%
14%
22
21
22
*21
23
22
22
22
22% *21
22%
2214
5
4%
4%
4%
4%
*4%
"4%
*4%
4%
*4%
5
*434
*35
38
*35,
38
*35
38
*36
*34% 38
38% *34% 38
11%
*11%
12
*11%
*11%
12
1.2
11% *11% '12
*11%
12
62
62
62
62
*61%
62
62%
62%
*62% 63%
*6212 64
*109% .... *109%
*109%
*109
*109%
*109%
5%
5%
5%
5%
5%
6%
5%
5%
*5%
534
6%
*18%
58
10
Jan
7
35% Mar
13% May
w.TVo par
$5.50 pref ser B w
Melville Shoe—
13%
13%
13%
22% *22% 22%
*109% 112% *109% 111
59
59
58% 59
*111
112% 111
112%
*
*46%
7% Apr
No par
Mead Corp.
Apr 8
Jan 27
7
88
$6 preferred series A. No par
58
*57
14
"""500
8%
1
100
preferred
conv
8% Apr 11
10
McKeesport Tin Plate
Stores
McLellan
6%
*45
5
%
*%
%
10
*95
*57
*3%
5
5%
3,200
1,300
3,300
*42
11%
11
57%
Mclntyre Porcupine Mines..5
10
22% Jan 21
10% Jan 5
59% June 15
18% Jan 3
15% Apr 28
6% Apr 10
49% Apr 11
McGraw-Hill Pub Co ..No par
Highest
$ per share $ per share
share
$ per
$ per share
1
Elec Co....
McGraw
100
Lowest
Highest
Lowest
Par
300
77g
58%
59
*111
4
47
8%
*6%
8
112
4
11%
10
19%
7%
59%
10%
8%
8
8%
*60
*42
7%
57%
100
23% 23%
112
*111% 112%
62%
*60%
61%
*2334
112
62%
*111
7%
13%
60%
3%
20
*19%
*95
100
112
2334
111
62
1%
5%
*5i8,
*%
14
111
12
*1%
*28%
7%
7%
4%
4U
*43
*13
29
*13
*13
59%
4
20%
41«
22l2
19%
778
57
10%
87g
*8
9%
9l4
812
60
8*2
*19%
*7%
56%
10%
8%
*95
912
9%
*95
20
77«
57%
10%
100Share Lots
On Basis of
Week
$ per share
9 per share
Range jot Previous
Year 1938
Range Since Jan. 1
Sales
for
LOW
June 17, 1939
7% Mar
37g Jan
2
3
Jan
5
16
Ex-rights.
Jan
7
17% Deo
15% Nov
52
115
Nov
Oct
Apr
76%
11%
5%
21%
9%
15%
Nov
Jan
Jan
Nov
July
July
30
Nov
43% Dec
197, July
121
Dec
149
Nov
30
June
^ Called for redemption.
Volume
New York Stock Record—Continued—Page 8
148
SALE
PRICES—PER
Sales
NEW YORK STOCK
the
CENT
SHARE, NOT PER
STOCKS
for
HIGH
AND
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 10
June 12
June 13
June 14
June 15
June 16
$ per share
$ per share
$ per share
$ per share
S per share
Range Since Jan. 1
On Basis of 100-Share
Week
Shares
3%
14%
5%
*34
9i2
9i2
*914
95s
*9*4
9%
*9*4
9%
100
33s
314
33s
3U
3%
3*4
14*8
3*4
143s
3*4
3*4
14%
7,400
5,500
5%
%
9
19is
*17
1012
73s
*2514
*1234
JlO
10
*17
1*2
42*2
43
1734
158
1058
17%
17l2
*17*2
1734
1784
1734
800
Parker Rust Proof Co....2.50
*158.
178
*15s
17g
*1%
1%
934
500
Parmelee Transporta'n.JVo par
Pathe Film Corp..
No par
51*2
7%
52*2
883g
8684
87
934
7%
103s
978
734
53
52%
5212
88
88&S
1J8
8834
1%
784
*51*2
88*2
312
3%
87%
*
*114
1%
3%
3%
*1234
1734
112
*3334
27
27
27
26l4
20
20
*185s
*1914
21
20l2
8I4
*2%
*10i4
347s
3
1078
*218
*10
83S
8I4
83s
*19l4
8*4
.7%
35%
7i8
34i2
7i8
3514
7
4334
44
44%
*2i4
212
4
*3%
91
5g
90U
*134
142
*130
*3U
3%
*314
*20
31
36i4
*2I2
*42l2
36i2
318
44
*42l2
712
*634
3514
*2l2
27
2634
*46
51
*90
115
*45l2
*90
1512
*534
*59l2
*3
318
44
712
2634
51
15i2
614
*15
*534
64
60
'
55s
14
12
Apr
57
*11934
14,700
210
480
8*2
*8
8*8
*8
8*2
7
*634
7
*6*2
33*4
34*4
44*8
33*4
*44*4
84*2
*79
44*8
*79
2*2
*2*4
3*2
*2
*129
,140
37g
*3*4
31
*20
37g #' 3*4
*4212
*634
*26%
*45%
45
7
27*2
50*2
42*2
3*8
42*2
7
2638
50*2
*45*2
*90
115
*90
*3
16*2
534
*634
15
*3
3*2
15
*5
*13*2
6*4
*434
64
*57
*58
*168*2
-
55s
5%
*634
7
*26%
27
16*2
5*2
*90
3
*4*2
6%
600
100
62
preferred
$5
conv
preferred ...'.No par
"2", 100
500
7*2
7*2
gtd pt 100
Pitts Screw & Bolt
Pitts:.urgll Steel Co
No par
8
8
32l2
*29
35
*29
35
29
29
15i2
*13
1512
*13*8
15
*13*2
14*2
*13
14*2
14*2
14*2
22
*18
22
*18
2134
♦19*2
*18*2
9
9
9
834
22
8%
1
1*4
20
9*8
1
*1
21*2
9
1*4
1
1
8,500
PIttston Co (The)
*1934
1934
1934
19%
*7*2
19%
1,100
Plymouth Oil Co
9
100
Pond Creek Pocahontas No par
8%
9*4
900
Poor & Co class B
100
Porto Rlc-Am Tob cl A-No par
2314
*18
.
*9
2
15s
20
*1812
912
*914
H2
20
2038
9
*8
*10
8I4
*10
10i2
*1%
934
15s
814
103s'
134
83s
85s
8%
%
%
9
*83s
20
20
*138
178
'85s
*8
*8i4
*8*4
9
25
2534
575s
*
*24
5814
58*4
11834 11834
,57%
II8I4 118»4
*7*2
*7912
7314
17%
'
*1H2
6]4
*7834
64i4
2734
734
82
73U
177s
12%
6I4
100
64i4
2
1812
*1%
"
18%
9
9
.
*64
17g
*2
*138
*14
1%
*2
*14
*2
7%
8%
7%
7%
3,400
*7*2
8*4
*7%
8*4
24%
*22*2
58*2
24%
'
118*4
15i2
*15l8
*12
127g
*1134
*21
21%
20*4
*17
18
17
161
160
ni478 118
*115
161
16134
*12
12%
*12
6
6*8
6
2534
7*4
6*8
16*2
64
64
1%
*15
1 8
18
878
20l2
17*2
"
9
■
15*2
*1134
12l2
26*8
73s
2'
*17g
178
87g
878
.
3%
49
*40
3*8
*40
*738
8*2
*7
*714
7i2
958
»*7
*8%
12
12
68%
*6478
68
68
1J8
16i2
118
I6I4
70
8%
834
82
82
678
*6l2
40
40%
55
*53
8I4
8%
712
*7
11%
*11%
*23*8
50
123g
26
1*8
*47*8
53 "
*46*2
49
1134
*235g
*65
70
42
*41%
43*4
*797g
*6*4
3934
*53
8%
*79%
*6*4
55
*53
3914
8*s
*7
2212
23
8
8*4
7*2
15%
23*2
*7
*14*8
22
*25s
*358
*1*4
15s
1*4
3658
3658
35*4
**4
38
834
82
67g
40*4
55
.
1*8
412
9
*2%
*3%
1*8
3i2
4212
4538
4458
101*4
10138 1013s
*109*2
111
*108
*11414 11512
*1214
*
8*4
7*2
15*4
13
*
23%
"""160
8*4
700
114*4
*12*4
*1
22%
1*4
36*2
14%
,
1
2,300
15
■
1
1%
15*4
26,700
*47%
*45*2
49
4634
""266
1134
*11*4
11%
800
23%
*22%
24%
*12
31
Bid and asked prices; no sales on
8*8
7*2
14%
22*2
134
%
8%
Inc..
52» preferred
Reading,
4%
1st preferred....
..1
25
—50
60
60
4% 2d preferredReal Silk
5
Hosiery...
...100
Rels (Robt) A Co 1st pref.
Reliable Stores
Rensselaer & Sara RR Co..
*79%
*79%
*6*4
6%
6%
fckeei Corp—No par
-.100
6% conv prior pref ser A. 100
Revere Copper & Brass
6
Republic
Class
100
*53
55
6%
200
39
4,100
55
38%
39%
1,400
100
81
100
...6
JReo Motor Car
7%
10
A
....100
100
preferred..
preferred
6Ji%
—No par
6>$ % conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Reynolds Metals Co
20
7%
*7
8
734
*7
7*2
*13*2
1484
*13*2
21%
21%
2034
*1
34*4
%
134
*1
3434
34
7%
7*2
21
.10
Common.;
Westphalia Eleo A Pow.
Rlchfie d Oil Corp
No par
Ritter Dental Mfg
No par
35
1
1
1
%
1
1
3*2
6
42%
*2%
3*2
*2%
6
*3%
100
2,300
100
900
3*2
*3%
6
101*4 101%
41% 42*2
101*4 102
110% 110%
110
115*2
*112
13
thta day.
*12
X41
41*2
14,500
100
100
240
xl08
108
80
115*2 *110*4 114
30
110
13
2;
*12
X I** receivership,
Copper Mlnes.
Ruberold Co (The)
No par
Roan Antelope
1,700
134
*%
%
6,300
1434
1
115%
Rayonler
20
8%
*2%
*12
114
154
Mar
1
"7
Jan
4
,
32
27% Mar
3
3
45% Mar 15
8% Mar 14
6*4 Apr 11
13
a Def, delivery.
f Rutland RR 7%
St
Joseph
pref
100
10
Lead
Francisco..-100
6% preferred
100
ISt Louis Southwestern—.100
5% pieferred
100
Safeway Stores......-No par
5% preferred
100
8% preferred...
—100
7% preferred
100
Savage Arma Corp
No par
fSt Louis-San
» New
stock.
f Cash sale.
*
Oct
50*2 Mar
4438 July
Sept
Mar
4
Nov
30%
Jan
43
July
4
Mar
9
2
3*4 Mar 29
Oct
8% July
4*8 Mar
32% Mar 23
Mar
14334
144*4
June
4334 Jan
31*4 Apr 10
2% Jan 9
1
*4 Mar
75% Mar
%June12
103% Mar 3
July
20*2
Jan
26*4 Nov
39
Oct
52
May
90
July
90
July
Apr 18
27
June 10
35% Mar 27
60
June
9
8
5
Jan
4
3% Mar
5
18*2 Dec
3% Mar
35
23
2*2 Apr
1
Apr
20*2 Jan
6
4
Mar 31
50
Apr 27
Jan
166
Apr
5
145
June
174
Mar
9*4 Jan
5
4% May
5
7*2 Mar
Jan
42
Jan 14
Aug
11*2
Apr
Apr
62
5
30
July
5
23
May
45
April
1584 Jan
3
June 10
6
Mar
Apr
Apr
50% Apr
2
9
31% Apr
Apr
115% Mar
4
11
4
Nov
Mar
112
Apr
134
June 12
132
Mar
162%, Dec
Jan 19
112
Jan
39% Jan
11*4 Jan
Jan 23
13
11*2 Apr 29
5% Apr 10
*2 Oct
434 Mar
25
117%
8
,
4
3
Mar 11
8*2 Jan
4
86*4 Mar
101% Apr
'74% June
7
Mar
9
June
4'4 Mar
8
4
2% Jan
22% Jan
1434 June
Jan
8% May
June 15
23% Jan
8
1838 Jan
2134 Mar 31
17
April
3
April
47*8 Feb 7
7
Apr 1
25*2 Jan
10% Apr
6*2 Apr
9
Apr
8
4
10S4 Apr 10
65i8May 3
60
April
21% Mar
6% Feb
64
Jan
3
3
3
13
11
Mar 20
6
6
11%, Jan 12
17% Jan 5
75% Mar 15
Mar 15
Jan
Jan
234 Mar
34% Mar
6
Apr
5*8 Apr 10
35% Apr 11
June 14
53
11% Jan
5
45
Jan
4
68
Jan 31
9% Mar
49% May
40
Apr
1
Dec
May
6%May 2
13% Mar 31
18*2 Apr 11
84 Apr 8
27% Apr 11
% Apr 5
1
Apr
4
Oct
Deo
Jan
Dec
64*2
10
94
184May 3
3%May 6
2784 Apr 11
82% Jan 4
Sept
Dec
4% Mar
3384 Mar
61% Jan
96
Jan
3
Mar
Mar
12% July
46*2
Jan
Jan
Jan
9% Nov
13% July
68*2
8%
20»4
Jan
33*2 Dec
2% Jan
49%
Oct
Dec
1% July
1% Mar
1«4 Dec
3% Dec
3% July
5%
Jan
7% July
2984 Nov
12
102
June 15
58
Mar
83*2
Dec
111
June
9
68
Mar
99
Nov
79
Mar
108
Nov
834 Mar
19
Jan
116*4June
7
1084 Apr 11
18*4 Jan
3
y
Jan
Sept
4
Apr 28
45%June10
104*2 Jan 11
Ex-dlv.
Aug
%
3*4 Jan
Jan
1734
77*2
84 Dec
25*2 May
Jan
77*2 Nov
19%
13
2
Oct
25% Nov
78% Nov
85
7*2 Apr
14% Mar
Jan
4634 Jan
84 Jan
Dec
Nov
3%
Apr
16% Jan
1*4
78
38*2
34
Jan
17% July
69
7% Mar
6
10% Jan
9*2 Jan
Jau
17*4 Mar
6
6% April
11
13% July
June
45
4
July
11% July
Jan 18
Mar 13
58
9
65
14«4 Jan
Jan
6% July
5*2 Mar
38
85
July
27%
20*4 Jan
40*8 Jan
77% Mar 15
54
Jan
24
13% June
Jan
7% Apr 10
7834 Jan 4
Oct
Jan
71
41
Oct
Deo
30%
11*4 May
65
66%
Jan
Mar
39% Mar
April
May 10
May 11
9*8
18
Jan
April
16*4
80
103s June
70
9% Apr 11
15% Nov
Jan
25% Jan
42
6
Jan
88*2 July
22
Mar
12% Apr 10
Apr 8
22
13% July
98%
29%
18
I84 Jan
43
39*2 Nov
24*2
Mar 31
1
NOV
/Sept
134 Sept
9% Jan
984 Jan
72
117
'
37% Mar
17
Jan
105*2 Oct
11884 Nov
8*4 May
Apr
67% Jan
li2 Apr
Oct
35*2
81
60*4
8*4 Apr 10
59
122% May
21% May
85*4June
16% Apr
14% Dec
42% Dec
4% Mar
1334 Mar
39% Mar
1
53% Apr 10
85%June
Jan
16*4 Dec
3% Jan
1% Jan
14*2 Dec
5% Mar
1% Mar
114
162
8
7
April
Apr
Jan
£5% July
Mar
6
5
43% Jan 5
58%June16
11984 Feb 27
3888 Mar 11
110%June 12
126%June 10
14l%June13
Apr 25
148
Dec
Mar
8
2% Jan 6
34 Jan 17
8
129
84
15
14% Jan
14% Jan
Apr 10
Jan
%
Jan
17*2 Nov
3
I684 Jan
Mar 15
103
20*2
Feb 27
22*2 Jan
8
10
1
10
1
10
14
116
15
9% July
1634 Jan
36*2 Jan
1% A pr
%May
112
Nov
2484 Jan
6*4 Apr
7% Apr
18
75
14
% Apr 28
17% April
6*2 Apr 14
8
Jan
Mar
3
May
7
Jail
9*4 Nov
41
173
5
Apr 11
7% Apr 10
Apr 4
20
7%
7% Jan 11
67
Jan 12
Rhine
35*4
42
JKadlo-Keith-OrpheumNo par
Kaybestos Manhattan.No par
70
42
34%
*3%
1st pref..No par
%% conv preferred
46%
49
*66
**4
1*4
conv
30
*41
*1
*25s
3%
*35g
6
9
42
43
44*4
101*4 101*4
101*4
*110*8 HI
111
114*4 ♦11334 116*4
13
8
53.50
61
8*2
81
39
.No par
61
70
*53
Amer—.No par
Preferred with warrants. .25
42
53
*7
Radio Corp of
100
*41
53
*13%
Quaker Stato Oil Ref Corp.. 10
"5" 100
9%
11*4
1034
*66
3934
No par
Puilty Bakeries
Preferred
8*2
70
8*4
preferred
5% conv preferred
49
41%
8*2
82
6%
3934
*8*4
*79%
*6%
*47%
4584
11*2
11%
24*2
11%
22
**4
H8
*1
*47*8
*46%
41%
300
*3%
22i2
1%
37i2
%
1
14«|
*66
70
42
834
82
6%
40
1
15%
55
50
*23%
*65
834
1
preferred
preferred
67
11*2
15*8
12%
24*2
400
3*2
*8*2
9%
11%
*66
16
No par
100
■7% preferred
; 1C0
8% preferred
100
Pub Ser 161 & Gas pf 15.No par
6%
100
Corp..-No par
Reliance Mfg Co...,
—10
Remington-Rand—
66*2
11*2
113s
15
*65
*884
9%
*61
1*8
17
*3
*7
66
155g
2134
*734
*61
1*8
300
1,100
*40
7*2
69
*14*8
*i4
49
*7
*66
153s
*114
„
12%
17
3*2
69
16*8
55
500
21
67
*1414
37i2
100
*65
5
*4
1,900
67
*46*4
*1134
4312
900
8%
*65
*47*8
*65
1%
18*4
11%
1%
"~'70Q
1%
66
16
64%
8*2
11*8
53
*42
63*2
'
*8*2
Pub Serv Corp of N J..No par
55 preferred B_,
11%
*40
300
25,300
18*4
66
9%
6
178
*8*2
50
*2434
6
9,900
*7834 100
1434
8*2
7%
100
8%
9%
12i8
12
75
*14
49
7%
260
"""466
1634
12*2
16*4
18
*7 '
300
18%
*17%
*40
200
60
No par
5% pf (ser of Feb 1 *29). 100
6%
12%
67
*9
*46U
1212
26l2
*73*2
64*2
18
7*8
4
82%May 19
May 19
Nov
5% Nov
2*4 Mar
17% June 10
*17
7*2
Nov
Mar 27
4
Jan 26
18
49
Nov
3
1034
18
7
74
Apr 12
21
7*2
43
Apr
Apr
1*4
72
*20*2
8*2
7*2
Mar
60
100
21
*40
49
30
90% Mar 29
81% Jan 3
*20
3*2
700
6% conv 2d pref...
Jan
Feb 16
83
*65
*48
1212
3*4
5,100
•
86
15
*3
230
•
13*8
Jan
Feb 17
....100
*81*4
15
3*2
1
July
38% Jan
17®4 Nov
8*2 Oct
47% Nov
2%May 26
7
20*4
*3
No par
43
Mar
484
23
20*4
*3
..5
Oct
17% Mar
5
No par
1134
1134
No par
42
86
126
Jan
MarlO
Jan
Feb
Dec
47
12%May 22
100
Procter & Gamble
Dec
II584
8*2 Mar
784 Mar
9
8% Mar 14
Feb 27
36
15
10
7
Jan
Mar 10
4434 Jan
8
*4
Mar 10
20*2June
No par
15i2
*15
*
*314
8*2
5,500
16% Nov
5% Mar
1738 Mar
Pullman Inc.
12
*18
1834
*18
Jan
1*2 Apr
3
7
Pure Oil (The)
12
64*2
"""166
July
121
Mar
41
22
: ......No par
B
Dec
34
7%Maj 19
5'% Apr 10
28% Apr 11
36
Apr 8
75
Jan
5,600
-
64
*63*2
Class
Jan
6% July
6% July
100
Pressed Steei Car Co Inc
2%
30
Mar
110
5,700
7*4
6
6*8
*78s4 100
*7834 100
10
120%
7*4
16*2
;
9
Mar 15
118*2 *115% 119
25%
25%
26*4
7*2
86
73*4
17
*81*4
73*4
160*2
160
161
8
1734 July
100
5% conv 1st pref
58%
11734 11734
36
35%
36%
3578
36*8
375s
36%
110
110
*110
111
110
110
125*4 112478 1247g *124*2 125*4 *124% 125%
140
140
14034 14034
141*8 *138*2 141*8
*81*4
73*2
16%
*81*4
*73*4
5834
118*2 118*2
26%
7*2
86
73*2
17
1218
18
15l2
I27g
583s
109*4
2678
712
86
74
167g
9
*153s
*22
25*2
58*2
583s
118*2 118*2
*7834 100
19
9
*24
24*2
58*2
118
9
*8
9
..
.....
Pittsburgh * West Va
100
8I4
17g
*18
1%
178
8*s
6*4
6434
9
9*2
*138
**4
7*2
*7834 100
9
*2
26*4
6
"""310
pref class A.
5J4 1st ser conv prior pref 100
,
178
734
*11*4
5%
8*4
2678
73*4
175g
1238
8*2
7% pref class B
10
;
8*4
*8*4
2412
583s
712
17
40
28
*13g
*3g
2658
73*4
*7*2*
9
10*4
*10
116*4 116*4 *114*2 118
*80
20
*7*2
9
37
37% 3778
3712
37i2
110
110*8 109*4
125i8 12518 *124*2 12514 *124*2
*140
145
*14138 145
141*8
16134
161*2 162
*158l2 161i2
2718
734
■
*26
•
10
10
10912 109i2
*11514 116U
78
*7*2
28*2
Mar
I84 Mar
.
*13
8l2
85*2 July
Dec
2% Mar
10% Mar
6
22% Mar
5
No pa
*29
83s
Mar
1%
17
12
10«
Pitts Ft W A Ch 7%
5*2
5*2
100
Pitts Coke A Iron Corp No var
10
*169
5%
8%
28*2
25
Pittsburgh Coal of Pa
100
16*2
5*2
*13*2
100
Mills
Mar
55
40% Feb 6
3% Jan 24
8
8
8
Apr 20
.....5
100
Flour
41
Pitts C C & St L RR Co... 100
115
■3
Plllsbury
3
13*2 July
58% Aug
Apr 17
25
Hosiery..
Pirelli Co of Itnly "Am shares"
50*2
*45*2
*58
62.
""706
Oct
884 Mar
31
100
Petroleum..., No par
Preferred
Oct
284
19*4 Mar
..No par
Pierce Oil 8% conv pref
Oct
1*4 Mar
343gJune 8
116% Mar 14
8
Feb
Mar 23
preferred
Oct
21%
1
243g Jan
3
Phillips
30
45
*42*2
10
Phoenix
3%
*2*2
338
42%
Mar
24%
No par
Phillips Jones Corp.
7%
T.SOO
.36
3434
"
3*2
*169
....
5%
115
100
31
*20
31
35*4
*2*2
No par
5% conv pref series A...100
3*4
-
.5
Co...No par
Philip Morris A. Co Ltd
1% Mar
14% Nov
124
Jan 18
Phlla & Read C & I
July
13
16% Mar
8
Apr
JPMIa Rapid Trans Co.....50
7% pieferred
60
30,900
2,900
30
Mar
3% Mar
33
Apr
preferred
Dec
13% July
31% Mar
3
Jan
5% Jan
15
600
56
16
Dec
103
6% Mar
1% Jan 16
17
.
Mar
88% June 14
21
Phelps-Dodge Corp
..25
Philadelphia Co 6% pref...60
135
135d *129
Brewing
65
Dec
13%
684 Mar
4
14*8 Mar
7% Apr
preferred.. ...100
Petroleum Corp of Amer
Pfelffer
102
57*2 Jan
3
100
pieferred
2
Aug
61% Nov
Mar
8884 June
30% Apr 11
2
May 10
....100
20
.
3%
89*4
*2
89*4
35
26%
*3*2
89*4
3*2
3g
88
200
6,000
2*2
*2*4
2*2
36*2
3i8
•55g
8*2
~1~206
33*2
44%
84*2
84*2
prior
5%
Feb
11*4 Mar
.No par
5%
6*4 Nov
1
Sept
9%
4
111
J0U
Marquette
Pet Milk
7
34
4434
35*8
*2i2
64
Pere
Dec
2% Feb 25
11%June 9
Apr 11
24
Peonies G L & C (Chic)... 100
Peoria A Eastern
Oct
18%
2% Jan
1534 Apr 10
..50
100
""206
10
20*2
122
No par
RR
Jan
Dec
29
Jan
19
15%
6
1584
43%June 13
Apr 10
®4 Apr
10
40
19
*19*4
pref
conv
Pennsylvania
74
No par
Corp
Peoples Drug Stores. ..No par
6H% conv preferred...i00
400
26%
*19*4
26
share
per
Mar
3*4 Mar
Feb 14
14*8 Jan
Highest
share I
per
10
107% Jan
1358 Jan
Apr 11
10
312
5%
19
*13v
17 conv pref ser A...No par
Penn G1 Sand Corp v t c No par
19
*20
*163
"534
300
26%
*3*4
51
*57
60
*165
6
*534
24*2
10
*130
115
6I4
*22
104
Apr 11
1934
20*2
3%
2712
*15
16
3
23*24 23*2
i 14
89*4
3ig
42i2
714
*3
Cement...No par
27
*3*2
%
36
*2658
*45l2
Penn-DIxie
1934
89*4
31
3514
*2i2
42i2
*634
900
8*2
3%
*90
3i2
171
*167
36
115
314
*3
*3U
3*4
*9
1
*20
31
*20
*7
378
3*4
26*4
*81
140
3*2!
*634
3378
4434
4
*130
140
Penn Coal A Coke
11
*2*4
*2
89
Penney (J C)__
1,600
21
89i2
*3i2
4
3g
8934
%
h.
91
•
4,800
*
2
Patlno Mines <fc Enterpr.Ve par
Penlck & Ford...
No par
1%
*13
20*2
No'par
1*4
2734
*19*4
85
*2i4
212
700
,
1
Parke Davl« <fe Co
9,400
19l2
44%
*81
85
*81
85
Park Utah CM
10,900
26*4
3412
4378
7%
*11934
*10
7
335s
22
27
14
9%
"lJOO
2,700
17%
17%
1758
1778
17*4
1778
34%
*33l2
3334
33*2
33*2 *33
112*4*112
112*4
11214 11214 *112
34
34
*33%
34*2
*3314
3478
*2%
234
*218
3
*2*8
234
18U
3384
112
3*2.
1*2
.......
1*2'
*1*4
334
25*4
*11934
*33l2
18i2
33i2
112%
1*2(
*1234
14
*12112
51*2
*87
8878;
*24
25
14
734
52%
*312
26%
....
93g
10*8
8
*1*4
34%
3
III4
26'4
2012
*2i8
*3l2
19i8
1%
,
,
8
20l2
*80
1
15s
112% *112
*34i8
3534
*8i4
7%35%
4378
Park & Trlford Inc
43
18
178
978
8
51*2
18
*1914
10
*1*2
*51
3
10%
.
..100
*4278
*173g
*158
33i2
^
1st preferred
6% 2d preferred
S
11% Jan 5
434 Jan 3
1638 Jan 4
634 Jan 20
li2 Jan 5
60*2 Jan 4
5% Apr
1
6%
900
19%
*17
Paramount Pictures Inc
200
1%
1858
1934
*984
19*8
*17
8,900
98
10
433g
33i2
27
IOI4
884
8%
*91%
834
IOI4
*17
9
*91*4 100
*934
10
98
8
% Apr
4U2 Apr 14
100 May 10
6% Apr 10
80
Apr 10
734 Apr 11
18
Apr 14
1% Apr 4
36
Apr 11
11% Apr 10
1% Jan 26
534 Apr 10
7%June 12
48
Apr 10
100
43
1834
*34%
*2l4
10%
9
884
*91
4% conv preferred
105
4312
33%
*112
*103
Panhandle Prod <fe Ref new_.l
Parafflne Co Inc
No par
19ig
15s
*25i4
*1234
*12112
28
14
105
100
"""166
8
Apr
10% Apr
Pan-Amer Petrol & Transp_.5
15s
1012
334
*12H2
9
92i2
45*4
*103
105
90%
*84
*43
9%June
5
4312
158
1*2
*312
8%
*102
6*2
7g
*5*8
46
Corp
17%
51%
8834
*1%.
105
*34
*45
Pan Araer Airways
5 per share
3
10
No Par
43
714
88i2
*102
6*2
7g
*5*8
'8
4612
10'^
19is
158
1%
1034
5li2
♦34
*44i2
13%
Corp
Packard Motor Car
43
134
158
6%
*6%
7«
4612
94
10%>
43
18%
134
*1734
6i2
1434
*34
9%
*17
*15S
*42i4
*5%
105
*89
1438
1434
*44i2
7s
45
9l2
95
105s
10^8
1412
6i2
*5i8
*34
45
*102
104
914
*91%
1514
Pac Western Oil
Year 1938
Lowest
Highest
t per share
Par
934
1434
4812
*102
share
314
14i2
*47i8
ver
Range for Previous
Lots
Lowest
*9i2
934
3%
*9%
$
3653
Ei-rlghts.
Mar
5 Called for redemption^
New York Stock Record—Continued—Page 9
3654
HIGH SALE PRICES—PER
AND
Tuesday
Wednesday
June 10
June 12
June 13
June 14
$ per share
14
14
$ per share
$ per share
$ per share
*618
5012
678
5012
76
76%
15^4
.
1912
16
*1212
*5U4
*2%
75%
15%
12%
3
13%
45%
9%
4%
48
*44
45i2
9%
*9%
24%
*2% •
*17%
5%
23%
3%
18%
5%
5%
24U
23%
3%
*2%
*17%
18U
21
99
21
21
95
*92%
95
99
21
*9212
96
75%
15%
12%
67%
4%
4
*44
9%
11%
105
*14
15
*14
15
11
11
*10%
11
*44
*9
*2%
1734
*20i2
*92%
11%
*1%
181s
2
15
*14
10%
29%
11%
10%
19%
11%
1%
17%
139%
26%
12%
14%
21
*34
*4
61
59
*1%
2
*2
2%
2
6%
*584
6%
5%
59
16%
44%
19%
16%
16%
43%
43%
19%
42%
48%
12%
48%
12%
48%
48
12%
69%
23%
61%
48
12%
69%
23%
7
12%
69%
23%
6%
*69%
19%
48%
12%
69%
23%
71
24
24
6%
6%
7
106
106
*2%
6%
106
48
45%
24%
78
78
8
*484
11%
11%
"
7
51%
*127%
8%
7
14%
19
*18%
26%
26%
47%
45%
25
78%
26%
25%
*
44%
*2312
77%
51%
51
8%
*1312
14%
*28
29
8%
17%
.27%
27%
*6%
*4%
5%
*38
*4%
518
3984
26
26
2%
2%
*7%
1734
27%
6%
40%
5%
5%
40
4
4
28%
28%
8
8
*
"43%
45,
*105%
*2%
6%
*14
„
18%
26%
25%
*
43%
*2334
,
7.8%
77
-8
7%
*4%
4%
11%
6%
.11
6%
6%
51
50
50
9
8%
*25
a;8%
26
2
25
*2
2%
13%
13%
*13%
29
*28
*7%
17%,
27%
27
28%
18
27%
6%
5%
40%
*38
*4%
5%
8%
*784
1734
*27
6
5%
5%
39%
38
39%
38
4
28%
3%
28%
3%
28%
4
4
283g
7%
73s
283s
7%
7%
8
7%
7%
7%
7%
*
16%
*14
*18%
19%
60%
*18%
19%
*18%
*58
*58
60%
*58
*3%
*3334
3%
*1834
*1®4
*18
*ia4
*3
3%
19
*3%
.
34%
2%
3%
3%
*134
19%
2%
*934
12%
12%
94
12%
93%
13%
*40%
•6%
8%
*6%
2%
*3
12%
93%
93%
4
13%
41%
6%
8%
,
93%
13%
41%
*13%
40»4
*10
6%
8%
*6%
2%
*75
33s
*784
7
2%
80
3%
8
21
21%
*30
31%
*2%
25%
9%
*2%
3
,
25%
9%
3
*23%
*2
13%
41%
6%
6
8%
*6%
2%
*75
8%
7%
2%
80
3%
7%
3%
7%
20%
21%
*30
2%
*25%
9%
31%
*2
*934
75
3%
*7
20%
*30
*2
*9%
1238
*92
94
13%
41%
6%
8%
7
2%
75
3%
8%
.
13%
40%
51
*24
2
13%
28%
8%
1734
27%
5%
45g
28%
*734
1784
27%
*5%
4%
*3%
*7
5
4%
2%
4
34%
19%
18
2%
81%
81%
16%
*11512
16%
16%
*115%
16%
97
97%
*87
87%
22%
9534
87%
95%
87%
22
22
95
87%
2134
36»4
81
22%
37%
10%
11
*
37%
10%
900
Snider Packing Corp.
1,900
15,000
17,500
7,900
-
No par
r
So Porto Rico Sugar...No par
8% preferred
100
Southern Calif Edison
.25
Southern Pacific Co
No par
100
5% preferred....
Spear & Co
200
Spencer Kellogg & Sons No par
14% Apr
36
Spiegel Inc..
—2
Conv $4.50 pref.."
1,200
26,300
Square D Co class B
Standard Brands.
$4.50 preferred
500
1,200
2,000
100
1,300
10,500
8,400
60
No par
__1
Apr
Apr
6
Apr
3
300
3,000
1,300
130
2%
2
«
93
13
534
6
8%
884
80
*8
76
6%
2%
76%
3%
8%
20
29%
2%
27%
884
2%
46
8%
79%
16%
*115%
*16%
94%
8734
94
96
87
87
—
17
•
578
8%
578
8%
*6
""166
'
3,200
800
10
12%
.
"""266
19%
3984 " 40%
5
Sun Oil
1
.
No par
46
Apr 28
Apr 11
8
8
8
Sweets Co of Amer (The)---50
Swift & Co
25
17
Without warrants_
1,000
.1,200
1,200
5,000
1,400
6%
"1,600
3%
8%
1,100
19%
1934
5,700
*29%
2%
*25%
8%
*2%
44%
734
30%
2%
27%
8%
234
44%
8
76
*3
*7
100
100
100
200
20
800
100
4
1
_
Talcott Inc
a
Mar
2
Mar
10% Sept
Jan 19
13
Mar
Mar
Mar
35%
Jan
5
9
The Fair.
No par
Preferred
.
10
Third Avenue Ry.100
Thompson (J R)
——__25
Thompson Prods Inc..No par
Thompson-Starrett ,Co.No par
cum
preferred.No
1% Jan 17
Apr 10
134 Apr 10
7% Apr 10
11% April
par
87
Apr 11
1034 Apr 10
34% Apr 11
Timken Detroit Axle
.10
Timken Roller Bearing-No par
6%May 10
6% Apr 10
5% Apr 10
2
Transcont'l & West Air Inc..5
Transue & Williams St'lNo pdr
Trl-Contlnental Corp. .No par
$6 preferred
No par
74
Truax Traer Coal.....No par
3
Truscon Steel
Preferred
1
600
10
1,200
Def. delivery,
No par
6
5
No par
Preferred
100
No par
United Carr Fast Corp. No par
n
New stock,
r
Cash sale,
2
Mar
334 Jan
4
25% Oct
608$ Oct
5% JUly
,
15
Mar
1
Mar
3%
8%
1%
534
Mar
Mar
Mar
Mar
15% Jan *3
14% Mar 10
10% Mar
96
77% Apr
Feb
9
18% Jan
54% Jan
3
3
784 Jan 10
10 % Jan 3
10% J- n
8
Mar
31% Mar
5% Dec
4
Mar
4% Apr
2% Mar
77 June
July
56
Jan
5% July
I884 Nov
2% Jan
6% July
28% Nov
4
July
.
19
July
1584 July,
98
July
19% Nov
55% Nov
12% Jan
10% Oct
12% Nov
4% July
38
6
Jan
Jan
16
Mar
44
Jan
12% Jan
484 Jan
6
Mar
13% Nov
Mar 28
81% April
78
Apr 13
20% Mar 28
33
Apr 11
7% Apr il
15% Feb 24
112% Mar 13
52
Apr 8
13% Apr 11
100
United Carbon
7
26
Mar
30
Apr 27
634 Apr 10
65% Apr 8
113%May 17
16%May 2
100
United Biscuit
Jan
Jan 10
Mar
16% Mar
1,800
United Aircraft Corp
Un Air Lines Transport
13
53% June
2% Apr
35
Apr
2% Mar
25% Mar
2% Mar
Union El Co of Mo $5 pf No par
Union Oil of California
25
Union Tank Car
Feb
34% Jan
3% Jan
~2~I66
1,300
Oct
Aug
Jan
2
8,500
Jan
Aug
Dec
15
Mar 16
3% Jan 10
28% Jan 3
,
8
49%
5%
38
12%
11%
4% Jan
1334 Jan
26% Jan
Apr
44
4% preferred
Mar
Jan
9% Oct
49% Nov
6% June
88
No par
Union Pacific
Mar
7
684 Mar
Oct
8%
Jan
April
1% Apr 8
17% April
7% April
.100
Ulen & Co
26
Nov
10% Nov
28
par
Twin Coach Co.
Mar
Apr
4% Mar
3% Mar
21
29%
Apr 10
3
Apr 10
16% Apr 11
.No par
City Rap Trans.-No
5
34
Oct
14% Mar
43% Oct
4% Aug
23i$ Nov
32
July
15% Aug
4
6
10
$1.50 preferred
3% May
128
Mar 31
2
20th Cen Fox Film CorpNo par
Twin
3
Mar 22
.Mar
434 Mar
Jan
434 Jan 1ft
8
17
Tide Water Associated Oil.. 10
$4.50 conv pref.....No par
Transamerlca Corp
40
3
Mar
32% Mar
2% Mar
May 17
4% Feb 9
21
Apr
Jan
9% Oct
65% Pec
17% Mar
6% June
3
60
14
1
$3 div cbnv preferred
21
Dec
17% Nov
45
22% Jan
3
Jan 28
9
3% April
32% Apr 11
2% Apr 10
..100
_.
Thermoid Co
11
Nov
Nov
5% Mar
119% Feb
81.2 Dec
17% Mar
1>4 Mar
834 Mar
Jan
1634 Apr
56
June
Mar
July
3% Mar
32% Jan
10% Jan
,
5
Mar
15
6% Apr 11
1134 Apr 10
100
May
,
Jan
60% Nov
6
22% Mar
7% Apr 10
.....No par
..No par
Apr
Mar
23
July
July
34% July
58%
34%
71%
12%
49
4
4
7% Mar 11
42% Jan 24
6% Mar 11
26% Apr 10
Under Elliott Fisher Co No par
9,900
3
4% Mar
10% Jan
8% Jan
No par
Union Bag & Paper....No par
Union Carbide & Carb.No par
800
3
Jan
Texas Gulf Sulphur
1
Jan
28
25%
2434
3212
3984
17%
Mar 14
Texas PacificCoal& Oil——10
Texas Paelfic Land Trust
9%
107% Feb
5% Jan
11% Jan
Jan 20
6
28% Mar 27
534
17% Nov
Feb
6% Jan
Apr
6% Mar
3
48% Jan
800
17
*16
Jan
8
3,200
10,200
10%
1734
119% 119%
57
58%
Mar 10
Apr 8
3% Apr 10
93
8778
22
36%
10%
1734
35%
45% Dec
15% Dec
70% July
31
July
Mar
6% Mar
48% May
12% Mar
5%May 23
35% Apr 26
4% Jan 26
1634
8778
*2178
29
19% Jan 19
35
Jan
9
9
(James)
9
5>£% preferred
——50
Telautograph Corp
.5
Tennessee Corp
5
Texas Corp (The)
;_25
Texas Gulf Produc'g C0N0 par
4
Mar
8
3% Jan
22% Jan
8
Apr
July
49% Deo
30% Mar 14
10% Jan 13
2534 Apr 11
4% Apr 10
_
77
*115%
*16%
9234
% In receivership,
8
*
•
$3.50
~3"36<j
2%
7678
2%
*75%
2
10
11
4% July
24
11% Jan
38% Jan
25
Mar
46
15% Mar
784 Mar
127% Jan
8
Apr
1
Apr 10
Apr 8
Apr 4
Apr 10
Oct
4
Mar
7% Apr 11
Apr
4
Mar
Mar
120% Jan 27
22
40% Nov
Mar
94
66
3384 Dec
2
8% Mar
8
22% Jan
23% Dec
29
June 15
10%
20%
24%
30%
29%
50%
Apr 11
Apr
July
5% Jan 20
5% Apr 10
—10
$3.60 conv pref
60
93
8%
4,100
10,900
1,400
1,800
1,100
1,500
700
40
47%
800
3
93%
13%
3
3,800
34
13
*7
Studebaker Corp (The).
34
40,
3%
8%
No par
Jan
25
19% Dec
3% Apr
8% Apr
Stone & Webster
Texas & Pacific Ry Co
2
107
Jan
6
June
49%June
16%
75%
30%
7%
Jan
Nov
2% Sept
21% Jan 3
47% Feb 18
20
3%
141
„
8% Mar
17% June
9
.1
Stokely Bros & Co Inc
Tatcher Mfg
*92
79
700
80
13%
2%
*75%
3%
.
100
93%
*6'
800
5,400
5
4Q%
7
6,100
6%
12%
2%
300
10,400
43
*9
8% Feb
78%June 12
12% Jan 6
6% Jan
17% Jan
900
12%
4
3334 Jan
4%
2
4
Mar
16%
19% Mar
9% Mar
5% Mar
4
Jan
19% Aug
15
Nov
Jan
128
4
Jan
Oct
28
.
4% Mar 14
66%May 26
3% Jan 5
13% Apr 10
25% Apr 11
23% Apr 11
Symington-Gould Corp w w.l
12%
Jan
7
Swift International Ltd—
10
21%
23%
33%
39%
2% Apr 1
434 Apr 11
Apr
1% Mar
15% Dec
27%Mar 11
65
900
2
4
20% Apr 8
800
3%
Feb
10
5%
233s
141
1034 Mar
1
.5
100
*3
20%May
Apr
8% Mar
4
Jan 10
Sterling Products Inc
100
*134
3
Stewart-W arner.
19
2278
June 10
1334 Jan
Starrett Co (The) L S—No par
15
3
Mar
Mar
53% Jan
60%
23
10
46
27%
*17
Aug
41%May 22
"2",600
4
Oct
24
25
8%
17%
,
122
105
13
May
Apr
Standard OH of N J
Sutherland Paper Co
2%
Mar
91
Standard Oil of Kansas.:..10
17". 000
Jan
3% Jan
24% Nov
3434 Jan
98
Nov
45
21
4
Standard Oil of Calif..No par
Standard Oil of Indiana—.25
Mar
Mar
9%
35% Nov
Feb 21
8
Jan
Jan
Mar
Mar
Apr
106%June 7
17% Mar 11
17% Mar 11
•
18% April
10
70% Nov
*84
4
98
JStand Gas & El Co...No par
$4 preferred
No par
$6 cum prior pref— ..No par
$7 cum prior pref—_No par
23
Jan 5
Jan 19
101'
1
par
100
*3%
3
3
Mar 22
No par
-No
200
*13
4
Jan
April
42
Apr 17
9% Apr 11
$3 conv preferred A.No par
110
380
2
7%
Jan
11
10
4%
3834
4
2812
8
32*4
3%
2134
29%
95%
4
Splcer Mfg Co..
13%
*27
Mar
484
12%
2%
14%
18%
8
Sperry Corp (The) vtc
2834
*734
17%
93
3
2% Jan 25
35% Jan 17
1®4 Apr 10
434 Apr
*28
.
Mar
3
Jar
Apr 11
200
25
2
10
Feb
7
Apr 10
Apr 10
900
*12%
'
37%May 25
15% Jan 5
107
May
Mobile & Ohio stk tr ctfS 100
5,400
Jan
Oct
July
Npv
9% Nov
Spalding (A G) & Bros.No par
1st preferred
---100
Sparks Wlthlngton.
No par
1
No par
Mar
45% Mar
18
684 Mar
20% Apr
100
13,500
4,400
80%
1134 Feb 24
5
Jan
700
240
Mar
Jan
49% Nov
12% Nov
28% Oct
18% July
106% Oct
Jan 18
34
Feb
Aug
23% Jan 24
10% Apr 8
11% April
15% Apr 11
—100
Southern Ry..
July
36
12% Apr. 8
10% April
1% Apr 6
14
April
127
Apr 17
South Am Gold & Platinum..1
3
27%
5%
50% Feb 16
11% April
10%June 13
Socony Vacuum Oil Co Inc. 15
110
8%
12%
Bid and asked prices: no sales on this day.
7,900
13,100
1,200
%
Mar
Mar
Dec
10
5
Oct
Jan
9% Mar
Jan 11
10% Nov
50%
H384 Dec
6
101
Smith & Cor Typewr_.No par
*58
22
21% 21%
2134 22
37%
37%
36% 37%
36%
36«4
10%
10%
10%
10%
10%
10%
10%
*18
18
18% *18
18%
17%
*17% 18%
17%
17%
*116% 119% *116% 119% *116% 119% *116% 119% *116% 119%
60
60
5934
5934
59% 59% *58
59%
56%
57
*16
17% *16
17% *16
17% *16
17
*16
17
37%
""500
Dec
47
Jan 10
Jun
Mar
Mar
70
—.10
Jan
5
3
3434 Mar
112%
%
1%
15%
234
Jan
Feb
I84 Nov
3
Apr 8
Apr 8
Apr 11
92
..No par
Smith (A O) Corp
52
*9
8%
79
$6 preferred
60
684
2%
10
12%
*2%
47%
*115%
16%
95%
94%
87
87%
"16*84
"""I36
—25
6% preferred-.100
Sloss Sheffield Steel & Iron. 100
*18
3%
19%
2%
*184
3%
23
Q
8%
Skelly Oil Co.-
85
April
17%
2%
16%
18%
10
27%
June
% Sept
5
434 Apr 11
No par
34%
*3
27%
2%
Simmons Co—
18%
*3%
*3384
3%
29%
*2%
*25%
884
*2%
44%
48
3,000
Silver King Coalition Mines- .5
1384 Sept
Mar 13
7% Jan
10%May 17
101
6
69
8
June
8
100
5
3%
77%
18%
2134
.
Apr 11
378May
..No par
5M% conv preferred
60%
4
18%
20
Q
48
3%
*28%
7%
7%
31
9
Shell Union Oil-
Feb 21
Apr 10
Apr 11
5
2% Jan
22% Jan
54%May 22
par
No par
Simonds Saw & Steel--No par
*24
38
,
20
9
Sharpe & Dohme..
900
38%
3%
28%
*7%
7%
42
*434
*20
9%
3
49%
8%
Sharon Steel Corp
300
5
"6
42
31
25%
No
1
17
3%
28%
7%
> 7%
"6
20%
3
No par
2%
60%
11%
10%
.No par
Servel Inc
Jan
»4
8
8
Apr
16% Apr
Sears Roebuck & Co ...No par
20
95
93
5%
4%
*584
*41%
*434
434
*58
8%
*75
% Apr 25
6% preferred--..-:
100
Sunshlnie Mining Co—:.— 10
Superheater Co (The)..No par
Superior Oil
;
1
Superior Steel....
100
2
*1234
*13% n1434
8%
2%
1
Slmms Petroleum
*50
8%
25%
14
6%
*6
J Seaboard Air Line
No par
4-2% preferred-...
100
Seaboard Oil Co of Del-No par
100
*127%
8%
—
19%
60%
6
*2%
25%
*115%
*16%
*22
22%
2%
27%
8%
79%
60
*3
3%
23%
2%
10%
12%
*29%
*2i4
*2584
*2%
48%
8%
80%
8%
7%
7%
*
*3
22%
8%
82
*49
14
3%
34%
3%
3%
19%
*1%
24%
2%
10%
12%
23%
*2%
3%
34%
3%
19%
2%
3%
24
2%
10%
34%
3%
15
4
Highest
I per share
62
Jan 20
10% Jan 25
5034May 25
117%May 29
8
Jan
3
•
6%
•
*13%
34
51
5%
38%
5%
39%
3%
28%
7%
Apr
113
17
6%
*127%
8%
2%
14%
28%
8%
17%
27%
6%
42%
5
19%
3%
25
*578
&42%
*4%
4%
5%
60%
334
884
4%
*17%
34
6%
51
....
4<%
*58
*13%
6%
4%
41%
45
No par
'
4%
5%
5%
600
1
334 Apr 10
100
No par
200
5%.
23
17% Mar !
75% Mar 15
Apr 14
38 Apr 10
28
1,900
■
6
4%
67
1
1934
93
1134 Apr 10
5
100
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co.No par
11%
3
18%
*85
JSchulte Retail Stores
8% preferred
Scott Paper Co
$4.50 preferred-
43
120
37
'*5%
22%
|3%
*17
$ per share
$3.50 conv pref ser A.No par
105%
_
5%
7%
15
*7%
22%
*284
Lowest
$ per share
900
,
5%
41
5%
23%
Schenley Distillers Corp
5J4% preferred--.
$5 eoriv pref...
9%
37
37%
5%
Highest
$ per share
Par
100
106% 106% 106% *105
107%
14% *1384
14% *13%
14%
10%
10%
10%
10%
10%
20
19%
1984
19% 1912
11%
11%
II84
11%
1134
1%
134
134
134
ls4
17%
1784 I734J *17%
1834
140
140
139% *138
140
26%
2684 2634
2634 2684
12
13
12%
12%
12%
14
15%
14%
14%
14%
21%
2034
2134
20% 20%
*34
37%
37% *34
37%
*4
4
4
4%
4%
61% *61
63%
64
63%
2
2
2
1%
2
*5
*5
5%
6%
6%
16
16
16%
*15%
16%
41
4234
42%
40% 4034
18%
18%
19
17%
19%
48%
*47% 48%
47%
47%
12%
11%
12%
1134
II84
69%
69%
69%
67%
67%
23%
2312 23%
22% 23
6%
6%
6%
6%
6
107
107
*107
107
108%
3
234
2%
2%
2%
6%
6%
6%
6%
6%
15
15% *13%
14% *13
17
18%
1734
17%
17%
26
26%
2534 26%
26%
25
26
25%
2434 25
*
47
47
43%
42
43
42% 43
44%
25
2434 2434 *2384 2434
77%
75%
77%
76% 76%
7%
784
784
7%
7%
484
4%
4%
4%
4%
113s
10%
11%
10%
1034
5%
5
5
*37
800
"T,io6
....
25
8%
18
'
6%
5%
12%
69%
23%
63s
127% 127% *127%
*127%
29
17%
25%
* ■
11%,,
.50
42%
18%
*47%
2%
684
15%
18%
26%
26%
47%
26
11%
7
*16
106
2%
6%
*14%
18%
4%
*13%
*734
6%
4%
11%
'
*28
*.2%
„
106
*23%
77%
*7%
*4%
8%
26%
2%
14%
26%
16%
42%
18%
18%
8%
6%
—
*16
8
-
8%
5
3
6%
'14%
15%
19
26%" 26%
26%, 26%
45%
24%
106
*2%
6%
3
6%
*1484
I884
*—-
95
106% *105
44%
19%
37
9%
*92%
*82%
58%
-
Q
3,600
Range for Previous
Year 1938
10O-Share Lots
Lowest
Seagrave Corp
12", 400
48
95
95
6%
-
Q
65%
4%
*44
20
96
6%
*6%
*16%
48
1,700
14%
II84
*4
20
4%
2
*60
*44
14%
11%
*51%
*92%
37%
•
*51%
4%
3
75%
7334
95
4
4
12%
67%
4%
*2%
3
75%
1434
12%
65%
4%
100
1%
18
21
*92%
*34
35
4%
62%
*2%
74
14%
12%
500
%
*1%
21
95
4
37%
*4
3
75%
15%
50
18
5%
22%
3%
1734
35
*33
*%
19
500
800
117
2234
*234
1734
20
20%
21
11%
12
12
2
1%
"1%
2
*18.
19
18%
18% *18
*135
*138
140
139%
*l34i2 140
27
27%
26% 26%
26% 27%
12%
12%
13%
13%
13U
13%
14% 15%
14%
15%
15%
16%
22
22%
21% 22
22% 23
20%
^
5%
21%
*13%
10%
19%
1134
*1%
117
1%
19
1,500
1,400
1,900
%
5%
50%
U
11%
11%! *11% 11%
*104% 106 -*104% 105% *105
5%
23%
3%
1734
23
*50%
%
*1%
9%
,
37
105
5%
96%
106% *105
4%
11%
5%
118
%
1%
19%
12%
73
*%
5%
50%
5%
50%
%
12%
*70
%
*117
On Basis of
Week
13
48
12%
*53
9%
37%
37
6
Range Since Jan. 1
Shares
73
%
50%
15
48
13
*71
118
*1%
1884
*2%
74%
June 16
$ per share
per share
%
%
3
„
15%
12%
*51%
*94
106l2 *104
*102
*2%
6
*50
19%
74%
13%
73
*117
li5
1%
19%
$
STOCKS
1939
17
EXCHANGE
Friday
June 15
%
US
%
37
12%
1214 *11% 12%
IO6I2 106% *104% 105%
6%
*50
9%
37
38
*37
67%
4%
*53
67%
4%
*4
1%
19%
• 3
75%
15%
12%
13%
*71
%
6%
50%
*117
%
*1%
*19%
13%
73
*6
6
120
*%
%
H2
19l2
*2%
%
50%
50%
*117
**8
*114
13%
72%
%
70%
%
5%
%
117
117
14%
71%
*13%
71
%
Thursday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
*70
Sales
for
LOW
Saturday
June
x
Ex-div
y
66
Jan
1% Mar
41
Mar
91
Nov
6% Jan
15% Nov
28% Nov
6
July
Oct
7% Mar
12% Jan
90% Jan
115%June
1934 Jan
104
Mar
89
Mar
23% Jan
423$ Feb 25
13% Mar 4
18%May 27
119%June 16
65% Mar 10
20
Mar 13
Ex-rights.
3% Mar
5% Mar
70% Nov
15% Aug
Mar
90% Nov
57
5
Mar
22%
99%
83is
23%
43%
1384
14
Sept
20
17% Mar
553s Mar
69% Apr
20
Mar
19% Mar
1003s
Jan
39
Jan
12*4
Apr
July
Nov
Nov
Jan
Nov
Deo
Nov
118% Aug
73% Nov
20% Nov
T Called for redemption.
Volume
LOW
New York Stock Record—Concluded—Page 10
148
AND
HIGH
SALE
3655
SHARE,
Monday
Tuesday
Wednesday
June 10
June 12
June 13
S per share
$ per share
2%
*35%
*5%
$
2i2
578
*5
62
*4
30
*5
61%
4%
*28
*58%
*3%
30
4
*28
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
EXCHANGE
Thursday
Friday
June 14
June 15
June 16
Week
$ per share
S per share
2%
35%
5%
5%
60
2%
35%
5%
5%
59%
4%
*28
2%
36
5%
*5
5%
62
share
per
2%
35%
5%
36i.i
NOT PER
Sales
for
PRICES—PER
Saturday
2%
2%
United
7,200
34%
2-%
34%
2,200
5%
5%
5%
5%
5%
1,200
5%
60%
3%
*4%
*58%
*3%
60%
3%
*28
30
5
5
60
60
3%
*28
3%
30
*28
30
"3" 4 00
79
78%
79
78%
78% 78%
79%
78%
79
78%
79
13
12%
12%
12%
12%
12%
12%
12%
12%
12%
1234
118% *116% 117% *116% 117% *116% 117% *116% 118
*116% 117%
9
9
9%
9%
9
9
9%
914
9%
9%
8%
9%
5
*4i2
5
*4%
4%
*4%
5
*4%
*4%
5
*4% ' '5
*7
7
7
7%
7
6%
7%
*6%
7
6%
6%
*6%
*75
*75
84%
*75
*75
*77%
84% *75
84%
84%
84%
84%
%
*%
%
%
%
*%
*%
%
*3g
34
*3g
7
7%
7%
7%
*6%
7%
*6% ' 7%
*6%
7
*6%
7%
*6%
■ 712
*6%
7%
*6%
7%
*6%
7%
*6%
7%
*6%
7%
93
93
91
91
*9412' 9612
93% 93% 792% 92-%
91%
91%
*175i2
*175%
175% 175% *174% 176% *174% 176% *174% 176%
6
'
6
6
5%
6
6
1
5%
5%
5%
5%
*5%
6 1
12%
*10%
16%
*4
16%
54
*47
4178
7%
54
*47
16
16
4
4
No par
United Mer & Manu Ino vtc.l
United Paperboard
"""600
7
U S Distrib Corp
52
*47
41%
40%
2%
42
65
493S
64's
49ls
108
2%
41<%
109
106%
*50%
51%
*63%
65%
50%
65%
48
48%
*107% 108
37I4
45%
3714
*45
43
108
5H2
37
37%
*45
2%
47
40
41
39%
41
39%
7
2%
57%
*9%
10%
81
.
2%
*57%
81
*9%
37
9
6%
2%
6%
2%
*162
*58
10%
*80
37
4534
*45
2%
6%
2%
57%
*2
*162
69%
69%
%*
71
10%
83
*80%
*162
*6934
■%
22%
*18%
*21
211.4
32%
21
2% /
47,200
2,500
1,600
37
6%
*6%
7
2%
*2
2%
4,000
*56%
60%
60%
10%
100
83
67
'"70
*162%
68
*57%
*9%
10
*82
83
—
67
w.
68
31%
42
42
*24%
23%
*117
24%
3
23%
117%
*22%
2
*6%
-7
*6%
*72%
1%
*1%
2
-
7
122
*119
122
*72%
*120
1
*1
*6%
*%
6%
19%
19%
19
94
91
93
*90
534
*5%
5%
5%
44%
44%
45
*19%
20%
*19%
*10
1134
2
4%
50
'2%
48
3%
13%
*10%
2%
28
48
2%
*10%
2%
12%
*10
*5%
*5%
18%
16%
27%
18%
18%
18%
26%
26%
*2%
*%
2%
27
27
16%
28
18%
26%
*2%
2%
1%
*%
*20
20%
20
20%
*67
69
67
68
96
97
97
97
*105
106
105
105
*98
*120i4 121%
115
115
27
2%
*%
*19%
120% 120%
*10
1%
*20
1%
*53g
2%
12%
15
27
27%
718
18%
*17%
2,7
2%
1%
26%
2%
26%
*2%
2%
1%
*34
*19%'
20%
69
99%
20
69
99%
*67%
97%
200
"360
900
5%
3,100
2%
*10%
*1%
1%
35
4%
*4%
Vadsco
Sales
100
—
Victor Chem Works...
Va-Carollna Chem
5
.No par
3
5%
*434
*%
*5
*%
%
*%
21%
1
21%
21%
21%
101% 102
*132% 133
16
*15
38-%
'21
32
*38%
*20%
*31%
99
"*%
%
1
1
21
21%
,20%
21%
"
.
%
1
*%
20%
20%
20%
21
101%
132% 132%
15%
38%
38%
21
21
20%
15%
38%
20%
*31%
32
32
32
*38%
*%
*%
20%
20%
preferred-J
5%
...100
100
100
Detinnlng
JWabash Railway
.....100
6% preferred A
100
5% preferred B.I.
100
Waldorf System.
-No par
Walgreen Co..
No par
4% pref with warrants 100
Walworth Co
No par
Walk(H)Good & W Ltd No par
Preferred
No par
Baking Co cl A .No par
Class B
7%
No par
JWarren Bros..
No par
,--.1
Wells Fargo & Co
1%
19%
69
98%
""360
90
20
20
*60
90
*60
yo
19%
19%
20%
*%
19%
20%
99%
1,9%
.95%
110
Mar
1
100
23g Apr 10
4% Jan
4
_._100
100
100
3% Apr 10
% Apr 21
8
*43
46%
*43
46%
*10%
8%
11%
8%
*10%
12%
*10%
11% '*10%
8%
8%
8%
8%
4%
4%
1%
*4%
*1%
8%
4%
1%
19%
20%
20%
*18%
*3
4%
*1%
4%
3%
1%
*3%
3%
36%
*110%
18%
47%
15%
3%
3%
1%
3%
3%
1%
1%
3%
3%
3%
*36
36%
—
3%
37%
*110%
*17%
18%
48%
15%
47%
14%
*42
48
18%
48
14%
*26
29
*25%
*36
40
*36
40
*98
101
80%
*97% 100
82
81
81%
15%
12%
37%
*76%
*21
•
3%
3%
37
3%
*17
37% 37%
*97% 102%
*17
47%
13%
*40
1%
3%
1%
3%
3%
18
18
48
14
46%
47%
13%
13%
*47%
*40
48
*98
101
*95
100
81%
80
80%
i~,3o6
24%
*23
24%
600
21
18%
2%
*20%
17%
2%
11%
36%
*74%
80
14%
109
80
21%
20%
18
17%
20%
17%
*2%
14%
109
2%
14%
109
12,300
10%
11%
34%
35
1,300
16,700
80
*19
$ In receivership,
2%;
"3Q0
17%
4,400
2%
800
a Del.
——
delivery.
16% Mar
15% Mar
6134 Mar
Jan
103
Mar
38%May 16
22% Jan 4
ar32% Jan 13
Jan 12
6
75
10
Feb 20
15% Apr 10
31% Jan
Mar
9% Mar
31% Mar
205g Jan.
60
Apr
Mar
% Mar
% Dec
8
6
Mar
20
Mar
60
s
Mar
65
Apr
14% Mar
4
80
Jan 27
75
Mar
55 conv prior pref—No par
45% Apr 20
60
Jan
42
May
(The S S)20
1
W hite Rock Mln Spr Co No par
White Sewing Mach.--No par
9% Apr 25
7
Apr 10
3% Apr 8
l%May 1
14
Apr 10
12% Mar 10
White Motor Co.—
54 conv preferred
Wilcox OH A Gas
No par
5
Willys-Overland Motors
1
6% conv preferred
10
Wilson A Co Jnc
No par
-.100
56 preferred
10
Co
10
Worthlngton PAM(Del)No par
100
Preferred A 7%
Woodward Iron Co
Woolworth (F W)
4
10%
Dec
4
6% Mar
Jan
4
5
134 Jan
3
13'% Jan
7
Sept
1% Mar
.
Mar
9
8% Mar
1
3% Mar
9
1% Mar
1% Apr 10
3% Feb
3
6% Feb
8
8
33g Jun<
5
Jan
5
3
Mar
49%
108%
25-%
503g
Jan
5
32
Mar
Jan 12
103
2% Apr
Apr
8
3% Apr 10
35
June 15
105% Apr 20
15
Apr 10
41% Apr 11
10% Apr 11
50
May 17
23
Jan
Jan
Oct
10% Mar
4
5
23% Jan
1% Jun<
4
36
Jan
11% Mar
42
Mar
96
MarlO
6% preferred B
43
May 25
65
Jan 18
7034
Prior
24
Apr 26
38
Jan
4
27
31% Apr 19
85
Apr 10
53
Jan
5
Jan
3
28% Mar
55% Mar
June 12
61% Mar
Prior
100
pref 4H % series
10
pf AH % conv series 10
Wrlgley (Wm) Jr
(Del).No par
Co
25
Yellow Truck A Coach cl B..1
Yale A Towne Mfg
100
Preferred
Young Spring A Wlre.-No par
Youngstown S A T
No par
100
Youngst'wn Steel Door.No par
5H% preferred
20„
17%
15% Apr
Apr
2% Mar
Jan 27
100
*74%
2%
prices: no sales on this day.
14%
3
145,
Apr
3
Jan
1% Jan
24% Jan
3134 Jan
120
Apir
111% J„an
12% May
Jan
34
Mar 27
Wright Aeronautical.-.No par
100
80%
8
Mar
80
'
24%
10% Apr
37
1100
100
81
May 20
74
~
24%
15%
11%
35%
*76
*95
~
126
100
Co.
8
8
18% Apr 8
82% Apr 11
5H % conv preferred
100
Wheeling Steel Corp.--No par
"206
27
37%
14%
1,300
~
*33%
35%
,
13%
48
*22%
35
2%
*40
38
11%
18%
14%
"400
18,400
34 Apr
16% Apr
50
400
17%
47
24
11
11%
46%
24
108 *108
80
*16%
June
71
Jan
229
Wisconsin Elec Pr 6% pref. 100
*33
24%
3-108
3634
900
2,300
38
24%
109
11%
3%
3%
35
*34
81
38
1,300
11834JUne 13
114
79
30
Prod-.No par
5% conv preferred
400
*47%
48
*24%
*76%
100
1%
3%
1%
3%
18
No par
z
Westvaco Chlor
500
3
81%
109
1%
20
3
...
Class A.
•*
700
3
24%
15%
15
*1%
—
1,600
5
3
24
*20%
Bid and asked
*1%20%
80 34
2%
•
29
*25
preferred
White Dent'l Mfg
8%
3%
3%
35
35
35%
*35% 37
*110% 112
*110% 112
*110% 112
*47%
48
*42
18%
2%
18%
48
14%
47%
14%
'
•»
11%
3%
*3%
3%
*36
6%
Preferred
1%
3%
1%
1,700
""460
3%
*3
1%
2%
19%
3%
4%
1%
18%
.
10"
•
*2%
*3
24%
24%
15%
15%
15%
109%
109% *108
12%
12%
12%
36% 37%
37%
*76%
80
80
21'
21%
21%
*22%
*108
21
*47%
47%
29
*23
1%
*20
*110%
*47%
*47%
*43
4%
1%
4%
1%
21
21
22
Western Pacific.:
Wheel A L E Ry
46%
47%
9
4%
——__
4% 2d preferred
300
*43
*43
11%
*1%
Western Maryland
Western UnloD Telegraph. 100
19
47l2
*21%
100
90
9
25% Mar
6
7,900
*18%
*44
2812 Jan
31%June
4,000
*60
*10%
% Sept
12434 Mar 10
2,900
19
9%
4%
1%
1% Mar
11634 Apr
500
90
12%
Mar
17
Mar
5
60
48
•
2
20% Apr 11
110
9%
*44.
7
Mar
Western Auto Supply Co--.10
,
9.7
*78
'*10%
11
5
640
1,375
20
*50
.
2438 Jan
3234 Jan
3% Jan
Mar
20%
60
19
Dec
16% Mar
74
200
110
*60
Mar
6%
31% Mar 14
June 15
%
*78
90
Mar
1% Mar
6
105
1
,*50
19% " 19%
3
Apr 10
33,
*60
3% Jan
13%May 24
6% Apr 27
88
-
21%
-
20
Mar 21
56
8238 May
Weston Elec Instrum'»-No par
60
20%
%
%
*32
3% Mar
Jan
70
70
110
*60
%
%
19%
32%
Mar
6%
June 1.5
5%
21%
Jan
Mar
Mar
110
2%
*4%
32%
1% Apr 10
1
Mar
2
23
44
Mar
8
370
*50
*20
*2%
21
8
1478 Mar
2% Jan
8
17% May
3,000
[
5%
21
Mar 13
5034 Jan
203g Jan
30
Apr
114%'
29%
32%
5
19% Apr
Mar
4% Mar
9% Jan
95
1,200
*78
8
74
91%June
100
6% preferred
100
WeHt Penn Power 7% pref. 100
0% preferred...
-100
7% preferred
15
60
134 Apr
6% Apr 11
.
Dec
6% Mar
13% June
9
June 15
1,030
2%
133
7% Feb 16
19MJune
Mar
100
39
110
3
1%
17% Apr 10
58% Apr 25
Apr 11
133
*78
Feb
1% Mar
3
Jan
85
No par
preferred
*13%
*50
8% Apr 11
134 Apr 11
4
2
840
103%
*37%
21%
60
19% Apr 28
1
No par
conv
15
110
Apr 10
37
3
West Penn El class A,
$4
37%
*78
3
Apr 10
Mar
116% July
Jan
790
Wesson Oil <fc Snowdrift No par
200
*14
*50
Jan
4
37
Mar 16
3% Jan
5% Apr 11
15% Apr 10
85
Apr
Mar
Mat 16
is4
1% Apr 14
l%May 31
*67%
No par
77
Mar
100
Jan 11
131
7
Feb 14
69
Warren Fdy <fc Pipe
z37%
60
Mar
1
36
..No par
120
64% Apr 12
125
No par
53.85 conv pref
113
15% Mar
105
9
Zenith
Radio Corp
Zonlte Products Corn
n
New stock,
r
No par
1
Cash sale.
Mar 31
75
120
82
22%May 16
11% Apr 11
April
934 Apr 10
30
April
2134 Jan
20 s4
33% Mar 13
98
74
71
114% Feb 17
21% Jan 5
Oct
Mar
Jai>
Jan
Mar
93g Mar
55% Jan
24
85
Jan
62% Mar
8
j.31% Jan
11% Mar
Apr 11
22% Jan
3% Jan
May
17
Apr
12
2% Apr
sEx-dlv.
83g
5
6
8
yEx-rlghts.
"
9
2%
Dec
1% Jan
2834 Oct
28% Nov
36% Nov
5% Mar
Apr 10
15
110
9
8
6
2
4
38%
*78
1%
Jan
5% Apr
116 May
5
15
*50
8
...100
preferred
38%
21
117*;:June
2% Mar
May 22
Westlngh'se Air Brake.No z?ar
Westinghouse El A Mfg...-50
1st preferred..—50
*32
Apr 21
1% Apr 12
20% Apr 11
*2%
83
13% Sept
2% Mar
4
1
28%
159% Dec
June
4
31
Warner Bros Pictures
June
Jan
Webster Elseuiohr
133
5
25% Feb 18
4%
Wayne Pump Co...
*126
Mar
31% Jan
100
95%
% June
16
Apr 10
2% Apr
900
20
3
Mar 24
30% Jan
35% Mar
113
51 1st pref erred... ..No par
2%
,
34 Jan
18% Apr 10
17
53 convertible pref. .No par
*4%
%
•
%
1%
20%
20%
9934
98% 100%
98%
133"
133
*128
133
15%
*15%
"
2%
May
27% Mar
40
"27
102
134
Apr 10
*26%
105
Dec
1
Feb 25
78
Apr 10
ATo par
Va El & Pow 56 pief
2,100
109% 110
5%
.
16
25
18%
26%
2%
1%
20
100
Nov
86
Mar
20
"14% Apr 11
107% 110,
Dec
15
48
Feb 23
Waukesha Motor Co..——6
*97
52
3
% Jan 16
700
*%
Feb
7% June
37
Jan
162%June
3
17
100
6% prelerred.
'•
*2%
Jan
3
1234 Jan 21
Apr 10
45% Apr 10
No par
Vandlum.Corp of Am. No par
4,600
119% 120
*2%
157
preferred-
Universal Pictures 1st pref. 100
■
18
114%
5%
100
.No par
*17%
119% 120
2%'
8334
pref
1,300
114% 114%
29
29%
*4%
69
conv
14%
119% 119%
*2%
No par
$6
27
114% 114%
28% 29%
5%
57% June 10
Universal Leaf Tob
*5%
114%
30%
2%
3% July
27
99%
2%
534 July
10% July
100
2%
99
29%
Dec
1% Mar
80
19%
4712 Sept
7% Nov
8% Mar
2% Mar
14%
26%
100
June
2
*5%
26%
99
30
.
8
'
*%
*18%.
*67%
Oct
29% Mar
40
Apr
3
12%
*2%
70% Mar
71% Nov
121
3% Jan 20
1
No par
*10
*2%
Mar
91% May
37% June 13
46
Apr 13
12%
98% 98%
118% 120
114
43% Feb 16
Mar
38
56% Nov
109% Nov
7234 Oct
120% Mar 11
*8
106-%
30%
25
z55
4
Oct
July
7
1% Apr 10
46
Apr 6
9 May 11
"466
48
106
30%
No par
Jan
Jan
Nov
49%
Apr 10
6%May 2
Ward
10%
1%
2%
70
Mar
45%
Mar 27
68
Jan 23
98%May 19
33
Apr 10
Conv pref (70ci
3.00
2%
,
43%May 18
United Stockyards Corp
100
'1,100
*31%
4%
*46'
60
100
United Stores class A new...5
Vulcan
20%
46
46
__60
No par
21
*44% Mar
7% Oct
13% Nov
71
30% Mar
42%
4%
5
8
5
20%
32%
21% Mar
2% Mar
6% Mar 10
June
42%
4%
Mar 13
Mar
43
43%
x32%
4%
48
434
50
34% April
100
10%
*10
1%
34
*33
49
13% Mar
3% Mar
6% Mar
-.5
1.50Q
6%
5
3
4
2
Vlck Chemical Co_
20%
43%
20%
11%
94
5%
5%
9
5% Jan
10% Jan
61% Feb
600
19%
95
106%
106
*114% 115
31
30%
*20
•
*67%
97%
99
98%
98%
43%
*20
1%
6%
*91%
43%
*45
13%
*27%
18%
26%
1%
*46
2%
*11
16%
.
*27%
44%
20%
*10
11%
*1%
2
*32% -35
4%
4%
48
*32%
5
50
34%
5
*1%
34%
4%
5%
44-%
20%
11%
2
*10
2
*33%
45
*90%
5%
6
11% Mar
14% Mar
1%
*6%
*19%
*92%
Nov
35% Jan
30% Nov
97
1%
19%
Jan
June
24
2
2
*1
1%
9% July
12% Nov
Nov
3
Preferred
*1%
Dec
10% July
6
75%
*1
6%
25% Mar
13% Apr 11
3% Apr 11
65% Jan
Virginia Ry Co 6% pref... 100
1%
Oct
Nov
173
Jan 18
62% Jan
111% Mar
7% preferred
10
2
19
32
48% Apr 11
10
U 8 Tobacco
*120
*1
"Apr 10
23
Apr 10
Virginia Iron Coal & Coke. 100
*1%
13
87%
115
June
122
*71
8%
Mar
116
7
75%
Nov
10% Aug
4% Mar
Vlcksb'g Sbrev & Pac Ry Co 100
*1
6%
19%
94
.5%
19
91
5%
*72%
8
110% Apr 26
70
*116
Apr
4
5
2
122
55
114
162% Mar
4
50
Preferred..
1,200
*6%
Mar
7% Jan
...100
3%
*1%
Jan
180
7% 1st preferred
22
2
113
Dec
Van Raalte Co Inc.
24%
*2%
7
.
*120
1%
2
1%
*6%
6%
,.19%
*116
75
*1%
1
*6%
24%
21%
v
%
3% Mar
6% Mar
2,000
100
20
*115% 116
116
*1%
...
*1.
2
*1
*6%
*90%
*5%
*1
*1%
1%
19
*120
1%
1%
1%
116
122
*72%
76
1%
*1
634
*34
6%
19
*119
...
22%
25%
May
May 20
7%June 12
10% Jan 3
Apr 10
Apr 29
Apr
4%
l%June 1
31% Apr 11
86% Apr 11
Preferred
80
3%
22%
2
7
*6%
76
*2%
?3
*1%
7
80
25%
3%
116% 117
117%
2
-
*120
*1
22%
*1%
*72%
76
*120
23
*—
*
25%
*2%
7
*116
122
*116
25
*117
117
*1%
25%
2%
23
23%
117
80
25%
2%
3
2
*
80
25%
*1%
.
*
80
24%
3U
*3
300
*%
22%
*
80
,%'
*%,
t%!
*18% J22%
*18% 22%'
%
*18% 22% *18% 22%
20%
20%
20% 20%
20%
20%
19%
19%
*30% 32
*30% 32
*30% ' 31% *30% 31 I
115% 115% *115% 116
*115% 116
*115% 116
*115% 116
42
42
*42
4234 *42% 42%
42%
42%
42% 42%'
*115% 116
*—
*%
%
Mar
62
..100
U 8 Steel Corp
8%
*162%
*60
Mar 31
35
No par
8% 1st preferred
200
83
*9%
Mar
834 Mar
Jan
1
%May 15
5% Apr 10
46
^
U 8 Smelting Ref & Mm
Preferred
400
6%
*81
50
160
6
Jan
Universal-Cyclops Steel Corp 1
1,200
2%
2%
11
April
Apr 25
U 8 Rubber
470
45%
.*45
June
87% Mar
75% Apr 17
20
JU 8 Realty & Imp
600
68
46%
116
100
Prior preferred
300
106
37
" 45%
No par
cl A ...No par
conv
U 8 Pipe & Foundry..
21
31%
*31%
%
Partlc &
2%
10%
68
68
.68'
U 8 Leather
5,000
50
4538
105
37
36%
*162%
5g
*%
*18%
6%
2%
57%
*9%
*80%
60%
*9%
83
*66%
2%
9
7
*6%
2%
57%
66%
47%
106% 107
45%
?7%
45%' 45%
2%
47%
*49%
7 9% June 14
H3% Feb 27
Mar
4
U 8 Industrial Alcohol-No par
41% 108,900
6,000
40%
50
45%
66
46%
50
8% July
39% Oct
67% Aug
12% Nov
21% Mar
Sept
77
50
1,400
39%
2%'
80%
Mar
6
167
10% July
Apr
3
3
5
Oct
Oct
Jan
60
7% Jan
..20
5H % conv pref
104% 106
105% 107%
66%
66
'
*6%
40%
51
2
2%
4234
2%
106% 106%
.2%
60%
2%
2%
42%
107
107%
*50% 52
108
.37%
45%
.
4
6%
*43%
47%
108
15%'
4% Mar
738
Feb 11
10% Mar
...100
preferred..
5
4%
38
'
800
700
900
100
15%
*6%
47
2%
41%
7%
100
47
2%
42%
108
51%
65%
108l2 110
I
50
41%
2%
U 8 Hoffman Mach Corp...
30
*47
2%
U 8 Gypsum
50
1,200
Mar
8
par
..100
No par
1,100
*3%
16
...No
Conv preferred
U 8 Freight
6%
6%
100
Mar
458 June
6% Jan 4
33% Jan 12
4
U 8 & Foreign Secur—-No par
410
8% Jan
2
22
Apr 11
5% Mar 31
6% Apr
10
.
$6 first preferred
4%
15%
*3%
6%
No par
United Gas Improv't.-No par
T.B66
30
30
7%
41%
*50%
*29
.4
2i4
4378
43is
30
16%
4
*7
41%
2%..
108
4
7%
*29
30
16
16%
4
4%
7%
*7
*29
5
74
3% Apr 11
25% Apr 11
62% Apr 8
11
Apr 8
111% Jan 6
$5 preferred
_
30
6
United Fruit
9,100
■
*29
10
100
United Electric Coal Cos
United Eng & Fdy
79
30
5
Preferred
70
1,600
I per share $ per share
3% Feb 6
39% Mar 14
7% Ma. 10
4% Mar 31
59%June 12
No par
United Dyewood Corp
200
5%
4
5 per share
Lowest
2
Apr 10
30% Apr 10
4% Jan 26
par
United Drug Inc
5%
*58%
No
$3 preferred
2%
*116
*27%
Corp
2%
34%
Year 1938
Highest
5 per share
Par
Shares
share
per
2%
34%
5%
30
$
Range for Previous
Lowest
35%
35
3%
\
Mar
Mar
Jan
Called for redemption
Nov
3656
June 17, 1939
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
Friday
Week's
Friday
Week's
Last
Range or
Range
BONDS
Last
Range or
Sale
£1
BONDS
N. Y. STOCK EXCHANGE
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Price
Week Ended June 16
Bid
<fc
TjOW
U. S. Government
Treasury 4s
-—1946-1966
3Ha
1940-1943
3Ha.
—1941-1943
3 Ha
—1943-1947
3Ha
1941
3Ha
1943-1946
3Ha
1944-1946
3 Ha
1946-1949
3Ha
*—1949-1952
3s
—1946-1948
3s
..—1961-1965
2 Ha
1956-1960
2 Ha
1946-1947
2Ha
.1948-1961
2*4*
1961-1964
2ka
1956-1959
2ka
1958-1963
2ka.-———1960-1965
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
O
121 16 121.16
122.7
21
118.26122.13
D
116.10 116.5
116.13
46
114.17116.18
M
8
115.26 115.26
116.3
D
103.16
—
105.22
D
110.30 110 30
F
A
106 19
M
103.16 105.8
105.26
3s
3s
Jan
1960 M
♦Chinese (Hukuang Ry) 5s
1951 J
♦Cologne (City) Germany 6HB-1950 M S
Colombia (Republic of)—
♦6s of 1928
Oct 1901 A O
111
26
109.22111.9
56
109.22111.27
112.2
112.8
31
109.11112.21
113.21
39
109.2
111.18
15
108.19111.31
111.24 111.30
112.3
17
107.4
114.5
♦0e extl sf gold of 1927. Jan 1961 J
♦Colombia Mtge Bank 6 Hs—1947 A
♦Sinking fund 7s of 1927
1947 F
109.16
216
109.29
102
109.22
55
105.19109.31
Copenhagen (City) 5s
25 year gold 4 Hs
D
108.16 108.16
109.4
59
104
109.21
I*Cordoba (City) 7s unstampedl957
M S
107.25 107.25
108.6
113
103.4
109
D
107.16 107.16
107.31
52
D
107.14 107.8
107.27
191
J
M
27
A
1952 J D
1953 MN
;
1
A
Cordoba (Prov) Argentina 7s..1942 J
"55"
J
108.30
2
106.6
109.10
108.25
108.26
15
105.1
109.8
♦Costa Rica (Rep of) 7s
-.-1951 MN
Cuba (Republic) 5s of 1904.-_.1944 M S
106.17 1(6.15
107.4
192
102.13 107.21
External 6s of 1914
S
106.22 106.17
1C7.5
230
102.16107.22
D
105.20
105.24
139
102
External loan 4 H» ser C
4Hs external debt..;
;
110.1
1
109.11
J
109.12
21
106.18
MN
106.18
2
♦106
1 1944-1952 MN
1 1939-1949 F
1942-1944 J
—.1945-1947 J
H2Ha series B_.Aug
2 Ha series G
109.3
106.10
109.3
109.8
A
100.10 1(0.8
105.28
107.9
ser
1949 F
A
L 5.9
101.3p
44
102,5
D
10l".3C
Sinking fund 8s
ser
♦Gtd sink fund 6s
1948
A
O
♦External s f 7s series B
1946
♦External
s
f 7s series C_
♦External
s
♦External
s
f 7s 1st series
♦External
sec s
2
90
94 k
15k
15k
15
10H
11
9 k
*13
1957
22
10k
15k
15k
15k
9
10 k
External g 4Hs
Dominican
1st
15 k
14k
9k
i4k
14H
"""2
14k
f 7s 2d series.1957
9k
14k
♦External seo s f 7s 3d series. 1957
14H
14 k
12
9 k
90 H
91k
11
85k
90k
94 H
94 k
95
136
87k
50
*97H
87 H
79 H
89 k
83k
87k
79 k
94
76
80
79k
79 k
30
75 k
79 k
1958
Argentine (National Government)—
8 f external
1948 M N
4Hs
8 f external 4 Hs
1971
8 f extl conv loan 4s Feb
1972 F
A
8 f extl conv loan 4s Apr.—.1972 A
O
M N
79 k
99
95
1965 J
J
98 k
rook
55
95 k
1957 M
S
99
99
lvl
21
95 H
External g 4Hs of 1928.
1956 MN
94
94
96 k
45
89 k
103 k
103 k
99
1957 J
12H
12H
12 k
16
10 k
11H
♦Austrian (Govt's) s f 7s
J
1945 F
Belgium 25-yr extl 6Hs—
1949 M S
106H
105H
106k
1965 J
104
103k
112H
104
10
99
113k
External
s
1 6s
—
External 30-year s f 7s
•Berlin
A
J
113
13
..
1
ser
98
A
1955
A
M
1940 A
5Hs of 1920...
98 H
♦Brazil (U 8 of) external 8s
"l8H
18k
18 k
3
13
1>
1941
♦External s f 6Hs of 1926. —1957IA
19 H
19 k
21k
56
O
105
116k
iik
19H
28k
.1957 A
O
16k
16 H
16k
16 H
18k
♦External * ( 6 Hs of 1927.
18k
63
9k
22 k
♦7s (Central Ry)
.1952 J
D
14H
14 k
17
94
9H
8
93 %
92
21k
93 k
93 k
Brisbane (City) sf6s
.1957
M
Sinking fund gold 6s..
.1958 F
A
20-year sf6s
.1950 J
I)
.1962 J
D
♦Budapest (City of) 6s
92
95 k
101
101
10k
10k
9
4
89
7
89
3
k
97
2
8k
Buenos Aires (Prov of)
♦6s
8
*70
s
f
4H-4H8——.1977 M 8
56
Refunding
s
f 4Ha-4Ha
55 H
56 k
56 k
56
57 k
57
58 k
1961
M
1976 F
1976 A
External re-adj 4HS-4H8
A
O
External s f 4H8-4H8---—1976 M N
1984 J
s
f 7s
♦Stabilisation loan 7Hs
J
43
O
J
23
22
78k
Canada (Domof) 30-yr 4s
1960 A
5s
O
—1952 MN
j"d
19k
*103 k
♦5Hs of 1930 stamped
...1965 J
♦5Hs unstamped
_^—.J905
♦5HS stamp(Canad'n Holder) '65
♦7s unstamped
9
♦Cent Agrlc Bank( Ger) 7s....1950 M S
♦Farm Loan st 6s..July 15 1960 J
J
27k
27k
"20
c
♦Chile Mtge Bank 6Hs
♦6H8 assented
•8ink fund 6 Ha of 1926
25
*19*
13k
10k
13H
14
10k
14
9k
9k
14
9k
10 k
14
9k
*13
*9H
1963 MN
14
1963 MN
14
*9H
*12
For footnote see Dace 3661.
'l4~
*8k
12H
.9
13
12H
12k
9
■.16k,
-25k
O
*79 k
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7Hs '50
Helslngfors (City) ext 6Hs—-.I960
25
.1908
25k
A
O
J
J
A
O
Hungarian Cons Municipal Loan—
♦7 Hs secured 8(g,
1945 J
♦7s secured s f g
1948 J
♦Hungarian Land M Inst 7HS-1901
♦81nklng fund 7Hs ser B
1961
♦Hungary (Kingdom of) 7H8..1944
*102","
•82
71
19
15
17
*17k.
*
22
10k
k!
80
18k
102
103
18
105
J
*10
12
J
10
10
7k
11
*9H
12k
8k
10
*9k
12k
8k
10
MN
MN
F
A
1979 F
A
7k. H
39
*26
27 k
1960 M N
22 k
33
27 k
18 k
30
s
f 0 Hs
1954 F
101k 103
113
*103
52
70H
61k
64 k
64
65
7
"40k
46
47
37
38
55
A
77 k
77
81
39
75
85 H
56 k
.85
56
D
61k
9
1954 J
56H
*27 k
14 k
14k
Mendoza (Prov) 4s read)
D
...1954 J
♦Mexican Irrigat'on gtd 4Hs—1943 M N
p
*67 k
76
54k
75
H
D
27
24 k
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
|*Treas 0s of *13 assent (large) '33 J
J
{♦Small
D
*1
J
*lk
8k
12
9
12k
8k
12 k
8k
18k
18k
18H
16k
18k
16k
18H
16k
18k
16H
18 H
8k
8k
Hk
7k
J
H
lk
lk
*1
k
.
lk
lk
lk
lk
k
1
lk
H
lk
lk
k
k
lk
*k
1
k
1
lk
2k
lk
J
lk
16
12k
8k
Ilk
Ilk
15k
72 k
lk
1954 J
18k
10k
64
18
15k
71k
k
k
*k
Ik
♦4s of 1904
8 k
38 k
25
32
65H
*k
♦4Hs Btmp assented
1943 M N
♦Mexico (US) extl 6s of 1899 £.1945 Q J
32
12
.
H
26
21
58k
*k
1945 Q
12
10k
1961 J
D
27 k
*26 k
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
14k
13k
13H
D
30
22 k
A
19k
27 k
"l3H
1961 J
37
20 k'
102 k
23 k
J
D
25 k
30
15k
18
9k
D
'• 23 k
37 k
98 k
18
Jan 1961
1961 J
111H
21
10
1957 J
,
29
10
1957 J
24k
23 k
37 k
D
60
14k
O
18k
19k'
F
♦08 part paid
27
"22 k
.1964
,.1908
17H
18 k
16
k
7s._1964 M N
secured 6s
.18
29k
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6HS-.--1958 J
ser
21H
14 k
17
*17k,
Japanese Govt 30-yr
30
*19""
F
1962 A
"21
21k
1949
♦Greek Government s f
♦7s part paid
15
19
17H
58 k
25k
¥
Feb 1961
♦6s assented
♦6s assented
105
D
50
♦External sinking fund 6s
K
!p3k
♦Medellln (Colombia) 0Hs
34
O
17k
17k
*15,
57k
108 H
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented
Sept 1961 M S
D
Italian Cred Consortium 7s ser B *47 M S
Italian Public Utility extl 7s...1952 J
J
108H lllk
101 H 104 k
101k 10 5 H
100 k 103 k
102 k
22
♦External slDklng fund 6s...1962 A
113k 125
V~~
Gorman Govt International—
Italy (Kingdom of) extl 7s...'. 1951 J
22
103k
Jan
19k
110k
100
23
102 k
♦6s assented
105
105104
25
103H
s f 6s
109 k
*118
58
30
*13H
107
32 k
103H
102 H
♦6s assented
16k
13
37
♦6s assented
1960 A
♦Extl sinking fund 6s__Feb 1961 F
100
105 H
UH
ltik
13H
90
20
105k
19k
H0k
106
105k
*."....
,109k
,105k
1949
Extended at 4Hs to...
ink
104k
1942 M N
19k
96
......
28k
105k
1942 M N
♦External sinking fund 6s... 1960 A
19k
21H
22k
16 H
*15H
98k
102
110H
J-....
71
16
*
21k
J
♦6He assented
98 k
111
O
65
70*
70
A
J
♦Ry ref extl
23
HOH
1960
70
70
D
104 H
1960
71
:
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province) 7 Ha 1950 J
105
15 1960 A
66 H-
*69k
71k
29
104k
f 6s—Oct
71k
43k
J
s
71
66
.....
13 H
J
coupon on—
65
.
32 H
1954 J
July
2
70
23 k
A
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
65
.
Extl sinking fund 6Hs...:..1905 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
1944 J
♦Farm Loan
1949
7s unstamped.......
47
...1967 J
♦6s
13
1
J
44 k'
.1961 J
8s
71k
71
14k
70
■70
64
■44 H
110H
104k
30-year 3s
♦Carlsbad (City)
65
*67
O
44 k
Aug 15 1946 F
10-year 2Hs
26-year 3Ha..
7-year 2Hs
97k
19
69 k
1945 M N
1941
92 k 101
96
88k
43 k
"
*20
1968 M N
75
71
71
.1969 A
64
43
1967 J
8% external s f $ bonds
Bulgaria (Kingdom of)-r♦Secured
57
73 H
96
8
O
1948
Irish Free State extl sf5s
stamped
External
60
66 k
86 k
O
.—1969 A
External 7s stamped..
v
63
100k
Haiti (Republic) s f 6s ser A...1952 A
14
195S
102H
52 k
76
Apr 15 1962
7Hs unstamped..
20k
H 108
102
21
1950
♦External sinking fundus
16
99
100 k 103 H
100H 108
21
1955
(Germany) s f 6 Hs
21k
10
1
105-
Rep Cust Ad 5HS--1942
♦Sink fund
♦Bavaria (Free State) 6 Hs
70k
2
93
J
1942
♦German Rep extl 7s stamped.1949 AO
External 5s of 1927
Australia 30-year 6s
42
106
18
14 k
Antwerp (City) external 6s
30k
108
105
28
J
Estonia (Republic Of) 7s
1967
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6HS...1953 MN
French Republic 7 Hs stamped.1941 J D
"90 k
■
101k
55 k
101k
3
30
♦EI Salvador 8s ctfs of dep
14H
15k
15k
80k
69
27
14H
15
55
65k
28
25
90 X
15H
57k
40
100
106
*-..-
14K
1946
96k
94 k
*22
27
90 k
f 7s series D——1945
76k
73 k
22k
28
.....
68k
68k
23 H
14 k
Akershus (King of Norway) 4S.1968 M S
J
♦Antloqula (Dept) coll 7s A...1945 J
27k
27
1951
5Hs 2d series..
♦Dresden (City) external 7s
*26 H
28
26k
23H
1952
Denmark 20-year extl 6s
External gold 6Hs
101.30 102.12
28
7
101k
53 k
1977
B__
5Hs 1st series
♦26 H
"H
53 k
101k
.1949
Czechoslovak (Rep of) 8s
Municipal-
A
55
106
2d series sink fund 5Hs_.
1940 A O
Customs Admins 5 Hs 2d ser. 1961 M S
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s...
1947 F
19k
25
106.15
106.26109.17
100.8
102.22
104.1
105.18
105.12
28
47k
77
*26 k
A
♦Public wks 5Hs...June 30 1945
110.6
106.26109.21
106
106.27
105.3
100.10
J
63
*102
D
110.1
11
24
75
19 k
19k
24 k
26 k
88 k
*42k
50 k
20
102.20108.31
108.30
8
1
....
84 H
A
1957 F
§♦78 stamped
F
63
27
26k
87 k
84 H
Sinking fund 5Hs..-Jan 15 1953
M
106
27k
27 k
109.4
102.20108.23
27
8k
15
16k
14k
16H
14H
14k
16
26k
109.18 109.18
J
1
19k
26 k
109.22 109.22
104.12110.9
25
.
7
2
8k
12k
17k
26 k
8
J
Ilk
*26 k
S
110.6
8H
6
O
M
107
J
11
4
1946 M N
M S
16 1942-1947 J
&
High
18
13
♦Sinking fund 7s of 1926
112.26
M
Mar
1 1942-1947 M 8
Home Owners' Loan Corp—
Govt
Low
12 k
17 k
♦Chilean Cons Munic 7s
106.19107 12
111.20
109.2
S
109.30111.10
110.25
—
Foreign
Jan. 1
9k
D
105.22 106.27
5
9
^
IHs series M
No.
9
'9
1962. MN
♦6s assented
12
111.14 111.14
J
Mar
3s series A....May
High
12H
8k
10k
106.24
'
2Hs.
Since
©
Cq<*3
12k
12k
111
111.2
113.10 113.10
1901 A
1961 A
.1962 MN
♦6e assented
♦Guar sink fund 6s
Corp—
15 1944-1964
May 16 1944-1949
ZHb
27
112.2
J
-
—
Federal Farm Mortgage
103.19
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s
113.10116.5
nr.2
-1947
Treasury 2 Hs
4
*110.25
1949-1953
1950-1952
Treasury 2 Ha..
Treasury 2s
8
J
1945 J D
-1948 M S
Treasury 2His.........
Treasury 2Hs
Range
©
Asked
dk
Low
High
J
J
Treasury
Low
A
Treasury
Treasury
No.
Bid
Price
Foreign Govt. & Mun. (Con.)
Treasury 3H8
Treasury
High
Week Ended June 16
Jan. 1
,
,.1947-1952
1944-1954
Treasury 4k«
Asked
Milan (City, Italy) extl 0 Ha
Mlnas Geraes (8tate)—
—1952
A
O
49
49
52
51k
M
8
*10k
M
S
Ilk
D
1959 M N
*52 k
7H
12
*53 k
.......1958
1959
♦Montevideo (City) 7s
1952
J
New 80 Wales (State) extl 5s__1957 F
External s f 5s
Apr 1958 A
O
1943 F
A
Norway 20-year extl 6s
A
97 k
97k
103k
103k
98
1956
M
8
16k
1965
A
O
100 k
16
4s
1963 F
A
98 k
14k
16k
14k
Municipal Bank extl
1970 J
D
8 15s
11
7 H
10
15H
48
_
45 H
_
55
52 k
94
H 101k
98 k
98 k
30
104k
11
93
10lk
100H 104H
100H 106 H
11
A
104 k
6
103 H
1944 F
External sink fund 4 Hs
External s f 4 Ha
f ext loan
Hk
104k
20-year external 6s
s
56 H
•
♦Sec extl s f 0 Hs
♦8ec extl s f 6 Hs
♦6s series A
39
104k
101k
25
42
94 k
103k
100 k
37
94
101k
100
98 k
*101 H
98 k 105
99 k 104
Volume
3657
New York Bond Record—Continued—Page 2
148
BONDS
Friday's
A
Asked
Week Ended June 16
High
Low
1952 F A
1953 M S
(City)
"53 H
54 H
48 H
48 H
1965 A
.
D
♦Panama (Rep) extl 5 %s
1963 MN
♦Stamped..
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl
♦Nat Loan extl
s
48%
52%
100 H
10
102
103H
17
83 %
*73%
70
57 H
178
43%
16
6%
13%
11H
5
60
O
9H
9H
10H
10%
8%
8%
13%
9H
20
8%
12%
♦Ref A gen 5s series A
26
41
22
36%
♦Certificates of deposit
♦Ref A gen 0s series C.....1995
1958
-
O
o
1.1947
1963
J
1961
D
1966
J
♦Porto Alegre (City of) 8s
♦Extl loan 7 Ha
Queensland (State) extl s f 78—1941 A
25-year external 6s
1947 F
A
50
25%
43
♦Ref A gen 5s series D
30%
54
10
41%
44
9%
15
♦Certificates of deposit
♦Ref A gen 5s series F
♦Certificates of deposit
9%
17%
10H
11
12
6%
9H
9H
10H
5%
13%
O
11%
11%
7%
D
11
11%
6%
10 H
11
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
.1946 A
1968 J
♦6s extl a f g
*10 H
O
♦Roumania (Kingdom of) 7s.—1969 F
♦February 1937 coupon paid
7%
61%
43%
20
20
15
22%
20
A
11 %
59 H
♦7s extl loan of 1926...
1966 M N
♦7s municipal loan
.....1967 J D
15%
15%
14%
14%
69%
15
20%
A
Rome (City) extl 6 Ha
1952
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
60 H
j" j
7%
19%
19
*19%
*10
12%
9%
6%
14%
14%
9%
9%
11
6%
J
11%
15%
12H
11
7%
15%
....1956 M S
J
1908 J
*6%
10H
7
15
1936 J
.1950 J
§♦88 extl loaD of 1921
♦8s external..
♦7s extl water loan
♦6s extl dollar loan
♦Secured
s
1940 A
f 7s
1945 J
...1946 J
♦Saxon State Mtge Inst 7s
J
*14
j"D
10H
6%
25
27 H
17%
D
20%
14%
32
25%
D
22%
25
32%
44%
15
34%
Bangor A Aroostook 1st 6s....1943
Con ref 4s
4s stamped
1951
Battle Creek A Stur 1st gu 3s.. 1989
Beech Creek ext lstg3%s
1951
Bell Telep of Pa 5s series B
1948
1st A ref 5s series C
117%
134
i960
Beth Steel
cons
A
1960
*
56
1952
debp
1944 J
Big Sandy 1st 4s...
Boston A Maine 1st
1st g 4%s series JJ
{♦Boston A N Y Air Line 1st 4s 1955 F
♦External
a
f 6s
1904
MN
51
external
1979
42 %
1979
readjustment
42 %
40
MN
40 %
40 H
1978 J
1978 F
3 Ha extl readjustment..*
1984 J
conv
45 %
extl 6s
Calif-Oregon Power 4s...:
Canada Sou
38%
18%
A
A
D
56 H
56 H
"28%
"I
Coll trust 4s of 1907...
1947
57%
6
Ala Gt Sou 1st cons A 5s
Albany Perfor Wrap Pap 6s... 1948
1940
Alb&Susq 1st guar 3 Ha
Alleghany Corp coll trust 5s... 1944
5s.
....
......
106H
4 Ha debentures..
1951
67
52.
60
20-year sinking fund
S
J
M N
3Hb debentures
...1961 A
3Ha debentures
Am Type Founders
..1966 J
D
deb.. 1950 J
ser
O
A-1975 M N
O
Anaconda Cop Mln s f deb 4 Ha 1950 A
Ark A Mem Bridge A Term 5s. 1964
M
Armour A Co (Del) 4s series B.1955 F
1st m s f 4s ser C (Del)
1957 J
Coll
107%
66%
108%
"25
8
A
J
1955
1955
D
Conv gold
1960
-
104
106%
..
D
111 H
D
J
1949 J
Caro Clinch A Ohio 1st 0s ser A 1952 J
D
37
68
25
57
33
85%
75%
'48%
Carriers A Gen Corp deb 5f w w 1950 M N
1981 F
1947 J
4s.....l948 J
4s
F
{♦Centra! of Ga 1st g 5s..Nov 1945
♦Consol gold 5s........
1945 M
33
5
29
.77
22%
41%
52
52
3
49%
60
Ref A gen 5%s series B
♦Ref <fe gen 5s series C
1959
1959
103% 108
♦Chatt Dlv pur money g
18
100%
22
108%
95
109%
16
45
93
88%
100%
95
106% 112
65%
30
32%
62%
190
111%
HI %
32
153
109%.
110%
136
109%
110%
55
106.
7
106
14
106%
60
25%
106H
106%
106%
25%
36%
14
40
48%
65%'
♦
36
5
1941
1941
3
96 H
96
99%
99%
100%
132
99%
100%
37
100
110%
*94%
94
*95
"99"
98%
*92
"l"02 %
110%
96%
96
"26
Cent HI Elec A Gas 1st 5s
1951
Cent Illinois Light 3%s
1966
1962
gold 4s..1949
Ga—
1942
26
98
Certain-teed Prod 5 %s A
103%
101
87%
96
..1941
1948
(1938 issue)
1950
Ches A Ohio gen g 4%s
1992
Ref A imp mtge 3%s ser D. .1996
Ref A lmpt M 3 %s ser E
1996
At! A Charl A L 1st 4 Hs A
1944 J
J
93%
1st 30-year 5s series B
1944 J
J
96
103%
108
110
"93%
"3
111%
112%
110%
85
94%
107
10
89%
97
1952 M S
82 %
82%
84
28
76%
89%
General unified 4 Hs A
1964 J D
10-year coll tr 5s
..May 1 1945 MN
57 H
57%
61%
29
54
71%
69H
69%
71
8
64%
79
Oct 1952 MN
60 H
60%
61
25
55
72
96%
49
75
"67"
3
104%
104%
"48
31%
16%
17%
J
15
15
O
107
O
66
S
R
65%
"32% "23
68%
68
44%
47%
102% 105
110% 111%
24
20
15%
5
13%
14
67%
"44%
31
2
227
107
64%
64
<10%
"75%
52
52
3
52
115
52
M N
M
5%
109% 111%
115
1
115
79
16
70
75%
39%
28
24
110
77%
72%
63%
55
115%
86
104%
100% 104%
M
S
103
102%
103%
M
8
125%
125%
128%
100% 104%
118% 125%
M N
99%
99%
100
A
99%
99%
100
F
*104%
95% 100%
95%
May 1940
*107%
If 9
*115%
100%
103% 105
103%
Branch 1st 4s... 1946
A A Dlv 1st con g 4s
1989
2d consol gold 4s
1989
116%
99
98% 102%
107
103%
"63
89
91
63%
104%
Potts Creek
4
'8
*92%
Champion Paper A Flbro—
M S
8 f deb 4%s (1935 Issue).... 1950
Craig Valley 1st 5s
95
102%
105% 110%
86%
95%
7
*112%
MN
5s extended to May 1
Central Steel 1st g s f 8s
96% 100%
100%
3%
J
A
2%
5
J
A
6%
10
7%
O
F
6%
-
,2%
A
Through 8hort L 1st gu 4s...1954
Guaranteed g 5sj.,
*...1960 F
42
7%
8
A
Cent Pacific 1st ref gu
99
1
Central N Y Power 3%s—
19
92%
■
A
12%
3
.3
15
J
30%
96
6%
7%
*4%
"*7
M S
19%
32
31%
.3%
3%
*4
S
97
9%
8
*4%
M
52
82
9%
3%
{♦Cent New Eng 1st gu 4s__.._1961
♦Central of N J gen g 6s
.^..1987 J
♦General 4s
1987 J
97%
8
3661.
*3%
M
91
112%
nage
O
FA
91%
111
notrotes see
Gen mortgage 5s-..
"23
97%
99
101
li'lH
117
112%
J
~*7%
Cent Hud G A E 1st A ref 3 %s.l965
103%
104% 107
A
'
94
.43
34
*
A
.1946
♦Mobile Dlv 1st g 5s
103%
99% 107
45
107%
85.
93
43%
89%
N
♦Mid Ga A At Dlv pur m 5S.1947
100%
UV*nU2H
105% 110%
105% 110%
102% 111%
94%
105
93
♦Mac <fe Nor Dlv 1st g 5s....1946
102
98% 104%
89
81%
40
43%
A
4s..1951'
106%
82%
100%
114%
100%
*■
27
106 H
49
107
107
♦Cent Branch U P 1st g
78%
2,3
97%
9%
67%
112
45
*37%
'i07"
90
12
94%
86
86
25
114
92%
J
.HSi*
70
96%
95%
9%
111%
For'
113%
D
*109%
L A N coll gold 4s
113%
92%
S
117% 121
76
87%
S
Atl Coast Line 1st cons 4s July
34
87%
D
M
7
124%
D
1946 J
1962
115%
124
Cart A Adlr 1st gu gold
105%
109%
109%
J
1958
ef 4 Hs A
115%
124
Celotex Corp deb 4 %s w w
Atl Knox A Nor 1st g 5s
•
115%
J
80
66%
3
S
.
113% 110%
113% 116%
116% 119
114
116%
112% 115%
124%
A
74%
90%
117% 120%
F
74%
89%
9
M
J
41
11
J
39%
5
D
1948
Cal-Aris 1st A
3
38
58
D
Conv 4s of 1905
Trans-Con Short L 1st 4s
9
121
72
103%
J
Conv gold 4s of 1909
1905
116%
120%
.1960 J
Collateral trust 4 %b_
S f deb 4%s
Rocky Mtn DIv 1st 4s
116%
116%
32
103%
103
~94%
4s of 1910.
19
116%
116%
32%
102
110H
Conv oeb 4 Ha
18
78
103
....1995 M N
Stamped 4s
93%
116%
J
{♦Car Cent 1st guar 4s
103
1995 A O
1995 Nov
General 4s.
103
J
Dec 11954 J
trust gold 5s
104
49%
Atchison Top A Santa Fe—
Adjustment gold 4s
56
92
J
1944 J
100%
103
Jan
1995 Q
{ Ann Arbor 1st g 4s
47
93
93%
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4 %s.
1946 M
Central RR A Bkg of
1907
5
148
37%
117%
♦Anglo-Chilean Nitrate—
8 f Income deb
35
55%
101%
116%
100
'103"
J
conv
Amer* Wat Wka A Elec 6s
6
55%
60
1
75
100%
119
7
10
8%
67
67
120%
107
m%
32%
63 H
D
1949 M N
5%s...l943
5
45
94%
108 %
8
American Ice s f deb 6s.......1953 J
5%
118%
19
99%
306H
A
2030 M
Am Internat Corp conv 6 Ha.—1949 J
Amer Telep A Teleg—
5%
37
1970
33
"27"
..1955 M
Amer I G Chem conv 5 Ha
40
O
Central Foundry mtge 6s
Am A Foreign Pow deb 5s
40%
25%
120
77
F
1952 MS
♦Alplne-Montan Steel 7s
26%
5
6%
*76 %
A
F
6
33
*5%
101
Oct 1969 A
F
58 equip trust ctfs.
.
93
104%
109% 113%
"34%
32%
A
67
41
106% 112%
103% 112
95
72%
*109
32%
*61
Canadian Nat gold 4%s
1957 J
Guaranteed gold 5s_._iJuIy 1969 J
1956
42
128
7
•
D
104
92
20
109%
Guar gold 4%s_....June 15 1955 J
42%
45
40
80%
104
Guaranteed gold 6s.
109
*36 %
A
Allegh A West 1st gu 4s._
1998 A
Allegh Val gen guar g 4s...... 1942 M 8
Allied Stores Corp deb 4 Ha
1950 A O
Allls-Chalmers Mfg conv 4s
94
93%
31
2
35
"l2
82%
103
34
54%
68
109%
103
*37
A
1949 J
1950
107%
"
*108H
1950 A
♦5s stamped
100
57
1948 A
6s with warr assented..fa
♦Coll A conv 5s
100
1943 J
4s series B_'__*
100
106%
A
1952 A
1943 J
33
50%
100
M D
10-year deb 4Ha stamped... 1946 F
Adriatic Elec Co extl 7s
conv
46 H
S
"93%
64
71
40
16%
'
D
111k
5%
47
7
89%
112%
111%
112
O
1962
Canadian Northern deb 0%s...1946
(VI
112%
39%
40%
37%
10%
107% 111
*5
A
—1966
5s A
Guaranteed gold 4%s..Sept 1951
J
76
Guaranteed gold 5s
INDUSTRIAL
Adams Express coll tr g 4s.... 1948
Coll A
cons gu
Guaranteed gold 4%s.._.
AND
1
4
22
22
*28
28%
51
60%
110
109%
1955
47
14%
6%
6%
60
109%
1960
42%
35%
37%
<
32
5s._
37%
5
23
1952
35
"2
F
D
%s_1957 MN
:§*Burl C R A Nor 1st A coll 5s 1934
♦Certificates of deposit.........
"23
38%
7
♦Certificates of deposit.
Bush Term Bldgs 5s gu
50%
{|*AbltlbI Pow A Paper 1st 6s. 1953
cons
1950 J
43
COMPANIES
1st
1947
1st lien A ref 5s series B
36
al7%
*37
32%
MN
1st Hen A ref 6s series A
6
50 H
J
31
95
40%
46%
25
31
37
42%
41%
24
34
87%
Bush Terminal 1st 4s
al7H
1958
4 Ha assented
(City)
*38
45%
26
33%
36%
44
O
1958 F
1901 J
♦Warsaw (City) externa! 7s
RAILROAD
A
33%
*40%
1941 J
....
37
1952 M N
Venetian Prov Mtge Bank 7s.. 1952 A
♦Vienna (City of) 0s
Yokohama
D
106% 107%
31%
32%
J
Consol
4-4% -4 % % extl readj......
3H-4H-4»j«s extl
119
*107%
gtd 5s. 1941 MN
con
1st 5s stamped
34
3%-4-4% % (3 bonds of '37)
external conversion
20%
27%
108%
100% 105%
96% 102%
105
32%
Bklyn Union El 1st g 5s.*
1950 F A
Bklyn Un Gas 1st cons g 5s....1945 MN
♦Buff Roch & Pitts eonsol 4
54%
49
H-4-4 Ha ($ bonds of *37)
MN
"41
105
78%
49 *
45%
.50%
*46
28
21
76
51
58
'
3
21%
31%
A
cons
58
37%
*52"
105%
"20% ~30"
19
1
107%
105%
101%
100%
Brooklyn City RR 1st 5s
42%
40
*46
7
28
106%
D
1967 M S
1955 MN
1961 A O
5s A C
1st M 5s series II...
43
49%
55%
*50 H
MN
24
100%
1966
conv
129% 134
"45
27%
107%
105%
M 4%s ser D..1960
1957 MN
Buffalo Gen Elec 4 %s series B.1981 F A
Buff Niag Elec 3%s series C...1967 J D
51H
39%
O
1901
f 6s
"28%
*25%
Undergr 0 %s 1956
Cons mtge 3%s series E
116% 119
6
24
Debenture gold 5s
103
94
50%
A
f 5 Ha guar
21
117%
134
27%
29
a
80
86
133%
1955
25%
s
1
47%
-
•
♦Debenture 6s
27%
♦External
78
28%
A
External
2
108%
98%
101%
117%
♦Berlin City Elec Co deb 0%s. .1951
♦Deb sinking fund 6%s
1959
F
♦Uruguay (Republic) extl 8a... 1946 F
102
*103
♦Slleeian Landowners Assn 6a_.1947
1952 M
52%
3
87%
87%
*30
*
3%s..l943
cons
3?
84
84
.
44
5
48%
105%
105%
84
..1951
Belvldere Delaware
32%
105%
Bklyn Qu Co A Sub
Tokyo City 6s loan of 1912
21
23%
24
28
100
16%
41
33
99%
15
41%
25%
99H
23%
21%
44
18
A
16%
39%
j""j
29H
J
16
6
21
1959
*23
1971
9
21
32%
Toledo Cin Dlv ref 4s A
D
1955 F
24%
15
20%
14%
55%
52%
J
f 5 Ha
17%
20%
19%
43
1958
s
19%
19%
2
28
Taiwan Elec Pow sf6Ha
23%
24%
51
18
Sydney (City)
18%
51
15%
27H
33
Certificates of deposit
♦S'western Dlv 1st mtge 5s..1950
♦Certificates of deposit.
25%
4Hs assented
21%
14%
21%
22 H
21%
20%
9%
40 H
22%
MN
20%
19%
44%
Bklyn Edison
MN
16%
20
10
*31
1902
24
3
19%
...
i960 FA
D
♦7s series B sec extl
♦Silesia (Prov of) extl 7s
16%
23
S
1958 J
6Ha
g
63%
59
20%
20%
m~s
J
1941 J
mtge 3%s__ 1966 MN
MN
Bklyn Manhat Transit 4 %s... 1906
♦Sinking fund
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl.—.
1902
63%
47%
18
10%
O
D
1996 M
3 %s
1957 MN
♦6 Ha extl secured s f
San Paulo (State of)—
62%
49
6
♦Berlin Elec El A
1952 MN
48%
2
52
101
A
1946
57
28
60%
61%
21%
61%
51%
102% 106%
14%
59%
58
P L E A W Va Sys ref 48...1941 MN
104 %
"16 %
57%
58
16
105
*l"6"
58%
O
6
103 H
"io"
O
78
19%
O
25
40
14
A
102
12%
19
1953 F
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Ha.—
72
100
12%
•
31%
60
""6
59%
101
11
19%
107
20
11
14%
30
*45
102% 106%
3
11
103H
103H
30
21
11%
19
S
63%
105%
20%
44
21
♦Convertible 4 %s
♦Certificates of deposit
19
62
High
23T%
23%
70
"19"
2
Low
19%
2000
23
*-.
37%
62%
100%
♦Certificates of deposit.......
30
"16%
O
1950 M
34
5
9
43
O
♦Rhine-Main-Danube 7s A
2
37 H
50
41H
*10 %
41H
..1952 A
42
49
Prague (Greater City) 7 Ha
1952 MN
♦Prussia (Free State) extl 0%s.l951 M S
f 6s
35 %
37 H
42
33%
26%
"20%
J
1995 J
42
J
4 Ha assented
"~2
12%
33 H
o
1950
4 Ha assented
o
..1968
♦Stabilization loans f7s
45
♦37
J
Bait A Ohio 1st mtge g 4s. July 1948 A
♦lat mtge g 5s
...July 1948 A
♦Certificates of deposit..
9H
10H
1940
3
"62%
Baldwin Loco Works 5s stmpd.1940 MN
9%
A
12
34%
62%
40%
J
70
9H
10
NO.
42%
104%
1953 M S
{ {♦ Auburn Auto conv deb 4% si 939 J
Austin A N W lstgu g 6s
1941 J
19
10 H
♦External sink fund g 8s
s
Atlant'c Refln'ng deb 3s
99% 103%
67%
50
49%
D
♦Poland (Rep of) gold 6s
♦External
97% 103
52%
"67"
High
40%
J
1959 M S
f 6s 2d ser.-1961
4Ha assented.
J
1948 J
1959 J
1947 M S
f 6s 1st ser__1960 J
s
1948 J
"28
Since
33%
Atl A Dan 1st g 4s
Second mortgage 4s
Atl Gulf A W I SS coll tr 5s
19%
Jan. 1
Bid
Low
High
Low
100
103%
Price
Range
Friday's
A
Asked
Sale
Week Ended June 16
57
1963 MN
♦Extl 8 f 6s ser A
No.
19
Range or
Last
N. Y. STOCK EXCHANGE
Since
Jan. 1
16
♦
O
1953 J
f 4 Ha
s
53 H
1958 M N
Oriental Devel juar 6s
Extl deb 5 %s
Oslo
13
Bid
♦Nuremburg (City) extl 6s
BONDS
Range
Range or
N. Y. 8TOCK EXCHANGE
Week's
Friday
Week's
Warm Spring V
1st
s
1941
RR ref g 3s
1949
Q—111 Dlv 3%s...l949
4s
.1949
General 4s
—1958
1st A ref 4 %s series B
1977
1st A ref 5s series A
1971
♦Cblo A Alton
Chic Burl A
Illinois Division
J
J
M
A
104% 111
109%
O
J
J
J
J
M
114" 117%
*109
8
8
8%
100
99%.
103%
"96%
98%
9%
54
100%
83
104%
21
99%
F
A
87
87
88
F
A
92%
92%
94%
53
8%
14%
97% 101
109% 104%
94
100
5
85%
94%
67
90%
99%
New York Bond Record—Continued—Page 3
3658
23
Last
*1
Price
'BONDS
EXCHANGE
N. Y. STOCK
Week Ended June 16
Range
Sale
1982
Chicago A Erie let gold 5a
A
O
MN
<fc
S
♦1st A gen 6s series
B..May 1966
1 1989
1 1989
1 1989
1 1989
{♦Cblc MIlw 8t P A Pac 5s A..1975
♦Conv adj 6s........ Jan 1 2000
{♦Chic A No West gen g 3 %S—1987
4s
♦General
stamped
{♦Secured 6 Mb
1987
1936
...
A
O
N
2
*12
Gold
J
{{♦Dul Sou Shore A Atl g 5s..1937
Duuuesne Light 1st M 3%s—1965 J
10
10
10
"~6
20
Es ft Ry Minn
19
20
5%
5%
11
3
A
52
53
3
45
57
11%
HM
12%
23
11
11%
5
18%
16%
MS
5
4Yi
MN
D
2%
D
4s...—-1951 J
■
D
Chic T H A So'eastern 1st 5s.. 1960 J
lnc gu 5s._
Dec 1 I960 M 8
6
14
5
5%
16
4%
7
5
4
2%
Y29
70
"50%
50 M
,65%
53
3
"49
.1944 A
O
1st mtge 4s "-"-lea D...
.1963 J
J
.1963 J
I
.1951 M S
3 Mb guaranteed
J
Chic A; West Indiana con 4s... .1952 J
*105%
108
108
♦Gen
65
55
63%
105%
91%
91 %
105%
43
conv
4s series D
27
33
54
♦Genessee River 1st
o
f*3d mtge 4%S—
107
107
109%
■
M
wi
1st lien 0s 8tamped
1942
30-year deb 6s series B
105% 109%
100% 106%
1954 J
Tire A Rubber 3%s_1948 A
1943 J
6
64
79
{Florida East Coast lst4%s_._1959
12%
15
109 M
"2
iii^
111%
5
1st mtgp
.
.1971
MNl 110%
.1969 F
A
.1943 J
3%s ser E
110%
110%
J
110%
67
67
*83
"50"
Ref 4 lmpt 4 Mb series E—. .1977
.1990 M N
~68%
8pr 4 Col Dlv 1st g 4s
.1940 M S
*99%
4s— .1940 J
Cleve Elec Ilium 1st M 3%s.., .1965
Cleve 4 Pgh gen gu 4 Mb ser B. .1942
W W Val Dlv 1st g
J
69
108% 111
110% 111%
100% 103
106
...
90
108%
108%
*106%
"4
,
110%
.1950 F
Gen 4%s series A
36
108%
.1977
Coal RJver Ry 1st gu 4s.
.1945
Colo Fuel 4 Iron Co gen s f 5s.. .1943
.1970
48
.1980 MN
34%
Columbia G 4 E deb 6s...May 1952 M N
102%
♦6s Income mtge..
...
Colo 4 South 4 Mb series A
Debenture 6s
Apr
15 1952 A
Debenture 5s
Jan
15 1961
O
J
J
103"
48
90
58
«
70
107% 111%
106% 100%
85
91%
78
75
85
54
68
79%
5
103%
161
103%
19
103
103%
149
33%
94
*113
.109
109%
10
104%
104
104%
19
103
D
105%
101 hi
101%
101 S82
39
105
105332
43
105
1965 A
O
104
104
104332
13
104
D
109%
110
27
107% HI %*
J
»,
114%
109%
.114%
117%
152
114%
117
175
104% 117
89%
89%
110% 112%
*88
Conn Ry 4 L 1st 4 ref 4 %s....1951
Stamped guar 4%s
J.09
108
3
107
105%
50
105% ' 106%
83
106
104%
108%
106.
"107
105
104%
J948
1956
...
3 %8 debentures..
3 Mb debentures
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s.-.1950
deb 3%s
108%
J
22
18
22%
100% 105%
10%
13%
1955
O
*6
11%
1956
J
1900 J
J
*7
10%
55%
55%
1
107%
63
107
105%
107
106
9%
44%
103
12
55%
111
5
105% 109%
110%
109%
110%
7
107% 110%
-...1970 M N
111%
111
111%
35
i960 M N
1st mtge 3 %s
1st mtge 3%s
108%
108%
104%
109
69
107% 111%
103% 109%
100
105%
99%
100
45
108
108%
45
103
103%
9
105%
33%
105%
7
35%
38
Container Corp 1st 6s
1946 J
D
15-year deb 5s..
Continental OH conv 2%b
1943 J
D
"99%
1948 J
D
108%
Crane Co
1951
A
f deb 3 %s
Crown Cork 4 Seal s f 4s^.
Cuba Nor Ry 1st 5%s
F
1950 MN
1942 J
D
33%
Cuba RR 1st 5s g
...1952 J
7 %s series A extended to 1940... J
6s series B extended to 1946..... J
J
37%
D
Dayton Pow 4 Lt 1st 4
O
ref 3 Mb I960 A
Del 4 Hudson 1st 4 ref is
1943 MN
For footnotes see pagp 3661.
;
D
e
57
37%
*40%
34%
108%
56%
104%
37%
42%
4
108%
60
96
100
105% 109%
102% 105%
104% 106%
29%
37
45
125
34%
40%
39
45%
32%
8
....
34%
46%
38%
37
45%
94
'■
87
: 90
94
■
80
67
86
104
107
106%
102
100% 102%
102%
100% 102%"
103
101
101%
102%
100
99
105
65%
10
5%
5%
7%
7%
43
58
59%
58%
,
"35
45
*40
103%
87% 100
102% 105
105
104%
,
101
98
*98%
101%
7
9%
5
2%
2
3%
e3%
3%
3%
1%
3%
100%»102
39
46%
102
102
105
...1945 J
A
conv
sec
1944
38
107% 110%
52%
70%
104%
57%
2
49%
•
60
60
3
48
59
62%
56%
1022532
57
4
45
59%
1021332 102«32
27
104%
22
104
*
""60"
>*66"
61%
12%
13
'
45
157
98
104
104%
1'30
98
105"
84
•84%
7
83
40%
84%
105%
103% 106%
"80%
105%
"73% "80%
*60%
79
J
92%
95
87
.87
94%
1946 J
87%
1967 J
Feb
i—
71%
Feb
94%
■
"5%
81
74%
74
73
78%
94
28
66
81%
53
"II
6%
""4
"79"
19i
78%
85
1
94
14
4
106%
■1
39%
122%
2
74%
77%
12
32
38
33%
34%
39%
122%
O
34%
127
"48%
128%
5:
■
50
'
71
47%
49%
62
13
13%
14
96
111
15
110%
1951 J
103%
55
•7%
103%
73
81
"69
79
85
91
92
96%
105®i8 110
39%
38,
117% 122%
67
77%
25%
39
28%
36%
124
128%
51%
15%
110% 112%
43%
11%
87
91
83%
*88%
*85%
1951 J
5%
103
73
93%
89%
88
60
77%
89%
72
*104
"79""
94
,
39
98%
75
1066ib'
85
*85%
75
S
O
1952 A
Refunding 4s
1955 M N
J
1952 J
Refunding 5s
li
8
87,
5%
100% 107%
88
101%
24
83
85
Collateral trust gold 4s
Purchased lines 3 %s
Collateral trust gold 4s
,
71%
♦Harpen Mining 6s.
Extended 1st gold 3%s.._..1951 A
1st gold 38 sterling.
1951 M
32
82%
*53%
1st ref & Term M 5s stamp#dl9.52 J
Gulf States 8teel s f 4 %s
1901 A
Oulf States Utll 4s series C
1906 A
Illinois Central 1st gold 4s
1st gold 3 %s
-
81%
32
106%
82
ser A. 1957
♦Adjustment Income 5s.Feb 1957 A
Illinois Bell Telp 3%s ser B..1970 A
78
64%
1952 J
s
90%
*46
105%
Hudson Coal 1st
18
37
403%
103%
A
1949 J
J
cons g 4%s
1999
Hoe (R) A Co 1st mtge. J._...1944 A
71%
16
104
103%
104%
D
F
48%
15
*37
J
"43
15
*12%
,.1950 J
102i»«l07%
104.
107%
99% 101%
101%
*
7s..1945
gu 5s...1947
95
57%
104%
deb 6s..1945
123% 123%
102% 105
46
100
J
105% 109%
9
f 6s
14
7%
39
*104
2
8
a
7%
42
80
M N
33
10%
♦Debenture 4s
13
102
j "j
22
10
Consumers Power 3%s_May 1 1965 MN
1st mtge 3%s
.May 1 1965 MN
1st mtge 3 %s
1967 M N
22%
22
21%
18%
14
106%
.106%
{{♦Housatorilc Ry
•
*7
Consolidation Coal
67
MN
109
.58
39
10
38
7%
M N
cons g 5S...1937
f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 MN
F A
Hudson A Manhat 1st 5s
105%
10%
*40
"58%
105% H>8
104% 108
*8
105%
1
13
9%
9%
8
36
J
105%
"9%
Hocking Val 1st
J
♦Debenture 4s
^
.
D
1955
s
109
1951
♦Debenture 4s
11%
11%
D
110%
103% 107
non-conv deb 4s..1954
conv
{♦Consol Ry
1
107%
106
s f 3%s A
1961
Consol Edison (N Y) deb 3%s_1946
3 %s debentures
;
Consol Oil
109"
,107
1951
Conn Rlv Pow
.
98
*111%
M
Greenbrier Ry 1st gu 4s
..1940 MN
Gulf Mob A Nor 1st 5%s B...1950 A O
1st mtge 5s series C
1950 A O
Gulf A Ship Island RR—
105% 117%
114%
.....1958 J
48
40%
Green Bay A West deb ctfs A
♦Debentures ctfs B
108%
110%
3 Mb (lnt waived to and including
May 15. 1939)....,
1958
Conn 4 Passump River 1st 4s..1943
14%
126%
Gen mtge 4 sserles H
Gen mtge 3%s series I.«.
101% 103%
105
..1968 J
owner
1941
General 5%s series B
107% 110%
O
...1981 M S
1st mtge 3%s series I
15
14%
General 5s series C
1973 J
General 4%s series D
...1970 J
General 4 %s series E...
1977 J
General mtge 4s series G
1946 J
109% 113
Conv debs 3%s
40"" "48"
14,
Great Northern 4%s series A..1901 J
103%.
A
1942 J
,
103%
1982
Gt Cons EI Pow (Japan) 7s
1st A gen a f 0%s
92% 103%
Columbus 4 Tol 1st ext 4s
Commercial Credit deb 3%s.__ 1951 A
'6,
30
40%
Grays Point Term 1st
47
92% 103%
100% 114%
Columbus Ry Pow 4 Lt 4s.—1965 M N
65
17%
J
1st mtge4%s
1956
Gotham Silk Hosiery deb 6s w w *40 M 8
Gouv A Oswegatchie lBt 5s....1942 J D
J
Grand R A I ext 1st gu g 4 %8—1941 J
102% 104
48
65%
*113
1955 F
"45"
*125%
f Goodrich (B F)
106% 106%
36
J
K Gen Motors Accept Corp deb 3s. '46 F
15-year 3%s deb
1951
"79% "89%
33
35%
65
102""
15%
{♦Ga A Ala Ry 1st cons 5s Oct 1 *45
{{♦Ga Caro A Nor 1st ext 6s..l934
O
fist mtge g 4s series F
fist mtge 3 %B series H
owner.
107%
77%
49
107%
16%
D
O
Gen Pub Serv deb 5%8_.
1939
Gen Steel Cast 5%s with warr.1949
11
103%
145
106
64%
6%
108
90%
84%
.
106%
92%
105% 109%
14%
♦Sinking fund deb 0%8.__._1940 J D
♦20-year s f deb 0s
.1948 MN
90
Columbus 4 H V 1st ext g 4s._ 1948 A
Tf2%s debentures
;
Commonwealth Edison Co—
{|*Prool of claim tiled by
(Amended) 1st cons 2-4s
♦Good Hope Steel A Ir
34%"
85%
.1952
♦Gen Elec (Germany) 7s
100%
,
83
102%
102%
'
103
107%
*50
deposit...
108
...
19
12%
108% 112%
109" "24
108%
*107%
Francisco Sugar coll trust 6s...1950 MN
*106
.1973
s
»f
--r mTm
82%
89%
89%
84
83%
76%
*105%
103%
108%
108%
85
63%
*105
6 Mb— .1972
f 4 %s series C
1st
1974
105
.1977
25
98% 103
139
Gas A El of Berg Co cons g 5s. .1949 J D
Gen Amer Investors deb 6s A..1952 F A
J
Gen Cable 1st s f 5%s A
1947 J
77
63%
46%
56%
03%
A
Gen 4 ref mtge 4 Mb series B. .1981
Cleve Short Line 1st gu 4 Mb... .1961
1st s f series B guar
A
{{♦Proof of claim filed by
♦Certificates of deposit
63
96
"2
.1948 M N
Series D 3%8 guar
Cleve Union Term gu
ser es
Fonda Johns A GIov 4%s
.1942
Series C 3 Mb guar
1st A ret 5a
♦Certificates
110%
109
77
100%
90
.1942
2
"24
1
89
'
63
90
50%
59%
*
8t L Dlv 1st coll tr g 4s
Series A 4^8 guar
23
67
*
49%
Cln Wabash 4 M Dlv 1st 4s. .1991
Series B 3 Mb guar
"l
75
♦
Fort St U D Co 1st g 4 %s
Cleve Cln Chic 4 St L gen 4s... .1993
.1993
Genera )6s series B
.
110%
110%
*42
108%
S
6s stamped
14%
109%
Clearfield 4 Mah 1st gu 5s
106
*87%
A
D,
M
s f
73%
Cln Un Term 1st gu 3% ser D
106
2
37
.
*145%
J
1942
1st Hen
73
....,*100
105
42
25
13%
13
1956 J
*10
4s... .1942 M N
11
109%
"43%
..1954 F
Ernesto Breda 7s
O
con gu
107%
108%
Federal Light A Traction 1st 5s 1942 M 8
5s Internationa series
1942 M S
{♦Choc Okla A Gulf cons 6s... .1952 MN
.1966 F A
Cincinnati Gas A Elec 8Mb
Cln Leb A Nor Is*
40
14%
14%
{♦Fla Cent A Pennln 5s
•
107%
13%
109
*85
Firestone
D
104
*85
96%
.1967 J
16
MN
97
1st mtge 3%s
105
.1938 M S
•NY A Erie RR ext 1st 4a. .1947
«
86%
.1943 A
23
16%
f 0s. .1957 J
88
Chllds Co deb 5s.
102
104
.1953
4
92
35
101
102
49
*18
O
.1953
92%
.1962 M S
D
110% 112%
*40%
O
.1953
92
1st A ref M 4 %6'serles
92
6
23
112%
112%
65%
2%
104
106%
.108%
109%
109
109
95%
Fairbanks Morse deb 4s-•
1st mtge 3%o series E
A
J
MN
58 of 1927
• .1967
♦Ref A lmpt 5s of 1930.—. .1975 A O
J
J
.1965
♦Erie A Jersey 1st s f 6s
Chicago Union StationGuaranteed 4s
110% 113
J
♦Rel A Imp.
4%
83%
49
~60" "
*63 k
112"
110%
112%
103%
•Conv 4s series A
8
*70
57
32
111%
O
{♦Erie RR 1st cons g 4s prior. .1990
♦
1st consol gen Hen g 4s— .1996
8%
9%
13
89%
10%
5%
32
*31
*50
♦Series B
65
*80
5%
5
109%
*102
9
6
2%
3%
110
.1965
6s stamped
5%
■
5%
4%
2%
11
Erie & Pitts g gu 3%s ser B._ .1940
Series C 3%s
.1940
6%
10%
Nor Dlv 1st 4s. .1948
A
El Paso A B W 1st 68—— .1965
157
1952
12
6%
4%
2%
High
109
108
104% 106%
106% 108%
105% 107%
105% 107%
7%
15%
9%
14%
3%
6%
111%
g 5s
11
5%
25
3%
;
3
5%
D
.1956 MN
J
Ed EI 111 (N Y) 1st cons g 5s_ .1995 J
.1952 F A
Electric Auto Lite conv 4s
MN
.1941
Elgin Jollet A East 1st
12%
8%
8%
88
"16
*3%
E ust T Va A Ga Dlv 1st 5s
11
12
"~3
16%
10%
11
13 %
52
9%
Low
16
3
D
g
Dul MlssabeAIr Range Ry 3%sl962 A
3%
16
16%
8
...June 15 1951 J
3Mb
.
8
1951 J
Memphis Dlv 1st
2
MN
1951 J
9%
10%
16
N
Certificates of deposit
Ch St L A New Orleans 5s
Dow Chemical deb 3s
6%
D
♦Certificates of deposit
1960
12
59
,5%
5%
Detroit Term, A Tunnel 4%s..1961
D
J
O
28%
172
9%
A
3%
2%
19%.
13%
13M
15
3%
J
A
Gen A ret mtge 3%s ser G—1966 M S
♦Detroit A Mac 1st Hod g 5s. ..1995 J D
♦
Second gold 4s
....1995 J D
80
8
10%
3%
J
F
29
14%
16M
14%
106%
29
14%
*4
28%
2
107%
8%
*9%
J
27
14
*11
106%
J
J
{♦Des M A Ft Dodge 4s ctfs... 1935
M 8
{♦Des Plains Val 1st gu 4 %s_—1947
Detroit Fdlson Co4%s ser D..1961 F A
Gen A ret M 4s ser F
1965 A O
112%
Jan. 1
*108%
*105%
19%
12%
14
J
18%
2M
12%
J
18
7%
2
12%
12 M
106
12
2
12
108%
J
23
25
No.
J
J
J
19%
25
12%
6
75
ni
24%
High
108%
106%
J
F
♦Assented (eubj to plan)
♦Ref A lmpt 6s ser B...Apr 1978 A
5%
'3
Since
Asked
MN
{{♦Den A R G 1st cons 7 4s
1936
{♦Consol gold 4%s__
1936
{♦Den A R G Wee* gen 6s.Aug 1955
11%
63%
1U H
6%
AO
♦Conv g 4Mb.
4
Stamped as to Penna tax
Range
or
&
1951 MN
Den Gas A El 1st & ref s f 5s...1951
15
11%
3%
70
D
a—1934
{♦Secured 4%s series A
♦
13
25%
25%
21
9%
9%
11M
8%
24 M
— —
{♦Refunding gold 4s
15%
23
MN
1st ref g 5s—
♦Certificates of deposit
80%
24%
13%
111%
M N
May 1 2037 J
♦1st A ref 4Mb stpd-May 1 2037 j
♦let A ref 4Mb ser C-May 1 2037 J
♦Conv 4Mb series A
1949 M
{{♦Chicago Railways 1st 5s stpd
F
Aug 1938 25% Part paid .. ....
J
{♦Chic R I & Pac Ry gen 4s.. 1988
♦
81%
25
♦Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4%s stpd Fed lnc tax..1987 M N
♦Gen 6s stpd Fed lnc tax....1987 M N
♦4 Mb
12%
5
25%
M N
1st mortgage 4 %s_—
5
*3%
3M
*63%
7%
1st A ref 4%s
22%
1939
17
Friday's
Bid
Low
1971
1969
.1969
Del Power A Light 1st 4 %s
105
12%
67
*20 %
A
97
17%
Sale
~Htgh
Low
86 M
*9
~24~M
F
No.
"84
20 H
12
*8
23
1987 M
*
17%
Range
Last
Price
Week Ended June 16
85
is%
1956 J' J
Chic L 8 A East 1st 4 %s_'_.—1969 J D
♦Gen g 3 Ma series B..May
♦Gen 4%s series C...May
'♦Gen 4%s series E__.May
♦Gen 4%s series F—May
N. Y. STOCK EXCHANGE
1
Jan.
18%
*9%
"se%
Chic Ind A Sou 60-year 4s
{Chic Milwaukee A St Paul—
♦Gen 4s series A—..May 1 1989
BONDS
Since
53
110
16
J
J
Asked
High
*103
16
17
MN
M
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Loulsv ref 08
1947 J J
J
♦Refunding g 6b series B
1947 J
♦Refunding 4a series C
1947 J J
♦ 1st A
gen 6s series A
1966 MN
Range
or
Friday's
Bid
Low
{{♦Chicago & East 111 1st 08—1934
{♦C A E 111 Ry gen 5s
1951
♦Certificate* of deposit
June
Week's
Friday
Week's
Friday
8
54
55
46%
63
54
56%
10
47
62
44
54
44
20
42%
52
44%
60%
1953 M N
"50%
50%
54
12
1955 M N
58%
58%
59
8
52
A
45%
48
86
39
56%
81%
83%
40-year 4%s
Aug 1 1966 F
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s—1951
45%
71
*80
105
*60
90
63
63
65
|C
65
63
Omaha Dlv
*45"
53
46%
St Louis Dlv A Term g 3s
Gold 3 %s
1951
*56%
75%
1951
*60
84%
Springfield Dlv 1st g 3%s...1951
Western Lines 1st g 4s
1951
*60
70
Loulsv Dlv A Term g 3%s..l953
1st gold 3b
1951
*60
60
46%
63"
61
Volume
New York Bond Record—Continued—Page 4
148
BONDS
Week Ended June 16
*1
BONDS
Range
Friday's
<fe
Asked
Sale
Price
Jan. 1
High
No.
52%
88
48
Low
N. Y
Since
Bid
1st A ref 4%s series C
1963
1940
1948
Illinois Steel deb 4Ms
♦Ilseder Steel Corp 6s
48
46 %
A
13
F
J
{♦Ind A Louisville 1st gu 4s
1956 J
Ry 3Ma series B__1986 M S
1948 J
1961 F
{Interboro Rap Tran 1st 5s___1966 J
Inland Steel 3%s series D
A
108 %
J
1947 A
deb 4s
conv
109%
Marlon Steam Shovel
53
mnt-Grt Nor 1st 6s ser A.l— 1952 J
♦Adjustment 6s ser A. .July 1952 A
J
1%
1956 J
♦1st 6s series B
1944 A
86%
Int Merc Marine
1941 A
f 6s
1955 M
Ref s f 6s series A
66
79
89%
81
■
"l2 M
100
1%
4
55
9M
9%
9%
72%
48%
1
10
85%
55%
87 M
57
15
97 M
97 M
99
107
90%
89 M
92
39
Int Rys Cent Amer 1st 5s B... 1972 MN
83
■83%
35
1st lien A ref 6 Ma
j 1947 F
Int Telep A Teleg deb g 4 Ma- 1952 J
1955 F
Debenture 5s
98%
98 M
4
A
Jones A Laughlln Steel 4Mb A.. 1961
M
61%
65%
69%
41
64%
91
56
2%
2%
1
2
*47M
♦Certlflcates of, deposit.
Kan City Sou 1st gold 3s_-„_- 1950 A
Ref A lmpt 5s
Apr 1950 J
O
Kansas City Term 1st 4s
1960 J
J
Kansas Gas A Electric 4 %s_.
1980 J
D
(Rudolph) 1st 6s... 1943 M
J
w
w
♦Ctfs
w
w
1946
Kentucky Central gold 4s
1987 J
70
2C
109
45
105%
104%
105%
28
28 %
1
28%
19
11
81
J
*104%
Koppers Co 4s series A.
1951 M N
102%
102
Kresge Foundation coll tr 4s
1945 J
J
104 M
104%,
104%
3Ms collateral trust notes... 1947 F
A
103 %
103M
104
{♦Kreuger A Toll secured 5s
Uniform ttfs of deposit..... 1959 M S
12
102%
102%
106
1
s
♦5s
Leh Val N Y 1st gu
99
103
♦General
♦4 Ma
cons
51%
37%
17%
32%
1978 J
20
34
100
22
7
4s.
ext at 4
{Mobile A Ohio RR—
♦Montgomery Dlv 1st
13%
46
1
42
51
46 M
1
41
50%
75
25%
21%
58
51 %
52
84%
31%
23%
"24%- "~i
40
46%
"44"" "l8
•
48
'
64%
91
128%
128%
129%
129%
129%
130
16%
~24%
"46"
56
44%
45%
13%
26%
19
17%
22%
29%
29%
20
19%
34
45
65
22
14
21
16
57
1
164
35
112
127
127% 130
107
99%
110%
107
96%
5
49
56%
A
108%
108%
50
104
108%
O
*61
86
*85
*82%
s
1944 A O
128%
1951 F
5s_
128%
128
128
Louisiana A Ark 1st 5s ser A..1969 J
A
J
1966 M S
Louisiana Gas A Elec 3 Ma
Louis A Jeff Bridge Co gu 4s__1945 M
85%
109%
8
84%
109%
98% 103%
102% 106%
1955
100% 108%
96% 101%,
93%
98%
70
72%
67%
67%
27
41
56%
-u.
"75"
44
-
M N
36%
45%
44
12
39
36%,
-
38%
34
36%
110%
45
104%
110%
114
115%
no
110
*116%
.....
MN
„
118
*...4.
72%
42
Nat Acme 4 Ms extended to
1951 J
1946 J
D
•
w
J
43
42
W..1951 MN
1950 MN
-
106%
106%
*105%
1914 coupon on...1957
♦4 %s July 1914 coupon on.. 1957
-
-
-
-
-
-
♦4s April 1914 coupon on
10
80%
104% 100
1977
*M
*%
1
*Vi
87
128%
128
85%
110
127% 129%
122% 128
75%
108
90%
110%
105% 108%
99
101
1940
97
97%
91
99%
89%
90
84%
82%
80
93%
89%
85%
100%
'%
-
-
*%
1%
J
{♦Assent warr A rets No 4 on *26
A
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off...1951 A
J
,,
,
O
-----
O
♦Assent warr A rets No 4 on '51
A
A
O
102%
1
..1954
MN
Newark Consol Gas cons 5s... 1948 J
J
-
1st A ref 48 series D
2003
1st A ref 3Ma series E
2003
Paducah A Mem Dlv 4s
1946
*99%
8t Louis Dlv 2d gold 3s
1980 M 8
*84
Mob A Montg 1st g 4 Ma
1945 M S
J
1952 J
*110
South Ry Joint Monon 4s
72
"72"
65
Atl Knox A Cln Dlv 4s
1955 MN
*106%
107%
104
-
-
-
%
-
102% 102%
40
1,02%
{♦New England RR guar 5s...1945
1'
...1945 J
Tel 5« A..1962 J
*134%
J
122% 124
20
27%
-----
26
*20
74
D
127%
127%
128%
13
MN
128%
128
128%
8
20
27%
124% 128%
123% 128%
107%
"7
106% 109%
♦Consol guar 4s
New England Tel A
J
25
*21
series B.._.
..1961
N J Junction RR guar 1st 4g_.1986 F
A
A
O
107%
J
J
70%
1st g 4 %s
1960
1983
„
_
^
73
73
65
6
55%
55%
55%
3
50
69%
105%
105%
24
102
106%
46
102
106
30
♦Certificates of deposit
106
69
9
58
74%
28
4
23
34%
30
31%
4
24%
30
,
105%
67%
27%
106
{{♦N O Tex A Mex n-c lnc 5s..1935
♦1st 6s series B
-.1954
30
6
30
35
36%
35%
1956 F
D
♦Certificates of deposit.
A
*29%
30
A
F
*28
30
O
A
1956
1954
—
-
---
24%
-
-
24
-
-
37
32%
33
6
24%
39%
33
33
1
23
34%
97% 101
88
82%
110
111%
77
I
3661
73
75
105%
1952
A..1952
1st A ref 5s series B—_____1955
New Orleans Term 1st gu 4s—1953
N O A N E 1st ref A imp 4 % (A
♦1st 6 Ms series A
•
-----
1
naee
65
60
70.
*54
D
24%
87
%
-
105%
22
81
100%
1%
--
-V-
„,
♦1st 4 %s series
1%
%
-
1%
%
%
--r.-
'
§
{♦Naugatuck RR 1st g 4s
*M
102%
'%
*%
*%
O
1965
National Steel 1st mtge 3s
'
%
%
%
*%
86%
80
2003
For footnotes see
46
102
102% 106%
-
*%
1914 coupon off...1977
91%
88
■
-
■/ ♦Assent warr A rc^s No 5 on '77
Nat RR of Mex prior Hen 4 %s—
♦4s April
N J Pow A Light 1st 4 %s
2003
A
72%
29%
102
-
91
106%
107
-
*%
*
%
.
New Orl Great Nor 6s A
86%
-
♦4 %s July 1914 coupon off..1957
♦Assent warr A rets No 4 on '67
68
1st A ref 4Mb series C
Lower Austria Hydro El 6 M8.1944 F
49
100
69
1
13
*102
■
♦4 %s Jan
84
1st A ref 5s series B
80
64
97
99%
72%
A
♦1st 5s series C
82%
110%
,107
24
42
2000
.1955 M N
1978 F
ser
62
Unified gold 4s
♦
-
3
79
*"
A
Nash Chatt A St L 4s
81%
Louisville A Nashville RR—
100%
-
"
75
*
f 5s series D.....1955
75
*108%
100 M
-
....
97
97
*
-----
New Orl Pub Serv 1st 6s ser
Lorlllard (P) Co deb 7s
—
106%
f 4 %s se>1es C...1955
s
Mut Un Tel gtd 68 ext at 5%—1941
61
117%
129%
55%
8
*105%
.....
1955
Morris A Essex 1st gu 3%
Constr M 5s series A
58
54%
S
48
*46
-----
MN
1955
f 5s series B
Gen A ref
22%
107
1949 M
f 5s series A
s
Gen A ref
22%
15%
2
17
1
1949 M
s
Gen A ref
21%
"31
S
15
20%
27
.45
21%
103%
1949 M
69
r,
,
132
52
13
8
99
55 M
21%
20%
101%
52
108%
D
12%
12%
65
-
-
107%
"
108%
1952 J
4s stamped
23%
103%
Lombard Elec 7s series A
1953 F
Lone Star Gas 3 Ms debs
♦Long Dock Co 3Ma ext to... 1950 A
23%
13%
60
117
A
A
.
30
16%
55
'
o
1946 F
_
25
Constr M 4 %s series B
23
'
1951
Loews Inc s f deb 3 Ma
t
109%
39
9
19%
19
Ligget A Myers Tobacco 7s... 1944
Guar ref gold 4s
4
*55
O
Lion Oil Ref conv deb 4%s... ,1952
D
Liquid Carbonic 4s conv debs.. ,1947
Little Miami gen 4s series A... 1962 M N
Long Island unified 4s
3
•18%
18%
*57%
.
69
99%
27%
64
4
18
117
A
_
National Rys of Mexico—
27
O
68%
20%
19
14%
*12%
4%
13
-----
14
14
19%
21%
10
*12%
---
-
2
12%
106%
Nat Gypsum 4%s s f debs
3C
O
48
109
Nat Dairy Prod deb 3%
17%
Lex A East 1st 50-yr 5s gu... ,1965
32
107
49%
17%
O
2%
14%
109
22%
18%
2003 MN
2%
13%
14%
100
22
46
18%
12%
1965
30
16%
"l8%
6
2%
O
1960
1
16
2003 M N
20%
21%
13%
-
*18
•
1
45%
"\6%
17
12%
12%
-
-
-
28%
1st mtge 4 %s
40
42%
46 M
1
-
26%
Gen A ref
*36%
43 M
13%
14%
--
1938 M S
4s. 1991 M S
Mohawk A Malone 1st gu g
22%
•
6%
21%
13%
13%
-----
Nassau Elec gu g 4s stpd
24%
Leh Val Term Ry 1st gu g 5s... 1941 A
5s assented
1941
5s_._
1
3
12%
-
-
Montana Power 1st A ref 3%s.l966
Montreal Tram 1st A ref 5s
1941
20
17
30
20%
62
165
13%
Mountain States TAT 3%s..l968 J D
Mutual Fuel Gas 1st gu g 6s...1947 M N
'
15
3%
14%
MN
5s__1947 F
21%
14%
-
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
'
23%
17%
12%
1977 M S
g
58%
29
7
14
*12%,
3%
3%
8
;
% .July 1938
45%
22
m
♦Certificates of deposit
45
92
8
14%
m"s
1980 A
18
;
19
4
14%
14
14
...1978 MN
34
*25
2003 MN
*
1975
1977
;
55 M
,59,%
89%
6
.
9.
'
1st A ref 5s series F
{♦Mo Pac 3d 7s
104
*23.
2003 MN
♦General cons 6s
A
56%
2003 MN
....
ser
53
23 M
1943
assented
♦5s assented
19%
{♦Secured 5% notes....
*32
,1940
4Ma.
34
♦Ref A lmpt 4 %s.
.
72
11
91%
25
45
76
♦1st A ref 6s series I......^_1981 FA
102% 105%
*35
,2003 MN
1990 j
2%
13
.
21
90
58%
1943 J"j
...
72
19
87%
1974
♦4s assented
71%
22
79%
1974 FA
4Mb assented
j
69
37%
13
57
.1964
♦Lehigh Val (Pa) cons g 4s
68%
j
4
26
69
♦Certificates Of deposit
98
32
30
4%s._.. ,1940
j
9
1%
64%
34%
31
*56%
A
Leh Val, Harbor Term gu 5s...1954 FA
-
2
20%.
18%
89%
*85
1944
j
-
♦1st A ref g 5s series H
67
♦6s stamped.
-
108%
90
extend to
-
104%
84
stamped!..
♦Sec 8% notes
1%
103
63
♦5s stamped
♦1st A ref s f 68......
*1%
1978 j
♦1st A ref 5s series G
88%
87
1964 FA
-
♦Certificates of deposit.......
♦Conv gold 5 %s
1949 MN
.
74%
f 6s
-
34%
♦General
77
88
1954 F
-
6%
6
11
-
A
*66
25M
4
11
2%
1965 F
3% to..l947
..."
8%
20%
6s debentures
f 5s
4%
7
j
{♦Mo Pac 1st A ref 5s
108%
67
stamped....:__....._1954
4%
•
j
89%
86%
,
93% 100
Lehigh Val Coal Co—
♦1st A ref
7
8%
1941
s
4%
J
19%
*64
1997
3
8%
d
40%
1942
♦5s
J
'■5%
18
8%
1962 j
46
"55"
3%
2%
1962 j
55%
88M
8
1%
..1949 m 8
87%
89%
4%
7%
J
Lake Erie A Western RR—
5s stamped.
7%
O
95
12%
12%
.1953
♦1st A ref
J
98
105%
107%
*98
31%
5
3
1%
Prior Hen 4%s series D.
79
D
....
17%
1%
*1
♦Cum adjust 5s ser A....Jan 1967 A
163"" 169""
1941 J
50
32
8%
28%
6
■
1%
f
76%
14%
23
10
73
6
_
9%
42%
^
*1%
♦Certificates of deposit
88
107%.
97
1
^
_
J
♦Certificates of deposit
J
99%
90%
72%
40-year 4s series B
17%
♦
:. 1954 J
1975 Dec
J
Lehigh C A Nav s f 4Ma A....1954 J
J
Cons sink fund 4Mb ser C...1954 J
Lehigh A New Eng RR 4s A—.1965 A O
Lehigh ANY 1st gu g 4s
1945 M S
73%
27
72
169
♦1st mtge Income reg_.
gu
Mo Kan A Tex lBt gold 4s
M-K-T RR pr Hen 6s ser A
36
95
169
2d gold 5s
73%
20
106
*107 M
*85%
Lake Sh A Mich So g 3 Ma
Lautaro Nitrate Co Ltd—
94
19
"98 M. "99"
A
89%
5
94
27
O
Coll tr 6s series B
con
{♦ Mo-Ill RR 1st 5s series A...1959
107% 109%
103% 107
.16%
18
1997 A
6
88
-
94
j
71%
67%
108%
Kinney (G R) 5Ma ext to...
1
'38
♦1st A ref 5 %s series B
90
5s 1937 extended at
g4s Int
56
109
90%
{ {*M St P A SS M
{♦1st cons 5s
♦25-year 5 Ms
79 M
Coll tr 68 series A.
-
%
"30"" ~30"
....
99%
99
*
-
8%
....
33
99
♦1st A ref gold 4s
.1949 m 8
♦Ref A ext 50-yr 5s ser A... 1962 Q F
6
72%
Kings County Elev 1st g 4s... 1949 F
1954 J
Kings Co Lighting 1st 5s..
-----
13
12M
1960
1942
*%
*
102
%
%
*%
24%
65
1961 J
7
11%
*23%
28
*60
95
....
*22
70
*72%.
2
9
*8%
♦Con ext 4 %s
1939 j d
{♦Mil Spar A N W 1st gu 4s. _.1947 m 8
j
{♦Mllw A State Line 1st 3%s..l941 j
{♦Minn A St Louis 5s ctfs
1934 M N
67 M
1961 J
Coll A ref 6 Ma series D
99
99
-----
60
67 M
1961 J
Coll A ref 5 Ma aeries C
110% 111%
1
*42%
35
Plain
{♦Laclede Gas Light ref A ext5sl939
Ref A ext mtge 5s.........1942
39
64%
101% 104%
23
d
36%
Stamped
1st A ref 6Mai
15
111%
1939 j
ext 4 %s
23%
Kentucky A Ind Term 4%s_-_ 1961 J
4Mb unguaranteed
Kings County El L A P 6s
49
104
49
13
79
J
"72"" "87"
111
*11
24%
M~8
Keith (B F) Corp 1st 6s
-
103%
-
j
5
19
-
2
O
~16
stmp (par 1925).. 1943 MN
warr (par $925).. 1943
♦Ctfs with
81
73%
-
-
{♦Mil A No 1st
75%
81
----
14
1940 A
26%
32
90
•
88%
1979 j
27%
28M
95
30%
82%
83%
Ref A lmpt 4 %s series C
{♦Mid of N J 1st ext 5s..
25%
*17
47%
17%
111
1952 mn
26%
stmp (par 5645)„ 1943
50
24%
10
23
103%
-----
1951 M S
Jack Lans A Sag 3%s
1st gold 3%s.__
"26%
67%
26%
18
29
73%
j
7s
s f
.....1938 J
{♦1st cons 5s gu as to lnt_-.1938 J
♦1st A ref 6s series A
1946 J
N
♦Ctfa
.
93 M
*85%
397
44%
39%
46
50%
91 M
49
-
-----
25%
1990 AO
4s
{{♦K C Ft S A M Ry ref g 4a_. 1936 A O
-
A
96%
85%
92 %
-
*8%
O
Michigan Central Detroit A Bay
City Air Line 4s
...1940 j
94%
83%
64 M
S
-
d
60%
61 %
A
1956 j
4
J
D
44%
41%
*63%
j
♦Mlag Mill Mach 1st
20
20
87%
A
Kanawha A Mich 1st gu g
♦Karstadt
82%
76%
8
*88
8
F
72%
51%
33%
34
30%
1977 M S
1977 M S
100
93
A...April 1940 q
♦Mex Internat 1st 4s asstd
♦4s (Sept 1914 coupon)
88% 1C0
53
71%
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
James Frankl A Clear 1st 4a.. 1959 J
99% 103
9
20%
24
2
1%
55%
S
m
ser
67
44%
47%
mn
Metrop Ed 1st 4%s series D...1968
Metrop Wat Sew A D 5%s
1950
{{♦Met West Side El (Chic) 4s.1938
68
9
10
Internat Paper 5s ser A A B... 1947 J
Market St Ry 7s
Mead Corp 1st 6s with warr..1945
43
51
123
9%
1956 J
♦1st g 5s series C
Interna t Hydro El deb 6s
70
68
3
29%
-
O
27
51%
56%
53 M
10M
1947 A
f 6s
52
"2l"
*103
11%
.
33
51%
s
56
188
58
52
"3l"
80
O
1942 MN
Int Agrlc Corp 5s stamped
s
106
High
105% 107
____
.
72%
43
-
-
s f 5s...1953 M 8
Manila RR (South Lines) 4s
1959 mn
j
{♦Man G B A N W 1st 3%s.._1941 j
13
Low
No.
High
107
28
-
Manila Elec RR A Lt
108%
107%
Jan. 1
Since
Asked
72
j"d
104%
97%
8
'52
52%
2013
90
104
&
*106%
-
43
^
m
♦Second 4s
22
*
♦Certificates of deposit
70%
10%
Range
oqcQ
Friday's
Bid
72%
Gen mtge 4%s series A
D
1960 J
Manatl Sugar 4s s f
Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4s..1990 A O
99
66
---
-
D
♦Certificates of deposit
95
12
94
53
"31%
IVIN
A...1945 J
ser
•5
Range or
Sale
Price
Low
deb 5S.1951
s f
Maine Central RR 4s
~94%
*7%
94%
Certificates of deposit...
|M0-year 6a
..1932 AO
mo-year conv 7% notes...1932 M S
iron
1
69
*104
J
60%
56%
40%
103%t 105
32
41%
100%
*55"
Ind Union
Industr'al Rayon 4 Ms
39%
43
7
39%
*
1950 J
Ind 111 A Iowa 1st g 4s
103%
103%
Ind Bloom A West 1st ext 4s_.1940 A
Inter lake
48
Last
af
High
Low
McCrory Stores Corp
1963
S"8
STOCK EXCHANGE
Week Ended June 16
HI Cent and Chic St L A N
Joint 1st ref 5s series A
Week's
Friday
Range or
Last
N. Y. STOCK EXCHANGE
3659
Week's
Friday
New York Bond Record—Continued—Page 5
3660
Week's
Friday
BONDS
Last
N. Y. 8TOCK EXCHANGE
Week Ended June 16
Price
j
1998 F
A
<§3
No.
59%
64
*110—
56
55%
O
73)6
73%
O
47%
47%
O
53
52%
55%
58%
MN
1997 J
J
78
High
109% 110
56%
51
43
56
77%
18
76
32
71
89
74%
Sale
45%
Penn Glass Sand 1st M 4%s—1960 J
O
Pennsylvania RR
122%
3
89%
19
119%
118%
119%
99%
99%
106%
106%
1970 A
O
61M
61%
62
14
59%
58%
F
A
68%
General 4%s series A
1965
1968
4s sterl stpd dollar-May 1 1948
1st guar 6s series
50%
250
39
73
73
73%
8
65
1947
81%
81%
83
7
77%
60%
60
61%
_
N Y Connect 1st gu 4
N Y Dock 1st gold
59
47
1941
3-year 6% notes.
54
47%
1946
extended to...
54
1978
C
4s collateral trust
1st mtge 3%s
1953
%s A
B
4s
—-
50
6
104
107
107%
52%
1
100
107%
6
52%
E—. 1966
53
5
109%
110%
20
109%
111%
37
126%
126%
118%
49
59%
49
Purchase money gold
4s—— 1949
F
D
A
♦N Y A Greenwood
MN
118%
118%
101
101
MN
N Y A Harlem gold
Lake 6s_. 1946
3%B—-2000
N Y Lack A West 4s ser A——1973
4Mb series B
——1973
*12
MN
N Y A Long Branch gen
♦Non-conv debenture
96%
18
80%
80%
83
80
1943 A O
-1947 M S
1940 A
4s.„:
—
.April
1990
54
50
58%
50%
75%
S
<>
70
O
*50%
3%s—1954
A
O
Apr
12
12
1
11
12
40
11%
11%
10%
11%
1927
D
48—1993 A
N Y A Putnam 1st con gu
Pow 3%B 1966
Rys prior lien 6s stamp.—1958
N Y Queens El Lt A
S
45
10%
12
■
6%
10
3%
3
6%
General 4 %s series D
.1981 J
D
1967 J
101»i«
111%
82%
"2%
82%
1946
110
{{♦Norfolk A South lBt g 6s...1941
MN
50
Norf A W Ry 1st cons g 4a.—.1996 O
A
123%
123
105
Gen A ref 4Mb series A
♦Oct 1938 A sub coupons
28
{♦Phlla A Reading C A I ref 58-1973
J
J
11%
3%
11%
3%
1949 M S
J
1937 J
1948 M S
Pitts Coke A Iron conv 4%s
M
S
51
4%
123
7
100
106
109%
10%
4%
14
112%
89%
91
"91"
105%
"
95
90
.*89%
"91"
14
3
14
9
108%
1952 MN
Pirelli Co (Italy) conv 7s
13%
8%
108%
98% 105
A.1952
1940
A
O
*105%
1942
Pitts C C C A St L 4%s A
Series B 4%s guar
94%
A
O
*108%
Series C 4%s guar
1942 M N
*108%
Series D 4s guar.
1945 MN
*108
.1949 F
Series E 3 %s guar gold
1953 J
Series F 4s guar gold
Series G 4s guar
9%
77
Series J
cons
guar
T1960 F
A
1963 F
109%
108% 108%
109
106
106% 106%
*108%
108%
A
......
*107
105
—.
118
108%
105
107%
112
108%
*116%
1964 MN
4%s
107
'
A
D
1957 M N
-
Series H cons guar 4s,
Series I cons 4 %s
5,
104% 105%
116%
112% 118%
118
102% 107%
104
Gen 4%s series C
1977 J
J
98%
98%
7
93
5%
40
108%
106%
106%
12%
.9
8%
45
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4%s ser A.
1943 MN
.1958 J
1st mtge 4 %s series C—
1960 A
O
J
D
*105
A
*110
Pitts Y A Ash 1st 4s
101*i6103%
A——1948
ser
1902 F
1st gen 6s series B
1st gen 5s series C
3
62
82%
70%
90
6
2
5
109
108
"5
94
4
111%
109%
101
°
4
4
1
20
100%105ll»i
9
8%
50
17%
15%
60
1974
,
conv
6s stamped..,
1942
{{♦Postal Teleg A Cable coll 5s_1953
114
114%
3
106
*106%
107.
39
45
50
60
*52%
104
"74
107%
2
,106
106
43%
6
34
41
41
126
5
{♦Providence Sec guar deb 4a__1957 MN
{♦Providence Term 1st 4s—-1956 M S
15%
250
110%
10
73%
{♦Debenture gold 6s
1941 J D
{Deb 6s stamped
1941 J D
Reading Co Jersey Cent coll 4s_1951 A O
J
Gen A ref 4%s series A
1997 J
31
52
14%
109%
14%
Potomac Elec Pow 1st M 3%s_1900
Pressed Steel Car deb 5s
1951
112% 114%
30
106%
51%
35%
"71"
71%
42
Purity Bakeries s f deb 6s.
41
105%
37
36%
107%
104% 106
103% 106%
105% 107%
105%
39
*98%
1950 J
Pub Serv.of Nor 111 3%s
106
36%
68—1942
118% 124
104%
*35
D
1977 J D
1960 M S
1st 4Mb series D
Port God Elec 1st 4%s
1st 5s 1935 extended to
Porto Rico Am Tob
J
12
105
106% 107%
37
51%
—.
39
O
108% 111%
20
*
1959 A
2
3
*107%
D
1st mtge 4 %s series B
13
A
*37
9
107%
104
109% 112%
101% 106%
93%
98%
A
1946
136
111
107 f
A
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons..1945
105
109%
106
F
1974 M S
1974 M 8
North Cent gen A ref 6s
107%
1C4
109%
105.%
F
.1949
1954
3%s—
debenture 4s
106%
104%
S
110%
106%
1959 F
North Amer Co deb 3 Ms
11
107%
D
124
.
108% 114%
104
109%
3
39%
101%
111%
82%
50%
2
105%
6%
Nlag Lock A O Pow 1st 6s A—1955 A O
*109,,
Niagara Share (Mo) deb 5)48.1950 MN
100
100%
fNord Ry ext sink fund 6)48.-1950 A O al03% Ol03%al03"i6
{{♦Norfolk South 1st A ref 58.1961 F A
11% ' U%
♦Certificates of deposit...
10
10
108
6
108%
106%
111
2%
9
114%
108
O
86
83
110%
114%
71
54
106% 115
D
6%
*35
110%
M
-
' 67%
2
115
Phlla Electric 1st A ref 3%B—1967
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
52
61
1975 A
5%
J
5
76
109
J
Phlla Co sec 5s series A
6%
59
1970 J
101%
M N
3%
103% 106%
18
60%
A
1977 J
115% 117%
112% 116%
48
58%
107%
108
1943 MN
—.1974 F
56%
97
90%
Gen mtge 6s series B
*7
1967
1946
54%
97
Gen mtge 6s series A
82
4%s_—1939
j
{{♦N Y Westch A Bost 1st 4%s '46
Niagara Falls Power 3 Mb
1966 M S
3%
7%
6%
D
90%
89%
74%
44%
54
109
110%
*3
D
5%
62
6%
3%s deb. .1952 J
Phi la Bait A Wash 1st g 4s
"27%
8%
10%
17%
45
57%
109% " 109%
107
108%
104%
104%
105%
106
105%
conv
J
1980 M S
1st g 4 %s series C—
Phelps Dodge
79
90%
3
48%
*
J
68 stamped.—.
5
j *63
109%
1951 MN
N Y Trap Rock 1st 6s
"8
3%
J
{{♦N Y Susq A West 1st ref 6s 1937
{♦2d gold 4%S
1937 F A
♦General gold 6s
—1940 F A
♦Terminal 1st gold 6s
.1943 MN
B—
14%
3
4%
*3%
65%
4%
51
5
4
110%
16
5%
6%
J
1963
14%
21%
"
O __2
N Y Steam Corp 3%s—,
10
■13%
6%
O
N Y A Rlchm Gas 1st 6s A
15%
17%
52
103% 107%
,
15%
18
51
D
M N
16
10%
11
*5
{♦Harlem R A Pt Chee 1st 4s 1954 MN
{♦N Y Ont A West ref g 4a—1992 M
♦General 4s
-1955
{♦N Y Providence A Boston 4s 1942 A
9%
13%
15%
10
13%
13%
-1967
8
20%
11
13%
J
10
.
64
♦Conv deb 6s
Tl" "I3"
12
J
,.1948 J
1940 A O
1957 MN
♦Debenture 4s
70
11%
12%
116%
49
*101
94
11%
*10%
117%
116%
J
61
33
117
.
O
A
General 5s series B
70
50
117
v
Peoria A Pekln Un 1st 5%s„.1974 F
General g 4%s series C
50%
J
♦Non-conv debenture 4s_. —1955 J
♦Non-conv debenture 4s._—1956 MN
J
♦Conv debenture 3 Mb
—1956 J
debenture
96
Pere Marquette 1st ser A 5b_—1956 J
1st 4s series B
1956 J
63
60
1941 M
♦Collateral trust 6s
17%
*58
4s
♦Conv debenture 6s.—
12
*40
A
ser
96
gold 5s
48%
MN
{ {♦N Y A N E (Bost Term) 4S.1939
{♦N Y N H A H n-c deb 4s
1947 M S
♦Non-conv debenture 3%s—1947 M S
3%s
1984
1952
99 % 102
101%
54%
'42 MN
J
6s 1943 J
—
♦N Y L E A W Dock A Imp
123% 126%
110% 118%
17
54%
♦N Y L E A W Coal A RR 6 Mb
Ref mtge
19
_
N Y Gas El Lt H A Pow g 5s.. 1948 J
N Y Telep 1st A gen sf
38
Peoria A Eastern 1st cods 4s
♦Income
90%
115% 119%
95% 100
42
85%
96%
Peop Gas L A C 1st cons 6s.
58
107% 110%
107% 112%
N Y A Erie—Bee Erie RR
N Y
106%
84
95%
113%
84%
8
96
3%s
Refunding
'10
109% 112%
117
84
Gen mtge 4%s series E—
deb
100
1970
General 4%s series D
Conv
88
,.1981
Debenture g 4%s
71%
59%
83%
86%
72%
106
52
116"
1965
1st lien A ref 3%s ser
143
47%
107%
52
1947
Conv 6% notes
N Y Edison 3%s ser D
48
105%
1963
1951
2
♦1st A ref 4 Mb ser of
1960
General 5s series B
1974
series A
Ref 4 %s series
*20
113%
87%
Gen mtge 3%s series C
Consol sinking fund 4%s
Ref 6
93
95%
104% 100%
107% 109%
69
112%
62%
N Y Chic A St Louis—
93
100%
105% 107%
99%
93%
109
112%
45%
„
105"
*108%
High
Low
"99%
112%
73%
98
70
98%
104%
104%
112%
6
50%,
60%
44
MN
76%
47%
79
No.
1948 MN
73%
84%
85%
Consol gold 4s
73%
47%
-
Ref A lmpt 4 %s ser
High
100%
Jan. 1
*106%
1943 MN
4s
cons g
1942
Hs
Debenture 4s.-
a>&a
J
O
2013
A
Lake Shore coll gold 3%s— 1998
1998
Mlch Cent coll gold 3%s
N Y Cent A Hud River 3
Asked
99%
99%
D
Pa Ohio A Det 1st A ref 4 %s A.1977 A
4 %s series B
1981 J
Pennsylvania PAL 1st 4%s—1981 A
Since
A
Bid
Low
Penn-Dlxle Cement 1st 6s A—1941 M S
Range
Range or
Friday's
Last
Price
Week Ended June 16
Low
138
60
1962
Conv secured 3%s
N. Y. STOCK EXCHANGE
Jan. 1
73%
82%
62%
69%
61
2013 A
4 %s series A
series C
Ref A lmpt 6s
BONDS
Since
Asked
High
A
2013 A
10-year 3%s sec s f
Ref & lmpt
1945 J
.1946 A
4 %s.
N Y Cent RR 4s series A
Range
Friday's
Bid
Loud
Newport A C Bdge gen gu
II
Range or
Sale
June 17, 1939
Week's
Friday
73%
2
*2
75%
107%
44%
58%
35
42
16%
10%
108% !!«.»%
88
72
2
3%
4
40
*42%
49%
1968 A O
1948 J
J
(65% pd)_— J
D
_
102
103%
61
103
62%
25
95% 103%
2
'54" "61%
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
55%
Gen A ref 4%s series B
.1997 J
61
*62
56%
70%
J
70%
55
79
65
56%
72%
-70%
11
4
80
68
69%
80
Ctfs of deposit stamped
♦Apr *33 to Oct '34 coups. 1945
♦Apr'33 to Apr'38 coups.. 1945
Ref A lmpt 5s series C
Ref A lmpt 5s series D._.
66
65%
70
41
41
43%
47
41
43%
43%
45%
16
41
85
53%
60%
•
105
65%
J
56
55%
59
247
50%
74%
J
46%
46
49%
55
42%
65
J
Northern States Power 3)4s_—1957 F
Northwestern Teleg 4Mb ext..1944 J
46%
46%
49%
54
A
109%
110%
22
109
J
Saratoga 6s gu
1941 MN
Republic Steel Corp 4 %s ser B.1961 F A
42%
04
107
110%
J
Revere Cop A Br 1st mtge 4 %s_1956 J
J
s f 7s
..1946 J
J
♦Rhine-Ruhr Water Service 6s. 1953 J
♦Rhine-Westphalia El Pr 7s
1950 M N
J
1st mtge
6%
7%
8%
45
4
8%
105
108%
"44
106
1952 MN
109
13
106
109%
.1972 J
J
"l"08%
108%
108%
56
101% 109
D
1Q8%
108%
109%
39
107
105
105%
7
all2% ali2%
2
1..
i,
D
Ontario Power N F 1st g 5s
.1943 F A
Ontario Transmission 1st 5s_—.1945 MN
Oregon RR A Nav
all2%
*114
112% 115%
107% 111
*118%
118%
113% 117%
116% 118%
106%
107%
46
74%
75%
5
D
J
*116%
J
Ore-Wasb RR A Nav 4s
.1961
J
J
Otis Steel 1st mtge A 4Mb
.1962
J
J
Pacific Coast Co 1st g 6s
110%
106%
75
.1946
57%
112
1st A ref mtge 3%s ser H....1961
1st A ref mtge 3 Mb ser I
.1966
111
{♦Pac RR of Mo 1st ext g 4s...1938
s
Paramount
Parmelee Trans deb 6s
Pat A Passaic G A E
110%
109%
8
75
111
111
112%
"103%
M
M
A
103%
102
8
87%
101%
87%
8
100%
100%
55
8
~14
l04_
1942 M
8
Guar 3 Mb trust ctfs D
Guar 4s ser E trust ctfs
1944 J
28 year 4s
1963 F
1952
103% 107%
64%
81%
53
60
111% 113%
109
67
83
72
65%
107% 112
18
108% 112%
101% 101%
103% 105%
50
54
5
102
10
87%
18
82%
100%
13
98% 102%
55
11
99% 102
45
89
68
45
61
A
*103
103%
101% 103
D
*103
104%
101% 103%
MN
A
For footnotes
see
nogp
3661.
8
59
100%
99%
100%
34
"20%
20%
20%
"l
27%
27%
27%
10
24
24
25
*24%
85%
94%
102% 107%
85%
94%
101 %
51
95
37
50
1953 F A
1955 AO
4s
s f conv
debentures.—
1952
M
25
S
105%
J
18%
22
21%
27%
21
28
26%
23%
28
25
23%
27%
4
*103%
A
*9%
D
{♦Rio Grande June 1st gu 6s_. 1939
{♦Rio Grande West 1st gold 4s. 1939
J
1949 A
*43
31
31
106%
13
■
100% 107%
103% 105%
10%
13%
16%
'43
—
46
32%
31
44
15%
20
O
16%
16%
Roch G A E 4 %s series D
Gen mtge 5s series E
1977 M S
*123%
——
Gen mtge 3%s series H
Gen mtge 3 %s series I
1967 MS
♦1st
con
A coll trust 4s A
1962 M S
*109
{{♦R I Ark A Louis 1st 4%s_. 1934 M S
♦Ruhr Chemical
s
1948 A
f 6s
9%
O
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4%s_. .1941 J
J
D
Saguenay Pow Ltd 1st M 4%s.l966 A
St Jos A Grand Island 1st 4s.
1947 J
8
9%
26
30
"8"
J
1947 J
*
J
J
♦Stamped
io4^Jii%
104"i6l0,4"j2
1967 M S
Safeway Stores
s
f deb 4s_.
13%
26
-
'
8%
8%
4
*6
5%
8%
8
8
8%
8%
4%
8%
1996 J
St Lawr A Adlr 1st g 5s
2d gold 6s.
1966 A
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 4s
of
106%
107
104% 107
O
106%
106%
J
*107%
105% 107%
106% 107%
106%
J
*60
*
O
MN
85
84%
58
9
52
65%
59
1
51%
64
14%
deposit
60
59
1933
103%
103%
1
104%
104%
99% 103%
98% 104
103%
104%
104%
2
104
47
98% 104%
{♦St L Peor A N W 1st gu 5s—.1948
8t L Rocky Mt A P 5s sptd
1955
{♦St L-San Fran
pr Hen
56
15
27
56
56
1
12%
52%
62%
29
7%
8
♦Certificates of deposit
♦Con M 4%s series A
7%
26
7%
13%
8%
8%
9
7
7%
14%
8%
8%
2
8%
9%
31
7%
7%
8%
1950 J
1978
J
M~S
9
46
7%
42
"8%
♦Ctfs of deposit stamped
{St L SW 1st 4s bond ctfs
14
"7%
♦Certificates of deposit
♦Prior Hen 5s series B
17%
9%
8%
4s A..1950
1989 MN
J
"58%
♦2d 4s inc bond ctfs...Nov 1989 J
{♦1st terminal A unifying 58.1952 J
J
♦Gen A ref g 5s series A
-
"40
9,4%
57%
123% 125%
*45%
D
93
106%
112%
105% 110%
"34
*126
Penn Co gu 3 Mb coll tr ser B.. 1941 F
Guar 3 Mb trust ctfs C
1942 J
104%
.
«
Rlchm Term Ry 1st gen 5s.—I 1952
♦Rlma Steel 1st b f 7s
1955
♦Certificates
54
M
5s... 1949
♦Paullsta Ry 1st 8 f 7s
21
75
O
1944
cons
75
111
37
*102
8
Pictures deb 6s... 1955 J
1947
3Mb conv debentures
TParis-Orleans RR ext 6)4s... 1968
45
110%
1955 F
f g 3s loan ctfs
10
112%
111%
*70%
Panhandle Eastern Pipe L 4s.. 1952 M
Paramount Broadway Corp—
1st M
57%
111%
108%
Pacific Gas A El 4s series G....1964
.1938
{♦2d ext gold 5s
Pacific Tel A Tel 3%s ser B...1966
Ref mtge 3Mb series C
.1966
Paducah A 111 1st s f g 4%s.—..1955
110
103% 105%
112% 113%
110%
-
4s....1946 J
Ore Short Line 1st cons g 6s....1946 J
Guar stpd cons 6s
.1940 J
con g
*0008 mtge 6s of 1930.
Richfield Oil Corp-—
,
Oklahoma Gas A Elec 3%s.— .1906 J
4s debentures
.1946 J
3MB
99
109
108%
7%
*108
"id7%
1
107
107%
14%
♦6
8%
92
93%
106%
93%
♦Rhelnelbe Union
♦Direct mtge 6s
69
-
,106%
100
J
♦Stamped
103%- 104
"~92%
Purch money 1st M conv 6 %s '54 M N
Gen mtge 4%s series C
.1956 MN
♦Cons mtge 6s of 1928
gu g
4s_—1948 J
J
{♦Og A L Cham 1st
Ohio Connecting Ry 1st 4s.— .1943 M S
Ohio Edison 1st mtge 4s
.1965 M N
1st mtge 4s
.1967 M S
104
Rensselaer A
J
F
J
2047
2047
2047
2047
Ref A lmpt 6s series B
40
*35
North Pacific prior lien 4s
.1997 Q
Gen Hen ry A Id g 3s Jan——2047 Q
Ref A lmpt 4)4s series A
Remington Rand deb 4%s w w.1956 M S
*49%
J
1990 J
16%
58
59
27%
16%
27%
*9%
10%
17
54%
14
14
13%
65
2
26
35%
14
16
23%
8%
15%
Volume
New York Bond Record—concluded—Page 6
148
bonds
N.
Y.
STOCK
g"8
Last
Nd.
Price
EXCHANGE
Week Ended June 16
Low
J
No.
Since
5%
5%
3%
1966 m S
{{♦Wabash RR 1st gold 5s
{♦2d gold 5a
1939
9
St Paul Ud Dep 5a guar
1940 J
1972 j
fPaclflc ext gu 4a (large)
j
98
J
116 H
5
98%
114% 118
8 A A Ar Pass lat gu g 4a
1943 j
J
50
1963 a
o
107
107
San Diego CodboI G A E 4a
1965 win
111
111%
11
109%
109%
1
111
Santa Fe Prea A Phen 1st 5a...1942 m s
...1946 J
j
J
{♦Schulco Co guar 0%s
♦Stamped
j
o
A
o
♦Stamped.
30
9%
9%
2
2
4
4%
4%
3
*3
♦Certificates of deposit
5H
1935 F
♦Series B certificates
Shell Union Oil deb 3148
Simmons Co deb 4a
1952 A
1951 J
58
72%
23%
*65
o
99
105%
7
107
53
109
110
32
104%
104%
104%
15
Southern Kraft Corp 4%s
Southern Natural Gas—
1946 J
91%
91%
93%
1st mtge pipe line 4 Ha-
1951 A
lat A ref 5%s aeries A
1977 J
j
West N Y A Pa gen gold 4a
1943 a
o
8
100%
♦58 assented
.
106% 110
108% 110%
104%
100
52
90%
95
15
101
78
40
58%
157
40%
61%
39
57%
228
37%
230
37%
57%
57%
51
68
78
105
RR 1st consol 4s
61%
65
52
55%
"73
77
1st A ref 3s aeries C
216
44
78
57
74%
90
58
...
1955 J
♦JSpokane iDternat 1st g 6s.
Staley (A E) Mfg lat M 4a
Standard Oil N J deb 3s
1950
Tenn Coal Iron A RR gen 5a... 1951 j
Tenn Cop A Chem deb 6s B,.. 1944 Wl
106%
56
103
83%
45
fis
105%
106
6
105
'
103" ""I
100
100
100%
14
79
Corp deb 3Ha
...
3s debentures._.a
....
1951
105%
190
104%
104%
103%
104%
,1959
104'
*
Texas A N O con gold 5s...... 1943
195
118%
"~2
83'
83%
17
83
84%
8
Gen A ref 6s series D._
1980
83%
5
79%
3
102
102
102
1960 j
4s.
Jan 1960 a
♦Adj Income 6a
{{♦Third Ave RR 1st g 6s..... 1937 J
Tide Water Asao Oil 3 Ha
1952 j
Tokyo Elec Light Cp'Ltd—
1st 6s dollar series
1953 j
J
43%
44%
16
37%
o
9%
9%
40
7%
87%
J
D
96%
96
J
3
•
1st Ilea A ref 4s...:
1952
Cash
1st lien A ref 6s
107%
during current week,
~3o"
99%
1934 J
{{♦United Rye St L l8t g 4s...
1948
U 8 Steel Corp 3Ha debs
j
99
99%
108%
108%
73
73
76%
76%
*109
"29%
29%
105%
105%
,20
115
70
110
17
111%
<
106%
110
13
4
100%
111
104%
110
94
.
.
%.
'
week.
.
,
■
New
the
.
and not included In
_
York Stock Exchange,
74
United
Total
Municipal &
For'n Bonds
States
Bond
Bonds
78%
83%
40
-
105%
—
"23
>'
62
104
30%
106
--
—
—
583,610
50
99%
100%
100%
100%
69%
69
69%
100%
93% 101
66
69%
1959
69%
69%
69%
65%
Vanadium Corp of Am conv 5s-1941
100%
§2,572,000
„
5,010,000
362,000
4,640,000
161,000
'
4,379,000
106,000
5,626,000
648,000
602,000
608,000
302,000
4,909,000
§1,794,000
$27,1^6,000
§3,700,000
Jan5
"
1 to June 16
Industrial
103%
%
$25,495,000
$779,990,000
$785,937,000
111
35
27%
are
the
Bond9
Stocks
10
80
72
72
1958 a
55%
54
30
Dale
35
20031 j
598,475,000
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
%
107%
20
63
3
$43,800,000
120,292,000
615,898,000
$73,172,000
114,290,000
19,847,000
1%
%
%
$2,430,000
3,218,000
stocks and bonds
106% 109
%
98,312,903
Stock and Bond Averages
106% 108%
2
103,240,745
$27,136,000
Total
'
1,795,430
$1,794,000
3,700,000
21,642,000
State and foreign
as
96
101%
1938
1939
1938
1939
2,593,820
Government
93
109%
110
Sales
$261,000
'
Week Ended June 16
Exchange
50
100%
109
399,270
New York Stock
Railroad and
1947
*
§21,642,000
531,870
.
1944
100%
2,593,820
424,200
■
$463,000
672,000
613,000
696,000
,
Bonds
110%
24%
{{♦Util Pow A Light 5 Hs
{♦Debenture 5s
*108%
§1,848,000
3,976,000
3,866,000
.3,577,000
4,376,000
3,999,000
Stocks—No. ofshares.
81
69
109
110
30%
Bonds
109%
70
Utah Power A Light 1st 5s
109
State,
Af is cell.
254,930
90
.
during the current week
;
at
Sales at'
,100%
100%
4
108%
93
107
50%
....
-
.
Railroad &
Friday
Total.
5
83%
...
.
Number of
Shares
-.
Thursday---
99
100
35%
1st cons 6s
*
No sales transacted durlrig current
399,940
Saturday
110%
116%
88%
Va A Southwest 1st gu 5s
'
<
,
*
•
Wednesday
.
106% 109%
111% 115
37
1957
27 at 105.
•
114% 116%
114%
108%
'
40
f 4s series B
r
,
Weed Ended
June 16. 1939
Tuesday
87%
s
which have
'
v
Stocks,
,
;
87%
Cons
Stock Exchange bond issues
101.
1946, Aug. 1 at 102%.
Bonds selling flat.
Transactions
85
36
♦Sink fund deb 6 Ha ser A... 1947
{♦Vera Cruz A P 1st gu 4Hs
1934
{♦July coupon off
Va Elec A Pow 3 ha ser B
1968
Va Iron Coal A Coke lat g 5... 1949
103% 107%
110
Included In the yearly
current week and not
-
Friday's bid and asked price.
No sales.
United Stockyards 4Ha w w.. 1951
Utah Lt A Trac 1st A ref 5s... 1944
1955
57
106%
105%
105%
9%
5
,
the yearly range:
26
71%
-9%
26
♦Un Steel Works Corp 6 Hs A.. 1951
1951
♦Sec b f 6 Hs series C
Vandalla cons g 4s aeries A
100
•103
103
•
Deferred delivery sales transacted
60%
25'
20
11.
111%
99%
57
107% 110%
*9
n
t
123% 125%
104% 109 *
20
23%
108
114%
108%
111%
105
100%
Cash sale; only transaction during current
"97% 156"
'76
107%
o
35-year 3 Ha debenture
9
22
{ Companies reported as being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
98
108"
?10%
114%
108%
1971 M n
United Biscuit of Am deb 5s... 1950 A O
United Clgar-Whelan Sta 5a... 1952 A o
1953 Wl s
United Drug Co (Del) 6a..
1944 wl 8
U N J RR A Canal gen 4a
1970 A
34-year 3H8 deb
109
p
•
107%
"97%
,b
114%
9%
5%
109
108%
j
the
during
11%
7
90%
74
108%
D
m N
...1901
sales transacted
113
110
-4
-
108%
109
s
m.
100
o
M
1948
48-.-..—
f 4a aer C
«
65%
*22%
109
97%
7
•
46%
13%
54%
114%
June 2008 M S
.June 2008 M S
88%
5%
110%
Monday-------
3 Ha debentures
100% 104%
10
4%
..
53
*106%
Union Pac RR lat A Id gr 4a... 1947
13
92%
reorganized under
89
85
J
1953 j
♦Tyrol Hydro-Eleo Pow 7%S— 1955 win
♦Guar sec a f 7a
1952 f a
Union Oil of Calif 6s series A... 1942
104%
*5
1945, Aug. 2 at 103.
Home Owners' 2%s 1949, Aug. 1 at 100.
Nord Rys 6%s 1950. Oct 1 at 102.
Paris Orleans 5%s 1968, Sept. 1 at 100.
Socony-Vacuum Oil 3 %s 1950, July 21 at 102
Warner Bros. PIct 6s 1939, June 29 at 100.
4
97%
j
101% 101%
6
10%
—
6%
*106%
{{♦ Union Elev Ry (Chic) 6a... 1945
3
3%s series H 1965, June, 27 at 104.
4
*125%
Union Electric (Mo) 3%s_—— 1962 J
97
90%
9%
„
4%
Commonwealth Edison 4s 1981, June
69
D
74
109% 113*%
9%
104%
.5%
Commercial Credit 2%s 1942, July 6 at
61
1949 wl 8
1945 Wl S
35
*101%
f The following Is a list of the New York
89
1946 j
UJlgawa Elec Power a f 7a
4
95%
95
95%
'
been called in their entirety:
55%
.
Tjreibton G A El 1st
Trl-Cont Corp 6s conv deb A.
113%
113%
113%
104%
exchange rate of $4.8484..
89
61
Toronto Ham A Buff lat g 4s.
g 6s._
104% 104*4
14 at 4%.
week, a Deferred delivery saie; only
Odd lot sale, not Included In year's range
1 Ex-interest.
( Negotiability Impaired by maturity,
t The price represented is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
63%
53 %
Tol A Ohio CeDt ref A Imp 3 Ha 1960 j D
1950 a o
Tol St Louis A West 1st 4a
Tol W V A Ohio 4a series C... 1942 M S
52%
4
*105
Goodrich (B F) 6s
105
11
107
106%
59
42%
j
♦
Third Ave Ry lat ref
45
,1
General Motors Accept. 3s
96% 102
83%
42
2
r
113% 118%
78%
89
78%
89
118""
1977
1979
83%
51%
47
11
108%
2000
Tex Pac Mo Pac Ter 6Ha A... 1964 M S
22%
50%
45%
45%
5%
103% 104%
Geri A ref 6s series C
gold 5a
17%
7%
84%
Gen A ref 6s series B
Texas A Pacific 1st
11
5%
95
104
88
22%
7%
115%
87%
87%
68
67%
22%
66%
5%
109
20
Texarkana a Ft S gu 5Ha A... 1950
57
Fonda Johnstown & Glov. ctfs., June
86
103
114%
109
37
*5%
transaction
105%
113%
114%
108%
57%
64%
j
101*1! 102%
*101
1953
23
62%
range:
101% 103%
94% 101
136
1944
Gen refund s f g 4a
63%
63
92%
1st mtge a
107%
128%
125
*128%
103
9
63%
65
*110%
e
18%
105%
S
46
62%
j
Cony deb
103% 106%
4 Ha... 1939
Term Assn of St L lat g
l'i%
66
81
15%
61
95
o
{♦Wor A Conn East lat 4%s__1943 j
Youngstown Sheet A Tube—
104% 105%
105%
j
1947
Tenn Elec Pow 1st 6s aer A
16
106
>
14%
9%
a
1947
Wisconsin Elec Power 3%s
1908 A
Wisconsin Public Service 4s_—1961 j
60%
112%
110
104% 109
105% 109%
105%
mn
14%
23%
23%
61
14%
13%
55%
89%
1960 J
74
105%
1953
2%s
106
"106%
Studebaker Corp conv deb 6s.. 1945
Swift A Co lat M 3%s
16
*14%
1961
14
108%
105%
j
1946
111%
107%
107%
25
{♦8up A Dul dlv A term lat 4a '36 ivi N
♦Certificates of deposit.
80
72
110%
1968
16%
D
6s. 1942 j
gu
Conv deb 3%s
80%
75
So'western Gas A El 4a aer D.. 1960 M n
1st cons gold 5s
56%
72
"~2
14%
A
♦Certificates of deposit
72%
68
107%
80
76%
{♦Wis Cent 60-yr 1st gen 4s.—1949 j
68%
68
104%
d
Wilson A Co 1st M 4a aeries A.1955 J
91%
61%
76%
*65
8
1940 M n
Winston-Salem 8 B lat 4a
52%
So'weatern Bell Tel 3 Ha aer B_. 1964
Texas
{{♦Wllkes-Barre A East
1955
1951
82%
107%
14%
1949 M s
White Sew Mach deb 6s
72%
1996
1951 J
Wheeling Steel 4%s series A...I960 f
93
...
10
107%
Wheeling A L E Ry 4a ser D...1966 M s
82
St Louis Dlv 1st g 4s
89%
107%
84
(
21
Mem Dlv lat g 5s
107
28
Teleg g 4%a..l950 ivi N
25-year gold 5s
108
84
72%
105
84%
30-year 6s
..I960 ivi S
J
♦Westphalia Un El Power 6a..1953 j
West Shore lat 4s guar
J
...2361 j
J
Registered
2361 j
84
53
110% 112%
5
84
S
Western Union
58
1956
...1946 ivi
102««107%!.'.
117%'
55%
1956
6
107
"
o
ivi
{♦Western Pac 1st 5a aer A...1946
52%
,1956
8
111%
89%
82
40%
Devel A gen 6 Ha
120%
111%
-
Western Maryland let 4a.....1952 A
40%
Devel A gen 6s
105% 109%
119% 122
120%
120%
J
d
75%
23%
52%
Devel A gen 4a series A
123% 128
----
109
107
S
1952 J
109
107
1007i» 101%
West Penn Power lBt 5a ser E.1963 ivi
1966 j
67
106% 108%
*109%
5
4b
"83%
40
67
109
*108
*108%
47%
83
47
67
*127%
West Va Pulp A Paper 4%s
90%
35
40
1
41
1994
6
80
74
88
39%
*30
*
d
1946 J
J
...1950 a O
1st 4s stamped
43%
8
a
d
...1981 M n
Southern Ry 1st cons g 6s
9
88%
1939 J
10-year secured 3 %s
61%
88%
80
Westchester Ltg 5s atpd gtd___1950 J
Gen mtge 3 %a
1967 J
Gold 4Ha
4a..-_. 1955
89% 101%
88%
63
5
105
45%
41%
33
42%
s
1941 m
Waah Water Power a f 5a
17
lOO^lfi
63
*70
Washington Cent 1st gold 4a._1948 Q m
Wash Term 1st gu 3%a...
1945 f A
1st 40-year guar 4a
1945 f A
45%
44%
44
San Fran Term lat 4a
—1948 M
10%
106
1947 J
42%
100S32
o
Warren RR lat ref gu g 3%S—2000 F
6%
4
6%
13
104% 107%
56
66%
o
1939 M s
{♦Warren Bros Co deb 6s
4
91
"II
106%
43%
44%
12%
105%
102% 105
106%
104%
13
5
d
115
109%
105
6
18
7
20
"35
109%
"44%.
14
11
6%
6%
6%
11
8
*118
J
6%
•6%
6%
6a debentures...
8
58
"23
103
17%
43
6%
-
6
'
Southern Colo Power 6a A
1st 4Hs (Oregon Lines) A...1977 M S
Gold 4 Ha
....1968 M 8
Gold 4 Ha
1969 MN
17%
1
104%
102253i
11
-
7
O
1955 a
28
52%
17%
40%
—
6%
1980 a
6s debentures
28%
13
«
a
\ Warner Bros PIct deb 6s
102% 106
55
62
3
-
*42
59
100
*104
102%
South A North Ala RR gu 5s.. 1963 A O
South Bell Tel A Tel 3%s
1962 A O
Southern Calif Gas 4Hs
1961 Wl S
1st mtge A ref 4a
1965 F a
So Pac coll 4s (Cent Pac coll)..1949
18
-
-
S
2%
47
74
99
J
1950 A
*11%
S
ivi
2%
4%
103%
58%
72%
23%
a
Skelly Oil deb 4s
o
1941 ivi
1st mtge 3%s aeries 1
102%
a
O
If Socony-Vacuum Oil 3 Ha
8%
.12
„*2%
A
5
26
*44
3%
102%
14
5%
16
2%
Shlnyetsu El Pow 1st 6 Ha
1952 J
d
♦Siemens A Halake deb 6 Ha.—1951 M S
♦SUeala Elec Corp 6%8—
1948 F
Slleslan-Am Corp coll tr 7a.... 1941 F
"75
5%
5%
*13
a
1951 M 8
6%
*12%
15
24%
-
o
19%
2%
J
109%
49%
48
-
—
-
1976 F
32%
.3%
j
25
m.
35
4
17%
m
Walker (Hiram) GAW deb 4%s 1945 J
Walworth Co 1st M 4a
1955 a
31
2
3%
6
1945 ms
•
*49%
♦Ref A gen 5s series D
10 %
5
*16
j
High
105 %
14
♦Ref A gen 4%a series C—..1978 a
116% 119%
9%
17
J
♦Ref A gen 5a series B
20
26
3
A
Low
31
40%
1941 J
♦Toledo A Chic Dlv g 4s
20
25
3
30
122
*9
{{♦Atl A Blrm 1st gu 4a.
1933 ms
{♦Seaboard All Fla 6s A ctls.__1935 F a
So Pac RR lat ref guar
No.
109
40
1954 j
{♦Wabash Ry ref A gen 5 %s A.1975
110%
15
"_3
30
l
*119%
♦Certificates of deposit
68 series A
109
15%
20
30-v
1989 m n
{{♦Seaboard Air Line let g 48—1950 a o
{♦Gold 48 stamped
.1950 a o
♦Adjustment 5a.
Oct 1949 F a
{♦Refunding 4a
.1959 A o
,
40
1939 f
{♦DesMolnea D1y 1st g 4a_.1939
♦Omaha Dlv lat g 3%s
1941
49%
68%
105% 107%
110
112%
2
28
20
1946 a
♦Guar s f 0 %s series B
28
61%
*20
Scioto V A N E lat gu 4a
v
108
ivi N
Since
♦Det A Chic Ext lat 5s
98%
96
10
117
116%
San Antonio Pub Serv 4s
cons
Jan. 1
High
dk
♦lat lien g term 4a
St Paul midd A Man—
♦lat
Range
cq&a
1Friday's
Bid
Low
Virginian Ry 3%a series A
6%
3%
•5
Asked
Range or
Sale
Price
Nft,
87%
87
a
Last
0
£ fe
Week Ended June 16
High
Low
5
*4
k
N. Y. STOCK EXCHANGE
Jan. 1
D
*♦81 Paul E Gr Trk let 4 %s—1947 J
{♦St Paul AKCShL gu 4%s„1941 f
Is
§ I§
Hioh
&
bonds
Range
Asked
Friday's
Bid
Week's
Friday
•»
Range or
Sale
St Paul A Duluth 1st con g 4a..1968 j
3661
Week's
Friday
Indus
Rail¬
trials
roads
10
Total
15
Total
10
First
Second
10
UtUi-
65
Indus¬
Grade
Grade
Utili¬
40
Rails
Rails
ties
Bonds
tteS
Slocks
trials
26.98
23.35
44.97
107.37
92.92
108.57
89.16
134.67
47.76
June 16.
27.15
23.45
44.99
107.31
93.09
108.60
89.29
134.41
48.16
June 15-
27.73
23.77
45.96
93.35
48.71
108.70
89.56
137.50
107.46
27.81
23.93
46.18
107.54
93.50
48.83
108.81
89.67
138.20
23.82
46.41
107.51
93.58
49.04
108.70
89.71
94.03
49.31
108.85
89.95
June14
_
June 13.
June 12.
139.13
•27.93
June 10.
140.14
28.33
23.91
,
46.79
107.59
New York Curb Exchange—Weekly and
3662
Yearly Record
/une n, 1939
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only
of the regular weekly range are shown In a footnote In the week In which they occur.
In the
following extensive list
furnish
we
a
transactions of the week and when selling outside
No account. «s taken of such sales In computing the range for the year.
complete record of the transactions on the New York Curb Exchange for the
week
beginning on Saturday last (June 10, 1939) and ending the present Friday (June 16, 1939).
It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
which any dealings occurred during the week covered.
Last
Weel's Range
for
Hale
Pa'
of Pries
Low
High
Price
15%
STOCKS
Low
3 %
W
400
5%
IX
0
7%
IX
400
corn—1
Warrants.
3 %
1%
| Air Investors common.
Conv preferred
IX
100
800
*
June
Blckfords Inc
11
'i«
Gt Southern—50
66 X
—*
92 X
93 X
-
84
86
190
2
pref
preferred —
66
2
100
Alles & Fisher Inc com.
60
50
Apr
-Apr
71
80
Jan
62%
1%
invest com..-.-*
Alliance
21
—
Ala Power $7
36
Feb
1
Jan
Allied Products com
7 X
1
Bliss & Laughlin com
26
Co
_*
mx
0% preference—...100
Aluminum Goods Mfg..
112%
Aluminum
common.
99 X
%
Jan
71%
94%
86%
May
113
112
Jan
1%
Jan
%
9
Mar
7%
Jan
18%
June
50
17
May
90
Apr
131
Jan
115%
110%
Mar
Mar
Mar
2
Jan
Mar
14
Apr
6
16%
6
200
Aluminum Industries com*
50
3
Mar
0
June
Ltd
common.*
124
129%
1,050
104
Mar
141
Jan
preferred
100
Jan
111
May
Aluminum
0%
16X
iox
108
American Beverage com__l
16% May
1 %
IX
1X
1,200
26
Jan
300
27
Jan
35
Mar
400
25%
Apr
34
Mar
IX
300
1%
Apr
Apr
7~800
18%
"iox'iox
""756
%
8%
36%
3,200
"20"
"24% "24"
*34 %
34X
114
4
1
31
;
Apr
May
Apr
Apr
'
250
112%
4%
400
3%
115
,
Apr
May
24
;
1
Amer Hard Rubber Co..50
Jan
27
50
.28
25
32.60 preferred
Jan
Jan
2%
26
Mar
Jan
28%
Jan
,1*
Feb
40%
Mar
0%
Jan
Jan
10%
34% June
15%
Apr
18
15%
15%
1,600
""ox To""
50
British
54
Am dep rets ord
10
2
6%
7%
6%
Am Superpower Corp com*
%
9ie
7
..*
6%
Apr
9
Jan
500
4%
%
Jan
7
June
Apr
1
.»
3,100
73%
73%
200
15%
17%
3%
2.100
1%
1%
300
2%
2%
100
'
*
American Thread pref...5
Anchor Post Fence
*
3%
Wupperman..l
200
.
Feb
67
Jan
77%
13
Apr
27
Mar
3%
1%
2%
.
3%
Jan
Apr
Class A pref..
*
$0
preferred
2%
1
50
$5 1st preferred
*
"32%
io6%
10
111
fArcuturus Radio Tube..l
111%
2%
...»
2%
"•""To
2%
2%
400
2%
2%
2,300
7
10
7%
1,100
10
*92% *92%
5%
5%
100
5%
2,500
16%
25
5
4%
16%
Assoc Breweries of Can...*
"32%
"166
27 %
Jan
34%
Mar
21%
22%
105% 106%
1,400
19%
Apr
23%
Mar
~32~
Am dep
Capital
City
Car lb Syndicate.
Carman A Co class A
Class
.
Jan
Carnation Co
Jan
Carnegie Metals
6,300
5
2^800
..25c
B
*
*29% *31
1,000
Jan
*i« June
112
•
Mar
%
Feb
Apr
Apr
3%
3%
Jan
7%
Apr
1 %
Apr
2
5%
78%
.5
Apr
Apr
4 %
A pr
16% June
Apr
95% June
7%
5%
Mar
Jan
"97% "97%
S7.pref.-_*
Castle (A M) common__10
Catalln Corp of Amer
:l
1,000
Jan
Mar
11
164
Jan
Mar
hi
Jar
Birmingham &
68
Apr
96%
Atlantic Coast Fisheries..*
3%
3%
100
Atlantic Coast Line Co..60
2%
17
5
1
"3% "3%
3,%
■
2%
»
%•
3
"""266
200
Jan
98
Apr
%.
,4%
Jan
13
14%
100
316
12,100
5
2%
2%
100
1%
Jan
Automatic Voting Mach..*
7%
100
6%
Apr
6
7%
3%
300
2%
25
15%
3%
15%
Apr
Apr
25
1
Jan
3
June
Mar
25%
Jan
'16 June
%
Jan
15
14%
May
%
May
2%
35%
Warrants
3
Apr
8%
4%
16%
Feb
15
Feb
Jan
Jan
1%
Jan
Apr
4
Jan
preferred
100
Conv preferred
100
Conv pref opt ser *29.100
Centrifugal
Pipe.....
*
Chamberlin Metal Weather
Strip
Co..
Charts Corp
Cherry-Burrell
.5
95%
'
7%
,
4%
ifeb
Jan
3%
3%
800
3%
May
4%
Jan
4%
3%
5%
4%
4%
100
4
Apr
7%
Jan
Apr
*
113%
74%
6%
6%
%
52%
Cities Service common..10
Preferred
*
5%
5%
•
300
%
34%
Apr
5%
June
9%
Feb
43%
Mar
55%
Mar
250
46
48%
2,000
64
65
22%
Mar
Apr
7%
1%
Feb
Clark
Jan
Controller Co
Jan
Claude Neon Lights Ino
Clayton A Lambert Mfg
Mar
Cleveland Elec Ulum
6%
Mar
Cleveland Tractor
*
com
4%
4%
*300
%
%
100
*
40% *42
400
5
5%
50C
2%
2%
100
Jan
Club Alum Utensil Co
*
50
Jan
Cockshutt Plow Co
*
7% 1st pref vto
100
36
36
20
30
Apr
40
Feb
May
5
Jan
Cohn A Rosenberger Inc. *
Colon Development ord.
Feb
13
Jan
Jan
11%
Feb
Colorado Fuel A Iron
warr.
4%
4%
76%
69
1
22
1
6%
Bell Tel of Canada.....100
20%
Apr
36%
Jan
Colt's Patent Fire Arms.25
400
5%
Apr
10%
Jan
50
164
Jan
175% June
Apr
123
Mar
16
Jan
35
Mar
27
3667,
81
May
7
Feb
Jan
Jan
5%
Mar
Jan
Mar
%
1%
34%
Apr
20%
1%
3%
4
Apr
Jan
*42
Jan
Jan
June
Apr
6%
Mar
Apr
2
Mar
Jan
3%
Mar
Apr
7%
Mar
Jan
8%
Mar
Apr
4
Jan
Feb
4%
Apr
9
2%
5
700
4
Apr
76%
5%
78
200
70
Apr
94%
Jan
69
71
625
55%
Jan
74%
May
Jan
Columbia Gas A Elec—
118%
pref
For footnote* «ee pAee
700
7
Feb
Jan
4%
4%
1%
2%
£1
23
175X 175%
Bell Tel of Pa 0 % % pf.100
Benson A Hedges com
*
Conv
22
5%
Mar
84
4%
Cllnchfleld Coal Corp__100
2
May
l,50f
Mar
51
Jan
Feb
1%
Jan
Jan
35
6% conv preferred
5
Mar
7%
8%
2
50 i
com
Jan
16
*
May
Jan
»
53%
4%
1
1%
10%
'58
55
3%
50
.1
Jan
.
%
Apr
37
*
BB
Jan
Apr
*
Preferred
46%
38
7X
Jan
5%
2,900
38
6X
15
100
-6.
100
6X
*6%
Apr
5%
7% 1st preferred
1
Jan
*12
%
Mar
11
Mar
Jan
Apr
48%
Mar
20
14
4%
2%
48%
wn
3%
v
50
~"~X
%
7%
Beaunit MUls Ino oom._10
Mar
5
2%
1
Apr
Mar
Jan
(
2%
2%
100
500
4%
Apr
Jan
1%
Apr
Chief Conaol Mining
Chllds Co preferred
200
"""966
Apr
Jan
City Auto Stamping
*
City A Suburban Homes 10
Co com...*
%
2%
8
Jan
"ox "ox
1,800
3
Feb
Apr
1
%
Feb
9%
105% June
May
79
4
4
Jan
1
130 '
2,200
Basic Dolomite Inc com__l
85
100
Jan
June
•
Jan
5%
50
Apr
25G
Mar
June
Apr
4X
%
97
Apr
1%
.
14%
101
'
62
4%
Baldwin Locomotive—
%
9X
6%
Mar
Mar
110
Preferred B
1
100
7%
104
1%
Cities Serv P A L $7 pref.*
$6 preferred
♦
1
7%
102
85 '
Apr
5%
200
Jan
Barlow A Seellg Mfg A...6
Jan
June
27%
61%
Apr
13% •" Jan
.""306
97
<
Feb
„
'
94
Apr
200
May
Barium Stainless Steel
Jan
4%
73
29%
Bardstown Distill Ino
23%
Apr
111
48%
5
May
73
Apr
300
Jan
112
Mar
6%
%
%
9X
15
Chesebrough Mfg
.25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
14
6X
300
6
900
1
Apr
18
10
common
19 %
15%
Jan
May
90
X
17%
150
"25
14
2%
17 X
20
18%
14
1
2,100
19
May
7
3% May
100
com
preferred
2%
.30
21%
48
*
com
2%
9
90
Apr
Feb
76
125
94
*
2X
10
99% May
JaD
2%
7%
Feb
Apr
li«
0% preferred xw__^..25
Feb
4% May
Jan
14%
•
0%
31%
2% June
20C
18%
Apr
Apr
3%
1,200
68
Feb
•
17
50
3%
$7 dlv preferred---..—*
Cent States Elec
Coast RR Co pref... 100
Atlanta Gas Lt 0% pref 100
10
17%
",93%
Cent A South West Utll 60c
600
78
3%
102"
8%
85
3,400
17%
7% 1st partlc pref...100
Celluloid Corp common. 15
Cent Ohio Steel Prod....l
Cent Pow A Lt 7% pfd 100
Bell Aircraft Corp com
BelJanca Aircraft com
Jan
Jad
»i«
9
.96%
Beech Aircraft Corp
4Vs
5%
Cent Maine Pow 7% pi 100
Cent N Y Pow 5% pref. 100
8X
13%
~"~2C
90
12%
13%
Carter (J W) Co common. 1
Casco Products
:*
Jan
pref
May
33% June
Jan
20
90
*
1
May
conv
>
Celanese Corp of America
16% June
10
Carolina PAL
S6 preferred
Carrier Corp common
%
31.60
Mar
1%
22
Apr
1
com.
2%
(L)
Apr
24%
%
.
Jan
8
Feb
May
3%
__*
common
Jan
Baumann
%
Jan
Jan
2%
1% June
Apr
20%
*
May
Bath Iron Works Corp
7%
4
'
Cent Hud O A E
com.
7%
Products...*
%
Baldwin Rubber Co
7%
Apr
2%
preferred
Mar
June
Apr
Jan
Option warrants.......
7%
May
17%
33%
May
Jan
com
4%
Feb
%
Assoc Tel A Tel class A..*
Purch warrants for
Feb
19% June
%
«ii
*
100
1 %
1%
common
23
100
Assoc I-aundrles of Amer.*
Class A
Jan
May
Mar
Jan
5,200
Jan
Babcock A Wilcox Co
1
Jan
1%
%
1%
Jan
]
»'i« May
100
1%
%
5%
Aviation A Trans Corp
Axton-Flsher Tobacco—
Jan
2%
800
1%
1
%
w
Jan
Apr
200
1%
Marconi
Feb
14
8
...*
0% preferred w
Jan
15%
2%
Apr
Canadian
10C
Avery (B F)
Jan
107
Apr
■
.
May
6
May
1%
1 %
7%
1,700
Produces
11
17
3%
16%
]
Automatic
102
100
42
Apr
May
%
21%
...1
Austin Silver Mines
May
%
Cndn Colonial Airways. *. 1
Canadian Indus Alcohol A*
1st preferred
Atlas Drop Forge com
Atlas Plywood Corp
600
200
5%% pref shs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
Apr
—
1
2
9
11%
1%
%
60c
Feb
Industries
Amer deposit rets——£1
Atlantic Rayon Corp
Atlas Corp warrants
May
"*9O6
1%
Cables <fe Wireless Ltd—
1%
A pr
108%
200
3ia
*
Arkansas P A L 37 pref..*
Art Metal Works com
6
Atlanta
4%
"fx
"3"
50c
com
Jan
Apr
200
40
3%
Jan
Jan
2%
...*
com
June
7%
23%
'
*
Appalachian EI Pow pref *
35 preferred
Jan
Feb
Apr
20
Brown Forman Distillery. 1
3%
Jan
Mar
1% May
Feb
Apr
Jan
1,100
24
4%
66
Apr
Jan
Brown Fence & Wire com.l
June
70
Mar
28
1
Feb
32%
22%
22%
'20
75
2
55
Apr
Apr
Feb
1
125
June
Mar
1%
70
June
13%
7%
28
Vot trust ctfs
68%
32
Jan
23%
27%
Cable Elec Prod
Amer Potasb A Chemical.*
Apr
!*ii
*
Burrjr Biscuit Corp_.12%c
Jan
21%
50
reg--10s
pref
Jan
1% Mar
29% May
2,100
Jan
4%
Apr
100
J Brown Co 6%
Jan
Apr
»»16
Jan
Mar
British Celanese Ltd—
British Col Power cl A
18
%
20%
■'
Mar
%
1%
Apr
Amer Tobacco—
15
54
20
56%
54
Jan
77
May
Apr
dep rets ord bearer£l
28% May
•
Jan
Jan
7%
Apr
9%
Apr
100
Class A
30
Apr
27%
Common..
30
Apr
%
Elec
Tsoo
12%
32
Jan
2
9%
27%
Assoc Gas A Elec
May
3%
Jan
'
13
•
Associated
Feb
1
11%
m
1
Ashland OH A Ref Co—1
11%
68
Bunker HUJ «fe Sullivan 2.60
Burma Corp Am dep rets..
Amer Meter Co
Preferred
May
""160
Mar
Amer Mar seal bo Co
Common class A
"4% "4%
25%
.25
Amer Mfg Co common 100
Arkansas Nat Gas com
Mar
7
2,900
12%
32
"4%
Buff Nlag & East Pr pref 25
26%
com
8%
Jan
Jan
3%
900
7%
8
4%
Jan
June
7%
,_*
Mar
25
Amer Lt A Trao com...25
A
Registered
Buckeye Pipe Line.
200
Apex Elec Mfg Co
Class
Mar
-'bo
30 series preferred
200
10
4%
100
28%
31%
16%
1st 30 preferred.
10
Bruce (E L) Co com___..5
33%
Angostura
preferred
Brown Rubber Co
16%
Mar
A
JaD
33%
Laundry Macy^..20
Amer Beal-Kap com
2%
*
—*
Jan
Amer
Republics
1,500
2%
100
4%
116
Amer Invest of 111 com...*
American
2%
24%
5%
21
2%
30%
...*
100
Apr
Apr
22
Fork A Hoe com..*
Preferred..
12%
29%
30 X
IX
A. 10
preferred
Mar
3
.
20%
30
American General Corp 10c
0%
May
4%
Apr
,
20%
30 %
30
..1
preferred
14%
Jan
1 %
*
%
Am
Amer Foreign Pow warr...
32
Jan
3%
""566
1%
British Amer OH coupon.. *
%
Jan
preferred..
Feb
June
Brillo Mfg Co common...*
1
Amer Gas A Elec com...*
4
26
Mar
Jan
Class
Jan
Jan
2%
Am Cities Power A Lt—
50
Preferred
9
Apr'
Apr
10
1%
Bridgeport Gas Light Co.*
*
Jan
'2%
..1
Machine
Mar
17%
_*
Brazilian Tr Lt & Pow...*
Aeronautical—1
39%
Apr
Feb
Amer
4%
Jan
Apr
34
100
Corp
Jan
Apr
2
Mar
..10
%
Jan
75
!
300
17%
20%
1%
9%
23
n-v
Apr
25
1st preferred
2d preferred
BrewBter
Apr
13%
1,000
—*
7%
Jan
8'
75
10%
17%
%
%
June
8
Apr
Feb
Amer Cyanamld class
9%
17
40
Apr
Brill Corp class B
Jan
Apr
.
9%
Mar
Jan
IS
Class B
Borne Scrymser Co..
Jan
5%
60%
07
...
*34
Apr
*
Class A
75
Bright Star Elec class B__*
*
Amer Centrifugal Corp..!
Class A with warrants.26
40
100
Bourjols Inc.:
7%
—
Mar
5%
100
OX
6X
10c
10c
33 preferred
36.60 prior pref
17
Jan
American CapitalCommon class B
Jan
%
3%
46
Amer Box Board Co com. 1
Class A common
13
*
Bowman-Blltmore com..,.*
Bridgeport
Jan
%
100
25C
Mar
1%
American Book Co....100
Class B.
1st preferred
Breeze
X
%
Corp com
1
S3 opt conv pref......*
Blumenthal (S) <fe Co—.*
Bohack (H C) Co com...*
7%
High
Apr
Mar
%
15%
Blue Ridge
1,150
1,900
106
X
5
,
Low
Shares
40
Bliss (E W) common
Jan
Range Since Jan. 1, 1939
for
Week
15
$2.50 conv pre!
Jan
Jan
Class A conv com
%
Jan
2%
18
May
18%
Range
70C
...»
com
Blrdsboro Steel Foundry
& Machine Co com
Jan
8%
IHX
Price
warrants
Jan
8%
Jan
%
♦
10
pref..
conv
Jan
6
Mar
Allied Internat Invest com*
33
of Prices
Low
High
Berkey & Gay Furniture. 1
18%
Mfg common.6
Air Associates Inc
Alabama
May
Purchase
--1
class B——1
New class A...
New
16
zl5
Mfg—
Aero Supply
Alnswortb
May
Apr
3X
Apr
ox
Apr
6%
IX June
•14% May
25
115%
Par
(Continued)
High
Weel's
Sale
Range Since Jan. 1, 1939
Shares
Sales
Last
Week
common-10
Acme Wire Co
Friday
Sales
triday
STOCKS
compiled entirely
stock or bond, in
Jan
42%
Mar
Conv 6%
preferred—100
Volume
New York Curb
148
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Columbia OH A Gas
of Prices
High
Low
Price
ll
3%
4
2%
Range Since Jan. 1, 1939
for
2%
1
1
33
32 %
Community Pub Service 215
27%
27%
Apr
4%
Par
Jan
Jan
14
34%
28%
300
24
36%
Apr
29% June
200
Apr
$3 preferred
—*
Consol GELP Bait
*
com
100
4%
Apr
6%
Feb
6
4%
Apr
Jan
80%
2,700
1,800
Mar
120% 121 %
80
180
80
"l6
»1«
Consol Mln A Smelt Ltd.6
40%
40%
Consol Retail 3tores
8%
1
121%
June
1%
Feb
900
38%
May
300
3%
3%
116%
%
May
400
%
43
Jan
8%
80%
71
86
"i% "i'x
4%
"ioo
4%
600
4%
Cont G A E 7% Drlor Df 100
Continental Oil of Mexi.l
Cont Roll A Steel Fdy...*
54
Common
14
Jan
10
Jan
Jan
55%
Jan
Gen Gas & El 6 % pref B
4%
Apr
9
Jan
General
Mar
1%
1,400
1%
June
1% June
200
1%
June
3%
1%
1
1%
2,600
7X
7%
7%
500
6
*19%
*
5%
5%
%
°ic
%
June
June
Apr
Apr
6%
Mar
23%
9%
%
Jan
6% preferred A
Mar
Jan
Gen Water G A E
Mar
53
54%
109% 110
Dayton Rubber Mfg new.l
14
160
Mar
Jan
$6 conv prel w w
..*
Gen Telephone S3 pref...*
General Tire & Rubber—
18%
200
18
18%
13%
1.700
59
59%
2%
100
35%
■
5
200
40
1%
1%
25%
25%
Mar
7
Feb
6%
Mar
-•
Gray Manufacturing Co. 10
Jan
36
Apr
Apr
9
Mar
1%
15%
Mar
Grumman Aircraft Engr.l
Guardian Investors
1
,50
Jan
100
24
stock
*
7% 1st preferred
73%
Gt Northern Paper
25
Greenfield Tap A Die
5%
1%
Jan
Jan
Gulf
Jan
Jan
Apr
Oil
Corp
25
S0 preferred
_....*
*
Hall Lamp Co
10
Mar
Haloid Co
25%
May
Jan
7
Jan
*30
11
'
11
11
100
Apr
6%
Jan
Jan
37%
June
Jan
90
Jan
82
8%
z30
66%
10
67%
16%
12%
64
Apr
10
Dubllier Condenser Corp.l
Duke Power Co
100
Apr
Apr
73%
20%
1%
Mar
Jan
72
Mar
Class A
Mar
2
Jan
He'ler Co
5%
Jan
Preferred
w
7
Jan
Preferred
ex-war
1%
64
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur
*
1
100
6%
8%
10
6%
8%
9%
2%
1,300
1,500
5
May
Mar
7%
•
Apr
14%
East Gas A Fuel Assoo—
*
1;
16
414% prior preferred. 100
<
7%
preferred
100
Eastern Malleable Iron..25
Eastern States Corp..
*
Easy Washing Mach B
*
Economy Grocery Stores.*
2%
17
16%
6%
100
9
600
98% 102,
775
69%
1%
400
16,200
300
•
65
1%
65
67
1
'1%
...l
Jan
6%
50%
Apr
Apr
Apr
May
1,500
4%
1%
1%
1
Apr
6%
8%
59
1,200
a:l%
2:1% May
2,000
*
15
3%
warrants
3%
,
3
200
Elec Shovel Coal $4 prel..*
76% "16 %
1
Apr
Mar
1%
"366
10
Jan
1
300
Empire Dlst El 6% pf 100
Empire Gao A Fuel Co—
0% preferred
100
0%% preferred
100
7% preferred....
100
8% preferred
100
Empire Power part stock.*
58%
58%
'
Jan
16
,
Equity Corp common..10c
100
2
Mar
Mar
12%
Jan
65
Feb
'116%
110% 111
100
103%
100
8%
1%
14
5%
6%
*
*
May
Jan
Common
Fanny Farmer Candy ooml
Jan
Jan
Jan
Mar
71
Mar
Illuminating 8hares A
52
Feb
73
Mar
Feb
74
Mar
Feb
24%
Mar
Apr
10%
Jan
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered
~
Imperial Tobacco of Can.5
Imperial Tobacco ox Great
Div
arrear ctfs
%
Apr
%
Jan
23%
Apr
28%
Mar
8%
Jan
Indiana Pipe Line
Jan
Indiana Service 0% pi. 100
5%
5%
2,000
15%
50
15%
10%
11%
1,900
9%
7%
19%
Jan
10
Apr
June
Jan
8%
23%
1 %
May
6%
Mar
20
Mar
21
Apr
2%
Apr
5%
100
May
22%
1,400
15%
6%
Apr
9%
Jan
100
3%
Feb
4
Feb
100
6%
Apr
Apr
8
June
6%
100
23%
Apr
26%
24
Jan
26%
Jan
7
Mar
10
Jan
30
Apr
41%
Feb
45
Mar
15%
7
.
3%
8
.
25%
"SX
5%
14%
13
8
"25%
V
9
300
5%
14%
13%
100
3%
23 '
Mar
36
Mar
9%
.13%,
200
(9%
36
36
62%
62
36%
11
11
•.
3
,,63%
3
50
Apr
100
Apr
Apr
8
175
2
Jan
Jan
Feb1
June
13%
8
Mar
Jan
Jan
3
Mar
Apr
39%
Jan
Mar
9%
Apr
110%
53
Apr
Apr
69%
Jan
200
3
May
5%
Mar
50
50
200
26%
50
3%
700
21%
1,000
4%
4%
1,700
3
Jan
5,000
20%
3
Jan
,34%
108%
Apr
Mar
JaD
Apr
12
Apr
5%
8%
4
2" 4
*26%
Jan
'
»u
7%
Jan
Feb
8%
15
Mar
9%
Feb
12
Jan
1%
20
Apr
Apr
N
%
Jan
9
Jan
9
Jan
4%
Mar
2,%
Jan
29%
Mar
A*
Jan
2%
14%
3%
51%
Mar
0%
Feb
May
54%
Mar
5%
Apr
7%
June
Apr
Apr
25
17
15%
2,000
15%
806
14% June
14% June
16
16
100
15
Apr
16%
10%
28
16
14%
14%
14%
Apr
32
6%
14%
7% preferred
100
Indpls P A L 6 % % pf-.lOO
11
6%
14%
11
10
Feb
■11
Feb
100
£1
Britain A Ireland
15
200
90
5%
5%
May
90
5%
May
Apr
50
100%
Apr
100
i*ie
Apr
%
Mar
Feb
Feb
Mar
Feb
Feb
Jan
7
14%
June
15
June
108
Jan
Indian Ter Blum OH—
Mar
107% 107%
New non-voting class A. 1
1%
1
1%
New class
B
5%
6
300
4%
Jan
8%
Mar
6%
100
5
Apr
7
Jan
V t c common..
May
35
May
Apr
22
Mar
Insurance Co of No Am. 10
International Cigar Mach •
Internat Hydro Elec—
1%
1%
200
1%
Apr
1% May
Industrial Finance—
6%
17
17
17
200
Flat Amer dep rights......
14%
7
""%
1
8,300
May
*11
9%
June
Jan
%
May
7% preferred
Pref
$3.60 series
•u
%
Mar
9
25
Apr
10
71
600
59
Apr
22
100
20%
Apr
71%
24%
June
22
100
50
I atl Industries Inc
3667:
1
Apr
9
69
16%
16%
300
12
21%
%
Mar
Mar
"*2%
"2%
T660
2
Mar
4%
Jan
—1
69
16%
8%
Apr
>16
A stock purch warrants.
Jan
Apr
100
6%
—
35
Fed Compress A W'house25
Ferro Enamel Corp
1
1%
%
3
*
100
100
Mar
Jan
"29""
15%
"4%
71
Feb
1,800
23%
65
Mar
Mar
23
60
Feb
Jan
June
4
Jan
7%
7% pref unstamped-.100
Hydro Electrlo Securities. *
Hydrade Food Prod.
6
Hygrade SylVanla Corp..*
Illinois Iowa Power Co...*
%
23%
Jan
2%
14
4
3
7% prel stamped—100
May
5%
5
June
«
6%
Metallurgical...*
111
400
1
26%
1
Jan
Apr
Jan
Apr
JHuylers of Del Ino—
29%
5%
*16 May
11
June
"""400
Hussmann-Llgonler Co...*
15%
...1
Jan
107
29
100
6
preferred
Hubbell (Harvey) Inc
Humble OH A Ref..
51%
European Electric Corp—
Option warrants
Feb
%
40
Apr
1%
6%
.
1
May
June
Mar
%
%
Jan
6
Hewitt Rubber common..6
3%
3%
71
May
800
Jan
Jan
1
1%
Hummel-Ross Fibre Corp 6
Jan
5
1
%
25
7ie
Esquire-Coronet
1
Eureka Pipe Line com..60
%
1 %
63
»
25%
1
2"800
29%
95%
14
25
w.,
Mar
5
Feb
22%
Apr
Jan
Apr
2
common...
72%
Mar
6
14%
4b
3%
54%
8
"250
700
May
17%
Jan
7%
2%
Apr
"
Helena Rubensteln
21%
"66""
8
Emsco Derrick A Equip..5
58*
Feb
1
107
107
preferred ...60
Mining Co
..26c
50
58
39
Apr
%
16%
"32% "32% "34%
conv
5% conv preferred
10
May
Apr
2%
10%
1%
21,%
June
"1% """266
""!%
16
""IOO
Horn (A C) Co com
Horn A Hardart
Apr
1*
132
33
124%
"35% "35% /35%
Jan
53
.
15
June
12
18%
1
...1
102
24%
Jan
Jan
Jan
Mar
7%
12%
Jan
Jan
Jan
June
Apr
June
Apr
Apr
Apr
Apr
8%
J*
23
11%
%
10%
10%
2%
58%
Feb
23%
600
7%
1%
Apr
May
Jan
Feb
._--*
Jan
57%
11
98%
Feb
Mar
Hormel (Geo A) A Co 00m*
10
7%
300
23
Jan
Feb
Horder's Ino
Apr
57%
1
Mar
Feb
May
33
Jan
5%
......*
Elec Bond A Share com..5
Apr
Jan
Jan
14%
21%
Feb
1%
25%
12%
150
100
1%
Apr
■
5%
19%
3%
June
100
Apr
Jan
19%
1
'
6
Heyden Chemical
10
Hires (Chas E) Co cl A
*
Hoe (R) A Co class A...10
Holllnger Consol G M
6
Holopbane Co common..*
Holt (Henry) A Co cl A..*
25
X
12
2%
Jan
6
100
%
Heel a
16
7
12
Jan
300
7%
""%
6%
250
7%
7
$7 preferred series A...*
$0 preferred series B
*
Mar
325
1%
17
16
Apr
600
5%
3%
1
5
9
100%
Harvard
Jan
100
37
'
62
*"20
16%
Corp..........
May
7
Feb
*
Apr
May
Mar
Apr
22% June
5
Apr
8%
Apr
1
Hartman Tobacco Co
60
*
see page
4
79%
1%'
Hazel tine Corp
*
Hearn Dept 8tore com—5
200
June
31
ht
Haverty Furniture cv pfd. *
Jan
4%
4%
Jan
102
125
6
22%
52%
375
94%
.—6
Hartford Rayon v t c
Dominion Bridge Co
*
Dominion Steel A Coal B 25
For footnotes
Jan
Hamilton Bridge Co com.*
Hartford Elec Light
26
Mar
Fldello Brewery
95%
Mar
200
3%
Gulf States Utll S5.60 pref *
31%
29%
Mar
Jan
2%
9%
Fedders Mfg Co
Feb
330
5%
37%
95
"
92%
*
Apr
Fansteel
80%
100
May
2%
Jan
10
14
com
May
2%
1%
Apr
1% May
Apr
1%
Apr
18%
100
Dobeckmun Uo common.1
Falstaff Brewing
Feb
62%
Apr
Apr
Apr
2%
130
1%
74
100% 102
Brewing Co
1
Hat Corp 01 Am cl B com.l
Falrchlld Aviation
1%
46%
73%
Grocery Sts Prod com..25c
27
Apr
Non-vot
Mar
pref
Feb
800
May
Great Atl & Pao Tea—
Feb
Feb
5%
conv
%
15
June
200
21%
Dlvco-Twln Truck oom..l
$3
52
Inc class A.....*
Feb
t c
Apr
Apr
S3 preferred
1%
35%
100
1%
1%
21%
27
Apr
13%
1%
Apr
Jan
>64
%
Gorham Mfg new com...10
Grand Rapids Varnish...*
4%
20%
10
1%
Gorham
Apr
9
Jan
52%
75
*
Feb
Jan
June
Jan
57 preferred
*
Goldfield Consol Mlnes-.l
Mar
Mar
May
7ic
33%
4%
4%
224% 224%
Mar
v
Jan
60
...
Apr
7%
Mar
14%
Godchaut Sugars class A
Class B.
7%
19
60
%
Jan
18%
17%
Jan
Jan
Jan
42%
Glen Alden Coal
Jan
Mar
May
2
Jan
Jan
Jan
11
40
600
*
1%
Electrol Inc
16%
Jan
May
16
89%
Apr
%
4%
Jan
Apr
52%
36%
21%
Elgin Nat Watch Co
Apr
Mar
Apr
56%
Apr
43
83
Gilchrist Co..
110
29
Jan
Feb
■
Jan
Apr
Mar
1
1,000
13
92%
Apr
Apr
Electrographlc Corp..
Mar
12%
86%
1
1
00m
Apr
Option
26
17%
S3 preferred
Georgia Power $0 pref..
55 preferred
1%
Class A
Jan
83
100
20%
3%
Elec P A L 2d pref A
June
*
5
com
20
34
7
Am dep rets ord reg..£l
preferred
Feb
17%
10
Mar
Jan
10
15%
18"
Jan
7
De Vilbiss Cq com
10
7% preferred
__il0
Diamond Shoe Corp com.*
56
1T666
17
18
65
Apr
MOO
25%
2%
Detroit Paper Prod
1
Detroit Steel Products...*
Elec Power Assoc
"18%
Jan
9%
18%
28
,4% June
Jan
14%
20
preferred
6%
*
Jan
600
4%
25%
•35%
Detroit Gray Iron Fdy—.l
Det Mich Stove Co com._l
55
Mar
400
Gilbert (A C) common...*
Preferred
....__._*
Apr
1
Elsler Electric Corp
15
Mar
50
7%
7
Feb
23%
*
Common
May
Feb
Jan
200
4%
Dennlson Mfg 7% pref 100
Derby Oil A Ref Corp com*
0%
2
Mar
108
""900
15%
14%
"~~5% "~6~"
1
1
Eagle Pic her Lead
Jan
Mar
Jan
1%
10%
1%
46%
1,650
•
36
Driver Harris Co
23
3
6
'71 x ~~4%
15
Draper
Apr
;io%
Feb
5
Dominion Textile Co
23
18
Apr
2%
53
5
Distilled Liquors Corp
Distillers Co Ltd—
Apr
25
Apr
7
*
w
Mar
Apr
14
100
Detroit Gasket A Mfg
4%
%
t C-*
A conv preferred.,
Jan
1%
900
10
com
Jan
3%
16%
1,800
1,500
214% 214%
1
%
3
19%
19%
*59
_
Common
Apr
•u
Stores
Feb
9%
.9%
25c
Class A_—
Mar
90
Apr
73
Apr
General Shareholders Corp-
4%
'
Apr
*m
2*
MOO
Mar
50%
.*
17%
300
21
Mar
90
300
3%
19%
19%
com
56 preferred
Warrants
Mar
%
12%
Apr
Gen Outdoor Adv 0% pflOO
Gen Pub Serv $0 pref
«♦
4
300
1
Curtis Mfg Co (Mo)
Darby Petroleum com
Mar
3%
.
Investment
4%
Davenport Hosiery Mills.*
0% pref w
Feb
com
com v
Amer dep rets ord reg_£l
Gen Fire proofing com..
Gen Rayon Co A stock
50
preferred
Jan
Feb
1%
£1
Cuneo Press Inc
Dejay
5%
14%
1%
26
Decca Records
20
Apr
1%
Crown Cork Internat A..*
6%%
Jan
Apr
74
preferred
•
Mar
Apr
100
Mar
10%
6%
71
4% conv preferred
100
Gamewell Co $6 c v pref.*
Gatineau Power Co com.*
5% preferred
Genera! Alloys Co
Gen Electric Co Ltd—
High
68
Apr
125
*
»i«
600
2,100
1
9%
Crowley, Mliner A Co...*
Crown Cent Petrol (Md) .5
Cuban Tobacco
Mar
1%
1%
com..
Creole Petroleum
Crocker Wheeler Elec
Croft Brewing Co
0%
Jan
92%
1%
1
Crystal Oil Re!
6%
Jan
3%
13%
Cornucopia Gold Mines.5c
Corroon A Reynolds-
Preferred
Feb
Jan
Fuller (Geo A) Co com
$3 conv stock..
8%
5
Crown Drug Co com
Jan
1
Apr
Apr
...*
.
6% conv preferred
Courtaulds Ltd
Jan
Fruehaul Trailer Co
Mar
400
67%
Froedtert Grain A MaltCommon
H
1
Cont par tic pref
15
52%
5%
5%
S3 prior preference....
$0 preferred A
Cosden Petroleum
6
92
Apr
5
*
*
com...
Copper Range Co..
Apr
1%
500
67%
B
%
6%
66
8%
*
.15%
preferred
Copperweld Steel
Jan
3
84:
Cook Paint A Varnish...*
Cooper Bessemer
60
Mar
2%
100
preferred
Consol Royalty Oil
10
Consol Steel Corp com—*
Apr
Low
10
•
jan
37
5
121 J*
10%
85%
68%
84%
Amer dep rets...100 Ires
Fox (Peter) Brew Co..
b
5%
4% % series B pref—100
Consol Gas Utilities
1
Range Since Jan. 1, 1939
Share
Ford Motor of France—
5
6
10
for
Week
s
66
84%
Jan
16
Jan
37
.1
of Prices
High
66
Am dep rets ord reg...£l
Ford Motor of Can cl A..*
Class
15
15
Week's Range
Low
100
Jan
%
Apr
13%
preferred
Mar
Apr
X
15
3663
Sales
Ford Motor Co Ltd—
Jan
•11
Conn Gas A Coke Secur..*
Conaol Biscuit Co
Consol Copper Mines
(Phlla.).l
Flsk Rubber Corp
10
Florida P <fe L $7 pref
Ford Hotels Co Inc
1
"i# May
26
Price
Fire Association
Feb
Apr
100
475
Community Water Serv..1
Compo Shoe Mach—
1
Sale
High
Jan
3,800
1
Last
(1Continued)
Low
16
Community P A L J0 pref •
V t C ext to 1946
STOCKS
Week
Shares
11
Warrants
2
Friday
5,600
Columbia Pictures Corp..*
Common wealth A Southern
Commonw Distribut
Exchange—Continued—Page
Sales
Jan
Mar
Jan
New York Curb
3664
Lam
Week's Range
of Price*
Week
Par
Price
Low
High
Shares
Low
5
Internal Paper <fc Pow warr
International Petroleum—*
*
Registered.—
21*4
1%
20*4
22%
21
21
21
International Products—*
100
Mar
4*4
27*4
Jan
Jan
27
Jan
354 May
54
Feb
Monogram Pictures com.l
Monroe Loan Soc A
1
3%
2%
400
Apr
Mar
7%
%
1
B
*
$3.60 prior pref
—*
Warrants series of 19*0--
38
Vitamin—1
Interstate Home Equip..l
Interstate Hosiery Mills..*
Interstate Power $7 pref..*
Investors Royalty.
1
8%
7»
15
3
$1.75
preferred
6
Irving Air Chute
Italian Superpower
1
A..—*
-1
*
A Lt—
Jersey Central Pow
5*4% preferred...—100
6% preferred
100
7% preferred
100
Jopes A Laughlln Steel. 100
Julian A Kokenge com—*
Kftrwfm G A E 7% pref. 100
Keith (Geo E) 7% 1st prflOO
Kennedy's Inc.—
—5
Ken-RadTube A Lamp A *
Kimberly-Clark 6% pf-100
200
100
15
300
14%
Mar
»u
6,100
1%
-
2,300
%
3*4
%
3%
1%
Apr
Apr
000
900
Mar
Apr
1954
2154
Mar
Apr
*11
Mar
4*4
Jan
2*4
Feb
93%
98
98
101*4
21H
67 %
23
Lane Wells Co
5%
J%
Apr
Feb
9
National P 4 L $0 pre!—*
%
Jan
61%
June
Apr
254
Jan
Apr
Jan
3*4
154
Feb
Mar
Apr
13*4
Mar
National Steel Car Ltd... *
National Sugar Refining.*
National Tea 5*4 % pref. 10
National Transit
12.60
Nat Tunnel 4 Mines
*
Apr
Apr
100
6
Apr
Apr
10
Jan
Feb
73
Jan
200
Mar
11%
4%
Jan
Apr
May
39
Mar
45
~39~~
Line Material Co...
6
2%
Llpton (Tbos J) class A...1
2%
%
Jan
Lit Brothers common
100
*
6% preferred...—100
$2 preferred
.-."i
*
New England Tel 4 Tel 100
9
June
11*4
Apr
Apr
Apr
*
Locke Steel Chain
Feb
8*4
Jan
New Jersey Zinc
ajf
Jan
300
8
12%
11,200
1
Lone Star Gas Corp
*
1154
18*4 May
1*4
Apr
54
34
May
15
Jan
25%
9
13
17
Feb
N Y
23
Feb
25%
27%
9
9%
"5*4
N
Jan
N Y Pr 4 Lt 7%
10
Apr
13*4
Mar
5.70C
1,700
2254
7*4
Apr
3654
Feb
Apr
.9*4
Jan
%
Apr
154
Jan
Mar
33
Jan
35
30%
275
1954
Jan
30*4 June
1%
100
4,200
1*4
4*4
Apr
Apr.
30
89*4
Apr
5%
5%
100% 100%
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co.—*
7,.
7
26
3Q0
"2%
Apr
Founders shares
~2% "2%
""166
1*4
...
•1.
Feb
1*4
Mar
34
Jan
Mar
2*4
54
Mar
2*4
June
Mar
19
Feb
"•
100
100
1st pref.-j.
preferred
NOes-Bement-Pond
6%
6%
Noma Electric.
15
c—..1
"4% "5" ""*606
17
17%
250
May Hosiery Mills Inc—
$4 preferred.
—*
McCord Rad A Mfg B
6
Memphis P A L $7 pref..*
Mercantile Stores com...*
5
Jan
Feb
2*4 May
Apr
Apr
7*4
Jan
1854
Jan
May
54*4
254
Apr
17
Jan
1
11%
"~4%
101
12%
700
150%
75
4%
300
11%
146
X4%
,
Apr
9
Apr
125
Jan
15034 June
Jan
4*4 June
10034 June
Feb
20*4
18%
.
3*4
280
20
Feb
86
'200
101
100
14
Merchants A Mfg cl A...1
Apr
3*4
Participating preferred.*
Merrltt Chapman A Soott
Apr
25
4%
4%
400
Apr
3*4
i
6*4% A preferred... 100
63
61
%
75
ht
58
.
*i»
1,600
Metal Textile-Corp....26c
Particl pat preferred—16
1
Metropolitan Edison—
$0 preterred
Mexico-Ohio Oil
Apr
Jan
Apr
32*4
5*4
28
Apr
Jan
Jan
Mar
6*4
Jan
*4
Apr
May
*4
Mesabl Iron Co——.1
93*4
*4
300
%
%
%
Apr
Jan
54 Mar
54 June
200
Jan
Jan
77
.
54 May
254 May
36
May
Feb
95
*
.—*
Apr
May
80*
Apr
1*4
June
Jan
Jau
Mar
7*4
Jan
534
8*4
Apr
2*4
Jan
Apr
154
15*4
Feb
114*
June
12
Jan
Apr
"766
"47% "49"
Mar
Jan
"39*4
Apr
78*4
5*4
200
1
1
Jan
2*4
5
Apr
4
Apr
200
*4
3*4 Mar
Feb
30*4
11*4 May
750
7554
55
Apr
18
7254
7254
Apr
104
,
50*4
78*4
5*4
§34
Apr
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Mar
June
Jan
3*4
Mar
40
Mar
15
Mar
7554 June
20*4 May
116
June
4*4
Apr
8
Jan
Apr
14
Mar
Apr
02*4
Jan
500
10*4
4054
1*4
154
Jan
200
57*4
Apr
80
Jan
Mar
27
Jan
Apr
2
Jan
11
300
54*4
55
1154
56
350
1*4
1*4
71
71
25
"166
"T*4 "i%
1*4
Jan
28
29
300
8
8
100
Apr
23*4
z7*4
99
Apr
106
Mar
Apr
9*4
91*4
Mar
Mar
Apr
82
Jan
*'
,7
7,900
554
750
*77*4
ht
.
June
13*4
4*g
2254
Apr
4
66
,1*4
Mar
100
87
6*4
June
9
113*4 June
6
85
29
Jan
16
6*4
Jan
107
100
85
Jan
2754 May
10
113*4 H3*4
104*4 104*4 106
113*4
Apr
Apr
154
154
Apr
5
300
3*4
Apr
Jan
Feb
Jan
«xi
Mar
400
2
Feb
Jan'
'
4%
87
".48% "51"
"300
"~i% "T*4
"266
.
Mar
100
4
4
41*4
Apr
654
50'
Apr
1*4 June
4
May
600
425
53
654 Mar
90*4 Mar
64*4 Mar
7*4 June
1*4 Mar
5*4
Feb
13*4
A,pr
15'
Apr
44
44
50
42*4
•
Glass B common
0% prior preferred
60
No Am Utility Securities.*
3
7% preferred—....100
Northern Pipe Line
..10
Northern Sts Pow cl A..25
102*4
5*4
8*4
"34*4
*
Ohio Brass Co cl B com
10554 wx
•
100
Ohio Power 6% pref
100
Ohio P S 7% 1st pref...100
0% 1st preferred
100
Ollstocks Ltd common.—6
Ohio Edison $0 pref
Ohio Oil 6% pref
Oklahoma Nat Gas com.15
50
preferred
Overseas Securities
Jan
100
115
xll0*4
Pacific G 4 E 0% 1st pf.26
May
4
3*4
Apr
554
Mar
Mar
Pacific Public
6%
7%
1,300
Apr
Apr
1
Middle West Corp eom..6
Midland Oil Corp—
$2 conv pref
*
54
5*4
8*4
354
Feb
Feb
Midland Steel Products—
$2 non-cum dlv shs
Mid vale Co
14%
*
14%
97%
14%
100
12
Jan
97%
25
93
Jan
60c
Midwest Oil Co
10
54
"7% "7%
1~206
ICanada.
7
Apr
12
7%
Midwest Piping A Sup...*
Minnesota Min A Mfg—
Minnesota P A L 7% pf 100
Apr
Mar
1*4
53%
Miss River Power pref.100
Missouri Pub Serv com,
For footnotes see page 3667
Apr
15*4
63%
900
Jan
4
600
6
1,000
6*4
100
15
Jan
24
Apr
Apr
26
Apr
108,,
150
,
154
Jan
Parkersburg Rig 4 Reel.
854
Jan
12
154
Mar
Jan
75
1,400
115
10
111
60
10
97*4
103
June
6,800
45
44
46
1,050
10954
1*4
9*4
254
425
1*4
9*4
254
"33k
33k
30*4 3054
10654 10654
84
85*4
»J4
8*4
35
35
11254
May
Feb
Mar
June
Jan
June
Jan
>
90*4
Feb
115
Jan
11154
Mar
Apr
111*4
104*4
97
15%
105
Mar
9*4
June
Jan
Apr
Apr
15*4 June
Apr
46
June
108
10954 June
Jan
154
9*4 June
100
1
Apr
Apr
100
5
Jan
100
254
Apr
8
109*4
3354
Apr
9*4
Mar
3~206
Apr
3354
June
500
3154
28*4
Jan
30*4
June
100
10454
120
08*4
Apr
Jan
Apr
4%
Mar
Jan
108*4
8$ *4 June
7*4 -Mar
20
6*4
11,900
2154
Mar
Jan
101*4
Mar
4*4
Apr
3*4
5*4
Jan
99
Mar
754
3*4
Jan
Mar
11
Apr
16
9*4
9*4
200
Jan
Grocery A..
Apr
14
Mar
15
Mar
20
Mar
35
9*4
Patchogue-PlymouthMills*
Pender (D)
Class B
June
;
1254
20*4
400
Paramount Motors Corp.!
Parker Pen Co...
10
Apr
854
5354 June
Apr
90
Mar
Jan
116
May
4
Mar
100
3954 June
12
Feb
34
June
Apr
53
Jan
37*4 June
61*4 May
7*4
Penn Edison Co—
Feb
8*4
Peninsular Telephone com*
Jan
31 '
Jan
Apr
29
8*4
37
115
3%
105
Feb
Apr
81
Feb
June
98
Apr
4*4
UX
554
80
62
Apr
87*4
$1.301st preferred....
Page-Hershey Tubes com.*
Pan tepee OH of Venezuela'
Jan
109
Jan
*4
Jan
50
Serv
American shares...
1
Jan
2*4 May
Feb
IOC
15*4
..*
400
Apr
""90
Pacific Can Co common..*
Jan
Jan
1*4
4
554
Jan
254
2*4
95*4 96*4
102*4 105
5*4
5*4
854
8*4
17*4
17*4
35
34*4
19
18*4
Jan
Feb
47
*11
Northwest
Engineering..*
Novadel-Agene Corp....*
100
3
Jan
Feb
22*4
21*4
May
*4
Apr
100
J4
*4
Nor European Oil com—1
Nor Ind Pub Ser 0% pf.100
Jan
*4
154
Mar
300
54
Mar
Apr
IX
63
17*4
8
»u
*4
1%
300
Jan
16*4
—
preferred...
3%
»i«
o
Jan
ht
61*4
$0
3%
%
Mining Corp
Jan
5*4
Jan
,1
:—*
Common..;
...*
—*
Mid-West Abrasive
5*4
Apr
102
47%
...—1
2*4
Apr
Middle States Petrol—
c
Jan
Mar
»ti
%
6*4% 1st preferred—25
V Pacific Ltg $0 pref
*
Pacific P 4 L 7% pref—100
t
"166
100
.
0% conv prior pref—100
Oldetyme Distillers..
.1
Omar, Inc
1
May
5%
..10
t c....
40
North Amer Rayon cl A..*
$3
Michigan Bumper Corp.. 1
Michigan Gas A Oil...—1
Michigan Steel Tube—2.60
Michigan Sugar Co..—..*
v
6
Apr
2*4
400
7*4
"51354 "xl3%
Nor Central Texas Oil.—5
53
Mead Jpbnson A
com
Mar
4*4
14*4
*
Dredging...*
Co
..*
17
2
4%
6*4 May,
Apr
2*4 May
"2%"3~ ""266
Marlon Steam Shovel....*
Massey Harris common..*
Master Electric Co
1
Feb
5*4
200
..*
v
May
Mar
54
HundredCorp B 1
—5
Mar
Jan
13*4
1*4
754
754
Nlplseing Mines..
20*4
Apr
*4
6
Class B common
Nineteen
June
7*4 May
10*4
454
Cl<ws B opt warrantsNiagara Share-
Mar
43
8854
44
Class A opt warrants—
31
,14
Jan
Apr
May
69
1
..—10
Common
Class A
Jan
May
Nor Amer Lt 4 Power—
Communlca'ns ord reg £1
Margay Oil Corp
Class B
5
3
5
6% 2d preferred
Marconi Intl Marine
Class A
T
10
33*4
Nlagara^Hudson Power6%
10054" June
Apr
25
$5 conv preferred.—.*
Ma pes Consol Mfg Co...*
""366
6% pf.100
Jan
Jan
%
N Y Water Serv
Jan
Jan
12,600
,
Preterred
pref—100
$6 .preferred
*
N Y Shipbuilding Corp—
754
Feb
23*4
T
Feb
200
10
Y Merchandise.
154
Mar
7|,
1
Lynch Corp common....5
Malestlo Radio A Tel
1
Manatl Sugar opt warr...
Mangel Stores..........1
"3*4 ~~3*4
"3*4
N Y 4 Honduras Rosarto 10
Jan
25
9*4
15
Feb
1*4
33
1%
2,625
Warrants
24
28
33
Jan
Feb
9H
—
New York Transit Co
1%
Louisiana P A L $6 pref..*
Warrants
City,Omnibus
22
-
*4
28*4
8854
Jan
9*4
100
36
Jan
Apr
•ii June
11*4
2*4
*
Jan
100
5*4
3,400
83*4
N Y Auction Co com..—*
New Process Co
2,400
13
Loudon
v t
25
22
Long Island Lighting—
Common
-—*
7% preferred...^.—100
0% pref class B— .100
Packing..—...*
Louisiana Land A Ezplor.l
Feb
Apr
Apr
Mar
22
""306
50
36
87
Newmont Mining Cor&_10
800
1%
1154
New Mex 4 Ariz Land—1
Jan
Apr
%
,
23*4 May
...5
Lockheed Aircraft
17*4 May
May
11
7054
8
200
preferred
H
10 %
1%
'l"i*4
'""SOO
,41*4
654
H54
Mar
9*4 June
May
Mar
Apr
100
"l3% ~14"
14
New Haven Clock Co....*
New Idea Inc common...*
300
*
Class B
Apr
7%
X
May
1,600
New Engl Pow Assoc
2
400
Loblaw Groceterias el A:.*
654
ht
Nevada Calif Elee com. 100
Mar
Feb
33
12
654
54
54
---*
preferred
Mar
05
Mar
1st
Jan
7.
Nelson (Herman) Corp—6
Jan
"160
-26
preferred-.
Memphis Nat Gas
*
754 June
9%
500
69
Neptune Meter class A—*
Nestle Le Mur Co cl A—.*
51*4
60*4
3*4
32*4
%
31%.
9*4
J Neb el (Oscar) Co corn
*
Nebraska Pow 7% pref. 100
Jan
Apr
400
15%
954
9%
Mar
8*4
*
Navarro Oil Co—
Mar
7
2
"soo
2%
9,
32
14*4
100
preferred---*
12*4 June
57
38%
%
Apr
152
Nat Union Radio Corp.—1
8*4
15*4
Conv
MeWllllams
Conv part
June
67
45
12
2%
9*4
13*4
1
88
64
40
......
Mass Utli Assoc
*
Nat Service common.
Jan
Lefcourt Realty common. 1
0%
Nat Rubber Mach
Jan
9
2H
%
Mar
National Refining com... *
108% May
Apr
1%
2%
1%
11%
7%
200
Class A.
preferred
*
Lehigh Coal A Nav
*
Leonard Oil Develop—26
Le Tourneau (R G) Inc .1
10
13*4
4
Jan
Mar
6*4,
Langendorf Utd BakeriesClass B
Mar
Apr
National Oil Products
Apr
9%
com——1
130
634
118*4 May
21*4 June
Mar
4
pref._100
Lane Bryant 7%
Apr
National Fuel Gas...
56
38%
2%
Mar
122*4
Jan
Nehl Corp common
Foundry A Mach.l
4*4
X
'"'36
26
Kresge Pept Stores
Lakey
400
130"
534
129"
130
Mar
38
5%
Jan
Jan
6*4
5*4 June
654
160
12
Jan
5%
Apr
41%
%
1
pref. 10
%
Apr
3*4
60
Klelnert (I B)
4% conv 1st pref
Apr
2,900
National Container (Del).l
Klein (D Emll) Co
Kress (8 H) special
»u
5*4
3*4
5*4
354
Jan
Klrby Petroleum
—1
Kirkl'd Lake G M Co Ltd 1
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
Lake Shores Mines Ltd..!
June
39
6%
60%
June
29
10754 June
105
com..*
Rubber Co 10
Knott Corp common—.1
Kobacker Stores Inc
*
Koppers Co 0% pref...100
32*4
Apr
Jan
6%
■
Jan
2454
Jan
21% June
'l%
Apr
29*4
25
Apr
*
Nat Mfg 4 Stores com.—♦
Mar
50
17
300
May
Jan
Mar
"~250
86%
5
Jan
32*4
78
5
3*4
2%
29
180
$3 conv pref
Jan
1*4 June
1*4 Mar
170*4
*
National City Lines com.l
Feb
Mar
32*4
1
National Candy Co
5*4
29
1167"
...
com
14*4
23
6%
172*4
98*4 June
102*4 June
Jan
22%
11214
Kings Co Ltd 7% pf B 100
5% preferred D
100
Kingston Products...—.1
200
120
101
101 % 164%
21%
476
154
400
98%
Apr
554
Nat Auto Fibre com—1
Jan
Nat Bellas Hess
93*4
Mar
T066
154
10
Mountain Producers
*4
Breweries.—. 1
Kingsbury
6*4 June
1454 Mar
Feb
7*4
Feb
200
Apr
3*4
200
5Moore (Tom) Distillery. 1
(Mountain States Pw com*
Mountain Sts Tel 4 Tel 100
Murray Ohio Mfg. Co—*
Muskegon Piston Ring.2*4
Muskogee Co com;
..*
6% pref..
...-100
Nachman-Sprlngfllled.
*
Apr
Apr
3%
%
9*4
100
354
"l% "l%
~i%
Mtge Bank of Col Am shs..
Mountain City Cop com 5c
Feb
2%
Apr
1 *4 June
100
11%
354
Moody Investors part pf-*
Mar
4*4
,
High
14*4
11%
354
Montgomery Ward A—*
Montreal Lt Ht A PoW- .*
«ii May
38*4
Feb
8%
17%
54
Apr
in
2%
4%
10%
11%
4%
7h
16%
17%
4%
%
16%
X
3*4
34
100
Jan
Mar
17
Low
Shares
10
June
10
Jan
H
11
100
3
'
Iron Fireman Mfg v t c.»
Apr
Apr
6%
700
60
38
6%
11%
T*4
400
700
17
hi
International
Jacobs (F L) Co
Jeannette Glass Co
1
Molybdenum Corp
Montana Dakota Utli
International UtilityClass A—
Range Since Jan. 1, 1939
for
Week
High
Low
Monarch Machine Tool..*
June
%
3%
Price
Range
of Prices
Mock. Jud, Voehrlnger—
Common.
$2.50
5*4
May
B_*
Internat rialety Razor
Par
High
21
4,700
Week'*
Sale
1%
Apr
20% June
400
2
Last
Range Since Jan. 1,1939
Internat Metal Indus A—"
Class
STOCKS
(.Continued)
for
Sal*
Sale1
Friday
Sale*
Friday
STOCKS
(<Continued)
June 17, 1939
Exchange—Continued—Page 3
3*4
$2.80 preferred
$5 preferred—
Penn Gas 4 Elec class A.
*
"61*4 "61*4
25
3*4 May
5*4
Jan
Volume
New York Curb
148
Friday
STOCKS
iMXt
Par
Perm Mex Fuel Co
Corp
Price
Range Since Jan. 1, 1939
for
Low
1H
Pa Pr A Lt $7 pre!
9
*
preferred
*
Penn Bait Mfg Co
lk
sk
lk
9H
:rl07k 109
103
103
60
103
2
Apr
lk
Apr
2k
Feb
Line stamped
Sllex Co common
5k
Apr
9k
Jan
135
25
Apr
Feb
16
Sioux City G & E 7% pf 100
Skinner Organ
*
74
Jan
84 k
Mar
75
58
Apr
75
Mar
Feb
Solar
Mfg. Co
1
Apr
27
8K
9H
1,100
7
Apr
10k
Jan
5k
5K
100
5
Apr
7k
Feb
118
May
118k
~3o"
'""25
29k
Apr
30 k
Jan
500
2 k
Jan
4k
June
2 k
Apr
23k
~30"
~30"
*
3K
4
4H
4X
5,000
22 k
800
16
12
Pioneer Gold Mines Ltd—1
4k
21
12
100
10
2%
2H
2H
'*
8H
8k
Apr
18 k
Feb
Apr
2k
Jan
5k
4,200
Apr
41
7%
Pittsburgh Forglngs——1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. _26
Pleasant Valley Wine Co. 1
7k
7
...
•
100
600
55k
7k
6k
120
47 k
200
Polaris Mining Co
25c
Potrero Sugar common.—5
lk
Pratt A Lambert Co.:
1
9k
Feb
Premier Gold Mining....1
IK
2
600
7H
7k
100
...25c
.*
K
he
29
k
400
"5 k"
"ik "Ik
Mar
Jan
Standard Invest $5k pref*
Standard Oil (Ky)
10
2k
42
June
10 k
Standard
Mar
Jan
k
6k
8k
Mar
5
Apr
,
5%
Jan
(Neb)
1st preferred
preferred
5k
1st preferred
100
104
no 1110
10
*
*
Apr
105 k
107
Feb
110
$0
preferred
60k
60k
63
825
44
36k
36k
37k
600
26
16
103
7% prior lien pref...100
109k 110
103 k
Jan
63
Standard
June
93
Jan
—_
50
101
Jan
.54 k
"54K
56
18k
20k
825
*
100
6k
7
118k 120k
150k 152
120 k
500
110
100
Quebec Power Co
Ry A Light Secur oom.—*
Railway A Utll Invest A..1
Jan
,58k
Mar
9k
9k
25 k
5
May
14k
lk
2k
500
z27K *27 k
*
6k
6k
k
k
I Reynolds Investing
Apr
123
Mar
May
158k
Jan
Mar
18k
Mar
9k
Apr
12k
Mar
Feb
1
12
100
Feb
Apr
21
41
Apr
Jan
Apr
June
200
25
Apr
100
5
Jan
33 k
7
Jan
k
Jan
k
Jan
Apr
12 k
Mar
Jan
"~"k ~"H
"300
'"'2k "2k
500
-
k
.
"20 k
Mar
3k
Jan
Mar
k
Mar
Apr
17k
Mar
900
14
23
350
20
lk
100
18 k
8k
20k
105k 106k
200
8k
19k
*
•
Sunray Oil
-.1
5k % conv pref
50
Superior Oil Co (Calif)-.26
Superior Port Cement
k
k
May
"
•
Jan
Jan
k
200
100
tu May
Feb
96
112
102
Feb
12k
12
17
102
Jan
Jan
18k
10 k
Mar
Apr
Apr
k
21k
Jan
Jan
H
106 k
Apr
lk
June
Feb
Apr
1
Jan
May
37 k
Feb
6k
Apr
10k
Mar
100
k
Apr
•is
Jan
3,800
15k
Apr
•41k
lk
Apr
2k
June
Jan
21
9k
10k
lTlOO
k
39
k
40k
38
14
Apr
lk May
28
"
100
"
1,200
7k
Jan
Feb
Jan
k
8
2
ik
2
Apr
6k
lk
44
k
Jan
Jan
9k
9k
Jap
12
June
Feb
2k
-31
38k
Jan
70C
36
Apr
46k
Mar
Feb
Apr
42
Mar
14k
5k
Mar
.
4k
3
30 k
30 k
k
Tobacco Allied Stocks—
Jan
5k
1,000
May
36k
Jan
k
k
May
k
"11
Mar
16k
1.400
875
2k
Jan
Mar
28 k
98 k
93k
103k 103k
15k
Apr
200
32 k
3
10
300
200
24 k
Feb
1
100
36
44
200
Tobacco Prod Exports.
Apr
Apr
Jan
7k
Apr
Apr
12k
Jan
May
4
40 k
36
"44"
1,600
12
Jan
Feb
3
2k
10
12k
Apr
Mar
35
6k
5
100
Ilk
15
Jan
8k
100
-.1
112
Feb
Jan
2k
100
k
Thew Shovel Co com....5
104
4k
Apr
Apr
Mar
''
7k
15k
Apr
Jan
Jan
Apr
4k
600
k
94
Apr
Apr
4k
Ilk
7k
5k
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref—100
Tilo Roofing Inc.
14
May
2k
Technicolor Inc common.*
Tlshman Realty A
Apr
Feb
13
Mar
Rolls Royce Ltd—
Jan
May
June
75
—
13k
;
Jan
1,200
com
Taggart Corp com
..1
Tampa Electric Co com..*
Tasty east Ino class A...1
Taylor Distilling Co
1
4
Jan
2 k
6
—*
Jan
5
Mar
23 k
1,400
Swan Finch Oil Corp....15
Apr
»n
3
Apr
17k
Sunray Drug Co....
Class B
Jan
May
lk
1,900
5
Jan
Mar
100
Constr*
14
Mar
69 k
94
2
Apr
Jan
Jan
k
May
8 k
Apr
10
Apr
Feb
22 k
Jan
99
Feb
103 k
June
4 "
Jan
15 K
,15 k
Mar
Jan
2
Jan
2
Jan
60
*
Feb
63
May
4k
4k
200
4k
lk
_
Feb
47 k
48 k
500
47 k
June
Apr
Mar
5k
Tobacco Secur Tr—
rctsord reg—£1
Rome Cable Corp oom—5
10k
lk
-r5
Root Petroleum Co
1
$1.20 conv pref
lk
10k
lk
ik
ik
_*
Apr
24 k
Apr
200
9
Apr
13k
Feb
100
lk
Apr
2k
Jan
300
lk
4k
Apr
2k
Mar
Apr
6k
Mar
20
Rossla International
"166
Royal Typewriter
*
—*
Russeks Fifth Ave
2k
4k
4k
4k
100
1
9k
8k
9k
2,500
Rustless Iron A Steel
50 k
50
*
Ryan Consol Petrol
*
Ryerson A Haynes com.. 1
Safety Car Heat A Lt
*
"300
$2.50 conv pref...
5
St Regis Paper com..
Trans
Jan
71
3k
Apr
7
Apr
6k
12k
44k
Apr
Feb
Apr
3
Mar
Jan
Mar
Jan
'
55k
25
"2"
"ilk
38k
10k
Apr
65*
Mar
Feb
4k
Jan
49
"2 k
1~3O6
2
Mar
38k
25
37
May
12k
2,300
9k
Apr
1
Apr
Savoy Oil Co
Schlff Co common
1
Jan
; 59 k
*
12k
20k
25
Scranton Elec $6 pref....*
Scovill Mfg
lk
300
18k
114k
May
27k
Mar
Apr
,114k
Apr
May
22k
"Jan
17
Scranton Spring
*
28
28
♦
Scullln Steel Co com
7k
25
7k
Warrants
300
Jan
28
5k
Apr
13 k
k
Apr
May
lk
lk
Feb
Mar
32 k
Feb
21
100
Securities Corp general—*
*
k
Seeman Bros Inc
31
Segal Lock A Hard ware.. 1
k
Selberllng Rubber com...*
7k
Selby Shoe Co
7
k
7k
1,800
2,500
4
12
.*
12k
250
12
Tu May
k
Jan
June
Mar
Jan
Jan
,*ic
Jan
8k
Mar
15
Apr
Selected Industries Ino—
A
Tung-Sol Lamp Works
.1
80c dlv. preferred. .. *
Ulen A Co ser A pref
*
.
k
k
x59
60
*58 k
60 k
800
Apr
4k
5
25
Allotment certificates—
k
1
Jan
Investment
Union Premier Foods Sts. 1
k
3k
5k
5k
5k
Corp
3667,
7
•Apr
8k
13k
Apr
'38k
June
Mar
Mar
2k *
6k
2k
200
2
Apr
3 k
Jan
6k
300
6
Apr
7 k
2k
2k
100
2
Apr
5k
2k
lk
14k
100
2k
June
3k
Jan
Jan
Mar
100
600
Milk
J Mar
2
"iik "isk
L300
14 k
3
June
12k
2k
Jan
16
May
Apr
4 k
Jan
Feb
42 k
Mar
June
lk
11
Apr
7,000
100
k
7
ik
2
85 k
lk
3,800
91
600
718
716
84
lk
lk
lk
lk
26
2 k
»ie
Apr
Mar
7
Mar
Jan
Jan
Jan
Mar
74
Apr
3 k
Jan
Apr
lk
200.
Jan
92 k
Mar
k
June
i»ii
Feb
Jan
80 k
Feb
400
lk
Apr
3
400
lk
19
Apr
2 k
Jan
Apr
36 k
Mar
Products...*
20 k
Feb
23
Mar
♦
69k
Jan
73 k
Mar
Apr
Mar
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A.*
Common class B
*
United
Jan
Apr
J*
38
15k
k
*
United Gas Corp com
1
1st $7 pref non-voting.*
lk
lk
warrants
*
9 k
Jan
69k
Mar
70
Mar
84
ik
"23 k
ord reg—
United N J RR A Canal 100
United Profit Sharing—25c
23 k
100
3,500
80
Jan
United Molasses Co—
May
600
'2~806
k
2k
Apr
Jan
Apr
k
Feb
•16 May
9 k
Jan
Jan
5k
Mar
Apr
5k
900
9
Jan
800
18k
Apr
Mar
83
Apr
22H
G3k
Apr
U5k
Mar
20
92k
1,700
112k H3k
5% cum pref ser AAA 100
Jan
"Too
United Elastlo Corp
May
90k
8herwin-Williams of Can.*
»ii
—
May
20
com..25
For footnotes see page
""3k "3k
Jan
6k
$3 cum A part pref
54
6
Shawlnlgan Wat A Pow..*
Jan
2k
Apr
Apr
*
*
Un Cigar-Whelan Sts.. 10c
United Chemicals com.
52
Seton Leather common...*
Severeky Aircraft Corp—1
Shattuck Denn Mining..5
2 k
50
Co
300
k
k
Apr
com..*
""260
Selfrldge Prov Stores—
£1
1
lk
19k
6k
♦
Series B pref...
$0 1st preferred
1
300
Tk "§k
1
-.1
Tublze Chatlllon Corp..
United
Mar
Jan
k May
7 k May
ik
♦
Trunx Pork Stores Inc.
Union Traction
k
400
14k
21k
111
Feb
1,200
10
June
105k
Apr
7i«
Union
12 k
Apr
3k
Union Gas of Canada....*
Jan
Feb
*1#
Trl-Contlnental warrants
Unexcelled Mfg Co
9k
Mar
•
ik
3k
Jan
200
Lace common..*
—1
;
2k
lk
12k
Jan
lk
k
Jan
17
15
81
98 k
Trans western Oil Co—10
Class
Mar
105k
Jan
Jan
—5
Feb
14k
48
Screen-
Pict
Lux
Common
Jan
:•
3k
55k
2
Todd Shipyards
Jan
Samson United Corp com 1
Brook
Water Service pref
Jan
43*
Mar
£1
Ordinary reg
Def registered 5s——-
Corp—*
Toledo Edison 0% pref. 100
7% preferred A
100
Tonopah Mining of Nev.l
Apr
45
2k
k
100
-.1
37*
Apr
35k
St Lawrence Corp Ltd—*
Sherwin-Williams
Apr
lk
100
Teixon Oil A Land Co....2
k
Roeser A Pendleton Inc..*
Sentry Safety Control
2k
16k
17 k
18k
Sullivan Machinery
$3.30 A part
"
*11
100
200
9k
5k
Corp
Jan
lk
Rochester Tel 6K % prf 100
Amer dep rets reg
(Hugo)
Stroock (S) Co
Jan
7
...1
2k
"
Voting trust ctfs
1
RochesterGAE10 % pf C100'
stock
2k
lk
10
5
,
Feb
4
2k
Rio Grande Valley Gas Co-
Convertible
Mar
Phos
Inc
Stinnes
Mar
1
2
♦
Radiator
$5.50 prior stock
Mar
19k
6
9k
t
.1
Rice Stlx Dry Goods
Common—
6k
34k
5k
148 k
16
500
2k
Reliance Elec A Eng'g—5
Scranton
Apr
Feb
Stetson (J B) Co com...
Jan
Mar
May
3k
June
Feb
Mar
18 k
Sterling
7
4
2k
14
5k
27k
Jan
12
35 k
2H
Relter-Foster Oil..—- -50c
preferred
100
Jan
Apr
Mar
100
2k
Apr
100
lk
*
60c
Reeves (Daniel) common.*
7%
lk
10
200
Sterling Brewers Inc.—..1
Feb
*16
Reed Roller Bit Co
Salt Dome Oil Co
Mar
phate A Acid Wks Ino 20
Mar
Jan
4k
108
325
14k
*
Common
Royallte Oil Co Ltd
5k
5k
2k
3k
Raymond Concrete Pile—
Roosevelt Field Ino
152
19
ik
6% 1st pref erred..., .50
5% 2d preferred
20
Sterling Aluminum Prod.l
k
Jan
6 k'
Pyrene Manufacturing..10
Am dep
Jan
Sterchi Bros Stores......*
Jan
4
Pyle-Natlonal Co com—5
0% pref D
June
1
June
34 k
14
550
Jan
56
30
1
Wholesale
June
Jan
16
1
5
June
42
Stein (A) A Co common
*xi
*
$0 preferred
*
Puget Sound Pulp A Tlm_*
preferred
Richmond
"""so
*
J[une
103 k
110
Puget Sound P A L—
$3 conv preferred
"56"
ll16
SUver Lead
Standard
June
38
70
IPub Utll Secur 17 Dt pf
Raytheon Mfg com
Red Bank Oil Co
lk
Starrett (The) Corp v t e.l
0% prior lien pref... 100
Quaker Oats common
0% preferred
29k
22k
105 k
Standard Steel Spring
Standard Tube cl B
Apr
Public Service of Okla—
$5
Jan
*
Preferred
June
Apr
k
Jan
27k
k
1
Common class B
Mar
Public Service of Indiana—
$7 prior preferred
28 k
100
100
Standard Products Co
100
7%
600
1,100
19
.
0%
29k
Jan
44 k
29 k
30
19
25
Standard Pow A Lt..
Mar
7k
100 k
Jan
Oil
Standard OH (Ohio) com 26
Feb
Jan
94k
Apr
$1.60 conv preferred..20
Apr
'""760
...—*
June
40
3k
10
23
Public Service of Colorado-
Apr
140
June
148
Standard Dredging Corp—
Common
1
Mar
3
»u
preferred...
Apr
Apr
2,300
3k
3k
Conv
Feb
4k
12 *
Mar
Jan
*
102
•
——*
56"
lk
Standard Cap &, Seal com. 1
Apr
Mar
5 k
2k
Apr
June
k
29k
2k
Jan
Apr
J an
lk
Apr
96
,1k May
29k
*
7
Prosperity Co class B
*
29k
"Too
3 k
Mar
lk
600
44
*
*16
Apr
lk
lk
200
43 k
Stahl-Meyer Inc
Apr
7
2k
xl H
"lk ""lk
Speneer Shoe Co
Standard Brewing Co
36
Pressed Metals of Am.—1
preferred
lk
Feb
Jan
4 k
Jan
June
3k
2klk
June
2k
3
200
18k
Prentlce-Halllnccom.—*
Prudential Investors
Mar
Jan
k
25
May
9
18k
Gas
3k
8
ioik
Apr
16k May
Apr
lk
Feb
84 k
25
lk
"300
*
Corp
20
Spanish & Gen Corp—
Am dep rets ord reg—£1
Jan
Apr
"4k "1%
Jan
164
300
117
k
100
219
lk
Mar
7k
Canada...*
Jan
June
12k
*16
5
Powdrell A Alexander
3
96
Southland Royalty Co...6
400
700
Apr
lk
Southwest Pa Pipe Line. 10
200
2
lk
12k
South Penn Oil
1,000
Apr
600
25
Jan
1
90
lk
...*
Preferred A
Jan
9k
8
Feb
96
100
Jan
12 k
64 k
8
8k
10
preferred
8
Apr
Apr
Apr
6
25
Southern Union Gas.
Feb
105
,1
*
Inc
8
53
Jan
2k
South New Engl Tel...100
Southern Pipe Line
10
8k June
43
Apr
13 k
Apr
1
6k % pref series C
Postage
Meter
Pitts Bess ALE RR—50
Apr
lk
Southern Colo Pow cl A. 25
Jan
•'
»is
9k
300
40
6% original preferred. 25
6% preferred B
25
Jan
29
2k
1,200
8k
0.K
Feb
200
lk
170
96
South Coast Corp com...1
Southern Calif Edison—
Feb
Apr
High
13k
164
'
1
ConvS3 pref series A.. 10
Pierce Governor common.*
1st preferred
lk
1
Sonotone Corp
Boss Mfg com
pref 25
Pneumatic Scale com
'u
13k
lk
lk
100
""266
8K
Low
Amer dep rets ord reg.£l
78 k
♦
Shares
Singer Mfg Co Ltd—
Jan
Jan
70 H
Common
Power Corp of
1
com
78
Phoenix Securities—
$0
Simplicity Pattern
Singer Mfg Co
69
Packing Co
Producers
June
78
1
Providence
June
104 k
167
69
Pharls Tire A Rubber
6%
109
Jan
92 k
High
25
♦
Phlla Elec Co SB pref
Plough
Jan
98
175
15
Philadelphia Co common.*
Pitney-Bowes
Apr
Range Since Jan. 1, 1939
for
Week
of Prices
Low
Simmons H'ware A Paint.*
♦
Phil* Elec Pow 8%
Price
Shreveport El Dorado Pipe
100
Pepperell Mfg Co
Penect Circle Co
Phillips
Mar
3,200
Pennsylvania Sugar com 20
Pa Water A Power Co
Par
11,300
30
150k 150 k
16
Week's Range
Sale
High
Apr
2
1
3665
Sales
Last
(Continued)
Shares
2.60
com..
STOCKS
Week
High
k
Penn Cent Airlines com__l
JO
Range
of Prices
Low
4
Friday
1
Penn Tr attic Co
Pennroad
Week's
Salt
0Continued)
Exchange—Continued—page
Sales
30
108 k
10 k
Apr
14
Mar
Jan
$3
Am
preferred
dep
United Shipyards el
Class B
Jan
6k
242
Mar
•it
Jan
100
k
9k
Mar
May
700
lk
Jan
10k
lk
5
rets
A—1
1
237
k
7n
200
10k
10k
10k
lk
lk
lk
Feb
Apr
Week'g Range
Last
Par
25
United Specialties com...l
U 8 Foil Co class B.— ..1
U S and Int'l Securities--*
1st pcef with warr
1*
950
72
Apr
85)4
Jan
43 % x44%
X44%
170
42
Jan
44)4
June
4)4
Jan
2)4
3)4
3%
3
400
3)4
Apr
Apr
0)4
Jan
Apr
%
Feb
%
*53)4 "58*"
Jan
68
450
50
400
28)4
Jan
38
10)4
58
Apr
21
Feb
16)4
27)4
36)4
38
US Ply wood
100
24
24
20
%\% conv pref..
U S Radiator com
)4
1)4
Feb
Apr
1)4
14)4
Apr
.2
""200
57)4
5714
2)4
1)4
44)4
44)4
58
2)4
1)4
47)4
400
""'"% ""%
14)4
100
Jan
June
9)4
2)4
2)4 June
Mar
54
16H
2)4
Jan
4
4)4
500
4
Apr
7)4
Feb
9
F'eb
'•is
Florida Power 4s ser C1900
Apr
May
74)4 May
1)4
Apr
; in
Apr
4)4
Apr
6)4
Mar
Feb
1
Mar
Jan
Feb
3)4
3%
Gen Wat Wks 4 El 6s. 1943
2)4
400
3)4
50
14
1)4
12
6)4
5
3)4
100
■1)4
4)4
Jan
Feb
66 M
110M
34,000
109 M
Apr
112M May
79 M
1112M 116M
98,000
66 M
Apr
81 %
112
75
39 M
Apr
107 M
Jan
Glen Alden Coal 4s
Gt Nor Pow 5s stpd—1950
"162 M
Apr
7)4
Jan
4)4
Apr
0)4
Jan
2
100
1)4
Apr
3
Jan
7)4
7)4
200
Apr
10
Jan
Heller (W E)4sww ..1946
Houston Gulf Gas 6s..1943
Mar
9
Jan
6 Ms ex-warrants—.1943
95)4 June
4 St Ry 5 Ms
Houston Lt 4 Pr 3 Ms. 1960
Apr
?)4
Apr
2)4
Feb
♦Hungarian Ital Bk 7Ms'63
18
4)4
Apr
8)4
Jan
Hygrade Food 6s A...1949
67 M
May
6)4
Jan
6s series B
.1967
Wright Hargreaves Ltd..*
1
1
IOC
)4
May
1)4
Jan
1st 4 ref 6s ser C...1956
May ipfi7
97
$22,000
102
Jan
107)4 May
Indiana Hydro Elec 5s 1958
104)4 105)4
12,000
98
Jan
20,000
96
Jan
105)4 May
105
June
46,000
87
Jan
103)4
Indiana Service 5s
.*
1st A ref 4 %b
1967
96)4
96)4
3i,000
96
124,000
104)4 105
94
Amer Radiator 4HS..1947
6.000
103)4 104
8,000
94
98)4 June
5s
let
1950
|len 4 ref 5s
1963
106)4
Jan
109)4 109)4
Jan
Indpls Pow 4 Lt 3 Ms. 1968
Apr
Apr
106)4
Apr
104
104
.
99)4
3,000
125
Appalac Power Deb 6s 2024
Ark-Loulslana Gas 4s. 1951
104
Arkansas Pr A Lt 5s..1956
106 %
Associated Eleo 4Hs—1953
59)4
107)4
125
103)4 104
105)4 106)4
58)4
59)4
Apr
106
31,000
106)4 106)4
Apr
118)4
5,000
Jan
May
54,000
102
45,000
101)4
Jan
88,000
41)4
Jan
Mar
Jan
June
111
107)4
125
.105
Mar
Mar
June
Feb
106)4 June
63)4
Mar
International Power Sec—
41
40
41
Conv deb 4 Ha
1949
Conv deb 5s.......I960
40)4
39 X
40 %
60
44)4
43)4
44)4
Debenture 5s
42)4
41)4
42)4
63,000
49)4
49)4
1,000
Conv deb 5Hs
.
•v
1,000
1,000
89
93)4
94)4
93)4
92
95
May
6s with warrants...1947
94)4
6s without warrantsl947
Apr
85
Feb
77,000
82 )4
Apr
June
94)4 June
95)4 June
92
lld)4-
Jan
110)4
Jan
1st M 6s series A...1955
107)4 108)4
13,000
107)4
1967
125
125
125)4
10,00(
120
Apr
...I960
Bethlehem Steel 66.—1998
128
128
128
10,000
123
Mar
140
June
86
Jan
69)4
Jan
1st M 5b series B
6s series C_.
Birmingham Eleo 4 Hal 968
"97)4
97
141)4
98)4
3,000
77,000
Birmingham Gas 5s...1969
89
89
91)4
43,000
140
Broad River Pow 5s..1954
97)4
Canada Northern Pr 5e '63
104)4
97 X
104
98
104)4
76,000
23,000
Canadian Pao Ry 6s.. 1942
101)4
100)4 101)4
19,000
Carolina Pr A Li 6s...1956
105)4
105)4 105)4
64,000
81
102)4
97)4
Jan
95%
Apr
104
101% 101,000
101% June
94%
Apr
94%,
11,000
85 M
Jan
94% June
21,000
96 M
99 M
Apr
104% June
Apr
105
4,000
85
Apr
99% June
9.000
86
Jan
98% June
1,000
104
63
3,000
53,000
63
24,000
„
"
84
1.000
•
Jime
36 %
Mar
55%
Mar
Interstate Power 6S—.1957
67%
67
70
126,000
55
Apr
70% June
1952
46 %
46
47 M
23,000
38M
Jan
49
96%
99
99,000
82
Jan
99% June
94
96 M 198,000
9,000
77
Debenture 6s
5a aeries D
1950
97
4 Ms series F
1958
94 M
110*2 M 103
'..1961
------
15,000
107 M 107%
......
tl06%
47 M
195:
------
39M
44
3,000
47 M
75
40M
45%
163
Fraschlnl 7s...1942
Jacksonville
■
102 M 102M
Iowa-Neb L 4 P 5s._.1957
------
15.000
June
105M
Jan
108
103 %
39 M
Apr
106
Apr
52%
59%
Feb
80
Jan
31
Apr
44
Mar
Jan
47
Mar
May
,107
Mar
June
.
Gas—
5s stamped-
...1942
44 M
17,000,
38.
Jersey Central Pow 4 Lt—
1947
4Mb series C.
1961
Kansas Elec Pow 3 Ms. 1966
106
Kansas Power 5s
18,000
103% 104
104
14,000
105M 106
;■
1947
1105M 108M
,123M 123M
102 % 102 M
•
------
98 M
99%
102
Feb
105M
Jan
106%
Mar
.103 %
Jan
108
Mar
'
2,000
119
Apr
123%
June
9,000
101M
Apr
103%
May
89 %
Apr
100
June
35,000
Apr
99%
June
107%
148)4
99)4 June
92)4 June
98
June
May
Lake Sup Dist Pow 3 Ms '60
106
106
Lehigh Pow Secur 68—2020
♦Leonard Tietz 7 Ms—1940
Lexington Utilities 5s.l952
110M
110M 110%
126
40
102 % 103%
103 M 103 %
Jan
105)4
Apr
105
Mar
107
May
Llbby McN 4 Llbby 5s
Long Island Ltg 6s
1945
100 x
100M <*101
Mar
Louisiana Pow 4 Lt 6s 1957
107
107
104)4 June
35
Jan
46
Mar
5%b ex-warrants...1954
Cent States PAL 6)48 '63
40
40
41)4
66,000
32
Jan
46)4
Mar
67)4
67
68)4 115,000
65)4
Jan
69)4
Mar
115)4
'42 "l03
M
107M
100
Jan
107%
June
107
Jan
110%
June
10,000
3.0C0
19,000
22,000
♦7s without warr'ts.1941
128
50
105
105
"3:660
Apr
104)4
Apr
Jan
55)4
78)4
81)4
95
102M
Jan
Mar
30
Mar
103%
105
Feb
June
Jan
101
105 M
Jan
107% June
28 M
Jan
103 M
Jan
91
——————
McCord Rad 4 Mfg
1943
50%
51
3,000
45
Memphis Comml Appeal—
Deb 4 Ms
1952
Memphis PAL 6s A—1948
95M
96M
3,000
95 %
92
Apr
82
6s stamped
'l01%
101H 102
29,000
May
30% May
105%
May
Feb
66
96%
May
Jan
102
May
Apr
105 M
Apr
91%
109%
May
107 M
Jan
110%
May
Apr
Jan
Jan
Mengel Co oonv 4 Ms. 1947
Metropolitan Ed 4s E.1971
4s series G
82 M
82 M
84
1106M 109%
109% 109M
1965 "l09 X
4,000
------
2,000
"
3667
June
Jan
Feb
Jan
22 M
Mansfield Mln 4 Smelt—
Marlon Res Pow 4 Ms. 1954
104)4 June
May
15,000
June
Apr
101
491000
------
93)4 June
104)4
Chicago A Illinois Midland
For footnotes see page
Jan
88%
22,000
44)4
70)4
72)4
June
103
28,000
40)4
2,000
June
1,02%
Jan
99 M
40)4
3,000
97
Jan
98
Cent States Eleo 5s...1948
33,000
Jan
98
98 %
Apr
78
'
98 M
1969
Apr
76
Mar
Interstate Publl c Service—
5b series I
Jan
Apr
53)4
Jan
102% June
98)4
77
88% June
May
110
106
81
75)4
Apr
108M
Jan
101
52)4
68
'10,000
Apr
8,000
f*Chio Rys 5s ctfs
1927
Cincinnati St Ry 5)4s A *62
6s series B
1955
June
93 %
39,000
3,000
63
8,000
103)4 104)4
98
Apr
12,00c
103)4
103
49
102% 102 M
Cent Pow A Lt 1st 68.1956
13,000
Mar
104% 105%
3,000
103
Jan
63
98 %
41,000
104)4
110%
Apr
02 M
93)4
103
Jan
107
May
50M
104 %
104)4
104
Apr
108 %
1948
1956
92
Ry 4)4s A
1956
Chio Jet Ry A Union Stock
Yards 5s...
1940
June
52,000
98%
105
1st mtge 5b ser H...1961
104
41
Feb
June
5 Ms series F
92 %
ser
39.000
0 Ms series D
June
104)4
Cent Power 5s
105)4 May
128
D..1957
H Cedar Rapids M AP 5s '53
Cent Ohio Lt A Pr 5s..1950
Jan
125)4 June
Jan
96)4
110'M June
110*32 110532
June
101 %
Kentucky Utilities Co—
Bell Telep of Canada—
June
68
54
Kansas Gas 4 Eleo 6s .2022
Works—
68
52%
5s series B
Avery A Sons (B F)—
Jan
Apr
Apr
Jan
106)4 May
109)4 June
5960
Apr
83
Jan
1,».0
31,000
108M 109
Italian Superpower 6s. 1963
Apr
72)4
2,000
Apr
Isotta
104
Apr
111% June
36%
Mar
102)4
103
108 %
41%
Mar
13,000
Jan
Jan
Apr
101M
6,000
59
."s^ooo
—
5,000
44)4
109)4 109)4
June
4,000
Jan
80
81)4
J 105)4 107)4
102%
103%
48
Jan
80~~
—
•"
Isareo Hydro Eleo 78.1952
mx
Atlanta Gas Lt 4)48—1955
Mar
Jan
94M
101M
47
Iowa Pub Serv 6s
40
— -
May
Apr
Jan
46%
Mar
29)4
2,000
29
26%
18%
"14:666
102% June
48
Mar
Jan
Apr
* May
43%
45 M
47)4
Jan
98
26
Jan
105K
84
"mk
1957
42)4
Feb
30
14,000
—...
60
1955
Iowa Pow 4 Lt 4 MS—1958
42
27)4
9.00G
Feb
"48"
O.
7s series E
Mar
31
78,000
53,000
Jan
50
...1952
6 Ms series
5b series B
Associated Gas A El Go—
Conv deb 4Hb C... 1948
53
Apr
—
61M
♦Indianapolis Gas 5s A1952
109)4
96 %
May
7s series F.
Appalachian Elec Power—
1st mtge 4s
1963
Debentures 4%b
1948
52%
Apr
36
-
1G8M 108M
"62""
.
103 %
Mar
45
-
2:000
110%
105
1957
81)4
Jan
103*u May
2,000
108
108'
May
106)4
83)4
97)4 110,000
103»32 103'j2
Ltd 6s__1948
Amer G A El debt 6s..2028
47
—
Jan
Apr
96
96
Indiana 4 Mioh Elec 6s '55
102)4 105
101)4
Mar
103 % 104 M
104
102 %
101)4
109%
103% 104M
97
99%
104
1953
104)4
1908
Apr
107M
Jan
107 M
92
1947
6s series O...
1st Are! 5s...
Mar
Mar
72 %
4,000
100 x
92
..1951
6Ms series B__
Sold
102 %
91 '•
Electric Corp—
6s series A
Bonds
Alabama Power Co—
107
Jan
58
102 % 103 %
100%
8 f deb 5 Ms
Indiana
106
87
5,000
104
"102%
-
72
-
108
"16.8"
lBt 4 ref 5M8 ser B.1954
106
Jah
4,000
40
68
6$
108M
68
...1949
111 Pr 4 Lt 1st 0s ser A. 1953
BONDS
60
—
103
700
Idaho Power 3%b
8)4
16,000
111.,
82)4
Yukon-Pacific Mining Co.5
74% June
29
36 M
26%,
200
May
Jan
4,000
5)4
May
Apr
11,000
110
Jan
94
May
90 M
*102
110
75
105M
17.000
28.
102 % 102%
103%. ,103%
102 M
Jan
Jan
91% May
65M
}22
1938
Mar
25 M
69
2)4
12
—
13,000
74 %
4)4
'
—
40
69%
2)4
5
-
-
♦Hamburg El Underground
5)4
100
Mar
1950
Jan
120
Mar
Locom
Jan
95 M
102 % 102 M
1935
8)4
♦Convertible 6s
Feb
87
—
52
15)4
Baldwin
73
49
Apr
Atlantic City Elec 3%b '64
Apr
36 M
Apr
Assoc
76
M
52
7)4
1977
T A T deb 5 Hs. A*55
Apr
94
'147
100
..1968
1,000
97%
Guardian Investors 6s. 1948
2,200
Amer Seating 6s stp—1946
90
Quantanamo 4 West 6s '58
8)4
Am Pow A Lt deb 6s..2016
Apr
90
108M 108M
108M
14)4
^Aluminium
81
89M
_
8)4
1st A ref 6s.......1956
99 M
3,000
67
"69"
14)4
1st A ref 6s
Jan
88
124
68%
"89 &
200
Mar
97% June
101% June
87
73
6c
1940
1951
Apr
Feb
20
95
Jan
7)4
104 M
Mar
92
-
1947
Apr
15
8,000
90
"92 M
(Adolf) 4 Ms—.1941
Grand Trunk West 4S.1950
Hall Print 6s stpd
99
99
Feb
Mar
June.
91 M 79,000
173
77
11,000
91X
93 M
103% 104 M 178'iOOO
"91%
1965
Apr
88 %
89%
65,000
97 %
94
Gobel
108 M
98 M
73
5)4
Petroleum
__1
Wool worth (F W) Ltd—
------
Jan
Jan
100% 101M 294,000
1953
6)4
Woodley
■
Jan
May
Apr
Jan
10
7
■
81
36,000
50
97
•
Georgia Pow 4 Lt 6s—1978
2
~2~~
102
29,000
100%
100
99
Georgia Power ref 6s..1967
5)4
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
Wolverine Tube com
2
1st A ref 5s—
46
107M 108 :
86 M
88%
101
Jan
Jan
May
50 %
is'ooo
Jan
Mar
103
Mar
♦Gesfurel 0s„
Feb
104 M
Jan
15.
7)4
Jan
Apr
Apr
Jan
107 %
99M
Jan
May
—
12.000
1940
5)4
5%
—Jf --
-
16,000
6s ex-warr stamped.1944
♦Hamburg Eleo 7a
—•
dep rets
M
104M 104 M
104
June
Feb
'
Gary Electric 4 Gas—
General Bronze 6s
Jan
10
Apr
50)4
5)4
Wlllson Products Inc
Amer
65%
Apr
8)4
"166
"ok "ok
Apr
Yi
Grocery Store Prod 6s. 1945
14
4M
4M
H
10
7% 1st preferred—100
6,000
4%
32
Common....
108M
53%
♦General Rayon 6s A. 1948
Feb
Apr
Jan
90,666
"97"
Gen Pub Utll 0)4s A.1950
Mar
106M
1M
General Pub Serv 5s—1953
J4
6,000
4%
119
Florida Power 4 Lt 5s. 1964
5%
Jan
% June
1 %
100 x
Apr
106
Mar
9M
♦First Bohemian Glas878'57
2)4
Jan
,107
140 %
Finland Residential Mtge
Banks 6s- 6s stpd—.1901
Mar
>2)4 May
Jan
104M
102 M 102%
Jan
Mar
86
97
Apr
1953
9
Western Tablet & Statlony
Wilson-Jones Co
0)4s series A
53
150
Jan
Apr
Eroole MareLtl Elec Mfg—
Jan
100
68)4
Apr
102 M
Empire Dist El 6s....1952
Jan
Apr
100
May
18,000
5,000
56%
92 M
Apr
88 %
2)4
an
91%
108M
Mar
96 M
1,000
Apr
"107 M
2)4
79 %
1.000
ioik
1967
98)4
176,000
95%
110
Federal Wat Serv 5)4s 1954
2)4
58 M
66
63%
76 M
:
1950
6
2)4
June
70% June
25,000
M
110
Edison El 111 (Bost) 8 Ha 06
Elec Power 4 Light 5s.2030
Erie Lighting 6s
97)4
129
Apr
Mar
K
"63 M
Jan
2)4
Jan
125
14 %
1M
Feb
97)4
June
4%
XX
1952
Jan
Western Maryland Ry—
*
Westmoreland Coal Co
*
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.. 10
Formerly Venez Mex Oil.
Williams (R C) A Co
•
Williams Oll-O-Mal Ht..»
Aug 1
♦0)4s
74)4
1
Feb
112
Detroit Internet Bridge—
28
Jan
131
Apr
107
30
Apr
June
109 M
105% 106%
Denver Gag 4 Elec 6s. 1949
♦Certificates of deposit
Eastern Gas 4 Fuel 4s. 1956
Apr
128%
1,000
94%
100 x
Delaware El Pow 6)4s.l959
May
4)4
15
100
n
2,000
86
'
"95"
Mar
3)4
Mar
66
Apr
he
87
106'«32 106'»J2
Elmira Wat Lt 4 RR 5s '66
%
m
1.25
pref—*
West Va Coal A Coke
»
Western Air Express
1
15)4
7)4
1
Wentworth Mfg...
May
Cudahy Packing 3%$.1Q55
El Paso Elec 6s A
Welsbaum Bros-Brower..1
West Texas Utll 18
Jan
7)4
.
Apr
70%
89
♦Certificates of deposit
Apr
74%
90
69
Cont'l Gas 4 El 5s...1968
1 Cuban Telephone 7Ha.'4l
1944
Cuban Tobacoo 5s
Mar
1)4
2)4
Jan
•is
52.000
88%
6s ser A stamped... 1943
Mar
June
6)4
*!•
F'eb
38)4
Mar
130
)4
20
Mar
86M
68
tii
80
50
86
Jan
1128
1)4
700
47
50
Jan
72 M
1964
Gen mtge 4)4s
♦Deb 7s.....Aug 1 1952
Apr
72 M
Consol Gas Utll Co—
Jan
Wayne Knitting Mills...6
Wellington Oil Co...
Jan
Apr
*
Walker Mining Co
Jan
Jan
.
Mar
20
85M 160.000
64,000
85 M
112
Feb
Apr
77
112
June
Mar
Apr
3,000
128M 128 M
(Bait) 3)4s ser N...1971
Consol Gas (Bait City)—
June
1)4
14)4
Venesuelan
Class B_„
Mar
1
%
10)4
67 M
84
84
Conn Lt 4 Pr 7s A...1951
1)4
200
25,000
5)48—
1949
Community Pr A Lt 6s '67
Feb
)4
Mar
82 M
60
Apr
77
81%
Feb
May
Mar
Apr
82 X
Jan
42
78M
66
7314
Apr
1)4
175
Apr
42,000
83
1969
19
Jan
Jan
66
75%
75%
Cities Serv P A L6)4s.l952
6a
Mar
84
71M
76 M 179,000
73%
*11
100
Petroleum...1
pref—100
Vogt Manufacturing
•
Waco Aircraft Co———*
Wagner Baking v t c
*
7% preferred
100
Wahl Co common
*
Waitt A Bond class A
*
Jan
Apr
1)4
Valspar Corp com
1
$4 conv pref
6
Van Norman Mach Tool.6
Va Pub Serv 7%
Apr
«
47)4
1.50
100
400
1
7% preferred...
Apr
6
-.7
common..1
Class B
3
13)4
preferred
|UtU Pow A Lt
Jan
12
*
$5.50 priority stock...
Utility A Ind Corp oom_.6
Feb
»i«
"is
T%"T%
3%
1
Utility Equities Corp
3)4
500
73 X
80
73
73 %
"74"
1958
Consol Gas El Lt A Power
2)4
Jan
6,900
2,000
1950
Jan
4)4
Apr
H
Conv deb 6s
Debenture 6s
Debenture
High
Low
$
80
Cities Service 6s......i960
June
Apr
1)4
Vs
1%
May
1)4
2%
1)4
400
2)4
U S Stores Corp com
Utah Radio Products
Apr
%
2)4
1
U S Rubber Reclaiming.
•
17 conv 1st pref
—*
United Stores new com 50c
United Verde Exten_._60c
United Wall Paper..
2
Universal Consol OH
10
Universal Corp v t c
1
Universal Insurance
8
Universal Pictures com—1
Universal Products Co—♦
Utah-Idaho Sugar..
6
Utah Pow A Lt $7 pref.—*
Apr
1)4
*
10
pref
U S Playing Card
Conv
High
Low
Shares
1,1939
Range Since Jan.
for
Week
High
Low
Price
Par
84)4
x83
x83
Preferred
High
Low
Price
United Shoe Macb coin.25
(Continued)
Week
of Prices
Sale
0Concluded)
LastA Week's Range
Sale
of Prices
BONDS
1, 1939
Range Since Jan.
for
Sales
Friday
Salet
Friday
STOCKS
U S Lines
June 17, 1939
New York Curb Exchange—Continued—Page 5
3666
Mar
ft
Volume
New York Curb
148
Friday
BONDS
Last
(Continued)
Weft's Range
Sale
Par,
Middle States Pet 6 He '4fi
Midland Valley RE fie 1943
Mllw Gae Light 4
97 H
Range Since Jan. 1, 1939
for
62
93?*
Jan
98 H
Mar
1,000
58 H
May
Apr
66 H
101?*
Mar
93 H
51,000
97 H
Apr
June
6s series A
2022
Tide Water Power fis..1979
Tleta (L) see Leonard
12,000
102?*
Apr
May
'Twin
82,000
82 H
88 H
94 H
Miss Power A Lt 6fl_—1957
Miss River Pow 1st fis.1951
100 X
Missouri Pub Serv 6s. 1960
"87"
109 J*
91
9,000
39,000
94?*
13,000
108?*
Nassau A Suffolk Ltg fis '45
Nat Pow A Lt 6s A
2026
Deb 6s series B
93 H
105
2030
109
102 H 105
|*Nat Pub Serv 5s ctfs 1978
123H
Nelsner Bros Realty 6s '48
Nevada-Calif Elee 5s_1956
109
82
New Amsterdam Gas 5s '48
N E Gas A El Assn fis 1947
Apr
108?*
May
66 H
Debenture 5Hs
1964
New Orleans Pub Serv—
98
Jan
91
Jan
94?*
,
98
Jan
110?*
105
June
38
Apr
109 J*
18,000
107 H
Jan
123 J* 123H
108
109
6,000
115?*
Jan
111H May
123?* June
Jan
109
96
7,000
84 H
108,000
I
119H 119H
69 H
66?*
75?*
1,000
♦1st
June
Jan
Apr
May
118H
Jan
June
120?* May
105?*
Nippon El Pow 6 Hs. .1953
87?*
Apr
96?*
June
90
Apr
99?*
June
Feb
102
June
100?* May
105?*
Feb
Jan
113?*
56
101
"53 H
53
50
26,000
104?* 104?*
55
95?*
47
$107H 109
Jan
Jan
Apr
May
104
23,000
14,000
Jan
-
107
Mar
109
Mar
May
58
Mar
101
West
1969
105H
1970
104 %
N'western Elec fis stmpd'45
N'western Pub Serv fis 1957
Ogden Gas fis
1945
Ohio Public Serv 4s
1962
"i02k
109-
FOREIGN
Apr
102
Apr
Jan
106?*
105?* May
5,000
104
Feb
108
102?* 103?*
43,000
3,000
Apr
108
103?* June
109?* May
109?* May
Jan
106?*
13,000
109
35,000
102?* 102?*
97?*
29,000
Jan
108?* May
104?* Mar
98
Apr
♦7s ctfs of dep. Apr
30,000
91 ?*
Jan
3,000
112?* 113
91
87 H
101H
Jan
102 J*
104
Lexington 3s
1964
Penn Cent LAP 4HS.1977
♦7s ctfs of dep. Jan
89?*
37?*
Apr
Jan
Jan
15,000
25,000
102 M
87
Jan
Apr
31,000
92
"93"
93 H
92?*
86?*
Apr
Feb
Mar
ser
Apr
Jan
♦7s 2d
ser
ctfs of dep.'57
89?*
June
♦7s 3d
ser
ctfs of dep.'67
141,666
76
Jan
32
Jan
'
May
94
♦Baden 7s
31,000
51,000
97
Jan
104 H
May
106?* May
107
May
17,000
100?*
Jan
107
June
18,000
37 H
Feb
May
Mar
.
8H
18
14'.
....—.1951
♦Caldas 7H8 ctfs of dep.'46
♦Cauca Valley 7s
1948
June
15
"ll" "Mar
18
$16?*
15?*
2,000
17 H
15
May
Mar
19
9,000
10
5~6o6
16?*
11?*
16?*
$11?* ,18
16?*
-
18
$!1
18
19?* dl9?g
,$11
20
♦Bogota (City) 8s ctfs. 1945
Bogota (see Mtge Bank 01 >
Jan
18
18
$11
♦7s ctfs of dep. .—.1948
106?* 107
105
105?*
Jan
$11
♦7?*8 ctfs of dep...1946
H'103K
102?* 103?*
106?* 106?*
Jan
24H
$13?*
$13?*
$13?*
$13?*
C ctfs of dep. 1945
113?*
Apr
112?*
25H
26
29
♦7s ser A ctfs of dep. 1946
♦7s ser B ctfs of dep. 1946
June
114
30
26H
30
$26?*
♦7s ser D ctfs of dep. 1945
♦7s 1st ser ctfs of dep.'57
Mar
89
8,000
$26?*
$24
$24
104H
16?*
16?*
Jan
Mar
June
Jan
105?* May
109?* Mar
Cent Bk of German State &
1,000
91H
106?*
Jan
"109
♦Prov Banks 68 B—1951
$21
30
22
Jan
107?* 108
5,000
105 H
Jan
108
Mar
30
4,000
21?*
Apr
102?* 102?*
102?*
June
105
Jan
♦0s series A
1952
Columbia (Republic of)—
$21
102 H
106 H
106?* 106?*
7,000
106
19?*
Feb
85?*
Apr
109
—..1954
Penn Water A Pow fis. 1940
1968
Mar
108 H
Jan
♦6s ctfs of dep..July '61
$22
30
30
Apr
99 H
June
92?*
111H
Apr
100 J*
June
♦0s ctfs of dep..Oct '61
Cundlnamarca (Dept of)
♦0Hs ctfs of dep
1959
$22
91?*
$11
18
113?*
Feb
*
Peoples Gas L A Coke—
4s series B
1981
98 H
4s series D
1961
98 H
Phlla Elec Pow fiHs..1972
Pblla Rapid Transit 6s 1962
98
62,000
50,000
98 H 100
112
111®/*
79 H
53,000
Potomac Edison fis E.1956
4Hs series F
1961
Potrero Sug 7s stmpd.1947
97
$18
97 H
"77 H
Apr
80
61
Jan
Mar
108
Mar
11.000
96?*
20~666
64
,5,000
107
Jan
108 H
Jan
17
78?*
107?* 107?*
$109?* 110
49'
$18
■
Jan
39 H
99
Feb
Jan
22
June
Jan
H
80
May
Jan
100 H
1,000
Jan
20?*
105?* 105?*
Danish
Feb
Apr
22 H
77
$43 H
PowerCorp(Can)4HsB *59
♦Prussian Electric 6s.. 1964
Public Service of N J—
76
2,000
103 H
98
38
1,000
48?*
$102
♦Pomeranian Elec 6s..1953
Portland Gas A Coke fis '40
Apr
103
79,?*
46
Pledm't Hydro El 6Hs *60
Pittsburgh Coal 6s..1949
Pittsburgh Steel 6s...1948
Feb
30
109?*
109?*
45
105H
23
fiHs
1955
58
153?*
1,53?* 153?*
106?*
19C
106?* 107
146
13,000
Apr
106?* June
2,000
153?*
30
♦German Con Munio 7s '47
♦Secured 6s..—
1947
Feb
Jan
11,000
85
88 H
Apr
32
24?*
May
4,000
1,000
16?*
16?*
Apr
18?*
18?*
3,000
19?*
19?*
Tsti
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6HS.1949
Apr
Lima (City) Peru
May
Mar
Feb
6?*s stamped
♦Maranhao 7s
June
25
$1,7
1958
1958
10H
'
$10
10?*
17
Jan
25
$20
14
Apr
10
May
12H
11H
.
♦0H» ctfs of dep... .1954
Mtge Bk of Bogota 7s.1947
13,000
7,000
15
1951
16
15
6,000
11?*
Jan
Jan
10
Feb
9
16
♦Medelltn 7s stamped. 1951
Jan
6?*
$13?*
18
♦Issue of May 1927
$26?*
Jan
$24
18
32
25?*
♦7s ctfs of dep. May '47
♦Issue of Oct 1927
108?* May
92?* June
90H Mar
$26?*
30
25?*
Jan
26
26
Apr
15
11H
Apr
90
Apr
Jan
Jan
Jan
91H
90?*
88?*
83?*
83?*
86
55,000
70H
Jan
86
Mar
♦7s ctfs of dep. Oct *47
♦Mtge Bk of Chile 6s. 1931
91
91
93H
32,000
63 H
28
Jan
93?* June
Mtge Bank of Columbia—
♦$uhr Gas Corp 6H8.1953
♦Ruhr Housing 6Hs—1958
Safe Harbor Water 4Hs '79 "ios"
|»St L Gas A Coke 6s. 1947
San Joaquin L A P 6s B '52
♦Saxon Pub Wks 6s...1937
31H
$21?*
108
92?*
90
$23
*
♦Schulte Real Est fis..1951
89,000
75?*
Jan
23,000
72
Jan
31H
1,000
25
108H
22,000
$19?* 20?*
137?* 137%
.....
'mm
-
»
Jm
-
10
«
134
4,000
......
H
20 H
_
Apr
35
Jan
♦7s ctfs of dep
♦7s ctfs of dep
June
mrnm
108
110
Feb
18?* May
22
"look
100 H 101
52 H
52 H
54
105
105
TfServel Incfis
1948
Sbawlnlgan W A P 4Hs *67
U 1st 4 Hs series B...1968
1st 4 Hs serlee D
1970
$24
$12
Mtge Bk of Denmark fis '72
m
Feb
Feb
Apr
137?*
27
June
Mar
■
22
1951
92?*
$85
88 H
Queens Boro Gas A Elec—
5 Hs series A
1952
91H
.*.1963
Dansig Port A Waterways
♦External 6Hs
.1952
♦7s ctfs of dep
6% perpetual certificate
Pub Serv of Oklahoma—
Scull In Steel 3s_—
50
100 H
of) Co¬
Jan
105M
'Apr
106
105?* 106
Apr '48
Jan
106?*
7,000
Jan
Jan
99
lumbia—
98
107
110H
18,000
105?*
♦08ctfsofdep
(Dept
Antioqula
91
103 H
104
4,000
87,000
29
9,000
Deb 6Hs series B—1959
Penn Pub Serv 6s C—1947
Scripp (E W) Co 5HS.1943
105?*
107?*
Jan
104?* May
1,000
107 H
104 H
29
37?*
1,000
99?* 162,000
.1960
4s series A
$106
104 H
$24
98
1971
4Hs series B__
'ill?*
$24
103
...1962
Penn Ohio Edison—
fis series D
13,000
'47
103 H
6s series H
,
10,000
Aug '47
"98"
—1979
6s series A—
109 H
'46
Apr
112?*
35,000
92?*
87
Park
109
104?*1043132
105?* 105?*
114.H H4H
102"32l021316
57?*
59
109
♦6s ctfs of dep
108?* June
50,000
$112?* 114
Pacific Pow A Ltg fis—1955
June
♦20-year 7s....Jan 1947
May
♦7s
Pacific Invest 6s ser A.1948
Pacific Ltg A Pow fie..1942
19
Agricultural Mtge Bk (Con
♦20-year 7s
Apr 1946
9,000
105?* 105?*
104?* 105
108?* 109
112H
50,000
Jan
AND MUNICIPALITIES—
Jan
Pacific Gas A Eleo Co—
1941
20?*
Apr
GOVERNMENT
Jan
105?* 105?*
107?* 108 J*
101H 102
1Q1H
Jan
19
H
June
107?* May
57H Mar
107
105H
Pacific Coast Power fis '40
82
1042132
|*York Rys Co fis—.1937
V
Stamped 6s
1947
108 H
109
108
4,000
6s *44
Apr
10,000
108?*
Okla Nat Gag 4 Hs
1961
5s conv debs
.1946
Okla Power A Water fis '48
1st fis
r
Penn Electric 4s P
Newspaper Un
104?*
104?*
105?* 105?*
4 Hs series E
87
95?*
Wheeling Eleo Co fis..1941
Wise Pow A Lt 4s
I960
Yadkin River Power fis '41
106?* 106?*
1966
fis series D
12,000
93 H
19?*
Wash Water Power fis 1960
West Penn Elec fis...2030
West Penn Traction fis '60
West Texas Utll 6s A 1957
112H
4,00^0
95?*
93?*
Wash Ry A Elec 4s...1951
Jan
Jan
Apr
99?*
97?*
1954
Apr
104?* June
106?* June
■100
101
Income deb
99?*
89?*
Jan
113?*
97?*
12,000
"96"
Waldorf-Astoria Hotel—
102?*
Northern Indiana P S—
1st 6s series B
Apr
89
102,000
J54
No Amer Lt A Power—
5Hs series A
__1956
No Boston Ltg Prop3 Hs'47
Nor Cont'l Utll 6HS-.1948
No Indiana GAE fis..1952
Apr
91
54,000
1st ref fis series B...1950
6s
1946
-
Apr
21,000
Va Pub Serv fiHs A—1940
May
99
112
Mar
98 H
Mar
109?*
104 H
Apr
115H 116
89?*
104?*
78 H
97 H
72H
Jan
105?* May
Apr
107?* 107?*
1,00C
89
90?* 127,000
98 H
Jan
105?* 106?* 112,000
103?* 104?*
30,000
106?* 106?*
19,000
Apr
68 H
54 H
Mar
72
81?*
107?*
86 H
68
8,000
18,000
5,000
Jan
23
19»000
82
10,000
66,000
79
131666
80
78
69
1,000
28?*
78
79?*
Jan
Apr
94?*
66 H
113
103 H
N Y A Westch'r
Ltg 4s 2004
Debenture fis
1954
28?*
-.1973
Utah Pow A Lt 6s A—2022
4HS
1944
80
Mar
1,000
8,000
78
Mar
80
♦Ext 4Hs stamped.I960
116?*
40?*
26 H
118?* 118H
47?*
47?*
35
$26
92
Mar
72
New York Peon A Oblo—
Apr
78
72?*
2,000
Jan
31,
92
Jan
59,000
50 H
15,000
116
Jan
104
44,000
1952
55
$103
64?*
(Me)—
54
101?* 102
98 H 100
100
an
Jan
42
■
6s series A
17,000
48,000
.
61?*
78
1959
Un Lt A Rys
(Del) fiHs '52
United Lt A Rys
45,000
99?*
99?*
80 H
38
118?*
47?*
1975
6s series A
-
Jan
38,000
61?*
1974
Mar
89 H
Low
103
99 H
98
1945
6Hs_—
fiHs
♦5s
N Y P A L
Corp 1st 4 Hs'67
N V State E A G
4Hs 1980
f 6s
s
United Lt A Pow fis
69
98
1942
111
27,000
1,000
38
♦United Industrial 6Hs '41
92 H
33
95,000
Ill
97?*
Range Since Jan. 1, 1939
%
106?*
111
Conv fis 4th stamp. 1950
United Elec N J 4s...1949
United El Serv 7s
1956
June
for
Week
High
106
men Co—
June
73 H
77
164,000
109 H 109 H
95 J*
96 H
♦Income 6s series A.1949
N V Central Eleo
6Hs 1960
fis series C
Feb
Range
Low
106
City Rap Tr fiHs *52
67
67
Conv deb 5s—III—1950
New Eng Power 3HS.1961
New Eng Pow Assn fis.1948
6s stamped
June
110
Jan
10,000
82
"66 k"
1Q4.8
Jan
102?*
106?*
99?*
102?*
37?*
109
2022
fig
110H
37?*
Nebraska Power 4HS.1981
8s series A
87
93 Vs
110
94,000
Mar
Week's
of Prices
Price
Texas Power A Lt 6S..1956
Mississippi Power 5a—1955
102
1955
3667
ii>Uk.A
Sale
Par
40,000
99 H
1978
Last
High
5,000
99?*
101?* 102?*
105
105?*
94 K
96
100 H 101?*
Minn PAL 4 He
let A ret fie
BONDS
(Concluded)
Low
S
97 H
62
1967
96 H
6
Friday
Week
of Prices
High
Low
Price
Exchange—Concluded—Page
Sales
,
32
1946
$24
1947
$24
32
♦6H8 ctfs of dep.-.1947
$24
32
91 H
♦Parana
(State)
91 H
1,006
22
June
31H
Jan
33,000
100
Mar
48
May
May
103H
14,000
65
Jan
♦Santa Fe 7s stamped. 1945
1,000
105
June
107 "
Apr
♦Santiago 7s
102?*
May
100
Feb
105?*
105?*
1,000
,
12H
12?*
1,000
8 H
10
7s.-.1968
♦Rio de Janeiro 6?*s.l959
♦Russian GovtdHs—.1919
10
2,000
6?*
H
?*
Apr
103 H 104
>
$102.18 102.26
22,000
104?* 104 H
80
80,
97
99?*
10,000
28,000
83
Jan
106?* 108?*
50,000
94?*
Jan
108?* June
103?*
Apr
"Io»«
14,000
108?*
Jan
Ref M 3Hs B.July 1 '60
1st A ref mtge 4s...I960
109?*
103?* 104?*
109?* 110?*
109?* 109?*
41,000
3Hs.May 1 1960
9,000
108?*
Jan
106?* Mar
111?* May
111?* May
Ill
Jan
103 H
Feb
H "
—1921
H
H
$45
10,000
6,000
H
56
1949
10 H
1.1 H
1901
$9H
47
"
2I666
Jan
Apr
May
8?*
14 H
8?*
May
June
107H
♦6Hs
■
Sheridan Wyo Coal fis 1947
Sou Carolina Pow fis. 1957
«.
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Debenture 3Hs
Ref M
-
-
-
1945
-
-
—
-
-
Sou Counties Gas 4 Hs 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel fis 1961
S'western Lt A Pow fis 1957
$111
104
102
~
1,000
111?*
104
2,000
Apr
103 H
-
Mar
70H
Jan
83
112?*
105?*
So'west Pow A Lt 6s..2022
39 ?*
May
52 H
10,OOC
102?*
Feb
103?*
Jan
11,000
102
Apr
June
24,000
4,000
81
Apr
104 H
95
So'west Pub Serv 6s..1945
106?*
Jan
108
May
106?* 106?*
104H
Standard Gas A Elec—
6s
1948
64?*
64?*
68?*
Conv 6s (stpd)
1948
65
65
Debenture 6s
1951
65 H
65 H
Debenture fis.Dec 11966
Deferred delivery sales not included in year's range,
d Exr Cash sales not In¬
a
Under the rule sales not included in year's range,
x
Ex-divldend.
$ Friday's bid and asked price.
No sales
were
transacted during current week.
Bonds being traded flat.
5 Reported In receivership.
?The following is
a
list of the New York Curb bond Issues which have been called
in their entirety:
Aluminium Ltd 5s 1948, July 1 at 103.
Cedar Rapids 5s 1953, July 1 at 110.
55
Apr
70
Mar
Pacific Ltg. $6 pref., July 15 at $105,
69
54 H
Apr
70?*
Mar
Servel 5s 1948, July 1 at 105.
68 H
40,000
55
Apr
70?*
Mar
Shawinigan Water & Power 4Hs 1968, July 7 at 102H.
65 H
68?*
32,000
54
Apr
70
Mar
66?*
95?*
66?*
95?*
1,000
54
Apr
69H
Mar
3,000
87
Jan
96 H
Mar
64
68?*
47,000
Apr
70H
Mar
21
23
64
53 H
19
6,000
May
35
Jan
64
Mar
Corp—
2d stamped 4s
2d stamped 4s
n
29,000
9,000
65 H
♦Starrett Corp Ino fis.I960
(Hugo)
June
95 H
1957
Standard Investg fiHs 1939
Standard Pow A Lt 68.1957
Stinnes
Mar
No par value,
cluded In year's range.
Cuban Telep 7?*s 1941, Sept. 1 at 105.
(stpd)
6s gold debs
Jan
24,000
95
*
interest.
Feb
103?*
94
...j
Mar
45?*
46?*
103?* 103?*
103
♦7s.
Feb
50
56
50
Apr
40
39
40
11,000
34
Apr
99?*
1940
1946
Tennessee Elec Pow fis 1956
99?* 100
37,000
88 H
Jan
Ternl Hydro-El 6Hs—1963
45?*
Texas Elec Service fis. 1960
102?*
46
102?* 103?*
3,000
3,000
38 H
Apr
97
69,000
Anr
50
100?*
53?*
e
and dividends.
Cash sales transacted during the current week and not included In weekly or
yearly range:
Baden 7s 1951, June
14 at 20?*.
Long Island Ltg. 6s 1945, June 14 at 101?*.
Under-tbe-rule sales transacted during the current week and not included in
weekly or yearly range:
y
No sales.
Jan
Feb
Jan
t
Deferred delivery sales transacted during the current week
in weekly or yearly range:
s&lcs#
104?* May
Abbreviations
and not included
,
"4'
Used
*
Above—"cod", certificates of deposit; "cons," consolidated;
"M," mortgage; "n-v," non-voting stock;
"cum " cumulative; "conv," convertible;
1
1
"v t
c." voting trust certificates; "w 1," when issued: "w w." with warrants: "x-w"
without warrants.
Financial
3668
June 17, 1939
Chronicle
Other Stock Exchanges
Baltimore Stock
June 10 to June 16, both inclusive,
Exchange
Listed and
Sales
Friday
Par
Week's Range
for
Sale
Stocks—
of Prices
Week
Low
Price
350
36c
65
1.35
1.40
746
19
Consol Gag EL A Pow—*
12
81
204
65c
Mar
1.20
119%
Fidelity & Deposit
20
Finance Co of Am A com .5
Jan
81
'"9%
_100
20 %
Principal Exchanges
Bell System Teletype
Jan
19
Mar
Members
Jan
2.10
Apr
10?*
Mar
24%
Apr
30c
PaI H.Davis &<90.
High
20H
June
71
Jan
119?* 120%
124 % 120
79%
100
19
79%
Brager Elsenberg Inc com 1
4?* pref B_.
Low
Shares
22%
30c
*
1st pref v t c
High
21
22%
*
t c- *
Bait Transit Co com v
Unlisted
Range Since Jan. 1,1939
Last
Arundel Corp
SECURITIES
CHICAGO
compiled from official sales lists
8
116
May
120%
June
117
112
Apr
128%
9%
June
10%
Mar
10%
Apr
;
Municipal Dept. CGO. 521
405-406
Mar
66
Trading Dept. CGO.
10
La Salle St., CHICAGO
S.
9%
9%
20 %
21%
675
1
50c
75c
5,700
50c June
1.40
Jan
Last
Week'8 Range
for
Common class A......1
Merch <fc Miners Tranap..♦
50c
50c
200
50c June
1.40
Jan
Sale
of Prices
Low
High
Week
Houston Oil preferred.
Mar Tex Oil
MononWPennPS7% pref25
New Amsterd'm Casualty b
North Amer Oil Co com.. 1
782
1.320
Jan
17
25
Jan
10%
Apr
275* June
Jan
14%
Mar
1.45 May
(Continued)
Associates Invest com
Price
Par
*
Stocks
88%
Mar
80
81
73
JaD
84%
Mar
12%
25
12%
Apr
Jan
Aviation A Trans C cap. J
20%
21%
1.321
16%
Apr
13%
23%
"20%
Mar
Barlow&Seellg Mfg A com£
Bastlan-Blesslng Co com.*
Bonds—
3
2%
23% $10,500
1976
26
27
2,800
B 6s
1975
84%
84%
1,000
2,00u
23
19H
22%
83%
25% May
28?* June
Apr
May
Aviation com
Berghoff Brewing Co
Binks Mfg Co cap
Apr
2?*
June
4%
5%
380
43*
Apr
8%
2%
800
2?*
Apr
4
9%
16?*
50
73*
Jan
10%
Mar
Apr
16 3*
June
11%
Jan
10
400
Mar
Jan
Jan
1
......
250
6?*
Apr
5?*
23?*
700
4?*
16%
Apr
0%
1,100
Apr
29?*
Jan
Jan
10
22%
83*
5?*
1
Mar
2%
25
8?*
5
Bendlx
100
22
Belmont Radio Corp..—-*
86 J*
Apr
June
3% June
3%
2%
15
Belden Mfg Co com..:...10
22%
A 6s flat.—
Bait Transit 4s flat—1975
38
Apr
2%
9%
Athey Truss Wheel cap—4
Auburn Auto Co com.
*
(Del)
High
Low
30
150.
4%
JaD
Aviation Corp
36%
3%
Feb
83%
1.45
Range Since Jan. 1, 1939
Shares
2%
1.00
60
12 %
Fidelity A Guar.....2
36%
36?*
78
10
Sales
Friday
85
1.40
"is"
Penna Water & Power com*
U S
343
13%
June
84
1.45
Northern Central Ry...50
Seaboard Comml com
13
27%
13
13
135
15
14%
27%
22
10?*
950
7?*
Jan
103*
May
Boston Stock
June 10 to June 16, both inclusive,
Friday
100?* June
Jan
Exchange
compiled from official sales lists
100
2%
Apr
53*
Jan
*16 H
16?*
17
500
133*
Apr
20%
Mar
Borg Warner Corp—
(New) common
5
Briach A Sons (E J) cap...*
23?*
23?*
24?*
775
20
20?*
20?*
50
21?*
5%
10?*
150
for
of Prices
Week
High
Low
Price
pref....50
non-cum
+
m
m
m, „
Boston
Low
Shares
h
100
Calumet A Hecla
-
-
64%
Apr
5
3*
May
351
703*
May
461 xl27
150%
1?* Mar
89%
Feb
150?* June
Jan
Copper Range
Apr
50
Mar
16
Apr
19
Jan
7%
1%
1%
1?*
220
6
Jan
11%
Maf-
Chain Belt Co com
190
1?*
Jan
3?*
Mar
Cherry Burrell Corp com
127
1%
Jan
3%
Mar
Chicago Corp common..
25
1 %
May
3%
Mar
'
•
1%
205
1%
Jan
1?*
79
16
9
Preferred.
...
Preferred...-
Chic Flexible Shaft com..5
Jan
.1%
<T~ -
5%
5%
26
4%
Apr
8%
Jan
3?*
3%
485
3%
Apr
5?*
Jftn
1
178
1
Apr
1 %
Jan
16
17
325
16
8
215
7
70
72
135
20
20?*
20
•
45
Jan
55
Mar
140
100
Jan
108
Mar
"74
6%
Mar
16
200
15
Jan
163*
Feb
13?*
100
123*
Apr
15%
1?*
33?*
1?*
2,500
i?*
23*
Jan
33?*
100
33?*
Apr
Apr
38?*
Mar
74?*
350
62
JaD
783*
Mar
2?*
100
3%
74
Apr
"
.
1
%
Apr
107%
June
69%
20
673*
Jan
72
68
71%
.
Common capital
1103*
100
'
.
100
73*
73*
.
956
53%
Apr
84%
5?*
6
250
6%
June
9?*
Feb
23*
68
Chrysler Corp common..6
100
70
100
20
'
.
3%
'3%
4
5%
10
(New) common
25
Jan
Club Aluminum Utensil..
Apr
12%
Jan
2?*
100
2%
Jan
3%
Mar
53,200
25%
60
Jan
77
Mar
New capital
25
Compressed Ind Gases cap5
15
Feb
26
Mar
Consol Biscuit
135
3
43* May
Apr
28%
28%
29%
J0%
10?*
10?*
4%
1
com...
4?*
9
4%
7%
210
1
1%
4%
11
10
108?* 108?*
20?*
20 %
7%
Consolidated OH Corp...*
5
Apr
29% June
Apr
150
200
*
15%
Jan
June
6%
Mar
Apr
9%
1%
May
2%
4%
9%
May
70
10
102?*
Jan
110
10
16%
Apr
,29%
,
JaD
*
5
5
*
22
21
22
305
4?*
18?*
A pn
24
*
28%
2.8%
30
119
27?*
Apr
32%
Gillette Safety Razor....*
6?*
6%
6%
305
5%
Apr
24%
24%
100
Jan
Hathaway Bakeries pref..*
Class B
13*
20
23*
5%
New England Tel A Tel 100
New River 6% cum pfd 100
117
Tan
V t c pref pt shs._
8
Jan
Continental Steel pref. .100
27
Mar
Common..
16%
22%
23%
315
21% May
37%
51
51
120
50
May
73
Mar
Cunningham Drug Sts.2J*
17
17
200
12%
Apr
17
May
14
10
20
2?*
2?*
1,385
10
5%
2,526
913
Jan
17
5?*
Apr
2
19%
„
18
23* May
22%
Jan
Mar
Jan
25
com.
103?*
42
5
48-
48
%
%
38c
Apr
May
•
5% June
1183* June
58
Feb
%
1%
Jan
35o
2,350
June
Mar
1.00
Jan
180
35c
Jan
3?*
9
50
17%
Api
14?*
2?*
300
1%
Mai
3%
*
19
203*
335
15%
Jan
23?*
Mar
Dexter Co (The)
5
4?*
4
Apr
5%
May
6?*
4%
6%
220
Diamond T Motor Car cm2
30
6
Apr
9%
Jan
6?*
6%
100
6
Apr
8%
19?*
19%
150
14%
Feb
250
Api
500
2%
17%
25c
*
com.*
com
Dodge Mfg Corp com....*
Eddy Paper Corp (The)..*
ma
m
25c
35c
262
80c
Jan
Elgin Nat! Watch Ci>—15
f
f
28c
30c
110
20c
Feb
40c
Apr
Fairbanks-Morse
Mai-
14%
Jan
FitzSlm A Son DAD
Apr
24%
Jan
Fox (Peter) Brew com
Four-Wheel Drive Auto. 10
am
am
Apr
3
17%
17%
18%
497
9%
15?*
25
1%
9%
1%
350
1 %
May
3
Jan
*
13*
9%
625
8%
Apr
11
Mar
10%
10%
116
8%
Apr
17?*
Jan
Gardner Denver Co
55c
100
35c
Apr
86c
Jan
26
27%
206
22?*
Feb
28%
Mar
21
21
17
Feb
83%
83 3*
84%
996
71?*
Apr
85%
44
42%
44
81
41?*
Apr
44%
Mar
Apr
85e May
82% June
com
Apr
22%
55
24%
Apr
43%
10%
Apr
14?*
'
50
10
Jan
15
650
3
Apr
28
15
15
3%
4
100
19%
19%
3%
Torrlngton Co (The)...—*
Union Twist Drill Co.—5
United Shoe Mach Corp.25
25
55c
"26"
ma
Utah Metal A Tunnel Co.l
Vermont A Mass Ry Co 100
71c
mm
m
*m -m
2%
*
Warren (S D) Co....—..*
40
71-c
80c
81%
82%
30
2%
30
2%
1,745
23
23
5
•-
50c
2%
11%
Apr
14 3* June
40%
Apr
60
Jan
10
10
10
Apr
11?*
Feb
Apr
General Candy Corp A
5
General Finance Corp coml
Apr
2%
Jan
24%
General Foods
2%
101
1948
45?*
Gcbdyear T A Rub com..*
27
2.000
45
65*
3%
Feb
Gossard Co (H W) com...*
10
Mar
24%
Feb
Great Lakes DAD com..*
23?*
Apr
100% May
93% June
101
June
8%
2
300
-
Jan
Chicago Stock Exchange
Illinois
June 16, both inclusive, compiled from official
Last
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1939
Shares
43*%
cum conv
130
pref.100
240
63
130
50
53%
Apr
04%
Mar
Jan
130
Apr
43
Jan
Jan
120
9
com
Indep Pneum Tool
v
35?*
355*
38
8?*
8%
50
6%
6%
200
5%
May
Advanced Alum Castings.5
1%
7%
1%
200
1%
Apr
31%
8
9%
3
June
Altorfer Bros
conv
pref
*
Armour A Co
common
5
18
81%
"3%
Aro Equipment Co com__l
Asbestos Mfg Co com
For footnotes
see
1
page 3671.
June
9
Mar
11%
12%
6%
Jan
7
Apr
Jan
270
"34%
10%
335
8%
10
„
' 9?* May
37
Jan
Apr
13
Feb
Apr
17%
Jan
Jan
Jan
11%
133*
190
9%
Apr
18
18
Apr
22%
Jan
t c__*
50
300
17
2?*
Apr
4
2?*
2?*
*
76?*
80%
141
66%
Apr
94%
57%
61%
4%
206
49%
Apr
66
100
2?*
Jan
23%
11%
24%
350
12
250
39
39
50
4%
*
1
12
Joslyn Mfg A Supply com5
Katz Drug Co com
I
Kellogg Switchboard
"4%
7%
com
Preferred
100
91
June
May
6
Apr
8%
Mar
2%
Apr
6?*
50
94
5
18%
35
50
16
May
19%
Jan
Leath & Co
*
85
28%
Apr
47%
Jan
18
18
Cumul pref
Le Roi Co com
10
18
June
21?*
Apr
130
59
Jan
85%
June
170%
Mar
1,379
147%
Apr
829
3%
May
6%
100
7?*
June
10?*
Jan
Lincoln
Jan
*
4
Apr
29
Jan
40%
69?*
Jan
94
1%
Apr
2?*
Apr
3%
Feb
Jan
2.5%
June
Mar
June
Jan
2?*
300
3%
100
25?*
25?*
40
8?*
8?*
50
6%
Jan
9
4%
53*
500
4
Apr
6%
Jan
2?*
100
2
Mar
273*
2%
40
26
May
5%
32%
Mar
2%
Apr
2
3
25?*
*
5%
22
2?*
Mar
Printing—
Common
*
60
Apr
2?*
com
Llbby McNeill A Libby..*
Jan
1
7%
92?*
92
pf.50
100
Mar
Feb
Mar
39%
cum
5
5
150
6% preferred
Mar
74
340
Kentucky Utll Jr
June
46
Apr
20
3?*
Mar
Jan
12
Apr
750
40?*
8%
3?*
26
June
250
3?*
A
11 J*
Jan
Mar
Mar
7%
6?*
com
18
36
63*
Jan
Jan
4%
91
Kerlyn Oil Co
15%
Mar
7%
Ken-Rad Tube A L'p cm A
Apr
%
45*
91
Jan
Apr
200
14
100
6
%
Apr
6%
20%
11
%
8?*
2%
150
7%
Feb
Apr
500
7%
300
27%
Apr
14%
811* 83 %
157% 169 %
3%
4%
550
8%
Apr
i%
La Salle Ext Unlv com
Amer Pub Service pref. 100
Amer Tel A Tel Co cap. 100
8%
Jan
18%
4
18%
34%
25
13%
250
Jan
11
"
Jan
Allied Products—
Class A
950
373*
100
13%
Allls-Chalmers Mfg Co...*
23%
Jan
Apr
Apr
9
200
Mar
8
Apr
Mar
1?*
Inland Steel Co cap
Mar
25
7%
5%
21%
325
Jan
May
4%
Interstate Pow $7 pref
Jarvis (W B) Co cap
High
Low
Adams (J D) Mfg com
*
Adams Oil A Gas Co com. *
Aetna Ball Bearing com__l
Allied Laboratories com..*
110
51%
8%
4?*
Ex-100 % stock divs
61%
45
Apr
1?*
Illinois Central RR
Abbott Laboratories—
*
Jan
37%
International Harvest com*
Week
Price
36%
10
com
Brick Co
Indiana Steel Prod com__l
Sales
Friday
Par
sales lists
406
1,220
250
35
11
,
1%
10
11?*
*
Houdallle-Hershey cl B._*
Hupp Motors
8%
8%
6%
50
350
29?*
35
HibbSpenc Bartlett com.25
Hordes Inc com..
9%
23%
13%
Hall Printing Co com... 10
Hetleman Brew Co G cap.l
80
2%
45
43%
*
com
Heln-Wernef Motor Pts._3
101
2%
44
General Motors Corp
10
Gillette Safety Razor pref.
1%
■'
93?* $15,000
Apr
50
205
'
:1948
Mar
14?*
„
90
Jan
43*
46?*
Jan
1
■
J(in
Mar
45?*
14%
Mar
BondsEastern Mass St Ry—
Mar
General Amer Transp com5
.*
69%
23
Jan
May
3%
25*
14?*
1
com.
.
'
Suburban El Sec Co com.*
Mar"
19% June
13%
19?*
27?*
13?*
5
Fuller Mfg Co com
.*._*
3
*
*
com
5
10%
11%
6%
.....
Utll cap. 6
11%
Acme Steel Co com...
Jan
14%
2%
Deere A Co com...
Dayton Rubber Mfg
11%
Common (new)
Jan
Crane Co
Cudahy Packing Co pref 100
Jan
mamf*"-!f
Stocks—
Jan
60c June
2%
50
Series E 6s
Jan
Jan
...»
i
Jan
June
Apr
25c
25
0% cum pref
7%
.
Apr
%
Elec Household
Shawmut Assn T C
70
25 c
%
Old Colony RR—
Ctfs of dep........
Pennsylvania RR
Qulncy Mining Co
1%
4?*
10%
10
'
Old Dominion Co
4%
Container Corp of Amer. 20
805
35c
2.50
Stone A Webster
50
Mar
60c
116% 1183*
48
N Y N Haven A Hart.. 100
Pacific Mills Co
Common prsh v t c A.50
Mar
Decker (A) A Cohen com 10
1
Butte...
7?*
1%
19%
Mass Utilities Assoc v t c.l
Mergenthaler Linotype... *
Narragansett Racing Assn
Inc
40
o
1?*
14
pfd 100
cum
53*
60o
*
Isle Royal Copper Co... 15
to
Jan
Feb
Consumers—
Common
June 10
Mar
Commonwealth Edison—
June
,
General Capital Corp
Series A 4?*s^
Feb
Feb
Cities Service Co—
*
100
Warren Bros
Jan
Jan
10
30
67%
%
%
107% 108%
pref..*
conv
Jan
'
1%
Chi Towel Co
1?*
470
13?*
Chic A N WRy com... 100
110
Feb
16
*
Jan
1%
1%
1,100
'3?*
Central States P A Lt pref *
Feb
1%
6
Apr
250
1?*
54?*
105?*
105
105%
Prior lien preferred...
Mar
5
23
* May
15%
Employers Group
North
52%
38%
185
Eastern SS Lines-
5%
Jan
Feb
Apr
5%
1%
52%
i%
Common...
225
am am am
3?*
Mar
1
5?*
Convertible preferred-
17%
1
25
mam~
Jan
23%
233*
75%
Central 8 W—
47?*
1%
am am
9
Apr
183*,, Apr
10
Central Illinois Secur—
East Gas A Fuel Ass a—
Maine Cen
0
1,600
730
"ii%
Cent 111 Pub Ser $6 pref..*
Mar
1%
1%
-mmm+mm
m.
25
Adjustment
Apr
72?*
May
1%
Brown-Durrell Co com...*
Preferred B...
2?*
£
71
2
7
ma'am
am
-
Boston & Providence... 100
Eastern Mass 8t Ry—
1st preferred
Jan
Jan
June
2
Apr
170
1%
100
4?*% prior pref
0% preferred
173*
16
Jan
Vk
1.....
73*
Apr
200
Apr
7
100
Class B 1st pref std.. 100
Common
Apr
9%
18
17%
17%
Class A 1st pref std.. 100
Cl D 1st pref std
5
7?*
20?*
1%
Jan
150
17?*
147%
Boston A Maine—
Cl Cist pref std
June
23?*-
20?*
10
—
5% conv preferred
453*
..100
preferred
6?*
Jan
22
30
Butler Brothers.
High
■
70
147
147
Boston Herald Traveler. .*
Prior
""6?*
32
Jan
Apr
150
50
3,203
•
723*
100
—100
Elevated
6
1%
1%
Assoc Gas & Elec Co cl A. 1
Boston & Albany
5?*
Ring com—1
157% 169%
%
%
72?* 74%
*,
157%
100
Boston Edison Co
10
Apr
17
20?*
Castle A Co (A M) com.. 10
Par
*
6%
21?*
10
■
Bruce Co (E L) com
Burd Piston
American Pneumatic Ser
Amer Tel & Tel
21%
5%
Common
Range Since Jan. 1,1939
Week's Range
Sale
4
Brown Fence A Wire cl A- *
Sales
4
Last
Stocks—
96
4
Bliss A Laughlln Inc com.6
100% 100%
Finance Co of Amer 4% *47
$3% preferred
Lindsay Lt A Chem
*
com.
10
27
2%
50
1%
Apr
Jan
Volume
148
Financial
Friday
Lion Oil Ref Co
Week's Range
Sale
Par
of Prices
Low
High
Price
*
com
Friday
Range Since Jan. 1, 1939
for
Shares
Low
50
•
67
14
May
McQuay-Norris Mfg com. *
28 K
29 K
50
25
Apr
K
150
Manhat-Dearborn
*
com
Mapes Consol Mfg cap
X
*
Marshall Field
*
com
Merch & Mfrs 8ec
20
12*6
13*6
20
13*6
Jan
18*6
Mar
32
Apr
*4
Jan
Apr
20)4
May
954
Apr
15
3*6
Apr
5*4
Mar
28*4
200
20
19
(Concluded)
Par
Price
Low
Feb
High
11*4
Rlke-Kunriler..
U S
0" S
*
__
Playing Card
Printing
14*4
30
Low
Shares
7
11*4
10
37*4
14*4
10
Range Since Jan. 1, 1939
for
Week
7*4
15
10
121
High
12
Mar
June
27*4
Apr
14*4 June
37*4
Jan
Jan
*
1*4
1*4
149
1
Feb
1*4
Feb
10
8*4
8*4
192
0
Apr
8*4
June
100
90*4
90*4
10
73
Feb
90 *4 June
Wurlitzer
Preferred
—
Class A com
1
Prior preferred.
*
4
26X
Midland United Co—
Conv preferred
10
Jan
Feb
3%
2*4
Apr
4)4
Jan
2,800
5*4
Apr
8*4
Mar
2%
200
2X
May
5*4
Mar
6 K
300
X
Feb
7
June
1
*
200
IK
6
6 *4
26K
3%
6K
2 K
Mickelberry's Food com- 1
Middle West Corp cap
5
1
200
>4
Jan
1*4
June
X
Feb
7
June
X
Jan
20
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Midland Utll—
*
Week's Range
of Prices
Jan
20
Apr
%
5,500
4 K
12 K
Stocks
Hihg
UK
15*6
oom
Sales
Last
Sale
UK
UK
Liquid Carbonic
3669
Sales
Last
Stocks (Concluded)
Chronicle
6% prior lien pre!
preferred A
6
100
6%
100
■
7% prior lien pref-_.100
T"
6
7% preferred A
100
Miller & Hart conv pref. *
Minn Brew Co com.
1
*6
6)4
1K
"2 *4
2 K
2X
_
10 K
350
250
2
400
11
7X
1*6
Jan
50
,
June
3
11
May
Apr
54*4
Mar
G1LLISIO RUSSELLco.
Feb
Jan
•
Montgomery WardCommon
*
49 X
Mountain States Pw prf 100
58 *4
4954
5854
5254
1,153
5954
140
41*4
1854
19
20
34J4
Muskegon Mot Spec cl A.*
National Battery Co pref.*
National Pressure Cooker 2
40 X
35
370
5
50
5
5
Nat'l Rep Invest Tr pref.*
National Standard
com.
10
1
Noblltt-Sparks Ind com..6
1
17
"l7~"
National Union Radio coml
•17
11*6
54
2054
254
1154
8*4
854
"20 *4
North Amer Car
com
20
Northern 111 Finance com*
2 *4
Northwest Bancorp com.
N'West Utll prior lien. 100
14
350
16 *4
Apr
27
Mar
200
2*4
Feb
3
Jan
Friday
Week's Range
for
of Prices
Week
22
254
100
Jan
1,650
6*4
Apr
9
Feb
60
40*4
Jan
55
June
Apr
20*4 June
Jan
24*6
Jan
150
13*4
100
Peoples G Lt&Coke cab 100
3354
26
3454
2654
'98
Perfect Circle (The) Co__*
190
14
454
054
1
54
Pressed
Steel
Car...
5 % conv 2d pref
8
i
.
Rath
Packing
120
29
Mar
5
June
1,000
*4
Apr
25
8*4
Apr
*4
16*4
Jan
K
June
*4
Jan
Apr
250
'
Jan
115
7*4
2354
50
23*4
June
14*4
23*4
June
'54
500
*4
June
*4
Jan
Jan
120
100
152
50
150
2954
50
27
154
954
250
*4
Apr
2
Jan
50
8*4
May
11
Jan
2954
154
954
8.54
9*6
.
Apr
Mar
May
157
Jan
Apr
108*4
123
30
Mar
Sears Roebuck & Co com.*
.
854
100
7%
Apr
7454
154
_
com
City Ice & Fuel
40*6
Apr
76 54
740
*2
60*4
1*4
Apr
7 7*4
100
June
3
-Jan
18
18
100
16*4
Apr
20
Mar
154
10754 107 J4
1154
1254
107 *4
2
Mar
Mar
20
104
Jan
108*4
June
658
10
Apr
16*4
Mar
Common...
l
1*4
Stewart-Warner
Storkline Furn
5
554
554
300
854
854
200
2754
230
1754
2754
1754
Rlchman Bros
Feb
Selberling Rubber
Swift & Co.
...26
18
Thompson (J R) com._.25
50
Trane Co (The) common.2
Union Carb <fc Carbon
cap *
United Air Lines
U S
Gypsum Co
Walgreen Co
1454
7654
1054
9154
Tr cap.5
com...20
Utah Radio Products com *
Utll & Ind Corp conv pref 7
Common
l
common
*
2K
254
•rr-"
154
1454
11*4
376
•
66
14
7734
1*4
100
'
*4
Jan
15*4
Apr
Apr
Apr
Apr
1954
1954
2154
302
135
16*4
9554 10154
"1954
Teleg com. 100
W'house EI <fc Mfg com. .50
Williams OU-O-Matlc com*
54
215
83*4
1954
"2~~
2
2
454
454
354
8054
Wlscon Bankshares com..*
Woodall Indust com
2
354
8154
154
.1954
154
'17 X
1754
50
2
300
3*4
50
24*6
11934
34
Jan
20
Jan
Jan
41
Mar
1854
30
15
Apr
2254
Mar
12
Apr
l,
13
57
3154
1454
Jan
25
■
1454
Jan
16
June
90
16
37
31
Feb
37
June
5
June
45
100
354
1154
5
10
1554
Mar
1554
354
177
354
May
554
Feb
154
215
1,54
Jan
Mar
3054
20
30
Jan
254
3054
Apr
26
20
25
8
954
188
3554
1.864
Mar
17
8-54
3354
3554
Feb
Mar
Jan
Apr
654
Jan
1154
Mar
Feb
30
1254
June
954
60
754
754
Mar
3554
June
23
2354
1054
"1054
1054
35
-
480
'' Mar
8
Jan
18
1054
Apr
2754
Feb
June
1054
Jan
2*4
Members
Exchange
1
New York Curb Associate
Detroit Stock Exchange
Jan
5*4
Watling, Lerchen & Co.
New York Stock
Jan
Chicago Stock Exchange
Jan
Buhl Building
Jan
5*4
DETROIT
Telephone: Randolph 5530
Jan
June
74*4
Apr
100
1*4
Mar
12
59
185
Jan
81*4
184
3,050
30
2054 May
2654 Mar
2054 May
26J4 Mar
Jan
Mar
Apr
Apr
3
Jan
Jan
10
Jan
Jan
112*6
2*6 June
Feb
1*6
:
Feb
*4
19*4 June
Apr
Apr
2354
11854
Jan
15*6
Apr
1*4
100
Weinberger Drug Stores. .*
90*6
13*6
Apr
1,500
254
1 54'
734
Apr
Apr
954
Thompson Products Inc..*
Feb
19*4
3*4
Apr
Apr
177
Mar
Mar
16
115
854
6*4
10*4
61
176
Mar
5
...5
28*4
Mar
200
8154
1054
9254
3
«
54
Western Un
Wrigley (Wm) Jr (Del)..*
Yates-Amer Mach cap...5
Zenith Radio Corp com..*
17
1,150
May
May
June
33
1154
354
154
3054
1854
*
Jan
Apr
Apr
43
170
Jan
1454
97
260
.
a2354 02354
*
Apr
May
'
*
Jan
7
90
20
16
*
12*4
5 *4
25*4
9
12
1
National Refining new
National Tile
Feb
2
13
,
.1
Apr
7
58
.
Mar
Apr
73
*
National Acme.
Apr
23*4
654
34
37
.
McKee (A G) B.
Midland Steel Products..*
Reliance Electric
Apr
81
754
47
754
1354
854"
1854
*
Miller Wholesale Drug
a49J4
High
June
34
34
*
Kelley Isl Line <fc Trans..*
McKay Machine
*
.
Low
6
125
2254
2354
al754 al8
2954
2754
1254
1254
Goodyear Tire & Rubber. *
Great Lakes Towing
100
Otis Steel
Apr
9
5X
..10
com
Sunstrand Mach Tool coins
3wift International
15
General Tire & Rubber. .25
Goodrich (B F)
*
Jan
1*4
200
115
._.*
Jan
200
890
8
100
Feb
154
954
2654
754
....100
Interlake Steamship
Jaeger Machine.....;'
'
9554
9654
4454
4454
18
1754
11554 117
2354
2354
Cleveland Cliffs Iron pref. *
Range Since Jan. 1,1939
Shares
654
654
1354
.*
Cleveland Ry
"
a48
......100
Dow Chemical pref
Eaton Mfg
High
6
3
2*4
13*4
29*4
154
954
2454
6
Nineteen Hundred Corp A*
Ohio Brass B_
!'....*
Standard Dredge—
Conv preferred.......20
Standard Oil of Ind
.25
Preferred
Low
frice
American Coach & Body.5
Amer Home Products
1
Feb
Apr
24
Feb
Par
Brewing Corp of Amer
30*4
3*4
Stocks—
Feb
152
Raytheon Mfg com v t c50c
Reliance Mfg Co com
10
Schwitzer-Cummins cap. 1
Spiegel Inc
Mar
5*4
119
10
Serrick Corp cl B com
1
So Bend Lathe Works
cap 5
Southw't G & E 7 % pref 100
16
54
*4
com
Feb
May
2354
50
Quaker Oats Co common.*
Preferred
.....100
12*4
May
3
300
5
54
954
54
854
54
Process Corp com
Sales
Sale
11
354
com
inclusive, compiled from official sales lists
854
354
Potter Co (The)
June 10 to June
16, both
1154
15*4
.._*
Cleveland Stock Exchange
Jan
1*4
Jan
Last
11
Poor <fc Co class B_
Jan
19*4
Apr
234
Pictorial Paper Pkge com.6
Pines Winterfront com___l
1
Apr
June
230
Penn Elec Switch conv A 10
Penn Gas & Elec A com..:*
& T. OLEV. 665 & 668
Mar
K
16
1854
1454
"17 K
60
A. T
June
5
Bnildlng. Cleveland
K
50
2054
100
35
Union Commerco
Telephone: OHerry 6060
200
54
1754
1754
7% preferred.
May
Jan
54
Penn RR capital...
19*4
Jan
4
54
.
59*4 June
Jan
30*4
20
Mar
2
Feb
Detroit Stock
Jan
22*4
Apr
June 10
to
June 16, both
Exchange
inclusive, compiled from official sales lists
Bonds—
deb3*4s
1958
,
$4,000
105
Last
Par
Allen Electric
for
of Prices
Week
Price
Continental Motors
Last
Sale
Pat
Am Prod part
Mach
20
100
98
*
6
Advertising Prod
Cin Telephone
100
50
50
Cin Union Stock Yard
6
1654
554
Week
Low
High
122
3
Mar
125
15
Apr
98
20
4*4
73*4
13
101
1454
29
150
*
__.*
1054
Eagle-Plcher
10
854
5
"2 x
700
1*4
1
1854
1854
315
10*4
--3
com
454
254
4454
454
365
4
Apr
420
1*4
4454
1,179
38
Apr
Apr
7*6
2*4
Jan
254
51*4
Mar
254
2?4
800
2
Mar
2*4
Jan
45c
Mar
230
3671.
118
230
Feb
Apr
May
13
M
Mar
45c
45c
100
41c June
76c
Jan
1
1
154
154
200
1*4
Apr
2*6
Jan
44c
44c
100
42c June
55c
Jan
2454
Jan
*
Hosklns Mfg com
Houdaille-Hershey
B
Kingston Prod com
Kinsel Drug com
*
'1054
5
16
Jan
564
9
Apr
17 1
Feb
740
4*4
Apr
8*4
Jan
154
2454
154
457
154
100
1
Jan
1*4
Jan
65c
65c
66c
600
05c June
96c
Mar
14*4
Jan
McClanahan Oil com
1
17c
17c
17c
900
12c
30c
Jan
112
Michigan Sugar com
*
Micromatlc Hone com—1
32c
1,300
29*4 June
41
Mid-West Abrasive comSOc
270
100
30C
Jan
La Salle..
10054
100
_
254
Feb
M aaco Screw Prod com—1
50
For footnotes see page
10
General Motors com
Apr
Jan
2554
5% pref,
Feb
Jan
23*4
2*4 May
19*4 June
254
Apr
*
8% pref..:
1*4
Feb
Apr
Jan
12*4
Jan
Kroger
5
Jan
Feb
Kresge (S S) com.
10
—-
20*4
Apr
June
Motor Products com
91
Apr
101
May
Motor Wheel com
5
10
17
Apr
20
Feb
32c
*
70
10
Mar
Apr
Jan
927
Jan
13*4
2
X
5
7
70
1054
1*6
2*6
7*4
•
34*4
59
Feb
Apr
Apr
Apr
Apr
Hurd Lock & Mfg com—1
145
11
25
1054
5754
Feb
13 54
30
150
109
118
Mar
1154
Jan
102*4
Jan
4
1.25
123
13 54
Mar
May
Jan
1054
454
June
10
5854
15
Jan
M*r.
May
Hudson Motor Car com..*
Jan
3
61
*
1
235
Jan
254
13*4
Mar
15
163
___*
800
Jan
14*4
Jan
June
97
29
Manlschewitz
9*4
100
101*4
Jan
19
100
10
Jan
41
2654
10054
1*4
1*4
1*4
100
June
2854
19
1
17
100
200
268
1*4
41
2554
1
17
.3
165
June
76c May
40c
13
29
100
.154
1154
2*4
101
12 54
7
40
*
96
40c
109*4
*
Lunkenhelmer
135
1254
88
110
300
76c
10
Jan
*
110
254
76c
Hoover Ball & Bear com
Mar
Gibson Art
110
254
11854 12054
154
154
154
154
13
Grand Valley Brew com-.l
6
Hobart A
100
Apr
Jan
June
38
5
56*4
June
100
160
1054
854
June
1,621
2*6
84*6
Goebel Brewing com.--._l
80
Apr
Apr
Apr
'.
Gar Wood Ind
18*4
Apr
Mar
103*4
350
97
Crosley Corp
P & G
-
Apr
IK
5*4
June
9954
Cohen (Dan)
Little Miami Guar
T"
---
Frankenmuth Brew com..l
11*4
500
17*4
May
98
0
Mar
10
6
654
10854 10954
154
154
1454
*
Early fs. Daniel pref
—
17
v
255
;•
400
1154
Fruehauf Trailer
Shares
80
96
*
Cocoa Cola A...
5 54
80
*
Cin Gas & Elect pref
Cin Street
High
1654
554
...100
Champ Paper pref
Cin
554
pref
Baldwin pref
of Prices
Low
.154
General Finance com-.^._l
Aluminum Industries
Amer Laundry
Price
Range Since Jan. 1,1939
1,133
154
Detroit Steel Corp com...5
Ex-Cell-O Aircraft com.
for
Apr
21
1354
154
Durham-......-
Sales
Week's Range
1
Mar
5
420
It
Detroit Paper Prods com.l
inclusive, compiled from official sales lists
Friday
coip.-.5
Det-Mich Stove com.
7*4
27*4
31*4
035
1454
*.
Jan
Apr
Apr
654
1454
76c
Detroit Gray Iron
Cincinnati Stock Exchange
June 10 to June 16, both
.
6754
100
May
40c
25c
20
254
com..
com
3*4
Apr
3
320
154
1
Detroit Edison
Jan
May
100
27c
13 54
Det & Cleve Navcom_--10
Teletype: OIN 68
1*4
3
'
BUILDING. CINCINNATI. O.
'
20
26
Burry Biscuit com__112*4c
Chrysler Corp com
__5
Consolidated Paper com. 10
New York Stock Exchange
Telephone: Main 4884
26
Briggs Mfg com
*
Burroughs Add Mach.—*
Member*
DIXIE TERMINAL
5
High
Feb
1*4
654
1
Bower Roller...
Low
300
26C
1
Range Since Jan. 1,1939
Shares
154
3
.....
W. D. GRADISON &, CO.
High
154
Baldwin Rubber com
Cincinnati Stock Exchange
Low
...1
com
Atlas Forge.
Auto City Brew com
Cincinnati Listed and Unlisted Securities
Week's Range
Sale
115*4 June
Apr
Stocks-
Stocks—
Sales
Friday
Commonwealth Edison—
.
10
Feb
50*4
Apr
20*4
;
10*4
June
Murray Corp com
-10
Packard Motor Car com.*
59
June
Parke-Davis
2
111
Mar
118*4 June
—*
Parker Wolverine com—*
9
216
Mar
230
Penin Metal Prod com_..l
"
June
554
3
254
154
1154
1354
554
354
4254
354
4354
20*4
32c
Jan
Apr
June
Jan
Apr
50c
300
2
Jan
3
100
95c
Apr
1*4
10
Apr
18*4
10*6
Apr
Apr
16
4*4
923
3
Apr
4*6
Jan
1,001
36
43*4
Mar
8*4
Feb
2*6
Jan
154
1354
1354
1,080
285
554
735
654
654
654
106
5*4
Apr
Apr
154
154
IK
600
1*4
Apr
com
24*4
8*4
June
Jan
Jan
Mar
Jan
Financial
3670
Week's
Last
.Sale
Stocks (Concluded)
Pfelf fer Brewing com
Reo Motor
Low
Price
*
_
_
m
-5
High
150
1%
3%
600
1
Apr
lk
Feb
366
2X
Apr
3X
May
23 %
l'x
4%
1%
6
Mar
8
Apr
302
10%
2%
2X
..1
26c
26c
100
25c June
55c
Jan
*
2%
465
2
3k
Jan
1,210
2%
Apr
3%
2%
3X
400
2k
..1
94c
99c
375
Wolverine Brew com... -.1
12c
12c
1,000
94c May
12c June
Union Investment com.
*
Universal Cooler A
Warner Aircraft com
3%
Apr
Jan
Jan
a38
Apr
13%
Jan
15% May
5%
Apr
21%
Mar
8%
Mar
37% May
11%
Apr
71% Apr
47%
Jan
14%
Mar
84%
Feb
272
40
20
Mar
20%
June
76
42
42
42
455
35
May
51%
Jan
47%
47%
47%
505
45%
May
69
Jan
4%
360
a98% a99%
45
Mar
Warner Bros
5
4%
1.50
Mar
Westinghouse El & Mfg.50
a99%
25c
Jan
11%
230
110
US Steel Corp
..1
.
2X
18X
Apr
200
a79% a81
6%
5
Jan
a79%
al4%
2X
Mar
69%
al2%
11%
*
Studebaker Corp
3X
825
13%
200
Apr
16%
99
11%
11%
al4% al5%
6%
6%
a38
a39%
al2% al2%
Socony-Vacuum Oil Co.. 15
Southern Ry Co
Jan
IX
13 %
Standard Tube B com,. ..1
X
Jan
25
14%
40
195
Jan
25X
'
22X May
3X May
15*
Apr
4
High
Low
Shares
High
15 k
15%
al7% al7%
«73% a76%
al7%
a75
*
Jan
IX June
364
24 X
Co
Sears Roebuck &
IjOw
15%
Republic Steel Corp
.*
Seaboard OH Co. of Del—*
1, 1939
Week
Price
Par
(Concluded)
1
Texas Corp \The)
25
Tide Water Assoc Oil Co. 10
Union Carbide & Carbon,*
United States Rubber Co 10
Tlmken-Det Axle com.. .10
Tivoli Brewing com
for
of Prices
Apr
790
ik
23 %
Sheller Mfg
.
Stocks
7
3%
IX
..2
Rickel (H W) com
*
River Raisin Paper com
.10
Scotten-Diilon com
Tom Moore Dlst com
Low
7
m'rnm
Week's Range
Sale
Shares
High
Range Since Jan.
Last
Range Since Jan. 1. 1939
for
Week
1
mm
_
com,,
Range
of Prices
sales
Friday
Sales
trviay
Par
June 17, 1939
Chronicle
4
103%
Jan
6%
110
Apr
Mar
Mar
5
Pictures
4%
Jan
Philadelphia Stock Exchange
both inclusive, compiled from official sales lists
June 10 to June 16,
Sales
Friday
Wm. Cavalier & Co.
Y-...'1
•
,•
Last
■
of Prices
Low
Price
Par
Stocks—
Week's Range
Sale
■
1.1939
Range Since Jan.
for
Week
Hlgn
Low
S7i ares
High
MEMBERS
New
Los Angeles
......
Teletype L.A. 290
Horn & Hard
both inclusive, compiled from official sales lists
June 10 to June 16,
Friday
Last
for
of Prices
Week
High
Low
Price
Par
Stocks—-
Week's Range
Sale
Range Since Jan. 1, 1939
Low
50c
50c
4,901
Col.;!
5X
High
27 X
5%
27%
6%
27%
2X
2%
2%
1,310
*
Packing Corp coin..*
5k
5k'
200
Calif
18%
18%
90c
90c
uhrysier
Corp—.
205
15
Consolidated Steel Corp..*
5
Apr
.*
10
„
18%
390
June
83%
Jan
7
Apr
9%
Jan
Mar
6%
Jan
11
990
7%
Mar
200
3%
60%
Feb
5%
May
Apr
70%
Feb
5%
5%
a67% a67%
<
Emsco Derrick & Equip. _5
8X
8%
8%
41c
41c
43c
61
170
1
Farmers & Merchs Natl 100
800
10 X
382%
12%
10
382% 382%
12%
12%
Goodyear Tire & Rubber.*
Hancock Oil Co A com—*
•
*
■
6%
145
6%
41%
40%
Apr
11%
Mar
Apr
10%
67%c
Jan
Jan
399
37%
6
36
i*
+ ■*.
~
42% May
92%C
1.40
Apr
7
Feb
1.05
1.20
2,300
a4%
47
Hupp Motor Car Corp—1
IX
1%
150
10c
2c
2c
"2c
2,000
2c
Lincoln Petroleum Co.-10c
10c
10c
10c
Lockheed Aircraft Corp_.l
25%
2%
25%
2%
27%
4%
4%
2%
4%
45c
45c
2X
2
2%
Jan
4c
Feb
1,000
6c
Apr
14c
875
22%
lVs
Apr
36%
400
Apr
2%
Jan
300
3k
Jan
4%
Mar
45c
200
40c June
60c
Apr
2%
3,142
5%
Jan
2
June
Feb
a48c
a48c
a48c,
55c
Jan
a5c
10c
o5c
a5c
500
6c
Apr
10c
Jan
10c
13c
400
13c
Apr
20 c
Jan
Oceanic Oil Co
1
50c
50c
50c
600
50c June
85c
Jan
10%
11
031% a32%
33%
33%
550
a31%
33%
Pacific Finance pref A
...
11
10
Pacific Gas <fc Elec com. .25
6% 1st tfref
j..25
Pacific Indemnity Co..-10
32%
a48%
106
106
Republic Pete 5 X % pref 50
Richfield Oil Corn com...*
Roberts Public Markets..2
30
30
100
$6 preferred
<
49c
Mar
Apr
12%
Mar
28
Apr
33%
Mar
31%
Jan
33%, June
9%
95
5,000
285
32%
33
a48% a49%
*
Pacific Lighting com
27%
Jan
93
43
Jan
10
106
105
Apr
31%
50
30
June
33%
Mar
June
49
108%
Jan
Jan
36
7%
7%
7%
250
6%
A pi
10%
Jan
5
5
5%
520
3%
Jan
5%
June
June
7%
1%
18%
2,344
478
5%
Jan
6%
„
,3%
3%
620
11,051
117%
30%
29%
2%
2%
Apr
9%
Mar
Feb
2%
Feb
Apr
24%
Jan
Mar
119%
Feb
15%
32
Jan
115
'29%
30%
Jan
2% May
Apr
1%
Mar
3%
307
2%
June
4%
Mar
9%
9%
520
6%
Feb
9%
June
279
9%
May
16%
'
.
"
123
2%
2%
50
50
ii%
Jan
11%
Union Traction..
_
*.
43%
Apr
227
%
May
1,219
2%
2
Apr
3%
Feb
40
31%
Jan
38%
Feb
5,061,
10%
Apr
.16
111%
Jan
25
7%
Apr
8
Apr
8U
JaD
"2%
2%
3%
2%
3
34%
12%
United Gas Imp com.....*
13
116%
'130
116%
9
Preferred....
Westmoreland Inc
■
34%
12%
*
_
406
%
%
'
*
...
50%
.
%
_.
United Corp com.
12
50
pref.
.50
Transit Invest Ccirp
Preferred
Jan
Apr
Apr
1
4%
1%
38
2%
9
.*
-
50% May
1%
3%
J an
Mar
Mar
13%
.
Feb
116% June
9%
Mar
Westmoreland Coal.
296
8%
*
10
.Jan
Bonds
Elec & Peonies tr
9% $25,000
9
ctfs 4s '45
„
9%
Mar
Pittsburgh Stock Exchange
June 10 to June 16, both inclusive,
compiled from official sales lists
Sales
Friday
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Byers (A M) Co com
-
100
14%
Apr
27%
8%
55
7%
Apr
12%
30c
100
30c
Apr
60c
Jan
6%
395
5%
Apr
8%
Feb
12%
202
11%
Apr
14%
Mar
1%
1,050
90c
Jan
1.50
Feb
15
57%
7%
Feb
72%
Jan
Apr
9%
Feb
Apr
5%
6
6
*
Co—5
Fort Pitt Brewing
...1
Koppers Gas & Coke prflOO
12%
-
'
*»
«.
-
—
1%
w
61
61
9%
9
9
Lone Star Gas Co com.... *
1,287
Mountain Fuel Supply.. 10
4%
4%
Fireprooflng Corp...*
Pittsburgh Brew Co pref..-*
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Reymer & Bros com
*
1%
1%
116
27%
196
100% 100%
4
572
27
Natl
^
5%
20
......
Jan
28%
Mar
90%
Apr
116%
Mar
9%
Jan
4%
2
Apr
Jan
3
May
lc
Jan
Jan
lc
.
18
93
22
Jan
3
Apr
Apr
1,000
lc
Jan
22
150
2%
lc
1%
.
235
5%
2
2%
Westinghouse Air Brake..*
W'house Elec &
27%
_
w
1
Toy Mining Co
Jan
17%
30c
Duquesne Brewing
San
High
Low,
16%
«
*
..1
Columbia Gas & Elec
Week
8%
Alleghany Ludlum Steel..*
Carnegie Metals Co
1, 1939
Range Since Jan.
Last
,
»■
Apr
31%
Jan
99% 101%
Mfg....50
170
83%
Apr
118%
.Jan
1%
49
1%
Apr
2%
Jan
Jan
1
5%
5%
1,222
5%
Feb
•_*
42%
42%
42%
320
30%
Mar
45
June
Security Co units ben Int..
30
30
30%
51
Jan
31
Mar
Boutag Chain Stores Co..*
9k
26%
9%
26%
9%
320
Apr
10
May
26%
27%
43%
29%
43%
29%
28%
33%
12%
43%
29%
28%
33%
13%
10%
Apr
21%
Jan
26
26
366
25%
May
30%
Mar
2
2
200
1%
Apr
2%
Mar
35%
Apr
45%
Mar
Ryan Aeronautical Co
Safeway Stores Ino
So Calif Edison
f.
36
Apr
*
1
Mar
90
17
Scott Paper
...
1
Ltd
Mar
125%
676
117
"29%
Jan
1% June
D
Nordon Corp
51%
Apr
36%
2%
1%
17%
Feb
Occidental Petroleum
Mt Diablo Oil M
.
7%
7%
JaD
7
...1
.1
Menasco Mfg Co
.
4
-4.%
1
....
Jan
38
a4%
1%
•
36
2%
-
50
Philadelphia Traction...50
Salt Dome Oil Corp_._._.l
Jan
Apr
Apr
1.05
1
Apr
112
25
115
Mar
9%
Apr
a4%
,
Mar
51%
33
Holly Development Co-.-l
Inc...2
Los Angeles Investment. 10
7% preferred
Jan
'
10
833
44%
43%
i.
-
115
pref.. ^ *
Phlla ElCs Pow pref_.i..2£
Phila Rapid Transit
Apr
.23%
309
27%
26%
,
11% June
Apr
24%
1,204
•
Jan
Apr
.
Jan
Jan
Apr
Hudson Motor Car Co...*
Los Ang Industries
June
6%
9% May
100
a27k a29k
11
,40c
360
19
174
349
40 X
-
9
63),
a43 %
043
6%
a27k
Gladdlng-MoBean & Co..*
25
10%
a43
10
Apr
Mar
3%
5k
Fltzslmmons Stores A
1.00
708
a07k
Exeter OH Co A com
Apr
90c
200
Douglas Aircraft Co. — .*
Electrical Products Corp.4
Mascot Oil Co.
Jan
8
Apr
5
68%
8
Creameries of Amer v t c..l
Jade Oil Co
Mar
May
3%
5
67%
7%
7X
General Motors com
May
6%
33
Apr
10
67%
Consolidated Oil Corp—
Preferred.......
25%.
1%
5%
Mar
220
90c
6%
30%
3%
Lehigh Valley...
r._._50
National Power & Light..*
Pennsylvania RR
Jan
'
*
5
Chapman's Ice Cream
,
Jan
3%
70
5k
18%
Broadway Dept Store
Mar
240
Phila Elec of Pa $5
1.00
Jan
,75c
3,670
prefl-50
Petroleum
Jan
84%
4%
(N,Y) com.*
Pennroad Corp vtc
Shares
50c
Bolsa-Chlca Gli A com.. 10
bandlni
Barker Bros 5 X %
8%
May
Apr
50%
58%
4%
■
A.. 1
Apr
35%
*
'
Associated Gas & Elec
4%
30
300
71%
(Phlla) com *
Horn & Hard
243
38
67%
26%
-
Lehigh Coal & Nav_.._._*
Sales
Mar
38
•
...10
General Motors
Angeles Stock Exchange
Feb
Mar
124
4%
'
Electric Storage Battery 100
Los
12%
170%
Apr
m~rr.
...
*
Apr
Apr
117%
122% 123%
4%
4%
■4%
„
8%
148%
180
157% 169%
122%
5
Chrysler Corp..
Curtis Pub Co com
1,260
1,391
11
9%
157%
American Tel & Tel
San Francimco Stock Exchange
Angeles Stock Exchange
Lob
523 W. 6th St.
10%
*
100
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Preferred:—
100
American Stores
Chicago Board of Trade
York Stock Exchange
Cq Ltd..25
Original pref
25
6% preferred B
25
5%% preferred C
25
So Calif Gas 6 % pref A. 25
Southern Paciflo Co
100
28%
33%
12%
.
,
26
Standard Oil Co of Calif..*
1
Sunray Oil Corp
•
2
.
6
26
7%
7%
1%
1
Mar
23
Jan
50
40%
Apr
44
559
28%
Apr
29% June
747
27%
Jan
29
June
Mar
34
June
955
.
Unlisted—
Pennroad Corp vtc
32
1,274
1,215
June
43%
100
2
5%
5%
6%
2,840
Apr
7%
16%
16%
16%
645
16%
May
19%
2%
300
2%
Apr
5
ESTABLISHED
1877
INVESTMENT SECURITIES
Jan
10
Tulsa. Okla.
FRANCIS, BRO. & CO.
Mar
2%
'
,
Jan
Union Oil of Calif......25
Alton, 111
Jan
Superior Oil Co (The)
Trausamerica Corp
25
43%
;
Wellington Oil Co of Del.. 1
43%
m
Y '
8%
8%
175
8%
Apr
a22c
a21c
a22c
600
19%c
Mar
30C
Chicago Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
N. Y. Coffee & Sugar Exchange
St. Louis Merchants
10c
lc
lc
lc
3,000
lc
Jan
5c
Jan
l%c
1%C
1%C
1,000
lc
Jan
2c
Mar
Apr
Unlisted—
♦
1
53%
Jan
Jan
168%
June
Apr
38%
Jan
19%
Apr
22%
Jan
May
8%
Jan
Friday
Last
60
35%
162
162
730
149%
Anaconda Copper
50
Atlantic Refining (The) .25
Aviation Corp (The) (Del)3
24
24
24
300
a21
021
o21
50
a5
110
a5
Bendlx Aviation Corp
6
a22%
Borg-Warner Corp
5
a23 %
Canadian Pacific Ry
Exchange
Teletype: St. L 193
Telephone: CHestnut 5370
23
a41% a41%
162
Refg.__*
Amer Tel & Tel Co
1
'
a41%
100
Amer Smelting &
MEMBERS
,
Jan
Imperial Development.25c
Calumet Gold.
•
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
New York Stock Exchange
»
8%
LOUIS
ST.
,
Mining—
Alaska-Juneau Gold
10
Black Mommoth ConsollOc
OLIVE STREETS
AND
FOURTH
25
a4%
Caterpillar Tractor
*
a43%
Columbia Gas & Elec
*
6%
CurtlRs-Wright Corp
1
5%
1
a25%
7%
a34%
a44%
a4%
5
a22% a23%
a23% a24%
80
19%
Mar
29%
21%
Mar
31
Jan
a4%
a4%
a43% a43%
6%
6%
20
3%
Apr
5%
Jan
Apr
Sale
Par
Stocks—
52%
5%
Apr
8%
Feb
American Inv com
5%
a25% a25%
7%
7%
317
5
Mar
7%
Jan
Brown Shoe
30
24
JaD
27%
Jan
Burkart Mfg com
7% June
12%
Jan
a24% a37
044% a44%
103
Century Electric Co
Chic & Sou Air L pref
a 17
al7
al7%
International Tel <fc Tel
a49%
6%
a49% a49%
6%
6%
Kennecott Copper
Corp..*
a31%
Montgomery Ward & Co."
a45%
a49%
a31% a32%
a45% a46%
a49% a52%
Price
sales lists
Sales
Week's Range
of Prices
High
Low
1, 1939
Range Since Jan.
for
Week
High
Low
Shares
Mar
120
Exchange
both inclusive, compiled from official
Feb
45
St. Louis Stock
June 10 to June 16,
Class
A
£
Electric Bond & Share
General
Electric
Co
General Foods Corp
Goodrich
(B F) Co
*
Intl Nickel Co of Canada.*
Loew's Inc
New York Central RR___<
Nor American Aviation..]
North
American Co
14
15%
a20%
Ohio Oil Co
a7%
5%
14
15%
15
15%
a20% a21%
a7%
225
43
Jan
36
June
14%
May
20
50
2%
May
3%
Jan
100
8
May
9%
June
115
31
May
34%
Mar
3
10
9%
10
3
9%
16%
May
24%
Jan
Collins-Morris Shoe com. .1
2%
2%
27
147
16
45%
Apr
55%
Jan
Columbia Brew com.:.. .5
9%
10%
795
Feb
Dr
*
31%
31%
110
Falstaff Brew com
8
8%
275
59
59%
50
30c
950
no
123
94
6%
30
45%
Apr
9%
May
39%
Jan
Mar
45%
Mar
Pepper com
..I
Griesedieck-West Br com
.1
8%
*
*
20c
32%
2%
20c
33%
80
45
Apr
52%
June
Hamilton-Brn Shoe com.
285
14
Apr
22%
Jan
Hussman-Ligonier com..
19%
26%
Jan
Feb
Huttif S & D com
.5
7
7
10
Jan
Hyde Park Brew com... 10
54
54
315
12%
75
19%
Apr
76
7%
Apr
406
3%
6
120
5%
Apr
June
30%
14
910
200
3%
1%
34%
30
16%
32%
6
n
Feb
36
16
Cocoa-Cola Bottling com.l
3%
rtl%
34%
36
16%
44% June
6
al%
33%
36
1
44%
3%
3871
34%
*
Jan
Packard Motor Car Co...
For footnotes see page
*
Apr
Radio Cnrrt of Amer
Radio-Keith-Orpheum ___*
Jan
com
34%
37%
85
May
May
...i
07%
10
40
1%
Anr
4%
Jan
8%
Mar
2%
Mar
Preferred series '36
50
June
9%
Jan
6%
Apr
Apr
10%
June
32%
Mar
7%
46
May
Jan
20c June
8% June
59% June
27c
Jan
11
160
10
Apr
12
Feb
50
50
4
50
June
51
June
1.50
Hydraulic Pr Brick pref 100
*
32%
Laelede-Christy CI Pr com*
5%
International Shoe com..
2%
27
"
10%
*
50
Jan
32%
5
1.50
33
5%
40
5%
May
45
46%
Apr
241
1.30, May
Mar
9%
57
3.00
Mar
-
Jan
84
31
May
35
Mar
119
4
Apr
6
Feb
Volume 148
Financial
Friday
Week
Low
30
29*
161"
10*
101
Rice-Stix Dry Goods
1st pre!
100
S Louis B Bldg Equip com *
5
com
Preferred
Low
45
Stocks
High
Apr
30%
9
Apr
11%
Mar
27%
Par
7
100
Mar
101
June
6 Kg
125
6
Apr
10
Feb
5
103
Jan
108 %
Mar
3% June
5%
Jan
108%
Jan
Atlas
10
2
100*
Apr
30
2
May
2%
May
260
5
Apr
7
com.
.
Aviation Corp of Del
35
Mar
Blair & Co Inc cap
Feb
85
Mar
Bendix
Stix Baer & Fuller com..10
7
7
200
5*
Jan
7
28
95
21%
Apr
26*
"
June
Mar
32%
Bonds—•
tCity & Sub P S 5s
1934
30
30
$1,000
Scull in Steel 3s
1941
54
54
3,000
tUnited Railway 4s...1934
tTTnited Railway 4s C-d's.
24*
30%
May
Mar
60
Jan
48
Mar
29
30%
36,000
24*
Jan
31%
Mar
28 *
28*
.
46c
30
62,000
24 %
Jan
31%
solicited
open until
Pacific
on
5:30 P. M.
Coast
Stock
Exchanges,
Eastern Standard Time
which
Members New York Stock
Private Wire to
San
Par
Week's Range
of Prices
Price
Low
Associated Ins Fund Inc 10
Atlas Imp Diesel Engine.5
Bank of California N A..80
Byron Jackson Co..
0%
131
335
350
7*
Apr
8* May
200
4
36
*
50
5%
7%
Apr •190
May
Apr
6*
400
50
124
302
12
Apr
17
4* May
Jan
Jan
225
14*
Apr
18*
Jan
25c
664
'25c
Jan
35c
Jan
1,249
13*
48*
Apr
19*
June
50
Mar
52%
10
98
Jan
Jan
45c
Apr
Apr
54*
rH O Tt<
rH 0
*
30
4
3*
8,350
102*
3*
55*
16*
Apr
Apr
Apr
68
71*;
985
17*
17*
220
5*
265
4
com
...
993
9
,9*
80,
80
16*
17*
"42"
42
42
82
140
5*
14*
77
Apr
91
Jan
18
Mar
35*
Jan
42*
June
50
37
Jan
42
June
Apr
90*
June
Apr
32
June
1.05
Apr
1.60
Jan
559
38*
Apr
61*
8*
Mar
.
.
43*
0%
43*
6*
30
45
.
200
6*
245
30
Hancock Oil Co of Cal A. *
40*
Hawaiian Pine Co Ltd
*
21*
9*
40*
22*
Holly Development
1
1,00
1,15
40*
40*
14*
16
8*
Honolulu, Plantation Co.20
.10
14*
48c
34
Mar
1.70
1.75
32*
9*
21c
Apr
37c
Jan
1.50
775
200
10c
10c
11c
Apr
Apr
2.60
Jan
40*
Jan
16c
Jan
1,100
4*
200
o50 * o51*
.
_*
4*
Jan
Apr
970
32*
Mar
7
June
6
,
29
10c June
4
Mar
Mar
4*
44*
Apr
52*
3*
115
3*
6*
Jan
06*
60
131
8*
19*
Mar
15
5%
13*
Apr
Apr
15
21*
21*
Feb
113
3*
a6*
5
Apr
Feb
Feb
23*
33
20*
6%
4*
285
5%
Apr
4%
480
4*
Apr
6
6*
6%
758
4
Jan
7*
Feb
Apr
25*
26*
Mar
27*
Mar
6
25* May
Jan
8*
Jan
Feb
11%
Pacific Coast Aggregates 10
Pacific Gas A Elec com..25
~32~
Pacific Pub Service com..*
Apr
90
180
June
1.40
Jan
37
Apr
Apr
40*
June
12*
Feb
17
*
Pacific Tel A Tel com.. 100
Feb
1,80
Apr
Jan
12*
Mar
45
50
38*
Jan
45
June
33
120
22
Apr
34
5
100
10
15*,.
2.00
20*
11*
15*
1,308
405
10
2.50
2,885
'
7
479
10*
775
10*
395
24*
20*
40
12*
1.80
32
a36* a36*
fl2*
a2*
360
May
11*
2.00
June
6
Apr
9* May
9*
23*
18*
1,270
1,240
1,40
2,001
3,409
27*
31*
8
May
6*
9*
Jan
the
Summers,
,
11*
Oddlotsales.
spring
meeting
was the need
association
11*
Mar
Jan
28
Mar
Jan
•
21
Jan
Jan
12*
Apr
Apr
2.40
Mar
Feb
33* June
30*
June
49*
Mar
June
6*
"740
3*
May
258
40
18*
U4
Apr
Apr
133
June
90
147
Feb
154
May
.
172
20
their
at
100
100
as
—The
Discount
Corp.,
loans
109
.
Jan
the corporation,
and
George *M.
June
York
Cotton
Trade,
50
1.10
Jan
Bank
Jan
was
8*
6*
919
Apr
10*
Jan
7*
12*
12*
13*
9c
9c
200
320
39*
Jan
210
4*
25*
Apr
5*
29*
Mar
Jan
34
Apr
21*
Jan
9c May
35c
Jan
&
Exchange, Chicago
R. Frank & Co.
12
30
30
12*
12*
70
230
Farmers Trust
Co.
office in the City
Building, 20 Exchange Place.
Mr. Morehead
associated for many years with Tucker, Anthony & Co. as a partner
and later with Pask &
Walbridge.
More recently he has been associated
For
some
time Mr. Morehead has
June
Feb
—Wellington
("Duke")
John Witkowski & Co.
Hunter is
now
in
the trading department of
Mr. Hunter has been in Wall Street for 25 years,
having formerly been on the old outside Curb Market.
years
he
was
For the last five
associated with Ira Haupt & Co., specializing in Associated
Gas & Electric Co. securities.
road securities,
16*
100
in principal European cities.
—Kobbe, Gearhart & Parsly announce that George W. Hoffman is now
805
100
are
Gould Morehead announces the opening of an
associated with their trading department, where he will specialize in rail¬
515
5*
seven
—R.
Jan
16*
2.10
46*
partner
Jan
15*
6*
13*
a
H. Hentz & Co., members of 15 other
55c
16*
2.10
Stock Exchange and Chicago Board of
the opening of a branch office at 120 South LaSalle St.,
announce
May
45c May
15
1
.
21c May
5*
5
"
*
•
„•
Co., members of "the'New York Stock Exchange, New
.Jan
Apr
Corp._.l
an¬
,
Jan
11*
575
Inc., investment
Mar
100
250
7,719
Co.,
Louis and Cleveland, has
36c
45c
12*
30c
St.
90c
45c
12*
6*
Nicolaus &
14*
7*
*
20
which
Mar
Apr
32
20c June
for
Nongard, of the Chicago office, to the
with Auchincloss, Parker & Redpath.
1,020
10*
Kriebel
men
been active in handling large blocks of listed stocks.
34
May
30c
Stifel,
Jan
33*
11
5*
of
Jan
"33*
136
Tide Wat Ass'd Oil com. 10
Co 10
6
Jan
May
5*
11*
30c
Both
position he held until 1931 when he became affiliated with
Jan
Apr
6*
11*
5%
Vice-President.
leading exchanges, both here and abroad, now have 14 branch offices, of
3*
Mar
Actively
others/will be Nelson S.
as
Chicago, under the management of Herbert M. Weil, formerly
14*
2
Greene,
in the firm of A.
Apr
4*
to
accounts receiv¬
paper,
Jan
Apr
5,500
among
Apr
2.25
5
and
marketable
Feb
10*
6*
20c
or
2.80
575
1,421
brokers
by life insurance policies
54
350
26*
Graybar Bldg., New
59*
2.45
40*
the
Apr
13*
40*
in
general note
as
Apr
2.40
4*
26
offices
operate
Feb
41*
12*
~40*
roster of
a
connected with P. S. Moseley & Co.
of directors
board
—'HKHentz
Jan
"26"
added to
was
with
Savings Bank, then he becmae Sales Manager of the Chicago office of
Jan
16*
15%
One of the methods
affiliate
Jan
7*
22
with
Otis & Co., which
23
939
with
secured
his present company.
June
120
new
From 1917 to 1929, Mr. Nongard was connected with the Harris Trust
&
14
1,850
A
position of Assistant Vice-President.
886
10
Hotel, in August.
nounced the election of Richard C.
15*
25
National
the
forthcoming convention, which will be held in New
banking firm with offices in Chicago,
14
Union Oil Co of Calif
of
committee
for,bringing to the attention of the public the size,
many years previous were
Rayonier Inc pref.
25
Republic Petroleum com.l
Universal Consol Oil
national
agents in the private arrangement with representative banks
as
President
16*
20c
Ex-rights.
•
collateral
identified
60
Coasolid Oil Co...1
of the
City, has been formed to
of time
June
5
y
NOTICES
will be explored will be advertising.
specialize
3* June
May
*
d Deferred delivery,
Ex-dlvldend.
x
5* June
May
was
—Collateral
York
8
So Pac Gold Gate Co A__*
4
53 members.
32
5%
50
recently formed Wisconsin Security Traders Association,
Jan
34*
Apr
5%
5
6 Ex-stock dividend,
York City, at the Waldorf-Astoria
Mar
Feb
104*
8
5
adopted authorizing the President to appoint a committee
study ways and means to accomplish this object and report back to the
10
1
Feb
breadth and stability of the over-the-counter market in stocks and bonds.
322
Sperry Corp partic
Mar
t In default.
A resolution
8*
Spring Valley Co Ltd
Jan
6*
Jan
10
3*
—At
32*
Standard Oil Co of Calif..*
69*
Apr
Mar
Jan
Jan
3*
"5"
Cash sale—Not Included in range for year,
8
100
May
4*
552
200
16*
10*
Apr
9
Feb
1.25
a
4*
able, municipal notes, mortgage and long-term corporate loans.
41*
32*
So Calif Gas pref ser A..25
44*
49*
4*
46
securities, and also in the handling of commercial
28*
152
46
Listed,
1
5%
May
75c
Mar
739.
R E & R Co Ltd pref.. 100
5%
Feb
3*
54c
Mar
1,018
52
*
42*
2*
Mar
47*
45
Schlesinger Co B F 7% pf25
Jan
May
Apr
35
35
100
16*
30*
1.25
8
65
65c
65c
5*
37*
33*
52
12Vb
Mar
Security Traders' Association, held in the Palmer House, Chicago, June 9,
the most important subject discussed,
according to President Willis M,
Mar
31*
33*
30*
45
Rheem Mfg Co
...1
Richfield Oil Corp com
*
Ryan Aeronautical Co...l
June
7*
Apr
22*
230
Philippine L Dist Tel pf 100
Pig'n Whistle pref....
*
Puget Sound P & T com..*
com
29*
32
June
615
10
*
55c
4* May
27*
10
152
..100
Jan
May
6
60
.
May
Mar
6
1st preferred
28*
.
29* June
95c
21* 21*
128* 132
30%
575
a7*
a7 *
dl05*dl05*
Jan
Jan
17*
106* 106*
6%% 1st pref
..26
Pacific Light Corp com..
16 dividend..
*
23*
27*
600
47
33%
285
400
40c
1.75
25
688
the ranks of the association with the acceptance of the
application of the
8*
10*
9*
.*
.27*
,29*
29*
29*
29
May
Jan
May
1.40
24
...»
15*
42*
22*
483
6*
"10%
20
50
Mar
291
9*
2~50
90
17*
26*
26*
29*
25
17*
37
200
5
15%
24
170
10*
10
Western Pipe & Steel
22c
2.50
Mar
5%
50
which
50c
10
Waialua Agricul Co
250,
Mar
June
1.65
Occidental Insur Co
i*._
2.50
6
a6*
Jan
jan
27
9*
48c
North Amer Oil Cons
_______
Jan
Apr
26*
10
Meier & Frank Cb Inc.. 10
Preferred
■12*
42*
Apr
170
6
44
Libby McNeill & Libby..
Lockheed Aircraft Corp..l
Victor Equip Co com
Apr
Jan
7,474
33
LeTourneati (R G) Inc...l
*
Jan
28*
Jan
10*
10
Langendorf Utd Bak B...»
Preferred
50
Menasco Mfg Co com
1
National Auto Fibres com 1
Apr
1.65
Hunt Brothers pref
Magnin & Co (I) com
*
March Calcul Machine...5
6
•'
Home F & M Ins Co cap 10
Tread well Yukon
8
5
2.50
CURRENT
to
'
10
General Paint Corp com..*
Preferred
.._*
Golden State Co Ltd..... *
Transamerica Corp
Feb
2.50
25
•Noparvalue.
Jan
14
70
694
•
175
Thomas Allec Corp A
37*
22
r
Jan
182
Texas
Jan
Apr
Mar
Apr
1.10
Southern Pacific Co
7*
70
32*
.25
Mar
30*
Shell Union Oil com
9*
Mar
19*
1.10
com
Jan
Apr
'Ayr
Jan"
85
30*
Rayonier Inc
Feb
1*
31*
z
Jan
4*
Jan
10*
5
10%
107
79*
21*
Paraffine Co's
9
Mar
145
5*
Feb
May
24*
21c
Warner Bros Pictures....5
West Coast Life Insur
5
Mar
210
Preferred
08%
June
•31
175
a6*
United Aircraft Corp
cap.5
United Corp of Del.
*
U S Petroleum
Cq
1
United States steel com..*
Mar
40*
41
6% 1st pref
70
55
37
Jan
Feb
77
*
7%
4*
'
a5*
Jan
6
25
a34% 034*
& Co.*
5%% pref.
June
30c
420
44
102*
1,300
34c
43
90*
com
1.00
Jan
June
88*
Pacific Can Co
30
110
a%
a8
24
Standard Brands Inc....*
41
Oliver Utd Filters A
1.15
a6
a8 "
Stecher-Traung Litho pflOO
Food Machine Corp com 10
Foster & Kleiser com.
r2*
Natomas Co
18
65
36
Feb
Fireman's Fund Indm ColO
Fireman's Fund Ins Co..26
com...
105
30
36
<z34*
.1
Jan
10
131*
13*
33c
Emporium Capwell Corp.*
Hunt Bros
1.25
1
10* May
17*
43
,.5
com
May
a5*
a7*
a5*
Shasta Water Co com
*
So Calif Edison com....25
■
19*
52*
102* 102*
__*
Preferred
High
18
1
Creameries of Am Inc vtc. 1
Crown Zellerbach com...6
Low
52
100.
com
Range Since Jan. 1, 1939
Shares
"
General Motors
29*
77
Schumach Wall Bd com..*
Schumach Wall Bd pref..*
25c
1
Caterpillar Tractor com..*
Pref (ww)
3*
75
Apr
Apr
Apr
0%
Nash-Kelvinator Corp.._5
North American Aviation 1
Oahu Sugar Co Ltd
cap_20
Radio Corp of America..: *
Riverside Cement Co A..*
17*
25c
Calif Water Service pf.100
Carson Hill Gold cap
.
1*
461
'
Mountain City Copper
•
Exchange
Jot
8*
13
...50
com
495
1.15
Copper Corp com..*
Montgomery Ward
8%
131
Packing Corp com..*
Cons Chem Ind A
1*
22*
Mar
8*
20
MJAMM Cons
'
4*
6*
20
Callf-Engels Mining Co.25
Chrysler Corp
Apr
5*
Monolith Port Cem
4%
8*
4%
*
Preferred
Apr
"a5*
•
Italo Pet of Amer pref
Week.
High
7*
-
Anglo Calif Natl Bank...20
Cent Eureka Mln Co
21 *
67c
4%
.1
6% preferred
Alaska Juneau Gold Min 10
Preferred
Jan
33
2.50
Kenn
Sales
Sale
Calif
Mar
38c
1,000
both inclusive, compiled from official sales lists
Last
Calamba Sugar com
47c
14% June
a5*
Inter Tel & Tel Co com...*
Italo Pet Corp of Am com.l
offices In San Francisco and Los Angeles
Friday
Stocks—
Mar
170
Exchange
Francisco Stock
June 10 to June 16,
17
Apr
10
Idaho-Maryland Mlnes.il
Broadway, New York
own
Apr
a7*
*
are
Cortlandt 7-4150
•
June
12
"77"
Claude Neon Lights com.l
Consolidated Oil Corp...*
CurtLss-Wright Corp
Domlnguez Oil Co
14
147*
1*
22*
Cal Ore Pwt
6% pf '27.100
Calwa Co com
10
Cities Service Co com.! 10
Hawaiian Sugar Co.
Hobbs Battery Co A.
(2 P. M. Saturdays)
High
a7*
a4*
Com..15
Aviation
100
150
475
Mar
Schwabacher & Co.
111
Low
24
a7 y8
Elec Bond & Share Co...5
General Electric Go......*
Orders
Range Since Jan. 1, 1939
Shares
23
1
Jan
73%
26*
High
14*
14*
11*
U*
168* 168*
11*
3
28
15
14*
__5
17
com
Low
June
5
Corp
80
Wagner Electric
Week
American Tel A Tel Co. 100
Amer Toll Bridge
(Del)__l
Anaconda Copper Min..50
78
100
for
of Prices
Price
Amer Hawaiian S S Co.. 10
Am Rad A St
Sntry
»
..100
1st pre!
Week's Range
Unlisted—
Ma
113
(Concluded)
105* 105%
3*
3%
103* 103%
2*
2%
6*
7
31*
31%
com. *
Sales
Last
Sale
101
6*
100
Scruggs-V-B Inc
30
*
com..
Range Since Jan. 1, 1939
Shares
High
10 *
pi 100
Candy
1st pre!
Friday
for
of Prices
Price
McQuay-Norris Com
*
Mo Port Cement com...25
Natl Bearings Metals
Natl
Week's Range
Sale
Par
3671
Sales
Last
Stocks (Concluded)
Chronicle
June
Apr
2.10 May
19*
17
Jan
Mar
4
Jan
May
9
Jan
2.5
Jan
31
June
11*
Apr
19
Jan
6*
particularly those in the medium and lower price ranges.
He has been affiliated with active trading organizations in
the past
New York
over
15 years.
—Dunne & Co., 20
the highway
Pine St., New York City, have prepared a resume of
debt of the State of Arkansas.
„
3672
Financial
Chronicle
June 17, 1939
Canadian Markets
LISTED
Provincial and Municipal
AND
UNLISTED
Montreal Stock
Issues
Closing bid and asked quotations, Friday, June 16
5s
Oct
63*4
6s.
Sept
16 1943
6fl
May
1 1959
4a
.June
Prov of Brit lab
6s
4Kb
Bid
66
62
Oct
1 1966
Columbia—
July 12 1949
Oct
1 1953
4Kb
Province of Ontario—
64*4
1 1948
..—Jan
5s
Ask
Bid
Province of Alberta
106
—
-
1
4*4s...—.Jan
104
103
1942
I
1962
16 1966
4 *4 8
Aug
1 1941
5«
JUDC 16 1964
93
68
Dec
93*4
95
96*4
4*4s
2 1950
4fl
Feb
1
May
1 1961
110*4 112
15 1960
15 1961
Apr
Apr
Mar
4*4s—
2 1969
Prov of New Brunswick—
123*4
109*4 110*4
116*4
108
1958
110*4 111*4
108*4 109*4
112*4 113*4
—•
Range Since Jan. 1, 1939
for
Week
Shares
High
4
•Jan
50
55
June
55
925
5*4
5*4
5*4
5*4
Low
100
4
55
5*4
5*4
449
Mar
5*4
62
Feb
Apr
100
7*4
Jan
Feb
4*4
5*4
r
10
99*4 100
.100
Preferred
7*4
Mar
100
Apr
33
Apr
June
*
"32*4
32
32*4
40
66*4
66*4
70
30
Mar
57
•
..25
41*4
41*4
42
2,467
38*4
Apr
43
44*4
44*4
10
41 *4
Jan
45
47
47*4
43*4
Mont L H & P Consol
Montreal Telegraph
Preferred...
Prov of Saskatchewan—
4
*
MacKinnon Steel pref.. 100
Lindsay (C W)..__
National Breweries
•
109
Price
Par
M cColl-Frontenac Oil.... *
4*48
of Prices
Low
High
122
Province ol Quebeo—
95
4 Hb
Stocks (Concluded)
Week's Range
Sale
Atk
110*4
115*4'H6
Massey-Harrls
•
Sales
Last
,
110
Province of Manitoba—
95
Exchange
Friday
4,318
Apr
29*4
54
515
Jan
Mar
Feb
*4
6b
1943
81
83
National Steel Car Corp..*
81
83
Niagara Wire Weaving
*
17
17
5
16
May
May
61
16 1946
81
Noranda Mines Ltd
•
78*4
77*4
80
2,729
70
Apr
82
Mar
*
27
27
27*4
375
23
Apr
29*4
Mar
Ottawa L H A Pow
117
16
Nov
Ogilvle Flour Mills
...Mar
5b
109*4 110*4
15 1952
1 1960
Sept
4Kb
June
6*4i
Province of Nova Sootla—:
100
14
95
14
June
15
Jan
100
98
99
30
99
May
102
Mar
*
38
38
340
38
June
4*48—— Oct
i
1 1951
79
Preferred..!
Railway Bonds
Bid
93 *4
(
16 1944
July
1 1944
6b
95*4
96*4
6b
Deo
1 1954
94
94*4
Placer Development
4*48..
76*4
100*4 101
debentures.
15 1942
.—Deo
4*48
94
July
1 1960
87
88
113*41113*4
100
Saguenay Power pref
St Lawrence Corp
Dominion Government Guaranteed Bonds
4*4s
115*4 115*4
118*4 119*4
1951
1955
1956
1957
Sept
1
June 16
Feb
1
—July
1
4*48
4*4*
Alt
Canadian Northern Ry—
Canadian National Ry—
4*48
Bid
Ask
A
*
50
preferred
July
6*48
1 1946
123*4 124*4
4s
Jan
1 1962
3b
—.Jan
1 1962
6s
July
Oct
1 1969
1 1969
116*4 117
120*4 121
Feb
11970
107
10
110
111*4
100*4 101*4
705
Week's Range
Range Since Jan. 1, 1939
Preferred
100
.....
Algoma Steel Corp
Low
Shares
Graiii
—100
mff'm-
---
♦
Bruck 811k Mills...—
3
,
•
16*4
.100
-
—
19
Apr
28*4
Jan
312
115
Jan
16*4
6*4
1.05
130
15
5
15
536
166
3
80
2,017
9*4
26,5
27*4
2*4
155
145
3
9
Apr
74
74*4
150
66*4
Apr
77*4
74*4
25
Preferred
Tooke Bros pref
6
6
163
163
100
pref.. 100
163
B
27
...»
16
16
50
pref. .100
105
105
•
.25
"9*4,
31*4
10
11
7,325
3,010
1,460
20
300
10
535
2.00
15
4
1.50
1.60
7
8
30
7'
24
5Q0
24
4*4
18*4
Dominion Stores Ltd.
'j
.
,.*
Dom Tar A Chern
__*
Preferred
»
""5k"
m
189
187
189*4
116
for
Jan
Par
Stocks-
Price
32
Jan
„
Abltlbl Pow A Paper
Co..*
6% cum pref...
Acadia Sugar Refg Co
Mar
Aluminum Ltd
17*4
Brewers & Dlst of Vane.
5
"4*4
4*4
Jan
34
Jan
Brit Amer Oil Co Ltd—..*
22*4
22*4
23
June
British Columbia Packers. *
12*4.
12*4
167
27*4
37
37*4
110*4 112
1,640
1.25
40
.
.
Apr
Mar
110
June
21
Feb
Canada A Dom Sug (new) *
Canada Malting Co Ltd—*
Jan
105
Jan
1*4
Jan
2*4
5
Jan
8
Feb
Mar
"26*4
Can Nor Pow 7% om pf 100
Canadian Breweries Ltd..*
Canadian
Brew,
Cndn Industries Ltd B
21*4
*
21*4
Jan
27
Mar
16
Jan
20*4
Mar
82
Jan
82
Jan
24*4
Apr
37
Jan
15
Jan
19
June
cum
199
5%
cum
pref..
7*4 May,
Apr
'
Jan
Consolidated Paper Corp. *
Cub Aircraft
7
65
77
Jan
Jan
65
Mar
78
55
•
David & Frere Ltee A
Donnacona Paper A
*
Jan
Donnacona Paper B_
100
9*4
75c
133
50c May
Howard Smith Paper
Preferred
5
85
5
June
8*4
Mar
650
7
Apr
11*4
Jan
16*4 Mar
94*4 June
14
14*4
94*4
5
4*4
6
6
6
Mar
6*4
Apr
8
Jan
225
66
Mar
82
Jan
Apr
58
June
5*4
10
5
4*4
4*4
75
3*4
55*4
Mar
May
-
6*4
Jan
May
13*4
94
Mar
4*4
Feb
3
3
3*4
1,255
3
May
10
* 20
35
20
Apr
41
8
110
6
Jan
13
100
11
Jan
20
13
100
Jamaica Public Service
100
3
Mar
Mar
May
May
Jan
19
Apr
56*4
20*4 June
27*4
42 *4
3.
Jan
4
Jan
3
Apr
5*4
Jan
97
3
Apr
6
Jan
2*4
2*4
45
2*4
Apr
4*4
Jan
80
5*4 May
5*4
May
3*4
6
6
Apr
10*4
550
17
Apr
23 *4
Jan
May
14*4
Mar
Apr
17*4
Jan
6
19*4
125
321
9
9
Eraser Companies Ltd..
1,132
Intl Paints (Can) Ltd A.
2*4
2*4
150
2
Apr
3
Intl Utilities Corp A
8
8
45
8
May
9
Jan
50c
50c
70c
Jan
Voting trust ctfs
*
B
1,670
24*4
150
23
Apr
24*4 June
10
325
9
Apr
15
Jan
16
June
16
June
16*4
40*4
16*4
11
40*4
42*4
525
90
4*4
81
65
74*4
June
81
June
Sou Canada Power....100
38*4
30
35*4
Feb
39
May
Walker-Good A Worts (H) *
17
35
13*4
Apr
17*4
120
120
5
11
Apr
115
13*4
Jan
Jan
•
No par value
*
Apr
60*4
Jan
Mar
Feb
94
45
8
Apr
16*4
Jan
25
12
June
12*4
Mar
275
39
Jan
38
9*4
83
39*4 June
99
45
97
Apr
104
Jan
105
110
101
Jan
105
Jan
41
May
47
Jan
43*4
7*4
17
29*4
Jan
99
Quebec Tel & Power A
*
8*4 May
105
100
38*4
Jan
9*4
Corp
SI cum pref
20
Jan
11
9*4
Page-Hersey Tubes Ltd..*
Power Corp of Canada—
6W cum 1st pref
Apr
24
*
31
45c
11
*
81
112
8
Jan
Jan
10*4
6% n c part 2d pref
50
Provincial Transport Co. *
Mar
7*4
Apr
>
9
June
Jan
17
1,020
7*4 June
55
170
'
'
4*4
3*4
39*4
33
12*4
11*4 May
12
3*4
39*4
20
12
100
12
3*4
Moore
Apr
17
Jan
1.00
Jan
Mar
------
Jan
3*4
1.00
7*4
50
------
Lake of the Woods.
.7*4
II.00 May
4*4
1.00
12
28
14
Apr
50
"4*4
12
20
2,253
Jan
88
155
20,079
5*4
Mtl Ref A Stor $3 cum p _*
7*4
3*4
Jan
6,806
4*4
3*4
MeColl-Fron 6% cm pf.100
Mitchell (Robert) Co
*
53
22*4
75
Jan
29*4
50
Fen
Feb
53
3*4
Jan
2.50
Mar
140
21*4
15c
Jan
17*4
16*4
15*4
47*4
Mar
35*4
25*4
Apr
14*4 June
5,337
35
10c
1.50
Mar
1,415
6,758
24*4
255
1,275
5*4
4*4
Maritime Telg & Teleg—10
15*4
16*4
24*4
47*4
20*4
3*4
Jan
Apr
15c
1.85
5*4
"19*4
Ma8sey-Harrls5%cmpf 100
33*4
------
1.10
15c
15c
*
Ltd
Feb
14
53
June
1.75
15c
1.80
3
Jan
13
Mar
220
Aircraft
6
Mar
16*4
7*4
29*4
------
100
15c
Jan
8*4
3*4
Ford Motor of Can A
Lake St John P & P
32
------
7*4
19*4
Fleet
Jan
14
£1
May
1.10
June
7
MacLaren P & P Co
10
45
Jan
3*4
Loblaw Groceterias A
88
May
85c
4*4
6*4
Jan
10
45
Feb
4
Jan
85
10
Jan
Jan
2.24
6*4
15
11
1.98*4 June
23
7
32
94
Jan
Apr
4
Jan
870
18
1.80
80
—.
Aircraft Ltd
Apr
23
15
June
112
Fairchlld
13*4
30
14*4
10*4
38
Jan
EasternDairies7% cmpflOO
European Electric Corp. 10
30
30
94
—
6*4 May
16*4
International Power
Jan
5
5*4
Intl Nickel of Canada
Seeord
2 *4
425
4*4
Internat Pet Co Ltd
Laura
305
40
"32"
Industrial Accep Corp
Preferred
5
57 *4
10*4
Intl Bronze Powders
Preferred
Jan
69
100
Imperial OH Ltd
Imperial Tobacco of Can.
Intercolonial Coal
Jan
88
57*4
•
Preferred
11*4
431
69
""15""
Hudson Bay Mining
350
,
------
5
—
Mar
9
94
Rights
Hollinger Gold Mines
1.25
5
General Steel Wares.....*
Preferred
100
Hamilton Bridge pref.. 100
15
8*4
"
GoodyearT ref lnc'27..50
Gurd (Charles)
»
Gypsum Lime <fe Alabas..*
Apr
Jan
Apr
Feb
Feb
125
*
Feb
10*4
I.10
May
Mar
Mar
60c
June
3*4
Commercial Alcohol pref. 5
297
Mar
12*4
28*4
Apr
107
Apr
5*4
23*4
Jan
Jan
26*4
32*4
141
3*4
Claue Neon Gen Advert..*
Commercial Alcohols Ltd. *
>
4
Jan
3*4
'..15
55c
14
45
•
,
1.25
City Gas A Electric Corp.*
1
12*4
Apr
10*4
Feb
1.15
.
6*4
100
45
„
Catelll Food Prods Ltd..
Feb
Preferred
199
100
pref
Jan
4,700
Apr
7%
Mar
12
..
CndnP&P Inv5%cm pf_*
Cndn Vfckere Ltd...
*
Mar
162
4
Jan
4*4
4 Si
110
22
Jan
3.23
19*4
175
60
Jan
Jan
11
2,768
26*4
*
pref
100
4*4
1.25
100
115
140
140
100
pref.
Jan
18
June
cum
Jan
Feb
1.25 May
135
7%
..._1
136
115
10
Jan
,
140
70
Jan
Jan
•
Apr
126
126
39
108
5*4
4
3
150
61
21*4
Apr
66
June
5
May
3*4
969
5% cum pref...
280
3*4
90
'
4*4
5
7*4
745
4*4
4.4
2.00
7*4
7*4
2*4
4*4
10*4
19*4
May
1.50
17*4
101
50c
4*4
Apr
8*4
High
Low
3,484
65c
4*4
*
50c
*
Range Since Jan. 1,1939
Shares
55c
5
3*4
Foundation Co of Canada *
Gatlneau Power
High
10*4
June
98
60c
100
Mar
5
English Electric B
Low
1.50
126
78
Sales
Week
30
-
Feb
May
compiled from official sales lists
of Prices
50c
-
Jan
'
■
Bathprst P A P Co Ltd B.*
130
5*4
t>
3*4
-
,
Montreal Curb Market
*
June 10 to June 16, both inclusive,
50c
-
193
100
3*4
—
Apr
Royal
Dryden Paper.......
-
178
.43
Eastern Dairies
Electrolux Corp
i
Enamel A Heating Prod._
310
302
Beauharnois Pow Corp...*
161
60
m
Apr
302
280
6*4
78
m
Jan
300
Nova Scotia.,
Jan
113
7*4
100
Dominion Textile
Feb
203
Jan
11
""11*4
Feb
167*4
166
2*4
161
^...
Jan
24
178
212
Cndn Marconi Co
18*4
Dopalnlon Steel A Coal B 26
18
113
100
Jan
9'
222
Mar
160
210
Jan
95
..100
Jan
Mar
Apr
51
210
Jan
185
25
Apr
2*4
2.00
10
Mar
170
100
100
Montreal
6*4
29*4
—
-
Feb
162
170
8*4
29
-
72
167
T70
61*4
285
86
-
Apr
22
—.100
Commerce....;
3*4
Apr
5*4
Apr
37*4 May
'2,970
86
-
Mar
May
*
166
100
Canadienne
Jan
18*4
Preferred
4*4
Jan
18
Dominion Glass
May
Apr
75
«
2*4
May
26
.100
June
30
Sale
7*4
•
26
"
105
120
Mar
10*4
3,535
18
Apr
523
Mar
80
43
_.*
103*4
9*4
3
Apr
103
4*4
—
25
1.75
28
Apr
6*4
-
June
1.75
Jan
7
60
4
-
Jan
16
9*4
24
Jan
Apr
12
.
1.75
Jan
2
73
40*4
-
Feb
\
Week's Range
Jan
41*4
-
Mar
7
Mar
------
-
7
170
May
3
8;"'
...
June
Feb
1.65
—
Jan
June
Jan
1.75
...100
Jan
14J4
Mar
3*4
2*4
'
1.65
—
Last
17
111
1.-90
4*4
160
3
...
fellers Ltd.....
May
5
5
60
4*4
3
i
10
10
•
4*4
»
Friday
28
103
4
Mar
12
Apr
Mar
Apr
*
Dominion Bridge
Dominion Coal pref
12*4
Apr
20
25
Preferred
Jan
14
ConsoJ Mining & Smelting 5
Distillers Seagrams
7*4
22*4
1.70
103
*
22*4
June
14*4
110
*
178
34
111
Crown Cork & Seal Co
Jan
520
17*4
2.00
Jan
Jan
"
10*4
Jan
247
24
—
Jan
.,150
16
Canadian Pacific Ry
Cockshutt Plow
15
1.80
20*4
Canadian Locomotive
8*4
1.50
Jan
10
16
*
Apr
Jan
42
67
Jan
Apr
23
8*4
22*4
Rights
Apr
50c
605
97
16
6
2,219
1694
24
CO v-H
"l0"
18*4
1,980
20*4
15*4
120
-
June
'
Canadian Cottons pref. 100
Canadian Indus Alcohol..*
Jan
June
2,567
...100
Preferred 7%
June
16*4
*
Canadian Celaneee
Jan
.24*4
9
.*
Canadian Car A Foundry.*
Preferred
25
69*4
1.75
— m m
preferred—k.——50
Canadian Bronze
14
Apr
16
------
•
Apr
96
96*4
._
5%
6*4
51 *4
16*4
23*4
7*4
•■7*4
•
Can North Power Corp.
*
Canada Steamship (new).*
17*4
200
2*4
24
—
Apr
350
27
Building Products A (new)*
Calgary Power.
2..50
May
69*4
9*4
--
-
Bllolo Gold Dredging.....
Canada Cement
1.50
14
177*4 178
-
27
British Col PowerCorp a.*
—♦
-
9*4
Brazilian Tr Lt A Power.*
b:
10
6*4
1.00
15
Bell Telephone
'50
15
6*4
------
.—.100
Preferred
'
«
-r
10*4
16*4
------
Batburst Power A Paper A*
Bawlf (N)
20
23
23
Breweries
Associated
',2
10
AsbestosCorp
Apr
40
High
69*4
*
100
Preferred
2
20
•
Jan
21
349
Preferred
Week
of Prices
High
20
Apr
120
280
P referred
for
•
Low
*
8
5
330
•
Jan
11*4
Banks—
Alberta Pac Grain A
Apr
4*4
11*4
Winnipeg Electric A.....*
Sates
Sale
107
Apr
77*4
Western Grocers
Exchange
Friday
Price
Apr
2*4
11*4
11*4
United 8teel Corp.
both inclusive, compiled from official sales lists
Par
Jan
103*4
Mar
"
76*4
Wabasso Cotton..
Stocks—•
98
63
'
Last
19
June
*
Tuckett Tobacco
Montreal Stock
Jan
Jan
92*4
11
Viau Biscuit.
June 10 to June 16,
Jan
Jan
Jan
57*4
14*4
10
30
19*4
June
16
Feb
12*4
19*4
Apr
May
12
75
Jan
1,199
120
^7*4
•
May
40
261
n
3*4
2*4
120
20
-
107
107
2*4
Sherman-Williams Canada*
Steel Co of Canada
120*4 121
5s
92*4
9
9*4
22
*
42*4
Southern Canada Power..*
116*4 117
5s
17*4
92*4
pref. 100
Shawlnlgan W A Power..*
Grand Trunk Pacific Ry—
116*4 117
St Lawrence Paper
13
17*4
St Law Flour Mills pref. 100
Bid
1,605
13
"Is"
...
935
12*4
42
9*4
Quebec Power
*
Rolland Paper pref.... 100
Preferred
10*4
11
11
1 1946
14
42
10
.100
Sept
4*48
75*4
Bept
§h
Ask
Canadian Pacific Ry—
Power Corp of Canada...*
Price Bros A Co Ltd
Bid
Atk
Canadian Pacific Ry—
4b perpetual
Pen mans
Jan
22*4
110
43*4
88
7*4
7*4
405
6*4
Feb
7*4
Mar
4*4
110*4 HI
44*4
45
17Q
4*4
Jan
4*4
Mar
May
4*4
,
20*4
20*4
"
6
200
60
107
38*4
19*4
Jan
109
Apr
50*4
Jan
June
20 H
Jan
Volume
Financial
It8
Chronicle
3673
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Week's Range.
of Prices
Low
High
Week
Price
Par
Friday
for
Sale
Stocks (Concluded)
Toronto Stock Exchange
Sales
Last
Range Since Jan. 1, 1939
Shares
Stocks
High
Low
Beaufor Gold
1
Apr
500
lc
Jan
5c
500
8c
Apr
78c
78c
2,000
5,000
70c
Apr
1.00
Jan
lHc
Apr
3Hc
Feb
2c
2Hc
19Hc 22 He
.1
25c
1
2.55
Cons Chlbougamau Gold-1
Dome Mines Ltd
*
_32H
23c
15c
1,000
14,400
25c
2.55
375
2.20
400
32 H
342
1.04
Apr
2.35
4.50
Apr
6.00
Mar
Apr
27c
May
28c
Feb
32c June
22c
Apr
44c
Jan
6HC
Feb
Mar
2.55
2.50
2.62
i
1.28
13,050
3,100
5.40
50
21c
750
16c
32c
3,2c
600
25c
25c
200
6Hc
17,500
Falconbrldge Nickel
*
Francoeur Gold...
*
Howey Gold Mines
1
Iasplration M & D Co.
1.25
1
1.35
5.30
2lc
Jollet-Quebec
21c
.
Jan
Jan
Jan
Canadian Wirebound
Cariboo
Klrkland Gold Rand:
Central Porcupine
Chemical Research
Mclntyre-Porcuplne..
4c June
10c
223
34
Apr
50 H
Jan
Chesterville-Larder Lake.l
Chromium.....
4.10
Apr
5.80
Jan
57
59
1
52 H
Jan
58 H
Mar
1.30
1,100
1.07
Apr
1.33
June
30c
34c
7,300
25c Ma.V
60c
Mar
1
2.65
2.40
2.80
4,710
1.95
3.35
Jan
*
2.81
2.81
2.95
1,550
2.82
Apr
4.80
Jan
Consumers Gas
I
Pandora Cad
7c
6Hc
7c
4,000
4c
May
16c
JaD
Cosmos.
2.10
Apr
;
Pato Cons Gold Dredging. 1
Gold
1
1
"l".l5
1.05
7,145
2.05
Apr
2.75
Jan
57,206
6c
Jan
12c
Fen
1,000
27 He
May
70o
Feb
8uc
Apr
1.39
Jan
50c
Jan
85c
Feb
6
Apr
8H
Jan
2.64
1.22
75,850
60c
1,200
7
235
38c
Jan
Apr
17H
June
43 H
2,349
Smelters
25c
5
40 H
41H
100
179
"18"
*
Mar
Dark water
Mar
Davles
Denison
2.55
2.55
75
2.35
May
2.65
Jan
5c
5c
i;ooo
24,000
3Hc May
9c
Jan
2c June
"30c
»
Mines..
2c
2Hc
5 Ho
Jan
1.75
1.80
600
1.30
Apr
1.80
June
1.00
1.04
2,294
94c
Apr
1.44
Jan
Dominion Steel B
1.20
1.23
3,120
96c
Apr
1.65
Jan
42c
40c
Apr
Jan
46c
Jan
1.03
Feb
3,100
78c
Mar
1.01
Mar
600
2.80
Apr
3.55
Jan
49c
3.35
3.40
Teck-Hughes Gold Ltd._.l
Thompson Cad.'
1
4.30
4.30
287
3.95
May
4.60
Mar
12Hc
12 He
13c
6,900
10c
Apr
31c
Feb
Apr
60c
Apr
16c
Jan
440
15H
30 H
Apr
20 H
34
Mar
210H
Mar
32
18H
H
33
207
.1,605
4
23 H
11
12
-
4.85
June
5.75
Mar
*
4.85
6.85
7.25
700
5.70
Apr
8.10
Jan
Easy Washing Machine.
Eldorado. .1
11 He
11 He
14c
17,000
8 He
Apr
18 He
Jan
English Electric B
Wright Hargreaves
*
8.25
8.25
445
7.50
Apr
8.85
Mar
1.07
2,300
80c
Apr
1.51
Jan
Ford A
23c
23 c
300
19c
Jan
31c
Jan
Francoeur
2.11
2.12
1,000
1.93
Jan
2.75
40c
200
38c
Jan
75c
Jan
Mar
Apr
Apr
25
Feb
'
7H
Apr
12H
Jan
615
4H
Jan
7H
May
4Hc June
9Ho
Mar
•
35,400
19
14c
12,100
7c
5,500
2.66
40,700
15
V
6H
27c
Mar
13c
Apr
Aprr
Mar1
279
Mar
Apr
5
14
May
25
109 H 109 H
202
105
Feb
110H
May
May
17
Mar
Jan
40c
19
15
15
"l"27
4.85
6.85
1
200
2.50
109H
*
7Hc
6 He
Eastern Steel pref.....100
*
Jan
1,689
7%
15
"2". 56
Wood Cad
Jan
"
5c
*
Walte-Amulet
3Hc June
395
207
23
11
5Hc
15H
Ventures Ltd
Jan
27c
9 He
7H
Eastern Steel
8Hc
1,000
18
"23"
25
East Malartic.....
Jan
'
100
Dominion Foundry.....
East Crest Oil
June
22
8,678
32 H
Duquesne Mines
84c 86 He
50c
85c
3.35
183
May
9,600
"
1
Jan
Apr
17
37 H
3Hc
llHc
18
Dorval Slscoe
54c
1,400
16,467
14c
Dom Stores
42c
61
176
18H
30c 32 He
14c
Dominion Bank
Nlokel
May
144
265
182
18
...1
Petroleum
14
3He
Distillers Seagrams......*
Dome Mines (new).-,.
.1
Jan
769
Mar
Sylvanlte Gold......
55c
35c June
17H
1.91
8ulllvan Consolidated
Jan
16H
5.60
74c
May
16H
Jan
1
2.40 June
108
Bakeries...*
Consolidated
Apr
*
Apr
Mar
i .46
Stadacona (new)
Mar
70c
36c
4.60
Sladen Mai
Apr
.103 H
1.74
135
"l".20
2.10
5
Jan
275
1
550
Apr
7,250
Slscoe Gold Mines Ltd
Mar
1.26
1.95
2c
Jan
20 H
May
May
21Hc
2.49
...1
Jan
6H
.
2,200
2,850
4.80
Reward Mining.........1
1
.Jan
10,080
1.81
San Antonio Gold...
1.03
#20
~22
25c
4.80
Sherrltt-Gordon
16
Apr
May
1.67
1~95
Red Crest Gold.........*
3H
Jan
2.75
Apr
May
May
Jan
May
1250
1.55
4.80
.
18
34H
3,300
90c
36c
June
"l~63
Perron
2.55
2.25
60c
36c
69c
13H
'
Jan
7H
June
106
Jan
Mar
»
Mines
Pickle Crow Gd M Ltd.._l
Pioneer Gold of Brit Col. I
2.49
50
108
1.14
Commonwealth Petroleum*
Conlarum
Cons
Pamour-Porcuplne
..1
Commoil
261
1.30
Apr
1,854
6H
"34c
O'Brien Gold
4H
17
May
6H
5
125
12 He 14 He
31c
31c
Cockshutt
~58~~
6
McKenzle-Red Lake
New True Fissure
4,850
118
Mar
4H
19
May
2.50
12HC
1,550
300
1.50
4
2.55
4.95
4C
110
14H
....
39H
.1
1.85
76c
38 H
4.85
4c
1
Macaasa Mines
Feb
2.25
"39"
1
Lake Shore Mines Ltd
200
108
5Hc
Apr
25
17
6c
3c
245
J*
115
4H
179
May
18
100
Castle Trethewey..
Central Patricia
16H
3,005
1,370
*
Carnation pref
June
140
75c 78 He
14 H
75c
25
3
100
24
1.85
100
C P R.:
High
Apr
6
245
1.85
Malartic
Low
159
667
9
*
Preferred...
2.80
2c
1
Eldorado Gold M Ltd
Canadian Oil.,
17
245
•
Canadian
Apr
6,000
..50
Jan
2.10
2Hc
20H
Jan
8c
2Hc
22 H
Jan
Apr
2Hc
*
92
3H
17H
6H
290
2.74
Apr
3H
25
Can Car & Foundry
Preferred
Range Since Jan. 1, 1939
172
6H
10
33 H
Apr
13Hc May
31
168
01-df
Shares
High
"l7~~
Cndn Indus Alcohol A
May
Low
168
B
Canadian Gen Elec
18Hc May
Price
20
25c
May
of Prices
...
Canadian Can A
22c June
•
14c
32 H
Par
Cndn Bk of Commerce. 100
Canadian Can
*
Feb
14c
"
2.50
13c
Duparquet Mining Co... 1
East Malartic Mines
2HC June
2Hc
78 c
Century Mining
Cent Cadillac mew).
Central Patricia Gold
Jan
500
5c
*
Capitol-Rouyn Gold.
300
2Hc
..._1
Cndn Malartic Gold
300
32c 32 He
(Continued)
for
Week
Week's Range
Sale
Mines—
Alder mac Copper Corp...*
Arno Mines
*
Sales
Last
290
2.12
Falconbrldge
Fanny Farmer.
OilBrown Oil Corp..
1.00
*
*<
Calgary & Edmonton....*
Daihousle OH Co
1.00
..*
.
1.65 May
2.87
17,886
1.05
Apr
2.36
Jan
5H
50
5H
May
8H
May
5.50
1,105
4.50
Apr
6.00
Mar
1,310
16,500
Gatlneau Power
11
87
14
14
14H
94 H
.
93
58c
58b
1.07
Mar
2.28
2.28
2.45
5,010
2.00
Jan
3.70
Jan
1.20
1:20
1.20
200
1.00
Apr
1.72
Jan
Rights
General Steel Wares
35 H
36 H
233
31H
Apr
44H
Jan
Gillies Lake
1
7c
7c
8 He
Glenora
1
2c
2c
33c
1
,7 He
.1
Preferred
June 10 to June 16, both
Sale
Par
Price
for
of Prices
Week
Low
A bltlbl.
6%
Acme Gas.
Afton
4H
100
preferred
i«u.*
65c
T:.J
31c
..1
21H
4Hc
Apr
9Hc
Jan
2c
Feb
4c
Mar
1,200
16c
■
18
33c
7,315
10
7
Apr
51
Apr
10c
5,400
9Hc
Mar
1.07
6,450
82c
Apr
2.50
2.44
2.50
13c 13Hc
1.95
318
2.40
May
3.25
Mar
9He
Apr
1,500
He
Apr
17 He
10He
Feb
5
Feb
1,000
2 He
May
6Hc
Feb
2,175
8c
May
23c
Jan
4,566
18c
Apr
38c
Jan
1
300
250
1
•7
Feb
310
Feb
Jan
252
Mar
4
Mar
20
Jan
1
4,500
30c
Jan
16c
18c
8,600
11c
Mar
32c
Jau
1.29
5,182
1.00
Apr
1.40
Jan
102
"~4H
Beauharnols
175
100
102
4H '
175
.
21c
10
99 H
2 H
.
•
344
14c
1,400
7H
70
6
3H
3H'
20
3H
50
.1
Bralorne
30
10c
*
Brazilian Traction
30
*
11H
9H
British American Oil
22
*
11H
9H
22
25
30
Jan
Feb
3,855
9H
Apr
2,447
7H
Jan
12H
23 H
Jan
12H
9H
23
5,757
19H
May
20
21H
Apr
27H
June
3,500
7c June
21Hc
Jan
22c
10,200
Buffalo-Ankerlte
1
11 %
Buffalo-Canadian
*
3c
3c
16 H
16 H
12H
3Hc
16 X
7,000
Building Products (new).*
*
11 He
Jan
12H
Mar
2.15
3,652
1.81
Apr
2.80
36c
4,000
30 He
May
65c
Jan
125
3H
May
5H
Jan
97 H
49
May
Apr
7
Mar
10H
Mar
89 H
101
Apr
101H
Mar
7
100
......
Canadian
145"
175
7
105
35H
8H
i.15
35
55
1.15
21
1.85
1.15
21
105
May
56
Jan
Apr
105
32
Jan
38
June
85
66
May
79
June
Feb
152
26
33
•
9
38
•
Jan
211
37 H
75 H
79
145
-149
38
"
290
8H
98
1.85
50
Breweries pref. *
20
55
105
36H
*
*
103
55
96
...*
.
5
102
55
Can Cycle & Motor preflOO
Breweries
Jan
Mar
Mar
Apr
4H
100
Preferred
5c
June
2.02
Canadian Bakeries pref. 100
Apr
15H
17
9H
32 He
Canadian
Jan
6 He
2~05
100
Mar
85
32 He
Canada Permanent
10 H
—14
16,800
1
*
Jan
10H
*
Canada Cement........ .*
Jan
33c
8He
*
Canada Steamships
1,595
75c
Apr
2 He
1,045
Apr
18c
7c
Oils
50
28c
51c 296,335
9H
7c
"
Canada Bread
.
Mar
7 He
36c
Malting.
June
'
27 H
19Hc
Canada Packers
12H
7c
""7c
19Hc
Canada
Jan
22c
44 He
Preferred...
June,
4
32H
1
B._
Jan
7H
Jan
*
*
30c
.
Mar
June
Apr
13,900
Brown OH....
Bunker Hill
Jan
9c
11c
Broulan-Porcuplne
Burlington Steel
Calgary <fc Edmonton
>
30c
27 H
,.*
Oil
30
10c
Feb
June
June
14c
7
Blue Ribbon pref
5
14c
14c
7H
3H
Bob jo
Mar
178
Apr
*
..*
105
Jan
17c
1
...
......
Jan
June
Jan
165
21,000
7H June
37
12c May
.
870
4H
178
18c
.......1
A
Jan
1.25
.100
Brit Col Power A..
220
17c
'"l5c
_....
Seattle Gold..
British-Dominion
Mar
'7H
37
15c 15Hc
35 H
50
Bear Exploration
Calmont
■:
1.26
......
Biltmore
.
239
205
.
300
5
210
250
203
8
304
100
Blue Ribbon
1.85 June
1.75 June
8c
Bank of Toronto
Big Missouri
Jan
24c 25 He
210
210
Bank of Nova Scotia
7H
Jan
1.52
92,00
2.65 228,943
8c
Montreal.....!
17c
3c
3c
2.44
Jan
June
7c
7c
"24c
Jan
68
99c
1
Jan
14H
10
"3c
Klrkland
Apr
10
Bagamac...
Bldgbod
'29He
52c
68
13c
Cons.
Jan
24
9 He
Astoria Que
Aunor Gold Mines
Bell Telephone Co.
Apr
14
r.oo
...
Beatty 1st pref.
30c
15H June
110
20
,31c
.1
Barkers pref
Base Metals.:
Jan
1,000
4,000
*
.....
Barkers
Jan
6c
*
Dev.
Ashley
Bank of
Mar
10
Mines.
Arntfield Gold
Bankfleld
4
68
100
....
Anglo-H uronlan
555
2H
"
20
Algoma Steell.....
Hold
Mar
62
•
100
303
25
140 H
1.70
7H
25
1.00
18
May
Apr
May
Apr
Apr
»10H
45
1
23
June
Mar
2.63
Mar
Jan
Jan
80
50
1.
Feb
2. He
2c
June
4c
Mar
39c
26,715
20o
Feb
2,200
loc
Mar
28c
10,700
1,000
5c
Apr
13Ho
2o June
3Hc
2 He
71
.
57 H
15
66
58
3C
5c
4Hc
3c
4Hc
4Hc
500
4c
66
55
415
3Hc
4,500
..
10
10
Greening Wire....
15
_.l
"ll'c
53c
Gypsum Lime & Alabas..*
IlalliweH.J
]
4H
4H
3 Hcf
4Hc
19,000
55
55
Hamilton Theatres preflOO
55
Harding Carpet...
Hard Rock
,
"I"05
„
Harker
3H
1.05
56c
4 He
14 H
2.25
2.25
2.44
Co,
Homestead Oil
1
Howey Gold
Huron & Erie
-.100
SH
21$
100
Imperial Oil
*
Imperial Tobacco
14
...6
*
Intl Milling pref
34c
June
10c
Jan
Apr
15
Jan
Jan
3.75
Jan
80
Jan
Apr £26 He
Jan
Jan
31c
Mar
35H
Jan
70H
Mar
64H
Feb
15
11
35c
Apr
24c
25 H
8H June
Feb
202 H
9H
Jan
215
Jan
19,638
14
June
17H
Mar
250
15
Apr
16H
June
45c
Jan
Apr
7H
Mar
60
70
Apr
91H
57
104
Feb
H
4,934
42 H
Apr
11,700
20H
June
25
6H
20 H
22 H
8H
8H
45c
45c
.
3H
19c
19c
...J
5Hc
5c
5He
5,000
Jeillcoe Cons
..1
7c
6c
7c
11,400
1
4 He
4 He
4Hc
572
2,300
(
5
Apr
107
Jan
May
56 H
27
Jan
H
Jan-
Jan
9H
Mar
45c June
70c
Jan
16He May
3o May
34c
Jan
"'400
Jacola Mines
9H
22c
700
21H
,_..*
June
4
6c May
170
...»
Kelvin a tor.
Kerr-Addison
58
[[1.95 ' Jan
Apr
'27 e
...1
J M Consolidated.
Jan
106 H
106
_a
Jan
16c
75
International Petroleum..*
,
Jan
6c
13 H
1.98
31
50
Jack Walte
6H
Apr
8H
47 H
1.
Apr
Apr
68
47 H
B
3H
2Hc May
Apr
17,815
33,100
15,895
2,188
33 H
*
Intl Utll A
64o
94c
5H
5
"75
100
International Nickel
Mar
1,400
215
14
15H
»16H
16 H
100
Preferred
Jan
40c
2H
,
27c
__1
>
Intl Metal A
May
June
5,450
10Hc 12 He
32 H
67
Jau
12 H
10
49 H
16c 17Mc
32c
"32H
100
20% preferred.
Imperial Bank
Inspiration
lie
1
-
Hudson Bay Mln & Sm._*
5c June
6H
5
15
Home Oil
58H> June
May
13Hc
13,100
14H
Mar
May
15,000
9c
8Hc
16c
8 He
*
5
Jan
Jan
78
Apr
10
Holllnger Consolidated
Jan
3H May
16,600
3H
1.14
Hlghwood-Sarcee.
37c May
,2Hc May
865
4c
Gunnar Gold
11 He
Jan
5c
Mar
13Hc
Jan
4 He
June
11c
Jan
„
9
12*
May
Feb
1
"1:96
1.82
1.97
56,140
1.47
Apr
j|2.08
Jan
Klrkland Lake
1
1.48
1.47
1.55
33,990
1.15
Jan
1.75
Mar
Laguna
1
8Hc
7Hc
8Hc
7c
Feb
9c
Apr
39
6.60
38 H
6.50
24,850
1,244
55
55
Lake Shore
......1
Lamaque Gold Mines
Land Bank & Loan
*
100
6.65
3,291
15
32H
5.50
55
50 H
Mar
Jan
6.85
Feb
156
June
Mar
Mar
54o
20c June
Jan
Lapa Cadillac
1
20c
27c
Laura Secord (new)..
3
12H
12 H
270
10H
Apr
13 H
Jan
LavaCap
1
78c
78c
59c
Mar
85o
June
Lebel Oro
i
3Hc
3Hc
4 He
1,700
14,000
3He May
WSl4c
Jan
Leitch Gold
1
*
*
80 He
2.99
80 He
Little Long Lac
Lob law A..
24 He
*
B
47,200
87 He
82c
9,475
63c
Apr
3.05
4,360
2.60
Apr
24
24H
727
25
23
22 H
21
Apr
23
24 H
Apr
i 23
4,195
10,450
3.85
Apr
5.90
Jan
1.70
Apr
3.20
fj.n
2.92
Macassa Mines
i
4.80
4.80
4.95
MacLeod Cockshutt
1
2.08
2.05
2.25
580
II
Jan
3.60
Jan
Mar
i,
Jan
40c
16,800
30c
Mar
55c
''Jan
Malartic Gold
1
"70c
70c
73c
27,025
43c
Jan
75c
May
Manitoba & Eastern
*
lHc
IHC
1 He
5,000
He May
11 He
36C
1
Madsen Red Lake
Maralgo
Massey-Harris
*
100
....
%
._
....
Mclntyre Mines....
5
1
•
No par value
Apr
5
May
7
1.50
150
1.00
Apr
1.65
Jan
3H
75
2H
May
4H
Mar
2Hc
7c
Jan
4H
40 H
4Hc
5
I
1,000
1,295
2H
Apr
Apr
235
29 H
Apr
265
5H June
82 H
Feb
6
58
1.32
49 H
59
,
90
84
56 H
59
2,557
12,795
1:30
1.35
Jan
94
43 H
89
100
McKenzle Red Lake
3H
5H
5H
..*
McColl Frontenao
Preferred
5
41H
157
259
3H
4Hc
1
—
...
Preferred
5
7 H
1.50
*
Preferred
Jan
June
5
7
Maple Leaf Gardens
*
Maple Leaf Gardens pref 10
Maple Leaf MUllng
*
Jan
Mar
11 He
8c
,
1
Jan
Jan
72
Great Lakes voting
2Hc
15Hc
Alberta Pac Grain pref 100
Aldermac Copper
*
Anglo-Can
50c
4H
4H
760
Preferred
7H
4c
2Hc
Graham-Bousquet.
Mar
6
Jan
May
76,000
2,000
19c 19HC
*
Apr
6
Mar
16 H. Mar
95
June
Jan
2H
70
5Hc
....
Granada Mines
High
..
2c
AjaxO&G___i_
Aram Gold
Low
5Hc
Mines Ltd..
Preferred
Range Since" Jan.. 1, 1939
Hig h Shares
60c
Goodfish
19
350
6
19c
Goodyear T & R
Sales
Week's Range
5H
6
35c
Gold Eagle
inclusive, compiled from official sales lists
Last
Stocks—■
136
4H
6
Goldale Mines
Exchange
Friday
94 H
4H
100
God's Lake
Stock
Jan
385
._*
*
Toronto
25o
20Hc
*
»
Jan
Apr
21c
....
*
Royallte Oil Co.....
Jan
15o
20c
1,789
2,500
19H
Home OH Co
54c May
8H0
23H
3Hc
19H
4Hc
1.9 H
Foothills Oil & Gas Co
50
24
Apr
23 H
4c
*
1
Okalta Oils Ltd
.
Apr
3HC June
16 H
22 H
_1
Federal-Kirk land
Anglo Canadian Oil
50
1.38
5.20
5.25
2.12
1.23
5H
»■
~
1.03
Apr
Apr
7H
60
7H
1.38
Jan
Jan
Mar
Mar
Mar
May
Financial
3674
Stock
Toronto
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
for
Sale
of Prices
Low
High
J
*
Morris-Klrkland
National Brewing—
National Grocers
~¥%c
National Steel Car
2.00
Jan
Montreal LH&P.,
*
*
1.10
Feb
Oils Selection
29c
Apr
48c
89c
Apr
1.45
500
-
Apr
3c
2c May
Jan
Pawnee-Kirkland
40
Jan
Pend Oreille
168H 171
8c
10c
60
155
May
171
June
1,000
2,810
Mar
20c
Jan
39H May
42H
Mar
6H
Jan
8c
38,583
15
42
425
5%
4H
25
490
23
47 H
24 H
47
425
Apr
43 H
4
25
May
May
May
200
42,500
16c
Apr
51 He
2HC
3c
5,500
2 He
10c
10c
10c
1,000
9c
Apr
Apr
5
1.35
1.35
1.40
495
*
Mines.
Noranda
77 H
77 H
200
190
80
2,057
70
5Hc
45c
70c
Apr
Feb
Jan
1.25
Mar
3H
3H
100
May
3H
Jan
2.82
15,705
2.01
Apr
3.35
Jan
*
1.08
1.08
1.18
2,250
91c
Apr
1.73
Jan
1HC
2Hc
Jan
100
50c
Apr
3
lc May
lHc
2,000
35c
37c
10,853
25c
May
3.75
4.25
265
1.50
Jan
80
4H
Jan
7H
Mar
23c May
52 He
Jan
5c May
12c
Jan
—
—
*
30c 34He
Oro-Plata.
Pacalta Oils.-
*
*
1.
Porcupine
*.
Jan
2.76
-Apr
4.75
Jan
100
4He
Apr
7c
5Mc
4
94
3.HC
Apr
7Hc
3Hc
3Hc
2 He
Mar
7 He
Mar
43c
43c
45c
2,000
1,000
14,550
Feb
35c
Apr
1.93
1..81
1.95
10,850
1.45
Jan
17H
45
16H
17H
2.50
5.40
2.70
Jan
Apr
2.45
Jan
Apr
12H- Mar
21e
500
1.88
1.95
2,425
■1.57
1.55
1.65
33,835
5c
5c
5Hc
49c
55c
2,500
5,200
5HC
7 He
189
Gold----—------1
------I
100
*
-
"7Hc
189
186
35H
2,150
17c
Apr
24c
1.80
Apr
2.40
Apr
1.75
46c
Mar
5,100
6Hc
Apr
14HC
Feb
30c
30c
100
25c
Mar
1.05
Jan
Manitoba Power 5 Ha. 1951
50
83
'91
1952
91
2 Ha to '38-5 Ha to '49—
Montreal Island Pr 5 Ha '57
52
53
105
107
85
6H8 series
108
32
Apr
44 H
Apr
Apr
15Hc
1.83
1.76
11 He
1.83
66,438
llHc llHc
1,500
1.18
985
1.18
Jan
10c
Apr
92c
17c
Mar
1.20 June
Jan
96c
1.03
I.3,881
90c
Apr
1.45
Jan
6.90
374
5.50
Jan
7.20
Mar
1.50
1.50
108
.1.50 June
2.75
3 Ha
106 H
Canada North Po w 5s. 1953
95
94 H
103
102
i*
3H
10
4%
395
10
150
Canadian Vlckers Co 6s '47
5 Ha
Dom Gas A Elec 6 Ha, 1945
5,200
Apr
80c
3,500
5 He
45c
May
13c
97
Feb
1
Slave
1
6c
5 He
5Qc
50c
,6c
54c
Lake-.-..-.
._.*
1.40
1.55
25,133
.50
100
Standard Paving
Preferred
Steel of Canada
17H
17%
10
75
77
—*
3 "
78
Mar
4H
9P
Apr
Mar
1.65
Apr
64
65
East Kootenay Pow 7s 1942
Eastern Dairies 6a
1949
97
42
Fraser Co 6s
90
75
Jan 11950
91H
92H
85
87
Provincial Pap Ltd 5 Ha '47
100
106 H 107H
deb
conv
~
-
44
»
Sturgeon River Gold
74
""~5c
Mar
Jan
3.50
Apr
Mar
,27 H
77 %
1.40 June
15
99 %
United Grain Grow 6s. 1948
92 H
94
82
Int Pr A Pap of Nfld 5a '68,
Lake St John
83
United Secure Ltd 5 Ha '52
65
66
1960
103
102
—
Winnipeg Elec 4Hs
^r A Pap Co
5 Ha
1961
32
•Noparvalue.
j
4-5s series A——
34
4-5a series B
Jan
530
66 H
65
Jan
75
4Hc
Apr
He
Jan
12c
Apr
24 He
Jan
.Apr
2.35
Apr
3.00
7%c,
7c
Apr
14Hc
85c
88c
3.400
76c
Mar
1.01
*
3H
3%
155
4
4
2H
3H
Mar
3.35
Texas-Canadian
85c
]
—
T-1
at the
&
United Fuel A—.
50
34
He succeeds John K. Starkweather, of Starkweather
Bankers Club.
Co., who has headed the club for the past year.
filling the post held by Mr. Ward during the past
A. Glen Acheson, of F. S.
Co., Secretary, and Walter F. Blaine, of Goldman, Sachs &
Other officers elected at the meeting were
I&oseley &
'
Co., Treasurer.
Three members
were
■
elected to the Board of Governors for three-year
of Stone & Webster and Blodget, Inc., and
Deusen,
Governors whose,terms carry over are:
Co.
White Jr., of White, Weld &
.
_
..*
2.30
Jan
104
10
102
Apr
113
Mr. Ward entered the bond business with the
2
June
Blair & Co., Inc. and
become
a
and
P. Morgan & Co.
member of, the bond department staff of J.
he has been
1937
of Clark, Dodge & Co. since February,
a
Committee in 1935.
of the Investment Bankers
governor
He
1935.
Club, having served as governor
Since
Association of
York Group
having previously served as chairman of the New
America,
Savings
York'in May, 1920 to
1915 and came to New
chairman of the Field Day Executive
as
Harris Trust &
Mar
*
1.30
14 H
34
2
28
1.48
19,180
1.03
6.80
Jan
Apr
15
June
80
28
May
38
Feb
31
250
500
415
3H
5.25
1,143
4.30
7.25
7.401
5.50
Apr
42 %
42%
45 H
1,185
38
20
20H
1,740
19H
Jan
10c
4,500
8HC
May
25
25
105
Jan
of the club during
Jan
Mueller.
5.80
Jan
Mr. Robinson, who was Vice-President
the past year, succeeds Russell V. Adams of
'
Kenneth
8.25
Jan
51H
Apr
20
Feb
Jan
President
20 H
Jan
of J.
President of the Bond
Thursday, June 15th, at the annual meeting held at
the Down Town Club in Newark.
5
Apr
Newark investment banking
Robinson & Co., Inc., was elected
Club of New Jersey on
7
Apr
-
—Arthur R. Robinson, Vice-President of the
house of Colyer,
15Hc
Apr
2H
7Hc May
9c
4%
5.00
65
11
'
Committee.
Executive
Mar
3
1
Mar
4,483
15
9c
6.90
Amulet
Harriman Ripley & Co., Inc.; F. Malbone
Blodget, of Spencer Trask & Co.: George J. Gillies, of
James McMillen, of Evans, Stillman & Co. '
'
Jan
June
109
Apr
Feb
4
*
...*
Ventures
1.30
Apr
May
1.74
90
4
.
65c
105
Jan
June
*—*
-
5
,300
Corp.; Horace C, Sylvester Jr. of
He has been a partner
4.70
Apr
J. Lee, of Lee Higginson
Irving D. Fish, of Smith, Barney & Co.; James
Bank of Chicago in June,
H.
Alexander M.
Stewart, of Kuhn, Loeb & Co.; Robert
They are: Percy M.
terms.
Van
Inc., was elected Vice-
S. Morgan, of Morgan Stanley & Co.,
Henry
has been active in the affairs of the Bond
80
•
.1
United Oils
Walkers.
2,525
2
15
Walte
85c
108
3.80
Jan
June
of the
York at its annual meeting held Thursday, June 15th
12H May
10
2
.*
54 H
NOTICES
54
83
1.38
Gas
B
9,992
Apr
104
*
Ucbl Gold
4.35
1.85
74H
—Francis T. Ward, of Clark, Dodge & Co., was elected President
Borid Club of New
Jan
3.55
Mar
2.78
Jan
4H
Apr
52
84c
73 H
53H
nNominal.
fFlatprlce.
CURRENT
Jan
80
50
Twin City
11
5
1.80
-.1
Toronto General Trust-100
Toronto Mortgage
500
108
Tip Top Tailors pref ..100
i
8,920
4.20
*4~ 30
3.45
12 %
54
Jan
Feb.
4
Jan
54
11%
50
Hughes..--.-.---.*
40
11H
3.45
*
Preferred
United Steel
1.80
2.25
7%c
2~25
"85c
.1
Sylvanlte Gold
Tamblyn Co
Union
15c
June
1,000
1,300
1,000
*
1
;
,,
Toburn..
33,985
*
Supersilk A
Teck
5Hc
15c
-...-I
Sudbury Basin
Sudbury Contact
Sullivan
—
1965
1965
77
75
——...1951
5s
Mar
285
75
5c
1
B
•
103 H 104"
103H 104 H
....
'
—.25
Preferred
Straw Lake Beach..
106
99H
Gatineau Power 3H8.1969
Gt Lakes Pap Co 1st 5s '55
Jan
'
*
1957
1
4s...1957
Price Brothers let 5a.-1957
97 %
1956
4g
Jan
1.C3
Sladen Malartlo
Dec
97
102H
102H
4Ha'59
Saguenay Power 4Ha A '66
4 Ha series B._—1966
Shawlnlgan W & P 4 Ha '67
Smith H Pa Mills 4 Ha '51
40 H
Donnacona Paper Co—
year.
41c
45c
5a_-
85H
39H
1961
President of the club,
96c
45
43c
ex-stock
Feb.
14,250
1.17
43c
84 H
Power Corp. of Can
2nd
Feb
■
1.24
90
1.18
103H
96
Montreal Tramway 6s 1941
Conaol Pap Corp—
Feb
5
12
20
II
Stadacona—
10
;
4
87
——100
—
Apr
June
3H
'
4
102 H
104 H 105 H
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
103H 104 H
1956
1973
3 Ha
104 H 105H
Mar
*
Montreal LH&P—
39
Canada Bread 6a.--—1941
June
1
—
37
Jan
2H
6.90
—
Maple Leaf Milling—
—
Calgary Power Co 6a—1960
Feb
4H
9Hc
25
Apr
*
Preferred
1958
Burns A Co 5a
—
Jan
.
19,750
1
:
1946
lst5Hs
■
108 H
34 H
33
B
Mar
192
178
12c
~~96c
106
Brown Co
Ask
Bid
Ask
49H
Bell Tel Co of Can 58.1955
Jan
llHc
5Hc May
16
415
37
1.17
Jan
Slgman Mines, Quebec....
Preferred
Jan
10c
Mar
20c
2%
50c
Siscoe Gold
38%
8c
Jan
—.1
Creek
Sh errltt-Gordon
B
June
Beauharnola Pr Corp 5s '73
Feb
9c
10c
—
Sand River Gold
Simpsons A—-
Apr
34 %
Bid
Jan
1.17
3Hc May
2%
"1.65
*
San Antonio
Apr
9
10 He
1
—
St Lawrence Corp
5.60
Jan
Apr
*
i
Jan
1.18
230
.1
E Dome..
20
Apr
2.25
1,440
11,575
21c
1.95 June
4.50
2.05
1.90
_25c
Premier—-—-It "l~M
Sllverwoods.
18H
10
8c
Abltibi P & Pap ctfs 5s 1953
Alberta Pac Grain 6a. .1946
Jan
61c
3,995
10 H
2.40
Prairie Royalties
RocheLL.
4.95
"io"
—
Red Crest..
18
4.75
4.80
1
Gold
He
Mar
600
34 H
*
Jan
117
5%C
Powell Rou—.,1
Sheep
104 H
13,735
4 He
J
St Anthony
Apr
2.97
*
Engraving
Royal Bank
Royallte OU
99
1
Pickle Crow
Reno
5Hc
2.81
2.82
1■
—.1
Gold
Paymaster Cons
Perron Gold—
Preston
2,500
4.25 June
5Hc
•99
1
Partanen Mai...
Corp
2,600
•
98
*
Page-Hersey—
Power
7
7
—*
Preferred
.
22 %
May
20 H
34 H
1
Waterloo A..
Jan
20 H
Jan
53c
1.00
1.00
35c
Pioneer
Temiskaming Mining
1H
2H
Closing bid and asked quotations, Friday, June 16
6c
4.00
Photo
3
Jan
Apr
34 H
*
Supertest' ordinary..—*
Mar
82
*
Paulore
*
199
3
Feb
2c
125
Feb
.
Industrial and Public Utility Bonds
Omega Gold----—-—-I
Pam tepee
...
Bhawlnlgan
115
Jan
2.40
OlgaGas
Pamour
10
Mar
3H
—
Orange Crush
Rogers Majestic A
128 H
3
1.95
Apr
Jan
2.60
Gold—
Okalta Oil
128 H 128 H
100
Jan
10c June
Apr
lc June
1.28
Jan
J
■
Preferred
....
8c
1,000
4,200
Jan
May
3Hc
1 80
Apr
38C
lc
1.41
Apr
25c
3 He June
45c
2,500
3,625
lc
1.35
1.40
Jan
32 H
lHc May
500
10c
10c
1
Robt Simpson pref.
500
2c
29 H
June
June
.-—-5
North Star
2c
.1
-
428
33
32
12
9c
1.35 June
5c
1
*
Norgold Mines
Normetal
Jan
61H
Jan
19c
Nlplsslng
32 H
Osisko Lake. ————-„1
Jau
Mar
32c
1.18
17 HC
1
O'Brlon
2Hc
200
New Gold Rose
Newbec Mines
17c
35
24%
"i8c
13Hc
Apr
1.30
5H
-
Mar
10c
Malrobic..
42
-100
----1
*
Nay bob Gold—
15 H
7Hc
900
Kirkland-Townslte
Jan
371
47'
National Trust-
Apr
1,000
15c
Jan
7c
39 H
-
Preferred
200
8Hc
15c
May
75c
39
39
100
)
*
*
-20
15H
8 He
20c
Apr
33c
1.16
A
15
1
Mar
3c May
3,545
1,1939
High
Low
*
6c
38c
500
.
Range Since Jan.
Shares
-.1
Humberstone
14,750
16,375
1.16
—1
Corp
Moore
Price
Par
4c
2Hc
.
Moneta.—
Stocks (Concluded)
High
1.25
1.25
Model Oils
Low
19c
4e
Corp
Mlnto Gold
Shares
4c
17c
49c
*
*
Range Since Jan.
49c 52He
17 He
McWatters Gold-
Merland Oil
M lnlng
1,1939
Week
McVlttle-Graham
Sales
Friday
Week's Range
Price
Exchange—Curb Section
Sales
Last
(Concluded)
June 17, 1939
Toronto Stock
Exchange
Friday
Stocks
Chronicle
(
Spear, Vice-President of J. A. Rippel,
of the club to succeed Mr.
Adams &
•
.
Inc.; was elected ViceRommel
Robinson and William C.
'
Preferred...
Wendigo
-.*
9c
1
Western Can Flour pref 100
West/ons
Preferred.—.
Wiltsey-Coghlin
*
HH
100
Apr
105
June
114
105
127
12
760
93 H
30
4 He
2,500
3HC
II,500
12,570
4c
1
1
11 He
11 He
14c
Wright
»
8.35
8.00
8.35
June
25
11H
Wood-Cadillac
Hargreaves
15
93
Grocers pref..100
Western
Feb
15c
50
9H
Apr
Jan
Feb
Mar
8Hc
Mr.
9c
Apr
18He
Jan
Apr
8.00
Adams,
Mar
May
85
the retiring
President,
of the Club to
was
made
a
serve
for three years, and George
governor to serve
Winner Parker of Parker
J.
June 10 to June 16, both
& Weissenborn,
Sales
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Shares
at
the
Bankers
1
lHc
I He
1 He
5,500
Canada Vinegars
*
12
12
12 %
140
Canadian Marconi
1
1.10
1.25
950
Coast Copper
5
*
1.60
1.60
1.61
200
4H
4H
4H
40c
40c
1,838
1,300
Consolidated Paper
Dalhousie
DeHavilland pref.
*
80
100
Dominion Bridge
*
Fraser voting trust
Hamilton Bridge
Preferred
Prefe»*rpd
*
30
9H
80c
*
*
29
100
Honey Dew
80
28 H
25
'
*
30
15c
11
15c
II
258
100
9H
80c
30
20c
11
115
.
10
255
55
lHc May
3Hc
11
14
Apr
75c June
Feb
Mar
1.15 June
Barr succeeds
Francis P.
Co. was
Trust Co., Secretary-Treasurer.
Harris & Co., Inc., were elected to the
serve
for three years.
board of governors of the club to
Emil C. Williams of Chemical
Apr
2.50
May
7H
Jan
was
Apr
75c
Jan
R. Erickson of Stone & Webster and Blodget, Inc.,
Feb
90
23 H
Apr
37 X
9%
Mar
80c June
24
15c
10
Apr
May
Feb
14
Jan
mott
Mar
6.00
Jan
Jan
Jan
of Harriman
Bank & Trust Co.
which also included Wendell
and Gerald R. McDer-
Ripley & Co.
—Pelz & Co. of New York City announce
Jan
12
Chairman of the nominating committee,
Mar
•
35
65o
Hill of Stranahan,
Chester Atwood of L. F. Rothschild & Co. and Malvern
38c
70
Gallagher of
the club. William
elected Vice-President, and George
Kidder, Peabody & Co. and is the eighth President of
3H
$1.50
Mar
& Co., Inc., was elected
Club of New York at the annual meeting
Mr.
R. Waldmann of Manufacturers & Traders
Brett-Trethewey
Julius A. Rippel, Mr. Robin¬
and Daniel Noble.
President of Barr Bros.
Club.
H. M. Fenn of Phelps, Fenn &
High
Low
Seymour Barr,
President of the Municipal Bond
held
Range Since Jan. 1, 1939
Last
Stengel.
Inc. was chairman of the
Mr. Adams, Mr. Souville, Richard H. Monaghan
—F.
inclusive, compiled from official sales lists
Friday
Stocks—
son,
Exchange—Curb Section
Inc. were elected governors
M. Griffith of Post & Flagg
the unexpired term of Edwin C.
nominating committee, which also included
Toronto Stock
successive term as
H. Prescott Wells of Outwater &
Wells and Laurence W. Souville of Foster & Co.,
Jan
7.30
Rippel & Co. was named to serve his fourth
Secretary and Treasurer.
Jan
12H
95
S.
now
their Cleveland correspondent
that Giilis, Russell & Co. is
and that a direct private wire has
installed between the offices of the two firms to facilitate
a
general over-the-counter business between New
been
the transaction of
York and Cleveland.
Volume
Financial
148
Quotations
Bid
Jan
1 1977
a3s
Feb
1 1979
3675
Over-the-Counter Securities—Friday June 16
on
New York
o3s
Chronicle
New York Bank Stocks
City Bonds
Ask
Bid
Ask
101% 102%
101% 102%
Par
Bid
Ask
Par
Bid
121% 121%
16%
18%
National Bronx Bank...60
41
45
04%8 Apr 15 1972
Bank of Yorktown__66 2-3
40
45
National City
Bensonhurst National...50
25%
27%
75
100
12%
National Safety Bank.12%
11%
13%
Chase
32%
Penn
10
29
11
Peoples National
50
47
54
Public National
25
29%
30%
a4%sApr
a3%sJuly 1 1975
a3%s May 1 1954
105
106
o4%b June 1 1974
122% 124
123% 124%
109
110
o4%s Feb 15 1976
124% 125%
d3 %s Nov
1 1954
109% 110%
«4%a Jan
1 1977
<*3%s Mar
1 1960——
109% 110%
o4% a Nov
15
124% 125%
125% 126%
a3%sJan 15 1976
a 4s
a 4s
Nov
a 4s
May 1 1959
109%
114%
115%
115%
May 1 1957
1 1968
110%
115%
o4%s Sept
1 1960—
a4%s Mar
1 1962—
1 1964
May 1 1977
Oct
1 1980
121% 122%
121% 123
124% 125%
1 1957——
o4%s Mar
1 1963
o4% 8 Deo
o4 %s July
1 1967
15 1971
1 1979
33%
Exchange
Commercial Natlonal__100
169
Fifth Avenue..
700
730
First National of N Y..100 1260
Merchants Bank;
100
97
1800
Sterling Nat Bank A Tr 25
22%
24%
103
Trade
14%
17%
175
*
100
Bank
12%
125% 126%
125% 126%
04 %s Dec
127% 128%
130
131%
a4
121%
120% 122
13.55
126% 127%
04 %8 Nov
120
o4 Ha Mar
o4b
o4s
*78
1 1981—
o4%b Mar
o4%s May 1 1957
116%
116%
119
120%
120
121%
119% 120%
,
Ask
1 1966
Bank of Manhattan Co. 10
%a June 1 1965
NEW YORK BANK, TRUST CO.
and INSURANCE STOCKS
New York State Bonds
Bid
Bid
Ask
Laird, Bissell & Meeds
Ask
120
3s 1974
62.05
less
1
World War Bonus—
3s 1981
62.10
less
1
4%s April 1940 to 1949..
Highway Improvement—
4s Mar A 8ept 1958 to "67
Canal A Highway—
5s Jan A Mar 1964 to *71
62.25
Highway Imp 4%s Sept '63
143%
m
Canal Imp 4%s Jan 1964..
Can A High Imp 4%s 1965
143%
61.30
134
Canal Imp 4b JAJ '60 to '67
141
-.4"
•>
New York Trust
'
,,
Par
Port of New York Authority Bonds
Bid
■
Ask
Ask
Gen A ref 2d ser 3%s '65
106
Gen A ref 4th ser 3s 1976
1939-1941
108% 109 %
106% 107
Gen A ref 3d ser 3 %s '76
102% 102
53
55
.7
4
5
100
76
81
MAS 6
0.80%
Central Hanover
20
Chemical Bank A Trust-10
Clinton Trust
60
110% 111%
4%s ser B 1940-53.MAN
106%
48
50
56
25
9
11
Continental Bank A Tr.10
13
Irving.
Kings
MAS 6
1942-1960—-—--MAS
1.00%
no
110%
Ask
195
205
265
270
10%
County—
1500
11%
1540
30
27
14%
Corn Exch Bk A Tr._20
55%
56%
12%
13%
Colonial Trust
Inland Terminal 4%s ser D
1939-1941.—
Bid
.100
Guaranty
97% 100%
246
Empire
1942-1960—-MAS
105% 106
Par
Fulton
Lawyers
107
Gen A ref
3%s
1977
George Washington Bridge
429
10
County—
Brooklyn
Companies
Ask
421
Bankers
Bid
Bid
100
Bronx
Holland Tunnel 4%s ser E
Gen A ref 4s Mar 1 1975.
Tel. BArclay 7-3500
-
Philadelphia
N Y-l-1248 and 1-1249
....
Bank of New York
Port of New York—
—
Teletype
'
115
Barge C T 4%s Jan 1 1945.
■
"
System
....
134
.
-
Wilmington
Bell
mmmm
— m
Broadway, New York
....
Manufacturers
-20
Preferred
39%
20
Title Guarantee A Tr. -20
-mm
10
;
54
HI
4%
Underwriters.-...
•
41%
52
108
New York
5%
80
United States
90
1595
1645
United States Insular Bonds
"
We Maintain Trading Markets in:
Bid
I
Ask
Bid
U S Panama 3s June 11961
Philippine Government—
4%s Oct
1959
4%s July
1952
Apr
1955
101
6s
Feb
1952
115% 117%
5%s Aug
1941
FIRE ASSOCIATION
Govt of Puerto Rico—
103
118
119%
PHILADELPHIA
5s
111% 112%
NORTH
AMERICA
118% 120%
1952
July 1948 opt 1243.
U S conversion 3b 1946
Hawaii 4 %s Oct 1956
OF
INSURANCE COMPANY OF
108% 109%
-
INSURANCE ASSOCIATION
FIRE
123 % 125
4 %s July
58
CAMDEN
v
115% 117%
113% 114%
—
Ask
<5co.
111% 112
Conversion 3s 1947
%. ^UMiclcr St 05o.
:
Established 1895
111% 112%
Members Philadelphia Stock Exchange
STOCK EXCHANGE
Federal Land Bank Bonds
'
Bid
...
JAJ
3s 1955 opt 1945...
Ask
Bid
108 %
3%s 1955 opt 1945— -MAN
109
109%
108
108%
48 1946 opt 1944.....
113
113%
3s 1956 opt 1946
108
108%
108
Insurance Companies
'
/
A. T. & T. Tel.—Phla 220
•
Ask
3s 1956 opt 1946—..._JAJ
—MAN
BUILDING, PHILADELPHIA, PA.
N. Y. Tel.—Rector 2-3300
•
Par
-
Bid
Ask
Par
■
Aetna Cas A Surety.. -10
Aetna
Joint Stock Land Bank Bonds
10
Life
25
Home Fire Security——10
Homestead Fire—
10
18%
20
31%
Ins Co of North Amer
69
70
38%
9%
2%
2%
56%
40%
10%
45
10
38
Atlantic
100
Bid
Chicago 4%s and 4%S—
6s and 5%s
Dallas 3s.:
26
23%
/3%
Central Illinois 6s
5%
5%
/3%
101% 102%
—
Denver 3s
98
Lincoln 4%s
'
100
4%S—
13
14%
Mass
American Re-Insurance. 10
40
42
Merch Fire Assur com..1.5
41
24
2-5%
Merch A Mfrs Fire New'k 6
8
9
•; 49%
50%
Merchants (Providence)..5
3
4%
101
American Reserve
100
101%
American Surety
102
Automobile
99
......
North Carolina 38
—
99% 102
/39
44
100
101
101
Pennsylvania 3%s
100
105% 107%
107% 109
5s
Potomac 3s
100
St Louis
/21%
101
102
102
84
Fremont 4%s
■■
-
-
m
-
-
4% and 5s
San Antonio 3s
100
6s
85
—
5%s—
Iowa of Sioux
99
4%s
-10
33
7%
6%
Bankers A Shippers... -25
92%
89%
KM) 2603
Boston
613
5
Camden Fire
19% 21%
101%
—„100
65
Atlantic
100
50
Dallas..
100
110
Denver..
60,
North
33
46
48
Connecticut Gen Life- -10
27%
28%
33
15%
3%
16%
31
—5
.
Eagle Fire
.2%
Employers Re-Insurance 10
5
10
: 101
Fire Assn of Phlla.—_ -10
Fireman's Fd of San Fr.25
Bid
101
Ask
12
15
65
75
22
27
90
100
San Antonio
76
80
Carolina
Pennsylvania
38
40
65
5
Fremont
100
1
2%
,—100
2
4
Firemen's of Newark. ...5
1%
48 '
2%
50
9%
8%
43
44%
122% 127%
65%
63%
89
9-
91%
— m
m
Virginia
1%
Virginia-Carolina
...100
.
2
30%
40%
-10
Ask
Bid
15 1939 6,20%
15 1939 6 .20%
15 1939 6.20%
1% due—
due
16 1939 6.20%
1% due
due
due
Nov
Dec
1 1939 6.20%
1 1939 '6 .25%
1% due
Jan
Feb
1% due
1%
Mar
Apr
June
Ask
2 1940 6 .25%
1 1940 6.25%
11940 6 .30%
A Trust
200
First
National,.
Providence-Washington .10
77%
17%
31%
Reinsurance Corp (N Y) .2
Republic (Texas).—."
10
Revere (Paul) Fire
10
25%
Preferred
Accident——.6
7%
25
3
222
Glens Falls Fire
38%
Seaboard Fire A Marlne—6
5
Globe A Republic....
Globe A Rutgers Fire. -.15
2d
11
40%
12%
19%
21%
69%
15
66%
—5
26%
27%
1
9%
preferred
Great American
Great Amer Indemnity
—
,
-
10
-10
Seaboard
10
Surety
Security New Haven
10
Springfield Fire A Mar..25
Stuy vesant.
6
6%
29%
30%
8%
26%
27
4%
227
8
31%
31%
120% 123%
3%
4%
11%
Sun Life Assurance
100
390
440
23%
Travelers
100
458
468
26%
28%
U S Fidelity A Guar Co-2
U S Fire
4
20%
50
52
U 8 Guarantee
58%
33%
61
78
81
5
30%
56%
32%
Home
81%
19%
33%
22
54%
..10
130
Westchester
Fire
—.10
2.60
22
35%
Surety Guaranteed Mortgage Bonds and Debentures
Ask
Series B 2-5a
Associated Mtge Cos Ino—
Debenture
3-6s
1953
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
S 72
fol
55%
1954
Ask
80%
95
57%
Ask
Par
210
67
Empire Properties Corp—
2-3s
1945
Bid
Ask
276
286
Northern Trust Co
538
553
100
84
Cont'l Inv DebCorp3-6s *53
48%
Mortgage Bond Co of Md
Inc 2-68
1953
mm mm
82
51
54
Potomac Deb Corp 3-6s '63
56
Interstate Deb Corp 2-5s'55
Issues) 2-5s
1953
Potomac Cons Deb Corp—
3-6s
1953
49%
52%
Potomao Franklin Deb Co
3-6s
1953
53
98
Potomao Maryland Deben¬
33 1-3
100
76%
»
208
78%
213
SAN
FRAN CISCO—
Bk of Amer N T A S A 12 %
3678.
ture
Nat Bondholders part ctfs
,33%
35%
...
Nat Cons Bd Corp 2-5s '63
Nat Deben Corp 3-0S.1953
Corp 3-6s
1953
90
Potomao Realty Atlantic
Central Funding
series A A D
page
>•
114% 118
5
series B A C
For footnotes see
125
Marine.62%
Bid
Harris Trust A Savings. 100
100
10
St Paul Fire A
Continental Illinois Natl
A Trust
25
Potomao Bond Corp (all
American National Bank
Bank
Natlonal.25
Pacific Fire
Phoenix
26
Rhode Island
Cont'l Inv Bd Corp 2-52 '53
Bid
Northwestern
4%
96
24%
27
Arundel Deb Corp 3-08 '53
Chicago & San Francisco Banks
Par
2.60
93
25
Arundel Bond Corp 2-5s '53
11940 6.30%
1 1940 6.30%
River
22%
Hartford Fire.
July
Aug
Sept
Oct.
5
12.50
Gibraltar Fire A Marine. 10
Hanover
Federal Intermediate Credit Bank Debentures
North
5
—
42%
24%
Halifax
85
N orth eastern
Northern
10%
29
Hartford Steamboiler. ..10
Bid
14
31
10
Federal
Potomac
120
60
due
due
due
12%
10
General Reinsurance Corp 5
New York
100
1%
1%
1%
1%
1%
1%
2
62%
New Brunswick
Excess
100
Par
75
100
Lincoln
New Amsterdam Cas
28%
7%
8%
124% 130
New Hampshire Fire
New York Fire.—.
14
99
Virginian 3s
Ask
100
....
20
26%
60%
24
99% 102
5s
First Caroilnas
Moines.
2
28
87
-
Des
10
—,10
National Liberty
National Union Fire
22%
Georgia Home
——
National Casualty
National Fire..
26%
12%
Joint Stock Land Bank Stocks
Atlanta
3%
58%
10
City of New York
Franklin Fire
Bid
1
Bonding A Ins. .12%
-10
Carolina
84
Union of Detroit 4 %s
97
101
98
Par
Maryland Casualty
35
Baltimore American.. -2%
Fidelity A Dep of Md. -20
94
—
r
6s.
101
99
City 4%s—
Lafayette 5s
Southern Minnesota 5s
Southwes
86
—
23%
101%
'
Illinois Midwest 6s
9%
Continental Casualty
101
100 %
4%s
7%
100
99
New Orleans 5s
101
100
-10
100
Montgomery 3s
New York 5e—•
Pacific Coast of Portland 5s
100
—
3
American Home
American of Newark.. -2%
Phoenix
3%a
5
94
100
4%s
5
Lincoln Fire
95
101
100% 102%
Fletcher
Knickerbocker
22%
91
Ohio-Pennsylvania 5s
Chicago—
4%s
Jersey Insurance of N Y—.
23%
21
276
90
99
First Texas of Houston 5s_
First Trust of
79
22
5
Equitable..
2%
92
Oregon-Washington 5s
First Caroilnas 6s
,
..10
American
%
5%s—
26
/21%
—
4%S.
Ask
1
6s
101%
/22
/22
Burlington 6b
Agricultural
Ask
Ask
49
108% 112 %
Ameiican Alliance
Bid
Bid
47
29%
Aetna
/21
/21
82
50
Deb Corp 3-6s
1953
50
Realty Bond A Mortgage
deb
3-6s
1953
Unified Deben Corp 5s 1955
60
47%
49%
Quotations
June 17, 1939
Chronicle
Financial
3676
Over-the-Counter Securities—Friday June 16—Continued
on
DEALERS
Guaranteed Railroad Stocks
RAILROAD BONDS
3oscpb Walkers Sons
Robert L. Whittaker & Co.
Stock Excbomgo
Mcmkm T^rw York
Dttlcrtln
120 Broadway
Members Philadelphia Stock Exchange
*
Tel. RE
1420 WALNUT ST.,
ctor
guaranteed!
NEW YORK
•
PHILADELPHIA
•
Klngsley—0782—Bell Teletype Phil. 377
2-6600
stocks
-
Direct Wire to DeHaven A Townsend, Phil.
Sine*18551
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor in Parentheses)
Bid
Dividend
Par in Dollart
1945
6s
1945
Atlantic Coast Line 4s._.—......—..........—.—1939
Baltimore A Ohio 4)4s
1939
Boston A Albany 4X8.
...1943
Boston A Maine 5s—-...—
1940
Akron
Bid
Asked
Canton
and
Central)
Alabama A Vlcksburg (Illinois
10.50
Boston A Albany
Carolina Cllnchfleld A Ohio com (L A
....
564)8.
5.00
6.00
66 X
3.50
75X
78
46
49
2.00
2.00
52
9.00
—
150
100
60.00
55
3.875
28 X
53
,—60
4.00
83
100
37
1.50
41
43 X
50
3.00
82
85.
—100
7.00
2168 X
171X
—
...
Pittsburgh Fort Wayne A Chicago (Penn.)
pref—
7.00
140
100
6.64
60
64
134
136
—
—
100
6.00
3.00
preferred...
42
,
—100
Pgh Ygtn A Ashtabula pref (Penn)..
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
146"
West Jersey A Seashore
(Penn-Readlng)
Railroad
2236
6.00
41
5.00
67
100
5.00
56
58
61
—50
3.50
26
28
3.00
Preferred
Warren RR of N J (Del Lack A Western)..
10.00
,.100
Vlcksburg Shreveport A Paciflo (Illinois Central).
—100
5.00
Valley (Delaware Lackawanna A Western).
__
SIX /'
—
239 X
43
60
X
Atk
54 X
X
37X
108 X
112
New York Philadelphia A Norfolk 4s
"
65
65
65
00m mm
95
'
•
loi"
98
103
101X
95
...2032
New Orleans Great Northern Income 5s
70
63 ;
1948
97
17 X
/15X
1947
80
.-.1939
1941
1947
65
68
103
104
*
Pennsylvania A New York Canal 5s_
Philadelphia A Reading Terminal 5s.,.
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
...
]
....
117
.
mmrnm
91
89X
..1961
...
78
1947
Terre Haute A Peoria 5s
1
Toronto Hamilton A Buffalo 4s
1957
110
108
1946
....
100
98 X
1967
...
107
104
.1942
;
i
Toledo Terminal 4Xs
98
•
mmmm
...1951
..1940
Vicksburgh Bridge 1st 4-68
Washington County Ry. 3Xs
106 X
70
76
.1968
1954
.1990
United New Jersey Railroad A Canal 3X8
Vermont Valley 4Xs
67 X
69X
37
40
50
51X
........
West Virginia A Pittsburgh 4s
Bid
50
35X
2000
Toledo Peoria A Western 4s
Equipment Bonds
Bid
104
48
107
...1940
:
New York A Harlem 3Xs
Providence A Worcester 4s
62
X
84
,
101
1959
New London Northern 4s
mrnmrn
67
81
V'
134
,.100
(Pennsylvania)
Utlca Chenango A Susquehanna (DLAW)
36
64
93
Kansas Oklahoma A Gulf 5s
Norwich A Worcester 4Xs
67
6.00
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal
32
100X
108
Memphis Union Station 5s
4.50
—
Pittsburgh Bessemer A Lake Erie (U S Steel)
...
86
50
50
Oswego A Syracuse (Del Lack A Western)....—
°
•
36
..1978
3X8
Indiana Illinois A Iowa 4s
31
51
—
51.
73
,..1962
.1945
.....1953
...1950
—
Illinois Central—Louisville Dlv. A Terminal
800'
5.00
—.50
W)—
(Pennsylvania)
50
1955
1956
....,,.1951
...1961
1995
;
1951
..I960
Duluth Mlssabe A Iron Range 1st 3Xs
Florida Southern 4s
41X
650
...
Cuba RR. improvement A equipment 5s_.
154X
38 X
4.00
Cleveland, Terminal A Valley 4s.
Connecting Railway of Philadelphia 4s
33
100
35
1944
-
Chicago Stock Yards 5s
70
44
41X
6.50
100
New York Lackawanna A Western (D L A
Second
'
-
Chicago St. Louis A New Orleans 5s..........
81
■
4Xs
Chicago Indiana A Southern 4s—........
32
'
"69
,
Cambria A Clearfield 4s
47X
100
—
.,100
Y Central)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
Preferred
17
44 X
80
-----
Delaware (Pennsylvania).—i
Central
74 X
—50
.....
Fort Wayne A Jackson pref (N
30 X
72
13
3.00
N-A C L)__ —100
pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Wertern).—
Northern
28
8.75
...
Cleveland A Pittsburgh (Pennsylvania)..^
stock
64
8.50
Canada Southern (New York Central)
Betterment
124 X
...
.
......
Haven),
Cleve Cinn Chicago A St Louis
60
2.00
(New York Central)
Boston A Providence (New
120
6.00
Hudson)
Pitts)
Albany A Susquehanna (Delaware A
Allegheny A Western (Buff Roch A
Beech Creek (New York Central)
73 X
.......
-
—
71 X
6.00
Asked
/30
/30
99X
§Xs_.—
Youngstown
mm
mom
Atk
Atlantic Coast Line 4Xs.
62.00
1.25
New Orl Tex A Mex 4Xs_.
64.00
Baltimore A Ohio 4Xs—
64.25
3.25
New York Central 4X8—1.
62.30
1.75
64.25
3.25
New
64,50
3.50
63.60
3.00
6s
64,50
3.50
3X8 Deo 1 1936-1944-
64.00
3.00
63.75
3.00
Canadian National 4Xs.
62.40
2.00
6s.
Boston
A
Maine 4Xb
York
Chicago
St. Louis
Hartford
DEALERS
4Xs
New York New
Haven A
4Xs
63.00
6B......
2.00
62.40
-
62,30
1.75
Cent RR New Jersey 4Xs
64.25
3.00
Northern Paciflo 4)48
Pennsylvania RR 4Xs.—
4^8-
62.20
1.50
6s
61.25
0.50
64.25
3.25
64.25
3;25
58..
65.00
4.25
65.Q0
4.25
97X
Chic Mllw & St Paul 4Xs
98 X
Chicago" Rl"A Pacific^"
Trustees' ctfs 3Xs
2Hb series G non-call
6a
64.40
r-7
3.75
64.40
,
3.75
Erie RR 4X8—
64.35
3.50
Great Northern 4Mb
61.50
1.00
68-...,
0.75
61.25
.....
Hocking Valley 5s
61.00
...
0.50
Illinois Central 4Xs
62.25
1.75
64.00
3.00
.
6s
63.50
ii...,
Malne Central 5s.
2.50
63.50
.,
2.50
64.10
3.25
64.10
4X8..—
3.25
63.75
2.75
63.75
5X8
Missouri Paciflo
2.75
Commodity Credit Corp
X % notes Nov 2 1939.
Federal Farm
1)4p
Ask
Mtge Corp
Sept 1 193
100.11
Is
July
193
100.1
2e
Deo
194i
102.12 102.16
2s
Apr
Federal
Natl.
i 1943
103.6
100.4
62.00
64130
3.50
3.50
64.00
3.25
64.00
3.25
Alabama Power $7 pref—*
92 X
93X
Missouri Kan Pipe Line..5
62.25
1.85
92
Monongahela
1.75
Arkansas Pr A Lt 7% pref ♦
Associated Gas A Electric
90X
62.25
6a......
1.50
64.30
Reading Co 4)48
1.50
,
St Louis Southwestern 68-4
Southern Pacific 4)4s
Southern Ry 4)4s.__
102.1
102.5
101.22 101.26
Loan Corp
May
15
1940
100.7
May 15
1941
100.18 100.20
100.9
uuDan Atlantic
Sugar..7)4
Ea- tern Sugar Assoc
T referred
Bid
1
4
14)41
For footnotes see page 3678.
|
Atk
Par
Atk
2X
3X
16.50 preferred
*
4X
5X
25
pref
7% preferred.
...100
l.bO
5X
Nassau A Suf Ltg 7% pf 100
61.50
1.00
Atlantic City El 6% pref.*
Birmingham Elec $7 pref. *
Buffalo Niagara A Electero
79X
8l"~
New Eng G A E 5X % Pf-*
New Eng Pub Serv Co—
$1.60 preferred
1..25
Carolina Power A Light—
$7 preferred..
*
21X
22
61.25
0.75
62.25
1.25
Western Pacific 6s
64.25
3.50
64.25
"3.50
Virginia Ry 434s
....
way
*
Nebraska Pow
•
7% pref_100
$7 prior lien pref
•
New Orl Pub Serv $7 pf..*
9588 X
97
99
90
101X
28X
57 X
59X
24
22 X
113X 115 •
27X
•27
42
43 X
110X 112
New York Power A Light—
$6
cum
7%
7% preferred.......100
$6 preferred
..100
Cent Pr A Lt 7% pref..100
Consol Elec A Gas $6 pref *
Consol Traction (N J) .100
Bid
Consumers Power $5 pref*
Continental Gas A El—
Atk
7% preferred
109
1944 6
1.60
less
1
3)4a revenue
1949 6
2.20
less
1
.100
104
preferred
cum
Northern
pref erred ....100
States
105
112X 113X
Power—
Corp—
Derby Gas A El $7 pref..*
$6.50
J4 % notes July 20 1 941
101.4
101.6
1941
101.5
101.7
Jan 15 1942
101.3
101.5
4s a f revenue '77. A AO
1968 6
preferred
$6 preferred
1.10
less
)4
3.30
less
1
Housing Authority—
IX % notes Feb 1 1944
cum
$7 cum preferred
Idaho Power—
112 X
111X
102.22 102.23
90.
102
4X
53 X
105
93
104
57 X
106
91
1
9X, Savannah Bug Ref 00m
5)4
16
I West Indies Sugar Corp-.l
I
29)4
Atk
31X
4X
104X 105X
..*
111
100
H3X 115X
100
$7 preferred
Okla G A E 7%
7% preferred
103 X 104X
lwo
pref. .100
Pacific Ltg $5 pref.:
Penn Pow A Lt $7 pref.
106X 107X
Queens Borough G A E—
*
6% preferred
—
*
100
101X 103
Kan Gas A El 7% pref. 100
117
120
Kings Co Ltg 7% pref. 100
80
85
27X
32 X
29
4X
5X
Republic Natural Gas
1
Miss Rlv Pow 6% pref-100
4X
31X
5X
Rochester Gas A Elec—
6% preferred D
100
Sierra Pacific Power com.*
Sioux City G A E $7 pf.100
Mississippi P A L $6 pref-*
30
110X
Jer Cent P A L 7% Pf--100
.*
113
26 X
24 X
Mississippi Power $6 pref *
111
25X
23 X
•
5% conv partic pref..50
Memphis Pr A Lt $7 pref.*
nox 111X
Pacific Pr A Lt 7 % pf.. 100
*
100
H2X
105 X 105X
84
86 X
24 X
*
73
107X 110X
*
Ohio Edison $6 pref
32 X
116X
30
71 X
*
Ohio Public Service—
113X 115X
23 X
25X
$7 preferred..
3X1
pref.._,._100
93
7% preferred
100
Interstate Natural Gas..*
Interstate Power $7 pref. *
7% preferred
Bid
7%
(Minn) 5% pref.
Ohio Power 6% pref
23
Long Island Lighting—
6% preferred
100
Par
(Del)
5X
6% preferred
Dallas Pr A Lt 7% pref. 100
Federal Water Serv Corp—
$6 cum preferred
Reconstruction Finance
U S
6% preferred
Central Maine Power—
4X
120
26 X
1
Authority 3)4s '68
Nov 1
,*
Ask
Mountain States Power—.
62.20
$7 preferred
Bid
Penn
West
Pub Serv 7%
*
99X 101X
20 X
a:19X
95
97 X
29X
30 X
Southern Calif Edison—
25
6% pref series R
Tennessee Elec Power—
6% preferred—
7% preferred
100
92 X
94
33X
34 X
99X 101
78 X
81X
84
85X
79X
81
115
118
101
93
94 X
Texaa Pow A Lt 7% pf.100
33
Mass Utilities Associates—
8
1
....
Bid
4)48
Sugar Stocks
Par
Par
5s
48 serial revenue
)4s
)4s
.
Stocks
1.60
4s BeriaJ revenue__1942 6
Home Owners
Public Utility
Original preferred
Trlborougb Bridge—
Call Jan 3 '40 at 102.
Fuller, Cruttenden & Co., Chicago
62.20
J4 %
Call Novl6'39 at 101
134s Jan 3 1944—
Direct wire to
St Louis-San Francisco—
H%
103.10
Mtge Assn
2a May 16 1943—
N. Y. 1-1043
1.80
2.00
3)4s revenue
100.11 100.13
Fed'l Home Loan Banks
Bell Teletype:
62.25
New York City Park¬
100.9
Hanover 2-3888
62.00
Marquette 4Xa
Miscellaneous Bonds
Bid
Incorporated
64 WALL STREET, NEW YORK
,
Weetern Maryland 4)4s
Loug Island 4X8
Bishop Reilly & Co.
62.50
Dec 1 1937-60
Pere
Texas Pacific 4s
Internat Great Nor 4Xs.
1.60
<
48-.,.
Denver ARC West 4Xs.
1.00
"
July 1937-49
"
Chicago & Nor West 4Xs
61.50
4s series E due
Jan A
Chesapeake & Ohio—
1.00
62.10
PUBLIC UTILITY STOCKS
1.50
62.00
68
Canadian Paciflo 4Xs
3.00
A
102
103X
Toledo Edison 7 % pf A
110X 112
.
100
United Gas A El (Conn)-
7% preferred
10»
Virginian Ry
84
84 X
57 X
56X
149
100 xl43
Utah Pow A Lt $7 pref... •
Volume
14£
Financial
Quotations
Public
Bid
Over-the-Counter
on
Chronicle
Securities—Friday June 16—Continued
Utility Bonds
WE
| Ask
Bid
Amer Gas 4 Power 3-5s *53
45 K
47 H
Amer Utility
82^1
67
33
MAINTAIN
Ask
ACTIVE
TRADING
MARKETS
UNLISTED
IN
Investment Trust Issues
85 %
65)4
3677
34
Serv 68.1964
Associated Electric 58.1961
Assoc Gas A Elec
109
55%
34 %
36 %
35%
37%
Mich
Income deb 4)^8—.1978
40
40)4
66
Conv
68)4
74
GOODBODY & CO.
Members N. Y. Stock Exchange and other
Principal Stock and Commodity Exchanges
Main Office
,
70
72)4
87M
Mountain States Power—
Conv deb 4s....... 1973
57)4
85%
Lehigh Valley Transit 6s '60
Lexington Water Pow 5s '68
Corp—
Income deb 3Ks._.1978
Income deb 3Ks
1978
Kan Pow A Lt 1st 4%b '65
Income deb 4s
deb
1978
4%b
1973
Conv deb 5s
1973
Conv deb 5%a
1973
8s without warrants.1940
Consol Gaa 4s__ 1963
99%
Missouri Pr A Lt 3Ks_1966
t07%
68
■
102% 104
1938
1st 6s
83
97)4
99
Cons ref deb 4)$s—1958
36
38
Sink fund Inc 4)$S—1983
Sink fund inc 5s.i.. 1983
34
36
36
38
4>48-5^8.:..1986
36
38.
Sink fund Inc 5-6S..1986
38
40
3 )4s—
—
1966
110%
4 Elec Co—
—V.
76%
79
Blackstone Valley
6 Electric
Gas
Nor States Power (Wise)—
1964
109% 109 %
108% 109
73)4
71%
Parr Shoals Power 5s.. 1952
101
3%s
110
Cenx Ark Pub Serv 5s. 1948
98)4
99)4
Central Gas & Elec—
„
Peoples Light & Power—
1st lien 3-6s
1961
85%
1st lien coil trust 68.1946
37 to¬
87%
89%
■
G '60
108% 109)4
72%
74%
92)4
51%
2037
220
1st mtge 3Ks
111
1968
A...1962
1962
52%
53
54
56%
108)4 109
Dallas Pow A Lt 3)48.1967
110)4
72
Federated Utll 5)4s...l957
—
—
74%
78 H
.1951
72 %
80%
143%
Corp 6)43.1938
Kan City Pub Serv 4s, 1957
29)4
■
1
105
1947
Sioux City G A E 4s..1966
Sou Cities Utll 5s A.. 1958
104% 105)4
49)4
47%
Series K-l
4%
Assoc, Stand Oil 8hares..2
.,4%
Bankers Nat
Invest
♦Class A.
..1
5%
Inc
14.28
British Type Invest A...1
Broad St Invest Co lno..5
Bullock Fund Ltd
1
6%
3.50
15.35
.13
.28
25.11
12%
3.75
4.10
23.86
25.66
9.79
10.60
3.19
3.47
Corporate Trust Shares-.1
Toledo Edison 3)4s___1968
107% 108
Utlca Gas A Electric Co—
1957
2.36
5%s
2.64
♦Crum A Forster com...10
25%
27%
118%
mmm*
.100
109
109)4
109
109)4
'mm
mm
mmmm
32
30
•
•
.
1956
^
*
Delaware Fund
15.03
Deposited Bank Shs ser A1
Deposited lnsur Shs A...1
Deposited lnsur Shs eer Bl
16.25
1.56
r-,
2.97
4-68
—
1948
.—
2s.
S7%
9
43%
46
Chesebrougb Bldg 1st 6s '48
49
50%
33
35
28.
'. ■;
27
3)48
1950
Dorset 1st A fixed 2s_.1957
5%
37%
36
40
50 Bway Bldg 1st 3s Inc '46
/IS
21
Bid
mm'mm
mmmm
24
23 %
•'
m mm
Bldg—
4%
1941
■5%
1st
---
5
22
1949
2)4-4s (w-s)
2d mtge 6s.
1951
103 E 57th St 1st 6s.-.1941
5s
income
Plymouth Fund Inc
1.24
♦Putnam (Geo) Fund
Rittenhouse Plaza (Phlla)
2)48
1958
1st mtgb 4s
1957
1956
80
81%
Bldg 1st 68.1951
20
21%
41
43
Hotel St George 4s... 1950
44
45
1948
1st 4-5s
8.10
.24
2.45
2.71
Sovereign
3.24
3.59
Spencer Trask Fund:
9.00
5% deb series A—
Representative TrustShsie
100
Selected Income Shares...
9.84
3.97
•
.62
"69
♦
14.17
15.02
Inc.60c
.46
.50
78)4
Investors
Standard Utilities
103
9.34
7.18
7.90
♦State St Invest Corp... ♦
75K
4.10
4.40
Super Corp of Am Tr ShsA
3.38
16.14
17.55
4.83
5.62
4.38
B__.
Corp
*
AA
2.39
B
3.55
Supervised Shares
29.17
31.37
3
9.47
10.29
Trustee Stand Invest Shs—
4.67
5.08
Agricultural shares
25.21
5.67
Automobhe shares..
24.20
4.58
26.96
7.57
Trusteed Amer Bank Shs B
.56
.62
Trusteed Industry Shares.
.82
.91
26.10
6.64
Chemical shares.......
Food shares.
26.07
1
Series D
Building shares
Series C
1
2.40
2.35
Trustee Stand OH Shs A.l
Series B___
5.34
1
,■
4.98
6.61
24.36
4.76
22.95
3.22
B
Merchandise shares
25.28
5.75
Voting shares
25.87
6.33
24.41
4.81
RR equipment shares.
23.46
3.78
24.98
5.43
25.11
5.57
.......
Tobacco 8haree
1
Investors..*
.15
.35
15.39
16.55
♦Independence Trust Shs.
2.07
mmmm
Institutional Securities Ltd
Incorporated
Corp
Bank Group shares...—
1.07
1.30
Investors Fund C
n
1
«n
1.18
U S El Lt A Pr Shares A—
—
15
2.16
i-
.93
£
1
Wellington Fund
Investm't Banking Corp
Blair & Co.
♦Central Nat
14.28
12.98
1 %
Corp cl A..*
2»/8
23
♦
1
♦Class B
♦First Boston Corp
2
16
10
♦Scboelkopf, Hutton A
Pomeroy lno oom
10c
26
17%
*
IK
%
1.44
in
ot
43
Telephone and Telegraph Stocks
m
52
45
56%
Bid
45
65
67
"
;
"
.
Bid
Par
15
BeU Telepof Canada... 100
176
Pao 4 Atl
Bell Telep of Pa pref—.100
121 % 123K
Ask
'
14
—.100
Cuban Teleph 6% prf(new)
38
•'
New York Mutual Tel. 100
J) oom.*
Preferred
47%
Ask
94
97%
113K 116
Am Dist Teleg (N
mmm
50
Emp 4 Bay State Tel—100
46
Telegraph.... 100
25
179
Franklin
...
Telegraph....26
Peninsular Telep oom
*
Preferred A
Rochester
mmm
32
100
110K
<
---
•
••
35
...
Telephone—
100 2113
$6.50 1st pref
126%
27%
m
18
34
*
preferred
101 % 104
Int Ocean Telegraph—.100
64
127
...
15
...
156
Wisconsin Telep 7% pf.100
118
-
--
160
mmm
Mtn States Tel A Tel-.100
So 4 Atl Telegraph.....25
Sou New Eng Telep...100
$6
37
...
61 Broadway Bldg—
1950
35%
37
1957
30%
32
70
73
Chain Store Stocks
Syracuse Hotel (Syracuse)
1st lease 4-6 )4s
1948
Apt Bldg—
—1951
1st 4s_
1947
3s with stock
Lefcourt State Bldg—
Lewis Morris
1956
lst3)4s
3)48 with stock
616 Madison Ave—
56
.44,
14.61
7.20
50
f!9%
50%
60 Park Place (Newark)—
Hearst Brisbane Prop 6s '42
Lefcourt Manhattan Bldg
.35
13.66
Gen Telep Allied Corp—
Sherneth Corp—
1st 5%b (w-s)
Harriman
10c
Quarterly lno Shares..10c
Par
1943
Savoy Plaza Corp—
3s with stock
35%
Graybar Bldglst isbld 5e'46
2.41
6.05
Insurance Group Shares.
24%
1944
Fuller Bldg deb 6s
2.65
I
9.90
43%
Roxy Theatre—
f3%
2.70
1
9.09
5%
Fox Thea A Office Bldg—
1st 6)48
—1
Selected Amer Shares..2)4
25
f4%
—
/23
.
43
.
2.14
Series 1956
Series 1958-
.
7.33
*
40 Wall St Corp 6s- —.1958
39K
No Amer Tr Shares 1953.*
Investing shares...
41%
'
40
/51
49%
6.61
71
54
Film Center Bldg 1st 4s '49
1948
7.02
No Amer Bond Trust ctts.
.21
99% 102
69
31%
5%b stamped......1961
Realty Assoc Sec Corp—
1939
6.32
6.48
Republio Invest Fund.25c
Ask
Prudence Secur Co—
stamped
7.82
5.83
1.14
Fundamental Tr Shares A2
52
36
4s
8.32
7.22
Fundamental Invest Inc.2
52%
33%
28%
Broadway
7.03
7.69
26 %
18.68
'
50%
1st leasehold 3s. Jan 1 '52
1st
6.49
——
Foreign Bd Associates Inc
Co—>
165 Bway Bldg 1st 6%p '51
Sec 8 f ctfs 4Ks (w-s) *58
52d A Madison Off Bldg—
1400
10.23
8.97
25%
500 Flftb A venue—
42 Bway 1st 6s
9.46
5.40
♦Huron Holding
5)4s series BK
■
36
•r-
6.98
Steel shares
1955
.i
—
5%B series Q
legended-.1
0)4s (stamped, 4*)-. 1949
6.44
Petroleum shares.. 1
—1948
Olicrom Corp v t c...
1 Park Avenue—
Eqult Off Bldg deb 5a. 1952
Deb 5s 1952
7.12
Electrical equipment
Insurance stock
9.57
Fixed Trust Shares A...10
5%b series F-l
Eastern Ambassador
Hotel units....
6.57
Insurance stk series. 10c
5)48 series C-2
Court & Reinsen St Off Bid
1st
'
'
—1945
30
25%
1948
8.29
Building supplies
Foundation Trust Shs A_1
4s with stock 8tmp_.1956
Colonade Construction¬
ist 4s (w-s)
Bank stock
Aviation sbaree
•
N Y Title A Mtge
.
4.91
8.85
17.36
N Y Majestic Corp—
1957
Chanin Bldg 1st mtge 4s '45
7.66
*
4.52
18.11
N Y Athletic Club—
Brooklyn Pox Corp—
3s
7.07
....
28.58
Metropol Playhouses lno—
67%
5.88
12.48
16.86
1.34
65
1.30
5.52
Aviation
Mining shares....
Motors Bldg—
Broadway
1.17
11.58
Bank stock series...10c
Exchanges
8 t deb 5s
32%
3.46
"
26.58
Mortgage Certificates
'
25c
First Mutual Trust FundFiscal Fund Inc—
ATLANTIC CITY, N. J.
•'
Common
Voting shares
National Investors Corp_l
New England Fund
1
Eqult Inv Corp (Mass)..^
Equity Corp $3 conv pref 1
Fidelity Fund Inc...
♦
6s
22 %
B'way A 41st Street—
1st Leasehold 3)4-5s l944
11.14
„
3.50
3.60
25c
Eaton 'A Howard Manage¬
ment Fund series A-l__
Metropolitan Chain Prop—
11
10
10.19
Series 1966
,2.63
Di vidend Shares
INC.
Ask
121%
10
Railroad equipment.—
Steel..
......
Group Securities-
B'way Barclay Inc 2s
Mutual Invest Fund.
Oils
4.55
General Investors Trust.*
Real Estate Bonds and Title Co.
Beacbn Hotel lno 4s.. 1958
21.37
Metals
113
D
CORPORATION
Bell System Teletype NY 1-2033
mmm
19.87
Machinery
mmrnrn
97
Wisconsin G A E 3)48.1966
Wis Mich Pow 314s..1961
COMPANY,
■
1
Agriculture
.2.64
General Capital
Bid
7.61
4.70
Mass Investors Trust
Automobile
1
Series ACC mod.
Cumulative Trust Shares
Street, New York
/33
4.10
mm
..1
Series A A mod
♦Common B share...10
96
-
LEBANON, PA.
3s.l957
Maryland Fund Inc...10c
mm'
2.25
.
Alden Apt 1st mtge
4.11
6.89
mm
2.25
1
127
1960
BOND
Telephone WHitehall 4-6300
PHILADELPHIA, PA.
10.62
3.64
Series S-4
rnm
1
♦7% preferred
dembers New York Stock Exchange & Other
Wall
14.63
9.54
N Y Stocks Inc—
6
5%
Series AA_
NEWBURGER, LOEB & CO.
40
13.27
13%
1
96
Ask for Quotation List PRU.
-
10.13
Series 8 2
Manhattan Bond Fund Inc
23.48
Ltd._i
Century Shares Trust...♦
74)4
Specific Property Issues
-
9.14
Series S-3
5%
■
Corp
Baslo Industry Shares..10
Fund
14.44
—
Series K-2
5
♦8% preferred.
100
♦Crum A Forster insurance
71%
94%
Texas Public Serv 5s.. 1961
Collateral Issues
•
15.96
15.83
Series B-3
.44
C
PRUDENCE
23.31
14.55
3.20
.39
Diversified Trustee Shares
•
21.27
25)1
2.88
We specialize in:
PRUDENCE
Ask
29.71
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
Accumulative series
52%
30%
Bid
27.21
Series B-2
Chemical Fund
Western Public Service—
50 %
Par
Series B-l.
Keystone Custodian Funds
23%
mmm
■V
Inland Gas
74 %
St Joseph Ry Lt Heat A Pow
5s
Ry 5s...'1952
3.41
Commonwealth Invest
♦Continental Shares pflOO
Republic Service—
Tel Bond A Share 5s__ 1958
«•
Ask
11.72
3.07
Nation Wide Securities—
4Hs.._
Curnberl'd Co PAL 3)4s'66
Havana Elec
85)4
Bid
11.02
♦Amerex Holding Corp..*
Amer Business Shares....
Canadian Inv Fund
11
Crescent Public Service—
Dallas Ry A Term 6s. 1951
111)4
9i%
51 y
1954
84
Par
Admlnis'd Fund 2nd Inc. *
Affiliated Fund Inc
1 %
Boston
150
Collateral 5s.
1962
20 %
2%
Cons Cltlee Lt Pow 4 Trac
Coll inc 6s (w-s)
2037
Pub Utll Cons 5)48.—1948
n%
Cities Service deb 6s..1963
B
fl9%
1st A ref 8s
rn H 103
1968
5s
1950
6s
1st A ref 5s.
Central Public UtilityIncome 5)48 with etk '52
68 series
89)4
Public Serv Eleo A Gas—
Central Illinois Pub Serv—
Consol EAG6t
87%
104
Portland Electric Power—
1st lien coll tr 5KS.194G
ser
..._
Ohio Power 3%b 1968
'
3Hs——1968
1st mtge 3 Ha
Cent Maine Pr 4s
Investing Companies
103% 104
1965
Old Dominion par 6S..1951
5 f Inc
Bergen Avenue
Teletype JCY 1518
68
N Y State Elec A Gas Corp
4s
921
Tel. Journal Sq. 2-4400
11)4
65
New Eng G A E Assn 5s_'62
N Y. Pa 4 N J Utll 58 1956
Assoc Gas
Broadway
Private Wire System Connecting Branch Offices in
leading Cities
Narragansett Electric—
80
Jersey CJty Office
-
115
New York City
Tel REctor 2-5485
53%
...
39
1st 3s
1955
49
52"
1958
35
w-e—1963
Loew's Theatre Rlty Corp
70
72
1st 5)4s
1939
2 Park Ave Bldg 1st 4-5*'46
/41
44
48
50
1947
98
99K
*
42%
Wall A Beaver St
6
Par
Ask
8
Bid
Ask
Kobacker Stor- s—
Walbrldge Bldg (Buffalo)—
40%
Bid
Par
Borland Shoe Stores
Textile Bldg—
Lexington Hotel units
Income
5)4s
1st 6a
London Terrace Apts—
1st & gen
3-4s
1952
3s
1st
Ludwlg Baumann—
1947
1st 5s (Bklyn)
1st 5»»
<T, T>
.
1st 6s
53
1051
68
mmm
.
I
mmm
14
...
1 %
3
100
23
25
1951
17%
19K
Diamond Shoe pref.... 100
109
113
7% preferred
1048
73
75
H) Co inc..*
For footnotes see page
7
11 %
Kress (8 HI 6% oref
Westing ho use Bldg—
1st mtep 4s
70
2
2
Flshman (M
Corp—
w-s
85
B
1950
4)4 s
7% preferred
100
/G Foods Inc commwn *
Bohack (FT C) common—*
36%
Trinity Bldgs Corp—
Lincoln Building—
367"
...
9
12%
100
7% prefemd
Miller (I) Sons
common..5
2%
50
21
pref—100
99
8%% preferred
Reeves (Daniel)
,
...
4
24
mmm
United Cigar-Whelan Stores
$5 preferred
..♦
15
17
3678
Chronicle
Financial
Quotations
on
June
17, 1939
Over-the-Counter Securities—Friday June 16—Concluded
Industrial Stocks and Bonds
If You Don't Find the Securities Quoted Here
Par
Par
our
»
interest, you will probably find them in
monthly Bank and Quotation Record.
cation quotations are
stocks and bonds.
36 K
Preferred 6 H%
*
9%
11K
Norwich Pharmaca!
Ohio Match Co
American Cynamid—
11H
carried for all active over-the-counter
Companies—
Domestic (New York
Public
94
15
17
55
60
Pilgrim Exploration....
Pollak Manufacturing
Remington Arms com
31H
34K
14
16
Maize
Products.—*
Bankers Indus Service A_*
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Chilton Co common
Industrial Stocks
Real Estate Bonds
Columbia Baking oom.._*
Insurance Stocks
Real Estate
Trust
Mill Stocks
Mining Stocks
The Bank and
Quotation Record is published monthly and
sells for $12.50 per year.
•
Faircbild Eng A Airpl—1
Federal Bake Shops
*
Your subscription should be sent to
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
*
33
Time Inc
*
23
27
Trlco Products Corp
*
27K
Domestic Finance cum pf_*
Douglas (W L) Shoe—
Conv prior pref...
Draper Corp.—
Tennessee Products.
30 K
Triumph Explosives
2
IK
66 K
2K
2K
23%
29 K
*
Dixon (Jos) Crucible... 100
U. S. Territorial Bonds
IK
68H
27%
56
com._.10
Dictaphone Corp..
U. S. Government Securities
30 K
K
,
Devoe A Raynolds B com *
Stocks
ties
24
X22
Dennison Mfg class A—.10
Dentist's Supply
,
30
*
American
shares
*
6K
7H
44 H
43%
47 H
15
16 %
25
Warren
10
IK
3K
3K
(Northam)—
7%
11
12
14
West Dairies Ino
Foreign Stocks, Bonds and Coupons
38
36
5K
4K
K
4
100
33 K
38
Great Lakes SB Co com..*
Great Northern Paper..25
25 K
27%
36%
Harrlsburg Steel Corp
'4
5%
2%
35K
3H
Preferred
Inactive Exchanges
6
Interstate Bakeries com...
BRAUNL
$5 preferred
KUdun Mining Corp
& CO., INC.
34%
King Seeley Corp com—.1
7K
27 %
15
17
Ley (Fred T) A Co......*
2
Bid
.1946
Anhalt 7s to.—.
1946
Bank of Colombia 7% .1947
Antloquls 8«—
...—1948
7s.
Barranqolila ,a'35-40-46-48
Bavaria 6%s to——1945
Bavarian Palatinite Cons
Cities 7s to
....1945
f 19
mm m
/37
f26
f26
J23
fl9H
f!4
P0K
Bolivia" (itopublic)~ 8S11947
f3K
/3%
f3H
PK
120
122
136
122
SIGH
1958
——
.1969
6s.—
1940
Brandenburg Eiee 6s..1953
Brazil funding 5s—1931-61
Brazil funding scrip.—
Bremen (Germany) 78.1935
7s
—
—.1940
6a
mmm
m
mm
m
mm
'mmm
mmm
m
Bogota (Colombia) 6%s '47
8s
......—.1945
7s
Bid
Ask
mm
mmm
19
1 18
3H
3K
3K
4H
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 Ha '82
Hungarian Discount A Ex¬
change Bank 7s——1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 6s.l956
Kobolyt 6 Ha
1943
Land M Bk Warsaw 8a '41
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 7s_ 1953
Luneberg Power Light A
Water 7s..
1948
Mannheim A Palat 7S.1941
Merldlonale Elec 7s. —1957
,
23"
Montevideo scrip.
Munich 7s to..
24"
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
*mm
British see United Kingdom
>PK
PH
1962
Brown Coal Ind Corp—
124
147
Burmelster A Wain 6s. 1940 1112
6
1963
Mis
Buenos Aires scrip
Caldas (Colombia) 7%s *46
/is
Call. (Colombia) 7s—.1947
Cailao (Peru) 7%s
1944
124
Cauca Valley 7 Ha
1946
Ceara
1947
(Brazil) 8s
Central Agrlo
see
fsH
118
flH
mmm
mm
m
mtmm
18 H
m
mm
mmm
18 H
3H
Bank—
53
54 H
/21
J37
122
121
'mmm
mmm
.
.
.1934
Budapest 7s
1968
51
1946
Cordoba 7s stamped..1937
Costa Rica funding 5s. '51
Costa Rioa Pao Ry 7 Ha '49
Colombia 4s
18
163H
163
117
126
1949 717
58—,..———
Cundlnamafca 6%s
1959
Dortmund Mun UtiHteiz'48
100 H
Deep Rock CM
Haytlan Corp 8s
12 H
13 K
IK
26
"IQ4S
120
Nat Distillers
1949
13%
Scovlll
*
99
preferred
100
*
102 %
2
3K
17 H
26
120 H
120 H
PH
117
103H 104
20
fl7H
t
1959
t—
ist 6s
1962
2a conv Income 5s—1962
r
106
105 H 108 %
(A A B) 40—1946-1947
185
185
(CAD) 4s...1948-1949
Nat Central Savings Bk of
Hungary 7 Ha
1962
National Hungarian'A Ind
Mtge 7s—
.1948
North German Lloyd 6s '47
4s_
.1947
mmm
Birmingham Water Wks—
5s series G
..1957
_
mmm
5s series B
mmm
18
105
Ohio Cities Water 5%s *53
Ohio Valley Water 6s. 1954
87
92
107
Ohio Water Service 5s.1958
101% 103%
99 K
1954
95%
39
^
105 K 10 6K
100 H
y
.mmm
5 Ha series A
1954
Butler Water Co 5s... 1967
105 K
106 K 108
Chester Wat Serv 4%s *68
City of New Castle Water
Ore-Wash Wat Serv 5s 1957
103 K 104%
6s
fl9H
t-r
/38
/60
/20
/35
19K
m'mm
Penna State Water—
-
4%8—1966
102% 103
Peoria Water Works Co—
1941
1st A ret 5s..
5s series B—.
101K
mmm
104
mmm
Phila Suburb Wat 4s..1965
mmm
Pinellas Water Co 6%s_ '69
67
72
Pittsburgh Sub Wat 5s '58
102
1946
73
78
Plainfleld Union Wat 5s '61
107
ConmdJsvllle Water 5s 1939
100
Richmond W W Co 6s_1957
105%
mmm
Roch A L Ont Wat 6S.1938
100%
...
106%
...
Community Water Service
5Hp series B.
1946
6s series A...
9h
,
■h
'mm.
Greenwioh Water A Gas—
,m'mm
---
mmm
mmm
mmm
mmm
mmm
mmm
mmm
mmm
6s series A
..1962
6s series B
1952
102
104%
101H 103%
St Joseph Wat 4s ser A.'66
Scranton Gas A Water Co
Huntington Water—
1941
6s—r_—
4%s
.——1958
•
103% 104%,
mmm
5s series B
.
Rhine Westph Eleo 7% '36
1941
6s
19 K
121
PI
Saarbruecken M Bk 6s.'47
f20
1UK
110
Salvador 7%
1957
7s ctfs of deposit-1957
4s scrip
9%
mmm
mmm
1948
8s ctfs of deposit. 1948
119
in
•
••
mmm
mmm
31%
6
mmm
pl
119H
pi
Stettin Pub Util 78—1946
Toho Electric 7s
1955
Tollma 7s
.1947
34
119H
65
/18%
102% 103
1958
100
Terre Haute Water 6s B '56
101
1957
105 %
102
6s series A
mmm
125
27
-•
...
99
-
mmm
Union Water Serv 5%s '51
103
106
108
W Va Water Serv 4s—1961
105% 107
m
mm
...
Western N Y Water Co—
98 K 101
9H
5%s_.
I960
Morgan town Water 5s 1965
..1950
96
100
1st mtge 5s
1951
95
100
1st mtge 5 %9
1950
99
102%
6s series B
Monongabela Valley Water
102 K
105 K
mm m
Muncle Water Works 6s '65
105 K
mmm
New Jersey Water 58.1950
101
mmm
mmm
Westmoreland Water 6s '62
102%
mmm
mmm
Wichita Water—
mmm
5s series B
56
1951
92
1951
96
1949
1952
103
1960
6s series A
97
5 Ha
1956
5s series C_
New RocbelJs Water—
56
101%
105%
105%
5s series B_.
mmm
100
W msport
Water 5s
mmm
mmm
mmm
106
---
69
19
*
H
,99 H
/35
No par value,
f Flat
price,
s
a
Interchangeable.
z Nominal
quotation,
Ex-Uquldatlng dividend.
6 Basis price,
w i
When
/19
mmm
/19
mmm
listed
on
New
York
Stock
Exchange.
mmm
Vesten Elec Ry 7s
t Now
mmm
/21
1947
1945
103%
103%
Middlesex Wat Co 5 Ha '57
Monmouth Consol W 5s '56
Uruguay conversion scrip.
Unterelbe Electric 68—1953
IWurtemberg 7s to
-
•
106 %
dlvldend.
-
1949
105
•
Kingdom of Great
Britain A Ireland 4S.1990
-
80
105 K
United
70
90
Springf City Wat 4s A '66
75
mmm
12
70
63
89
106 K 108
Indianapolis Water—
1st mtge 3 Ha
1966
Indianapolis W W Secure—
Joplln W W Co 5s
21
1956
85
101%
Long Island Wat 5%s.l955
69
2d series 5s
¥
B1961
South Bay Cons Wat 5s '50
ser
KokomoW W Co 58..1968
po
53
Water Service 5b.1961
1st A ref 5s A—..1987
mmm
mmm
flOH
1956
Scrantoit-Sprlng Brook
mmm
Texarkana Wat 1st 6s.l958
(Colom) 78.1948
Sao Paulo (Brazil) 6s—1943
5s
mmm
Sbenango Val 4s
6s
8%
1947
Santa Fe 7s stamped. 1942
GHa
1951
Saxon State Mtge 6s..1947
Slem A Halske deb 68.2930 1430
State Mtge Bk Jugoslavia
103 K
105
~m*.
Santa Catharlna (Brazil)—
19
102
1954
......1962
mmm
11
16
8s
1954
6s......
5s...
/20
Rio de Janeiro 6%
1933
Rom Cath Church GHa '46
R C Church Welfare 7s '46
mmm
63
95
mmm''
mmm
119
/18
f!9H
'
107% 109 %
101% 104
m
62""
100
"mmm
105 K
101
1948
Prior Uen 6s....... 1948
1954
101
.1948
1st consol 5s
mmm
..1950
1st consol 4s
101K
1st 5s series O——..1957
m
124
122
118
See United Kingdom
130
95
90
102 K 104
City Water (Chattanooga)
1946
German Central Bank
f5H
117
'
mmm
41
Saxon Pub Works 7s—1945
131
98%
mmi
1st coll trust
f99
1946
Porto Alegre 7s......1968
101
mmm
119H
Coupons .....1936-1937
Newport Water Co 6s 1953
Calif Water Service 4s 1961
18
1945
.1956
New York Wat Serv 5s '51
mmm
mmm
Oldenburg-Free State—
5% scrip.
County Wat 58 '68
Ask
Bid
Ask
103
Atlantic
122
many) 7s
German Building A Land-
123
3 OK
28 %
1945
Mfg 5 Ha
Corp 3s.
108 K 109 K
101K
101
Ashtabula Wat Wks 5s '68
Santander
119 H
27%
Water Bonds
Alabama Wat Serv 58.1957
Prov Bk Westphalia 6s '33
mmm
/39
67
/25%
Woodward Iron¬
20
24
Texas
17 K
66
Products—
Conv deb 3Ha
26
113
62 K
160
/15%
mmm
Prov Bk Westphalia 6s '36
rnmm
1938
■mm*
17H
6s.
7s——Il937
McKesson A Rob 5%s 1950
Minn A Qnt Pap 6s._.1945
mmm
Bid
18
17 H
118
143
145
German scrip
Graz (Austria) 8s
195'
Great Britain & Ireland-
99 K
Attn
4
12
mmm
27
17 %
117
7Ha income....
18
45H
33 H
84 %
99 K
Carrier Corp 4 %8——1948
Crown Cork A Seal 4 Ha '48
Crucible steel of America
mmm
Protestant Church (Ger¬
/19
/19
7s.
mm
/17
/19
/19
6%s_
1962
European Mortgage A In
m
56
/43
/32
81V*
98K
Bonds—
mmm
119
Panama
mmm
Amer Writ Paper 6s.. 1961
Brown Co 5Hbser A..1946
5
mmm
119
Poland 3s......
1953
33 H
•
...1946
Panama City 6%s—1952
City Savings Bank
3%
30 H
preferred
50
Munlc Bk Hessca 7s to *45
Oberpfals Elec 7s
126
/48
46 H
•
100
7%
23
New Britain Machine
Central German Power
Madgeburg 6s. .
Chilean Nitrate 5s
42 %
100
York Ice Machinery
37 K
Nat Paper A Type com... *
5%
119H
Worcester Salt
....*
Casket-
5%
10
7
27 H
28
105
2K
23H
25 H
25%
35 K
IK
x25
21K
4H
Nat Radiator 5s
1946
Nat Steel Corp 3s..,..1965
Old Bell Coal Inc 68—.1948
7% preferred
100
Muskegon Piston Rlng.2%
National
.*
preferred
2K
100 X115
6% preferred
Preferred
m m
10 K
40 K
39
Mock Judson A Voehrlnger
mmm
m
135
7sto__j..
German'Central Bk
5
mmm
54 H
Nassau Landbank GHa '38
Nat Bank Panama—
13
McKesson A Robblns
$3 conv preferred
*
Merck Co Ino common. .1
53
47
1
•
BrltiBh Hungarian Bank—
7%s__'
Marlln Rockwell Corp
mmm,
PH
120
.*
Preferred
Ask
'!
3K
9K
*
Long Bell Lumber
15 preferred—;
100
Macfadden Pub common.*
96 "
IK
WJR The Goodwill Sta—.5
8%
25 K
Lawrence Portl Cement 100
Foreign Unlisted Dollar Bonds
12 %
93
t e 1
com v
K
K
1
cum
11
37 K
Landers Frary A Clark..25
Tel. HAnover 2-5422
52 William St., N. Y.
$3
107
Wick wire Spencer -Steel—*
Wilcox A Glbbs com
50
5K
1
%
$3 conv preferred
.*
Welch Grape Juice com..5
K
*
2
42 %
Xl2
com
2%
78
IK
United Piece Dye Works.*
Preferred
100
Gen Fire Extinguisher...*
Knight
2K
70
Veeder-Root Inc com,...*
Gen Machinery Corp com*
Good Humor Corp
.1
Graton A
2
33 H
31H
Tublze Chatllloncum pf.10
United Artists Theat com.*
preferred.
100
West Va Pulp A Pap com.*
Preferred—
100
Garlock Packing com....*
4H
3H
IK
148% 153
2%
9
*
*
Steel common
8
22
Fobs Oil Co
Taylor Wharton Iron A
69
7
Foundation Co For aha
Preferred.—...
.
3%
11%
X28K
Crowell Publishing com..*
Title Guarantee and Safe Deposit
46
X10
SI cum preferred——*
Land
and
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
....
3H
2K
10
2%
5%
13 H
UK
2H
3H
220—
21H
167
Singer Manufacturing.. 100 2163
Singer Mfg Ltd
3%
4%
4K
Skenandoa Rayon Corp..*
6
Solar Aircraft..........1
4K
3%
Standard Screw
20
30 %
33
Stanley Works Icq
25
,36 H
38%
Strom berg-Carlson Tel Mfg
4%
3%
17 H
19
Sylvanla Indus Corp
*
6
44
Chic Burl A Quincy—.100
*
*
Scovlll Manufacturing..25
1
H
4H
2K
Bur dines Inc common—1
Cessna Aircraft—.....1
■~K
H
IK
4%
Petroleum Heat A Power. •
23
Art Metal Construction. 10
Utility Stocks
100
1
Andlan National Corp...*
Public Utility Bonds
Canadian
16%
Conversion
American Mfg. 5% pref 100
Canadian
Federal Land Bank Bonds
18%
10%
15 H
21H
Amer
Domestic
and
Petroleum
x91
100
8% cum pref
Municipal Bonds-
Out-of-Town)
34
*
American Hardware——25
Banks and Trust
%
8%
Ask
"
American Hard Rubber—
are:
65
17
*
Pan Amer Match Corp..25
Pa the Film 7% pref
•
12 K
30
5% conv pref
10
American Enka Corp....*
In this publi¬
The?classes of securities covered
2K
32 K
Amer Beraberg A com
in which you have
55
New Haven Clock-
IK
♦
Alabama
Bid
100
2H
Ask
Bid
Mills Inc—
American Arch
t Now selling
a
on
New York Curb Exchange.
Quotation not furnished by sponsor or issuer.
Issued,
d Coupon,
w-s
With
e Ex-Interest.
stock,
x Ex-
Volume
Financial
148
General
NOTE—For mechanical
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
always
are
STATEMENTS
REGISTRATION
SECURITIES
as
UNDER
™oung ^as reelected Chairman of the Board and elected Chairman
of the Executive
Committee, and Harvey D. Gibson, President of the
Trust Co., and Robert McKinney, Vice-President of
Alleghany, were elected to the Executive Committee.
Leonard P. Ayres,
Vice-President of the Cleveland Trust
Co., and a director of Alleghany,
became a Vice-President of the
company.
Mr. McKinney was reelected
ACT
Manufacturers
The
following additional registration statements (Nos. 4076
4084, inclusive, and 3930, a re-filing) have been filed with
the Securities and Exchange Commission under the Securi¬
to
of
ties Act
$73,869,950.
Gulf
The amount involved
1933.
,/
v
is approximately
.
a
...
Washington Water Power Co. (2-4077, Form A-2), of Spokane, Wash.,
filed
use of some
Apartments Corp., voting trustee (2-4078,
Chesapeake
Form F-l), of
Filed June 8,
date, it
a
(2-4079, Form A-2), of Wichita, Kan., has filed
registration statement covering 100,000 shares of $1 par valus common
Proceeds of the issue will be used for payment of notes, for tools,
stock.
*. j
„
,
.
<
*
>
'
*k
Allied Stores Corp. (&
Period, Ended Apr. 30—
"
—V.
1938
1937
1936
1935
$1,106,804
166,795
$2,220,039
329.978
$2,020,727
139.589
$1,434,254
195,798
$1,273,598
160,156
383,675
Profit from operation.
Other income
$8,524,115
7,089,861
$2,550,017
x462,139
405,921
$2,160,316
x338,78l
437,579
$1,630,052
187,150
456,961
6,709
8,097
53,717
New
Total income.
Income taxes
Depreciation
Loss
of
—
sale & retirement
on
'
3.670
plant equipment—
Misc. unemploy. comp__
Net income.
Dividends paid
1941.
Statement was filed without a plan of reorganization.
Aldrich, et al, are members of the bondholders protective com¬
Filed June 9, 1939.
Acceptance Corp. (2-4082, Form A-2) of Omaha, Neb,, has
registration statement covering 13,920 shares of $25 par 6% cum.
preferred stock to be offered at $25 a share. Proceeds will be used for work¬
ing capital and expansion.
Francis P. Matthews is President of the com¬
pany. Barney Johnson & Cb. are named underwriters.
Filed June 10, 1939.
$726,098
823.493
out.
com.
$1,377,246
1,000,921
$924,126
611,754
def$97,395
1,092,690
$0.66
Surplus-
.
Shs.
$1,681,957
1,272,886
$409,071
1,101,810
$1.53
$376,325
1,112,135
$1.24
1,112,135
—
(nopar)..
Earnings per share
$312,372
$0.83
a
•
a
.
Inc. (2-4083* Form A-2) of Oklahoma City, Okla.,
registration statement covering 13,315 shares of $10 par common
-
rec.
at cost
for
agree,
Consolidated Grain Corp. (2-3930, Form A-l) of Kawkawlin, Mich.,
a registration statement covering 150,000 shares of $1
par 7%
common stock which will be offered at $1 per share.
working capital.
No underwriter named.
•"
J. E.
Filed
"
was
a
given
Total-
______
Operating profit
_____
Earns, per
_____
share
on
—
-
-
-
-
.
49,900 shares of common stock (no par)
3 Months Ended March 31—
$65,936
3,001
11,213
$51/722
32,436
$0.65
u
_
1939
Net income after operating expense, normal Fed¬
eral income taxes and othre charges
...
1938
$11,223
$15,338
$0.22
$0.31
Earns, per share on 49,900 shares of common stock
(no par)
_
>_
_
Balance Sheet
as
_..
of Dec. 31, 1938
Assets—Cash, $7,932 investments, $10,975; accounts receivable (net),
$40,200; inventories, $80,035; miscellaneous current assets, $186; cash
surrender value of life insurance, $5,788; permanent assets (net), $167,076;
other assets, $16,320; deferred charges to operations, $1,812; total $330,325.
Liabilities—Notes payable, $12,000; accounts payable, $1,943; accruals,
$21,626; miscellaneous current liabilities, $354; reserve, $487; common stock
(49,900 no par shares), $92,000; capital surplus, $117,355; earned surplus,
$84,560; total, $330,325.—V. 148, p. 2731.
Alleghany Corp.—New President Elected—New Directors
Allan P.
Kirby, who
was
associated with Robert R. Young, Chairman,
in the purchase of control of the corporation from the George A. Ball interests
of Muncie, Ind., was elected President June 15. Mr. Kirby succeeds
President of the New York Chicago &
RR., who recently resigned.
Tomlinson,
Plate)
St. Louis
George
(Nickel
Approve Proposal for Issues of 1944 and 1949—
on 5s of 1950— '
To Act Later
Frank B,
Bateman
of Blair
&
Co., Inc.,
elected to the board of
directors and Frank B. Bernard, who has been the representative of the
Ball Foundation, resigned from the Board.
was
131,320
268,746
175,078
.
267,828
4,123,979
180,174
—
After
.
79,687
4,265,624
252,242
80,626
1--.--15,285,663 15,833,728'
Total......... 15,285,663 15,833,728
depreciation of $7,655,596 and $7,359,650 in
by 1.113,350 no par shares,
c
cost.—V. 147, p. 3524.
1937.
b Repre¬
Represented by 20,660 (11,540 in
!
'
r
1938
1937
1936
1935
deduc.
allexp.incidenttooper$15,476,468 $11,677,888
$3,724,827
$1,910,267
1,140.853
Crl,156,951
Cr575,885
1,018.531
Interest
a
Sundry Adjustments
Res. for deprec.
Cr808.457
__
& deplete
See b
See b
1
.°34.116
See b
1,293,642
Cr 691.208
See b
2,559,544
1,529.046
246,564
5,914
18,213
156,049
451,433
"21,379
"19,521
20", 847
74,758
394,534
47,290
347.918
38,141
326,347
350,318
118,119
84,390
77,823
289,088
224,791
797,912
276,191
$11,216,959
8,253,346
$8,482,047
3,223,232
$2,320,912
902,319
$628,761
273,559
surplus-___—$19,470,305 $11,705,279
dividends
473,976
2,909,340
$3,223,232
$902,320
$3,223,232
$902,320
Res. for income taxes.
_.
Directors' remuneration.
Legal fees.-.-Executive salaries
Executive salaries
—
Amort, of patents & exp.
in connection with is¬
sues of bds., &c_
Prem. on bds. retire. &
spec, amort, of exp. in
connect, with issue of
bds. & pref. shares—
Res. for exchang
Res. in respect of losses
210,000
of sub. cos
Balance, surplus
Previous surplus
Total
Preferred
Approp.
for purch.
cancellof pref. shs
&
Earned surp. Dec. 31-$18,996,329
a
Directors
stock.13,052,416 13,052,415
161,394
161,394
1,414,154
1,537,680
Treasury stock.. Z>r313,893 Drl75,708
Gross earns, after
98,651
------
Other deductions (net)
Provision for Federal income tax
b Common
Earned surplus...
165,667
Calendar Years$ 164,587
.■
.,
197,635
278,749
Aluminium, Ltd. (& Fully-Owned Subs.)—Earnings-
"
Earnings for the Year Ended Dec. 31, 1938
Net profit
Dividends paid
123,603
Other assets
a
Selling and general administrative expense
308,800
c
equipment
;
1936) shares at
Gross profit
75,312
475,599
Bldgs., mach. &
sented
Inc.—Earnings—1
103,267
209,510
143,656
160,931
com¬
Land.
issue of June 10, page 3523.
Akron Brass Mfg. Co.,
39,101
63,800
•-
Deferred charges^
previous list of registration statements
commissions
Reserves.
stock—
Em pi. mtge. loan.
has filed
Proceeds of the issue will be used for liabilities and
Accrued local taxes
*
Capital surplus.._
pany
non-cumulative class A
Martindale is President of the company.
$
230,650
"
.
June 14, 1939.
Income taxes pay.
purchase
In
Int.
28,466
4,193,425
40,393
■
...
1937
$
Accrued labor and
allied
in
on
; "
354,227
.
679.083
3,873,064
irec.
officers & emplInvest.
surtax
1938
Liabilities—
$
1,504,726 Accounts payable
793,220-
(at cost).. 5,074,322
Notes & accts.
cos.
.
3,157,334
31,238
Accrued Int. rec—
Republic of Chile (2-4084, Sch. B) has filed a registration statement
covering $10,132,500 Chilean consolidated municipal loan, 31-year, 7%
external sinking fund bonds, series A, dated 1929; $2,094,000 City of
Santiago, Chile, 21-year 7% external sinking fund bonds dated 1928; and
$1;457,500 City of Santiago 7% externa) sinking fund bonds of 1930.
Proceeds will be for adjustment of external debt.
No underwriter named.
.
~
!-
Inventories
Invest,
our
notes
"
1937
$
1,217,845
—
Accts. &
of the company." Proceeds are for the account of the principal stockholder.
No underwriter named. Filed June 10, 1939.
■
The last
1938
,
Assets—
Cash--.
The stock is to be offered at $30 a share by the owner, T. E. Braniff,
President of the company, to the general public and officers and employees
Filed June 10, 1939.,
($15,683 in 1936) provision for Federal
profits.
Balance Sheet Dec. 31
Braniff Airways,
has filed
Including $44,393
x
undistributed
stock.
A.
•
Co.—Earnings—
$8,688,279 $10,520,444 $10,270,880
7,581,475
8,300,405
8,250,153
_____
Cost of sales &exps
Securities
in
$3,268,450
■
Calendar Year?Net sales
due
mittee.
$2,785,751
148, p. 3367.
Aluminum Goods Mg.
Realty Co.> Bondholders Protective Committee (2-4081,
Form D-l) of St. Louis, Mo., has filed a registration statement covering
certificates of deposit for $639,000 of 6% first mortgage real estate gold
filed
1939—12 Mos.—1938
After deprec., interest and provision for sub. preferred
dividends, but
before Federal income taxes, but before surtax on undistributed profits.
Black8tone
Mack A
Subs.)—Earnings-—
1939—3 Mos.—1938
$392,478
$365,447
_____
x
Brunswick, Canada (2-4080, Sch. B) has filed a
registration statement covering $4,250,000 of five-year debentures, series
MQ, due July 1, 1944, $4,740,000 of 10-year debentures, series MR, due
July 1, 1949 and $260,000 of 10-year debentures, series TJ, due July 1,
1949.
Interest rates will be furnished by amendment.
Smith, Barney &
Co. named principal underwriters.
Filed June 9, 1939.
bonds
an increase of 31%
same month last year.
Total sales
months of the current fiscal year, which will end June
30,
Profit
x
,
of
Kid Co .—Sales—
$481,675 reported for the
reported in March and April, 1939.
Physical volume last month amounted
to 3,146,000 feet, compared with 2,964,000 feet in April of this
year and
2,295,000 feet in May, 1938—V. 148, p. 2883.
•
Until recently Beech Aircraft Corp. has been primarily concerned with
producing planes for commercial and private use.
In its 1938 fiscal year
the company delivered 59 biplanes and 11 monoplanes, representing total
dollar sales of $1,141,000, which included no military business. .Within
recent weeks the company has received U. S. Government orders amount¬
ing to approximately $750,000 and now has unfilled orders on hand in
excess of $1,125,000.
The capital stock of the company is listed on the New York Curb Ex¬
change.
Filed June 9, 1939.
;
Province
later
$7,398,585 compared with, $7,208,569 in the first 11 months of the
1937-38 year.
'
•
•
The increase of 31% in dollar sales for May follows increase of
22%
was
1
a
,
are
tion, Walter H. Beech.
activities
the
for the first 11
organized and is headed by one of the pioneers of avia¬
Mr. Beech, a pilot and instructor in the U. S.
Army during the war, made the first blind crosscountry flight guided en¬
tirely by instruments.
In 1925 he organized the Travel Air Co., which in
1928 produced and sold 532 planes.
In 1929 this company was merged with
the Curtiss-Wright Airplane Co.
Mr. Beech became Vice-President of
Curtiss-Wright Airplane Co. and President of Curtiss-Wright Sales Corp.
In 1932 he resigned these positions to resume independent manufacturing
Corporation
indicated.—V. 148, p. 3523.
Company reports sales of $631,133 for May, 1939.
from
machinery, factory equipment and working capital.
Stern, Wampler &
Co., Inc., and others to be named by amendment are expected to be underwritfirs
Corp.,
was
Allied
1939.
Beech Aircraft Corp.
on pledged collateral behind the issues
alteration of the status of income received from the
now in liquidation, from capital to income so that
this cash could be used for interest payment on the bonds.
Action to change the indenture of the 5s of 1950 will be taken
at
New York, N. Y., has filed a registration statement covering 18,713 voting
trust certificates for no par common stock.
George E. Roosevelt et al. are
voting trustees.
par;
of the income received
for corporate
expenses;
registration statement covering $22,000,000 of 1st mortgage
3K% bonds, due 1964.
Filed June 8, 1939.
(See subsequent page for
further details )
a
Cavalier
and Controller.
for altering the
j
the 1944 issue, the
Guaranty Trust Co., has indicated approval of the
proposal.
The changes in the indentures of the two issues
provide for the use of the
deposited cash for the purchase and retirement of the bonds below
Utilities Co. (2-4076, Form A-2), of Beaumont, Texas,
registration statement covering $27,300,000 of 1st mortgage &
refunding bonds, series D, 3^%, due May 1. 1969.
Filed June 8, 1939.
(See subsequent page for further details.)
'
'
has
^President and Treasurer, and J. J. Anzalone, Secretary
? directors, June 15, approved the long-discussed plan
•
indentures of the 5% bonds of 1944 and the issue of
1949. Assents of the
holders of the 1949 issue will be
solicited after the plan has received the
approval of the trustee, the Continental Bank & Trust Co. The trustee of
States
has filed
;
possible to arrange companies in exact alphabetical order.
near alphabetical position as possible.
it is not always
reasons
However, they
OF
3679
Corporation and Investment News
RAILROAD—PUBLIC
FILING
Chronicle
542,592
$8,253,346
Includes income from investments, interest on advances, &c., and gain
and redemption of bonds,
b Provision for depreciation and
from purchase
$2,138,862 in 1937, $1,730,592
$2,111,549 in 1938, $1,443.85?
in 1935 was charged to cost of
producrion, and $1,068,726 in 1938, $695,010 in 1937, $488,721 in 1936
and $381,694 in 1935 charged directly against profits.
depletion amounted to $3,180,275 in 1938,
in 1936 and $1,384,905 in 1935, of which
in 1937, $1,241,870 in 1936 and $1,102,211
3680
The companies are all in the United Light & Power
system,
Milwaukee Gas Light Co., it is stated, will issue not to exceed 76,560
shares of its common stock of an aggregate par value of $.3,828,000 to
Consolidated Balance Sheet Dec. 31
§
1938
Preferred stock...
7 ,899,600
7,899,600
30,720,717
d Common
14,776,447 14,425,279
Deferred charges.826,949
891,296
Indem. deposits..
118,249
112,193
5% gold bonds
"S91
Sinking fund bal._
Unamort. expenses
3M%
Bonds of subsid's.
Accts. pay. to subs
Cash
-
Bank loans..
250,110
1,266,132
4 ,754,090
3,100,923
2,243,338
507,265
Other reserves.—
2,214,753
Earned surplus
Capital surplus
assets of
subs.--.
2,214,899 e2,672,919
—--..
1-
430,128
4 ,171,3"8
reserve
Res. for exchange.
curr.
86,269,203 77,851,139
Total.....
1,480.502
173,837
Tax
8,860
■
7,487,826
——.
l.
Accounts payable.
-
Net
983,183
245,815
497,934
300,326
Accrued Items
on pur.
pay.
contractL
-"i
517,403
It is stated that the four companies
except indebtedness to
11 ,000,000 12,500,000
239,566
Inventories...--11,957,794 10,289,051
Accts.& notes red. 8,302,308
8,020,173
■
Ltd
658.880
Marketable secure.
for their properties.
will pay all of their liabilities in cash
American Light & Traction Co., which will receive
capital stock in lieu of such indebtedness.
Upon the dissolution of the four companies the shares of stock acquired
from the Milwaukee Gas Light Co. in exchange for their properties will be
distributed to American Light & Traction Co.
American Light & Traction Co. will sell to Milwaukee Gas Light Co. for
cash an aggregate par amount of common stock of Milwaukee Gas Light
Co. equal to the aggregate par amount of capital stock of the four companies
issued as stock dividends and for the payment of indebtedness.
These
shares, it is stated, are to be retired.
American Light & Traction Co.
simultaneously will surrender to Milwaukee Gas Light Co. for cancellation
42,000 shares of common stock of Milwaukee Gas Light Co. (or $2,100,000
par amount), which were issued by Milwaukee Gas Light Co. as a stock
dividend.
Milwaukee Gas Light Co. will then write off against the capital
surplus of $2,100,000 created by this corporation, an equal amonut of in¬
tangibles in its utility plant account.—V. 148, p. 3052.
the four companies in exchange
8,664,000
of
debs,
Canada,
a
Adv.
5 ,188,000
Aluminum Co.of
121
245,200
485,186
Pats. A tr. marks.
$
stock.30 ,720,717
Invest. In A advs.
to other cos
Oo
1937
S
Liabilities—
'
Ld., plants, Ac.39,278,328 38,126,228
c
subsidiary companies.
1937
1938
A 886tS,*mm
*
288,272
464,584
290,343
18 996,329.
—
Total....
8,253,346
540,000
..
540,000
86,269,203 77,851,139
a At cost or market, whichever is the lower,
c After depreciation and
depletion of $22,137, 344 in 1938 and'$19,877,146 in 1937.
d Represented
by 676,737 no par shs.
e Of fully owned subsidiary companies domiciled
in countries having exchange restrictions.—V. 148, p. 3367.
American Airlines, Inc. (&
($10 par)
on
$0.08
Nil
The capital stock, par $10, has been removed from listing and registration
the New York Curb Exchange.—V. 148, p. 3051.
Credit
Business
American
The board of directors has declared
a
Corp
—
Dividend—
dividend of 10 cents per share on the
stock class A pf the corporation, payable June 26 to stockholders
of record June 15.
Like amount was paid on March 22 last; 7 cents was
common
American Power & Light Co. is
...
.
"Furthermore,
Capital Corp.—Accumulated Dividend—
Exchange that of the
stock recently offered to stockholders
The period for offering to
Power
by stockholders.
July 28, 1939, from June 6.—V.
American
"4
Color type
Months Ended
148, p.
1939
1938
$77,945
$108,631
,•
1938
Total income
Discount
;
333,990
sales
on
-
Prov. for doubtful accounts
26,859
16,483
Depreciation
81,458
$273,645
'37,200
61,000
$49,305
24,915
$59,144
26,038
$212,645
12,877
$24,390
—
reserve.
.
$33,106
$199,768
$0.09
$0.12
$0.76
$39,205
CrlO.100
...
.
Net profit......
...
Subsidiaries preferred
Balance to surplus
Earns, per share on
dividends
.
,
American European
dividend of $3.50
earns,
Balance
Net
$8,440,491
6,116
9,825
$4,368,305
1,554,183
1,576,234
oq2 229
earns.,
Equity of American Light &
earnings of sub. cos
Traction
Co.
Income of American Light & Traction Co.
of income received from subs)
$5,944,539
229,888
in
(excl.
Total
Expenses of American Light & TractioiTcoIIIIIII
Taxes of American Light & Traction Co.
Balance
--
$5,111,655
804,486
share of
common
stock
804,486
.
_
$2 50
Proposed Consolidation of Subsidiaries—
The Securities and Exchange Commission
June 13, announced that
American Light & Traction Co. and'its
subsidiaries, Milwaukee Gas Light
S™"' Wauwatosa Gas Co;, West Allis Gas Co.,
Wiscpnsm Eastern Gas Co. have filed
$37,247,972
16,024,578
0253,840
15,982.567
0379,549
$5,626,077 $19,490,243
1,792,915
7,171,716
$21,644,954
7,171,653
63,837
70,908
3,972,924
0120,343
GY971
..'.$5,188,667
1,792,931
equity
14,966
14,896
of
•
' \
.
'
'
■
'•
$3,818,196 $12,254,690 $14,402,393
Light—
Light Co. in
$3,380,840
38,631
...
Total.
...
Expenses, includ.
$3,818,196, $12,254,690 $14,402,393
19,323
94,384
69,201
$3,419,471
$3,837,519 $12,349,074 $14,471,594
91,346
425,684
391,404
729,826
2,905,678
2,909,532
taxes.
90,463
Int. A other deductions.
728,891
Bal. carried to consol.
earned surplus
$2,600,117
Note—Litigation in which
$3,016,347
$9,017,712 $11,170,658
of the subsidiaries had been engaged re¬
garding a rate reduction, for which a reserve had been provided by appro¬
priations from surplus, was decided against the company in November, 1938.
An adjustment was charged against operating revenues in December, 1938
one
to remove from revenues for the year
1938 the amount of the rate reduction
applicable to the first 11 months of the year.
For the 12 months ended
April 30, 1939, this adjustment has the effect of removing from operating
revenues $237,080 more than the amount applicable to that period.
Oper¬
ating revenues for the 12 months ended April 30, 1938 in the above state¬
ment include $624,678 of revenues of such subsidiary in litigation during the
period, for which a reserve was provided.—V. 148, p. 3524.
American Telephone & Telegraph
Period End.
Operating
..
Apr. 30—
revenues
Co.—Earnings—
1939—Month—1938
1939—4 Mos—1938
$9,084,722
$8,459,986 $36,708,596 $34,766,240
40,246
65.682
193,680
253,854
Pperating revenues.. $9,044,476
$8,394,304 $36,514,916 $34,512,386
Operating expenses.....
6,624,348'
6,680,571
26,803,358
26,425,801
Net oper. revenues
Operating taxes
$2,420,128
1,122,176
$1,713,733
1,087,293
$9,711,558
$1,297,952
652,669
$626,440
83,255
$5,245,761
40,377,031
Lake Shore Gas Co. and
applications (File 32-152) under the
Company Act in connection with the proposed
acquisition by
Milwaukke Gas Light Co. of the properties of the
four other wholly-owned
Holding
1,478,658 $35,260,981
$9,170,793
«_
I
in inc. of subs
Other income
$5,366,346
$4,561,860
^2 55
1939—12 Mos.—1938
,
other
Uncollec. oper. revenues
Balance.
per
200.104
.
Power A
$5,514,548
148,202
$4,307,169
II
Balance transferred to consolidated
surplus
Dividends on preferred stock
173,288
$5,205,641
93,986
__
Holding company interest deductions
Earmngs
*223',300
,
$9,440,320 $35,141,468 $37,029,566
38,338
119,513-.
218,406
$9,146,164
24,629
3,983,097
Amer..Power
attributable to minority com¬
stock
.
Net equity of American
$4,378,130
$4 048 046
.
Proportion of
$8,843,826
4,465,696
$4,055 526
cos._I."
Balance
mon
$8,446,607
4,391,081
cos
$8,925,605
Dr81,779
7.480
Total income of sub.
Interest, amortiz. & pref. divs. of sub.
revenues._L
Amer.
■
Power A
Light Co.
in inc. of subs;.
$3,380,840
—
cos
•
interests.....
1938
(after eliminating
from operations of sub. cos
1939—3 Mos —1938
Preferred divs. to public.*
to min.
—
Net
,
Subs.)
Portion, applic.
Light & Traction Co. (& Subs.)—Earnings—
Non-operating income of sub.
(Incl.
Months, End April 30
-
Int. chgd. to construct'n
.
• • •
■
■
$41,364,947 $41,061,316
22,742,568
22,215,605
Maintenance..—
*
2.268,245
2,429,477
Provision for depre. of general plant
_■
3.019,803
2,459,261
General taxes and estimated Federal income taxes.
4,893,839
5,031,367
.
\
12
revenues.
deductions
'
intercompany transfers)
General operating expenses
April 30—
Subsidiaries-—
Net oper.
Securities Co .—Dividends—•
1939
and
3
Other income (net)
share, covering the cumulative period for the
seven monthsgended Sept. 30,1936, has been declared on the
preferred stock
of the company, payable June 28, to stockholders of record at the close of
business June 23.
Dividend of $3.50 was paid on Dec. 24, last, and one of
$3 was paid on June 29, 1938.—V. 148, p. 2253.
American
for
,
per
12 Months Ended April 30—
Gross oper. earns, of sub. cos.
Power Co.
'
Earnings
'
Gross income..
Int. to public A
.
a
he said
.$25,144,611 $24,817,544 $97,425,305 $98,854,038
Oper. exps., incl. taxes.. 13,501,095
13,061,90-3
52,456,868
52,531,888
Prop, retire. A depletion
•
reserve approps.
2,497,352
2,315,321
9,826,969
9,292,584
--V. 148, p. ,3368.
A
Co.
Operating
260,935 shares
stock (par $20)
common
.
A
Light Co. retain its interest in the Nebraska
under the Holding Company Act does not coincide With our
Period End.
sales, Ac
or
anyone.
,
t.
for est. unrealized profit
res.
Power
district.
■
on
to
.
20,250
$96,344
11,746
Profit.
Adjustment
148,205
81,879
12,435
19,264
4,512
Federal income taxes..
Co.
are
39,497
79,810
71,867
50,051
Miscellaneous deductions
Add'n to
$1,234,862
628,982
70,760
77,645
14,891
18,527
;
Power
The Nebraska Power Co. and the Loup River Public Power District
now holding
conference regarding the possible sale of power by the
public district to the private company.
The Nebraska Power has offered
to buy 120,000,000 kwh. annually from the public district at an average
price of from 2.5 to 2.7 mills.
The directors of the public district have indi¬
cated the price is not satisfactory.
'
They have stated that it is the intent of the private company to keep
the public district out of Omaha by making such a deal.
The private
companv contends there is no need for both to have lines in the same
area, which would necessitate needless line building expense by the public
$1,086,657
$740,382
419,397
$590,908
__1
Interest, Ac..
Nebraska
control."
1937
$682,948
57,434
43,470
Expenses
,
Corp. (& Subs.)—
1939
the
in
"both the plan and map filed with the report
property is interconnected with other
property of the American Power A Light Co."
He referred to the inte¬
gration plan filed with the SEC by American Power A Light Co..
The Central Nebraska district in its letter pledged it would not negotiate
for purchase of the company before Oct. 1, and asserted, the "holding
company (American Power A Light Co.) now owning the common stock
of the Nebraska Power Co. and having control of said company is required
under the terms of the Holding
Comany Act to dispose of said stock
.
Other income..
American
statement in which
Co.—Earnings—
$547,438
untrue," the statement asserted.
Power & Light Co. has no intention
no
show that the Nebraska
April 30—
American Commercial Alcohol
interest
interpretation of the law."
J. E. Davidson, President of the Nebraska Power Co., likewise issued
1944.
Net loss after depreciation, taxes and other charges
r—V. 148, p. 3211.
3 Months Ended March 31—•
have been
for the
•the public of the remaining 56,532 shares and the period of the agreement
to take up and pay for not more than 20,000 shares has been extended
to
of its
.
American Centrifugal Corp .—Subscriptions—
common
dispose
negotiations at any time with anyone in which the
American Power A Light Go. has agreed to sell or indicated that it would
be willing to sell its interest in the Nebraska Power Co. under any cir¬
cumstances,,
On the contrary, the American Power A Light Co. has
taken the position consistently that it would be useless to negotiate for
any sales of its interest in the Nebraska Power Co. except on a plan which
would be endorsed by the citizens of Omaha and other communities served
by the Nebraska Power Co.
»
"The statement made by General Manager Johnson that it is impossible
to holders of record June 15.
Like amount was paid on April 1 last, and
with 50 cents paid on Dec. 24, last, 25 cents paid on Oct. 1 and
July 1; 1938; a dividend of 50 cents paid on March 15, 1938, and dividends
of 75 cents paid on Dec. 24, Oct. 1, July 1, and April 1,1937, and on Dec. 24,
,1936.
See also V. 148, p. 1630.
'
57,143 additional shares of
shares were purchased
to
There
compares
611
the American
desire
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $3 cum. pref. stock, no par value, payable July 1
The corporation has notified the New York Curb
companv
•
paid on Dec," 15, 1938, and dividends of 10 cents were paid on Oct. 5,
July 5 and April 5, 1938, this last being the initial distribution.—V. 148,
P. 3524.
•
American
Power A Light Co., has denied that
will be forced to dispose of its controlling interest in the
Nebraska Power Co. of Omaha under terms of the Holding Company Act.
His statement was a reply to a resolution passed by the Central Nebraska
Public Power
Board stating the company, the State's largest private
utility, must be disposed of under the Act and urged it be acquired 'either
by the City of Omaha or by a public power district of which Omaha will
form a part."
'
The statement also took notice of a letter sent by George E. Johnson,
Manager of the Central Nebraska District to Mayor Dan Butler of Omaha
in which Mr. Johnson said the district felt the company "should be pur¬
chased by people in Nebraska."
'
"The statement of General Manager Johnson that the reports of-the
American
Light ,A Power Co. filed with the Securities and Exchange
Commission show that the Nebraska Power Co. is not to be retained by
the
-
.
■
_
H. L. Aller, President of American
1938
$23,801 loss$232,008
-
from Listing, &c.—
„
Light Co.—Not Required Under Hold¬
Power Co.—
1939
—
Removed
American Power &
•
ing Company Act to Dispose of Controlling Interest in Nebraska
Subs.)— Earnings—
Quarter Ended March 31—
Net profit after deprec.; int. and Fed. income taxes
Earns, per share on.292,044 shares of capital stock
June 17, 1939
Chronicle
Financial
Net oper. income....
Net income
—V. 148, p. 2886.
4,465,797,
$8,086,585
4,439,760
$3,646,825
38,761,574
Volume
Financial
148
American Safety Razor
Quar. End. Mar.31—
Earnings
After deprec.,
1936
1937
1938
$206,673
y524,400
$0.39
share
per
y Par $18.50.
z
—V. 148, p. 1793.
Corp. (& Subs.)—Earnings—
1939
Net profit.
Shares of common stock,
oe
Federal and foreign taxes, &c.
reserves,
American Stores Co.—Sales—
1939—Month—1938
148,
p.
2886.
.
.
American Water Works & Electric
Co., Inc.—Output—
1938.
The 1938 period includes $304,115 of non-recurring expense applicable to
the recapitalization plan of Associated Gas & Electric Co., which was con¬
sidered as a surplus charge in the previous statement.
In addition, the
and expense previously included
in the 1938 period has been reduced by a total of
$46,524, due to a change
in accounting for amortization on intercorporately held securities, effective
Jan. 1, 1938.
Results of operations of subsidiaries acquired during the periods shown
are included only from the dates of acquisition.—V. 148, p. 3525.
above
Water
Output of electric energy of the electric properties of American
Works & Electric Co. for the week ended June 10,1939, totaled45,105,000
kilowatt hours, an increase of 16.6% over the output of 38,670,000 kilo¬
watt
ing to $2,810,804 in the 1939 period and $2,812,825 in 1938.
Of the latter
amount, $1,120,615 was declared and paid in scrip in .the 1938 period.
Note—The above statement includes extraordinary expense representing
cost of initial installation of continuing property records, as required by
regulatory authorities, amounting to $1,206,008 in 1939 and $319,622 in
amount of amortization of debt discount
.
1939—5 Mos.—1938
$10,762,640 $10,601,712 $46,860,859 $47,044,604
Period End. JuneZ—
Sales
—V.
0
$291,538
174,800
$1.67
$287,181
y524,400
$0.55
$225,761
y524,400
$0.43
hours for the corresponding week of
1938.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1939
1938
1937
1936
1935
May 13
39,154,000
39,542,000
51,191,000
44,766,000
38,207,000
May 20.---43,269,000
37,701,000
50,723,000.44,605,000
38,269,000
May 27----44,616,000
38,603,000
50,672,000
44,105,000
37,878.000
June 3
42,790,000
36,060,000
48,0188000
43,061,000
36,505,000
June 10--.-45,105,000
38,670,000
50,718,000
44,155,000
38,100,000
—V. 148, p. 3368.
_
_
Associated Gas & Electric Co.—Weekly
For the week ended June 9 Associated Gas &
electric output of 91,436,410 units (kwh.).
10,588,168
Tons
Value of
£258,754
302,208
313,281
138,757
140,000
146,500
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
West Springs, Ltd.
154,000
91,000
£143.249
143,685
152,671
86,953
£115,505
158,523
160,610
51,804
*
89,665
60.301
&
78.000
Exploration Co., Ltd
x
Each of which is incorporated in the Union of South
Africa.—Y. 148,
final dividend of 15%
Atlantic
Gulf
Period End.
Oper.
&
(incl. depr.).:
*■'
r
.
$864
-
-
x
'
'
•
(&
Lines
Steamship
1939—i Mos.—1938
$8,644,165' $8,251,699
7,941,855
7,895,994
$702,309
215,004
$355,705
189,250
$72,348
3,272
x$15,551
2,086
$487,305
14,217
$166,454
15,617
$75,620
113,239
x$13,465
107,995
$501,522
458,887
x$37,620
x$121,459
$42,635
x$237,742
1939—12
Mos.4-1938
•$84,790
x$126,058
,
'•
Gross income
$62,551prof$144,874
■.
Earnings for the 4 Months Ended April 30, 1939
Net loss after all charges
Indies
elected
was
$23,321
38,871
-
Net income.-i-
Net loss after charges
$0.61
$115,759
43,412
Interest, rentals, &c
1937
1938
West
1939— Month—1938 V
$2,005,702'
$1,956,277
1,889,943
1,932,957
Apr. 30—
revenues
exps.
Net oper. revenue
on
'
7
WM
-\
Taxes
Apollo Steel Co-EarningsCalendar Years—
1938
$182,508
,
Telegraph Co.—-New Director
Subs)—Earnings—
Operating income
the common stock
for the year 1938, making 20% for the year, less tax, against 20% plus a
bonus of 5%, both less tax, paid in 1937.—V. 147, P. 3004.
a
$78,513
At the recent annual meeting of stockholders W. J. Caverley
director, replacing Theodore Gary.—-V. 148, p. 2256.
Other income
Anglo-Iranian Oil Co., Ltd.—Final Dividend—
Directors have declared
1939
m:—-------------------
2886.
p.
Co.—Earnings— '
Associated Telephone &
Note—Revenue has been calculated on the basis of £7 8s. Od. per ounce
fine.
amounted to 98,651,625
_
Operating
The South African Land
,
Art Metal Construction
Profit
Decl'd
Gold
above production
,
3 Months Ended March 31—
Net profit after all charges
Earns, per share on 298,003 shares of capital stock
a
Costs
149,966
Milled
13.1%
or
Gross output, including sales to other utilities,
units for the current week.—V. 148, p. 3525.
In South African Currency
t
Companies—
units
year ago.
Output—
Electric
System reports
This is an increase of
of 80,848,242 units for a
net
Anglo-American Corp. of South Africa, Ltd.—Results
of Operations for Month, of May, 1939—
x
3681
Chronicle
$182,071
419,813
-
Indicates loss.—V. 148, p. 2887.
Atlantic
Rayon Corp.—Earnings-
Period End. Mar. 31—
1939— 3Mos.—1938
Net income after charges
.
Balance Sheet Dec. 31,1938
$90,424;
Assets—Cash,
and
notes
but before Red. taxes.
receivable trade
accounts
(net
of
ployees, $13,150; real estate instalment contracts and mortgages receiv¬
able, $19,262; other assets, $23,555; total, $3,034,281.
Liabilities—Notes
payable,
$200,000;
accounts
payable,
$141,753;
accrued payroll, $22,149; accrued taxes, $18,780; reserve for employees'
compensation
insurance,
$11,614; reserve for contingencies, $10,000;
capital stock, $1,269,110; surplus, $1,360,875; total, $3,034,281.—V. 148,
p.
123.
■
;
_
t
'
••
■
.
Auburn Automobile Co. (& Subs.)3 Months Ended—
Net
Associated Gas & Electric Co. and Associated Gas &
Electric
after
deprec.,
taxes, int. & min. int.
x
Consolidated Earnings and Expenses Including All Subsidiaries
Regardless of Voting Trust Agreements or Other Restrictions
1938
1939
12 Months Ended March 31—
Feb. 28 '37
Feb. 29 '36
$1,414,837
392,584
703,564
»
126,401
215,381
These figures do not include Lycoming Mfg. Co., whose net loss was
An unconsolidated figure.-—v,. 148,
y
p.
2111.
Austin Silver Mining Co .—Bankruptcy—
The company
Corp.-—Earnings—■
Statement of
$623,903
y$337,824
loss
-Earnings$1,563,655
Feb. 28 '38
xFeb. 28*39
Net sales
$148,028.
/
x$128,150
Indicates loss.—V. 148, p. 2256.
x
reserve),, $408,573; inventories, $571,320; deposits on bids, $2,659; invest¬
ments, $112,987; fixed assets (net), $1,792,352; due from officers and em¬
$28,669
filed June 14
a
petition under Chapter 10 of the Bank¬
ruptcy Act in Federal District Court of the Southern District of New York.
Allison L, Bayles, Chairman of the executive committee, wrote in a state¬
the action
ment that
was
taken to
conserve
view of the recent decision of Justice
the assets of the
Lauer in the Thorn
company
In
case.
'
Operating Revenues—'
a
,
Electric—Residential
^
-----
$42,265,244 $39,815,401
24,204,580
26,491,123
23,298,937 ■ 21,780,991
—
Power
•
Commercial--
-
8,333,494
i
-
x
_,
4,192,690
1,665,652
,
——
7,672,566
4,297,612
Municipal
Electric corporations--'
Railways and miscellaneous
1,669,631
shareholder
the difference
h
•
|
Gas—Residential___
Commercial-.
------
—
—
-
-
-------
$6,789,122
Miscellaneous-—Transportation
Water-
—
— —
Heating
2,844,097
—
—,
1,465,037
.—;
*
Ice
1,284,341
-
$6,718,251
1,618,474
1,648,622
1,307,393
..$12,382,597 $11,292,740
Total miscellaneous.
—-—$130,731,575 $126940,601
Operating expenses
:
56,421,432
57,035,471
Maintenance
8,083,759
8,938,751
Pro v. for taxes (incl. Federal income taxes)
17,780,149
15,794,199
Total operating revenues-
—
Net operating
Provision for retirements
;
—,
.$36,218,422 $34,176,289
686,535
1,789,385
Operating income
Non-operating income (net)
Gross income-
$48,446,233 $45,172,180
12,227,811
10,995,891
revenue-
-
-
j
$36,904,958 $35,965,673
i.
;
Fixed Charges and Other Deductions ofSubsidiariesInterest on long-term debt
18,857,022
Other interest
<
Interest charged to construction..
Amortization of debt discount and expense
Dividends on preferred stocks—
Paid or accrued-
—
1,105,928
Crl55,129
1,292,619
18,483,103
1,186,912
Crl96,458
1,391,075
4,377,615
508.620
—
Accrued but not being paid currently.;
Minority interest in net earnings
Balance of income
4.248,094
217,569
329,008
—
286,640
$10,589,275 $10,348,738
Fixed Interest, Ac., of
598,663
-
Convertible debentures, due 1973
-—
Income debentures, due 1978
Other interest
a
Amortization of debt discount and expense
_
632,1.54
1,316,451
1,380,241
4,216,907
4,361,312
3,7,55
98,793
$4,210,300
83,081
$4,036,356
320,375
$3,599,146
2,908,495
Balance of income
437,210
$3,889,925
Expenses and taxes of company
3,030,200
of Company—
Fixed interest debentures
146,243
72,582
Interest-bearing scrip and other interest
Amortization of debt discount and expense
-
-
Additional interest on sinking fund income debenbentures and interest on 4% anf 4H % scrip
144,399
304,059
Sinking fund income debentures
Balance
312,251
$4.58,545
def$74,222
186,517
278,544
308.548
$180,001
def$382,770
x
Balance.
x
Before deduction for accumulated interest on obligations of Associated
—
-
...
Gas & Electric Co. convertible into stock at the company's option, amount-
the
company
in
that,
to recover
between what they paid for the stock and the price at the
they entered action, alleging that misstatements in the registration
had given them rights of recision.
Justice Lauer held for the
plaintiffs.
V. 148, p. 3369.
...
t
Axton Fisher Tobacco Co.—New President, cfee.—•
Palmer Parker,
succeed Edwin D
—V
been
Treasurer,
was
elected President of this company to
Axton who becomes Chairman of the Board
President
3526
148, p
since
1915
He succeeds
as
Mr
Chairman Ery
Axton
Kahaya
,
Ayrshire Patoka Collieries Corp.—New Name—
See Electric Shovel Coal Corp.,
Balaban & Katz
below.—V. 148, p. 3369.
Corp.i—75-Cgnt Dividend Voted—
Directors have declared a dividend of 75'cents per share on the common
stock, payable June 30 to holders of record June 15.
Dividends of 50
cents was paid on March 31, last, the latter being the first dividend paid
since Dec. 24,1937, when $4 per share was distributed.—V. 148, p. 1469.
Baldwin Rubber Co.—Common Dividends—
Directors have declared two dividends of 12 ^ cents per share
common
each
on
the
stock, one payable July 20 and the other Sept. 20 to holders of
Last previous dividend was the
12Yi-cent distribution made on Jan. 20, 1938.—V. 148, p. 3526.
record July 15 and Sept. 15, respectively.
Baltimore & Ohio RR.—Interest
Payments—
Payment of fixed Interest of 1<^% {$17.50 per $1,000 bond) will be
made on presentation for stamping of the coupon due July 1, 1939, from
the Baltimore & Ohio RR. Southwestern Division 1st mtge. 5%
gold
bonds, extended to 1950, and payment on bonds represented by certificates
of deposit will be made on July
of business on June 22, 1939.
1, 1939, to holders of record at the close
'■
*
Paypient of fixed interest of %% ($8.75 per $1,000 borid) will be made
on July
1, 1939, to holders of registered bonds of the issue of record at
the close of business on June 22, 1939/
'
•
"
Payment of fixed interest of 1 % will be made on July 1 to holders of
the registered 1st mtge. 50-year 5% gold bonds, due 1948, and certificates
of deposit therefor, of record at the close of business on June 22.—V. 148,
p. 3053, 3213, 3369.
'
Bamberger Electric RR.—Reorganization, &c-.—
See Bamberger
RR. below.—V. 146, p. 4108.
Bamberger RR.—Securities, &c.—
to issue not
common
Commission on June 7 authorized the company
exceeding $750,000 of gen. mtge. bonds and 45,000 shares of
stock (no par) in connection with the acquisition of the
formerly of the Bamberger Electric RR.
The Bamberger RR. was incorporated on Feb.
properties
16, 1939, in Utah for the
others, of acquiring and operating the properties formerly
Bamberger Electric RR.
These properties were sold at
Oct. 20, 1938, and consist of approximately 36 miles
of electric railroad extending from Salt Lake City to Ogden, Utah, together
with certain equipment and stocks and bonds of other companies.fe*
4
The properties were sold to H. L. Balser, as reorganization manager,
under a plan of reorganization dated March 23, 1938, for $215,000 and
certain other considerations.
Mr. Balser has tendered to the receivers
for credit on the purchase price $1,397,000 of the 1st mtge. bonds of the
old company, together with. $104,162 of unpaid interest coupons apper¬
taining thereto, a total of $1,501,162, which have been deposited pursuant
to the plan, and he is willing to pay in cash such amounts as may be fixed
by the court as the amounts necessary to pay the compensation of the
receivers apd their attorneys; also such portion of the purchase price as
may be required to be" paid in cash for distribution on 1st mtge. bonds of
the old company not held and tendered by him.
Mr Balser has assigned and transferred the bid for the purchase of the
purpose, among
owned
Balanceofincome, corporation
Fixed Interest, Ac.,
sued
The Interstate Commerce
Corporation—
8% bonds, due 1940
others
time
has
..$14,283,458 $14,025,458
Total gas.
,
..
$10,457,887 $10,323,199
1,863,199
1,855,053
1,616,679
1,587,479
345,693
259,727
—
•-•-«.
Industrial
Miscellaneous
■
and
statement
C
$104,065,519 $101622,402
Total Electric
Thorne
named
by
the
foreclosure sale on
properties and all his rights
thereunder to the applicant, which has, by
3682
Chronicle
Financial
June 17, 1939
British Columbia Power
duly authorized instrument in writing, assumed and agreed to pay all
and liabilities provided for in the order of sale dated March 23,
1938, to be assumed by the successful purchaser at the sale.
These claims
and liabilities include all unpaid taxes against the property or the receivers,
all administrative and operating expenses, and all unadjusted items of
indebtedness of the receivers which have not been paid or required by the
court to be paid by the receivers, including unliquidated as well as liquidated
claims, if any, based on tort or contract, and all other claims, if any, held
to have priority over the 1st mtge. bonds of the old company and created
prior to the receivership.
The plan provides that the applicant -will pay in cash that portion of
the purchase price required to be paid in cash, including such as is payable
for distribution on bonds not deposited under the plan, and will make
payment of the balance of the purchase price, to the extent allowed by the
court, by surrendering for credit thereon that portion of the net proceeds
of the sale which would otherwise be distributable upon the 1st mtge.
"bonds and coupons deposited pursuant to the plan.
All the cash payable
on the purchase price and all the items assumed
and agreed to be paid
by the applicant, and all the reasonable costs and expenses of the reor¬
ganization manager incurred in connection with the preparation, pro¬
mulgation, and consummation of the plan, will be paid by the applicant
either through cash received as a part of the assets of the sale, or, in the
event such cash may not be sufficient, from additional money which may
be borrowed by the applicant for that purpose.
The plan provides that
in order to secure the loan of such additional money, the applicant may
claims
.
Period End
148, P
$491,123
Broad Street
Investing Co., Inc.—Dividends—
Brown Shoe
Co., Inc. (& Subs.)—Earnings—
6 Mos. End. Apr. 30—
Gross sales
1939
$12,945,823
....
Costs, exp.bad debts, &c
12,441,.549
117,418
8,151
Depreciation.
,
Prov. for liab. & compen.
Profit.i.
..
.
,
Total
loss$ 17,065
$539,681
5,914
42
$385,199
69,862
33,000
loss$l 1,151
68,812
$539,723
71,092
75,000
$282,337
247,000
loss$79,963
370,950
•
Interest.
Fed. & State income tax.
Net profit
Common dividends.____
Surplus
Shares
.
stock.__
Earnings per share
The following securities of the old company will be affected by the plan:
1st mtge. 25-year gold bonds, due Feb. 1, 1934
$1,500,000
2d mtge. 6% bonds, due July 6, 1957
150,000*
.
Corp..
'44,023
500,000
1,000,000
and, in addition, the claims of general and unsecured creditors, the amounts
thereof to be determined by the court.
Under the plan the applicant proposes to issue $750,000 of gen. mtge.
bonds and 45,000 shares (no par) common stock.
The proposed bonds
and all the stock except five directors' qualifying shares will be issued to
Mr. Balser, as trustee for the participating 1st mtge. bondholders, and
by him delivered to such holders in exchange for their bonds on the basis
of one new $500 bond and the appropriate number of shares of stock for
each $1,000 1st mtge. bond.
Holders of $500 1st mtge. bonds will receive
new securities in proportionate amounts.
The participating bondholders
will, in turn, assign 15,000 shares of the stock to Mr. Balser as an
inducement to him to continue active management of the properties and
to compensate him, in lieu of cash, for any fees or additional compensation
which might otherwise be allowed him as a receiver in the present pro¬
ceedings.
No provision is made in the plan for the 2d mtge. bonds, the
notes held by the Railroad Credit Corp., or the preferred and common
stockholders of the old company.
The plan has been approved by the
court, and holders in excess of 93% in amount of the 1st mtge. bonds
have assented thereto by depositing their bonds.
,--
1——
Newsprint, ink &
y,Earnings
x
y
After
per
On 239,349 shares.
1938
$35,364
Nil
(
for
operating
Operating profit.
Prov. for Fed. inc. taxes
Bond,
and
prof$3,126
$0.01
other
charges,
■
Bowman-Biltmore Hotels
x
Apr. 30—
Profit,..-——
$3,009
Bralorne
a
no
512,582
85,847
454,558
80,835
414,342
91,805
$502,289
210,840
71,312
$866,470
195,585
106,817
$847,632
$780,213
294,058
60,883
$11,927
1939—4 Mos.—1938
$7,180
"
Dredging Co., Ltd.—Production—
gold,
equivalent in Canadian funds with gold at $35 an ounces to $316,890,
against $216,510 in April and $400,155 in May last year.
Production in May was from 1,329,000 cubic
yards gravel, as against
1,177,000 cubic yards in April and 1,248,000 Cubic yards in May, 1938.
—V. 148, p. 273.
Interstate
Commerce Commission
June
on
■
15 and Jan. 14, last, and previously regular
share were distributed.
In addition,
paid on Oct. 15, July 15 and April 14,1938.
Inc.—Registers with SEC—
America—Earnings—
1939—6 Mos.—1938
&c., but before Federal
^come taxes
—V. 148, p. 1948.
$151,340
$172,721
$318,103
$411,285
Bridgeport Brass Co.—Amendment—
Bush Terminal Co .—New Director—
J
Gartland, President of B. S. Cronin Co., contracting dock
was elected a director of this company at the annual
meeting of
stockholders held June 8.
'
•
builders,
Earnings for the Quarter Ended March 31,1939
California Oregon
'
„
'
Power Co.—Earnings—
Year Ended April 30—
Operating revenues
1939
'
_
Provision for Federal income taxes
Net operating revenues.
Inc.,
one
the
of the underwriters of
following statement:
185,398
Blodget,
the unsubscribed portion of the
offering
,1!£'Jihe said 8hares purchased by underwriters
Webster and
and offered publicly Stone
&
Blodget, Inc., one of said underwriters, is advised that all
have been resold except 3,312 shares owned
by it.
Stone & Webster and
Blodget, Inc., now intends to sell such shares at such times and
0
in
prices and
^uch ^manner ^and amounts as it may from time to time determine."
$4,640,038
1,029,533
272,608
300,000
7,270
602,251
117,332
$2,315,961
Appropriation for retirement reserve
Amortization of limited-term investment
Taxes
$2,311,044
238,188
238,210
$2,077,751
284
Dr39,100
Cross income
$2,038,935
842,500
203,223
54
costs
of
Net income—
—V. 148, p. 3055.
45,047
16,542
$882,423
$919,640'
Co.—Earnings—
3 Months Ended March 31—
Net loss after depreciation, taxes, &c„
Current assets
$2,029,375
842,500
203,216
2,430
projects
Miscellaneous deductions
Callahan Zinc-Lead
$2,072,856
1,126
Dr44,607
92,321
18,414
Interest on funded debt
Amortization of cjebt discount and expense
Other interest (net)
Amortization
of
preliminary
1938
$4,743,293
1,041,478
273,312
364,761
7,270
646,700
93,811
Operation.
Maintenance and repairs
abandoned
In an amendment to the
registration statement which covers
shares of capital stock offered to
stockholders, Stone & Webster and
issued
authorized the com¬
Francis
*
Net operating income.
Dividend and interest revenues
Merchandise and jobbing (net)
See list given on first page of this department.
1939—3 Mos—1938
6
July 1, 1935 to July 1, 1942, the date of maturity of
exceeding $1,489,954.40 of receiver's certificates and not exceeding
$8,760,000 of Trinity & Brazos Valley Railway first-mortgage 6% gold
coupon bonds.—V. 148, p. 3369.
not
Rent for lease of electric plant
Period End Mar. 31—
Net profit after deprec.,
1938
$65,270
Production for May totaled 13,732 ounces fine gold as
compared with
ounces in April and 15,499 ounces in May, 1938.
Estimated working profit for May amounted to 9,054 ounces fine
-
$65,070
interest, but before amortization and
cents per
Brewing Corp. of
$425,270
10,713
—V. 148, p.3216.
extra dividends of 10 cents were
—V. 148, p. 1471.
•
Braniff Airways,
161,756
107,159
Net income after taxes, deprec., int. on funded debt &
6% inc. note__$2,489
Corp.—Earnings-
an extra dividend of 10 cents
per share in addi¬
quarterly dividend pf 20 cents per share on the common stock,
July 15 to holders of record June 30.
Like
quarterly dividends of 15
525,682
s 70,116
Burlington-Rock Island RR.k—Extension of Securities-—
•
Mines, Ltd.—Extra Dividend—
par value, both payable
amounts were paid on April
301,284
1,019,254
pany to extend from
Again Halved—
Directors have declared
tion to
<
The
has
1939—Month—1938" '
After ordinary taxes, rental and
income taxes.—V. 148, p. 2416.
x
337,933
1,174,757
V.
Directors have declared a dividend of 25 cents
per share on the common
stock, payable June 30 to holders of record June 9.
Dividends of 50 cents
was
paid on Dec. 22, last, and previously regular semi-annual dividends
of $1 per share were distributed.—V.
148, p. 574.
»
Period, End.
376,653
1,238,506
expenses, $195,549; 10-year collateral trust 5% sinking fund bonds,
$2,022,000; prepaid advertising and subscriptions, $16,999; reserves for con¬
tingencies, $111,603; 1st pref. shares, $1,182,700; 2nd pref. shares, $919,000;
common shares (50,000
outstanding), $802,994; earned surplus, $1,659,761;
total, $7,035,733.—V. 147, p. 2386,
"
Bulolo Gold
ordered, pursuant to
Section 8 (d) of the Securities Act of
1933, that the effectiveness of the
registration statement (2-3825) filed by company (a Delaware corporation)
be suspended.—V. 147, p. 2081.
.
355,693
1,229,849
--'
$320,136
$564,068
$578,717
jEarnings for the Quarter Ended March 31
I
'
"
1939
Net income after charges and taxes
$64,130
•
Inc.-—Registration Statement Suspended
Boston Wharf Co.—Dividend
$2,606,899
5% bonds, $91,730; prepaid
$47,720; total, $7,035,733.
Co.-r-Registers with SEC—
Commission
1935
$2,895,714
Liabilities—Notes payable to banks, $27,500; accoui ts
payable, $60,847;
dividends paid in Jan., 1939, $36,780; accrued 1938
taxes, interest and
,
Exchange
1936
,
uramortized bond discount and expenses on
insurance premiums and sundry expenses,
1937
Birmingham Electric Co.—Accumulated Dividends—
Securities
1937
$3,080,058
Assets—Cash, $208,056; accounts and notes receivable, net, $261,295;
inventories, $66,106; investment in other companies, $949,001; cash value of
life insurance policies, $344,781; properties not used in
operations, $55,327;
sundry accounts receivable, $32,774; land, buildings, machinery, &c.,
(after depreciation), $1,265,208; circulation, goodwill, &c., $3,713,735:
$0.57
The directors have declared a dividend of $1.75 per share on the $7 cum.
pref. stock, no par, and $1.50 per share on the $6 ctim. pref. stock, no par,*
both payable July 1 to holders of record June 14.
Similar distributions
were made in each of the 19 preceding quarters.
Effective with the current
payments, arrears on the $7 pref. stock will amount to $3.50 per share and
on the $6 pref. stock to $3 £er share.—V.
148, p.3214.
(Thomas)
v
Balance Sheet Dec. 31, 1938
Registers with SEC—
The
«
„
See list given on first page of this department.—V. 148, p. 431.
Blackstone Realty
•
Netprofit—
■
See list given on first page of this department.
'
(
1938
Net other deductions.__
$112,765
173,825
Nil
and
taxes
expenses,
...
other
1938
"'i
1939
share—1
deductions
/0
materials
,
$58,511
$230,959
370,500
Newspapers, Inc.—Earnings—
Payroll and commissions
Press
association, wire
news, feature service &
departmental expenses
Depreciation
.
6 Months Ended March 31—
.
Totalreyenue-_------ $2,783,629
Corp.—Earnings—
Net loss.
•
$345,959
72,000
43 ,000
$22,756 def$139,541
247,000
247,000
$1.58
$0.93
.
_
x
'
.
Calendar Years—
.
Beech Aircraft
.
,
Brush-Moore
,
5 Months Ended April 30—
•
•
1939
Net income after operating expense and other charges
but before Federal taxes
$171,421
Shares of com. stock outstanding (no par)...
" 173,825
Earns, per share of common...
$0.91
—V. 148, p. 3369:
' •
"
\
3,203
/
cash
Collateral notes due Dec. 31, 1933, held by the Railroad Credit
Bastian-Blessing Co. (& Subs.)—Earnings—
$393,631
370,875
$342,756
Current assets as of April 30, 1939,
including $854,819 cash, amounted to
$12,101,705 and current liabilities were $916,355.
This compares with
of $874,177, current assets of $12,608,433 and current liabilities of
$684,704 on April 30, 1938. Inventories were $5,912,289 against $6,005,937.
Total assets as of April 30, 1939, were
$15,456,624 comparing wtih
$15,843,253 on April 30, a year previous; earned surplus was $7,133,858
against $7,130,977; contributed surplus was $962,031 as compared with
$955,031 and capital surplus was $3,118,508 against $3,121,033.—V. 148
p.
1314.
"
plan is declared effective and thus become parties thereto.
'
--.
,
$35,337 def$450,913
247,000
247,000
$1.14
Nil
-------
common
1936
1937
-6,494
,
income.'
1938
$11,800,456 $13,637,005 $11,235,809
11,693,005
10,773,936
12,964,532
113,345
122,217
106,842
11,171
10,575
12,275
$378,705
—
Other income.
e
,
$5,295,616
paid on Oct. 1, last; 15 cents paid on July 1 and April 1, 1938; 21 cents
paid on Jan. 5, 1938; 14 cents on Dec. 24, 1937; 35 cents paid on Oct. 1,
1937; 30 cents paid on July 1, 1937 and 25 cents paid on April 1, 1937.
—V. 148, p. 2573.
'
Erovides,allow such that if the reorganization manager deems it advisable,
however, non-depositors to deposit their bonds subsequent to
may
Preferred stock—
$5,251,052
Directors have declared a dividend of 18 cents a share on the capital
stock, payably July 1 to stockholders of record June 19.
This compares
with 20 cents paid on April 1, last, 18 cents paid on Jan. 3, last; 14 cents
which is to be prior in lien to the Ben of the mortgage
securing the proposed gen. mtge. bonds.
Holders of the 1st mtge. bonds of the old company may become parties
to the plan by depositing their bonds with the Harris Trust & Savings Bank
of Chicago or the Continental National Bank & Trust Co. of Salt Lake
City, Utah, as depositaries, receiving therefor certificates of deposit.
Non-depositing bondholders will receive their distributive share of the
net proceeds from the sale, the amounts to be determined by the court
upon final hearing, but will not be entitled to participate in the distribution
or the new securities to be received by depositing bondholders.
The plan
Common stock
$485,706
3369
.
of $100,000,
the time that the
Corp., Ltd.—Earnings—
1939—Month—1938
1939—10 Mos —1938
$1,272,739
$1,245,335 $12,913,948 $12,658,374
781,616
759.629
7,662,896
7,362,758
Net earnings
—V
e
sum
30—
Operating expenses
BI edge or mortgage such part of the assets purchased at the sale as may
necessary and may create an indebtedness secured thereby not exceeding
the
Apr
Gross earnings....
1939
$18,855
1938 '
$29,996
1937
$7,484
of March 31, 1939, including $52,331 cash, amounted
to $59,494 and current liabilities were $42.924.—V.
148, p. 2574.
as
Volume
Financial
148
Chronicle
3683
Balance Sheet March 31, 1939
^Canada Bread Co., Ltd.—Accumulated Class B Dividend
The directors have declared a dividend of $1 per share on account of
accumulations of the 5% cum. pref. class B stock, par $50 payable July 3
to holders of record June 20.
Like amount was paid on April 1 and Jan. 3,
last and dividends of 75 cents were paid on Oct. 1, July 2, April 1 and Jan.
3, 1938 and
Oct. 1, 1937.—V. 148, p.
on
deposit, $355,066; marketable securities (less reserve),
on
.
$429,969; interest and dividends receivable, $7,516; shares in and advances
Mines» Ltd., $475,000; mining properties and rights, $662,628; buildings, plant and equipment (after reserve for depreciation of
$223,382)—$135,143; advance for power line construction, $10,434; insur¬
ance and other prepaid
charges, $1,520; total, $2,077,177.
Liabilities-—Accounts payable and accrued charges, $756; unclaimed
dividends, $3,246; capital stock 2,709,002 shares at $1 each, $2,709,002;
1796.
,
Canada Northern Power Corp.,
Period End. Apr. 30—
Gross earnings
Operating
Ltd.—Earnings—-
1939—Month—1938
$430,817
$416,918
207,695
186,623
expenses
Net earnings..
1939—4 Mos.—1938
$1,734,419
$1,676,788
818.941
752,604
$2,077,177.—V. 147,
Whliam
-V. 148, p. 2735.
Blackie
Dividend—
•
both payable July 3 to holders of record June
appointed
Controller
of the
company.—V.
15.—V. 147, p. 105.
■'
'
•
Corp.,
Investment
Foreign
Ltd.—New
Net sales
Paper Co. ■(& Subs.)—Report
Consolidated Income Account for
31,614,743
16,161
bonds & debs, redeemed
Total income
y Cost of sales & expenses (net)
Interest on first mortgage bonds and
49,027,296
lossl2,226
31,630,904
28,140,725
49,015,070
40,995,219
46,193,003
38,812,970
1,308,021
2,231,513
1,899,094
695,231
1,349,108
2,144,591
1,920,816
Srior liens
2,186,246
760,554
382,474
1,689,026
er interest
Interest on obligation of subs..*
<
Depletion
Depreciation
...
*
____
$0.27
$4,099,068
117,531
$0.16
Nil
The directors have declared the following dividends payable
holders of record June 10.
46,067,504
1,283,977
Gross sales.
Nil
$4,847,438
10,400
Central Maine Power Co.—Accumulated Dividends—
1936
1937
1939—6 Mos.—1938
$2,283,525
109,128
taxes for which the company
Calendar Years
1938
22,536'
After depreciation and other chargas, but exclusive of Federal income
claims statutory deductions.—V. 148, p. 3527.
y
Canadian International
$2,674,809
vNet profit..
Earns, per sh on com. stk
the
Molson of Montreal has been elected a director of
corporation.—V. 148, p. 2114.
P.
Corp. (& Subs.)—Earnings—
_Period End. Apr. 30— 1939—3 Mos—1938
•V-/.'
;
.
SEC—
See list given on first page of this department.
Celotex
Canadian
Director—
on
been
Cavalier Apartments Corp.—Registers with
Directors have declared an extra dividend of $1 per share in addition to
the regular quarterly dividend of 75 cents per share on the common stock,
Profit
has
148, p. 3055.
Canada Packers, Ltd.—Extra
Thomas H,
surplus,
106.
p.
Caterpillar Tractor Co.—Controller—
$924,184
$915,478
$230,295
$223,122
fe: discount onsharrasold for cash, $1,479,994; $1,229,007;
$844,168; total,
$2.62^
2,228,211
per
Central New York Power Corp*—New Director—
613,326
2,165,288
336,712
Cr7,135
July 1 to
share on the 7% cumulative preferred stock (par $100).
$2.25 per share on the 6% cumulative preferred stock (par $100).
$2.25 per share on the $6 cumulative preferred stock ( par $100).
Distributions at the regular quarterly rate were made in each of the 10
preceding quarters. See also V. 147, p. 3758, for detailed record of previous
dividend payments.—V. 148, p. 3527.
•
125,499
375,347
17.980
Corporation has notified the New York Stock Exchange that William L.
a director of the company.—V. 148, p. 3056.
Hinds has been elected
Amort, of disct. & expense on funded
381,335
1,792
debt
Provision for doubtful accounts
Profits tax on subs, companies..
Unpaid divs.
Net loss after all charges
—V. 148, p. 875.
.w.V'V
504,400
9,958
26,732
3,195,182
11,234,311
276,486
698,529
13,006,303
Prov. for income taxes...
Net loss...
Deficit Jan 1
Write-down non-optional plants.
.
•
Char is
1,711,468
8,465,950
2,828,885
Deficit, Dec. 31........
.....
14,705,980
11,234,311
•
13,006,303
1937 and
1938
•
.
Assets—
a
Net profit on sales
From Int. Paper
newsprint. .1
51,078
864,347
3,578,144
1.633,873
16,026,361
65,922
3,443
-53,415
136,314
819,503,
141,787
6,786,082
2,070,574
19,043,084
138,917
135,214
133,267
171,766
1,076,155
Due from affiliated company
Sinking funds and restricted deposits.
due..
Prepaid insurance and taxes.;
—
Depl. on pulp wood still in inventory.
228,894
3,269,825
222,662
4,180,214
Total
Liabilities—
Funded debt—
Bank loans secured
....
Accounts payable.
Accrued interest
Accrued payrolls,
Accrued taxes
...
_
152,388
5,000,000
13,957,770
1,031,680
—...
10,000,000
33,840,000
14;705,980
*.
;
5,000,000
17,301,411
973,713
$1.37
$1.63
„•
.
:
•
Dividend of 25 cents
paid on Jan. 3, last, and a semi-annual dividend of 50 cents per share
paid on July 1, 1938.—V. 147, p. 3758.
•
was
was
Chicago' Yellow Cab Co. (& Subs.)—Earnings—
5,000,000
11,099,842
919,156
515,730
10,088,000
10,000,000
33,840,000
11,234,311
689,654
12,105,600
10,000,000
33,840,000
13,006,303
of $19,127,387 in 1938, $22,015,429 in 1937
1936.—V. 146, p. 3491.
Canadian National
Earns,
x
After
capital obligations,
New equipment purchases to be financed are
estimated at $9,129,000 and acquisition of securities at $3,340,000.
The bonds will be guaranteed as to principal interest and sinking
Earnings of the System for the Week. Ended June 7
1939
1938
$3,137,744
147,
Increase
$340,640
$0.04
Federal taxes, &c.
p. 3451.
y
.
1936
loss$95,802
$171,663
Nil
$0.43
On 300,000 shares capital
,
■
Exploration Co .—Reduces Debt to Bank—
Company has reduced bank loans from $17,000,000 to $12,000,000 and
loans, according to a report filed with the
and Exchange Commission, Anaconda Copper Mining Co.
:
extended the maturity of the new
Securities
guarantees payment
of interest and principal.
$17,000,000 formerly outstanding the Guaranty Trust Co. and the
City Bank held $6,800,000 each and the Chase National Bank
$3,400,000.
The new notes mature at the rate of $2,000,000 each
for the first four years and the balance in the fifth. Interest runs from
to3%.—V. 118, p. 911.
"
J
Of the
National
held
year
ICC to Approve
New Orleans
& Texas Pacific Ry.—Asks
Stock Splitup—
The company has asked the Interstate
Commerce Commission for
authority to issue 448,500 shares of common stock (par of $20) to be ex¬
changed'for 89,700 shares of outstanding common stock ($100 par) on the
stock for one share of old.
approved by the shareholders at the annual meeting
basis of five shares of new
The stock split was
fund
by the Dominion Government.
The Government is authorized to make
temporary loans to the company to meet the authorized expenditures.
$12,139
;
depreciation,
Cincinnati
maturing notes, other obligations and payment of sinking funds.
A total of $5,100,000 is for net expenditures on general additions and
$3,478,384
share.
stock (no par).—V,
Ry.—Financing Given Approval—
The Canadian Parliament has authorized the company to issue $25,821,-
707 of bonds to provide funds for capital purposes. *
Of this amount $8,152,707 is to retire maturing
revenues
per
1937
1938
$0.15
•
1939
$46,045
>
Net profit--.--.
Chile
.111,564,657 156,934,361 152,817,839
After depreciation reserves
—V. 148, P.
$137,216
$1.00
Chicago Daily News, Inc.—50-Cent Dividend—
y
1
Total_____r___
Gross
$163,298
24,000
$100,341
Directors have declared a dividend of 50 cents per share on the common
x
40
207,994
property.
$187,435
24,137
stock, payable July 1 to holders of record June 20.
.
Preferrence shares of subs, company.
betterment to
$158,233
21,017
$0.62
3 Mos. End. Mar. 31—
'
cos
and $20,220,129 in
$138,350
14,008
for taxes, $19,004; reserve for possible assessment of social security
taxes, $27,000; capital stock, 100,000 shares (par value $10) less treasury
stock—1,500 shares, $985,000; capital surplus, $5,779; earned surplus,
$163,208; total, $1,250,979.—Y. 148, p. 2575.
...
given to Int. Paper Co..for advs.
and assigned by them
Due to International Paper Co
Due to Canadian Int. Paper, Ltd—
Reserves
$140,144
33,511
13,780
reserve
-
Capital stock ($100 par)
Paid-in surplus.
Deficit.
$115,269
31,430
11,534
—
...—
&c
affil.
33,644
13,510
Assets—Cash,
$173,036; marketable
securities,
$398,336
accounts
receivable, $57,469; inventories, $227,028; real estate (less depreciation),
$315,889; machinery and fixtures,
(less depreciation), $40,737; other
assets, $31,432; deferred assets, $7,051; total, $1,250,979.
Liabilities—Accounts payable,
$33,478; accrued expenses, $17,509;
..-.111,564,656 156,934,361 152,817,839
$ •
85,407,405
86,116,235
58,937,900
674,000
1,6*40", 335
2,457,965
—
1,225,298
366,913
361,349
1,861,335
2,418,705
1,334,545
694,040
622,026
735,410
5% sec. note of Can. Int. Paper Co.
due various dates to Mar. 12, 1938,
other
$91,195
•v
Balance Sheet Jan. 1, 1939
prep,
Unamort. debt discount and expenses
$675,183
535,039
6,821
shares common stock-
4,513,925
and def. expense
application to future operations...
'
1935
$652,754
537,485
$61,382
Net profit after taxes.
Earns, per,sh. on 100,000
129,875
6,760,589
1,694,067
15,792,563
75,547
229,422
337,574
109,130
966,051
64,967
Accts. & notes receiv. not curr.
a
50,380
703,107
36,380
1,800,642
...
Inventories _i
to
Prov. for possible assess¬
ment or soc. sec. taxes
1936
$616,292
"525,097
$78,478
10,275
.
Federal income taxes...
$
Co. for sales of
From Int. Paper Sales Co., Inc—
From others
Due
•
*
Accounts receivable:
assets,
$
Net prof, before taxes
1936
1937
v
$36,528
31,463
10,487
Other trading income
83,846,973 122,081,154 121,141,282
Plants, properties, &c
Securities & investments (book value)
Cash
Def.
.
$
"
1937
1938
$517,386
480,858
Income on investments.
Consolidated General Balance Sheet Dec. 31
■
Corp.—Earnings-
Calendar Years—
After deducting other income of $63,435 in 1938, $435,639 in
$115,326 in 1936.
y
$1,123
„■
.
Gross profit on sales
Sell. & admin, expenses.
Cr2,470,5^1
Surplus adjustment (net).
Co.—Earnings—
Earnings for the 4 Months Ended March 31, 1939
644
5% pref. of subs
on
Cessna Aircraft
•
May 25.
The company expects the change to increase the marketability
of its stock and to result in a wider public distribution of it.
The smaller
trading unit of each share on the.open market will adjust the price to a
figure more attractive to the investing public and thus facilitate the financ¬
ing of the carrier's future requirements through the sale of common stock
fixed interest bearing obligations.
the stockholders approved a resolution to change
and par value of the common stock from 90,000 of
$100 per share par to 1,000,000 shares of $20 par.
The remaining 551,500
shares of new common not issued in exchange for presently outstanding stock
is to be reserved fof future issuance for proper corporate purposes.—Y.
148, p. 3371.
rather than through
At the annual meeting
3527.
the authorized number
Canadian Pacific
Ry.;—EarningsJ—
Earnings for the Week Ended June 7
1939
1938
$2,392,000
$2,280,000
1
Traffic earnings.
Increase
$112,000
—V. 148, p. 3527.
Cincinnati Street Ry.—Earnings—
Canadian Wirebound Boxes,
Ltd.—Accumulated Div.—
The directors have declared a dividend of 37 XA cents per share on account
accumulations
on
the
$1.50
cumulative class
A
participating
stock,
no
value, payable July 2 to holders of record June 15.
A like amount
paid in each of the seven preceding quarters.
Accruals after the cur¬
will amount to $2.25 per share.
See also V. 148, p. 1472.
par
was
Period End. May 31—
x
Net income.....
1939—Month—1938
$11,597
$6,878
1939—5 Mos.—1938
$28,899
$37,483
Earnings per share
$0.06
$0.08
x After depreciation, interest. Federal income taxes, &c.
y On 475,239
shares of capital stock, $50 par.—V. 148, p. 3058.
y
rent payment
Castle-Trethewey Mines,
1937
$68,165
19,790
21,179
1936
$57,945
17,410
$77,354
970,581
Net profit
Previous surplus
1938
$102,224
18,558
Admin, general cost
$82,434
$46,987
841,161
$40,535
791,373
888,148
(Pa.)—To Merge Units—
consolidating its marketing operations to take effect July 1.
the present 16 division offices to market its
products in the 13 States in which it operates will be merged into four regional
divisions.
These will be located in New York, Boston, Syracuse and HarrisUnder the new arrangement
1939
$95,912
Years End. Mar. 31—
Total revenue.
Cities Service Oil Co.
Company is
Ltd.—Earnings—
k
foUTfiT
C
E
Foster will continue as Vice-President in Charge of Marketing;
Kelly formerly Sales Manager in New England, has been ap¬
pointed Sales Manager of the entire company.—V. 146, p. 3800.
while J. A.
J
.
Miscellaneous items
Cleveland Graphite Bronze
Dr200,274
Dr3,493
CV9.254
Directors have declared an
common
Total surplus
—.
$844,168
$970,581
$888,148
$841,161
amount was
paid on
Co.—Interim Dividend—
interim dividend of 25 cents per share oh the
holders of record June 23.
March 31 last.—V. 148, p. 2737.
stock, payable June 30 to
Similar
Financial
3684
Cliff«
1937
1938
—
1936
x$4
Dividends received
837,875
3,227
89,639
paid
Taxes,legal & other exps.
Interest
excl. of se¬
curity transactions .
Calendar Years—
1935
x$6
261,250
4,786
58,720
Int. accrued & received-
Earnings—
Consolidated Cement Corp.
Earnings—
Corp.
Years Ended Dec. 31—
June 17, 1939
Chronicle
$38,018
225,000
16,068
24,158
450,000
136
61,499
Net profit,
$745,015
$197,748
$388,374
$222,791
-
sold
Selling, gen. & administrative expenses
Mill overhead applicable to non oper. periods, &c._
Cost of goods
Note—During 1938 total paid in dividends
charged against earned surplus.
amounted to $201,433 and
862,201
334,624
316,597
71,030
Interest and other deductions
$101,478
$167,682
128,110
Other income (net).
88,443
$162,709
4,973
Discount.
x
1937
$1,386,746
1938
$1,326,507
776,169
*
Net sales
$196,990
127,287
5,512
were
Net profit
Balance Sheet Dec. 31
'
1938
1938
$
i
Liabilities—
Cash on deposit-__
102,361
100,000
100,000
items.-
16,312
340,173
24,089
Notes payable—.
300,173
accrued
Investment8-_--28,104,176 28,104,176
Deferred tax claims
16,953
16,953
y
Prov.
for
Federal
Income taxes—
x
5,063
18,734
Earnings for the 12 Months Ended March 31
\
'
■:
3,710,574
115,256
28,323,490 28,373,068
Total
28.323,490 28,373,068
Total
x Represented
by 805,734 shares of no par
$50,000,000 reserve.
value,
y
After deducting
'
\"
,
,
..
Earnings for Quarter Ended March 31
'
•
1938
1939
1937
,
1938
1939
.
$77,086
loss$20,611
1938
Balance Sheet Dec. 31,
Capitalsfock...24,172,020 24,172.020
3,710,574
Earned surplus...
111,570
'
Net income after all charges
'
,
Assets—Cash, $501,058; receivables (net), $99,176; inventories, $335,056;
Cap. surplus (paid-
in)
$39,572 loss$20,297
and depletion on
aggregating $172,610 in 1938
charges for depreciation
includes
operating plants, properties and quarry lands
and $165,847 in 1937..
and
Accts. payable
151,939
Notes receiv. (net)
-
above
Notes—The
1937
$
1937
$
.
Assets—
& quarry lands, $291,955;
$2,560,359; deferred charges,
investments, &c., $39,178; idle plant, properties
properties & quarry lands (net),
$105,812; total, $3,932,596.
Liabilities—Accounts payable, $37,862; accruals, $70,158; provision for
returnable sacks. $25,122; funded debt, $1,791,090; special reserve for
valuation of plant, properties & quarry lands, $188,143; class A stock (no
par, 100,617 shs.), $100,617; class B stock (no par 4 shs.), $16; capital
surplus, $1,561,950; earned surplus, $157,637; total, $3,932,596.—V.
147, p. 2679.
•
plants,
.
x
charges and Federal income taxes,
z Equal
to $0.06 a share in 1939 and $0.11 a
shares of capital stock.—V. 148, p. 3528.
After
x
z$93,084
—z$45,528
Net income
Coleman Lamp
y$ 165,415
Before Federal taxes,
share in 1938 on 805,734
dividend of 25 cents per share in addi¬
(or a total of 50 cents per share) on the com¬
value, both payable June 30 to holders of record June 23.
Dividend of 25 cents was paid on April 15 last: one of $1.50 was paid on
Dec. 22, 1938; $1.75 paid on Dec. 28. 1937. and regular quarterly dividend
of 25 cents was paid on Oct. 15, 1937.—V. 148, p. 1473.
Directors have declared an extra
stock,
Consolidated Grain
See list given on first page
dividend of 50 cents in addition to the
quarterly dividend of 25 cents per share on the $1 cum. partic. pref.
stock, no par value, both payable July 1 to holders of record June 15.
Extra
of 40 cents was paid on
Dec. 15 last.
Directors also declared
dividend of 50 cents per share on the common
a
Dividend of 40 cents
record June 15.
paid on Dec. 15 last and one of 25 cents per share was distributed on
July 1, 1938.—V. 147, p. 3155.
was
Corp.—Hearing Postponed—
Columbia Gas & Electric
The Securities and Exchange Commission
(e)
the
procedure in a hearing in
the Federal District Court at Wilmington, Del., on a new Federal motion
in anti-trust proceedings against the company, affecting control of the
Government and defense Counsel argued legal
,
by the Department of Justice on May 15, asks
in January, 1936, in the
case, and to permit the Government to file a supplemental complaint.
Counsel for defense argued the Government should have filed a bill for
review.
Milton Katz presented the Government's case.
Judge John P. Nields set a period of two weeks for the filing of briefs.
—V. 148, p. 3528.
:
the Court to set aside a consent decree agreed to
.
(& Subs.)—Earnings—
Columbia Pictures Corp.
40
1
'
Period-r-
9 Months
Wks.End.
Apr. 1 '39
Mar. 26 '37 Mar. 27 *37 Mar. 28 '36
Gross
income.........$14,654,703 $15,356,845 $14,415,207 $10,881,771'
Amortiz.
of production
'
costs, &c
9,712,833
9,936,267
8,248,178
6,781,822
Expenses, deprec., &c._
5,003,466
4,994,569
4,753,219; 3,222,469
Total
$426,009
$1,413,810
„
50,509'
9,195
x$61,596
53,281
profit
Operating
Other income (net)
$476,518
$1,423,005
38" 250
233",650
151",056
x$80,159
$438,268
$1,189,355
154,696
262,101-
154,695
227,414
$958,579
32,091
49,726
184,092
$2,75 pref. stock
120,149
on
.
in March quarter of 1938.
cated consolidated net loss, as compiled from company's quarterly reports, "•
$604,247 compared with net loss of $182,379 in like nine months of
previous year.;—V. 148, p. 1474.
was
have declared
Directors
a
dividend of $1.50 per share on the common
stock of no par value, payable June 16 to holders of record June 13.
Pre¬
vious distributions were as follows: 75 cents on May 15, last; 50 cents on
March 30, last; $1 on Nov. 14, last; 30 cents on Sept. 26, 1938; 70 cents on
Aug. 22, 1938; $1 on Nov. 1, Oct. 4 and
June 7 and March 1, 1937.—V. 148, p.
Sept. 7, 1937, and 50 cents paid on
3060.
Continental
Can
Co.,, Inc.—Stock
Offered—Lazard
Co., and Union Securities Corp. June 13 jointly
offered 6,000 shares of 4^% preferred stock at 114^ plus
Freres
&
24 cents
new
share commission.
a
financing.—V.
148,
p.
The issue does not represent
2893.
*
Continental Gas & Electric Corp.
(& Subs,)—Earns.—
12 Months Ended April 30—
1939
1938
subsidiary companies
(after eliminating intercompany transfers)-$36,586,879 $37,670,761
General operatihg expenses:
13,776,673
14,125,940
Maintenance
L._,
2
1,916,901
1,876,084
Provision for depreciation
5,255,818
4,977,064
General taxes and estimated Fed. income taxes,4,478,396
4,585,981
Gross operating earnings of
Net earns, from oper. of subsidiary Companies-- .$11,159,090 $12,105,692
Noij-operating income of subsidiary companies-_i
<
10,106, Dr209,269
Total income of
$11,169,196 $11,896,423
4,678,106
4,673,866
subsidiary companies.-
Interest, amort. & pref. divs. of subs..companies
Balance.
.
common
of earnings
attributable to
stock
.
—
$6,491,090
$7,222,557
.15,877
—
Proportion
154,696
Common dividends, cash
$8,682
$63,037 after expenses, &c.,
with net income of $207,165
For nine months ended March 31, 1939, indi¬
$1,109,579
24,031
^
Net profit
Div. on $3 pref. stock
Civ.
232,099
x$8,315
47,813
income.
Interest..-.
Federal income taxes,, &c
$4,860
Combined net income of Consolidated Railroads of Cuba and subsidiaries
$877,480
•
1939—9 Mos.—1938
$3,034
.
Consolidated Rendering Co.—Dividend Doubled—
Pipe Line Case Argued—:
Eastern Pipe Line Co.
The motion, introduced
$1,860
for quarter ended March 31, 1939, amounted to
but Defore inter-company dividends, comparing
.
announced June 10 that the
public hearing on the application of the corporation under Section 11
of the Holding Company Act has been postponed at the request of
company from June 14 to June 21, 1939.
' ,
Cuba—Earnings—
1939—3 Mos.—1938
Net loss after exps., &e_
regular
shares, payable July 1 to holders of
Corp.—Registers with SEC—
of this department.—V. 148, p. 728.
Consolidated Railroads of
Period End. Mar. 31—
Cor.—Extra Dividends—
Directors have declared an extra
Inc.-—Weekly
Company announced production of the electric plants of its system for
amounting to 138,000,000 kilowatt hours, com¬
pared with 119,800,000 kilowatt hours for the corresponding week of 1938,
an increase of 15.2%.—V. 148, p. 3528.
>
no par
Columbia Baking
New York,
Co. of
Output—
the week ending June 11,
& Stove Co.—Extra Dividend—
tion to a dividend of 25 cents
mon
Consolidated Edison
y
16,959
minority
•
Equity of Continental Gas & Electric Corp,, in
earnings of subsidiary companies
$6,475,213
Income of Continental Gas & Electric Corp. (excl.
Of income received from subsidiaries)
15,932
______
.$7,205,598
,
„
52,518
■
.
I
Surplus
,
x
Loss.—V.
148.
$692,670
280,413
$3.13
$807,246
$21,471
349,468
$0.81
def$355,004
Shares com. stk. (no par)
366,268
Earnings per share.Nil
316.358
$3.27
Total
Balance
Corp.—Options—*.
Corporation has notified-the New York Stock Exchange that options
evidencing the right to purchase 59,938 shares of common stock of the
corporation were in existence as of May 31, 1939, as follows:
No. of Shares
Expiration Date
.
Upder Option
''
100
'
:
Price
1
*
3.600
$35.00
8,200
'
565
./
3,200
43,737
148.
p
Dec.
>
45 00
•
32 00
'
1939
1941
1939
1940
1943
31,
Dec. 31,
Dec. 31',
Dec
31,
Deo
21,
•.
Balance
Earnings
—V.
Edison
Co.
(inter¬
138,893.000
group
kiloAvatt-hours, compared with 119,683,000 kilowatt-hours in the corre¬
sponding period last year, an increase of 16.1 %.
The following are the output and percentage
comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt-Hour Output
Week Ended—
1939
1933
June 10
Juno
3--_
-138,893,000
126,411,000
May 27...
May 20
—V.148, p.3528.
134,673.000
131,669,000
-------
Increase
16.1
13.2
8.1
a
Biscuit
Earnings per share
x
y
After
interest,
1939
______
depreciation 'and
On 323,000 shares common stock,
_
-
.-
share_■
Net profit.
2,591,677
$3,443,822
1,320,053
$4,329,919
1,320.053
$3,009,866
$14.03
163,564.
40,445
After
Corp.—Earnings-
1939—3 Mos—1938
$15,430
y$29,693
depreciation, taxes, &c.
y
1939—6 Mos.—1938
y$126,234
y$190,421
Loss.—V. 148, p. 2738.
Cornucopia Gold Mines—Listing—
The
common
registration
on
capital stock, par 5 cents, has been admitted to listing and
the New York Curb Exchange.—V. 148, p. 3060.
Cosden Petroleum Corp. (&
Subs.)—Earnings—
Earnings for Year Ended April 30, 1939
Gross operating
income
Operating charges.
Depreciation, depletion and amortization
—
$5,615,893
5,185.193
451,037
$20,338
24,273
Net operating loss
$3,935
207,902
Income charges.
no
$46,974
$0.15
estimated
$203,966
Net loss for year
Earnings for the Month of May
Net income after fixed charges
Co.—Earnings—
Net profit---
y
$7,125,605
2,563,783
161,862
\ 43,879
Net profit
dividend of 50 cents per share on account
3 Months Ended March 31—
x
$6,213,346
the
to
Consolidated
—
Non-operating income-
7% cum, pref. stock, par $100, payable Aug. 15
holders of record July 31.
A like payment was made in each of the
eight preceding quarters.—V. 148, p. 1637.
on
—
12.8
Concord Gas Co.—Accumulated Dividends—
The directors have declared
of accumulations
per
Per Cent
119,683,000
111,615,000
119,408.000
121,803,000
—
148, p. 3060.
Co.—Weekly Output—
electricity output of the Commonwealth
——
,____
Period End. April 30—
25/X
Commonwealth Edison
^
/Continental Motors
x
company sales deducted) for the week ended June 10, 1939, was
—
__
At will of co
' 45 00
—
Amortization of debenture discount & expense.
Taxes on debenture interest
x
The
117,259
15,251
$2,123,769
$9.90
xv.
,
Holding company deductions:
Interest on 5% debentures, due, 1958
Balance transferred to consolidated surplus
Dividends on prior preference stock.
•
31, 1941
Dec.
45.00
45.00
*
16
—V
of Options
June 30, 1939
33.33
33.33
...
520
.
102,291
175,508
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp.
$7,258,116
3528.
p.
Commercial Investment Trust
<
$6,491,145
_______
Consolidated Balance Sheet
1938
1937
$89,516
loss$64,265
$0.27
Federal
income
par.—V. 148. p. 3219.j
Nil
taxes,
1939
i'
$43,066.
April 30, 1939
on hand and demand deposits,
$88,462; cash on deposit
notes and acceptances and accounts receivable (less,,
possible, losses of $29,637), $301,875; accounts receivable,,
officers and employees, $9,137; deposits as collateral on purchases, $14,800;:
accrued tank car earnings, $59,538; accrued interest receivable, $1,097;":
Assets—Cash
with
trustee,
allowances
for
$69;
Volume
148
Financial
Chronicle
inventories, $374,816; investments, $17,503; property, plant and equipment
(less, alowance for depreciatoin, depletiion and amortization of $743,625),
$5,439,878; other assets and deferred charges, $162,793; total, $6,469,967.
Liabilities—Note payable, bank (secured), $8,553; note payable, bank
(unsecured), $122; accounts payable, $563,702; accrued liabilties, $158,251;
tank car trust certificates,
5%, 1939, $36,806; notes payable (trade), $99,003;
contracts payable (trade), $13,450; equipment
purchase obligations, $86,524;
equipment purchase obligations due subsequent to April 30, 1940, (secured),
$2,500; contracts payable, trade, due subsequent to April 30, 1940, $3,500;
long-term advances payable, due Mar. 1, 1942, $380,000; tank car trust
certificates, 5%, 1940-1942, $450,000; 1st mtge. 5% conv. bonds, 1947,
$1,802,540; reserves,' $29,022; 5% conv. pref. stock (par $50), $2,139,295;
common stock (par
$1), $465,832; capital surplus, $123,344; paid in surplus,
$335,437; earned surplus (deficit), $227,414; total, $6,469,967.—V. 146,
p. 3,800.
sent
Mr.
The Cuneo
fand colored
of
appointed
2264.
Cream of Wheat
York
New
capital
stock
(par $2)
certificates
trust
June 12,
agreement,
upon
the
\
expiration
of the
voting
V.
June 13.
148,
x
Interest, &c_
Federal
Utility
104,198
23,326
...
(net)...
;
—
Net profit
$191,556
Preferred dividends
_
_
T,_
$161,922
;
Shares common stock
.
Earnings per share.
148, p. 3060.
on
Gross
the first mortgage was covered more than twice over.
income amounted
to $825,000 which represented a decline from
The average occupancy is also down but the rate
unchanged.
.
Five percent interest is being paid regularly on the publicly held first
mortgage bond issue, which is known as the Albany Metropolitan first
mortgage.
Under the terms of a reorganization which was found necessary
several years,ago, this rate is to increase to 5)4% beginning next Jan. 1.
schedule
was
held
Distillers Corp.-Seagrams, Ltd. (&
1939—3 Mos.—1938
30~r
1938
1937
*
$18,481
Cost of sales.^
...
Balance Sheet at Mar. 31 v,
$24,865
1939 "
•
Loss
Cuba
The
Co.—Transfer Agent—
First
National
Bank
of Jersey
agent and registrar.—V. 148, p. 2580.
*
-
'
Period End. Mar. 31—
Gross
Net inc. to surplus—
—V.
148,
Cuba
p.
Net profit
....
dividends.
Surplus
$408,223
1474.
Period End. Mar. 31—
$950,385
$0.43
....
$830,882
$0.36
$1,960,059
$2.62
$3,650,878
$3.09
Earns, per share
Exclusive of $241,766 charged to production in 1939, and $195,150 in
1938.
»
b Exclusive of $673,488 charged to production in 1939, and $578,074
c On 1,742,645 no par shares.—V. 148, p. 1954.
Divco-Twin Truck
Co.—Earnings—
Ended April 30—
profit.
."-i
Earnings per share on common.
1939
6 Months
Net
x
$l7.3,430
—
$0.62
1938
$13,841
$0.06
and Federal income taxes, but before any provision for
undistributed profits.—V. 148, p. 1026.
After charges
surtax on
Dividend Shares, Inc.—Net Asset Value—
The report as of April 30, 1939, shows total net assets, with securities
valued at market quotations, were $38,116,747, against $46,707,967 Oct. 31,
RR.—Earnings—
1939—3 Mos.-
Net inc. after exps., &c.
$5,968,289
574,766
1,742,645
in 1938.
1939—9 Mos.—1938
$1,485,177
$1,777,095
1,831,494
1,368,872
$74,251 loss$346.317
$5,199,151
625,125
2,613,967
a
x
$771,920
697,669
$830,882
$950,385
c
"
...
121,215
559,860
Common dividends..
City has been appointed transfer
1939—3 Mos.—1938
loss$33,035
disp. assets..
Preferred
V
Rys.:—Earnings—
$575,525
608,559
revenue..
Expenses
investment..
on
$4,765,330 $20,987,363 $19,158,300
10,661,020
3,434,756
13,300,245
344,926
89,403
305,069
bl63,739
b89,934
a31,549
40,000
160,000
204",781
92,151
7,315
331,425
1,814,378
1,841,980
Inc. & profits tax.
•
Cuba Northern
on
Loss
Assets—Cash, $68,059; accounts receivable, $159,544; inventories, $175,545; insurance on life of president (cash surrender value), $56,677; capital
stock of other corporations, $11,927; plant and property investment (less
reserve for depreciation), $947,448; deposit with Mutual Fire Insurance
Co.,
$6,166; deferred charges, $6,288; total, $1,431,654.
Liabilities—Notes payable (banks)), $135,000; accounts payable, $80,067;
accrued real estate and personal property taxes, $6,131; reserve for Federal
taxes on income (prior year), $2,155; reserve for Federal taxes on income
(estimated), current year, $4,181; reserve for Social Security Act taxes,
$3,933; preferred stock, $247,500; capital stock (93,000 shares), ( no par),
$640j)00; earned surplus, $312,688; total, $1,431,654.—V. 147, p. 3157.
$4,740,531 $20,854,666 $19,073,243
24,799
132,697
85,057
$6,170,103
4,389,566
90,516
a58,561
Expenses, &c
Interest (net)
Depreciation
$17,756
:
1939—9 Mos.—1938
$6,132,323
37,780
Total income
1936
.
loss$9,625
Subs.)—Earnings
$15,928,109 $66,575,130 $64,498,039
13,231,640
11,187,578
45,720,464
45,424,796
Sales, lessfrt. & allow...$19,363,963
Gross profit _!
1939
and accruals for all taxes.
Hotel, Albany—Earnings—
Miscell. income.
Quarter End. Mar. 31—
profit after charges
reserve
.
Crystal Tissue Co.—Earnings—
and taxes...
270,594.
$7,741,521
$864,000 shown in 1937.
—V.
Net
5,746,92,9
Amott. Baker & Co., Inc. has just completed one of its statistical studies
the DeWitt Clinton Hotel in Albany which shows that for the year 1938
$165,360
515,934
$0.82
$0.81
5,857,077
Crl9$,449
268,303
expense
on
$549,754
126,539
257,855
517,601
$15,485,332 $13,759,044
Including all operating and maintenance charges, current apprQpria-.
Period End. April
Surplus
$15,481,655 $13,740,032
3,676
19,011
$9,558,401
De Witt Clinton
56,935
126,909
Cr24,669
126,567
258,799
1.
_ .
1938
Note—Figures in the foregoing statement reflecting net income for
periods prior to Dec. 31, 1937 do not take into account any Federal surtax
on undistributed net income, as tax returns indicated that no such tax was
payable.
For subsequent periods, the company estimates that it will be
required to pay Federal income tax at the minimum rate of 16K % •—V. 148,
p.3061.
,
983
$547,288
126,567
$64,989
517,606
$0.12
_
Common dividends.
•
u
$57,192,648 $56,876,167
41,710,993
43,136,135
expenses..
tions to depreciation or retirement
$738,266
28,354
166,377
121,298
1939
Net income
x
$0.77
(& Subs.)—Earnings—
charged to construction
Amortization of debt discount and
1937
:»
stock.
Interest
interest
182,276
....
income taxes
Other .expense
Dak.)—New
$167,422
common
Gross corporate income
...;
Interest.on funded and unfunded debt
$4,894,611
4,156,345
$996,489
27,969
1,056
132,501
$559,751
54,188
4,206
S.
t
176,670 shares
Income from utility operations
Co., Inc. (& Subs.)—Earnings—
expense
(Huron,
Other miscellaneous income..
3529.
Amortization of patents
on
Detroit Edison Co.
,
Operating profit
Amortization of development
Co.
12 Months Ended May 31—
integral part of the flywheel to provide cooling, the cars are said to be
able to travel up to 50 miles an hour and to go 50 miles on a gallon of gaso¬
line.
They carry fuel tanks with a Capacity of four gallons.—V. 148, p.
Costs and expenses
Service
"
Gross earnings from utility operations...
Powered with two-cylinder four-cycle engines, with a suction blower as
1938
85 different
Earnings for Period from Nov. 1, 1938, to Feb. 25, 1939
an
$6,053,945
5,057,456
Public
.
Earnings per share
—V. 148, p. 3060.
,
1939
'•
than
circulation.
Dayton Rubber Mfg. Co. (& Subs,)—Earnings—
to sell at $325 at the factory at Richmond, Ind., it is expected the delivered
price here mil be about $360 to $365.
Servicing facilities will be handled
by the Crosley Distributing Corp., of which Fielding Robertson is the
general manager in the New York area.
The car comes in two models—two-passenger and four-passenger.
Both
will be offered at Macy's next week, witty one car displayed on the street
floor and others on the sales floor, at the basement level.
'
The cars, 10 feet long, 4)4 feet wide and weighing about 925 pounds,
were introduced at the Indianapolis Speedway late in April.
They have
three speeds forward and reverse, four-wheel brakes and come in con¬
vertible models with "one-man" tops.
$5,525,355
and depreciation.
4,965,604
national
Net income after charges
area
.....
of
was
This was
See North Dakota Power & Light
Co. below.
would be for cash and that there would be no "trade-ins." ofused cars.
He
was not certain at what price they would be offered, but as the car is made
Crown Cork & Seal
subsidiaries
share, respectively, based
2120.
p.
Dakota
Crosley car, developed and recently introduced
by Powel Crosely Jr., on that day will go on display in the stores of R. H.
Macy & Co., Broadway and 34th St. and theL. Bamberger Co. in Newark.
J. P. Kasper, executive Vice-President of Macy's, explained that sales
-3 Months Ended March 31—'
of
Name—
trust
The new small
Net sales...
consolidated
common
on Dec. 15, last; 50 cents, paid on Dec. 15, 1937 and an initial
dividend of 50 cents paid on Dec.
15, 1936 —V. 148, p. 2739.
will begin on June 19 the
part of their varied merchandise, it was disclosed
as
its
and $908,963 for 1936.
$1 paid
Crosley Corp.—To Sell Car§ Through Department Stores—
on
and
Directors on June 8 declared a dividend of 50 cents
per share on the class A
stock payable July 15 to holders of record June
30.
This compares with
Manufacturers Trust Co. is New York Transfer Agent for 600,000 shares
of capital stock of this corporation.—V. 148, p. 3529. '
sale of automobiles
Press
,Curtiss-Wright Corp.—To Pay 50-Cent Class A Dividend
1939.
Department stores in the metropolitan
more than
Among the magazines are "Good
Housekeeping," "Liberty," "Cosmopolitan," "American Home," "Life"
(Eastern^edition), "American Legion Magazine," "Harper's Bazaar,"
House Beautiful" combined with
"Home and Field," "Etude Music
Magazine," "Country Life" and the "Sportsman," "Motor," "American
Druggist,
"Boy's Life,". "Architectural Forum" and
»*—
Exchange has authorized the listing of 600,000
in exchange for the presently outstanding
shares of capital stock
Cuneo
cents per share each have been
paid thus far in 1939.
At the present time the
company is printing, more
magazines
Corp.—Listing—
Stock
On April 15,1939,
common shares outstanding at the close of each
year.
on the common stock amounted to $1.60 per share in
1936, $3.25 in 1937 and $2.75 in 1938.
Two quarterly dividends of 75
option ^-that the above-mentioned shares were delivered from shares re¬
purchased in 1935 at $9.50 per share and held in treasury against the
option.—V. 148, p. 2738.
The
consti¬
now
Diyjoends declared
purchased at $10 per share under option granted
President, leaving 10,000 shares subject to .such
Nolte,
the number
oo
common shares were
B.
the
$1,025,201 for 1938, $906,709 for 1937
equivalent to $5.05, $4.36 and $4.54 per
The company has notified the New York Stock Exchange that on May 11,
Charles
1900,
or the business of the
company and its wholly-owned subsidiaries was
being done under term contracts, the
unexpired portions of which exceeded
years.
The company and its
wholly-owned subsidiaries have five
plants in Chicago and other plants in New
York, Philadelphia and Mil¬
waukee.
,
to
established in
was
newspaper supplements.
40 /b
Company on May 26 announced that an initial dividend of $2.19 per
on the first preferred stock, an initial of
$1.76 per share on the second
pref. stock and an initial of $1.32 oer share on the third pref. stock has been
declared, ail payable July 1 to holders of record June 15.
These dividends
are for the period from Jan.
23.1939, to June 3
1939.—Y. 146, p. 1070.
13,000
Press, whose business
its
two
share
of Options—
with
wholly-owned subsidiaries, one of the largest commercial
pnntmg enterprises in the world.
The larger part of the business consists
or printing and
binding of magazines and periodicals of large and established
circulation, of mail-order and other
catalogs, and the production of roto-
Craddock-Terry Corp.—Initial Preferred Dividends—
Crane Co —Exercise
approximately 20% of the company's voting stock,
retaining more than 50% control.
Cuneo
tutes,
Coty, Inc.—Transfer Agent—
The Chase National Bank of the City of New York has been
transfer agent for the common stock $1 par value.—V.
148, p.
3685.
$99,256
-1938
1939—9 Mos.—1938
$138,035 loss$251,759
$52,331
last and
$34,648,232 April 30,
1938.
Investments carried in the balance
sheet at $42,161,328 had a market value of $35,509,135, against $37,835,120
and $29,371,912, respectively, April 30, 1938.—V. 147, p. 3909.
Transfer A gem—
The
First
National
Bank
of
Jersey City has
;agent for the company.—V. 148, p. 1474.
Cuban Atlantic Sugar
been appointed transfer
Net
Co.—May Reduce Stock—
Directors on June
12 voted to lay before stockholders at a meeting on
of the company by $2.50
share and distribute that sum as a capital repayment on July 14 to
stockholders of record July 10.
The company's outstanding capital stock amounts to 714,000 shares of
$7.50 par.
The proposed repayment would reduce capitalization by
June 28 a proposal to reduce the capitalization
per
$1,785,000.—V. 147, p. 4052.
Cuneo
Press,
Inc.—Stock Offered—Hemphill,
ing on
.accrue
Noyes &
The offering does not represent any financ¬
the part of the company, nor do any of the proceeds
to the company.
The 40,000 common shares repre¬
Co.—Earnings-
1939
1938
1937
1936
profit after deprec.
$139,585
Shares capital stock
standing
Earnings per share
—V. 148, p. 3220.
$80,176
$350,957
$209,623
280,426
$0.50
and taxes___—
281,426
280,426
$1.25
206,195
$0.86
out¬
$0.28
Dominion Square Corp.—Plan—
compromise or arrangement will be submitted to a meeting of
first mortgage bonds which will be held pursuant
to an order of the Superior Court of the District of Montreal.
The effects of the plan if consummated may be briefly summarized as
A plan of
Co. offered June 16 at $53 per share 40,000 shares (no par)
common stock acquired from John F.
Cuneo, President of
.the company.
Doehler Die Casting
3 Mos. End. Mar. 31—
.
the holders of the existing
follows)
(a) The existing first mortgage bonds and all interest thereon will be
eiftinguished and canceled, aqd the holdbr of each $1,000 first mortgage
in place thereof $750 of new first (closed)
bonds will be entitled to receive
mortgage 4% bonds, due
stock of the company.
1959, and 10 common shares (no par) of the capital
of
Patoka bonds have consented to the revisions required under the plan
consolidation.
Ml
The new corporation will have 142,265 shares of all common stock.
It is expected that this stock will be listed on the New York Curb Exchange.
Conditional approval has already been given by the Exchange.
mortgage bonds
The 10,000 7%
3,100 common
of the company
authorized and outstanding, will be extinguished and canceled. The remain¬
ing 46,900 common shares will be delivered to the existing first mortgage
bondholders on the basis above outlined.
The capital representing the
remaining 46,900 common shares will be reduced to $703,500 subject,
however, to waiver or modification of this provision by the protective
The presently outstanding $2,971,000 634% general
thereon will be extinguished and canceled.
cumulative redeemable preferred shares (par $100) and
shares (no par), being part of the 50,000 common shares
(b)
and all interest
large coal
Directors have
stock, payable July 1 to holders of record June 23.
This compares
40 cents paid on April 18, last; 50 cents paid on Dec. 15, last,
Dec. 30, 1937, and regular quarterly dividends of $1 per share
distributed.—V. 148, p. 2266.
and Payable.
Erie RR.—-Trustee Seeks to Declare Bonds Due
Bankers Trust Co.; trustee under the refunding & improvement
has filed a petition in Federal Court, Cleveland, seeking to de¬
clare bonds issued under the mortgage to be due and payable.
In the petition, Bankers Trust Co. alleges that Erie defaulted on payment
of interest due April 1, 1938. on $50,000,000 of refunding & improvement
mortgage 5% gold bonds, series of 1930.
the Re¬
of 6% gold
received from other
holders in principal amount of $5,025,000, asking that Bankers Trust Co.,
trustee, declare outstanding bonds to be due and payable.
The mortgage
provides that when holders of more than 25% of bnods outstanding object
after interest payments are not made, the trustee of mortgage may declare
all bonds due and payable.
The petition says that requests from the RFC
$34,649
$0.20
__
as
.
Duff-Norton Mfg, Co.-—Pays 30-Cent Dividend—
paid a dividend of 30 cents per share on the common stock,
par value, on June 10 to holders of record June 7.
This compares with
25 cents paid on March 10, last; 50 cents on Dec. 10, 1938; 25 cents paid on
Sept. 10 and on June 11, 1938; a dividend of 40 cents paid on March 18,
1938; dividends of 50 cents per share paid on Dec. 28, Sept. 15,.alnd on
June 15, 1937, and a dividend of 40 cents paid on March 15,1937.
Inaddition an extra dividend of 25 cents per share was paid pn Sept. 15,
.1937.—V, 148, p. 3608.
East Kootenay
Hearing on the petition
Gross earnings
"" '
v
-•
Claims—
15,194
15,232
RR.
The common1 stock, par
the New York
stock, par $5, payable
3062.
Committee—.
*•
.
application has approved Herbert Riheldaffer and
as additional members of a protective committee for holders
refunding and improvement mortgage 5% bonds.—V. 148, P. 3530.
.
Light Corp. (& Subs.)—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
Period, End. April 30—
Subsidiaries—
.
.
Oper.exps.,incl. taxes.- 14,885,628
Prop, retire. & deplet.
Net oper. revenues--.
«
1,122,175 $30,160,830 $34,102,226
$7,933,257
plants
(net)
15,430,488
—
—
.
2468
.
income$7,933,257
Oprrating
—
Other inc. deducts,
76,514
change the name
the change was to
taxes
—
3,032,526
_
_
—
_
constructs
Balance-
-------
Pref. divs. to public.—
Portion applic. to min.
.
$4,087,702
1,971,618
486,324
286,577
Cr23,147
1,995,155
xl,483,505
.
.
:
Net equity of El. Power
& Lt. Corp. in inc. of
subs.-..
——
Otherincome
145,482
136,348
$53,852
.36,563
$54,336
49,066
$81,950
$17,289
1,362
$5,270
578
$18,651"
46,286
$5,849
150,000
200,000
$214,937
1,627,970
$455,803
2,083,773
$1,413,033
$1,627,970
Deficit--
.
.
—
Miscell. deductions-.
$9,744,239
/
—
$2,188,382
►
,552,344
1,196
—_
— —
—
Balance, deficit— —
Previous surplus,—-
,
$9,744,239
611
•-
Surplus--..
—
$2,035,963
" 50,628
414,148
!, 188,382
44,786
415,151
$6,553,540
283,757
1,657,665
59,744,850
197,795
1,617,281,
—-
4
1937
51,075
1,279,319
141,571
prof$31,990
69.750
$30,875prof$101,740
307
215
,
249,954
$31,090prof$101,433
420,841 Cr2,498,742
200.000
200,000
-
$651,932sur$2400,175
2,735.705
335,529
$2,083,773
$2,735,705
Balance Sheet Dec. 31
Liabilities—
'
1938
1938
1937
.-$2,500,000
xPlant
$2,758,148 $2,962,988 Capital stock.
42,458
Taxes accrued
Other investments 1,115,850
1,116,165
140,659
Deferred debits—20,300
9,334 Deferred credits61,098
Accounts payable
Accts. receivable..
78,104
37,414
1,413,033
Mat'l & supplies..
36,379
34,803 Surplus
Cash
148,469
134,744
1937
.
"
Assets—
Total.--..
_
—
'
$2,035,963
;
Exps., incl. taxes.
Int. & other deductions.
—
Total deficit-.---
.
$1,226,332
876,379
--
-
Operating deficit—-
184,855
$6,552,344
-
—
157,292
246,512
-
Amortization.
0107,969
268,095
56,824-
$2,188,382
1935
$1,452,881
Taxes-------
;
in inc. of subs_._$2,035,963
1936
$1,271,553
1,217,155
Otherincome—
Corp.
El. Power & Lt. Corp.-—
—
$2,500,000
32,812
—
76,536
58,130
.
Bal. carried to consol.
--
earned surplus..—
$1,571,187
$1,728,445
$4,612,118
$7,929,774
representing non-recurring charges during the quarter
1937 for reorganization expenses of certain subsidiaries.
Staterrient of Income (Company Only)
Period End. April 30—
1939—3 Mos.—1938
1939—12 Mos.—1938
Gross inc.: From subs...
$539,602
$532,090
$2,223,191 $2,069,476
Includes $418,505
x
ended Dec. 31,
1,196
Other
Exps., incl. taxes
Int. on gold debs.,
series, due 2030
Int. on Power
...
611
$532,090
44,786
$2,224,387
283,757
$2,070,087
197,795
387,500
387,500
1,550,000
1,550,000
5%
Securities'
17,687
67,255
x28,064
9,743
38,974
38,974
of debt disc't &
gold debens
9,743
Other int. deductions
592
592
& exp. on Power
Securities Corp. bonds
Prem.
55
Net income.
x
844
243
$72,153
Represents interest from Dec. 8,
assumed by this
t
221
$74,826
retired
1937,
on
$282,965
$255,011
which date these bonds were
company.—V., 148, p. 3374.
amortization of
p.2244.
After
$4,157,250 $4,295,449
$7,370,298 in 1937.—
Fairchild Aviation Corp .— Unfilled Orders—
April 30, 1939, were $1,368,234, as compared with
$1,102,746 as of April 30, 1938 and $1,070,338 as of Dec. 31, 1938.
These
are gains of 24% and 27%, respectively.—V. 148, p. 3531.
Unfilled orders as of
Works—Special Meeting—
special meeting on June 19 (not June 23,.as
previously announced) to consider amending the articles of incorporation
to change each five shares of the company's presently authorized
common stock without par value into one share of common stock of the
par value of $1 per share or without par value (as may be determined at
the meeting) and to provide that the total authorized capital stock shall
be 270,000 shares; and that the common stock shall have full preemptive
rights effective at such time as the board of directors shall determine
(but not later than one year from the date of this meeting).
Also to
authorize the board of directors, in their discretion, to take such action
with respect to the present stock exchange listings of the company.
V.
Federal Screw
Electric Shovel Coal Corp .—To
so
as
148, p. 3374,
3221.
Fikany Shoe Co.
Consolidate— New Name
held June 15 adopted
the plan to consolidate company with Patoka Coal Co. of Delaware, Inc.,
by more than the necessary two-thirds of both preferred and common stbckholders.
The plan had already been adopted by the stockholders of Patoka
Coal Co. of Delaware, Inc.
More than 90% in principal amount of the
Stockholders of this corporation at a special meeting
x
Total —
$7,522,703 in 1938 and
$4,157,250 $4,295,449
Total
V. 147,
1,627,970
Stockholders will hold a
16,258
series
exp. on
,
$539,602
50,628
Corp. coll. trust gold
bonds, American 6%
Amort,
.
$1,270,141
1,178,995
1938-
Calendar Years—
Gross operating income.
Oper. and general exps__
of Electric
Lt.
.*
-
Line Co.—Earnings—
Dividends
2,000,034
1,326,859
Cr73,203
$4,216,824 $14,706,912 $17,833,950
1,971,618
7,886,473
7.904,856
80,121
interests
Net equity
Power &
..
Name—
Esquire-Coronet, Inc., above.
Eureka Pipe
861,103
418,008
139,728
58,090,909 $30,227,189 $33,932,585
3,124,331
12,266,587
12,727,944
486,509
293,557
CY1.484
&c.)
Other deductions.
Int. chgd. to
See
it was stated.—V. 148.
.
Surplus adjustments—-
110,961
$7,898,810
Int. on long-term debt. _
Other int. (notes, loans,
.
Esquire,' Inc.—New
-
—
Gross income--.
and trademark purposes,
'Esquire" for copyright
3531.'./
p.
$8,122,175 $30,160,830- $34,104,394
108,462
484,367
689,294
incl.
corporation, „at the recent annual meeting, voted
of the corporation to- Esquire, Inc.
The reason for
afford the company wider protection of the name
Stockholders of the
to
•
Otherincome--
B. P.
of the
Inc.—Changes Name—
Esquire-Coronet,
58,600,405
15,798,486
4,114,021
approps
Rent from lease of
,
58,680,555
14,294,353
3,858,518
reserve
.
The ICC upon
Lester
r$26,677,403 $26,530,549 $104639,871 $108133,119
Operating revenues
to apply to the
abandon operation of the road.
is scheduled to be held in New York on June 21.
The protective committee for holders of Erie RR. refunding & improve¬
ment mortgage 5% bonds announces that Herbert.Riheldaffer, Vice-PTes.
of the First National Bank of Homestead, Pa., and Bernadotte P. Lester,
President of Lester & Co., Los Angeles, have been appointed members of
the committee. Gardner B. Perry is Chairman and N. S. Hall, Vice-Chair,
of the committee, which also includes Paul S. Bair, C. Shelby Carter,
Ferd. J. Collins and W. H. R. Unger.
-
directors have
Electric Power &
Avon Genesed & Mt. Morris
and directs Erie trustees to continue
of the road for the account of the Avon until abandonment is
Hearing on this petition
Auto-Lite Co,—Larger Dividend—
declared a dividend of 75 cents per share on the
July 1 to holders of record June 23.
This
compares with 50 cents paid on April 1, last, and on Dec. 23, 1938; 25 cents
paid on Oct. 1 and on April 1, 1938; 40 cents paid on Dec. 27, 1937; 80 cents
paid on Oct. land July 1,1937, and 60 cents paid on April 1,1937.--V. 148,
p.
Cleveland,
Paul Jones of . Federal Court,
be impracticable for
its own railroad
ICC for right to
Electric
The
common
signed by Judge
that it would
Co. to operate
operation
authorized by the Interstate Commerce Commission.
Erie trustees have filed petition seeking court authority
Stores, Inc.—Removed from Listing, &c.
$2, has been removed from listing and registration
Curb Exchange.—V. 148, p. 3530.
Edison Brothers
on
order
An
decrees
outsider.
Abandonment—
Avon Geneseo
2122.
—V. 148, P.
and operated
Cleveland, for appointment
road. Ac¬
York hasof both
between the two roads which were
York RR. Co., controlled
roads, it is desirable that agreements
basis of the claim should be examined by an
$30,199
-
—- — -----
Net earnings
Jersey & New
Trustees of New
$45,431
$27,392
Operating expenses
York.
Seek Expert to Examine
by Erie, have filed petition in Federal Court,
of an expert to examine Erie's claim for $5,803,984 against the
cording to the petition, special counsel for New Jersey & New
advised Erie trustees that, because the same persons are officers
'' 19.38
1939
$42,586
.«
;
& New York Trustees
New Jersey
Power Co., Ltd.—Earnings-
April—
represent more than the 25% figure.
has been set for June 21 in New
and other holders
Company
no
Month of
' /'-'V
■
The petition further says that a letter has been received from
construction Finance Corporation, as holder of $29,500,000
bonds, series of 1932, and similar requests have been
89,170 shs. common stock (par $10)
.
v:" :'
.
$115,079
$0.27
mortgage,
"
'
income taxes.-..
Earnings per share on
147, p. 3910.
—V.
$70,589
$0.17
The
connection with the plan and the carrying out thereof.
(f) The present directors of the company will retire and be replaced by a
new board nominated by the protective committee.
The committee has approved the plan and recommends it to the depositors
and to the holders of the existing first mortgage bonds.-—V. 147, p. 888.
Driver-Harris Co.—Earnings—
Earnings for 3 Months Ended March 31, 1939
Net profit after charges and Federal
•
1938
$84,343
interest,
$0.20
Earnings per share
—V. 148, p. 2266.
1937
1939
Ended April 30—
Net profit after depreciation,
Federal income taxes, &c
incurred by the general mortgage
$1,000 in the aggregate)
Corp.—Earnings-
Emporium Capwell
Three Months
including
(not exceeding
bondholders in
with
$1.50 paid on
previously
.
,
of Ayrshire Patoka
Electric Vacuum Cleaner Co.—Irregular Dividend—
declared a dividend of 60 cents per share on the common
The company will pay $150,000 to the holders of the general mortage
consideration of the surrender of the general mortgage bonds for
extinction and cancelation and of the delivery to the company of all the
preferred shares and the common shares now outstanding to be dealt with
as indicated above.
*
(d) Upon consummation of the plan the capitalization of the company
will consist of—
.
.
$3,517,500 first mortgage 4 % bonds due 1959 (new bonds), and
, .
46,900 shares of common stock (no par).
.
all of which will be delivered in accordance with the foregoing to the existing
first mortgage bondholders on the basis above indicated.
(e). The company will pay all the expenses of the reorganization,
the compensation (not exceeding $8,000 in the aggregate) and the expenses
of the protective committee for the 1st mortgage bonds and the expenses
(c)
bonds in
,
Collieries Corp., the new corporation
1939. The new company
of Indiana and one of the
mining companies in the Middle West.—V. 147, p. 2682.
Operations
formed by the consolidation, will start July 1,
will be the largest producer of coal in the State
committee.
.
June 17, 1939
Chronicle
Financial
3686
L. C. Percy &
mon
of New York, Inc.—Stock Offered—
recently offered 15,347 shs. class A com¬
shs. class B common voting at $10 per share.
Co., Rochester,
non-voting and 1,450
Stocks
are
offered as a
Company was
speculation.
organized in New
^
^
^
.
.
,
.
York Oct. 24, 1938, and by charter is
or Territory of the United States or
corporation are James A. Fikany of
authorized to do business in any State
elsewhere.
The promoters of this
Volume
Chronicle
Financial
14C
Carbondale, Pa., and the Fikany Shoe Corp. of Scranton, Pa.
This
Fikany Shoe Corp., although a promoter, has no interest in this corporation
and is
That bondholders do not receive new first mortgage bonds in the
same principal amount and that
their security is proposed to be divided
up mto first and second mortgage bonds.
(b) That no provision is made for a fixed rate of interest as well as
interest which shall be payable based on the
earnings of the property.
in the process of dissolution.
now
Corporation
was organized to acquire the lease, franchise and rights to
a net sell women's shoes from James A. Fikany of Carbondale,
Pa., under patent on an adjustable arch support, No. 2,044.751, issued
June 16, 1936, and under a patent On last, No. 2,044,676, issued June 16,
manufacture
This is
a
new
plans to
(c) That, though bondholders
^
"It is
enterprise and this corporation will be the first to enter
move into immediate
of
production with C. P. Ford Co., Roches¬
segregated
Under
\
Earnings
—V.
per
147,
share.
3911.
1
_
;
Co.—Earnings-—
§ Months Ended April Zti—
the status,
earnings, operations and future prospects of the property
s
Fundamental
First
Investors, Inc.—Transfer Agent—
National
Bank
of Jersey
agent.—V. 148, p. 3532.
Gabriel
City has been appointed transfer
'
Co.—Earnings—
Quar. End. Mar. 31—
.
1938'
1939
$6,772
b Net loss-.
1937v
b$199,607
dividend of 25 cents per share on the
stock, payable July 1 to holders of record June 20.
$9,124
21,188
$58,933
16,149
4,282
$10,231
$42,783
Drl,928
$2,764
J>519
Railway operating inc.
Cr90
,
stock, payable July 10 to holders of record June 30.
was paid on June 11, 1938.
-
Other income
$40,855
2,690
x$12,721
6,514
$5,007
$43,545
x$6,207
2,589
7,501
2897.
$2,855
2,152
601
$10,313
_
\
,
2,953
'
:•
_
'
t.-
,
fixed
available
charges
1939
1938
1937
•
$225,440
$265,879
472,982
.472,982
472,982
Earnings per
$0.10
$0.29
$0.37
xAfter charges and Federal taxes (est;).—V. 148, p. 1028.
$136,938
par)
share..'
Com. stk. outst. (no
General Fitiance
$7,360
$36,044
550
550
12,079
Rent for leased roads.._
Interest deductions
$2,418
12,712
2,775
59,231
2,464
Other deductions..
493 ;
Def. after fixed ch'ges
'
x
Indicates loss.—Y.
$5,762
493
.
$28,426
$11,336
x$l2,783
2,928
61,878
2,464
Years Ended March 31—
General Motors Corp .—^Overseas Sales—
and trucks to dealers in the overseas markets
during May totaled 32,293 units, representing an increase of 2.3% over
Net income from operations
Other income
1
Sales of General Motors cars
19.38
1937
$5,344,103
5,200,728
$5,527,499
5,258,950
$5,155,768
4,771,435
$143,376
$268,549
1939
>.
expenses
.....
•
"
41,347
Deductions from income..
Provision for Federal income tax....
Surtax on undistributed.profits
Net income
$175,115
12,893
27,092
*
$309,895
•
$135,129
Common dividends
„
Preferred stock class A dividends
Preferred stock class B dividends
_
_
20,305
40,576
31,200
$217,815
73,350
.
.
$384,334
37,282
$421,616
5,923
62,350
24,350
$328,993
149,102
_
74,006
58,689
14,222
sales in
May of last year.
months of 1939, sales of 163,794 units represented an
sales in the first five months of 1938.
For the 12 months through May, ,1939, sales totaled 356,266 units—a
decrease of 3.9% from the volume in the 12 months ended May 31, 1938.
.
In the first five
increase of 1.3% over
These figures include the products
of the corporations American,
Canadian, English, and German factories sold .outside the United States
and
Canada.—V. 148, p. 3532.
General Railway Signal
Quar .End. Mar. 31—
,1939
Co.—Earnings—1938
1937
NtL'« A?"-"!-$71,867
BrSnPs7ock." •
Nil
x
Balance Sheet March 31,1939
Indicates
Assets—Cash, $97,266; accounts and notes receivable (after reserve for
doubtful accounts and notes of $26,737), $630,409; inventories, $137,679;
$21,398; investments, $213,607; plant and equip¬
ment
(after reserve for depreciation of $537,103), $3,254,025; prepaid
rentals, insurance, taxes, &c., $219,057; leaseholds and goodwill, $1; total,
$1,573,411.
Liabilities—Notes payable, $262,750; accounts payable, $191,693; ac¬
crued taxes, $65,401; sundry accruals, $57,246; provision for quantity dis¬
counts, $37,167; dividend payable, $18,298; plant purchase obligation,
$3,928; unredeemed scrip, $222; long-term liabilities, $48,503; 6% class A
preferred stock (par $25), $1,218,375; common (par $2.50), $1,521,438;
capital surplus, $24,313; earned surplus, $1,124,107; total, $4,573,441.—V.
147, p. 2684; V. 145, p. 112.
Forty Wall Street Corp,—Independent Committee Objects
Proposed Reorganization Plan—
....
x$37,829
Nil
>
$171,683
$0.01
Nil,
profit.—V. 148, p. 881.
Georgia & Florida
RR.—Earnings—
—Week Ended June 7
1938
1939
Operating revs, (est.)—
—V. 148, P. 3532.
$18,300
$18,525
independent bondholders' committee for the 1st mtge. bonds has
issued a letter in which it objects to certain terms of the plan of reor¬
ganization which the corporation receptly submitted to the bondholders
for their consideration.
'
,,
It is-the opinion of the comittee that it is necessary that certain changes
and amendments be proposed to this plan of reorganization because it
contains a number of objectionable features which make it unsatisfactory
rom the point of view of the bondholders.
Among these are:
Jan. 1
1939
to June 7—
1938
$427,713
$428,939
Glidden Co —Earnings—
$21,061^398 $21,023?075
20,205,765
Dnpratincr income
....
...
Deviation ana depletion—
Federal income tax,
&c
—I":
»-
3i;foo
mess
346,747
now
—-----
v.wjl
------
——— — — — — — — —
829,989 shares common stock
—
$492,172
hS.bio
r-.---"
Credit,—Excess Federal tax provision
Earnings per share on
(no par) —
—V. 148, p. 3377.
166,040
$1,017,374
T>Pnfit
profit
$326,132
161,741
-
Net
20,696,943
$855,633
Costs and expenses
The
1936
x$708
.
long-term receivables,
to
1938 period.—V. 148, p. 1804.
General Gas & Electric Corp.—Annual Meeting Adj'd-*—
The annual meeting scheduled to be held on June 14 has been adjourned
toJune21.—V. 148, p. 3376.
Fos ter & Kleiser Go .—Earnings—
Operating
1939
1938
$160,000
$136,000
months' period totaled
^
purchases of receivables in the six
$17,416,963 against $8,773,578 in like
'
472,982
$0.51
$80,053
148, p. 3064.
Income from operations
Company's
1936
$327,778
Corp.—Earnings—-
31—
Estimated earnings after provision for taxes.. — -
for
...
>:''-
(Including Wholly-Owned Subsidiary)
Profit
6 Months Ended May
*
r
Inc.—-Earnings—^
Quar. End. Mar. 31—
reductions from
income.
Transportation Corp. (& Subs.)—
General Cigar Co.,
6,576
$9,712
i_
the common
on
Dividend of 17 cents
1938
1937
1936
$845,372 $1,120,000
$308,025
1,022,095
1,017,603. .
848,003
$0.82
$1.10
$0.36
depreciation, interest and Federal income taxes.—V. 148, p.
x$12,064
Dr657
share
Quar. End. Mar. 31— •
1939 '
b Net profit.._r_j
,
$535,546
Shs. of cap. stk. outst'g.
1,032,315
Earnings per share.____
$0.52
x
Net railway oper. incomei
*
Capital Corp.—ToPay24,-CentDiv.—
General American
1939—5 Mos —1938
$224,228
$198,630
165,296
189,506
$7,046
'3,175
'
■
General American
Directors have declared a dividend of 24 cents per
'
Income
b After taxes,
Galveston-Houston Oil Co.—Initial Dividend-—-
participating provisions of
$13,406
_
.,
Directors have declared an initial
common
b After
_
.
1936
$8,022
a$10,182
$16,280
a Profit, before Federal income taxes and Federal surtax,
interest, depreciation, &c.—V. 148, P> 1323.
.
from ry. oper.
new
delay.
"switching" into larger thrift plans, which resulted in the absorption
substantially all of the equity in the accounts of the thrift plan holders
larger.service fees and charges.
The defendants, it is charged, made various misrepresentations to in¬
veigle the certificate holders, among whom were several hundred members of
the clergy, into surrendering their old certificates and contracting for the
larger certificates.
Among the misrepresentations charged to have been
made by the defendants were statements that the face value of the cer¬
tificate was not being enlarged, but that the change was merely in the
method of payment, that there were no new costs involed, that the trustee,
a prominent New York bank, was recalling all the old certificates, and that
by changing into the new and larger certificates an apparent profit in the
account could be maintained or loss recouped.
The conspiracy to violate
Section 5 of the Securities Act of 1933, it is charged, involved the failure
on the part of the defendants to deliver prospectuses upon the initial sale of
these securities, as required by law.
:
1
1938
a$503,556
1939—Month—1938
$46,322
$42,723
32,915
35,677
or
to meet the new and
f
Railway tax accruals.
*—•
enable the
litigation
of
:
Period End, May 31—
Operating revenues
1
Railway operating exps.
Total income,
This will
and
Fonda, Johnstown & Gloversville RR.—Earnings—
Miscel.
plan.
of the Securities Act of 1933.
The indictment alleges that the defendants conspired to defraud holders
of thrift plan certificates of Foundation Plan, Inc. by means of "reloading"
i
---.
Net rents..
that
Metropolitan Manager; Benjamin Blumenthal, former State Agent for the
company for Massachusetts, together with Foundation Plan, Inc., United
Endowment Foundation, Inc., its predecessor, and Foundation Plan, Inc.,
a subsidiary for conspiracy to violate the fraud and registration
provisions
$0.53
—V. 147, p. 3532.
rev.
in
course,
of Foundation Plan, Inc.; Kirk C. Tuttle, former Secretary of the company;
James J. Connor, former Vice-President of the company; Jerry Scott, former
,
1939
The net profit of $503,556 is equal under the
'
to
Foundation Plan, IncPromoters Indicted—
the shates, to $1.26 a share on 236,293 shares of class A common stock and
to 63 cents a share on 327,414 shares of class B common stock,
b Equal to
50 cents a share on the class A and 25 cents a share on the clsas B stock.
Net
referred
a substantial amount of cash without
circumstances, of
The Department of Justice and the Securities and Exchange Commission
.
.
*
Federal and State income
taxes,&c_
'
modification of the
no
.
Net profit after deprec.,
\
letter, "that there be
announced June 8 that the Federal Grand Jtiry for the Southern District
of New York has indicted Harry C. Williams, until last December, President
p.
Florsheim Shoe
a
_
_
says the
specific changes and modifications to the
plan.
The committee proposes to discuss these with the corporation and
Starrett Corp., in order, if possible, to reach an agreement on a plan of
reorganization which should be satisfactory to all parties.—V. 148, p. 3221.
1938
$2,429,738
1,941,303
1939
$2,851,538
1,936,458
$0.75
taxes,„&c
pro¬
no
to enable it to recommend certain
Subs.)—Earnings—
6 Moriths Ended April 30—-
cash
obtain
such
The
Netafter depreciation, interest, Fed.
Shares common stock outstanding.
stock,
common
respect
to
15,347 shares of class A non-voting common
stock, together with the 1,450 shares of class B voting common stock, are
offered at $10 per share.
An amount of 6,650 of class A non-voting com¬
mon stock and 1,550 shares of class B voting common stock are under the
option and exchange for services and contracts as follows: 1,450 shares of
class B voting stock common, and 2,550 shares of class A non-voting
common stock, were given to James A. Fikany, plus a royalty of 50 cents
on each pair of women's shoes manufactured and sold, in exchange for the
exclusive franchise and lease to manufacture and sell women's shoes under
patents on last and adjustable arch support, granted in the name of James
A. Fikany.
For the sum of $1, James A. Fikany sold to the corporation all
dies, lasts and arches previously held by him.
James A. Fikany is also
granted option to purchase 3,000 shares of class A non-voting common
stock at $10 per share,' or any part thereof, to be paid in cash at any time
within a period of three years from date of registration with the Securities
and Exchange Commission at Washington, D. C.
As part compensation for the sale of stock, 100 shares of class B common
and 100 shares of class A common were given to L. C. Percy & Co. , Roches¬
ter, underwriters, together with an option to purchase 1,000 shares of class A
common at $10 per share, to be paid in cash at any time within a period of
three years from date of registration with the SEC.
Both Mr. Fikany and
1». C. Percy & Co, have indicated their intensions to exercise their respective
options for investment and not for public sale.
Underwriting—The sale of this issue has been undertaken by L. C. Percy
& Co.
The underwriter agrees to use its best effort in the sale and distribu¬
tion of the stock and there is no firm commitment on the part of the under¬
writer.
This issue of stock is not being purchased by the underwriter;
the underwriter is to sell such stock on a commission basis.—V. 148. p. 731.
Firestone Tire & Rubber Co. .(&
receive
this jvould in our opinion entitle
Starrett Corp. to consideration in any reorganization of the property."
The committee is now making a careful study of the property and hopes
to be able, within a short time, to obtain detailed information with
"
,
important,"
company to
Fikany was paid 1,450 shares of Fikany Shoe Co. of New York, Inc., com¬
mon stock, class B, voting, and 2,550 shares of Fikany Shoe Co. of New
York, Inc., common stock, class A. non-voting, plus a royalty of 25 cents
per pair of shoes made under the letters patent No. 2,044,751, granted on
the adjustable arch support, and 25 cents per pair of shoes made under the
letters patent No. 2,044,676, granted on last, making a total of 50 cents
per pair of shoes payable to James A. Fikany.
Together with the foregoing
considerations, there was granted to James A. Fikany 3,000 shares of the
common stock class A non-voting under option at 310 per share for a period
•
to
provision contained in the present plan proposed by the owner that Starrett
Corp. will pay over to the new company its distributive share of the $525,647
ter, N. Y., shoe manufacturer.
The license acquired by the Fikany Shoe Co. of New York, Inc., is for
the life of the patents or for the life of those patents eventuating out of
these patents.
For this exclusive license under these patents, James A.
of three years.
Grants and Options—The
are
vision is made to ensure the bondholders
representation on the board of
directors of the new company.
into manufacture and sale of these shoes on a wholesale basis.
Corporation
will be limited to the manufacture of women's shoes under these patents
and
3687
(a)
lr22,59b
$366,147
$12,571
.
. ■■.
JNU
Chronicle
Financial
3688
Utilities Corp. (& Subs.)—Earnings
General Realty &
1938
1937
$140,734
$135,671
Net income after depreciation
27,801
39,248
Company's share of loss of Lefcort Realty Corp. for the March, 1939,
quarter amounted to $81,373 after provision for dividends on preference
.
17,
1939
116,576
2,742
As the result
of
a
reorganization found necessary in 1937, interest was
The first
this year.
fixed at 2lA% with an additional 2)^% payable only, if earned.
additional payment since reorganization was made on April 1
147,
—V.
1926.
p.
Grocery Store Products Co. (& Subs.)—Earnings—
St<There has not been included
in income the share of profits from operations
Corp. which share for the March quarter amounted
$8,972.—V. 148, p. 2897.
Earnings for 3 Months Ended March 31, 1939
of Central Park Plaza
Net loss, after taxes, interest, &c
to
Accumulated undeclared dividends on subs,
(& Subs.)—Earnings—
Gorton-Pew Fisheries Co.
v--~; ———
—-— — -
— —
general expenses.-—... —
Selling and
■
—«-—-■—------— —
goods sold
Cost of
Trading profit—u
Other income-----
Merger—
$122,040
47,642
--
Provision for .Federal taxes—
.
- - — - - — - ——- —
—
$217,145; marketable securities, $280,000; notes and
receivable (after reserve for doubtful accounts of $13,855), $233,569' merchandise & supplies, $810,570; plaijt, equipment & vessels (after
reserve for depreciation of $715,303), $736,334; sundry assets, $126,390;
total assets, $2,404,008.
efficient;"
dividend
payable,
<
Urging the Commission to approve the merger, Southern Ry. attacked the
position of Illinois Central.
/
"Railroading never has been, never will be and never should be altruistic,"
said the Southern.
"Illinois Central properly is looking after its interest.
Gulf Mobile & Northern are looking after their interests.
Each of them
supports the public interest just so long as the public's interest is compatible
with its private interests."—V. 148, p. 3222.
,
,
$104,059;
payable,
has urged the
merger," said the Illinois Central, "will not create one
additional ton of traffic.
It will serve np communities or territories that
are not now adequately served by railroads.
It will not result in any
shorter routes -or in any better service.
On the other hand, a condition to
the success of the merger is the diversion of a very substantial volume of
traffic from the shorter, more economical and more efficient routes of the
Illinois Central System to those that are longer, less economical and less
accounts
Liabilities—Accounts
:
'■
"The proposed
Assets—Cash,
$29,661;
$50,326; common stock (no par, 39,750 shares), $1,323,750- treasury stock (202 shares), $9,345; reserve for contingencies & plant
& vessels obsolescence, $327,946; surplus, $577,611; total, $2,404,008.—V.
147, P. 420.
■
■:
•
,7
'.-v ,''3:
for taxes,
reserve
RR.—-Illinois Central Against
'
system, rather than to strengthen it, Illinois Central System
Interstate Commerce Commission to reject the proposition.
$169,682
25,000
Consolidated Balance Sheet March 31, 1.939
,
$1,743
Mobile & Ohio Railroads was a move to weaken
Net profit-------— ---_ —
.» . $144,682
Di videhds paid- ;—r118,644
'
—
Charging that the proposal to consolidate Gulf Mobile & Northern anp
the national transportation
.
.
Total
■
$531
1,212
148, p. 3377.
Gulf Mobile & Northern
654,891
------
—
- -
$3,824,774
3,047.843
—
—— ———- — — -
—
—V.
preferred stock._
1
Total loss...
Consolidated Incom9 Account Year Ended March 31, 1939^
Net salts.
1939
onds outstanding.
Erevious year. There are approximately $3,200,000 of the first mortgage
(Excluding Lefcourt Realty Corp.]
3 Months Ended March 31—
Net income before depreciation
June
$959,000 from $897,000 in the
1938 was increased to
Gross income in
.
Mining, Smelting & Power Co.,
Granby Consolidated
Ltd.—Earnings—■
1938
1939
Ended March 31—
•„
debenture interest, depreciation,
3 Months
Net income after
depletion, Federal income taxes, &C——
Earns. per sh. on 450,260 shs. capital stk. ('par
~V. 148, p. 2743. '
; ,
■
$5) _
^244
$0.09
declared a dividend of 10 cents per share on the common
payable June 30 to holders of record June 23.
Dividends of 5 cents
were paid in the three preceding quarters; 12^ cents was paid on June 30
and March 31, 1938 and previously regular quarterly dividends of 25 cents
distributed.—V. 147, i>. 1778.
Greenfield Tap & Die Corp.—Earnings—
i.
1938
1937
1936
$277,251
Calendar Years—
i.
——
---------
Total income
$667,946
26,527
$71,104
—
14,200
sales.
Net profit from
Other income
deductions...§^>029
Interestaud other
expense
—
Federal and State income, excess pro-,
undistributed profits taxes
(estimated)---'
profit
103,279
$225,139
-323,609
a5,355
b43,083
prior
v
.
"
years
2.459
'
.
Total---
27.715
$506,735
367,914
loss$2,461
- 730,663
— —
Discount on
$874,648
preferred stock-
$6 preferred stock.—
Adjustments —
— ...- —
----
2,379
Surplus at end'of year....—
a
of $6 preferred
Of 233 shades
$730,663
$367,914
and 1,022 shares of $1.50 preferred stock,
etc
1938
1937
$35,137
— -—
$147,916
$10,001
$103,431; notes and accounts receivable (less reserves),
inventories, $1,349,473; mortgage notes receivable, $17,168;
Assets—Cash,
(treasury stock, 430
investments
and equipment
shares common), $430; property, plant
$2,700,206; prepaid expenses, $11,215;
(less deposit reserve),
total, $4,476,310.
Liabilities—Notes payable,
$265,000; accounts payable, $75,374; accrued
taxes, $17,678; reserve for Federal and State taxes—prior years, $92,145;
capital stock, $3,257,205; surplus, $768,907; total, $4,476,310.
Note—Capital stock consists of 23,000 shs. $6,/pref. (no par); 17,860 shs.
$1.50 pref. (no par), and 139,983 shares common stock (no par).—V. 147,
p.3160.
Greif Bros. Cooperage
1938
;
1936
1937
paid
279,633
271,379
4,534
$582,572
88,203
257,191
6,606
$828,735
95,479
$393,847
CV8.666
V
'
130,048
308,487
032,215
20,000
92,000
$232,764
1,882,181
loss$ 18,914
$189,571
1,841,171
$364,984
1,485,483
$1,822,257
$1,850,467
$1,184,678
76,800
262,400
48,000
$2,012,544
$1,745,458
$1,588,067
To
1938
1939
$568,895
Marketable
Judge George H. Moore at St. Louis has set June 16 as the timewhich interested parties may make a final effort to reorganize the
and
Other assets
143,113
667,795
2,482,620
670,073
2,681,675
162,475
217.94S
261,584
511,626
567,280
1,279,550
1,417,073
1
ment, <fcc
Unexpired
ance
of
Accrued taxes,
reorganization impossible unless at least $500,900 working capital is raised.
The trustee declares in the report, however, that there is no apparent
reasonable probability of securing the necessary combination of adequate
new capital,
satisfactory settlement of debts, and sufficiently long-time
loan, upon which to base a reorganization plan that would embrace all
elements necessary to potential successful operations; therefore, "it is the
opinion and recommendation of the trustees that the trusteeship be im¬
mediately terminated and that debtor be declared bankrupt; to the end that
economical conservation be effected or advantageous disposition be made
of its remaining assets for the benefit of creditors and stockholders," the
report stated.—V. 148, p. 3533.
Harbison-Walker, Refractories Co.
x
Estimated net income.
per
—
143,824
terest, &c—
Acct.
pay.
to
180,860
8,910
29,978
an
Long-term debt
Reserves
Capital stock
500,000
67,925
447,260
407*649
2,491,113
Surplus..
2,012,544
1,745,458
New Chairman—
—
$6,126,693 $6,444,740
Building, a 40-story structure which is
one
of Pittsburgh's
largest office buildings eafned enough in 1938 to pay 5% to the first mort¬
bondholders according to a late statistical report prepared by Amott,
Baker & Co., Inc.
•
'
v
.
12 J. J2. MacCloskey Jr. was
the late ,J. E. Lewis.
Mr.
MacCloskey has been General Counsel for the company.
<
H. B. Campbell was elected a director to fill the vkcancy caused by
Mr. Lewis's death, and was also elected a Vice-President in Charge of
Operations.—V. 148, p. 2428.
At special meeting of directors held June
elected Chairman of the Board to succeed
Plywood Corp. (& Subs.)—Earnings-—
1938
$3,990,055
a
Cost of goods
3,333,414
$611,353
sold
1937
$3,959,029
3,378.702
Calendar Years—
Operating income
$625,615
62,184
128,546
$673,537
Other income
Total..
-
b Selling, general
Other charges
and administrative expenses
-
Surtax
on
$754,161
679,529
133,023
658,816
83,870
900
5,600
undistributed income—
Net profit
-
loss$139,015
$4,974
b Including de¬
properties of $68,028.
$22,336 in 1937.
Balance Sheet Dec. 31, 1938
Including depreciation on mill
Consolidated
Total
Building, Inc., Pittsburgh—Earnings—
Grant
$0.36
preciation of $116,162 in 1938 and
Represented by 64,000 class A shares and 54,000 class B shares, both
par value.—V. 148, p. 1807.
The
$0.77
\
2,491-, 113
69,308
.$6,126,693 $6,444,7401
$0.07
$0.12
stock
After depreciation,
For 12 months ended March 31,
1
gage
1936
$541,100
•.
,
Provision for Federal income taxes
no
Grant
1937
$1,091,800
$142,500
$207,500
on
depletion, taxes, &c.
1939, estimated net profit was $801,400
equal to .46 cents a common share, comparing with $2,182,300, or $1.47 a
common share, for the 12 months ended March 31,1938.
x
a
.
share
(& Subs.)—-Earns.
1938
1939
in¬
insur¬
premiums.
Total
x
Accounts payable.
x
Land,bldgs.,equip¬
1938
$400,000 $1,500,000
89,683
123,043
unconsol. subs..
Goodwill-
the business from liquidation recommended by-the
Notes payable(cur-
companies—•
partly owned
Timber properties.
save
Net sales
1939
rent)
187,160
Inventory
Affil.
$472,156
143,173
at cost
30
Liabilities-
secur.
Notes & accts. rec.
■
Revamp Company-.—
Harbor
Cash
It is expected
The trustees filed a petition in court stating that the distressed condition
of the company's affairs generally combined to make a financially sound
$1,136,678
995,107
A
Consolidated Balance Sheet April
Assets—>
fee.
Hamilton Brown Shoe Co.—Court Allows Until June 16
41,000
48,000
'
.
stock
Balance, April 30.
headed by Stone & Webster and Blodget, Inc., which for
participation to not
that the issue will be offered on June 28."—V, 148, p. 3533.
common
$687,707
122,777
102,400
class
on
group
a
Earnings
—
Total surplus
common
bonds to
such purpose has in thi3 instance consented to limit its
than 5% and to manage the syndicate without a
more
'
"
Divs.
essential investigations of the property and business of the company.
"In order to avoid such delays, it has, after consultation with the of¬
Quar.End. Mar. 31—
'
$2,114,944,
.'
income taxes
syndicate manager's fee the SEC would issue a show cause order for hearjng
determine whether there was liable to be an absence of arm's-length
bargaining * and irrespective, of the outcome of such hearing, this would
cause a delay in the offering of the proposed bond issue..
Also the organiza¬
tion of a new underwriting group would be likely to lead to delay due to
Corp. (& Subs.)—Earnings—•.
1939
6 Mos. End. Apr. 30—
Mfg. profit after deduct,
for
-materials
used,
labor.mfg.exp. & depl.
Depreciation
Sell., gen. & admin, exp.
Other deductions (net)..
Pro v. for est. Fed. Dom.
Net profit...
a
trustees.
Balance Sheet Dec. 31,1938
,
While the directors of Gulf States Utilities Co. know that in fact
arm's-length bargaining in their relationships with Stone & Webster
company
*
$294,386;
there is
within
March 31
1939
\
income taxes
Blodget, Inc., a subsidiary of Stone & Webster, Inc., the opinion of the
SEC stated, that the transaction should be regarded as one not at arm'slength.
Federal
charges and Federal,
Net profit after
participation in any issue of securities by the utility to not exceeding 5%
and- cannot receive any syndicate manager's fee.
In December, 1937.
Stone & Webster,'Inc., distributed to its stockholders substantially all of
its 91% interest in the common stock of Engineers Public Service Co., and,
naturally, there still exist in many instances identical stockholders.
In
view of such fact, in connection with the sale last August of certain bonds
of Gulf States Utilities Co. to a group headed by Stone & Webster and
preferred stock.
Earnings for the Quarter Ended
•
1939, which provides, in
,
_______
$768,907
— — -
$556,562
20,113
168,535
141,984
2,001
'
b Of 664 shares of $6
1,
effect that if after hearing it finds there is liable to be an absence of arm'slength bargaining between the underwriter and a utility under its juridsiction such underwriter, unless there is competitive bidding, must limit his
ficials of the SEC been determined by the company to arrange to sell the
$771,286
——- —-
Dividends paid—8%
effective March
rule
to
— -
-
of year
purchase. —
Miscell. adjust, applicable to
a
and Blodget, Inc. , they recognize that if Stone & Webster and Blodget, Inc.,
would have more than a 5% participation in the new issue or were to receive
fits and
Net
$295,912
27,332
15,727
27,735
Flood
Surplus at beginning
18,661
$694,473
84,459
$86,304
.
issued
SEC
"The
Directors have
share were
necessitate further hearings and consequent delay
in offering the issue.
Doubled—
stock
per
Webster
of underwriters would not
.'.*•■
Rapids Varnish Corp,—Dividend
Grand
$42
$102,748
$0.23
Gulf States Utilities Co.— Underwriter— V'.vJ
V'
President of the company announced June 14 that Stone &
and Blodget, Inc., would head the underwriting group which
will.offer $27,300,000. of first mortgage and refunding bonds which the
company proposes to issue.
Mr. Barnes stated; "Delay in detern inin'g
the underwriters was due to discussions which the con pany has had with the
Securities and Exchange Coirir ission in order to be certain that its selection
D. C. Barnes,
,
.
and notes receivable (after reserve for
$546,951; inventories, $961,196; investment in
Assets—Cash, $88,990; accounts
doubtful items of $38,454),
Capitol Plywood Co., $5,100;
other assets $91,715; land, $27,779;
buildings,
machinery & equipment (after reserve for depreciation of $781,138). $1',033,263; dismantled door factory—land, buildings and appurtenances (after
reserve
for
depreciation of $98,145), $36,096; - patents (less amortiz.),
$4,872; deferred charges, $49,590; total, $2,845,553.
'Liabilities—Notes payable to banks. $375,000; accounts payable, $183,-
434;
wages
payable, $34,113; real and
personal property taxes, $22,159.
/
Volume
Chronicle
Financial
148
3689
Consolidated Balance Sheet Match 31
provision for Federal income and capital stock taxes, $20,959; capital stock
(cumulative convertible preference stock, 98,812 shares, no par, and com.
stock, 138,500 shares, no par (of which 42,487 shares held in treasury),
1939
1938
$
%
Assets—
$2,137,761; initial surplus, $466,187; deficit, $394,061; total, $2,845,553.
—V. 147, P. 1194.
Plants & property
Cash..
1939
Accts.receivable..
3,809,234
3,500,837
1,577,474
Pref. dlv. payable.
Deferred credits..
Invest, securities..
Govt, securities...
315,303
184,043
Market, securities.
38,807
y
Hercules Powder
i
accounts
Mat'ls & supplies.
3,826,667
made June 14
Finished products.
3,903,507
common
Deferred charges..
Goodwill
292,080
1,577,474
21,892
211,082
3,935,131
201,544
3,908,401
4,554,120
177,747
5,000,000
1,377,886
862,408
131,232
131,232
15,279
5,000,000
Period End. Mar. 31—
Net income after all charges & taxes...
—V. 147, p. 2090.
.
$
Accts. pay. & accr.
Co. cap. stock..
Other assets.
Harris-Seybold-Potter Co.—Earnings—
1938
$
Liabilities—
.19,029,907 18,605,724 x Common stock._ 16,945,850 16,945,850
9,930,228
4,631,694 Preferred stock... 9,619,400
9,619,400
1939—3 Mos —1938
9 Mos. 1939
$80,053
$25,954
$85,603
Hayes Body Corp.—Stock Offered—Public offering was
by means of a prospectus of 129,767 shares of
stock ($2 par) by A. W. Porter, Inc., of New York
priced at the market (approximately
33^) on the New York Stock Exchange and have been regis¬
tered with the Securities and Exchange Commission at
Washington.
City.
be
The shares
27,929
Fed'l taxes (est.)..
Reserves
Capital surplus
Earned surplus
Total
x
47,935,179 46,325,6461
Total
Hercules Motors
Net profit
Earns, per sh.
1939
x
x
1938
$124,024
on
stock...
1937
$111,438
$0.02
$0.57
$0.36
Subs.)—Earnings—
1938
Gross profit on sales
on
disposal of fixed assets
;
Shs.com.stk.outstand'g
x
no
$436,166
1,823,170
$0.24
$0.24
share.
After depreciation and
Federal income taxes,
in 1938.—V. 148, p. 3223.
par
stock.
168,188 shs.
$1,478,410
1,688,602
$0.87
Hinde & Dauch
Bond
common
1938
1937
$707,907
170,128
27,333
interest
*•
$510,445
loss
$1,168,506
$987,418
753,853
Cr3,765
647,810
010,205
548,065
012,736
x75,330
xl27,707
102,632
...
Prov.
*
for
Fed.
113,250
Net profit
Cash dividends paid
$291,338
225,000
Earns.per sh. on 300,000
shs.of cap.stk. $1 par.
x
Includes
'
*$237,838
300,000
1939—3 Mos—1938
$0.97
$1.34
i $0.79
.
stock
$664,436
185,146
66,167
$413,123
x
1939—12 Mos.—1938
148,
•_
..
Total income
__i.
Expenses
—
p.
$2.89'
$2.62
—
Indicates profit.—V.
Other income.-
$1.16
V
-
$196,412 x$l,271,150 x$l,402,052'
—.
450,442
450,218
$158,644
outstanding
Sales
2744.
,
Earnings—
1939—3 Mos.—1938
$248,274
$249,809
1,539
1,986
$249,813
237,149'
$251,795
243,745.
,1939—6 Mos—1938
$498,640
3,484
$509,368
4,326
$502,1.24
486,372
$513,694
491,373
,
2,055
13,608
$12,664
1,972
13,393
$15,752
3,992
Depreciation
$1,377 in 1937 and $6,608 in 1936 for surtax on undistributed
.
common
Honey Dew, Ltd.-
$349,456
120,000
$403,194
375,000
1935
$721,872
190,812
63,237
after
Period End. Apr. 30—
State
&
income taxes
profits.
Shares
$1,063,256
_
.
$467,823
•
Holland Furnace Co.—Earnings—
Period End. Mar. 31—
-
—
Gross profit from sales.
$1,180,729
Shipping, advg., selling
& gen. exp.
777,700
Crl ,559
Other income
'.
Assets■—Cash, $277,975; call loans, $142,000; cash surrender value of life
insurance,
$47,890;
accounts receivable
(net),
$284,312; inventories,
$562,014; sundry interest and accounts receivable, $1,768; investments,
$126,804; land, $187,551; buildings (net), $880,738; machinery and equip¬
ment (net), $1,015,820; furniture and fixtures (net), $10,484; real estate
{outside), $16,979; deferred charges, $10,046; total, $3,564,387.
Liabilities—Accounts payable, $188,791; commissions payable, $4,410;
accrued expenses, $4,939; 4% 1st mortgage bonds, $650,000; common stock
(299,933 shares no par value), $1,088*853; earned surplus, $1,627,394;
total, $3,564,387.—V. 148, p. 1479.
Earnings per share..—
1935
1936
$852,576
164,944
41,389
$646,243
.
deprecia¬
tion, taxes, &c
1936
1937
1938
$1.60
stock issued ($5 par).
Balance Sheet Dec. 31, 1938
Net
;
(G.) Heileman Brewing Co.-—EarningsCalendar Years—
stock /,
Paper Co. of Canada, Ltd.—Earnings
Depreciation.....
$622,202
1,823,170
$0.34
Par $1 in 1939 and
y
$270,423
a290,470
$0.50
Calendar Years—
1938
$81,874
$0.96
„
of com.
Stock dividend, 58,094 shares of
Gross profits..
1939—9 Mos.—1938
$407,472
1,688,602
11,500
$83,352
92,503
Liabilities—Trade accounts payable, $46,615; salaries, wages and'com"
missions, $20,014; taxes (other than income taxes), $21,441; Federal taxe®
on income for year 1938, estimated, $17,800; common stock (par $5), $840,"
940; general surplus, $1,173,204 total, $2,120,044.—V. 148, p. 2428.
Inc.—No Pref.Div.—
1939—3 Mos.—1938
Net profit
y
$323,623
41,700
*
Hecker Products Corp.—Earnings—
x
V
Assets—Cash, $456,075; trade notes receivable, $1,340; trade accounts
(reserve of $10,605 deducted), $235,206; inventories, $455,899;
assets,
$66,169; property, plant and equipment (net),
$879,635; deferred charges, $25,720; total, $2,120,044.
Directors at their recent meeting decided to pass the dividend ordinarily
payable at this time on the 7% cum. partic. class A pref. stock, par $25.
Dividend of 43% cents per share was paid on March 15 last and on March
14," 1938.
Accumulations as of June 15, 1939 will amount to $1.75 per
share.—V. 148, p. 3378.
Period End. Mar. 31—•
on
Net prf. bef. inc. tax.
Hearst Consolidated Publications,
$101,152
.17,800
.
-
miscellaneous
63,398
1939
$45,577
$0.53
939
1,725
5,547
4,993
.....
receivable
Healey Petroleum Corp. (& Subs.)—Earnings—
:
a
-
1,379
1.482
Consolidated Balance Sheet Dec. 31,1938
For the six months ended March 31, 1939, net loss was $113,216, compar¬
ing with a net loss of $61,949 for the six months ended March 31, 1938.—
V. 148, p. 3533.
Quarter Ended March 31—
Net income after charges and taxes
Earns, per sh. on 85,440 shs. capital stock
—V. 147, p. 3611, 3764.
common
per share
($5 par)....
*
387,537
4.
55,436
undistributed profits.
Earns.
$48,285prof$205,983 prof$23,377
70,693
on
Net profit.
Dividends on
(Including Subsidiaries)
1939
3 Mos.—1938
1939—12 Mos.—1938
$331,756
$95,193
$1,078,506
$2,276,122
63,842
48,528 prof208,069
prOfl7,lll
540
243
2,086
6,266
95,928
$328,179
7,438
-
...
Miscellaneous charges.
Other income
Earnings for Period Ended March 31
$63,302
794,206
;
_
Loss
Lnderwriting—A. W. Porter, Inc., has made a firm commitment to pur¬
chase at a price of $2.50 per share 120,000 shares of the unissued common
stock.
Under the agreement A. W. Porter, Inc., acquired the right to
purchase at $2.50 per share an additional 9,767 shares.
•
deprecia-
$1,177,821
638,554
51,407
$99,021
Surtax
Loss before charges
1937
$788,981
Selling, administrative and general expenses.
Provision for depreciation
Profit before prov. for Federal taxes..
Normal Federal income tax,.
tion, interest, &c
1936
$177,696
,$0.40
.......
Hewitt Rubber Corp. (&
sqch leading manufacturers as Buick, Pontiac, Hupp, GrahamPaige, Nash-Kelvinator and others.
The company is also under contract
S. Navy Department to supply certain sections for a Navy
torpedo.
'
Other income
Consists of 38,958
1808.
After depreciation, taxes, &c.—V. 148, p. 3066.
done with
profit
Operating loss
p.
■/"
with the U.
Gross
y
$6,440
1
corp..
Calendar Years—
accessories, recent trends in business have led also to the manufacutre
of tools, dies and jigs ad house and commercial trailers.
The company estimates, according to the prospectus, that approxi¬
mately 40% of its business in the ensuing year will be done with the Chrylser
Corp.
Near the close of its fiscal year ended Sept. 30, 1938, the company
entered into contract with Chrysler for the building of certain automobile
bodies, which it is expected will increase the company's auto body business
sdbstantially during the current year.
The balance of its business will be
per
9,522,603
Corp.—Earnings—
3 Mos. End. Mar. 31—
approval from the Reconstruction Finance Corpora¬
for a loan of $450,000, which it plans to use to dis¬
charge outstanding promissory notes secured by mortgage, to repay bank
loans, to pay past due and current taxes and for additional working capital.
The company has authorized 500,000 shares of $2 par value common
stock, all of which will be outstanding upon completion of the present
financing.
There is no preferred stock or long-term debt.
Corporation was incorporated in Michigan as Hayes Ionia Co. in May,
1910, and adopted its present name in 1927.
While the company was
formed to manufacture and sell automobile and vehicle bodies, parts and
Earnings
4,112,456
47,935,179 46,325,646
Represented by 1,355,668 shares of no par value,
common and 8,706 preferred shares.—V.
148,
shares of
company has received
tion of an application
loss after
1,026,835
4,089,582
are
This stock is being offered to obtain new money for working capital to
utilized to finance increased material inventories and payrolls.
The
Net
40,874
936,237
4,228,322
4,112,456
10,542,922
26,211
26,009
Net loss
$7,613
$2,701
$14,451
$7,460
$8,050
Operating profit
Interest....
the net profit
1937, $192,385 in 1936 and
.
—
\
,
$22,321
3,772
Note—Provisions for depreciation deducted in arriving at
amounted
$189,126 in 1935.
.
1938, $198,035 in
$202,146 in
to
'
.
•
■
v
$0.11
"
,
'
"
.
Assets—Cash, $495,828; receivables (net), $319,335; inventories, $256,246; unexpired insurance, supplies, &c., $40,245; bal. of advances in con¬
nection with officers' and employees' stock purchase plan (730 shares of the
r
company's capital stock held as collateral). $2,216; kegs, cases and bottles
(net), $172,866; properties not used in operations (net), $71,495; plant
properties (net), $1,239,509; total, $2,597,739.
Liabilities—Accounts
payable,
$22,156;
customers' credit balances,
$2,599; accruals. $71,753; prov. for Federal & State income taxes incl.
est. prov. for add'l assessments for prior years. $195,814; liability for con¬
tainers held by customers, $281,343; capital stock ($1 par), $300,000;
paid-in surplus, $1,243,102; earned surplus, $480,972; total, $2,597,739.
—V. 147, p. 3764.
Hercules Powder Co., Inc. (&
1939
3 Mos. End. Mar. 31—
Gross receipts
x
Netearnings.
Fed. income tax (est.)..
Net profit for
Divs.
on
$8,788,592
1,326,596
z239,274
$7,890,314
983.869
yl78,768
$1,475,590
131,232
$805,101
153,140
526,684
526,684
875,819
437,909
$429,406
def$1.889
$468,539
$214,052
1,316.710
1,316,710
$0.40
595,390
$2.29
583.879
$1.12
Surplus
com.
1936
1938
1937
$7,864,128 $11,366,983
744,257
1,897.963
z88,230
z422.373
$656,027
131.232
Divs. on com. stock
Shares
Subs.)—Earnings—
period__ $1,087,322
131,232
pref. stock
-
stock
out¬
standing (no par)
Earnings per share.
$0.73
incident to manufacturing
and sale, ordinary and extraordinary repairs,-maintenance of plants, acci¬
dents, depreciation, &c.
y Includes other deductions of $6,736.
z In¬
cludes other deductions of $2,709 in 1939, $607 in 1938 and $37,821 in 1937/
undistributed profits tax of $71,774 in 1937, none in 1939 and 1938.
x
From all .sources after deducting all expenses
,
■
Pay 30-Cent Dividend-j-'
Directors have declared a,dividend of 30 cents per share on the common
,
.
Balance Sheet Dec. 31,1938
;
stock, par $10, payable July 1 to holders of record June 22.
A dividend
of 20 cents was paid on April 1, last, and one of 30 cents was paid on Nov. 1,
"
"
.
Hoover Ball & Bearing Co..—To
1938
$35,087
.
—
—V. 148, p. 3066.
<
•
Earnings for the Quarter Ended March 31
•
'
1939
Net profit after charges & Federal income taxes...
$41,043
Earns, per share on 300,000 shs. of cap., stock
($1 par)-.
.—.
-1
$0.13
last, this latter being the first dividend paid since Dec. 22, 1937 when a
regular quarterly dividend of 30 cents per share was distributed.—V. 148,
p.
1479.
•
„
Hotel Waldorf-Astoria
Quarter Ended
'
' -
'
1939
March 31—
Net loss after expenses, taxes,
'
Corp.—Earnings1938
insurance, amortiza¬
$94,053
The company has called a meeting of holders of its 5% sinking fund in¬
come debentures for June 30 to approve modification of the restrictions upon
the deferment of interest and sinking fund payments in connection with a
plan to finance from earnings an air-conditioning program at an estimated
$95,270
tion of leasehold, &c_.
cost
of $382,000—V.
148, p. 1325.
Howard Aircraft Corp.—Earnings—
Earnings for Four Months Ended
Net loss after all charges,
—V. 148, p.
April 30, 1939
$87,646
&c
3066.
Illinois Bell Telephone
Period End. Apr. 30—
Co.—Earnings-
1939—Month—1938
1939—4 Mos.—1938
Operating revenues
Uncollectible oper. rev..
$7,548,237
23,629
$7,286,486 $29,987,619 $28,783,978
16,936
98,201
68,912
Operating revenues.
Operating expenses. ..
$7,524,608
4,956,454
$7,269,550 $29,889,418 $28,715,066
4,977,760
20,061,848
20,196,096
Net oper. revenues.
Operating taxes
$2,568,154
1,231,896
$2,291,790
1.177.487
$9,827,570
4,934,723'
$8,518,970
4,709,281
1,336,258
1,191,126
$1,114,303
.950,655
$4,892,847
4,298.652
$3,809,689-
Net oper. income.Net
income
148, p. 2899.
3.144,449
Chronicle
Financial
3690
Colled—
Houston Oil Co. of Texas—Bonds
Company will redeem on and after Aug. 16, 1939, at 100% % and accrued
Interest, all of its 10-year secured 5K% sinking fund gold bonds, series A,
due May 1, 1940, now outstanding in the principal amount of $6,907,500.
The bonds will be payable at the main office of Maryland Trust Co.,
International Industries,
9 Months Ended
1939'—Month—1938
Calendar Years—
Income from ry. oper.
$532,402
Int.
Non-operating income.of
Excess
$2,586,900
8,093
$4,775,049
2,179,736
6,633
$5,024,558
2,450,257
6,750
"396,063
407,991
407,424
445,064
93,959
165,000
880,000
51,432
94,869
90,194
870,936
43,727
96,765
90,000
829,548
18,930
97,218
90,000
773,625
29,647
103,327
33,308
32,179
24,308
$1,535,718
$1,398,442
$1,113,831
92,870
139,682
98,911
14 J ,091
104,883
143,230
$1,488,906
430,107
$1,357,262
434,492
$1,075,485
439,484
$1,046,106
$1,058,799
480,000
$922,769
$636,001
480,000
$608,513
; 240,000
fund, debt., &c.
cos.
in
on
public.
pref. and
stocks of
..
com.
control,,
in hands of
cos.
public
Res. for Contingencies..
Res. for deprec. & renew.
over
revs,
$409,137
$533,845
operating expenses—
—V. 148, P.
1,443
-
$3,302,960
11,416
$4,998,297
2,052,517
6,312
controlled
of
hands of
Divs.
$407,969
1,168
on
$3,314,376
$2,594,993
1955
1936
$5,265,541
2,033,641
6,400
cos.
Directors' fee
x
(& Subs.)—Earnings—
1937
1938
of sub.
earns,
Oper. exp., maint. & tax
$13,367,986
10,781,086
_
188,400
$0.55
3224.
International Power Co., Ltd.
Gross
1938
$103,358
1939
$17,673
388,800
$0.05
outstanding (par $1)
Earnings per share.
—V. 148, p.
1939—9 Mos.—1938
$1,657,123 $14,370,627
1,249,154
11,067,667
$1.836,410
1,304,008
Inc.—Earnings—
April 30—
Shares common stock
Independent (Subway) System of N. Y. City—Earnings
Period End. Mar. 31—
Operating revenues. _ —
Operating expenses—
dividend of $3 per share was dis
Net profit after deprec., Federal taxes, &c
Baltimore, or at the option of holders at the principal office of the Bankers
Trust Co., New York, or the Boatmen's National Bank of St. Louis.
Holders may at their option surrender said bonds at any time prior to
Aug. 16, 1939, and receive the redemption price of 100%% of the principal
amount of the bonds so surrendered together with interest which would
accrue from May 1, 1939, to Aug. 16, 1939, on such surrendered bonds.
—V. 148, p. 3534.
1939
17
June
of $2 in addition to a regular se mi-annual
tributed on Jan. 2 last.—V. 147, p. 3914.
Min. int. in
for year
sur.
Amort, of bond discount
3067.
and expenses ...
Indiana Gas & Chemical
Corp.—^-Earnings—
Net inc. avail, to
[Including Wabash Coke & Warehouse Co.]
Int.
Power Co., Ltd....
earns, of Int. Pow.
Consolidated Earnings for the Quarter Ended Mar. 31,1939
$303,770
266,048
Insurance.
1,903
$1,107,689
Misc.
'
;
Production sales
—
Cost of sales incl. maint., admin. & selling expenses
Co., Ltd
'
Exps. and int. paid—Dr.
•
113.067
174,650
---
Property taxes
Indiana gross sales tax
State and Federal payroll taxes.
Depreciation and other deductions
...
Int.
taxes
$9,863
„
—
1938
Capital assets
reserves)
on
net
$510,771
1,033
7,313
$115,525
Misc. deduct, from inc..
3,045
Total fixed charges36,861
$56,591
3,093
37,206
$518,084
12,035
147,698
Net inc. after fix. chgs.
Net inc. per sh. of stock-
$16,292
$0:21
$358,351
$4.72
058,598
,152,872
191,994
_
.
$75,619
$0.99
"
748,416
807,698
disc,
on
Industrial Rayon Corp. (&
•
1939
3 Mm. End. Mar. 31—
Depreciation, &c__.
Interest
c
x
138,330
•
dividend of $2 per share on account of
$6 cum. pref. series A stock, payable July 1
This compares with $2.50 paid on Dec. 15,
last; $3 paid on June 17, 1938; $2 paid on Dec. 15,1937; $3 paid on June 15,
1937'; $4 paid on Dec. 15, 1936; $2 June 20,1936; $3 paid on Dec. 30, 1935;
$2 on June 15,1935; $3 on Dec. 31,1934; $2 on June 15,1934; $3 on Dec. 15,
1933, and $2 on June 15, 1933—V. 147, p. 3914.
Netprofit
Earns, per share on cap.
stock—..
•.
"
Estimated net profit—
Indicates loss,
y
64,186
86,900
35,500
$468,004
$198,616
$0.63
$0.32
(& Subs.)—-Earnings—
1938
$117,440
x$121,866
x$69,728
$163,728
Inc.—Sales—
1939—Month—1938
$2,037,922
$1,820,647
1
May 3W
Sales...
1930—4 Mos.—1938
$7,257,375
$6,902,429
39
39
\
x
(securities) in 1936.
Inland
y
Less over-provision for prior year.-r-V. 148,
Investors,
p.
Intertype Corp.—Smaller Dividend—
1030.
The
Inc.—Interim Dividend—
no par
declared a dividend of 20 cents per share on the
value, payable July 15 to holders of record June 30,
compates with 25 cents paid on Dec. 1, last; 20 cents paid on July 15,
1938, and on Dec. 26, 1937, 30 cents paid on Nov. 1 and on June 1, 1937;
The directors have declared an interim dividend of 15 cents per share on
common stock, no par value, payable June 30 to holders tof record
Like amount was paid on March 31, last, and compares with
25 cents paid on Dec. 23, last; 15 cents paid on Sept. 30, June 30 and
March 31, 1938, a dividend of 80 cents paid on Dec. 24, 1937 and dividends
paid
stock,
This
25 cents paid on Dec. 15, Sept. 15, and on June 45, 1936, and 20 cents
paid on Dec. 15 and on July 1, 1935, this latter payment being the first
made since Aug. 15, 1931, when a quarterly dividend of 25 cents per share
was paid—V. 148, p. 2746.
June 20.
See also.-*—V.
have
directors
common
the
of 20 cents
taxes.—V.
/
-
Btores in operation. „
—V. 148, p. 3069.
Includes other income of $35,284 in 1939, $54,563 in 1938, $67,757 in
1937 and $50,009 (which included $26,475 profit on sale of U. S. Govt,
1936
1937
After depreciation, interest and Federal
Interstate Department Stores,
Period End:
Nil
■»
„
1939
.
148, p. 1644.
53,101
8,000
$0.01
—
'■
•
3 Mos. End. Mar. 31—
x
;y 1,656
_
m''
International Silver Co.
y
38,246
—
3534.
p.
The directors have declared a
$465,597
231,481
$10,595 loss$118,938
Federal taxes
shares.—-V. 148,
accumulations on the no par
1936
$780,138
161,048
no par
1,669,640
Total.........39,055,506 37,804,153
to holders of record June 23.
49,407
plant
Other deductions
Represented by 115,610
2,000,000
1,622,750
2,090,001
International Power Securities Corp.:—Accum. Div.—
•
1937
w
39,655,506 37,804,153|
Total.....
8,000,000
1,622,750
.
Consol. earn. surp.
79,875
Pre-oper. exps., of Painsville
1938
Common stock.
x
Subs.)- -Earnings$80,492
$321,765
141,986
Operating profit
120,000
17,500
2,057,686
5,776,806
7% cum. pref. stk:
—V. 148, p. 2899.
x
493,080
165,717
incl. int. thereon
Div. payable
($100 each)--— 8,000,000
6% cum. pref. stk.
($100 each)
2,000,000
$35,545
$0.47
_
538,099
162,099
120,000
Div. pay. by sub..
17,038
Minority interest. 2,098,762
Reserves.
6,881,138
sumers' deposits,
bonds and debs.
$197,100
12,279
149,276
.
Total income
'
135,349
312,376
con¬
Interest accrued..
deferred charges
$185,763
11,337
$114,492
1,500,000
61,475
358,749
Employees' &
$694,531
243,845
264,923
Net ry. oper income..
Other income1
(due curr.)_._..
Other loans
Accounts payable-
Cr54,410
and expenses
$54,218
2,373
629,768
current
currencies.
.12,668,695 14,322,487
936,698
1,110,761
Bank loans...
1,167,521
1,076,067
570,806
Prepaid and other
1939—4 M'os.—1938
$3*490,811
$2,754,344
2,348,446
2,059,813
Funded debt.
in foreign
assets
■$
$
Sec. notes of subs.
(less
Materials & suppl.
for exchange
Unamortized
$1,142,365
313,695
317,899
Liabilities—
lies,
RR.—Earnings-
$182,031
60,328
67,485
$
35,041,465 34,302,627
763,143
1,520,290
Cash
Accounts rec.
,
1937
1938
1937
$
Assets—
■
.Net rev. from ry. oper.
$273,893
Railway tax accruals74,906
Eq. & jt. facility rents..
•
84,495
;
Consolidated Balance Sheet Dec. 31
$293,168), $1,881,922; total, $2,433,680.
Liabilities—Notes payable, $163,375; accounts payable, $101,768;divi¬
dends on cum. preferred and common stock declared, but unclaimed,
$1,176; accrued liabilities, $19,118; reserve for maintenance, $26,689;
mortgage note of Wabash Coke & Warehouse Co., $9,750; cum. preferred
stock (23,400 shares of no par value), $1,170,000; common stock & capital
surplus, $964,662; deficit, $22,857; total, $2,433,680.—V. 148, p. 1644.
1939—Month—1938
$848,428
$690,953
574,535
508,922
480,000
437,593
After deducting miscellaneous interest "(net) of $18,707 in 1935; $33,164
x
Assets—Cash, $20,235; cash on deposit for payment of dividends on
cumul. pref. ana common stock not yet exchanged under plan of reorganiza¬
tion, $1,176; deposit on compensation and liability insurance, $800;accounts
receivable (less reserve for doubtful accounts), $123,526; inventories, $401 ,017; prepaid insurance, $3,198; prepaid interest, $371; deferred charges,
$647; miscellaneous investments, $31; cost of work in progress not allocated,
$757; lands, buildings and equipment (after reserve rOT depreciation of
Period End. Apr. 30—
Railway oper. revenues.
Railway oper, expenses.
debentures.
in 1936; $22,257 in 1937 and $19,004 in 1938.
Consolidated Balance Sheet Mar. 31, 1939
Indiana Harbor Belt
on
Net profit for year...
Divs. on 1st pref. stock.
21,391
Income
Net income before Federal
2,350
625
1,590
-i
Sept. 30, June 30 and March 31, 1937.
148, p. 1644.
on
Investment Co. of America-r-J.sse£ Value-—
<
.
Inspiration
As of May 31, net asset value was $18.15 a share on the common"stock,
with securities owned adjusted to market prices on that date:
This com¬
Consolidated Copper Co.—Refunds Debt
The company has refunded at a lower rate of interest $7,043,000 of in¬
debtedness held by Anaconda Copper Mining Co., Inspiration paid off
$43,000 of the debt and has delivered to Anaconda $7,000,000 of new
promissory notes secured by a like amount of 5% series A bonds, due
April 1, 1952.
.
.
Anaconda has delivered $5,000,000 in promissory notes to Guaranty
Trust Co., National City Bank and Chase National Bank.
The $5,000,000
notes held by the banks mature ih one to five years and bear interest of
% % to 3%.
The remaining $2,000,000 held by Anacopda will mature in
rive years and bear interest at rate of 5%:—V. 148, p. 2746.
Interborough
Before Court—
Rapid
Transit
Co.—Interest
pares
with $16.20
share
a
1938.—V. 148, p. 2746.
»
Maintenance.-.
x Taxes..
..._.r
Net oner,
share on May 31,
>
(& Subs.)-r-Earcings—
1939—Month—1938
1939—12 Mos.—1938
$80,672
$78,884
$971,853
$901,167
34,022'
34,872
426,834
407,374
7,752
" 6,136
89,646
82,052
5,862
-5,068.
67,990
42,668
.
$387,383
Dr980
1,308
$32,611
7,500
$31,827
7,500
$388,691
$25,111
8,482
$24,327
8,492
$298,691
100,116
$289,391
104,957
$16,629
;
Retirement accruals
$32,'808
$15,835
$198,575
$184,433
31,330
21,992
81,562
78,751
$33,036
revenues
Balance
The receiver, June 14, filed a petition in Federal Court requesting in¬
as to payment of interest and
sinking fund due July 1 on the first
refunding mortgage 5 % bonds.
Hearing oh the motion will take place
a
.
„
Non-operating inc. (net)
structions
April 30, last, and $15.39
Jamaica Ptiblic Service Ltd.
Period End. Apr. 30—
Operating revenues.....
Operation.-—
Payment
on
_
Dr425
,
90,000
$369,072
10,319
$379,391
90,000
and
June 20.
on
Gross income
.
Interest & amortiz., &c_
In an exhibit accompanying the petition, the receiver estimated at
$4,331,834 the amount which I. R. T. will have on June 30 available for
general corporate purposes.
This amount would be insufficient to meet
full interest and sinking fund requirements on I. R. T. bonds, it was pointed
Net income
Dividends declared:
J. P. S. Co., Ltd., pref.
Preference "B"
out.
At the
same
time, the receiver pointed out that there is now pending
an application by Manhattan
Ry. Co. for payment of
before the Court
J. P. S. Ltd
Manhattan taxes, out of the funds in I. R. T.'s possession.
Application
for payment of interest on Manhattan Ry. consolidated 4s likewise was
forecast.
Charles Franklin, counsel for Manhattan Ry. announced that
mortgage 4s.—V. 148,
International
p.
on
Machines
Corp.—New
was
Vice-
able to the year
Jamaica
Ogsbury to the position of Vice-President
1
1
'
■.
Intercolonial Coal Co., Ltd.—Smaller Dividend—Directors have declared
par
a
dividend of $2 per share on the common s'tock,
An extra dividend
$100, payable July 3 to holders of record June 22.
1937 has been charged to earned surplus.—V. 148,
Water
Supply
Co.- -Initial
Pref.
p.
3224.
Dividend-
Common Dividend—
annoxmc^fon June 13 by Thomas J. Watson, President of the company.
'
21,993
July, 1938. the monthly figures, as published, include the monthly pro rata
portion of the estimated 1938 tax on the new basis.
An additional amount
of $4,130 applicable to the 2 months ended June, 1938, is included in the
current 12 months' figures.
Taxes from Jan. 1, 1938, reflected above, have
been adjusted to a comparable basis.
The additional tax of $23,857 applic¬
Manhattan consolidated
President—
The promotion of Charles R.
31,479
In Aug., 1938, the Jamaican income tax law was amended, retroactive
to Jan
1, 1937, the tax being approximately doubled.
Beginning with
3534.
Business
capital._
x
application
had been filed for payment of all back interest
,
i
Directors have declared an initial dividend of $1.25 per share on the new
$5 preferred A stock, payable June 30 to holders of record June 15.
Directors also declared a dividend of 50 cents per share on the common
stock, payable June 30 to holders of record June 15.
cents was paid on April 1 last.—V. 148, p. 2591.
A dividend of 25
Volume
Financial
148
Balance Sheet Dec. 31, 1938
Joslyn Mfg. & Supply Co. (& Subs.)—Earnings—
1938
1937
$9,964,465 $12,387,343
Calendar Years—
Net sales
7,937,298
10,031,674
$2,027,167
$2,355,669
Cost of goods sold
Gross profit on sales____
1,278,587
1,246,497
$748,580
Warehouse, selling, adminis. & general expenses..
$1,109,172
Net profit from operations
Other income
142,414
Interest expense.
Financing
201,898
$890,994
12,938
Total income
$1,311,070
12,862
155,313
67,921
11,950
38,531
a233,229
96,597
$654,822
$917,899
87,308
299,800
75,076
708,962
expense.
Provision for loss
investments
on
Provision for Federal income taxes
Minority interests profits of subsidiary companiesConsolidated net profit
Preferred dividends
i.
Common dividends
;
Earns, per sh. on 149,900 shs. of com. stk.
.
$3.78
$5.62
profits tax of $35,149 and surtax on undistributed
b In the accompanying statement there has been
a Including
excess
profits of $16,326.
($5 par).
consolidated the accounts of the parent company,
Assets—Cash, $304,561; notes and accounts receivable, $916,715; ac¬
receivable, officers and employees, $1,098; inventories, $1,629,561;
$17,421; used equipment (net), $170,138; capital assets (net),
$1,100,445; deferred charges, $38,094; total, $4,178,033.
Liabilities—Notes payable to banks and bankers, $425,000; accounts
payable, $190,804; accrued payroll and expenses, $80,548; Federal capital
stock tax and income tax, $308,859; capital stock ($1 par), $450,000;
capital surpius, $840,084; earned surplus, $1,882,738; total, $4,178,033.
—V. 148, p. 3379.
counts
other assets,
Lexington Telephone Co.—Stock Offered—An issue of
80,000 shares of 6% cumulative preferred stock was offered
June 14 at $100 per share plus accrued dividends by a
syndicate composed of J. D. Van Hooser & Co., Security
& Bond Co., Lexington; Almstedt Bros, Bankers Bond Co.,
Louisville, Ky., and Bacon, Whipple & Co., Chicago.
Pays Accumulated Dividend—
Company paid a dividend of $10.83 per share on account of accumulations
the 6 ^ % prior preferred stock on June 1 to holders of record May 3
V. 148, p. 3379.
on
Loblaw
Joslyn Mfg. & Supply
Co., and the following subsidiary companies: The Joslyn Co., Joslyn Co. of
Calif., South East-Joslyn Co., Southern Joslyn Co., Inc., Joslyn South¬
west Co., Federal Tool Corp.
Note—'The above statement includes charges for depreciation aggregating
$171,842 in 1938 and $132,837 in 1937.
'
'
1939
Groceterias, Ltd.—Earnings-
Period End. April 29—
Sales
1939—4 WJfcs.—1938
1939—48 Wks.—1938
$1,912,600
$1,827,121 $21,210,824 $20,330,132
Net prof, after deprec.,
income taxes, &c__-__
—V. 148, p. 2901.
Earnings for 3 Months Ended March 31
'
3691
Chronicle
*
.
•
77,880
81,925
916,774
937,203
/
Loew's, Inc.—Extra Dividend—-
1938
The Board of Directors declared
Consolidated net profit after interest,
depreciation,
minority interest. Federal income tax, &c
Earnings per share on common stock.
„
$134,520
$132,080
$0.73
.
$0.75
.
a regular dividend of 50 cents and an
share on the outstanding common stock no
June 30 to holders of record June 20.
Like payments
Dec. 31, last.—V. 148, p. 3536.
extra dividend of 50 cents per
par value,
were
payable
made on
on
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash,
$494,675;
receivables
(net),
$1,524,560; inventories,
$2,210,776; prepaid expenses and deferred chargas, $74,780; investments
and advances, &c., $1,445,847; fixed assets (net), $1,971,283; total, $7,721,-
" . ■
Liabilities—Accounts payable,
$587,560; accrued expenses, $310,105;
mortgage note payable of sub. co., $10,000; long-term debt, $750,000:
minority interest in sub. cos., $471,868; 6% cum. pref. stock ($100 par),
$1,500,000; common stock ($5 par), $750,000; paid-in surplus, $1,155,989;
earned surplus, $2,188,402; common stock held in treasury (100 shares),
I>r.$2,000; total, $7,721,922.—V. 147, p. 3460.
Y
922.
;
Kalamazoo Stove & Furnace
"NTftfc 1 fiRfi
Co.—Earnings—
.
z$86,152
$0.15
$0.28
acquisition Jan. 16, 1939.
After
y
depreciation, interest and taxes, &c.
z Indicates profit.
As of March 31,1939, company had current assets of $4,940,231, including
$520,116 cash, against current liabilities of $1,086,667. At March 31, 1938,
current assets were $5,442,468, cash $249,328 and current liabilities $1,321,851.—V. 148, p. 1480.
V.
Kankakee
307,658
After depreciation, amortization, and setting up reserves for taxes
x
other charges.—V. 148, p.
3379.
-
registration statement states the
W._C. Langley &_Co., $200,000.—VM48, p. 3378.
Long Island Water Corp .—Earnings—-
—
—
At the close of business June 13, holders of $10,676,800 or 88.04% of the
4% series C first mortgage bonds, had assented to the proposed plan of
capital readjustment.
"
To become effective, approval of the plan by a minimum of 90% of these
obligations' holders must be given by June 19.
Central Hanover Bank & Trust Co, has been appointed depositary for
the first mortgage bonds under the company's plan pf capital readjustment
1939—V. 148,
dated Jan. 31,
p.
$592,854
227,362
226,441
•
—
40,856
26,623
48,910
:
Federal income&c, taxes
.
123,599
—•
12 Months Ended March 31—
Net income after depreciation, interest,
tion, Federal income taxes, &c
New Director—
'
Walter
Baltimore
'■
"
42,297
107,127
$1,078,745
$3,022,016
'
'•;
Perkins, Vice-President of this company in charge pf its
operations, has been elected a member of the board of directors.
-
F.
148, p. 3535.
*
V
.
per
share
.
-
but before Federal income taxes.
H. A. Becker, President, states: "The marked improvement in earnings
is due not only to increased sales volume, but also to more efficient operation,
better planning and rigid control of indirect costs, factors present in Lakey's
operations to a greater degree this year than ever before.
•
"Since the first of the year, our working capital has incteased by $141,229
to $270,891, as of April 30, 1939.
Current assets on that date were $604,739
and current liabilities were $333,848."
After depreciation, &c.,
.
A mortgage payment of $15,000 was made on March 27, last,
balance of $20,000, due March, 1940, of an original mortgage of
T^iis is the company's only funded debt.—V,
leaving a
$400,000.
148, p. 1841.
Co., Ltd.—Interest—
Lautaro Nitrate
$1,000 bond will be made on
of the first mortgage income bonds, due Dec. 31, 1975,
June 20.—V. 147, p. 3766.
Payment of interest amounting to $15 per
June 30, to holders
Sayles Second Fund, Inc.—Larger Dividend-^—
Directors have declared
a
dividend of 20 cents per share on the common
Loose-Wiles Biscuit Co. (&
1939
3 Mos. End. Mar. 31—
520,000
$0.32
—
'
After Federal taxes, depreciation,
1936
$407,675
520,000
$0.17
521,500
$0.45
521,500
$0.68
.
and interest, &q.—V. 148, p. 2276.
(Del.) (& Subs.)—Earns.
1939
'
1939
3 Mos. End. Mar. 31—
depreciation, &c__,
—V. 148, p. 1173.
"
1938
1936
1937
,
$68,241
"
$37,656
*
•
Lehman
$47,147
$17,152
as
of May 31, 1939, was
148,
p.
$31.06
a
share, against $33.97
2127.
$3,951,888
206,562
2,588
$4,303,162
226,250
Dr2,719
$4,161,039
1,030,450
160,227
$4,526,693
1,030,450
160,197
80,281
250,000
37,000
24,962
312,500
37,000
18,877
-
-
-
Net operating
Miscellaneous
income
-
•
income.
T,— -
Gross income—
Interest
on
,
1
funded debt
Amort. of debt discount and expense.
Other interest (net)
_
—
— - -
___ —
Amortization of flood and rehabilitation
Amort, of contractual
expensb—
capital expenditures
Miscellaneous deductions.i i
—
pref. stock of Louisville Gas & Electric
Co. (Ky.) held by public.
Divs.
loss returns
1938
1937
1936
1935
$6,246,846
$5,674,305
3,586,685
$4,392,402
2,327,505
$2,004,595
3,811,307
$2,435,538
Qnet)
17,086
$2,087,620
7,539
$2,064,897
39,307
$889,683
81,527
$2,452,624
$2,095,159
$2,104,204
ftllow*"
and discounts._
ances
goods sold
Gross profit on sales._
Kental& truck, inc.
Total
►
1,114,912
Sell., adm. & gen. exp__
Balance
Other income
744,704
599,858
488,669
$971,210
273,497
$1,707,920
38,312
_____
$1,495,302
34,272
$1,615,534
28,674
$697,713
16,644
$1,746,232
53,766
$1,529,574
20,033
$1,644,208
6,215
$714,358
16,130
280,000
Total income
Other charges a
235,000
12,000
270,800
2,800
111,850
$1,262,541
$1,364,393
1,346,135
$586,377
Normal & excess profits
taxes
Surtax on undist. profits
Y
Netprofitf.
Dividends—Cash
Stock
i
$1,412,466*/
561,591
1,122,459
—
578,908
1,200,000
1,426
1,122,888
305,690
38.962
on
Earned surplus,
beginning of periods
—
Adjustment of reserve for doubtful accounts. — >—
Adjustment of taxes, prior years
—
Div. received on deposit in closed bank previously
written off-
. _ —
Total
_
—; -
-.
1,739,049
56,000
4 18,500
30,545
capital stock.
$1,806,625
.
end of period
$3,118,347
1,351,983
,
27,315
$1,739,049
$3,067,292
j.
1,239,12^9
—
Miscellaneous direct items.
Earned surplus,
1,354,920
$1,573,786
1,544,561
21,538
______
on
1,354,920
$1,223,198
Net income
x
Note—Provision made by Louisville Gas & Electric Co. (Ky.) for Federal
State income taxes for the year 1937 was reduced as a result of de¬
ductions made for losses resulting from the
flood in Louisville during
January and February,
1937.—rV. 148, p. 3226.
Louisville Gas & Electric Co. (Ky.)
(R. G.) Le Tourneau, Inc.—Earnings—
Calendar Years—
,
$11,135,570
3,623,496
and
••
Corp.—Net Asset Value—
Net asset value
Dec. 31, 1938—V.
1938
Operating revenues
,__—
$10,908,785
Operation..
3,379,603
Maintenance and repairs—
____■—— — r_
602,203
Appropriation for retirement reserve
1
1,200,000
Amortization of liihited term investments
1,426
Taxes
1
1,157,071
Provision for Federal and State income taxes
(>16,594
Dividends
(& Subs.)—Earnings—
Net loss after taxefe, int.,
•
1937
$288,309
of record at the close of business on
Lefcourt Realty Corp.
V
1938
$139,686
out¬
standing (par $25)
-Earnings per share.
x
Quarterly
Earnings—
Subs.)-
>
$220,114
Net profit-.
Shares com. stock
x
'
Earnings
$37,070
■
Dividends from affiliated company.-
1939—6 Mos.—1938
$144,573
$10,109
$0,328
$0.23
1939—3 Mos.—1938
$84,198
$6,376
30—
),793
—V. 147, p. 1198.
Loomis
118,480
23,376
0294
Interest charged to construction.
-,
Lakey Foundry & Machine Co.—-Earnings—
Period End. Apr.
Net profit
_
Louisville Gas & Electric Co.
amortiza¬
;
long-term debt
Other interest
Years Ended March 31—
1938
«•'
on
$178,926
$192,905
118,120
23,986
Gross income
Interest
$176,134
2,792
5,555
_.
_
;
;
1939
\
$187,350
Operating income..
Other income (net)
3535.
Koppers Co. (& Subs.)—Earnings—
Cost of
1938
1939
$613,845
•_
____
Stock, par $10, payable June 24 to holders of record June 12.
dividend of 15 cents was paid on April 1 last.—V. 147, p. 3613.
Public Service Co.—Deposits—
Kansas City
8ctlos
and
,
12 Months Ended March 31—
Operating revenue,
Operating expenses.
offering price of its $1,000,000 first A 4^s of 1959 will be 102.
Under¬
writers and amounts of participation are: H. M. Payson & Co., $800,000;
x
1936
$2,544,939
143,719
Balance of income.
(III.) Water Co .—Underwriters Named—
The company in an amendment to its
x
1937
$2,571,828
195,545
Provision for retirements
z$47,241
Nil
Nil
par)
Includes subsidiary from date of
—V.
1938
$1,966,287
xNetloss..^
300,655
per sh. on
shs. cap. stk. ($10
and
•_
1939
$1,811,029
393,734
Quar. End. Mar. 31—
Sales
Maintenance.
1936
1937
1938
$80,267
$124,485
Saras,
x
'
xl939
Quar. End. Mar. 31—■
V
Loft, Inc. (& Subs.)—Earnings—
44,864-112,500
Taxes
597,546
$4,199,898
1,030,450
160,227
72,360
250,000
3/,000
24,644
$4,533,324
1,030,450
—$2,625,217
» $2,904,277
income taxes
for losses re-
funded debt
discount and expense.
Other interest (net)
—.
______
Amortization of flood and rehabilitation expense—
Amortization of contracual capital expenditures—
Miscellaneous deductions
:
—
293,155
$4,304,358
226,250
2,716
206,562
2,560
Gross income—
NCtincome.-'!
1,426
1,093,318
581,318
$3,990,775
—
Interest on
1,181,000
1,426
1,130.966
Net operating income—
Dividends from affiliated company
Amortization of- debt
576,968
1,181,000
and State income taxes..
Miscellaneous income
1938
—$10,793,541 $10,978,462
3,310,509
3,528,237
-
Provision for Federal
(& Subs.)—Earns.
1939
Years Ended April 30—
Operating revenues
—
Operation
Maintenance and repairs
___
Appropriation for retirement reserve
Amortization of limited-term investments.
jy0ie—provision made by the company for Federal and State
or the year 1937 was reduced as a result of deductions made
160,209
50,648
333,333
37,000
17,407
3692
Financial
suiting from the flood in Louisville during January and February, 1937.
—V. 148, p. 3226.
Lukens Steel
Co.—Official Promoted—
J. Frederic
Wlese,
Assistant to the Vice-President since 1935,
has
been appointed General Manager of Sales of the company, according to
announcement
an
H. Gordon, Vice-President in Charge of Sales.
by F.
—V. 148, p. 1174.
McGraw-Hill Publishing Co.,
Inc. (& Subs.)—-Earns.
1939
1938
1937
1936
$155,723
$174,499
600,000
$316,126
$197,016
566,730
$0.35
ZMos.End.Mar.Sl—
Net profit
x
Shares cap.
600,000
$0.26
stk. (no par)
Earnings per share
600,000
$0.52
$0.29
After interest taxes and all other charges, incl. deprec,—V. 148, p. 1647.
x
McKay Machine Co .—Earnings—
Calendar Years—
.
1938
,,
Gross sales, less discounts, returns & allowances.>
Cost of goods sold-.---
—
general, administration
taxes, (other than income taxes)
Selling,
Net operating profit
Other income-.:
.
_
3;389
—
--.-.I----
$86,639
2,320
53,339
$1.58
-
dividendsper
—
—
_
-
sh. on 53,339 shs. of common stock--
$128,529
2,320
93,343
■
$2.37
Earnings
•
-
$37,445
$0.69
.
share on 53,339 shares of common stock
per
Balance Sheet Dec. 3,1, 1938
Liabilities—Accounts
(net), $88,854; deferred ex¬
_
payable, $27,450; provision for Federal income tax,
$90,594; accrued wages and commissions, $65,928; patent purchase contract,
$9,900; other accruals and payables, $44,353; deferred income, $125,572;
reserve for contingencies, $76,500; 7% cumulative preferred stock ($10 par),
$249,000; common stock ($5 par), $1,161,890; reduction surplus, $173,394;
paid-in surplus, $408,600; earned surplus, $270,316; total, $2,703,499.
—V. 148, p. 3073.
■
Marion Steam Shovel
Co.-—Earnings—
3 Months Ended March 31—
Net loss after taxes, deprec. & other
—V. 148, p. 1329.
Marlin-Rockwell
1939
1938
$32,685
deductions—
$106,115
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
1938
1939
1937
Federal
Net profit after depreciation,
income taxes, &c-.
$219,988
$127,738
$373,942
$0.65
$0.37
$1.10
Earnings per share on 339,245 shares
of capital stock ($1 par)...
3228.
—V. 148, p.
Corp.—Earnings—
"
:•
June 3
xNet profit...
Shares common stock.
'39
J.ne 4 *38
June 3
'39
June 4
'38
$258,380
$701,303
$798,623
539,210
536,740
539,210
536,740
$0.44
__
$246;68o
$0.42
$1.17
$1.35
Earnings per share...__
x
40 Weeks Ended
——12 Weeks Ended
Period—
.
After depreciation, Federal income taxes, &c.
for 40 weeks ended June 3, 1939, amounted to
Sales
Melville Shoe
$5,136,738,
an
Corp.—Sales—
Corporation on June 10 reported sales of $3,680,974 for the four weeks
$3,055,908 for the similar period
last year, an increase of 20.45%
Sales for the 24 weeks were $17,446,901,
as against sales of $16,287,97i in the same 24 weeks in 1938, an increase
of 7.12% —V. 148, p 3073.
ended June 3, as compared with sales of
Assets—Cash, $37,821; accounts receivable, $86,400; inventories, $89,802;
$308; property, plant and equipment (net), $285,414; patents
other assets,
and
$7,298; fixed assets (net), $561,930; patents
$31,495; total, $2,703,499.
penses,
increase of 12% over, the like period of preceding year.—V. 148, p. 3073.
Earnings for Quarter Ended March 31, 1939
Net income after all charges and taxes
Assets—Cash,
$579,605; accounts receivable
(net), $431,272; other
receivables, $6,477; inventories, $996,566; slow and inactive receivables,
$157,938
3,107
26,302
17,370
,
June 17, 1939
Consolidated Balance Sheet Dec. 31, 1938
Masonite
"
$107,242
3,233
».
Net income
-iPreferred dividends
126,080
'$151,225
6,712
—
Total income.-
Common
106,073
$103,853
--
Other deductions
Provision for Federal income tax-
Earnings
and
expenses,
——
—-
1937
$1,012,946
735,641
$866,580
656,654
—
,
Chronicle
applications pending, $4,983; prepaid expenses, $3,294; total, $508,021.
Liabilities—Notes payable, $30,000; accounts payable—-trade, $31,218;
unpaid salaries, wages and bonuses, $18,169; accrued Federal and local
taxes (estimated), $22,703; other accrued expenses, $522; contingent re¬
serves, $5,000; 8% cum. pref. stock, $29,000; common stock, (53,339
.
no-j>ar shares), $201,600; earned surplus, $169,809; total, $508,021.—V. 147
Memphis Power & Light Co.—Sale Approved—The Federal Power Commission has
approved the sale of the company
City of Memphis and the Tennessee Valley Authority.
The sale
transaction under which the Tennessee Power &
Light Co., subsidiary of Commonwealth & Southern Corp., will be sold
to
to
(Arthur G.) McKee & Co.—Extra Dividend—
The directors have declared
share in
addition to a regular quarterly dividend of 25 cents per share on [the class B
stock, both payable July 1 to holders of record June 20.
Extras of 75 cents
was also paid in each of the seven
preceding quarters; an extra of 50 cents
was paid on April 1, 1937, and extra dividends of 25 cents were
paid on
Jan. 2, 1937, on Oct, 1, July 1 and Jan. 1, 1936, and on Oct. 1, 1935.
In addition, a year-end dividend of 50 cents was
paid on Dec. 20, 1937,
and a special dividend of 25 cents per share was distributed on Dec. 22,
1936.—V. 148, p. 1483.
.
_
an
interim dividend of, 50 cents per share on
the common stock,
payable July 3 to holders of record Juno 23.
Like
paid on April 1 last; dividends of 25 cents were paid on Jan. 3S
last and on Oct. 1 and July 1, 1938, and compares with 50 cents paid on
April 1 and Jan. 3, 1938, and a dividend of 75 cents per share paid on
Oct. 1, 1937, and each three months previously.
In addition, an extra
dividend of 25 certs per share was paid on Dec. 22,1936.—V. 148, p. 1647.
amount was
Magor Car Corp .-—Extra Dividend—
Directors have declared
common
a
extra dividend of 25 cents per share on the
stock and the regular quarterly dividend of $1.75 per share on the
and 25 cents per share on the common stock.
All the
preferred stock
dividends are
payable June 30 to holders of record June 21.
paid
were
on Dec.
<
Like amounts
23 last.—V. 148, p. 442.
Mahoning Coal RR.,—$6.25 Common Dividend—
The directors have declared a dividend of $6.25 per share on the common
par $50,. payable July 1 to holders of record June 26.
Dividend
of $4 was paid on April 1 last; one of $10 was
paid on Dec. 26 lafct; regular
stock,
quarterly dividend of $4 per share was paid on Oct. 1 last; a dividend of
$15 was paid on Dec. 29, 1937; dividends of $7.50 were paid on Oct. 1,
July 1, and on April 1, 1937; $13 was paid on Dec. 23, 1936, and $6.25
was paid on Nov. 2,
}936, and in each quarter previously.—V. 148, p. 3072.
Majestic Radio & Television Corp,—Option Exercised—The corporation announces that the, option on 50,000 shares of its capital
stock which it granted on Feb. 21, 1939, has been exercised by British
Type Investors, Inc. and that payment therefor has been received in full.
—V. 148, p. 3380.
Manila Electric
Co.—Earnings—
12 Months Ended March 31—
"
1939
Operating
Maintenance
Operating income-
—
.
-
.
.
-
—
$2,233,918
$2,010,266
100,957
1,017,350
104,100
Cr3,215
$1,027,315
_.i.
__
Other income (net)
,
""$791,075
connecting
certain
$2,110,000.
buys
approved the City of Memphis pays $15,250,000
generating and distributing facilities and TVA
and distributing lines in Shelby County for
"
These amounts include the purchase price for all properties of
Sale
Approved by SEC—
The Securities and Exchange
-
Commission approved June 15 the applica¬
subsidiary, the Memphis Generating
two transmission lines and miscellaneous
tion of the company for sale to a new
of
a
generating station,
facilities within the city.
The deal is part of the larger program whereby
Memphis Power & Light
selling tQ the Tennessee Valley Authority and the City of Memphis the
facilities within that city arid Shelby County, Tenn., whereupon
it will dissolve, transferring its stock in the Generating company to its
parent, the National Power & Light Co.—V. 149, p. 3229.
*
V
is
rest of its
j
—
—
—
I
1,015,643
Amortization of deb„t discount and expense
?
Interest charged to construction—
Balance of income------—
v,
-
-
y<ti, p. olu3.
Maracaibo Oil Exploration
Corp. ,(&
3 Mos. End. Mar. 31—
x
Net
x
1939
profit..
general taxes, abandoned leases
taxes.—V. 148, p. 3227.
and
1936
1937
loss$l77
loss$412
After
income
Subs.)—Earnings
1938
3105
depletion
$2,703
before Federal
Calendar Years-Gross profit on sales..—
r^i®*?011?68
zl938
Dec. 31 last.
•»
'
Alvin A. Voit, Vice-President of the company, has been designated Execu¬
.
„
tive Vice-President,
according to a letter sent, to stockholders.
Explaining the dividend decision to stockholders, William L. Hoge,
President of the company, stated: ■
"Despite the marked improvement that has been shown in the company's
business, a profitable level of operations has not been reached, and the direc¬
tors have adopted this conservative course to maintain the company's cash
position.
•
J
"The financial position of the company is sound, the net working capital
being in excess of $2,800,000 at April 30 and the ratio of current assets to
current liabilities 3.26
to
1."-
Mr. Hoge also stated that Mengel booked in May orders in excess of
$600,000. or 52% dver the extremely low levels Of last year.
Orders booked
for the five months to May 31 were $3t,374,QOO, or 27% over last year.
Gross shipments in May were $739,000—50% In''excess of last year, and
the best rate of shipments for any month this year.
Gross shipments "for
"the fiye months to May 31 were $3,318,000, or 31% ahead of last year.
Unfilled orders as of May 31 totaled $1,378,489, compared with $1,523,965
at the end of April, and compared with $1,371,190 unfilled orders on May
31, 1938.M
Besides the designation of Mr. Voit as Executive Vice-President, the
Mengel' directors also announced the following assignments of responsi¬
bilities: Warren T. Green, general manager of the body division, has been
elected a Vice-President; Mr. Green and Walter R. Jones, a Vice-President,
have been added to the executive committee.—V. 148, p. 3073.
Metropolitan Playhouses, Inc.—Earnings—
[Including Wholly-Owned Subsidiary Companies]
Income Account
for Year Ended Jan. 31, 1939
Prefened
dividends
S?Pi5^n *flvl(!e?ds-i-*?
Shs .com.stk .out. (par
Earnings
x
Par
per
$5)
share._.
$10.»
y
2,036,802
1,571,125
1,010,413
165,775
180,786
134,139
251,140
96,951
121,090
90,594
1935
'
163,558
yl24,425
81,266
$423,399
17,427
—
$807,740
17,427
$654,006
17,427
$394,741
283,304
679,928
534,228
226,642
226,642
$2.81
y
226,642
$ 1.79
Includes surtaxes,
$3.50
z
-
xll8,046
$2.00
Including wholly-owned Canadian
subsidiary.
Earnings for the Quarter Ended March 3T
——
.
...
Net profit._
Shares com. stock out¬
standing...
Earnings per share—-y
...
zl939
1938
1937
$168,894
$151,431
226,642
$0.73
226,642
$0.65
1936
x$271,633
226,642
After $10,500 reserve for
contingencies,
Federal income taxes, &c.
z Including
*
—
Gross income.
Dividends received from affiliated companies.
Interest earned..,
__——
—
Adjustment of accrual in prior
...
—
years
for tax refunds
_—
on
.
debenture
interest coupons—
Total income
$667,263
98,050
27,650
10,676
—_____
___•
...
Depreciation and amortization of leaseholds, buildings, equip¬
ment and contract rights..
_
Interest expense
Losses from non-recoverable value of surrendered lease and
related notes receivable
Provision for impairment of investments in and receivables from
$803,639
431,788
322,287
56,727
(of which $11,831 is applicable to prior
.,
.
40,258
3,480
$1,704,461
141,574
305,430
profits taxes..
1936
$2,734,836
$3,591,070
2,923,806
________
Expenses..
year)—
$3,354,661
1,608,001
exPenses
Other deductions (net).
Federal income and ex¬
cess
1937
$2,568,998
'
Directors at a recent meeting decided to defer payment of the dividend
ordinarily due at this time on the 5% con v. cum. first preferred stock,
par $50,
Regular semi-annual dividend of $1.25 per share was paid on
affiliated companies
Maychant Calculating Machine Co.—Earnings■—
$1.18
$142,303
.
194,264
$0.71
After depreciation, normal
wholly-owned Canadian subsidiary.
y
.
Mengel Co .—Pref. Div. Deferred—New Official—
Rent income.
Gross income.-—"
Interest on long-term debt—
Other interest.
Memphis
Power except one generating station and two short transmission lines which
will bo turned over to a new concern, Memphis Generating Co.,
$1,988,423
21,843
104,100
Cr3,254
__________
$2,224,477
90,114
^
Provision for retirements
Provision for taxes
$5,429,353
2,173,960
478,736
625,000
163,234
9,441
expenses
1938.
$5,918,152
2.409,890
456,629
660,000
167,156
Operating revenues!-..
TV A.
for certain electric and gas
Co.,
McQuay-Norris Mfg. Co.—Interim Dividend—
Tho directors have declared
the
In tho transaction now
extra dividend of 75 cents per
an
the
is not part of the large
Provision for Federal income taxes
Net loss...
-
$50,900
Note—Company's proportion of the undistributed income less losses not
provided for above of its affiliated companies (including their subsidiaries
but not including their affiliated companies owned 50% or less) for the
?rear ended Jan. 31, 1939, was $32,862 based mostly on their unaudited
inancial statements.
Consolidated Balance Sheet Jan. 31, 1939
Assets—Cash, $313,728; cash on deposit with sinking fund trustee,
$141,401; notes, accounts and accrued interest receivable, $511,179; sundry
receivables (not current), $812,688; investments in capital stocks of af¬
filiated companies, $281,036; leaseholds, land, buildings and equipment
(less reserves for depreciation and amortization, $1,703,323), $6,041,533;
prepaid and deferred items, $47,332; total, $7,693,768.
Liabilities—Accounts payable and sundry accruals, $13,758; account
payable to affiliated company, $12,503; accrued interest payable, $142,710;
accrued taxes payable, $12,440; mortgage instalments due within one year,
$33,028; note payable instalments,due within one year, $10,000; long-term
debt, $5,335,017; mortgages payable, $771,725; note payable instalments
due after one year, $32,500; security, deposits payable, $62,621; deferred
income, $8,950; class A stock (282,444 snares no par), $812,000; class B
stock ($49,384 shares issued, 458 shares reserved for issuance to note-
1
Volume
148
Financial
holders of predecessor company) (no value given); earned surplus,
total, $7,693,768 —V. 148, p. 2750.
3693
Chronicle
Consolidated Balance Sheet March 31
$446,514;
1939
Ltd.—Earnings—
$
(Canadian Currency)
Period End.
Gross
earns
Oper.
exps. and
1939—4 Mos.—1938
1939—Month—1938
Apr. 30—
486,468
$674,337
506,158
$2,431,037
2,019,760
$3,012,655
2,121,563
$89,755
from oper__
$168,179
$411,277
$891,092
$576,223
deprec-.
Net earnings
ties (at cost)
1 ,474,521
Accts.receivable.. 3 ,704,840
1,474,521
demp.
3,093,182
ctfs. & coupons,
1,837
y
5,408
5,408
Earned surplus
58,617
machry.
and equipment. 2 826,763
Goodwill, tr'marks
1938
54,118
x
1939
$0.04
(& Subs.)- -Earnings
1938
1937
x
$8,484,3.54
7,310,026
$8,536,830
6,224,850
$8,067,194
6,195,440
Operating profit.
Other income (net)
$666,245
261,914
$1,174,328
264,439
$2,311,980
430,359
$1,871,754
340,274
$928,159
715,325
249,949
842
$1,438,767
$2,742,339
$2,212,028
762,964
956,617
451,133
709,393
559,981
Total income.
Fed. & State income tax
Net profit.
203,925
3,567
$468,311
$0.25
loss$37.957
Nil
Earnings per share
148, p. 3073.
3 Mos. End
Mar. 31—
Net profit....
$942,659
$0.51
$1,233,025
$0.66
Earns.per sh.on com.stk.
After depreciation,
x
•
1936
$410,
$0.81
1937
"
$171,881
Nil
$558,215
$1.44
.
Corp.—Earnings—
$1,120,533
24,853
$459,608
35,261
$222,347
86,298
...
1938
-$169,654
24,569
$194,223
$1,145,386
92,188
$494,869
104,008
54",387
50,488
18,000
50", 857
x9,500
1,001
48,730
x300,000
$66,961
$37,862
$703,467
$274,474
-$0.17
Net profit
Earns, per sh. on 391,254
shs. com. stk. (no par)
Includes surtax
on
$0.09
$1.80
$0.70
undistributed profits.—V. 148, p. 3232.
Mueller Brass Co.—To Pay
paid on Nov. 23 last and provious payrrert was n ade on
1937, and consisted of a regular quarterly dividend of 25 cents
Nov. 22,
and
an
Mullins
Mfg. Corp. (& Subs.)—Earnings—■
Profit.
y 1937
$373,457
216,517
$322,659
168,920
$178,584
7,790
x$54,962
5,403
$156,940
9,380
$153,739
5,785
$186,374
14,516
63,216
x$49,559
$166,320
18,036
66,406
1,085
28,111
$159,524
4,777
21,409
x$135,086
$119,,088
....
Gross income.._.__r.
Inventory adjust., «fec_.
Deprec. & amortiza'n..
Subsid's' operating loss.
stockholders.
Federal income tax.
...
(with interest to Jan. 1,1938)
$1,341,350
6,840,900
w
_
x5,304,400
142,500
.
Accrued unpaid dividends on these
The plan
53,044 shares of 5% cumulative preferred stock
(par $50): and 249,401 shares of common stock (no par).
The present bondholders would receive new*. bonds, in equal principal
amounts.
The present preferred stockholders would receive for each share
of preferred stock, one share of new preferred stock and two shares of new
common stock, so that-in the aggregate they would recei ve 100% of the new
preferred stock issue and 106,088 shares or 42.54% of the new common
stock.
The open account claim of Standard would be surrendered and it
would receive 140,614 shares of the new common stock or 56.38%.
Other
common
stockholders would receive 2,699 shares of the new common
stock, or 1.08%.
'
The new preferred stock will be entitled to one vote per share for all
corporate purposes, with the right of cumulative voting in the election of
directors.
If arrears equal eight quarterly dividends, the new preferredstock as a class will be entitled to elect a majority of the board of directors.
The plan provides that the initial board of directors shall be designated
by the debtor subject to the approval of the preferred stockholders' com¬
mittee.—V. 148, p.3075,3232, 3380.
1,
is'soi
,
Montgomery Ward & Co., Inc. (& Subs.)—Earnings—
1939
1938
1937
$4,423,175 z$2,101,946 x$3.466,355
Quar. End. Apr. 30—
Net profit-
1936
$2,836,838
$0.60
$0.54
$0.33
$0.78
Earns, per sh. on com..
'
Federal surtax on undistributed profits,
After depreciation, amortization and Federal taxes and other charges,
After provision for Federal surtax oh undistributed profits.—V. 148,
After provision of $70,000 for
3537.
.
'
-
(Philip) Morris & Co., Ltd., Inc.—Earnings—
*'
Consolidated Income Account for Years Ended March SI
1939
Sales
(less discts,. <S? allow,) and inc.
from
stemming
Cost of sales,
...
'
*
1937
•
$64,595,408 $55,613,034 $38,466,513
operations
shipping, selling,
1938
gen.'
...
56,183,290
48,214,236
33 872)651
Loss,
y
$117,837
Revised by company.—V. 148, p. 3232.
Lewis O. Douglas, former director of the United States budget and
principal of McGill University at Montreal, Canada, since 1938, has been
appointed President of this company,.effective Jan. 1, 1940.
He will succeed David F: Houston, who will become Chairman of the
Board.
Mr. Houston was re-elected President until the first of next year.
—V. 137, p. 1775.
.
•,
/
'
,
(& Subs.)—Earnings—
Nash-Kelvinator Corp.
1939—3 Mos—1938'
y$140,505
$2,185,685
3 Mos. End. Mar. 31—
X
1953:
.
a
18^676
$94,840
Mutual Life Insurance Co.—-New President—-
provides for the issuance of $8,182,250 of 5% first mtge. bonds
maturing Jan.
x
x
6,947,293
__i
shares at Sept. 30, 1938, amounted
to $41 per share, aggregating $2,174,804.
.
•
Besides having an open account claim in the amount of almost seven
million dollars, Standard- Gas & Electric Co. owns 88,530.38 shares or 62%
of the debtor's common stock, while Standard Bower & Light Corp. owns
25,353 shares or 18%.
I
'
Digest of Plan
x
p.
445
13~802
Net profit
demand
-
7% cumulative preferred stock ($100 par)...
Common stock (142,500 shares, no par)...
z
'
Capital Structure—The capital structure of the debtor is as follows:
First mtge. gold bonds, series A, 5% dueJan. 1,1938
First mtge. gold bonds, series B, 6% due Jan. 1,1938
Indebtedness to Standard Gas & Electric Co.'due on
y
1936
$172,878
227,840
1939
$.360,627
182,043,
•
Other income.
Co.—Reorg.Plan Approved—
1938
.
3 Mos. End. Mar. 31
Gross profit
-
share.—V. 148, p. 2278.
extra dividend of 10 cents per
The Securities and Exchange Commission on June 12 issued an brder
approving the reorganization plan as finally agreed upon by the bond¬
holders' committee, the debtor and a committee representing preferred
y
40-Cent Dividend—
of 35 cents was
Expenses
:
62,000
Directors have declared „a dividend of 40 cents per share on the common
stock, payable June 29 to holders of record June 22.
Year-end dividend
The interest due July 1, 1936 and Jan. 1, 1937 on the first mortgage 5%
bonds, series A, due 1959, is now being paid.'—V. 148, p. 3380.
,
96,004
600
...
____
Mountain States Power
1936
1937
1939
$196,604
25,743
Depreciation.
liquidating dividend of 30 cents per share on
the common stock .payable July 19 to holders of record June 24.
Like
amount was paid on March 21 last.—V. 148, p. 1033.
'
$480,726 in
Represented by 855,195 (1938 510,151) shares of which 276,000
issued at $4 per share and 579,195 shares (1938, 243,151 shs.)
issued at $10 per share.—V. 148, p. 3540.
.
>
Interest.
a
RR.—Interest—
.....37,143,344 29,240,960
Total
y
Expenses.
Mississippi Valley Utilities Corp.—Liquidating Did,—
Missouri-Illinois
8,211,426
were
Motor Products
Federal income taxes, &c.—Y. 148, p. 3229.
Directors have declared
4,786,886
allowance for depreciation of $724,496 in 1939 and
Subs.)—Earnings
1938
1939
$540,966
$1.37
...
3,535~5l6
8,903,019
8,160,849
67,835
3 Mos. End. Mar. 31—
Profit from operations..
Other income....
x
x
67,835
,
-...37,143,344 29,240,960
Federal taxes, &c._
—V.
Midland Steel Products Co. (&
...
2,384,243
Total income
102,564
-
2,736,262
6,895,955
at
cash^.-..
After
were
1936
Cost of sales & exps
1939
$7,767,515
7,101,270
Deprec. & depletion
Leaseholds surr'd, &c__
Common stock..
Capital surplus
less).
brands,
cost In
shares
Sales....
or
Total
1938.
Petroleum Corp.
taxes, add'l com¬
pensation, «fec._ 2,631,933
2,674,900
5% pref stock
$4,692
$0.15
($1 par).
145, p. 3351.
Mid-Continent
.
Bldgs.,
1938
■
$15,273
99,895 shares common stock
Quar. End. Mar. 31—
_
Land
$1,655
and
3 Months Ended March 31—
Net profit after deprec., Federal taxes, &c
re-
prem.
1,837
(at cost
1939
adv.
of
20,914,552
163,554
expenses
Cap.stk.of German
sub.(not consol.)
Misc. investments
$10,247
for
207,799
Prepaid
Micromatic Hone Corp.—Earnings—
on
Prov.
27 ,294,652
876,688
Accounts payable.
Marketable securi¬
—V. 145, p. 2082.
share
...
Inventories
3 Months Ended March 31—
Net income after charges, but before taxes
$
8,850,000
1,120,877
banks. 7,000,000
1,081,711
Michigan Silica Co.—Earnings—
per
Notes pay.
1 ,501,072
-V. 148, p. 3229.
Earnings
hand
$
Liabilities—
Cash in banks and
on
1938
1939
1938
$
Assets—»
Mexican Light & Power Co.,
Net loss....
.....
1939—6 Mos—1938
$1,439,198 $2,968,733
Earns, per sh. on 4,292.-
059 shs. of com. stock
•
,
($5par)
x
$0.03
,
After Federal taxes,
..
Inc. (& Subs.)—Earnings
National Automotive Fibres,
:
3 Mos. End. Mar: SI—
ISTgIj inc
deprec..
taxes & other charges.
1937
1938,
1939
.
k
*
■
Nil
Nil
Nil
y Profit.—V. 148. P- 3076.
,
depreciation, &c.'
1936
.
-
*
x$209,074
x Equivalent to 84 cents a share on 247,290 class. A common shares out¬
standing.
y Equivalent to 95 cents a share on 247,290 no par shares of
class A s tock:.
z E quivalent to 60 cents a share on 494,510 shares of common
Current assets as of
to
loss$41,561
z$299,424
March 31, 1939, including
y$236,190
-
$1,100,625 cash amounted
$3,329,985 and current liabilities were $1,425,282, compared with cash
of $2,106,850 and current liabilities of $1,796,425
of $507,801, current assets
a
year
ago.—y. 148, p. 2904.
Corp.—Distributions on Account
National Bondholders
of Principal—
..
.
•
,
,
,
principal have been authorized on the
Distributions on account of
fol¬
lowing series at the rates indicated:
Previously Authorized
Series—
j
Authorized Authorized
to Date
Texas Series C Corp
10.00%
66.00%
76.00%
Union Series Eye Corp.
9.91%
67.09%
77.00%
These distributions are bqing made from the proceeds of an initial divi¬
dend received from the Superintendent of Insurance of the State of New
York on account of the corporation's claim against National Surety Co.,
as guarantor of the original securities.
It is anticipated that additional
dividends on account of this claim will be received from time to time and
holders of participation certificates will be advised when distributions are
Amount
Date
Payable
June 30
May 26
•
,
as a result thereof.
*
Texas Series C Corp. will be payable on or before
1939, to holders of participation certificates of record as of the
close of business June 20.
Transfer books on this series will be closed for a
authorized
.
^
Distributions for
June 30,
Interest received
Dividends received..
Profit
on
l
-
-
r
-
sale of leaf tobacco.
Other income
Total income
Interest paid
Provision for flood damage
Prov. for addi comp. to off. & empls.
Other deductions
Loss
on
$8,412,118
2.932
61,089
43,613
$7,828,668
86,424
473,029
486",776
32",427
$4,822,105
88,753
17,245
373,016
"
10.782
1,417,435
Prov. for Fed. surtax on undiso. profs.
Net income
$4,593,862
1,983
193,832
13,295
Excess profits tax.
Cash dividends paid
3,616
80,431
300,434
45,389
64.698
$8,519,753
disposal of machry. & equip.
Prov. for Federal normal inc. tax
$7,398,798
"5,190
1,083,287
34,221
463,957
619,836
144",447
period not exceeding nine days,
Directors have
$5,663,221 b$3,573,617
3,114,906
2,440,037
Balance
Earnings per share
$2,547,374
855,196
$7.32
$2,548,315
519,151
$1,133,580
519,151
$10.91
$6.88
provision for depreciation of $235,206 in 1939, $210,717 in
1938. and $157,820 in 1937.
b Includes income of Prudential Tobacco Co.,
a
Includes
(dissolved subsidiary) from April 1, 1936, to June 2, 1936 (date of dissolu¬
1937, to
the rate
of H-share for each common share outstanding.
tion) and Philip Morris & Co., Ltd. (England) from March 2,
March 31, 1937.
c Excludes $2,597,950 paid in common stock at
a
National Cylinder
3 Mos. End. Mar. 31—
Net profit after all charges,
Inc.—50-Cent Dividend—
dividend of 50 cents per share on the common
Gas Co.-
Earns, per
1039
$712,177
110t065
other expenses..51,985
105,118
Provision for taxes
$445,009
*446,453
$1.50 cum.
31, 1939; $233,415 paid on the old 7%
Net profit....
„r«„
Includes $55,712 dividends on
ended March
$0.30
Ltd.—Earnings
March 31—
Operating profit.
Depreciation
x
1937
$293,117
148, p. 3232.
National Grocers Co.,
Preferred dividends
1938
$103,577
$0.11
$190,194
$0.20
share on capital stock
Similar payment
share was paid in
Earning s-
including
Includes subsidiary.—V.
Bond interest and
■
xl939
Federal income, &c_
Years Ended
Shares of common stock outstanding.
declared
stock, payable June 30 to holders of record June 20.
was made on Dec. 27 last, and a dividend of 25 cents per
December, 1937.—V. 148, p. 3537.
x
$6,551,296
c4,003,923
beginning June 21.—V. 148, p. 3076.
National City Lines,
new
1938
1937
$755,880
111,510
129,722
$871,674
109,023
79,937
132,467
$446,229
z361,767
$550,247
y310.086
68,418
stock for the quarter
pref. stock on account
Financial
3694
of arrears,
dividends,
1927.
z
Chronicle
and $157,326 paid on the old pref. stock as current year's
y Includes $103,362 dividends for six months ended Dec. 31,
New Orleans Public Service
Directors have
Includes $155,043 dividends for nine months ended Sept. 30,1928.
accumulations
Assets—Cash, $276,912; accounts rceeivable
(less
reserve
and
for doubtful
dividend
a
Inc.—Preferred Dividend—
of $1.75
advances
account
on
o~
July 1, 1938, and a dividend of 87 >4 cents was paid on April 1, 1938,
being the first dividend paid since April 1, 1933, when 87 A
share was also distributed.—V. 148, p. 3381.
cents per
Newport Industries, Inc.—Earnings—
$979,240
830,918
Costs, expenses, ordinary tax, &c
$3,627,412
3,364,136
$969,670
844,053
52,764
56,615
Depreciation and amortization
$91,707
3,993
$95,700
221,174
$42,102
$72,853
12,369
$85,222
Other income.
Corp.—Listing—
12 Mos. '39
1939—3 Mos.—xl938
Period Ended March 31—
Net sales.......
Operating profit
National Distillers Products
share
per
the $7 cum. pref. stock
payable July 1 to holders of
A like amount was paid on April 1 and Jan. 3 last, Oct. 1
this latter
on merchandise purchased,
$17,957;
inventories, $2,048,420; investments, $180,245; deferred charges, $99,968;
land, buildings and equipment, $2,760,598; total, $7,499,835.
Liabilities—Accounts and notes payable, $768,812; dividend payable,
$56,250; accrued taxes, bond interest, &c., $186,333; 4% 1st mtge. (closed)
serial bonds (maturing $100,000 annually), $900,000; reserves $1,113,993;
cum. $1.50 div. red. preference shares (par $20), $3,000,000; Common stock
(295,852 no-par shares), $295,852; earned surplus, $1,178,594; total,
$7,499,835.—V. 148, p. 738.
$2,115,735;
declared
1939
17,
on
record June 23.
Balance Sheet March 31, 1939
accounts),
June
15,214
,
The New York Stock Exchange has authorized the listing of $22,500,000
Total income...
10-year convertible 3M % debentures, due March 1, 1949, which are issued
and outstanding.
'
Interest—.
,
Consolidated Earnings for
Net sales of whiskey and other
Cost of sales.—-—
—
commodities
Federal income taxes...
$11,752,700
7,708,156
—
"
y
$45,425
621,359
$0.11
519,347
'" $0.09
y$5 722
621,359
Nil
17;900
——_
—.
Adjusted figures,
10,080
$68,986
—_
Shs. of com. stk. outstanding ($1 par)
Earnings per share.
x
1
,
23,441
profit--—-—!
Net
Gross profit on sales...—
_—$4,044,544
Adjustment for proportion of profit on certain sales of whiskey
covered by customers' notes receivable—-—
143,500
Miscellaneous income and profit.
—
249,431
52,958
16,356
Armstrong
loss,
Proportionate oper.
Newport Co
—
8,814
•—
—
the 3 Months Ended March 31, 1939
$57,316
Indicates loss.—V. 148, p. 3077.
_
Gross income
$4,437,475
2,703,749
157,126
21,221
8,062
174,086
——_
——
...
Selling, distributing, administrative and general expenses.
Interest
on
_L,
debentures.
Amortization of debenture discount and expense
Other interest charges
—
Provision for Federal income and capital stock taxes.
....
..
.
Balance of profit carried to surplus.......
Dividends
*
.....
Earnings
per
$1,373,228
1,022,724
$0.67
—
share on 2,045,451 shares of com. stock outstand'g.
New York Central
1939—Month—1938
1939—4 Mos—1938
Railway oper. revenues_$23,822,995 $22,947,750 $103931.160 $93,005,704
Railway oper. expenses. 19,635,588
18,909,278
82,644,943
78,670,704
Net rev. fromry. oper. $4,187,407
Railway tax accruals.__
2,915,931
1,256,771
Net ry. oper. income.
$14,705
1,113425
$82,340
1,138,885
$4,545,427
4,700,807
$1,716403
5,170,394
$1,128,130
123,312
4,021,432
$1,221,225
145,408
4.016,174
$9,246,234
506.326
16,061,195
$3,453,991
558,592
16,032,094
$3,016,614
$2,940,357
$7,321,287 $13,136,695
Total income........
Misc. deducts, from inc.
Total fixed charges
Net deficit after fixed
Consolidated Balance Sheet March 31,1939
.I
_t. $8,010,849
Notes & accts. receiv. (net)..
a Inventories
——
Accounts
payable
$1,190,733
1,425,378
_
16,046,788
Accrued liabilities
31,220,456
Dividend—
5,232,514
capital stock taxes.
1,959,237
577,012 Dividend payable
1,022,724
10-yr. conv. ZY%% debentures 22,500,000
deferred charges
722,622 d Common stock
28,175,651
Property, plant & equlpm't 10,550,038 Earned surplus..
16,086,556
Unamortized deb. dist.&exp,
...
Prepaid Insurance and other
Total
.$72,360,2791
— ...
Total—............
$72,360,279
a Of matured and new spirits at cost and other
products, materials and
supplies at cost or market, whichever is lower,
b In and advances to af¬
filiated companies and miscellaneous investments at cost, less reserve,
c After reserve for
depreciation of $4,023,033.
d Represented by 2,045,451
no par shares.
Note—The corporation's equity in controlled companies,
not
wholly
owned and npt consolidated, has been increased since dates of acquisition
as a result of profits, losses and distributions
by approximately $19,600.
—V. 148, p. 1967.
National Oil Products Co.
3 Months Ended March 31—
Net profit after deprec., depletion,
reserves for .Fed. income taxes &c—
Shares capital stock..
Earnings per share—.....
148, p. 3381.
...
1938
Honduras
-
.
»
■
.
>
Rosario
Mining Co.—Interim
•
The directors have declared an interim dividend of $1 per share on the
capital stock, par $10, payable June 30 to holders of record June 20.
hike
amount was paid on March 25 last and compares with $1.50 paid on Dec. 31
last; 90 cents paid on Sept. 30, 1938; dividends of 75 cents paid on June 30
and on March 26, 1938; $1.65 pa,id on Dec. 24, 1937; $1.15 paid on Sept. 30,
1937; 87^ cents paid on June 26, 1937. and 75 cents paid on March 27,
1937.
See V. 144, p. 1794, for detailed record of previous dividend pay-,
ments on this stock.—V. 148, p. 2752.
New York New Haven & Hartford RR.—Int.
Payments
Interest is now being paid on the following bond issubs:
1938, Oct. 1, 1938 and April 1, 1939 on
New York Providence & Boston RR. 4% general mortgage gold bonds,
(1)
The interest due April 1,
due 1942.
Interest due April 1, 1938, Oct. 1, 1938 and April 1, 1939 on the New
New England.RR. Boston Terminal 4% first mortgage bonds,
1, 1939.
(3) Interest due March 1, 1938, Sept. 1, 1938 and March 1, 1939 on
(2)
York &
due April
(& Subs.)—Earnings—
1939
-
Indicates deficit.—V. 148, p. 3235.
New York &
Reserve lor Federal income &
b Investments
c
charges
.
x
Liabilities—
Assets—
Cash,...
$4,038,472 $21,286,217 $14,335,000
2,903.205
11,840,742
11,713,316
1,052,927
4,900,048
4,338,087
Eqpt. & jt. facil. rents._
Otherincome
Note—Provision for depreciation for the three months ended March 31,
1939, amounted to $137,317.
The corporation's proportionate share of the aggregate net earnings, less
losses of controlled companies not wholly owned and not consolidated for
the three months ended March 31, 1939, exceeded dividends received from
such controlled companies and credited to income, by approximately $74,-
RR.—Earnings—r-
Period End. April 30—
Providence Terminal Co. first mortgage
1937
4% 50-year gold bonds, due 1956.
Interest due. May 1, 1938, Nov. 1, 1938 and May 1,1939 on Naugagold bonds, due 1954.
(5) Interest due May 1, 1937 and Nov. 1, 1937 on Housatonic RR.
consolidated mortgage gold 5% bonds, due Nov. 1, 1937.—V. 148, p. 3538.
(4)
$182,950
179,825
$1.02
$81,361
173,075
$0.47
tuck RR. first mortgage 4% 50-year
$158,205
169,128
$0.94
—V.
0
National
New York Title & Mortgage Co.—To
Refining Co.—Earnings—-
Pay on Certificates
Q guaranteed mortgage certificates reported June 9
Court Justice Alfred Frankenthaler that they would make a
2% interest distribution on the reduced principal on June 30 to holders
of record June 10."
The total distribution will amount to $185,792.
At the same time the interest distribution is made the trustees will
make a
1% principal distribution, amounting to $102,053.
This will
be the third principal distribution in the first six months of this year.
The trustees, all appointed by Justice Frankenthaler, are Armin H.
Mittlemann, Joseph D. Nunan Jr., and Harry Y. Hoyt.
They have
been paying interest at thfc rate, of 4% for some time,—V. 148, p. 3539.
Trustees of series
0
Quarter Ended March 31—
1939
to Supreme.
1938
Oper. loss after all charges but before taxes.
x$176,630
$259,780
x Including
profit from sale in January of company's holdings in Canadian
Oil Cos., Ltd., there would be a profit of $537,068
V. 148, p. 3233, 589, 284; V. 147,
p 3616.
for the quarter.—
"•
*
*
.
National
Supply Co. (Pa.)—No Pref. Dividends—
Directors at their recent meeting took no action
on
dividends due at this
time on the 6% prior preferred and 5M% prior preferred stocks.
Divi¬
dends of 75 cents and 68M cents per share were paid on the 6% and 5M %
Noblitt-Sparks Industries, Inc.—Earnings—
stocks, respectively, on March 31 last, these distributions being at half
the regular quarterly rates.—V. 148, p. 3076.
New
3 Mos. End. Mar. 31—
ftftcr deprec
Federal taxes, &c-._-
Shares capital stock.
Earnings per share
Acquisition—
The stockholders of the
controlled by New England Power
Association through ownership of the entire common stock issue, at a
special meeting June 12 approved recommendations of the directors pro¬
viding for the acquisition of certain properties and issuance of bonds and
common stock with which to make payment.
■
Included in the matters approved by the stockholders were:
Purchase of the property of Bellow* Falls Hydro-Electric Corp. for a
company
price of $12,381 ;739, subject to certain adjustments.
Purchase from the Connecticut River Power Co. of the so-called Bellows
Falls-Pratt Junction transmission line for the $672,747 subject to certain
adjustments.
■
.
Issuance of
an
to bear interest at
aggregate of $9,650,000 additional first mortgage bonds,
a rate not to exceed 3M
% and to mature in not exceeding
30 years.
Increase in the
common
Petitions
or
a
share.
,
Revised.
N
North American
-&PIlL3,0' 193?, had earnings available for preferred dividends of
$2,478,000. it is anticipated that this balance will be approximately $2,900.000 after the proposed changes are made.—V. 148, p. 3233.
„
At
12 Mos.End.
Mar. 31
N
:•
Corp .—Earnings—:
1939
preciation,
depletion,
int., amorth, &e
...
x
(•
1938
1936
1937
'
■
x$78O,770
x$685,543
Before profit on bonds acquired.-^-V.
North American Oil
147,
p.
x$232,175
Co.—Earnings-—
Cal.
Taxes
on
-a
_
—
income (est.)—Federal
State
Dividends paid
a
Includes
799\
—-
—
$31,092
27,560
$80 profit on sale of undeveloped leases,
paid stock dividends of $56,225.
b As
New
$7,246,264
2,699,089
$6,781,504
2,601,459
$1,246,507
848,564
$1,111,564
727,948
$4,547,175
$4,180,045
2,923,365
Jersey & New York Rli.^-Abandonment—
Gross oil royalties
2,576,522
The Interstate Commerce Commission on
May 25 issued a certificate
permitting abandonment by the trustees of the company of a portion of a
branch line of railroad extending from Nanuet to New
City, approximately
4.06 miles, all in Rockland County, N. Y.—V. 148, p. 739.
adjusted,
Earnings from Jan. 1 to March 31
1939
$1,777,440
665,876
b7,403
b$40,953
c6,275
In addition company
$6,090,504 $24,956,941 $24,134,651
4,313,064
17,710,677
17,353,147
$1,949,207
702,700
Jan.8,'37 to
Dec. 31. *37
$131,736
17,133
66,248
$171,904
42,099
91,775
6.139J
——
Net profit
c
Year
1938
a
Total expense
Depletion..
$643,559
3316.
Period—
Oil royalties
Telephone & Telegraph Co.—Earnings
1939—Month—1938
1939—4 Mos.—1938
Operating revenues
$6,312,435
$6,119,934 $25,032,222 $24,240,230
Uncollectible oper. rev..
21,214
29,430
75,281
105,579
Net oper. income
$0.72
Aviation, Inc.—Dividend—-
North American Cement
Period End. Apr. 30—
Net income
—Y. 148, p. 3076.
l50,000
.
Net loss after taxes, de¬
„
Hydro-Electric Corp. to redeem, probably Oct. 1, next, its $9,000,000
5% gold bonds.
C. 8. Hermann, President, stated that the result of the
contemplated
transactions will be integration of property, simplification of
corporate
structure, and operating saving.
Outlining the possible saving, H. Hanson,
Treasurer, stated that whereas New England Power Co; in 12 months
Operating taxes
.
a meeting of the board of directors held June 14 a dividend of 40 cents
share was declared, payable July 12 to stockholders of record June 28.A like amount was paid on Dec. 1 last and an initial dividend of 12M
cents was paid on Dec. 22, 1937.—V, 148, p. 2752.
;
»
the foregoing.
«
In connection with these transactions,'it is the intention of the Bellows
Net operating revs...
,
x$107,900
At
Falls
Operating revenues... $6,291,221
Operating expenses..
4,342,014
$0.73
1936
n
x$192,116
158,905
$1.21
per
applications to the various regulatory bodies to carry out
New England
1937
1938
*
loss$89,965
190,687
Nil
$138,655
*
190,687
'
Current assets as of March 31,1939, including $2,624,954 cash, amounted
to $3,835,516 and, current liabilities were $269,9l7.
This compares with
cash of $1,782,066, current assets of $3,763,644 and current liabilities of
$334,751 on March 31,4938.—V. 148, p. 1486.
x
stock by not exceeding 112,724 shares of $25
par value each, to be issued at $30
1939
Net
England Power Co.- -Stockholders Approve Property
!
Expenses—
Net profit
—
1938
$48,218
15.042
$48,935
27,784
$33,176
$21,151
Balance Sheet Dec. 31, 1938
Assets—Demand
deposits, $86,819; accounts receivable (paid-in Jan.,
1939), $10,676; royalty interests (less res. for depletion of $158,023),
$201,325; organization expense. $802 total, $299,623. •
Liabilities—Accounts payable, $2;179; accrued capital stock tax, $990;
Federal & State taxes on income (prov. for years 1937 and 1938), $8,020;
capital stock (par $1), $307,225; capital deficit, Dr$223; earned, deficit,
Dr$18,015; total, $299,623.—V. 147, p. 3166.
Volume
Financial
148
Prior to
Co.—Merger Approved—
North Dakota Power & Light
The
Securities
and
Exchange
announced June 8 that
Commission
has ordered:
principal amount of $1,335,794 and the issue and sale of commoD
stock, no par value, in the amount of 8,370 shares, be, and become effective
forthwith;
(2) That the application of United Public Utilities Corp. under Section
10(a)CI) for approval of the acquisition by it from North Dakota Power &
Light Co. of the securities above described, except the $1,000,000 bonds to
be assumed by North Dakota Power & Light Co., be, and the same is
hereby approved;
*
_
(3) That the application of United Public Utilities Corp., North Dakota
Power & Light Co. and Northern Power & Light Co., under Rule U-12-F-1,
for approval of the transfer of the assets of Northern Power & Light Co.
to North Dakota Power & Light Co., and all other transactions set forth
in the application as inter-company transactions incidental to the proposed
merger of Northern Power & Light Co. and the North Dakota Power &
Light Co., be, and the same are hereby approved.
Stockholders of this company and the Northern Power & Light Co.,
operating in North and South Dakota, on June 8 voted in favor of a merger
of the two companies.
The new company will be known as the Dakota
..
made
Old
Old Colony RR .—Would
1938
a
Rev. derived from the
shipping business
Rev. from participation.
Other capital revenue.__
Extraordinary
revenue.
1936
1937
.
' •' *
'
$12,097,125 $13,892,230
26,571
19,128
•
May 15
have been and are being
in the Boston and Cape
Cod service.
At that time they told the Governor that the losses were so
large they saw no alternative to the discontinuance by the Old Colony of
The trustees in their letter called attention to their discussion on
last with the Governor, of the serious losses which
incurred in the operation of the Old Colony lines
all passenger service on the^e lines.
The trustees also stated that they
1,933,966
_
49,870
1,102,080
2,175", 037
944,027
Withdrawal from special
reserve...
Distribution
Total
......
...a
reserves
Colony RR.,
$16,093,838 $14,473,463
Salaries & wages for shore
1,318,691
1,410,801
dend—
947,076
929,849
Other expenditures
335,009
399,304
1,625,601
3,614,458
5,855,714
402,253
401,284
reserve
'
$10,184
Netprofit.
27.452
29,449
612,062
999,400
727,342
1 ,353,089
2 ,005,453
!
Property taxes
7,133,830
36,039
•
\
•
—V.
the preferred stock, payable
on
share on account of accumu¬
July 3 to holders of record June 15.
142, p. 3182.
Subs.)—Earnings—
Otis Elevator Co. (&
......
x
deducting the direct expenditure for the upkeep, repairs and
working of the ships and after adjustment under the pooling agreement.
'
•
■
,
* Balance Sheet Dec. 31
__
$154,432
1,973,472
779,567
732,243
Other income
$
■;*
•,
$
..49,820,156 53,476,266
974,735
1,016,458
Participations.
1,608,251
1,990,899
Supplies
Securities:
4,869,156
3,297,945
193,857
Real estate mtges.
141,456
61,258
161,871
Payments on acct.
Accts. receivable.. 1,856,698
2,107,558
Pref.
stock
132,800
—
Special reserve...
Insurance reserve.
Pension reserve
Other debtors....
7,336,803
Cash.....
379,398
1,379,726
472,690
1,428,192
Long-term
Transitory items.. 3,792,200
3,860,756
Payments on acct.
Loans
sub.
payable
cos
13,487
4,958
2,409,597
3,435,695
Bank loans
1,763,761
2,672,032
3,382,830
85,389
4,232,229
75,388
Transitory items..
Total.
Total...:.....71,590,394 77,530,638
-V. 146, p.
4126.
.
-
x
Northern States Power Co.
Net profits
Earnings per
directors
have declared
a
Co.—Earnings—
y
1938
Sales (net).......-------
Loss
7% 1st cum. pref stock, par $100, payable July 1
A similar payment was made on April 1
and Jan. 3 last; Oct. 1, July 1, and on April 1, 1938; Dec. 24, Oct. 1,
July 1, and on April 1, 1937, and on Dec. 24, 1936, as against $5:25 paid
on Oct. 1, 1936, this latter being the first dividend paid since Jan. 3, 1933,
when 88 cents per share was distributed; prior to Jan. 3, 1933, regular
quarterly payments of $1.75 per share were made.—V. 148, p. 3236.
of accumulations on the
—
-----
administrative expenses.. —
Selling and
1937
$1,597,893
1,647,318
$4,513,685
4,246,690
$49,424 prf$266,995
11,436
23,959
—
1
Other income
195,000 shares
Co.—Earnings—,
of
Dividends—
$i.50
Profit and Loss Years Ended Dec. 31
1
dividend of $1.75 per share on account
On
„
$293,336
$220,144
$1.13
$179,862
$0.92
-
1936
1937
1938
1939
$261,243
share.$1.34
Condensed Statement of
week last year.—V. 148, p. 3540.
.Northwestern Electric Co.—Accumulated
The
./<
.
Pacific Car &.Foundry
(Del.)—Weekly Output—
week
9.1% compared with the corresponsind
Pa.—■
Philadelphia,
Apartments,
Arms
x After
depreciation and Federal income taxes,
capital stock.—V. 148, p. 1817.
-
71,590,394 77,530,638
Electric output of the Northern States Power Co. system for the
ended June 10, 1939, totaled 26,624,518 kilowatt-hours, an increase
shs. of com. stock
•
Pacific Can
•
.
$0.35
66,000
3383.
12 Mos. End. Mar. 31y
Surplus
$798,113
an
204,580
266,944
Acceptances liabs.
Other creditors
.
$957,627
$0.43
—
sold through the
to
.
—
*
On June 1,1939, the committee for the protection of the holders of bonds
F. H. Smith Co.
(George E. Roosevelt, Chairman) made
additional distribution to all depositors of bonds of this issue.
The
distribution was at the rate of $1.50 in cash for each $100 of deposited 1st
mtge. 7% bonds of Warren Apartment Co. (other than bonds of the June 1,
1930 maturity and bonds deposited by the F. H. Smith Co.).
The com¬
mittee previously made distributions totaling $37 in cash for each $100 of
deposited bonds (other than bonds of the June 1, 1930 maturity and bonds
deposited by the F. H. Smith Co.).
With the present distribution the total
amount distributed is therefore $38.50 per $100 bond.—V. 148, p., 2130.
,
8,369,469
2,671,623
1,895,941
5,547,971
2,733,441
p.,
Overbrook
build'g
payable. 2,124,451
148,
Distribution—
—
loans
Accts.
1,876,911
5,306,247
3,290,274
9,339,929
1,810,137
2,207,063
..12,554,570 13,576,117
566,143
7,870,052
Accounts
—V.
667,739
3,679,336
8,931,773
Legal reserve-....
458,503
...
18,101,368
666,132
1,872,392
5,293,471
Other reserves
receivable
Net income..
Earns, per sh. on 2,000,000
with
votes..
_
*
Federal income taxes.
with
from sub. cos...
Other bk. balances
Miscellaneous deductions.....
.
$933,999
69,886
$1,136,781
111,154
68,000
.
—
_
S
450,000 votes..18,057,785
..
..
stock
Com.
Total income
1937
$
Liabilities—
Assets-
Fixed assets
Accts.
'
1938
1937
1938
■
holders of record June 20.
Total loss
Depreciation.
—
—
——
Federal taxes
Northwestern Wisconsin Electric Co.—To
Sell Bonds—
Company has filed with the Securities and Exchange Commissibn an
application (File 32-153) for exemption from the requirement of filing a
declaration in connection with the issuance and sale of $125,000 of first
mortgage 5% sinking fund bonds, series A, due 1954, to the Northwestern
National Life Insurance Co. of Minneapolis, Minn.
The net proceeds from the sale of the bonds are to be applied as follows:
To the retirement of Clam River Electric Co. first mortgage 15-year 6%
gold bonds, due July 1, 1943, $30,000. To the payment of a first mortgage
8% note, due Feb. 15, 1943 of the company, $17,520. To the retirement of
Polk Electric Light Co. first mortgage 15-year 6% sinking fund gold bonds,
due May 1, 1943, $72,619, To the payment of open account indebtedness to
American Utilities Service Corp., $6,OOO.
The balance of the proceeds will be used for additions and improvements
to the company's plants and system, and for the payment of expenses in
connection with the issuance of the bonds.
Company is part of the American Utilities Service Corp. system.—V.
148, p. 3539.
Norwalk Tire & Rubber Co.
Cost and expense
(& Subs.)—Earnings—
1939
1938
$1,079,297
1,015,251
$1,015,007
1936
1937
$1,805,093
1,679,254
6 Mos. End. Mar. 31—
Net sales
Net loss..
974,297
$558,412
575,164
'
—
$64,046
$40,710
1,082
825
24,213
loss$16,752
2,317
$126,921
22,339
$64,871
25,654
$64,923
22,006
loss$14,435
16,590
y$104,582
y$39,217
y$42,917
Dividends.
*
Assets—Cash, $25,609; accounts
tories, $683,002;
Depreciation
allowances, discounts, adjustments, freight and excise
Before Federal income taxes.—V. 147, p. 3317.
Less returns,
y
Noxie
Cola Co. of
New York,
Inc.—Enjoined—*
L. Leibell, June 14, enjoined the company and
the use of the word "Noxie" in connection
with their beverage business.
The court held such use to be an infringe¬
ment of the trade mark "Moxie" owned by The Moxie Co.
The court
expressed the opinion that the defendants, who purchased the Canadianregistered trade mark "Noxie Kola" and applied it to their product for the
purpose of appropriating in this country some of plaintiff's good will.
Federal Judge Vincent
the Noxie Cola Co., Inc., from
.
.
22,205
and notes receivable, $324,764; inven¬
machinery (after reserve for
land, $65,'360; buildings and
$88,450; prepaid expenses, $22,617; total, $1,999,424.
.
Liabilities—Notes payable
to banks,
$275,000; accounts payable,
$354,816; accrued payrolls, $14,190-; real and personal taxes accrued,
$31* 588; plant purchase agreement, $43,250; class A 6%
cumulative pre¬
ferred (3,700.83 shares, of par $100), $370,083; class B 7% (14,995.12 shg.,\
no
par), $628,117; common (17,999.03 shs, no par), $1,800; surplus,
$280,580; total,
$1,999,424.—V. 146, p. 3675,.
Pacific Western
3 Mos. End.
Oil Corp.—Earnings—
1937
$928,936
355,901
14,963
105,445
5,646
51,417
.21,032
85,037
31,788
6,362
25,477
$119,760
67,525
$195,836
73,775
$226,839
xll5,271
$265,409
90,000
$187,285
33,749
6,000
$269,611
50,413
20,000
$342,110
48,103
25,000
$355,409
6,903
25,000
$147,536
$199,198
$269,007
$323,506
$0.15
Expenses
Prov. for abandonments
Deple. &
leaseamortiz..
$0.20
$0.27
$0.32
100,790
Depreciation
Amort, of drill & oper.
Intangent
8,777
38,351
—
develop, costs
Insurance
5,734
-
37,372
Profit
Profit
-
Interest—
Federal income taxes
Netprofit—.
Earns, per sh. on
1936
$896,489
322,175
59,242
50,264
1938
$988,317
397,174
54,503
39,524
123,809
1939
$594,318
188,010
Cr44,135
139,659
Mar. 31—
Gross income
Other income
x
.
depreciation of $779,929), $783,458; patents (less depreciation), $6,163;
Portland plant and property (after reserve for depreciation of $264,371),
Ordinary taxes—
Total income
tax.
—
Balance Sheet Dec. 31,1938
'
58,498
34,996
109,414
loss$31,025
Operating profit
Other income
Profit
64,233
—-
$111,561 prf$154,048
-
-,
—
contracts
$125,839
$37,989prf.$290,954
— - —
•
10,862
73,572
;
xJ'Sqo
-
—
Interest paid——
ff
x
1938
$2,127,904
$404,538
profit from operations
Expenses
—
1939
$2,054,502
1,649,964
"
'
3 Months Ended March 31—
Gross
After
a
to
148, p. 3540.
Ltd.—Accumulated Divi¬
Net operating profit
$75,388
lines of the
the trustees
Directors have declared a dividend of $3 per
lations
634,095
5,925,726
464,126
749,539
192,451
431,937
60,562
7,092,387
38,666
39,174
8 .547,806
_
-
Other allow, for deprec.
Interest.:
named above should be discontinued."—V.
as
Ontario Tobacco Plantations,
$9,808,676
,
employees
Social welfare charges for
shore, employees
Depreciation on plant..
the
stated, "including the studies completed recently by Prof. Cunningham of
Harvard, we have concluded that all of the passenger service of the Old
2,624,772
•
....
—$14 ,050.220
revenue
Allot, to
4,127,806
......
preventing further accumulation of operating losses on the
Old Colony.
"After full consideration of the available information,"
13,143
15,073
called the Governor's attention to
pending hearings before the Interstate Commerce Commission, which begin
June 14 with respect to Old Colony and New Haven reorganization plans,
and that prior to these hearings the trustees are required to report to the
Federal District Court of Connecticut what course they will follow in
1935
18,081
Palmer, James Lee Loomis and Henry B.
affected.
$6,176,864
$9,210,423
Drop Service Sept. 24—
Sawyer, trustees
Saltonstall
service ef¬
fective Sept. 24, 1939, on the following Old Colony branches:
Boston and
Braintree; Boston and Breenbush; Boston and Whitman and Plymouth;
Boston and Brockton and Middleboro; Boston and Buzzards Bay and
Hyannis; Boston and Buzzards Bay and Wood's Hole.
The trustees state that they will notify the Massachusetts Department of
Public Utilities of this proposed action and that notices to that effect will
also be posted as of June 14 in the railroad passenger stations which will be
Howard S.
of the New Haven and the Old Colony, in a letter to Governor
of Massachusetts announce the discontinuance of passenger
2,486 in 1937 and 2,488 in 1936 and 1935].
Years End. Dec. 31—
Colony Trust Associates—Dividend Increased—
a dividend of 25 cents per share on the cpmmon
payable July 15 to holders of record July 1.
Previously regular
quarterly dividends of 20 cents per share had been distributed.—V. 148,
p. 446.
Directors have declared
the rate of 2,491
at
a dividend of 25 cents per share on the common
$15, payable June 30 to holders of record June 20.
Initial divi¬
was paid on March 31 last.—V. 148, p. 3383.
stock,
German reichsmarks to United States currency
reichsmarks to the dollar in 1938,
[All conversions from
have been
par
dend of like amount
Lloyd—Earnings—•
German
of the two defendant corporations
employees of the Pepsi-Cola Co.
or
Directors have declared
stock,
1333.
Public Service Co.—V. 148, p,
1939 the governing personnel
officers
Oklahoma Natural Gas Co.—25-Cent Common Dividend—
,
in the
North
were
it
(1) That the declaration filed by North Dakota Power & Light Co.
regarding the proposed assumption by that company of the presently
outstanding first & refunding mortgage bonds, 6% series B, due Oct. 1,
1946, of the Northern Power & Light Co. in the principal amount of $1,000,000, the issue and sale of 10-year 6% promissory note in the amount of
$3,000,000, the issue and sale of 10-year 6% non-cumulative income note
3695
Chronicle
-
5,431
138,766
28,794
1,000,stock
000 shs. capital
(par
x
$1*0)
Includes $70,450 profit on
Note—No mention was
sale of securities.
„
made of any provision for surtax on
profits.—V. 148, p. 1817.
,
undistributed
Chronicle
Financial
3696
June 17, 1939
Peabody Coal Co. (& Subs,)—Earnings—
POWER & LIGHT
PENNSYLVANIA
$5.00
$6.00
—
COMPANY
Income Account Years Ended
April 30 (Including Subsidiaries)
1939
$7.00
—
1938
1937
1936
$1,817,373
117,044
$2,213,259
$2,276,220
71,680
$1,963,960
1.055,184
$2,347,900
1,030,213
$2,020,244
1,026,051
Profit from coal sales and1
auxiliary operations..
PREFERRED STOCKS
Other income
52,152
$1,934,417
Depletion & depreciationi
1,017,852
Int. &c., incl. amort, of
bond disct. & expense.
480,548
YARNALL & CO.
$2,265,411
56,284
r
Members New York Stock Exchange
A. T. & T. Teletype—Phla 22
Telephone—Whitehall 4-4923
N. Y.
495,933
548,340
675,698
32,153
15,000
x43,577
35,000
x34,677
70,000
15,067
Dr5,588
Dr48,447
Dr43,710
Drl4,062
$383,276
Prov. for Federal income1
Philadelphia
Walnut St.,
1528
$587,269
$620,959
' $289,364
■
tax
Provision for conting...
Proport 'n of profit applic
to
min. stockholders.'
Lighting Corp.—Initial Preferred Dividend—
Pacific
Directors have declared an initial dividend of
62 H cents
per
int. in stock of sub. co.
share on
the $5 preferred stock, payable July 15 to holders of record June» 30.
dividend is for the period from May 15 to June 30.—Y. 148, p. 3079.
This
Profit for year—.
x
Period End. Apr.
SO—
Operating revenues
Uncollectible oper. rev_
_
Net oper. revenues...
*1,611 ,*567
$6,806,906
71
768,651
282
3,222,163
*
71
831,149
...
Net oper. income
income
$3,58.5,025
5,881,320
$2,977,367
5,549,204
'
$967,286
1,536,782
Net
(at cost)
Packard Motor Car Co. (&
ables
1938
V, 1937,
$230,329 loss$389.430
1936
$2,610,701
$0.17
$0.08
as of March 31, 1939, including $10,970,567 cash and
securities, amounted to $23,559,006 and current liabilities
$6,321,168.
This compares with cash and marketable securities of
$6,375,252, current assets of $22,404,353 and current liabilities of $5,829,602
on March 31, 1938.
Inventories were $8,351,842 against $11,366,092.—V.
148, p. 3540.
•
z
x
Earnings
On
per
1937
-
y$866,340
$0.18
$750,282
$0.16
share
4,702,944 shares
Transport Co.—Earnings
1938
1936
y$869,498
$0.18
$607,844
$0.13
stock (par $5).
y Before any provision
for possible surtax on undistributed profits,
z After taxes, depreciation
dopletion, normal Federal income taxes, &c.—V. 148, p. 1971.
1
•
x
r
common
■
.
Panhandle
Eastern
Pipe Line Co.—Share Plan Opposed
Objection to the receivers' plan of distribution of 80,000 shares of stock
Of Panhandle Eastern Pipe Line Co. among stockholders of the Missouri
Kansas
June 6
Pipe Line Co. was raised before Chancellor W. W. Harrington,
by counsel for the Columbia Oil Gasoline Corp. and Columbia Gas
& Electric Corp.
Chancellor
Harrington then continued until June 19 the hearing on a
cause why the plan presented by the
receivers, Henry T. Bush
Ray Phillips, should not be approved.—V. 148, p. 3540.
rule to show
and C.
Parke, Davis & Co. (& Subs.)
3 Months Ended March 31—
Profit from operations.
Earnings—
1939
Depreciation and amortization
Employee pensions
,
Balance
J
Other income
120,228
37,951
36,959
773
574
$3,253,726
84,324
,»'■
$2,720,394
60,978
7,266
$3,338,0.50
607,002
:
„
"
Foreign exchange profit
Total income.
390
$2,788,638,
507,294
L
-.
-
■
Federal and foreign income taxes.
350,773
Cum.
164,674
197,085
14,133
26,353
Net profit
$2,731,048
'4,894,051
share...
Revised figures.
x
$2,281,344
4,892,808
$0.55
,
Shares of capital stock (no par)
$0.47
per
.
•
.
~
'
olfi- •'
Parker Rust-Proof Co. (&
other
charges
Before
$117,184
for Federal taxes.
Earned
3 Months Ended March 31—
Income—Ore sales
on
Expense
Co,—Earnings—
...
1938
$107,192
.
;
$10,255
31,763
j.
Accrued taxes and fire insurance.
Estimated depreciation
1937
$367,988
15,876
18,982
12,969
...
$142,051
157,495
9,059
15,000
4,416
7,500
_
x$250,392
-V, 148, p.' 742.
sale of bonds
Total income
$33,424
$380,958
237,266
15",000
$39,502 prf$128,692
Note—No provision has been made for
depletion.
11. I
_
United States Government bonds
Federal Land Bank bonds.
Municipal bonds.
i..::::..::
'38 Mar. 31 *39
$147,476
$136,570
39 926
28,682
263,578
263,578
398 875
398,875
49,825
49,825
Current liabilities.
$899,680
35,402
$877,531
37,598
Net working capital
Decrease in inventory
$864,279
$839,932
1,578
$838,354
$25,924
Decrease in working capital
148, p. 3384.
Transportation Co. (& Subs.)—Earnings—
Quar .End. Mar. 31—
Net
loss
after
1939
1938
deprec:,
int. & Fed. taxes
$40,167
shs.cap.stk. (nopar).
148, p. 3384.
;
1937
$40,424 prof$63,788
Earns. per sh. on 721,905
—V.
'
'■>
•
'
•
„
Nil
$0.09
'
,
,
'
'
1938
* $13,546
j.
,
1936
at
Philadelphia.
David Steckler of New York, who acquired 14 shares of Pennroad stock
from the estate of his wife, Kate, is the plaintiff.
He also acted for other
stockholders.
He charges that Pennroad lost the
$9,000,000 through its
"illegal" investment of $20,138,700 in 201.387 shares of the voting capital
Boston & Maine RR. between April
24, 1939, when it was
incorporated, and Dec. 31, 1931..
'
The "illegality" of the amount invested results from the
fact, Mr. Steck¬
ler contends, that the 201,387 shares constitute
10Y% of the total capital
stock of the B. & M., whereas the PuDlic Service Law of New York pro¬
hibits any holding company, such as Pennroad, from
acquiring a greater
interest than 10%.
Mr. Steckler's action against the directors contends
they are liable to
the stockholders, first, for allowing Pennroad to make the
"excessive"
investment, and, second, for allowing the company to "hold" the stock.—
V. 148, p. 2753.
stock of the
.
.
Pennsylvania Salt Mfg. Co. —Earnings—
12 Mos. End. Mar. 31—•
Net profit after deprec.,
1938
1937
1936
$1,245,081
$1,724,403
$1,168,662
$11.50
$7.79
1939
,
*
Federal taxes, &c_... $1,113,918
Earns, per share on 150,000 shs. capital stock.,
$7.43
$8.30
—V. 148, p. 3079.
Peoples Drug Stores, Inc. (& Subs.)- -Earnings3 Mos. End. Mar. 31—
1939
Net sales.
$5,358,333
Other store income
73,573
Total store income
x
Cost, expenses, &c.._.
deductions, less
$5,431,906
5,238,849
1938
1937''
1936
$5,169,489
71,625
$5,422,766
75,380
$4,844,333
69,151
$5,241,114
5,076,574
$5,498,146
5,178,503
$4,913,484
,4,605,583
Crl 5,296
Crl4,666
Crl 0,221
26,975
50,146
47,718
Other
Federalincome taxes, &c
Crl4,150
35,225
Net profit
Preferred dividends
Common dividends.
$171,982
12,845
61,368
$152,861
14,064
61,368
$284,163
$?70,404
15,118
61,368
31,369
61,331
$97,769
$77,429
245,474
$207,677
245,474
$177,704
$0.57
$1.10
______
_
.
_
_.
Surplus
stk (no par)
com.
Earnings,
245,474
$0.65
per share
Includes
depreciation
■
245,324
$0.97
and
amortization.
Current assets as of March 31,1939, including $1,834,384
cash, amounted
to $4,930,635 and current liabilities were
$1,369,780.
This compares with
cash of $1,500,706, current assets of $4,630,048 and current liabilities
of
$3,227,908 on March 31, 1938.
Inventories were $3,052,905 against
$3,094,745.
Total assets as of March 31, 1939, were $8,368,044
comparing with $7,927,532 on March 31, 1938, and earned surplus was $3,507,599 against
$3,089,173.—V. 148, p. 3540.
■
*
Petroleum & Trading Corp.—Class A Dividend—
The directors have declared a dividend of 37 Y cents per share on account
of accumulations on the 5% cum. class A stock, par $25, payable June 29
to
holders of record June 19.
Like amount
30, 1938.
Dividends of 62Yt
June 25, 1937.—V. 148, p. 593.
was
paid
on
cents were paid on
Dec.
Dec.
16 and
17
and
on
on
Income Account for
Year Ended Dec. 31, 1938
Net sales
*
.$26,121,877
Cost of coal sold (including $1,048,387 depletion and deprecia¬
tion, and $1,859,242 property taxes)
Selling, administrative and general expenses.
28,892,691
1,429,020
Loss from operations
Other operating income (net)—
$4,199,834
730,034
Interest
on
funded
debt,
$2,967,792; other interest,
$3,469,800
$12,411;
amortization of bond discount and expense, $79,410; provision
for doubtful accounts, $108,899; Federal capital stock tax,
$16,468; State capital stock, corporate loans, and other taxes,
$168,671; miscellaneous income charges, $53,805;
Total loss
/
Interest and dividends: Subsidiary companies (including $89,880
interest on bonds in default, $160,366; other, $72,694
Discount on purchases, $15,679; miscellaneous, $5,558
3,407,456
$6,877,256
233,060
2JL,237
prof$76,950
$0.10
•
$33,978
Corp.—Group Sued for $9,000,000—
Net loss for the year
Nil
I
Inc.—Earnings—
Net loss from operations.
—V.
Parmelee
Total--..-^...34,938,045 35,150,514
'
Pennroad
Dec. 31
N otes and accounts receivable
Dr46,250
Philadelphia & Reading Coal & Iron Co.—Income Acct.
Comparative Statement of Net Working Capital
Current assets—Cash
1,637,459
329,324
Z>r46,250
held by trustee.
34,938,045 35,150,514'
June
Net loss for period..
3,406,590
600,990
surplus.._
A suit demanding an accounting of $9,000,000 in addition to the
action
for $4,000,000 that was filed on March 30 last was brought June 13
against
six estates and ten living directors of the corporation in U. S. District
Court
1936
$329,850
-
$8,280
1,975
Other income...
Prlofit
1937
1939
investments..
2,366,825
1,637,459
Par value of stock
N^loss^fter charges......
x
Park Utah Consolidated Mines
($1,000 par).... 2,366,825.
com. stk 3,406,590
Class B
y
3 Months Ended March 31—1939
Shares
$251,993
reserves
Income from
'
1938
id
anc Fed-
eral taxes...
x
Subs.)—Earnings—>■
1939
stock
par).....13,588,400 13,588,400
Paid-in Surplus
for deprec.
other income.
For the 12 months ended March 31, 1939, net profit was $9,089,660.
equal to $1.86 a share comparing with revised
et profit of $8,788,327 or
$1.80 a share for 12 months ended March 31, 1938.—V. 148, p. 1178.
3 Mos. End. Mar. 31—
Net profit after d6prec.
pref.
($100
.
Earnings
405,000
Class A com. stock
•
$2,878,963
124,732
Loss sale securities
Foreign exchange loss..
420,000
.
458,831
Pearson Co.,
xl938
,416,764
t
„
1,160,536
_
x After
special reserves of $4,648,387 in 1939 and $5,000,000 in 1938.
Represented by shares of $5 par—V. 148, p. 3238.
y
Current assets
1939
1,154,219
and depletion) .29 296,998 29,188,616
Prepaid exps. & de¬
ferred charges..
231,321
189,486
were
Pan American Petroleum &
9,486,977
Mln. int. In subs..
accrd. taxes, <fcc.
receiv¬
Total...:.
3 Mos. End. Mar. 31—
Consol.net profit
9,247,700
cers& employees
marketable
.
Funded debt.....
$1,248,029
Nil
$0.01
2,815,654
Res. for contlngs
1,241,138
bonds
to
2,562,112
500,000
1,830,081
Prop., plant and
equip, (less re¬
x
$
Int.
accr.
962,471
(less res.)_
Advances
1938
$
Liabilities—
100,000
I (less reserve)
Non-curr.
serves
-Earning s-
Subg.)-
1939
,
Curr. liab.—Accts
1,626,982
2 ,156,545
...
and
Stocks
—V.148,p.3540.
Quar. End. Mar. 31—
Net prof, after deprec. &
Federal taxes, &c
Earns.per sh.on 15,000,000shs. cap. stock (no
par)
1939
$
•
•
pay.,
Receiv. (less res.).
Inventories.
_
1,475,650
S
U. 8. Govt, securs.
282
2,992,394
_
property..'
Operating taxes
Assets—
Cash-*,,-...^.... 1 553,072
$5,969,479
$842,987
$1,798,364
1938
1939
$5,588,312 $23,110,346 $22,049,277
3,976,745
16,303,440
16,079,798
Rent from lease of oper.
undistributed profits.
on
Consolidated Balance Sheet April 30
1939—Month—1938
1939—4 Mos.—1938
$5,895,280 *5,610,112 $23,184,176 $22,144,277
17,700
21,800
73,830
95,000
$5,877,580
4,079,216
Operating revenues
Operating expenses
Including $1,117 ($2,722 in 1937) for surtax
& Telegraph Co .—Earnings—
Pacific Telephone
$6,622,960
Note—The above income does not include net losses of subsidaries for
the year 1938 amounting to approximately $750,000
Volume
Financial
148
Chronicle
Surplus, Jan. 1,1938, S19.895.123. Add: Value of culm and slush banks,
appraised by company officials Dec. 31, 1938, $3,300,000; value of prop¬
erty acquired through surrender of lease, as appraised by company officials,
2640.
p.
Pittsburgh & Lake Erie RR.—Earnings—
Deduct; Net loss for the year, $6,622,960; write-down in investment of
capital stocks of of subsidiaries. $8,241,409; write-off of accounts receivable
from subsidiary sales companies, $439,554; provision for loss on accounts,
receivable from subsidiary coal companies, $3,127,774; write-down of land,
$5,283,575; losses resulting from abrogation of leases: colliery property,
$2,286,293; other, $93,240; net book value of property abandoned, $1,127,713; appropriation to contingency reserve to cover cost of extinguishing
mine fires, $1,000,000; provision for loss of property the operations of which
have been or will be discontinued (equivalent to net book value of such
property): (added to reserves for depreciation $233,055; carried as special
reserve, $720,981), $954,036; additional reserve for obsolete supplies, $100,000; miscellaneous deductions (net), $52,039; deficit, Dec. 31, 1938,
$5,351,033. ....
- \ >•
.
'
Liabilities—
a
Cash and working funds...
Notes and
acc ts
164,046
Accrued wages
..
f Notes and accounts receiv¬
able
$879,157
1,089,254
$930,479
983,734
$4,805,895
4,781,131
$3,707,552
4,002,202
x$210,097
87,634
Crl78,339
x$53,255
98,393
Crl68,497
$24,764
498,422
Cr774,004
x$294,650
429,927
Cr7l7,573
Net ry. oper. income.
x$l19,392
$16,849
13,234
$300,346
55,486
x$7,004
55,365
$30,083
12,537
3,811
$355,832
88,743
14,062
$13,735
$253,027
$0.29
Net
Other
(non-current)
gl88,193
Coal & Iron Corp
297,591
Total investments
8,216,685
Total special deposits....
350,714
28,412
•
County and local tax refunds
Culm and slush banks
Total
charges
inc.
Nil.
Expenses..
on
.
.
$80,359
1,929
y$4,003
1,509
$82,288
y$2,494
Operating profit
•
by Federal Reserve Bank).c After reserve for doubtful
$453,228.
d Including defaulted interest on subsidiaries'
bonds, $131,080.
e After
raserve
for obsolescence, &c., of $273,919.
f $395,443
pledged
as
collateral to note payable,
g After reserve for
doubtful accounts of $400,000.
h After reserve for doubtful accounts of
$3,127,774.
i Less reserves for depletion and depreciation
(including
special reserves of $720,981 applicable to property the operations of which
have been or will be discontinued) of $11,793,254.—V. 148, p. 3540.
deductions......
Interest.
_—.$70,261,038
w-
_
Profit,
x
y
$329,920
11,862
$761,123
1,954
48,400
86,389
39,983
x$517,523
$97,255
Nil
Nil
Loss.—V. 148,
$341,782'
"
737
30,319
83,164
129,380
V $8,126
Earns, per share on cap¬
ital stock "(no par)
'
$759,685
1,438
x$165,056
$0.36
$0.12
......
Net loss
_
.•
247
15,300
75,114
Federal tax provision...
of
1936
$496,191
166,271
15,937
78,577
......
.....
Depreciation
a (Including
$118,725 subject to release
b After deducting unpaid drafts of $28,567.
<
/
1972.
p.
Pittsburgh Steel Co.—Earnings—•
3 Months Ended March 31—
Net sales
J
1939
$5,573,841
5,511,466
*
Philippine Railway Co.—Annual Statement-
$15,944
$0.02
1937
$959,827
200,142
1938
$175,847
179,850
Total income
.
$0.02
1939
$267,033
186,674
sales....
—_____
Other income.......
Other
.
$48,361
17,706
14,711
.
Pittsburgh Screw & Bolt Corp.—Earnings—
Quqr. End. Mar. 31—
1,460,500
Total....... i
'
x$103,268
_
per sh. of stock.
Gross profit
5,351,033
$70,261,038
accounts
x$106,936
Cr7,217
3,549
Indicates deficit.—V. .148, p. 3239.
x
3,300,000
Prepaid and deferred charges
12,456
Net income after fixed
_
Net
8,000.000
Deficit....
1,426,164
...146,794,295
income
........
Capital stock ($50 par).
Workmen's comp., &c., funds
fr. ry. oper..
rev.
ineome—
Misc. deduct, from inc._
Total fixed charges
-
Due from sub. companies
h2,186,502
Due from Phila. & Reading
Property
oper. expenses
Railway tax accruals...
Equip. & jt. facil. rents.
6,515,905
Accrued taxes
2,136,520
Miscell. current liabilities...
63,576
Due to sub. companies
746,680
Funded debt
53,600,867
Reserves—Workmen's comp.
1,544,074
Ins. & contingencies, &c._
1,039,496
Deferred credit to surplus
75,000
Accrued interest
1939—4 Mos.—1938
1939—Month—1938
oper. revenues
Ry.
$500,000
962,936
427,016
Accounts payable
c2,581,252
Period End. Apr. 30—
Ry.
<
Note payable—bank
bS925,339
receivable..
d Acer, interest receivable...
succeed
company.—V. 128,
refunds and adjustments of prior years' taxes—net, $li8,856; excess amorti¬
zation of stripping expense in prior years, $45,982; gross surplus, $23,977,560.
Assets—
company to
his father who died
April 26, last.
William R. Jackson has been elected a
nd Assistant Secretary and Treasurer of the
$133,104;
written-off in prior years,
on property
J,acksoxi has been elected President of the
,,
as
$484,495; salvage realized
3697
Pittsburgh-Des Moines Co.—New President—
Summary of Surplus Year Ended Dec. 31, 1938
Costs and expenses
1938
1937
$4,783,606 $10,448,386
4,628,201
9,455,175
$62,375
$155,405
$993,211
37,773
30,144
68,478
$100,148
97,836
$185,549
104,729
'359,350
Crl,300
$1,061,689
113,840
336,106
122,000
Traffic Statistics for Calendar Years
Total
no.
carried..
pass,
No. carried 1 kilometer.
Av. length of haul, kms.
Aver..receipts
Av.
per pass..
rec. p. pass. p.
Total
km..
fr't carr'd
no. tons
No. tons carried 1 km._
Av. length of haul, kms.
Aver, receipts per ton..
Av.
rec.
km.
per ton per
2,469,250
62,431,768
25^3
$0.0953
$0.0038
385,253
12,806,036
33.5
$0.6683
$0.0199
2,472,693 \» 2,544,846
61,954,522
64,964,362
25.1
25.5
$0.0950
$0.0898
.
$0.0038
$0i0035
370,408
359,114
12,404,812
12,167,093
33.5
■
33.9
$0.6690
$0.7048
$0.0199
$0.02808
2,790,474
72,869,713
Other income
$0.0814
$0.0031
341,484
12,814,159
Interest and discount
> 1938
Revenue—
common
18,392
17,472
$521,570
$511,685
$509,384
69,387
•'
99,193
3,074
193,074
576
35,862
71,661
3,787
173,390
69,293
93,059
3,818
169,471
76,596
92,721
3,653
172,505
66,605
52", 640
$412,307
99,378
$388,282
121,102
5,144
2,730
The
$512,337
Incidental
$228,407
253,082
10,423
Wilson
company
Traffic
Transportation
Miscellaneus operations.
General.
Total oper.
96,864
■
Plymouth Oil Co. (& Subs.)—Earnings-r-
$401,166
expense..
120,404
Net operating revenues.
'
7,896
36
Railway tax accruals
Uncollectibles.
_.....
K _
Gross income
$112,472
341,960
10,259
_
Int.
on
funded debt
Int.
on
bond intetest
•
52,582
$398,058
114,279
2,757
11
$94,234
.
.
$111,522
1,169
$118,361
160
$112,472
Railway oper. income
Non-oper. income.:
963
$94,394
341,960
-
$112,692
341,960
$119,325
341,960
22,360
Deficit
transferred
"""125
CV704
$250,515
"'""494
CY571
6,063
190
$229,192
$251,251
"""878
$239,168
Additions & bettermentsi;
•
"2,071
,
to
profit and loss.....
*
p.
After depreciation,
3385.
1938
$
$
Assets—
Investment in road
,643,564
9,644,268
,999,000
255,387
4,999,000
112;827
1,846
2,303
Mat'l & supplies..
149,607
182,479
Miscell. accts. rec.
3,707
5,268
and
equipment.
Contractual
rights
Ca,sh
Agents
„
Prepaid insur., &c,
7,189
6,681
$
$
5,000,000
Cap. stock, com.. 5 000,000
1st mgtge. bonds.
8 549,000
8,549,000
_
Philip. Govt. adv.
6,470,404
523,198
for bond interest
Accrued
& condtrs.
balance
Liabilities—
bond
int.
Accts. & wages pay
"
24,850
6,470,404
170,981
28,623
7,499
Other unadj. cred.
—;».
.
...
.
...15,060,300 14,952,827
&c.—V.
1938
1936
1937
$34,158
$40,655
■
all chgs.
—
loss$5,687
_
Shs. of capital stock (no
par) outstanding
Earnings per share
—V. 148, p. 2440.
$104,512
,
169,742
Nil
'
»
.
^
Postal
148,
Co.—Earnings—
1939
3 Mos. End. Mar. 31—
Net profit after
and taxes
■
169,742
$0.20
"
169,742
169,742
$0.24
$0.62
-
Telegraph & Cable Corp.—Hearing June 19—
proceeding for the company, held
George Sharp, attorney for
committee, reported that
holders of $34,320,327 in debenture stock had accepted a plan of reorganiza¬
tion approved by the Court. *
A hearing on confirmation of the plan will be held June 19."—V. 148,
p. 3541.
"
At
a
hearing in the. reorganization
June 15, before Federal Judge Alfred C. Coxe,
the
Robert
Lehman bondholders' protective
Telegraph Land Line System—Earnings—-
1939—Month—1938
$1,709,372 $1,766,132
1Q4.770
133,544
159,691
155,966
All other maintenance..
98,408
95,921
Conducting, operations..
1,277,329
1,323,214
Relief depts. & pensions.
51,313
>•
45,936
Teleg. & cable oper. revs
Rapairs
Deprec. & amortization.
^lanw^expensel^
1939—4 Mos.—1938
$6,752,411 $6,966,830
408,373
470,859
638,765
641,602
412,675
395,482
5,084,602
5,127,596
- 196,196
171,831
5,515,651
35,756
" 35,871
140,356
159,158
x$17,895
5,000
.84,174
x$24,320
Taxes assignable to opers
x$128,556
20,000'
310,276
$302
20,000
348,564
$107,069
2,700
$115,400
2,780
$458,832
10,480
$368,262
9,581
$104,369
251,397
$112,620
251,450
$448,352
995,989
1,007,174
$355,766
$364,070
$1,444,341
$1,365,855
300
Total..
depletion, Federal taxes,
1936
$361,156
1,050.000
$0.34
:
„
4,722
N
oUraSPrevenuS!
Uncollect'le oper. revs._
Total.
1937
"
$640,319
1,050,000
$0.61
,
Pond Creek Pocahontas
5,271,202
Deficit.
interest,
$702,892
1,022,900
$0.69
Operating loss
Non-operating income.
liabilities....
Tax
1938
.
Period End. Apr. 30—
1937
1938:
1937
,
$619,762
1,006,200
$0.61
Earnings per share-....
Postal
Balance Sheet Dec. 31
1939
Net income;.
Shares capital stock
.
Extraord. exch.exp.acct.
bond int. payments..
Misc. income charges
Guar. End. Mar. 31—
x
1
the appointment of Parker F.
announced
Hassel, the company's former President, will continue with the
in the capacity of Chairman of the Board of Directors.—V. 148,
2911.
Expenses—
Maint. of way & struc..
Maint. of equipment...
$0.86
Nil
..
.
corporation on June 9
as its new President.
A.
G.
p.
Total revenue.......
$277,230prof$489,743
Nil
Pittsburgh Steel Foundry Corp.—New President—
1935
$227,108
261,951
9,206
14,072
$234,874
■247,780
10,639
$235,186
257,459
12,689
.
on 354,900 shares
(no par)
3540.
-
stock
—V. 148, p.
16,236
Passenger..... 1
Freight..
....
Mail, express, &c.
—
$377,159
Earnings per share
$0.0204
for Calendar Years
'
1937
1936
379,471
Net loss
Incomd Account
■
...
Depreciation and depletion.
Federal and State income taxes
37.5
$0.7671
„
Total income
26.1
,
,
Balance
1935
1936
1937
1938
.15,060„300 14,952,827
„
5,000
86,0,80
-V. 148, p. 2911;
Phillips Petroleum Co.—Earnings—
3 Mos. End. Mar. 31—
1939
1938
1937
1936
,$25,092,439 $25,468,862 $26,673,268 $23,153,144
Expenses & Fed. taxes.. 18,903,929
18,419.052
17,052,056
16,162,425
Deprec., deplet., retire¬
ment & other a mortiz.
4,702,977
4,735,168
4,005,575
3,834,560
Gross earnings...
Net profit.
Shs. cap. stk. (no par)..
Earnings per share
—V. 148. p. 2602.
$1,485,533
4,449,052
$0.33
$2,314,642
4,449,052
$0.52
$5,615,637
4,449,052
$1.26
$3,156,159
4,152,836
$0.76
Pittsburgh Coal Co. (& Subs.)—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
inc_$10,170,804
$9,278,786 $34,576,298 $43,940,048
9,358,072
8,961,485 32,722,235 40,880,282
Gross loss
Other deductions
'Net deficit...
x
Interest
Deplet., deprec. & amort
Minority interest
$1,854,063
$812,732
241,883
$317,301
249,837
982,226
923,269
813,458
23,180
3,643,376
17,494
$369,914
$769,174
$2v780,505
8,966
Charged off
$3,059,766
1,033,973
3,695,209
33,171
*304,643
$2,007,231
Charge-off of balance due on mortgage receivable for property sold,
now considered unrecoverable.—V. 148, p.
1654.
x
148,
Potomac Electric
p.
$358,681
2912.
Power Co.—President Resigns—
notified the New York Stock Exchange of the resignation
President on May 18, 1939, and of the designa¬
tion of A. G. Neal, a Vice-President of the company, as Acting President.
—V. 148, p. 2602.
Company has
William McClellan as
Pressed Steel Car Co.,
Inc.—Earnings—
.1^39
Ended March 31—
Net loss after depreciation, interest, taxes, &c
—V. 148, P. 1655.
3 Months
Provincial
Transport
Greenshields & Co.. Inc.,
Co.
J??8™,
$237,90b
$336,081
(Quebec)—Stock
Offered—
and Savard, Hodgson & Co., Inc.,
have an¬
nounced a public offering of 35,357 shares of common stock at|$7.50 per share.
The offering consists of the balance of 51,000 shares which were offered
to
Net
Indicates loss.—V.
of Dr
Period End. Mar. 31--
Sales, oper. & other
Cost, expenses, &c
_
shareholders for subscription
^Purpose oniielssue'is
for
in March.
Shareholders subscribed for a
to defray part of the cost
general corporate purposes.
of 35 new autobuses and
Chronicle
Financial
3698
principal cities and towns in
Company operates bus lines connecting the
?uebec and eastern Ontario. The route mileage aggregates 2,404 miles.
brough wholly-owned subsidiaries it operates local bus services in Sherbrooke. Que., and in
Rutland
It also owns a half interest in Cham-
Kingston, Ont.
June 17, 1939
RR.—Earnings—
Period End. Apr. 30—
Slain York, and in Frontier operates a bus service between Montreal and
Coach Lines, which Coach Lines, which operates between Montreal
Tew
and Boston.
Railway oper. revenues.
Railway oper. expenses.
Earnings of the company have shown steady expansion during the past
five years.
In 1938 the company earned 82 cents a share on its 199,000
shares of common stock then outstanding, compared with 57 cents a share
"Railway
The7company
cents a share in
x$22,979
29,407
$3,208
Crll9
4,896
x$173,206
116,720
1,653
Net ry. oper. deficit..
$5,179
$52,267
4,564
$81,896
17,202
$291,579
15,220
paid common dividends of 10 cents a share in 1937, 20
In February last the company paid a dividend of
Co. of Colorado—r-Halsey, Stuart & Co.
Company—
arms-length
4.694
bargaining
rule,
Charles
B.
$81,934
$202,587
.
$413,717
income Account
■
-
,■
'
Net profit from opers. after
other charges and expenses
Profit
on
for the Year Ended Dec. 31
-
'■
•
1938
•
■■
.
deducting all.
bonds redeemed
disposal of automobiles.
Depreciation
Loss
Co.—Listing—
3,498
Realty Co., Ltd.)...
_
143
$39,231
$122,600
35,838
10,5)0
61,166
^
Interest and taxes (Drake
90
142
2.654
386
Total income
Bond interest
$85,499
668
;
_
on
1937
■
$118,751
Interest on investments and agreement
Interest on sale of Ruddy Duker Co., Ltd
Profit
'
&
oper.
_
37,648
10,5)0
39.979
75
disposal of automobiles,
on
Provisions for Dominion and provincial taxe3.
13,576
Stock
Exchange has authorized the listing of (a) 700
additional shares, of $5 cumulative preferred stock (no par) which are issued
and outstanding, making the total amount of $5 cumulative preferred stock
applied for 300,700 shares; (b) $10,000,000 1st and ref. mtge. bonds,
3H% series due 1968, which are issued and outstanding; (c) $8,249,000
1st and ref. mtge. bonds, 5% series due 2037, which are Issued and out¬
standing; (d) $7,623,400 1st and ref. mtge. bonds, 8% series due 2037,
which are issued and outstanding.—*-V. 148, p. 1490.
Puget Sound Pulp & Timber Co. (& Subs.)—Earnings
^
1,708
135,650
'
(E. L.) Ruddy Co., Ltd.—Earnings-
give up the preferential contract late in 1938 but that he
thought the contract was an asset and had refused to give it up.
Early in 1939, when the SEC's arms-length bargaining rule was put into
effect, he said he came to the conclusion that what he thought was an asset
was in reality a drawback and tha$ the contract was canceled on Jan. 17,
1939.
Mr. Stuart said he understood the SEC did not approve of prefer¬
ential financing contracts.
The purpose of Halsey Stuart's application is to put the firm in a position
where it can negotiate with Public Service Co. of Colorado officials if they
decide to make a public offering of the securities, Mr. Stuart declared.—
V. 148, p. 3541.
York
1,352
136.541
$47,703
•
indicates deficit.—Y. 148, p. 3242.
x
Stuart & Co. to
New
$276,359
346
33.885
$34,703
charges
.
that officials of Cities Service Co. had asked Halsey,
Public Service Electric & Gas
$64,694
334
$485
.
Net defictit after fixed
Stuart,
debentures.
Stuart said
80,208
33,884
Balance—deficit
Total fixed charges
Halsey Stuart official, testified at an SEC hearing.
The hearing was on an application by Halsey, Stuart & Co. to determine
its status as a prospective underwriter of the proposed offering by Public
Service Co. of Colorado of $40,000,000 of first 3A% bonds and $12,500,000
The
tax accruals
3
Miscellaneous deductions
Halsey, Stuart & Co., Inc., has canceled its preferential financial agree¬
ment with the company in order to comply with the Securities and Ex¬
Commission's
from ry. oper.
rev.
Other income
Public Service
Mr.
1939—1 Mos.—1938
$1,051,810
$909,809
1,048,602
1,083,015
$11,446
14,493
2,132
Net
1938.
Cancels Pact with
of 4%
1939—Month—1938
$274,345
$244,983
262.899
267,962
Eq. & jt. facility rents._
20 cents a share out of 1938 earnings.
change
Like
value, both payable June 30 to holders of record June 20.
amounts were paid on March 31 last.
See also V. 148, p. 1656.
par
no
Earnings for the Year Ended Dec. 31, 1938
Net sales and railway revenues.
~_1
$1,765,720
Materials and supplies, labor and other manufacturing and selling
costs, &c., and railway operating expenses
General and administrative expenses—
Depreciation on operating properties
;
Depreciation on plant and properties not in use during the year.
Cost of maintain. plant and properties not in use during the year.
_
_
1,451,015
81,996
112,455
73,406
76,807
'-'Net profit-w.-.s.
-
,
$1,029
$1,520
„
'
*
Balance Sheet Dec. 31,1938
Assets—Cash,
$55,505; accounts receivable (after reserve for bad and
doubtful accounts), $155,079; inventories, $77,665; construction materials
on
hand, $19,187; neon products of western Canada (re sale of Ruddy
Duker Co. Ltd.), $42,383; cash in hands of trustee for sinking fund, $234;
cash in hands of trustee (re sale of Ruddy Duker Co. Ltd.), $287; invest¬
ments, $432,610; property (after reserve for depreciation $419,342), $845,423; deferred charges, $22,586; total, $1,650,960.
Liabilities—Accounts payable & accrued liabilities, &c., $93,840; Ruddy
Kester Ltd., $87,541; accrued bond interest payable, $19,6/2; reserves,
$47,038 ; 20-year dA% sinking fund first mortgage and collateral trust
debentures, due 1948, $539,000; 7,700 shares preferred stock, $770,000;
40,202 shares common stock, $40,202; capital surplus, $53,668; total, $1;650,960.—V. 146, p. 3968.
St. Louis Public Service
Co.—Reorganization-—
The
Loss from operations..
Income charge—interest.
$29,960
6,769
Gross loss..
$36,729
19,195
Other income
reorganization committee has arranged to earmark $2,000,000 this
and $3,600,000 during the following three years for rehabilitation of
equipment and property.
Funds will be spent to purchase new street cars
and buses, rebuilding tracks and improvement to properties.—V.
148,
P. 3386•
year
Savage Arms Corp.—Earnings—
••
Net loss for the year
Divs.
on
$17,535
6% convertible preferred stock
148,364'
;
Consolidated Earnings for the Quarter Ended Mar. 31,1939
Net profit after depfec., depletion, Fed. inc. taxes, &c
Earnings per share on preferred stock.
Quar. End. Mar. 31—
.$12,615
$0.10
Assets— Property, plant and equipment (net) . $4,872,250; cash, $200,944
receivable (net), $90,508; inventories, $246,346; other assets,
accounts
$48,655; deferred charges, $204,938; total, $5,663,642.
Liabilities—6% convertible preferred stock (cum. $20 par ), $2,472,740;
stock (251,836)4 shares) (no par). $2,525,180; capital surplus,
$277,631; deficit, $91,357; property purchasb contracts, secured, $19,714;
notes payable to banks, $185,000; accounts payable, $181,859; wages ac¬
crued, $18,211; taxes accrued, $26,381; interest accrued, $1,839; dividends
payable, $37,068; property purchase contracts, instalments due in 1939,
$9,375; total, $5,663,642;—V. 147, p. 3619.
,
—V. 148, p. 1492,
Schiff
.
•
[Revenues and Expenses of Car and Auxiliary Operations]
Period End. Apr. 30—
Sleeoing
-
operations;
car
1939—Month—1938
1939—4 Afos.—1938
"
■„
Total
revenues
Total
expenses-4,366.351
$4,707,808
$4,670,207 $20,051,032
4,563,148
$20,078,388
18,375,380
17,436,073
1936
1937
Sales
*$53,968
$50,123 prof$41,749
•
,
■
Co.—Sales—
for the
month
of
May, 1939,
ivere
$1,229,697
compared with
as
sales for May, 1938, of $1,080,509.
This was a gain of 13.81%.
Sales for the five months period this year were $4,795,447 as compared
with last year of $4,460,122.
This was a gain of 7.52%.—V. 148, p. 2913.
Common
Co.—Earnings-—
!
1938
$43,868
taxes
Consolidated Balance Sheet Dec. 31, 1938
Pullman
1939
Net loss after all chgs. &
(Bernard) Schwartz Cigar Corp.—Earnings—
Net sales
Cost of sales
Year Ended Dec. 31,1938
;
..$2,776,219
(incl. $1,229,043 purchases of cigars from parent co.) 2,241,375
Gross profit-.__.__;
Shipping and delivery expenses
Selling and advertising expenses.
Administrative and general expenses.i
$534,843
31,769
___.
169,626
_
77,220
.....
Net operating profit (after depreciation, &c., of $24,558)--..
Miscellaneous income
$256,227
8,202
Net income before Federal taxes
Provision for Federal income tax
$264,430
43,000
.
^
Net
$341,457
revenue....
$107,059
$2,614,959
$1,703,008
Auxiliary operations;
Total
Net income.
$170,491
revenues
Total expenses.
Net
revenue
Total net
141.195
$701,184
586,393
$25,573
$149,047
$370,753
330,795
$132,632
278,089
$2,764,007
$1,817,799
1,541.588
1,329,015
$39,958
revenue.."^
^
x$ 145,457
$1,222,419
$488,784
Indicates loss.—V. 148, p. 2912.
Railway & Light Securities Go.—Asset Valuer
.
Rayonier, Inc.—Scrip Certificates to Expire—'
Company is notifying stockholders that exchange privileges on scrip
certificates will expire On Dec. 31, 1939, according to the
provisions of the
certificate of incorporation.
The company points out that
scrip which totals
one full share or more may be
exchanged on or before that date for fuli
shares of Rayonier preferred or common as the case
may be at the company's
San Francisco office or the Chase National Bank, New
York, transfer agents.
The $2 cumulative preferred and common stocks of
Rayonier, Inc.,
were
issued Nov. 2, 1937, to stockholders of Rainier
Pulp & Paper Co., Olympic
Forest Products Co. and Grays Harbor
Pulp & Paper Co. upon consolida •
tion of these companies into Rayonier, Inc.
At that time many stockholders
received scrip certificates which were issued in lieu of fractional shares.
In
addition, there were scrip certificates of the predecessor companies out¬
standing.
These latter certificates may be exchanged only at the com¬
pany's office in San Francisco and for stock of Rayonier, Inc.
Shares of Rayonier, Inc., which are held on Dec.
31, 1939, for unex¬
changed scrip certificates will be sold as soon as possible thereafter at current
market prices then prevailing and holders will receive a
pro rata share of
the proceeds upon surrender of their certificates for
cancellation.—V.
p. 1491.
(
"
148,
Balance Sheet Dec. 31, 1938
Assets—Qash, $88,389; accounts receivable (after
1939
1938
$512,538
Stores, Inc.—Sales—
1939—5 Mos.—1938
148, p. 2913.
$1,727,844
102
•
,
$53,910; real estate loan, $2,500; appropriation for extraordinary adver¬
tising, $30,000; capital stock (preferred, 31,491 shares, no par, and common,
86,963 shares, no par), $1,072,253; capital surplus, $164,110; earned
surplus, $344,128; total, $2,018,065.—V. .143, p. 4014.
Securities
Acceptance Corp.—Registers with SEC—.
See list given on first page of this
Seeman
prof,
after chgs.
Shs. cap. stk. outstand'g
Earns, per share.
—V. 148, p. 3542.
1939—3 Mos.—1938
Railway
Calendar Years—
$219,969
107,500
$203 ,o21
107,800
$1.02
$0.54
$2.05
$1.89
-Annual Statement1937
1938
$102,000
15,244
16,560
3
2,100
Directors
have
declared
extra
dividend
quarterly dividends of 25
cents per
an
1935
18
2,100
ization
69
$105,710
20,037
20,270
$105,710
2,100
2,100
1,159
funded debt
disc,
$18,660
1936
16,560
on
of
1939—9 Mos.—1938
$58,302
107,800
/
Income from lease of rd_
Taxes
Amort iz.
2604.
$109,511
107,500
______
on
p.
&
& Federal taxes.
Sharon
department.—V. 148,
Bros., Inc.—Earnings—
Period End. Mar. 31—
Net
1,160
11,300
20,270
on
funded debt
Net income.
Previous surplus
123
260
290
$67,954
18,013
$61,882
25,581
$70,591
24,440
13,890
$85,968
65,978
$87,463
69,450
$95,031
69,450
$4,722
$18,684
$18,013
$25,581
def$72
18,684
of five
share
on
Total surplus
Dividends
$18,612
_
Exp. of exten. of mtge.
Reed Roller Bit Co.—Extra Dividend—
addition to
for bad debts
$1,689,566
ina
__
Stores in operation
—V.
reserve
(charges under contracts, less provision for amortization), $60,111;
goodwill, brands and trademarks, $250,000; total, $2,018,065.
Liabilities—Notes payable, $250,000; drafts payable, $80,500; accounts
payable & accrued expenses, $20,662; provision for Federal & State taxes,
unfunded debt._
Maint. of invest, organ¬
$277,942
1939—Month—1938
$394,235
$349,974
(
insurance, advertising and other charges, $15,503; accounts receivable of
employees, $95; investments, $149,179; property, plant and equipment
(after reserve for depreciation of $153,822), $216,593; cigar machinery
Miscell. income charges.
Period End. May 31—
Sales..
,
.
$443,208; advances on undelivered tobacco, $85,771; inventories,
$702,698; cash in closed banks (after reserve of $10,375), $6,619; prepaid
Int.
(& Subs.)—Earnings—
Rose's 5, 10 & 25-Cent
156,106
.__
of $10,000),
Int.
Quarter Ended March 31—
Net loss after charges and taxes
•—V.
148, p. 3541.
$221,430
$62,978
Preferred dividends ($2 per share)____
leased
The company reports net asset value as of May 31, 1939, of its common
stock, with securities based on market valuations, was $17.75 a share,
comparing with $15.37 per share on April 30, last, and $10.56 on May 31.
1938—V. 148, p. 2441.
Reo Motor Car Co.
*
;
_
Common dividends ($ 1.80 per share)
$114,791
Operating income
x
$727,355
578,307
$29,296
......
Taxes accrued
$156,365
130,792
_
bonds
cents
the
per
share in
stock,
common
Surplus, Dec. 3U—-
1,305
Volume
Financial
148
Assets—
1938
1937
$1,389,000 $1,389,000
Common stock
5,293
33,505
25,780
15,400
Current liabilities.
5,725
6,766
Lnadjusted credits
...
Rents receivable.
_
Deferred assets
—V.
18,925
4,722
$1,826,647 $1,845,521
Total.
2404.
p.
$2.50 was.paid on March 31, 1938 and in each of the 15
preceding
quarters, while on March 31, 1934 an extra of $1
per share was distributed.
V
pi 0gyPecial
H8
dividend of $15 per share was paid on Dec. 31,1935.—
Southern Colorado Power
Co.—Earnings—
Year Ended April 30—
Operating
.$1,826,647 $1,845,521
147,
414,000
8,547
15,289
18,684
414,000
Long-term debt
Corporate surplus.
Total
1937
1938
Liabilities—
equip.$1,789,849 $1,789,849
Cash
3699
extra of
Balance Sheet Dec. 31
Inv. in rd. &
Chronicle
revenues.
_
1939
Shamrock Oil & Gas Co.—Accumulated Dividend—
332,124
64,593
$2,332,861
840,276
139,467
300,000
332,958
50,195
$695,749
Operation
Maintenance and repairs.
Appropriation for retirement reserve
Taxes.
1938
$2,353,591
838,417
122,708
_
$669,965
300,000
__
Directors have declared
dividend of 30 cents per share on the 6% con¬
a
vertible preferred stock, and a dividend of $3 per share on the 6% preferred
both payable July 1 to holders of record June 20.
Dividends are
in arrears on both issues.—V.
147, p. 3923.
stock,
.
Prov. for Federal and State income taxes
Net operating income
Other income
3 Mos. End. Mar. 31—
x
Netprofit
;
_
1939
x
1938
$36,019
1,257,506
_
Shs.cap.stk.out.(no par)
Earnings per share
1936
1937
$179,885
1,269,170
$115,532
1,269,170
$0.14
$124,325
1,365,500
$0.10
$0.03
>
Gross income
$0.09
Shell Union Oil Corp.—Plans to
Refund $82,427,000 Debt
due June 1,
1953.
The present plans,
bonds,
new
to
bearing
'
which are tentative, call for a new issue of 20-year
interest rate of probably 2%%.
The amount of the
yet been fixed, but is understood to range from $60,000,000
$206,783
34,174
11 640
I.I
------
Note—-In the above statement of income
accounts,
ended April 30, 1938 has been reduced
net income for the
by $34,309 to reflect adjust¬
applicable to the period prior to April 30, 1938, included therein,
of amortization of debt
discount and expense on 1st mtge. gold bonds,
series A 6%, due
July 1, 1947, outstanding at April 30, 1939, charged to
surplus as of April 30, 1938, which has been applied
retroactively in the
accounts.—V. 148, p. 3389.
year
ments
an
issue has not
$85,000,000, depending
upon
the final disposition of the $25,000,000 de¬
Life Assurance Society
bentures which were sold privately to Equitable
about a year ago.—V. 148, p. 2133, 2605.
-
Southern Dairies, Inc. (&
Net sales
Seiberling Rubber Co.—Declares Initial Dividend
on
New
new
American
Gold
Calendar Years—
Proceeds from sale of
&
Platinum
Co.
(& Subs.)—-
1938
1937
1936
193^
metals......
Cost of metals sold, &c__
$2,261,315
1,054,696
$1,986,698
709,845
$2,180,780
857,654
$1,698,720
649,346
Oper. profit
Other income
$1,206,619
19,667
$1,276,853
13,844
$1,323,126
10,428
$1,049,374
$1,226,286
161,408
$1,290,697
205,459
1,333,554
$1,055,097
129,311
133,751
261,480
115,340
26,222
178,015
190,547
108,107
71,900
174,237
197,924
107,526
67,402
$528,085
176,000
$536,670
352,000
$623,297
528,000
$352,086
$184,670
$0.29
$0.30
....
metals
on
....
Total income
Expenses
163,169
;
Inc. taxes, exchange ad-.
5,723
*
justments,
Deprec. & amortization.
Depletion.Minority interest
194,443
205,984
117,296
71,880
delivery .selling, adminis. & general
expenses
570,179
Gross profit on sales
.
{)leted, that the directors to the ableclass A preferred.—V. 148, p.all accumuated dividends accrued will be
to thereafter declare and pay 3542.
.
$9,456,867
7,899,409
588,724
....
Repairs and maintenance
Deprec. (incl. a special prov. of $36,000 in respect of idle prop.)..
J. P.
Seiberling, President of the company, on June 12 announced that
at a meeting of the board of directors a dividend was declared
amounting
to $1.25 per share for the
period beginning Oct. 1, 1938, to and including
Dec. 31, 1938, on the new 5% class A preferred stock of the
company,
payable June 26, 1939 to holders of this new stock of record June 20, 1939.
This initial dividend on the new class A preferred, Mr.
Seiberling ex¬
plained, is being paid in anticipation of the early completion of the financ¬
ing contemplated in the company's plan of readjustment of capital stocks,
which plan was approved and adopted by the stockholders at the
special
meeting in Akron on June 1.
"
He said that the company expects, when, as and if the financing is com-
Subs.)—Earnings—
Consolidated Earnings for Year Ended Dec. 31, 1938
*
Cost of sales,
Class A Preferred Stock—
South
6,134
$670,564
411,315
34,309
12,783
5,373
$234,851
Miscellaneous deductions
Net income.
599
$696,497
409,698
________
Interest on funded debt
^
Amortization of debt discount and
expense
Other interest (net)
After depreciation and Federal taxes.—V. 148, p. 1657.
Negotiations, it is stated, are proceeding between the corporation and
Morgan, Stanley & Co., Inc., with respect to a refunding of the company's
funded debt, which amounts to $82,427,000, and comprises $57,427,000 of
3^% debentures due March 1, 1951, and $25,000,000 of 3bA% debentures
748
u__
n
(Frank G.) Shattuck Co. (& Subs.)—Earnings—
$398,556
53,622
Purchase discounts, interest and other income.
Total income..
$452,177
148,834
63,900
Interest paid.
Provision for Federal income tax
Net profit for the year
$239,443
Consolidated Balance Sheet Qec. 31,1938
Assets—Cash in banks and on hand, $239,816; notes & accounts receivable
.
■
(after reserve for doubtful notes and accounts of $58,286), $531,344; in¬
ventories, $670,630; miscellaneous supplies, $215,652; receivable from
employees, $4,526; invastments & advances (after reserves), $372,804;
land, buildings, machinery & equipment (after reserves for deprec. of
$3,l73,014)< $4,640,043; prepaid taxes, insurance, &c.," $27,149; goodwill,
$3,632,230; total, $10,334,194.
Liabilities—Payable to National Dairy Products Corp., $3,064,716;
accounts payable
(incl. sundry accruals), $447,342; reserve for Federal
taxes, $78,070; reserve for contingencies (incl. $91,994 prov. for additional
Federal taxes for prior
years), $125,451; class A, pref. stock, 250,000 shares,
no
par,
$6,810,100; class b stock, 235,000 shares, no par, $3,469,539;
deficit, $3,661,025; total, $10,334,194.—V. 146, p. 122.
Southern Pipe Line Co.—
-Earning ACalendar Years—
Gross oper. income.
Oper. & general
1938
/
$157,238
132,272
expenses
Taxes
17,000
52,893
Amortization
Operating profit.
1937
$306,521
214,974
28,657
,
1936
1935
v.
$210,780
177,974
14(388
$223,406
228,918
15,143
__
Surplus
Earns .per sh .on 1,760,000
shs. cap. stk; (par $1)
»
1939
Net profit.:.........
y
Earns,
per
After
$95,297 def$191,817
$0.35
-
1938
$52,736
$0.03
share
<
$62,890
21,989
$18,418
22,594
def$20,655
22,071
def$26,867
$84,879
$41,012
$1,417
40
159
203
def$26,906
30,000
$84,839
45,000
$40,853
25,000
$1,214
30,000
def$56,906
$39,&39
$15,853
def$28,786
$0.85
$0.40
Miscell. deductions.
..
1936
$217,416
$0.12
$153,096
Balance, surplus
Earns .per sh.on 100,000
$0.08
shares
depreciation, depletion, United States and Colombian income
y On 1,7.60,000 shs. capital stock (par $1).
taxes, minority interest, &c.
148, p. 2286.
—V.
Calendar Years—
Gross oper. income
Oper. & general expenses
$534,780
436,605
54,060
90,072
Taxes paid
Amortization
_
Net oper. income
loss$45,956
32,028
,
$566,351
525,071
40,619
1936
$600,107.
549,283
52,435
1935
$703,230
549,353
54,845
loss$l,611
35,990
$99,032
45,977
$33,486
$34,379
$145,009
164
313
loss$14,273
70,000
$33,322
$34,066
455,000
deduct ions
'
.
*
570
'
Net income.
Dividends.
_
_
-70,000
$144,438
175,000
1937
Liabilities-
1938
1937
$571,693
$626,412
investments
610,981
611,609
8,233
8,054
3,159
2,874
Deferred credits..
93
90
Accts. receivable..
18,596
22,229
Miscell. reserves..
,145
113,115
117,515
"3,766
374,646
;
Cash
,
$1,325,778 $1,388,694
Total
$662
32,824
345
Total income..
Plant_.
1938
Materials & suppl.
Deferred debits
Other
loss$13,927
Other income.
M iscell.
1937
1938
$0.12
Balance Sheet Dec. 31
x
Lines—Earnings—
Nil
($10 par)
Assets—
"
South West Pennsylvania Pipe
40
Dividends.
1937
r
$130,897
$0.07
def$44,928
18,061
$0.19
Earnings for 3 Months Ended March 31
x
x
$336,183
528,000
,
Other income.Total income
Net profit.
Dividends
Capital stock
.$1,000,000 $1,000,000
1,1171,328
Accounts payable,.
Taxes accrued....
Surplus—-
4,755
319,668
8,863
Total.........$1,325,778 $1,388,694
After amortization amounting to $1,401,043 in 1938 and $1,348,730 in
1937—V. 148, p. 891.
...
x
Southern Ry.—Capital Rearrangement Still 'Being Con¬
sidered—$50,000,000 0/6% and 6J^% Bonds May be Retired—
The company, it is said, has approached holders of its $50,000,000 of
6% and 6development & general mortgage bonds, due in 1956, with a
bonds under a plan of conversion.
The annual interest
of $3,150,000 on these bonds has been a burden to the road in recent years.
The plan still is in a tentative stage, but as it now stands it would provide
for some arrangement whereby the holders of the bonds would accord to
the company calls on the bonds at 103 for an initial period of five years,
102 for the,ensuing five years, 101 for the third five years and par for,the
remaining two years to maturity.
•
In return, the company would give to the bondholders the right to buy
common stock at $45 a share or more, with possibly some slight adjustment
in favor of holders of the 6 Ms.
Of the bonds involved in the proposals, there are $20,000,000 of the 6s
and $30,000,000 of the 6 Ms outstanding.
The plan as presently drawn up provides that the price at which stock,
might be bought through the conversion offer would rise over any period
of its effectiveness.
Stock not bought under the offer would be sold to a
view to retiring the
Balance, deficit
$84,273
245,013
Previous surplus
Total surplus
$36,678
281,074
$30,562
780,959
$244,396CY617
$160,740
url ,408
Adjustments
$420,934
695,533
$274,599
GY6,4.75
$750,397
Dr54,865
$281,074
$695,533
35,000
$0.98
35,000
Prof. & loss, surplus._
$162,148
$245,013
Shs. outst'd'g (par $50)_
35,000
35,000
Earnings per share
Nil
$0.95
a After
adding rentals and interest of $58,563.
Comparative
1938
Assets—
X
Plant
Other
investments
"Balance Sheet Dec. 31
1937
Materials & suppl.
26,036
25,990
Deferred debits
9,136
75,392
7,167
Cash
69,278
69,539
81,305
1938
$1,750,000 $1,750,000
21,478
27,236
Taxes accrued....
9,163
2,703
Deferred credits..
13,680
5,122
Miscell. reserves..
1,445
1,073
Surplus
162,149
245,013
$1,957,916 $2,031,149'
Total
Southern Canada Power Co.,
Period End. May 31—
Operating
Net
expenses
1937
Capital stock
Accounts payable.
.$1,957,916 $2,031,149
x After
deducting $3,200,941 for amortization in 1938 and
1937.—V. 148, p. 746.
Gross earnings
$4.13
•
Liabilities—
$1,018,354 $1,086,986
759,719
760,160
Accts. receivable-.
Total
>
—V. 148, p.
1939—8 Mos.—1938
$1,595,278
$1,575,739
688,967
654,308
earnings
amortiza¬
$112,351
$108,698
$906,311
$921,431
109,703
108,693
883,555
880,399
$2,648
$5
$22,756
$41,032
deprec.,
Surplus
148,
-V.
p.
$2,322,337
Gross earnings (est.)
tion and dividends—
Int.,
First Week of June
1939
1938
$3,140,591 in
Ltd.—Earnings—
1939—Month—1938
$200,082
$191,089
87,731
82,391
syndicate, the proceeds to be used in buying the bonds and converting them.
It is estimated that consummation of the conversion proposals might
require the issuance of 1,000,000 more shares of common stock.
There
are now 1,298,200 of these shares outstanding.
Under the present indentures the bonds are not callable and have no
sinking fund.
'
3083.
W
The directors have declared
an
extra
dividend of 50 cents per share in
stock, par
■Debentures. Called-
Standard Chemical Co., Ltd. (& Subs.)—Earnings*1939
$119,502
Prov. for income taxes.
Net
on
*
deductions
profit
xl938
xl937
$77,961
17,500
10,966
$88,754
17,500
10,594
858,464
17,500
5,000
$49,495
$60,660
$35,963
17,500
Depreciation
March 31 last.
Extras of $1 were paid on Dec. 23
«An extra of $1.50 was paid on June 30, 1938, and an
paid
and Sept. 30, 1938.
1938
Magin, President of this company, announced at the recent board
meeting that the company would call as of Aug. 15, 1939,
Years End. Mar. 31—
Other
amounts were
June 7
$173 750 par value of the 5% debentures presently outstanding.
On the
romhletion of this transaction outstanding debentures of the company will
be reduced to $200,000.—V. 148, p. 3543.
regular quarterly dividend of $1.50 per share on the capital
$100, both payable June 30 to holders or record June, 10.
Like
addition to the
to
of directors'
Profits
Singer Mfg. Co.—Extra Dividend—
1
1939
3543.
Square D Co.F
Jan.
$1,996,623 $54,011,238 $48,202,145
-
-
/
11,500
50,081
$40,420
Exclusive Of Wood Products
Co., Ltd.
1936
Financial
3700
Consolidated. Balance Sheet March 31, 1939
$72,953; oil and gas lease bonuses, $113,799; oil
(Exclusive of Wood Products Co., Ltd.)
$4,781; fire insurance fund, $62,474; unexpired insurance premiums, prepaid
taxes, &c., $15,436; investment in capital stock of Wood Products Co., Ltd.,
$1; fixed assets (after reserve for depreciation of plant of $280,000), $456,-
978; total, $1,601,334.
accrued liabilities, $110,911; reserve for
payable, $15,993; reserve for contingencies, $25,292; fire insurance
$57,673; capital stock (38,750 no par shares), $1,301,550; earned
surplus, $89,915; total, $1,601,334; total, 12,604,334.
taxes
reserve,
Dividend
Payment Resumed—
Directors have declared a dividend of
50 cents per share on the common
of record June 12.
stock, payable July 12 to holders
This will be the first
June 27, 1932, when 50 cents was also distributed.—
dividend paid since
V. 147, p. 3621.
Standard Gas & Electric Co.-—Weekly Output—
operating companies in the Standard
week ended June 10, 1939, totaled
113,740,437 kilowatt-hours, an increase of 15.6% compared with the cor¬
responding week last year.—V. 148, p. 3544.
Electric output of the public utility
& Electric Co. system for the
Gas
(of Nebraska)—Company to Continue—
Stockholders at an adjourned meeting
June 12 voted confidence in the
committee
by
presented
was
Reimers.
Terry
It recommended
adoption of the economies.
Stockholders declined recently an offer from Jerome A. Newman, of $11
a share for their stock provided about 66% of the stockholders took ad¬
of the offer.
3390.
vantage
148, p.
About'46%
filed acceptance, it is believed.—V.
'
Standard Products Co.,
'•
:
;
.
Directors have declared a dividend of
25 cents per share, on the common
stock, payable June 27 to holders of record June 2l.
This will be the
dividend paid since Oct. 1, 1937, when 25 cents per share was also
tributed.—V. 148, p. 2445.
J.
'
.
Simpsoij, who has been with the company since
elected to the board of directors to succeed M. B.
O.
was
December,
Waterman,
Simpson has been Superintendent of the plant for several
years.—V. 148, p. 1820.
deceased.
increase of $54,224 or 10.23%.
an
Net sales for the five months ended
May 31,
(John B.) Stetson Co.—-Earnings—
May 1, '39
6 Months Ended—
'
shs. 8% pref. (par $25)-
,
Comparative Balance Sheet
May 1
May 1 *39 May 2 '38
Assets—
Cash
May 2, '38
loss$285,269
Nil
$37,090
$0.61
Net profit after depreciation, taxes, &c
Earn, per sh. on 60,000
292,542
1,242,460
3,098,912
212,697
105,254
251,473
96,942
313,490
Inventories
...
Inv. in & adv.
%
500,000
313,393
Ac
Preferred stock
900,000
1,500,000
Notes payable
Accts. pay.,
*39 May 2 '38
$
Liabilities—
$
$
1,246,816
2,538,934
_
Acc'ts receivable..
1,500,000
425,679
Common stock...
to!
subsidiary
Other assets.
6,079,700
6,079,700"'
Surplus
2,606,617
2,697,792
Land,
bldgs., ma¬
chinery, equip't 5,511,264,
5,554,180
Dies, stamps, pat.
rights, Ac
Deferred charges.
Total
—Y. 148,
_
66,662
71,255
.10,999,710
p.
1,000,000
1,000,000.
11,603,1711
Total.
.10,999,710 11,603,171
449.
Studebaker Corp.-— Sales—
Factory sales in May were the largest for any month since April, 1937,
the largest for any May since 1928, Paul G. Hoffman, President,
announced.
Sales totaied 11,334 passenger cars and trucks, nearly
times the 3,285 units sold in May, 1938.
For the first five months of the
year, factory sales of 42,054 units compared with 17,411 in the corresponding
period last year, an increase of 142%.
Retail deliveries in the United States in May totaled 9,533 units, the best
month since July, 1929.
In May, 1938, retail deliveries amounted to 3,365.
"Production of the new low-priced car, the Champion, continued to run
behind orders while sales of our other lines of passenger cars exceeded May,
1938," Mr. Hoffman said.
"Final registration figures for April, showed
the corporation ip 8th position in the industry as against 13th in March and
10th in 1938.
It is our expectation that May registrations will show us
maintaining our present improved competitive position."
Studebaker's plants continue to operate on a 5H day week.
As was the
case in April,
last month's sales were greater than those for the entire
second quarter of 1938.
The corporation introduced its new line of lowpriced cars in March.
In April and again in May, all records for new dealer
contracts signed in any 30-day period were broken.
Reflecting'world-wide
reception of the Studebaker Champion, Mr. Hoffman reported that export
and
sales
of^passen^ger cars in May were the largest for any May since 1929.
Sunray Oil Corp.—-Discontinues Share Offer—Bank Loan
\
"
of$3,000,000—
,
.
,
The corporation has discontinued the offering
of its 5% convertible de¬
benture shares and has called for
redemption on July 31 at $26.25 a share
plus interest the outstanding issue.
The corporation has taken advantage of the opportunity to obtain its
CTedit through commercial banks and has arranged a loan of $3,000,000 at
3H% for five years.
The same group of banks which previously financed
the corporation participated in the loan.
They are First National Bank &
Trust Co., Tulsa, Okla.; First National Bank & Trust Co., Oklahoma City,
Okla.; Harris Trust & Savings Bank, Chicago; Continental Illinois National
Bank & Trust Co., Chicago; Manufacturers Trust Co., New York, and
Chase National Bank, New York.
Proceeds of the loan
were
used to fund all indebtedness other than current
operating bills and taxes and to provide substantial additional working
capital.—V. 148, p. 3545.
Tennessee Electric Power Co.—Grants TVA More Time—
Wend^l L. Willkie, President of Commonwealth & Southern Corp.,
.
has offered to extend the contract for sale of the Tennessee Electric Power
Co. properties as much as 90 days, according to the Associated Press.
In quarters close to Mr. Willkie it was said the extension offer had been
made to representatives of some of the municipalities involved, on their
before the House passage June 13 of a substitute for the $100,000,000 Tennessee Valley Authority bond issue bill approved by the Senate for
the purchase of Tennessee Electric Power facilities.
The contract
originally called for completion of the terms by June 20
be extended to June 30.
The ex¬
tension, it appeared, would permit time for the political maneuvering over
the House-Senate bills and for completion of the details of the $78,000,000
transfer of properties for the handling of TVA power.—V. 148, p. 3391.
with
,
tentative understanding it could
Texas Pacific Land Trust—Annual Report—
Income account
and changes in net proceeds from all sources for year
ended Dec. 31, 1938, showed:
$400,389
52,647
Federal Income tax
Net income
Net proceeds
$347,742
•
I-*—
$432,700
-
-
Cost of certificates of proprietary interest
84,958
1937—
from all sources—balance Dec. 31,
Total
purchased and retired'
during 1938 and of scrip retired
Dividends paid during 1938
Net proceeds
*— v.
from all sources—balance Dec. 31,
the income resulting from
144,085
249,658
1938
$38,957
Trust's real properties,
has been deducted from
land sales, amounting to $6,318, included in
For Federal income tax purposes there
income account for the year.
the
has
been computed a profit on real estate transactions amounting to $10,607.
No estimates of the oil and mineral contents of the Trust's properties have
been made and no cost has been
attributed to such minerals; consequently
is no
unit'depletion rates based on cost have been determined and there
deduction for depletion based on cost (if any) in thei ncome account.
no
For
depletion of $101,282 was computed on the
Federal income tax purposes
basis of a percentage of oil and gas royalties and bonuses received in 1938.
No representation is made by the trustees that the above stated amounts
correct
income
for the year.
of
producing
1935
1936
1937
1938
Other Statistics—
Number
*
/
150
223
wells at Dec. 31
duction at Dec. 31 (in
barrels)
Daily rated potential out-
'
80
98
.
put at Doc.31(in bbls.)
'
9,139
193,612
ctfs.
during year..
Sub-share
,
retired
Finance
Time
Co.
•
3,585
„
35,000
39,982
9,600
19,600
$126,167
$204,677
16,500
$333,311
V
'
:
,
46,446
83,548
$61,986
—v.. 148. p. 2609.
3,914
4,050
.
Cash at Dec. 31
May, 31, 1939, were $2,166,253 as
compared with net sales of $1,912,031 for the five months ended
1938, an increase of $254,222 or 13.30%.—V. 148, p. 3084.
*
production, $9,884; Federal and State social security taxes, $901; Federal
capital stock tax, $5,203; total expenses paid, $164,702; net cash income
before providing for Federal income tax, $404,916.
Deduct-—Expenses unpaid and adjustments: Federal and State social
security taxes, $392; Federal capital stock tax, $3,456; depreciation, $679;
total, $4,527.
Mr.
Sterchi Bros. Stores, Inc.—Sales—
May, 1939, net sales were $584,071 as compared with $529,847 for May,
1938,
$4,750; engineering expenses, $5,730; fees of registrar and transfer agent,
$5,798; general expense, supplies and travel expense, $15,600; taxes—State,
and municipal, $56,925; taxes—Federal and State, oil royalty
Aver, daily crude oil pro¬
(L. S.) Starrett Co.—New Director—
R.
1896,
first
dis¬
$69;
county
of profit on real estate transactions and of depletion Of oil lands are
or that such amounts can properly be used to determine the true
Inc.—Dividends Resumed—
sold,
Expenses paid: Salaries—general, $28,039; trustees compensation, $8,000;
commissions to local agents on sales and leases, $23,872; legal expense,
Notes-—Since no valuation has been made of the
the balance of surplus is indeterminable; also no cost
present management of the company and decided to go along as at present.
H. W. Pierpont, President, presented a report of a survey which recom¬
mended economies totaling $115,078 annually .
A report of a special stock¬
holders'
$2,145; collections on land sales, $5,263; collections on town lots
$1,055; collections on items charged off, $1,346; dividends received,
come,
total income received, $569,618.
Judge Alfred C.
Standard Oil Co.
royalties, $254,499; sales of
Provision for Federal income tax
Coxe on June 13 appointed John M. Harlan
trustee of the company, which is in reorganization proceedings under the
Federal Bankruptcy Act.
He also assigned the case for future hearings to
Robert P. Stephenson, Special Master.—V. 148, p. 3544.
.
lease rentals,
travel and mineral royalties, $3,457; Interest on real estate notes receivable,
3,971; interest—sundry, $542; water rentals, easements and sundry in¬
Net income before providing for
Inc.—Trustee.—
Standard Commercial Tobacco Co.,
Federal
Grass lease rentals, $110,520; oil and gas
Income received;
Assets—Cash, $110,787; working funds, $10,626; trade accounts receiv.
(less reserve), $163,999; inventories, $1,061,663; sundry investments, &c.,
Liabilities—Accounts payable &
June 17, 1939
Chronicle
(Ky.)—Stocks Offered—W. L. Lyons
Co., Louisville, Ky., are offering 4,347 units (unit con¬
sists of two shares of 6% cumulative preferred stock, par
&
$10> and three shares
$26 per unit.
of
common
stock
of $1
par) at
Company was incorporated in Kentucky, Oct. 1, 1932, under the name
of "Domestic Finance Corp." with power to make loans, acquire securities,
certificates of interest, personal and real property necessary for the business.
In October. 1932, the company acquired from B. J. Lenihan, its Presi¬
dent, for $12,500 loans made by other loan companies having a face value
of $59,566, and furniture and fixtures valued at $1,500.
Until 1934, the
principal business conducted by the company was that of liquidating these
loans.
«
,
Kentucky adopted a Small Loan Law.
After the effective date
Loan Act, the company under its then name, "Domestic
Finance Corp." was granted Kentucky Loan License No. 1, authorizing it
to operate a loan office at Paducah, Ky.
Since that time the company has
engaged in the business of personal finance at that place under such license,
and the principal offices of the company are located in Paducah, Ky.
On June 26, 1936, Kentucky Loan License No. 34 authorizing the com¬
pany to open a small loan, office in Mayfield, Ky., was granted and on
Dec. 31, 1938, the company, as Domestic Finance Corp., was granted
License No. 38 which authorized it to open a similar office for the same
business in Lexington, Ky.
Pursuant to that authority the company, on
April 3, 1939, under the name "Time Finance Co.," its present name,
commenced making loans at the Lexington office.
Company makes personal loans evidenced by non-negotiable promissory
notes, secured either by chattel mortgages on household gpods, automobiles,
livestock, &c., or by co-makers, or both, and such loans pursuant to the
provisions of the Small Loan Act bear interest at rates not exceeding 3H%
per month on amounts up to $150, and not exceeding 2M% Per month on
amounts over $150 and not more than $300.
■
Company amended its articles of incorporation in April, 1939, for the
purpose of changing its name from Domestic Finance Corp.- to Time Fi¬
nance Co.,
and increasing its authorized capital stock from $100,000 to
$200,000.
The name of the company was-changed because it intends to
apply for licenses to do business in other States and in many of such States
licenses have been granted to Domestic Finance Corp., a corporation
organized in Delaware.
This company has no connection whatever with
the Domestic Finance Corp. of Delaware.
Capitalization—The capitalization of the company at April 15. 1939,
In 1934,
of this
was as
Small
follows:
Authorized
Issued
14,577 shs.
54,230 shs.
Preferred stock ($10 par) i-_
Common stock ($1 par)
„■
5,883 shs.
41,170 shs.
Company has registered with the Securities and Exchange Commission,
8,694 shares of preferred stock, and 13,041 shares of the common stock.
"When, as and if the 8,694 shares of preferred stock are issued, the total
number of shares of preferred stock then issued will be 14,577 shares, which
is all of the authorized preferred stock.
When, as and if the 1,3,041 shares
of common stock are issued, the total number of shares of common stock
then issued will be 54,211 shares.
The remaining 19 shares of common
stock is not registered with the SEC, and is not offered Qecause under the
underwriting agreement these securities must be offered in units of two
shares of preferred stock and three shares of common stock, and only 4,347
units
available.
are
Purpose—Net proceeds will be used by the company to
increase its work-
in\jnderwr'iting—W.
L. Lyons & Co. of Louisville, Ky., is the principal
underwriter.
There is no firm commitment on the part of W. L. Lyons &
Co. to take the securities offered.
The contract between the company and
the underwriter grants to the underwriter an exclusive option on $100,000
of preferred and common stock for a period of 60 days from and after the
effective date of the registration statement.—V. 148, p. 2759.
Timetrust, Inc.—Court Refuses to Dismiss
SEC Suit—
Federal Judge A. F. St. Sure June 10 issued an order in U. S. District
Court at San Francisco, Calif., denying motion of defendants for dismissal
in the
Securities
Timetrust,
action for injunction against
Meredith Parker, A. P. Giannini,
and Exchange Commission
Bank of America,
Inc.,
L. M. Giannini, John M. Grant and others.
The defendants in addition to motion for
dismissal moved to make the
complaint more definite and for a bill of particulars and also to strike out
certain portions of the complaint.
The court allowed the defendants 10
days to answer.
In its injunction action, the Securities and Exchange Commission alleges
violation of Section 17-A of the Securities Act of 1933.
The action is civil
but under the anti-fraud provisions of the statute.
It was charged that
_
representations of Timetrust, Inc., in
status of the issue
offered.—Y. 148,
Tintic Standard Mining
The
directors
common
have declared
a
p.
sales operations fail to reveal actual
2287.
Co.—Five-Cent Dividend1—
dividend of five cents per share on the
stock, par $1, payable June 30 to holders of record
with 10 cents paid on March 31, last, and on
compares
.
June 16. This
Dec. 23, 1938;
Volume
5 cents paid
148
Financial
Sept. 30 and
on
on
30, 1938; 10 cents paid on March 21,
23, 1937; 15 cents paid on Sept. 30, 1937, 25
cents on June 30,
1937, and 18 cents paid on March 31,1937. For detailed
record of previous dividend
payments see V. 146, p. 3972.—V. 147, p. 3776.
1938; 25
cents paid on Dec.
Torrington Co.—Dividend Again Increased—
on June 8 declared a dividend
of 40 cents per share on the
stock payable June 24 to holders of record June
16.
This compares
with 30 cents paid on
paid on Oct. 1 and on
paid
April 1, last; 25 cents paid on Jan. 2, last; 20 cents
April 1, 1938, 30 cents paid on Jan. 3, 1938; 40 cents
1, 1937, and a special year-end dividend of 70 cents paid on
June 25,1937, this latter
being the first disbursement made on
on Oct.
this issue
on
the
Assets—
Trans-Lux Corp. (&
Cost
of
rentals
dividend
73,366
51,827
34,777
S424.111
S376.124
5294,872
5568,281
$539,761
$531,756
385,609
380,994
500,876
$182,671
$158,767
6,557,251
$2,156
$2,392
$1,315
$1,550
.
215,387
,
names,
&
income taxes
Selling, admin, and
gen-
.
222,640
Net income from oper.
Other income
■A
'
221,253
$252,653
29,102
•
&c
1,338,088
1,219,947
Treas.com. stock
$8,097,2241
$8,339,953
Represented by 427 shares
TotaL
$438,924
$166,244
73,857
■
$373,291
$240,101
•
.
57,430
59,745
57,828
39,897
"
let properties
'
49,474
Prov. for Federal income
...
and
capital stock taxes
and Can. income taxes
Other charges & deduct's
•
,
Net profit for year...
Previous earned surplus-
Total surplus
d27,672
4,440
$133,717
548,273
Cr23,954
——
Miscellaneous charges—
Cash dividends paid
$349,382
534,414
Cr545
$705,944
Adjustments
„
25,180
1,098
$884,341
121,077
214,991
27,415
72,030
Consol. earned surplus
as at Dec. 31
'
d26,516
11,572
6,409
$287,028
426,064
-
$164,291
553,014
Crll,618
,Cr272
$713,365
.
178,951
of
common stock and 210 shares of
5M%
shares of common stock at April 30,
Arising in part from credit of $569,059
representing the excess of
underlying ledger amount of net assets
acquired through merger of a
subsidiary over the investment (acquired in
part for no-par common stock)
km* corQPany in the
subsidiary at date of merger,
c Represented by
Itl'uln ni^?or s£ar,eLat APrJI 30• 1939» and 391,278 no-par shares at
ADrn oU,
19o8.——V.-148,
1183.
p.
Unexcelled Manufacturing
Co., Inc. (& Subs.)—Earns.
Operating loss
Miscellaneous income, net
-IIIIII.II
Provs. for abandonment of
Jersey City property.
Prov. for patent
infring. suit award & costs thereon
Provs. for Fed. income & undistributed
profits tax.
—
$728,923
160,698
142,160
__
$548,273
$534,414
$426,064
Includes $297,432 dividends from affiliated ticker
operations and $4,297
profit from sale of parts, &c. b Includes dividends and interest on securities
of $225,316 and profit from sale of
parts,
dends from affiliated ticket operations of
&c., of $816.
c Includes divi¬
$282,363 and the sale of parts
d Includes $1,012 in 1937 and $8,117 in 1936 provision
on
undistributed profits,
e Includes
$10,000 from
affiliate company and $1,599 profit from sale of
parts, &c. •
&c., of $2,984.
Federal
Assets—Cash,
$71,723; accounts and notes receivable, $29,362; mar¬
$104,126; inventories, $12,329; investments, $862,919;
accounts receivable, $7,507;
land, building, machinery
(net), $58,785; ticker machines on rental or held in reserve
(net), $49,672; other equipment at depreciated value, $20,902;
capital
assets of theatre companies
(net), $154,012; deferred charges, $71,820;
patents, $1; total, $1,443,158.
Liabilities—Accounts payable, $17,527; purchase agreement,
$21,776;
accrued taxes and expenses, $23,277; reserve for
State, Federal and Cana¬
dian taxes, $26,976; other
liabilities, $26,800; capital stock ($1 par),
$720,303; earned surplus, $606,499; total, $1,443,158.—V. 147, p. 2405.
ketable securities,
notes
......
....
and
Trinity Buildings Corp. of New York—Arrangement—
There was filed June 14 in the U. S. District Court for the Southern
District of New York, by United States Realty '&
Improvement Co. in its
proceedings for an arrangement, a report stating that combined proofs of
claim and acceptance have been received from holders of
$1,943,000 of
principal amount of share certificates in the first mortgage 20-year
5H %
sinking fund gold loan of Trinity Buildings Corp. of New York, which is in
excess of 50% of the principal amount of the
presently outstanding certifi¬
cates, and constitutes the majority in" amount required for an application
for confirmation of the arrangement.
An application for such confirmation
is to be made at the hearing to be held on June 28.
In order, therefore, to expedite confirmation and the
•
Union Pacific RR.—Post
Triplex Safety Glass Co., Ltd.—To Increase Shares—Stockholders at
special meeting to be held June 28 will vote on increasing
company's capitalization from £500,000 to £655,000 by issuing 310,000
additional ordinary shares.—V. 144, p. 3520.
a
Tubize-Chatillpn Corp.-—To Pay Preferred Dividend—
Directors have declared a dividend of $1.75 per share on the 7
% preferred
stock, payable July 1 to holders of record June 20.
Like amount Was
paid on April 1 and Dec. 30, last, this latter being the first dividend
paid
since April
1, 1938, when a regular quarterly dividend of like
distributed.—V. 148, p. 2918.
amount was
„
#
Truax-Traer Coal Co. (&
Years End. April Z0—
Net sales
Subs.)—Earnings-
Similar action
of Vice-Chairman Abolished—
was
148,
p.3393.
Years Ended Dec. 31—
1
Stores, Inc.- -Earnings—1
1938
•
Sales
Cost of goods sold-
..
Gross profit
Operating
1937
..$18,283,068 $13,760,889
14,465,858
10,999,010
L
;
...
$3,817,209
3,074,088
$2,761,879
2,205,048
$743,121
._
expenses
.
Other income..
$556,831
30,042
Total
Interest paid
34,533
z
$777,654
Net income
Preferred dividends
x
$5,912,385
$4,021,601
4,213,982
4,772,817
$791,809
316,824
$1,139,569
290,204
$636,887
225,521
$1,108,633
47,195
$862,408
106,407
606,722
143,371
10,165
547,100
165,579
45,037
$1,429,772
115,081
36,295
26,643
494,733
233,104
x69,308
Other income.
Total income
Interest
debentures.
Exp. sale of stock
Depreciation
Depletion...
—
Federal income tax
1936
income
United
Disc't realized
on
$454,608
$306,260
7,206
of Denver, William A. Coulter of Philadelphia and their
associates, who
together control 61% of Western Air Express 396,309 outstanding shares
of $1 par value.
Western Air Express Co. operates principally between Los Angeles,
Salt Lake City and Great
coast passenger,
mail and
Common dividends-..—
$354,933
32,201
234.145
$504,490
20,062
172,199 *
$313,467
United Air operates a coast-to-
service.
added, called for the payment of as much as 50% in cash.
He emphasized
was concluded it must be approved by the Civil
Authority at Washington and the Securities and Exchange
Commission.—V. 148, p. 3247.
United Qas
Corp. (& Subs.)—Earnings—
Period End. Apr.30—
1939—3 Mos.—1938
1939—12 Mos.—1938
Operating revenues
$10,745,250 $11,173,838 $40,491,746 $44,829,161
Oper. exps., incl. taxes..
5,762,142
5,499,006
22,453,234
22,479,086
Prop, retire. & depletion
reserve appropriations
2,188,320
2,414,945
8,659,227
8,654,322
_
-—-
—
$2,794,788
54,320
including
,
79,309
96,386
taxes
Gross income
mtge. bonds
on
on
coll. tr. bonds
on
debentures
interest
loans,
Other
__
124,320
$2,752,722
76,920
48,750
405,063
$3,214,876
110,851
50,000
405,063
$9,379,285 $13,695,753
385,235
581,118
470,747
9,084
475,765
19,985
Cr4,679
364,016
691,222
$9,400,504 $13,585,649
335,279
511,274
198,194
207,394
1,620,250
1,620,250
(notes,
&c.)
deductions
Int. chgd. to constr'n—
(subs.).
applicable to
minority interests—
Cr383
$1,742,541
—
212
$2,157,891
1,947,414
211,266
Crl7,435
1,930,420
x507,404
Cr30,046
' $5,105,536" $8,838,953
212
847
19,230
12,178
115,452
57,202
Portion
34,030
Bal. carried to consoli-
Includes $13.558 for surtax on undistributed profits,
y Portion of loss
Lignite Coal Co. and subsidiaries applicable to outside
nterests from April 30,1936, to dates of acquis, by Truax-Traer Coal Co.
$3,259,88'/
Other income deductions,
dated earned surp..
x
of Truax-Traer
Falls, Mont.
express
Mr. Patterson said the offer included both cash and an exchange of stock,
with United Air Lines shares proposed in exchange.
The contract, he
Pref.divs.to pub.
$74,287
30,732
DeaJ'
A contract for acquisition of 241,748 shares of Western Air .Express
stock—-61 % of the outstanding issue—is in the hands of attorneys and its
acceptance or rejection is expected within a few days, he said.
•The offer was extended to Charles Boettcher 2d and James Q. Newton
Balance
yCr49,881
_
Corp.—■Merger
W. A. Patterson, President of the corporation, disclosed June 15 that the
Other
debs.
Net profit.
Preferred dividends
Transport
company had made an offer for the controlling stock interest in the Western
Air Express Corp.
•
'
Int.
retired
Portion of loss of subs.
applic. to outside int.
Lines
Int.
Cr51,211
$354,933
Air
Reported—
Int.
$74,287
Consolidated Balance Sheet Dec. 31,1938
■
Net oper. revenues—
taxes
Profit.
$1.96
Assets—Cash, $574,066; accounts receivable, trade, $15,829; inventores,
$1,046,721; notes and accounts receivable for sale of trucks, &c., $13,686;
security investments, $1,090.; fixed assets (after depreciation of $206,605),.
$1,083,708; prepaid and deferred charges, $31,251; other assets, $7,898;
total, $2,774,250.
Liabilities—Notes payable, $104,181; accounts payable, $269,695; accrued
liabilities, $245,068; cum. pref. stock (par $15), $675,000; common stock
(par $1). $310,540; capital surplus, unappropriated, ,$833,897; earned
surplus, $335,868; total, $2,774,250.—V. 148, p. 3247.
Other income-
292,127
135,954
21,660
Adjust, of overprov. for
in prior years
stock.
Includes
optional stock dividend of 1-10 share of common stock in
preference to $0.90 cash accepted in respect to 255,*00 shares.' y
Including
Federal undistributed profits taxes of $124.
3.384,713
$630,528
252,645
Operating profit—
1937
„
on common
$460,441
xl96,440
229,860
<:
$1.62
that before the transaction
$5,005,792
1938
7,552
yl 18,880
$612,870
4,439
310,540
•„
t___
Common dividends—Cash
Stock..
Earns. per share
$586,874
1,340
163,444
"...
Prov. for Federal and State income taxes.
Aeronautics
1939
$5,179,904
4,549,376
$883,173
48,628
Costs and expenses
Federal
$20,078
the office of Vice-Chairman of the Board of
taken by subsidiaries in respect to that office.
The Vice-Chairmanship was created
especially for the late Carl R. Gray
upon his retirement from the Presidency of the Union Pacific.—V.
Directors.
payment of interest
as^the arrangement is confirmed, it is suggested
execute the combined form of proof of
claim and acceptance, filling in the
proper blanks, having the same sworn
to before a notary public who should affix his
seal, and return the same to
Trinity Buildings Corp., Ill Broadway, New York.—Y. 148, p. 3393.
folders of share certificates
on
2,763
$12,800
Company has abolished
at the modified rate as soon
Premium
1937
$4,296 prof$36,405
1,036
Dr3,303
50,416
9,540
Consolidated Balance Sheet as at Dec. 31, 1938
Assets—Cash $107,389; miscellaneous accounts
receivable, (less reserve).
$168,611; miscellaneous accounts receivable, $2,722;
inventories, $419,795;
miscellaneous receivables and
deposits, $1,031; land, buildings, machinery
and equipment,
(after reserve for depreciation of $441,714, $258,343;
real
estate_ (after reserve for depreciation), $111,743; securities on deposit
with New York State
Dept. of Labor, and accrued interest thereon, $48,350;
funding certificates, $1; trade-marks and goodwill, at
cost, $8,000; deferred
charges, $21,689; total, $1,346,399.
Liabilities—Trade notes payable, $2,040; accounts payable and
accruals,
$19,766; reserve for patent infringement suit award and costs
thereon,
$6,000; reserve for Federal income taxes (prior years),
$2,000; capital
stock ($10 par), $1,498,000; surplus
arising from restatement of deprecia¬
tion reserves, $51,425;
deficit, $232,832; total, $1,346,399.
—V. 147, p. 434.
;
and equipment
that
1938
surtax
Consolidated Balance Sheet Dec. 31, 1938
other
—
Union Premier Fpod
a
for
Deficit
*
$606,499
Dr3,806
$8,339,953 $8,097,224
?n!o St?c^ at.April 30, 1939, and 407
1938.
b
161,057
■
32,387
500,000
1,338,088
1,263,502
Z)rl9,517
•
..
$348,742
24,549
$387,922
51,002'
$281,755
&"
amortization
Loss, sustained by partly
owned sub. not consol.
Net cost of carrying sub-
$327,301
187,464
■.
-
Total income-
Provision for deprec.
$536,206 "
■
eral expenses
"
...
$609,175
45,089
679,356
55,000
pref. ser
conv.
_
•
$475,293
14,088
...
3,646,944
6%
—
sales.
125,423
871,459
55,000
conv. pref_.
500,000
cCommon stock.. 3,846,944
282,091
Years Ended Dec. 31—
Gross profit fr. rentals,
theater
opers.
and
117,086
124,096
Non-current liabil.
282,227
trade¬
Total
Income
from rental of
theater equipment—.
56,661
127,706
136,022
.
Accounts payable-
deferred charges
$30,879
d$321,913
Balance-.-..
(net) 5,675,420
1938
$250,000
Accrued expense__
Prov. for Federal
1935
theaters
before deprec. & amort
90,052
414,662
expenses &
Goodwill,
b$329,650
$106,526
of
exps.
1936
c|427,950
56,144
Income from theatres...
Oper.
709,241
a
1937
a$497,477
5356,612
....
_*
1939
$150,000
Land & equip, pur¬
chase contracts
and
equipment
a
Balance.
640,008
advances
Coal properties
Prepaid
Liabilities—
$113,157 Bank loans (curr't)
652,261
338,196
Subs.)—Earnings—
1938
f$412,756
before
depreciation.
1938
$682,607
(net)
Investments
1,1937.—V. 148, p. 1661.
Calendar Years—
1939
Cash
Total recelv.
bPald-in surplus..
Earned surplus...
new stock since the
three-for-one split-up.
A regular quarterly
of SI per share was paid on the old
stock on April
Income from ticker oper.
3701
Consolidated Balance Sheet April 30
Inventories
The directors
common
Chronicle
June
<
$1,708,299
$2,145,501
$4,989,237
$8,762,521
Includes $418,505 representing non-recurring charges during the quar¬
ter ended Dec. 31, 1937 for reorganization expenses of subsidiaries.
x
Financial
3702
Statement of Income
Net
Condensed Balance Sheet Feb. 28, 1939
fCompany Only)
1939—12 Mas.
Period End. Apr. 30—
1939—3 Mos —1938
nat. gas
$2,865,105
§2,504,377
Oper. revs.
1,978,598
1,823,664
Oper, exps., incl. taxes
209,100
218,900
Prop, retire, res. approp.
$8,621,548
6,760,922
644,200
$461,813
993,360
$677,407
natural gas
1,476,988
Other income
$1,216,426 x$l,091,128
7,228,660
6,183,647
Other income deductions,
70,511
103,335
264,413
571,167
$2,083,884
Int. on debentures
501,525
Int. on notes and loans.
429,054
Other interest..
9,939
Other deductions
1,459
Int. chgd. to constr'n—
$1,351,838
>
501,525
429,054
11,254
1,916
$8,180,673
2,006,100
1,759,604
39,916
$6,703,608
y975,188
1,759,604
27,844
2,393
......
—:_,w_
$1,141,907
$408,089
including
taxes
Gross income..
Net
income
5,306
Cr95
$4,369,747
$3,938,674
operations of natural gas distribution prop¬
and subsequent to July 28, 1937.
y Represents interest
Service Co. 6% debentures from Nov.. 5, 1937, on
1
which date said debentures were assumed by this company.
Items so marked represent
x
erties acquired on
on
United Gas Public
Summary of Surplus for 12
.
Months Ended April 30, 1939
Total
.
Surplus May 1, 1938
Miscellaneous adjustments (net)
-
Capital
Assets—Cash, $118,793: accounts and notes receivable (after reserve for
accounts of $171,258). $1,223,656; inventories, $512,994; real
buildings, machinery and equipment (after reserve for deparecia-
1938
x$6,992,034
x5,403,606
x497,300
revenues—
oper.
doubtful
estate,
/M1.778
$27,672; commissions
$1,017,430), $1,860,256; other investments,
tion of
advanced to salesmen and other deferred items, $132,499; goodwill, trade¬
marks and copyrights, $1; total, $3,875,872.
Liabilities—Accounts payable, $161,089; provision for Federal income
taxes, $110,630: accrued expenses and other taxes, $84,799; 6% gold deben¬
tures (after sinking fund provision of 12,438), $659,962; preferred stock
($10 par), $1,000,000; common ($1 par), $333,804; surplus $1,525,587;
total, $3,875,872.—V. 148, p. 1184.
U. S.
Distributing Corp.—Delisting Recommended—
the New York Stock Exchange at its meeting
The Board of Governors of
approved the recommendation of the Committee on Stock List that
application be filed with the Securities and Exchange Commission to remove
from listing and registration the common stock (no par) of the corporation.
The securities will continue on the listing pending action by the Commission.
jn its recommendation the Committee on Stock List stated that continued
listing is now warranted in view of the assets and earnings applicable to the
issue, the price range, the number of shares, the distribuiton, and the small
indicated aggregate market value of the shares available for public trading
after deducting shares held in concentrated holdings.—V. 148, p. 3395,
3396.
: 1
■
'•
' ./'
■
;
•.
June 14
Earned
.$38,149,505 $14,467,819 $23,081,686
/Ml,778
June 17, 1939
Chronicle
United
International
&
States
Accumulated Dividend—
Corp.—
Securities
V..
;
declared a dividend of $1 per share on account of accumu¬
lations on the $5 cum. pref. stock, no par value, payable June 30 to holders
of record June 26.
Dividend of 75 cents was paid on Feb. 1 last; 50 cents
was paid on Dec. 27 last; $1.25 was paid on Nov. 1 and Aug. 1, 1938, and
a regular quarterly dividend of $1.25 per share was paid on Feb. 1, 1938.—
V. 148, P. 2761.
Directors have
Balance-,-
1...$38,137,726
— —
$14,467,819 $23,669,908
Net income for the 12 months ended
-
4,369,747
-J-----
April 30,1939.
Total
.
4,369,747
......
$42,507,473 $14,467,819 $28,039,654
—
3,148,754
Surplus, April 30, 1939..—--—$39,358,719
148, p. 3394.
$14,467,819 $24,890,900
$7 preferred stock
on
—V.
June 10 '39
(kwh.).... 94,907.671
June's '39
June 11 '38
88,436,286
'
.
—V.148,p.3546.
_
4,678,148
9,506,374
10,697,871
—
—
——
1938
$88,431,989 $89,533,597
41,114,882
41,151,622
.
.
Provision for depreciation...:
General taxes and est. Federal income taxes
United
Steel
(after elimi¬
nating intercompany transfers)
General operating expenses.
Maintenance
t
.
1939
12 Months Ended April 30\p
I
Gross operating earnings of sub. cos.
4,770,730
8,651,439
10,906,624
$23,842,441
Total income of subsidiary companies
15,859,264
Int., amort, and pref. divs. of sub. cos
Balance.....
Proportion of
19,719,377
2,109,125
$7,983,177
.....
earns,
$25,745,595
16,026,218
1,985,713
attributable to minor.com.stk.
Equity of United Light & Power Co. in earnings
of subsidiary companies.
$5,997,464
of United Light & Power Co. (excl. of
20,762
income received from subsidiaries)...
$7,610,252*
Income
30,900
-V
Total.....
_
_
„•
_
322,810
$7,641,152
385,519
$5,695,415
$7,255,632
$6,018.226
.
Expenses and taxes of United Lt. & Pow. Co
Balance
.....
on funded debt, bond discount and expenses,
&c., of holding company.;
__...
Int.
"
Other deductions.
39,658
$629,294
_
148, p. 3086.
$3,287,570
385,519
2,442,508
40,184
322,810
2,365,732
...
Net income
United
1938
'1939
$3,3.57,493
income.
Expenses and taxes..
Int., amort, of discount & exp. on funded debt-...
—V.
2,482,692
$4,772,940
Earnings of Company Only
12 Months Ended April 30—
Gross
2,405,389
$3,290,026
Balance transferred to consolidated surplus_
:y-jf
.
Light & Rys. Co. (& Subs.)-
$419,359
.
-Earnings—
1
12 Months Ended April 30—
1
Gross operating earnings of subsidiary and con¬
trolled companies (after eliminating inter-conjpany
-1938
1939
.
.
.$78,589,722 $79,348,157
36,543,931
36,354,388
4,185,540
4,305,895
" 8,483,873
7,601.450
9,401,796
9,632,897
transfers)...
General operating expenses..
...
Maintenance..
,
Provision for depreciation.
General taxes and est. Federal income taxes
r
Net earns, from oper. of sub. & controlled cos..$19,974,582 $21,453,527
Non-oper. income of sub. and controlled cos____
972,722
900,494
•
Total income of sub. and controlled companies ..$20,947,304 $22,354,020
Int., amort. & pref. divs, of sub. & controlled cos.. 13,253,334
13,376,661
Balance
Proportion of
earns,
attributable to min,
com. stk.
Equity of United Light & Rys. Co. in earnings
of sub. and controlled companies.....
Income of United Light & Rys. Co.
income received from subsidiaries)
Total
.
..
$7,693,970
1,985,713
.
$8,977,359
2,109,125
"
$5,708,257
$6,868,234
795,553
...
793,414
$6,503,810
137,549
$7,661.648
115,178
(exclusive of
------
—....
Expenses of United Light & Rys. Co. A._
Taxes of United Light & Rys. Co.
,
279,313
110,628
$6,086,949
$7,435,843
1,345,465
2,768
42 J)81
18,942
1,366,701
Balance transferred to consolidated surplus....
Prior preferred stock dividends
$4,677,693
$6,007,239
i 1,221,564
—Val1480
$3,463,188 $4,785,675
Balance.
Holding
company deductions:
Interest on 534% debentures due 1952...
Other interest
;
__
Amortization of debenture discount and expense
Taxes on debenture interest.
;
"3086
p
United Printers &
---
Publishers, Inc.—Earnings—
Years Ended Feb. 28—
1939
Administrative, selling and other
Miscellaneous
Interest
on
on
debentures
Netprofit...
$734,641
93,766
41 gg4
10 955
borrowed money
Other charges
52,593
$711,370
98,350
_____
Federal taxes
$682,048
49,709
Depreciation
Interest
2,035,137
$661,660
income
Profit
2,717,185
2,107^995
expenses
Net profit from operations
$5,672,305
2 769 656
Gross profit from operations
1938
$5,728,886
Net sales
,
1,214 .505
42,758
19,145
I
llO^O
,
"
44 913
22 977
10,428
92,462
17,485
$439,123
$463,032
Corp.—Number of Stockholders—
Steel
States
Shipments—
i
United States Steel Corp. common
'
.
stockholders of record May 31, 1939,
numbered 169,167, an increase of 1,417 sin|ce March 4, 1939.
United States Steel Corp. preferred stockholders of record April
67,004, an increase of 290 since Feb. 3,
April shipments see under "Indications
totaled
For
28,1939,
1939.
of Business Activity" on a
preceding page.—V. 148, p. 2919.
United Stores
The
cos__$22,434,714 $24,053,182
Non-operating income of subsidiary companies.._
1,407,727
1,692,412
Net earnings from operations of subsidiary
Charles F. Bradley, formerly personal
A. S. Franklin, retired Chairman of the company to b.
board of directors elected
The
Secretary of the company.' He will succeed Alfred P. Palmer, who is retirin
after 48 years' service with this company and its parent concern, the Inter"
national Mercantile IVforine Co.—V. 146, p. 3361.
\
83,626,435
( & Subs.)—Earnings—
United Light & Power Co.
Secretary—.
United States Lines Co.—New
Secretary to P.
Co.—Weekly Output-
United Gas Improvement
Week Ended—
Electric output of system
.
^
3,148,754
Dividends
shares
shares
Corp.—Listing—
listing of 915,979
equal number of
Stock Exchange has ahthorized the
(par $5) in substitution for an
of its class A Stock (no par).—V. 148, p. 3547.
New York
of class A stock
...
Universal-Cyclops Steel Corp.—Director Resigns—
John
M.
Scheide has resigned as a
148, p. 2136.
•
director of this corporation .—V.
•
.
:
Universal Leaf Tobacco Co .—Extra Dividend—
Directors have declared an extra dividend of $1 per share in addition
to a quarterly dividend of $1 per share on the common stock, both payable1
Aug. 1 to holders of record July 12.
Extra of $2 was paid on Dec. 23, last.
—V.
'
'
147, P. 3625.
Utilities Power & Light
.
Corp.—Tenders for Debentures—
Utilities Power & Light Corp., Ltd., a Canadian corporation and a
wholly-owned subsidiary of Utilities Power & Light Corp., has been au¬
use a maximum of $3,000,000 of its available cash to purchase
debentures of the debtor corporation from those debenture holders who may
desire to tender their debentures, with accrued interest thereon,.to the
limited company at a price of 70% of the principal amount. A
The limited company's cash account, a portion of which R will use for
the purpose of purchasing debentures and claims tendered, is largely that
Which remains from the amounts received from the sale in July, 1936, of its
investments in English public utility companies.
The limited company
realized from this sale approximately $25,000,000, about $16,500,000 (as
of Dec. 1, 1938) of which had not been reinvested and remained idle in the
form of bank deposits drawing no interest.
It was thought unwise to permit
such a large amount of cash to remain idle while interest on the parent com¬
pany's obligations was accumulating.
The original trustee of the debtor's
estate, Willoughby G. Walling, therefore drafted certain alternative plans
designed to utilize a portion of these funds for the benefit of the estate.
The present trustee of the estate of the debtor has supported these plans.
.
To this end appropriate applications were filed with the Securities and
Exchange Commission as required by the Public Utility Holding Company
Act of 19.35.
After an extended hearing upon the merits oLthese plans the
Commission issued its findings and opinion and order approving the use of
$9,000,000 by the limited company to purchase, pursuant to tenders, out¬
standing debentures and claims of the debtor, together with interest thereon,
at a flat price of 70% of the principal amount.
This order was without
prejudice, however, to the right of the C0111111!88!011to authorize, by further
order and on the basis of the record in said proceeding, the use of an addi¬
tional amount of not to exceed $3,000,000 for such purposes.
Following the issuance of the Commission's order, Charles True Adams,
as trustee of the estate of the debtor, filed his petition in the U. S. District
Court, at Chicago, 111., requesting that he be authorized to cause the
limited company to expend a sum not to exceed $9,000,000 for the purpose of
acquiring debentures of the debtor.
The Court on Jan. 4, 1939, entered
its order authorizing him to cause the limited company to use a sum not to
exceed $9,000,000 for the indicated purpose, and an additional $3,000,000
to be used for this purpose, if, as and when authorized by the SEC, and,
upon due notice to all parties of record, by the Court. •
Pursuant to these orders Utilities Power & Light Corp., Ltd.; by the use
of $8,698,200 acquired $12,426,000 of debentures of the debtor.
In addi¬
tion it acquired, in accordance with the same order, certain undisputed and
disputed claims' against the debtor.
In all Utilities.Power & Light Corp.,
Ltd., expended a total of $8,999,949 with which it acquired $12,857,070 in
principal amount of the debtor's obligations.
This amount includes $179,054 which has been deposited in escrow to cover $255,792 principal amoun#
of disputed claims.
If any of these claims are reduced in amount or dis¬
allowed entirely, a proportionate amount of the funds in escrow are to be
returned to Utilities Power & Light Corp., Ltd.
In this class is included
$236,200 of Utilities Elkhorn Coal Co. bonds, for which $165,340 has been
deposited in escrow.
After allowing for the funds which have been expended in connection
with the acquisition of the debtor's obligations, including the amounts de¬
posited in escrow, Utilities Power & Light Corp., Ltd., had, as at Feb, 28,
1939, cash in an amount of $5,958,299.
Together, the limited company
and the debtor had cash on hand in the amount of $7,525,641.
[On May 26,
1939, the debtor received $1,607,850 in cash from the sale of all of the com¬
mon stock of Newport Electric Corp., and the limited company received
$300,000 in cash in payment of an open account due from Newport Electric
Corp.]
Under Holding Company Act (Release No. 1548) authorizing the
limited company on an amended application field by it under Section 9-C-3
of the Public Utility Holding Company Act to purchaes $1,020,400 principal
amount of Utilities Elkhorn bonds publicly held at a price of 70 flat, to¬
gether with Jan. 1, 1938, and subsequent interest coupons attached thereto,
the sum of $714,280 will be required to purchase such bonds, if all are ac¬
quired, and of this sum, $165,340 has already been deposited in escrow.
After entry of the order of the Commission authorizing the use of $9,000,000, an amended application was filed for the use of the additional
$3,000,000.
After a hearing on this amendment the Commission issued its
findings and opinion and order approving the use of the additional $3,000,000
by the limited company to purchase, pursuant to tenders, outstanding
debentures of the debtor, together with the interest thereon, at a price of
70% of the principal amount, exclusive of interest, subject to the conditions
thorized to
,set forth in the order.
After the issuance of this
i
last
■
.
,
_
.
mentioned Commission order, Charles
True Adams, as trustee of the estate of the debtor, filed his petition in the
U. S. District Court at Chicago, requesting that he be authorized to cause
the
limited companylto
spend the additional sum
of $3,000,000 for the
Volume
Financial
148
of acquiring debentures of the debtor, subject to the conditions
imposed by the SEC.
The Court, on June 9, 1939, entered its order au¬
thorizing him to cause the limited company to use a sum not to exceed
33,000,000 for the indicated purpose.
Under these orders the holder of
any debentures may tender all or any part of the debentures held by him,
Chronicle
but tenders in
than one lot of debentures having the same beneficial
It is also provided that no tender of debentures by
subsidiary thereof, which together constitute the largest
single holder of outstanding debentures, shall be accepted until all other
tenders of debentures made within the
period during which tenders may be
Atlas
more
is not permitted.
owner
Corp.
or any
made shall have been accepted.
Atlas Corp. has agreed "with the trustee that if the tender
period expires
not later than
June 27, 1939, Atlas Corp. will tender such amount of the
debentures which it or its subsidiaries hold as may be necessary to exhaust
the cash
available for this purpose
($3,000,000).
Debenture holders
should
realize, however, that Atlas Corp.
may
?Ee company's first refunding
the
and after Feb. 1, 1937, and the 20-year 5H % gold debentures of
on
Utilities
tional tender, in accordance with the orders of the SEC and the 77-B Court.
There is outstanding an aggregate of $36,236,700 of debentures of both
classes available for tender, including $28,674,700 held by the Atlas Corp.
and its subsidiaries.
With the use of the maximum amount which has been
made available for this purpose, it is apparent that even at a
price of 70
The privilege of
tendering, however, is being made available to all who desire to do so.
Each lot tendered, except that of Atlas
Corp., is first to be purchased up to
$5,000 and purchases of any remaining amounts, to the extent practicable,
flat it will not be possible to acquire all such debentures.
West Penn Power
issue
a dividend of $1 per share on account of accumu¬
the $5.50 dividend priority stock, no par value, payable June 26
to holders of record June 16.
A similar amount was paid on Dec. 27 and
on
a
semi-annual dividend of $2.75 per share
was
June 1, 1937.—V. 148, p. 2919.
carrying
7% and 6% cum. preferred stocks with
lower dividend rate.—V. 148, p. 3087.
a
West Texas Utilities Co .—Issues
The Securities and Exchange Commission
..
net
proceeds from such sales, together with other funds of declarant to the
required, are to be applied to the redemption and retirement of
declarant's first mortgage 5% gold bonds, series A, due 1957,
outstanding
as of March 31, 1939 in the
principal amount of $21,911,900.
extent
'
Bonds Called—
AH of the outstanding first mortgage 5
1957 have been called for redemption on
made at the New York Trust Co.—V.
.Western Air Express Corp.—Proposed Merger—
See United Air Lines Transport Corp.—V. 147, p. 761.
Western Electric Co., Inc.—Larger Dividend—
At
a
meeting of the directors
1936
paid
gen.
for
$1,663,950
872,931
$1,955,048
978,975
$1,983,293
1,020,198
$1,971,239
1,042,633
$791,019
$976,073
$963,095
$928,606
$809,094
953.09Q
12,332
& adm. exps.'
bad debts
21,111
7,435
$997,184
959,895
9,689
,
■
16,792
948,862
$936,041
991,448
14,066
20,397
4,048
Rent on lease & expenses
Taxes paid on non-oper¬
ating properties... l__
Int.
on
bank loan
3,818
on
Dec.
31,1938; 90 cents
1937; 75 cents on Sept. 30 and June 30, 1937, and 60
31, 1937 —V. 148, p. 2289.,
28.
Western
Maryland Ry.—Earnings—
Loss for year
3,666
3,722
*.
v___
•.
prof$13,238
$300,061
brands,
trade-marks, & c. 4,000,000
Cash....
124,720
4,000,000
$79,854
435,368
Adv, to employees
0
1938
1937
b 7% pref. stock__$2,133,800
Common stock...cl,021,573
Accounts payable.,
Accrued payrolls &
180,347
367,751
rec.
has
1,021,573
Deferred charges..
19,223
receiyed
a
petition from the Western Massachusetts Electric Co.
be ex¬
for par for the outstanding capital stocks of the Turners Falls
Power & Electric Co., United Electric Light Co. and Pittsfield Electric Co.
par
18,089
Res.
for
excise
approved
by stockholders of the companies involved.—V; 148,
■
1
•
corporation..
4,960
4,507,427
1,182,742
oper. revs.
415,778
4,682,440
197,808
$6,545,412
1,748,229
18,474,949
755,721
1,853,381
18,557,301
679,056
179,966
180,383
724,828
769,084
$1,009,945
$814,845
30,296
495,820
$3,145,158
118,355
1,923,069
$288,729
90,718
$1,103,734
481,011
$608,073
477,089
$379,447
$1,584,745
2,378,377
$1,085,162
2,378,991
_
Veeder-Root, Inc.—Earnings—
Net
teleg.
&
cable1
ooer. revenues
Uncoil, oper. revenues..
Taxes assign. to opers.i
30,700
461,288
Weeks Ended
Feb. 25,1939
$147,009
100,000
$236,830
------
$147,009
May 20 '39 Feb. 25 *39
Cash & U.S. Govt
obligations
Notes & accts.
rec
Inventories
732,859
1,867,417
(net).
770,629
1,810,939
101,171
120,139
207,843
Fixed assets
In
sub.
May 20 '39 Feb. 25 '39
$46,458
Accrued
202,523
taxes
Miscell. reserves..
'
'
$57,4§6
109,512
99,012
2,500,000
Capital stock
Capital surplus...
Earned
Total
..$4,924,118 $4,866,596
surplus...
.
2,500,000
701,334
701,334
1,364,291
1,275,703
have declared
on
the
a dividend of
$1,123^ per share on account of
$4.50 cumulative preferred stock, payable June 30
147, p. 2105.
to holders of record June 20.—V.
Ward
Baking
Co.—Accumulated
Dividend—
The directors have declared
a dividend of 50 cents per share on
account
the 7% cum. pref. stock, par $100, payable July 1 to
holders of record June 17.
Like amount was paid on April 1 last.
Divi¬
of accumulations
on
dend of $1 was paid on Dec. 24 last and dividends of 50 cents were paid on
Oct. 1, July 1 and April 1. 1938.
See V. 147, p. 1509, for detailed record
of previous
dividend payments.—V. 148,
p.
2447.
Washington Water Power Co.—Files Declaration—
The
Securities
company
and
has filed
a
Exchange Commission, June 9 announced that the
declaration (File 43-220) under the Holding Company
Act in connection with the issuance and sale Qf
3Yi%
$617,619
t
West
592,769
$24,850
J—
-
593,532
x$214,085
x$793,632 x$l,293,829
V.148, p.3087.
Virginia-Ohio River Bridge Corp.
-Earnings-
Year Ended March 31, 1939—
Tolls..
$81,088
30,800
Operating profits
Other income (interest).
—
>
—
$50,289
191
Total income
$50,480
20,814
8,000
17,805
Bond interest (3 lA% fixed)
Depreciation
Income bond interest (3%).
Bond discount
1,165
1
-
Balance
$2,696
Sheet March 31, 1939
$30,471; permanent assets, $904,287; intangible assets,
$36,899; bond discount, $16,118; prepaid expenses, $1,669; total assets,
$989,445.
Liabilities—Accrued bond interest, $22,998; accrued taxes and dividends,
Assets—Cash.
Vulcan Corp.—Accumulated Dividend—
Directors
Indicates loss.
..$4,924,118 $4,866,596
148, p. 3248.
accumulations
x
Net profit
Total
$2,689,597
117,405
1,964,119
233,111
cos.
(cost)
—V.
99,662
_
207,843
Other assets
Inv.
Liabilities—
Current liabilities.
$1,710,390 $1,629,416
304,438
327,630
-
Operating expenses.
Comparative Balance Sheet
Assets—
Gross income..
.
Deducts, from gross inc.
8 Weeks Ended
May 20, 1939
charges and taxes...
$336,833
Surplus..
$517,957
Nonoperating incom^.
Net income..
"
,
•;
$6,795,935
b Repre¬
by shares of $100 par.
c Represented by 1,015,914 no par shares,
including stock to be issued for stocks of predecessor companies not pre¬
sented for exchange, amounting to 18,981 shares.—V.
147, p. 3174.
20
444,494
4,767,521
167,060
_
expenses...
After depreciation of $653,533 in 1938 and $643,857 in 1937.
Period—
-Earnings—
178,529
sented
Net earnings after all
Dividends paid
con¬
1939—4 Mos.—1938
1939—Month—1938
$7,668,066
$7,573,850 $29,588,723 $29,351,144
497,015
513,221
2,000,727
2,057.437
686,326
685,114
2,739,111
2,745,288
.
Total
Stock List stated that
.
4,506,042
1,542,919
on
Western Union Telegraph Co., Inc.-
Relief depts. &*pehsions_
All other gen. & miscell,
4,960
the Committee
the Exchange of the common stock of Western is not
warranted in view of the small Indicated aggregate market value of the shares
available for public trading, after deducting shares held in concentrated
holdings; the earnings position of the issue and the status of the corporation.
—V. 148, p. 2761,2921.
.
on
Conducting operations.
taxes, plus
Corp .—Delisting Recommended—
•
In its recommendation,'
tinued listing
All other maintenance.
disputed
262,000
$6,795,9351
•
listing and registration the common stock ($100 par) of the
The securities will continue on the list pending action by the
17,937
Capital surplus
Deficit..........
$6,545,412
p.
•
Commission.
PeriodEnd. April 30—
MIn. int. in subs..
a
.
The Board of Governors of the New York Stock Exchange at its meeting
14 approved the recommendation of the Committee on Stock List
that application be filed with the Securities and Exchange Commission to
Repairs
Depreciation & amort._
Interest.,
Coptipgent res've.
Total..
•
June
Teleg. & cable
13,353
1,380,772
declaration of trust
plap the Department of Public Utilities
which seeks to issue 786,215 shara^ of additional $25 par stock to
26,542
.17,213
Inv. in subs. co.__
a
•
24,076
expenses
able & accrued.^.
6,177
1,355,252
,
$2,135,400
Sundry taxes pay¬
Res. for purchased
commitments
6,177
-
•
87,694
498,616
406,375
Mlscejl. securities.
voluntary association organized under
a
.
102,928
2,024
Inventories
1927.
In connection with the foregoing
remove from
Liabilities—
1937
$240,393
in
.
Consolidated Balance Sheet Dec. 31
1938
Companies,
*
.
Land, bldgs.,ma¬
Notes & aects.
one operating company without change in the aggregate
of capital stock and the aggregate amount of debt respectively.
All the stock of these four companies is owned by Western Massachusetts
'
provision has been made in the above statement for loss of
Realty Corp. in the amount of $65,743 in 1938, $51,668 in 1937,
$60,411 in 1936 and $81,831 in 1935.
Depreciation provided on capital
assets during 1938 amounted to $10,244;
$14,217 in. 1937, $13,898 in 1936
and $16,374 in 1935.
chinery & equip.
7
1938
$5,643,263
have petitioned the Departmtnet of Public Utilities for permission to
Western Pacific RR.
Note—No
Goodwill,
Co.
510
$313,921 "prof$22,723
Assets—
June
to
Co., United Electric Light Co. and the Western Massachusetts Electric
2448.
700
.
Vadsco
a
1
1939
$6,175,849
consolidate into
been
xl52,628
and for loss
taxes.
Jan.
19,38
$233,694
The issue of the additional stock and the terms of the Consolidation have
296
Including $104,628 provision for obsolete and slow moving merchandise
on commitments, and $48,000 for
provision for disputed excise
x
1939
$259,816
The officers of the Pittsfield Electric Co., Turners Falls Powers & Electric
changed
846
■
Provision for sub. taxes.
deductions
Prov. for normal inc. tax
Provision for surtax....
par share
amount
18,075
Other
dividend of 35 cents
cents paid on March
1935
income.....l._
Total
a
Western Massachusetts Cos.—Consolidation-
1937
miscell. earnings.
Sell.,
June 13,
Week End. June 7
Income from invest, and
Prov.
on
declared
Gross earnings (est.)....
—V. 148, p. 3548.
1938
Operating profit
gold bonds series A due Oct. 1,
13 at 102H and accrued int.
147, p. 3547.
'0
'I
uly
Payment will be
paid on
Consolidated Income Account for Calendar Years
[Including Subsidiaries, but Excluding Vadsco Realty Corp.]
Cost of goods sold
Approved—
June 9 approved the declara¬
unsecured notes, payable in semi-annual instalments over a
period of 8
years from the date of notes.
The bonds are to be sold to the public through
underwriters and the serial notes will be
purchased by four banks.
The
■
«Corp.—Earnings-
Net sales.
preferred
tion filed by the
company regarding the issue and sale of $18,000,000 first
mortgage bonds, series A3 H%, due May 1, 1969, and $4,000,000 of 3K%
,.
Vadsco Sales
on
a new
on the common stock.
The dividend is payable on June 30
to holders of record at the close of business on June 23.
This compares with
25 cents paid on March 31 last and on Dec. 28 and March
Directors have declared
July 15. 1938, and
on June 26.—V. 148, p.
Co,—Refinancing Being Considered—
An official of American Water Works & Electric
Co., Inc., stated June 12
that the West Penn Power Co.
(a subsidiary), was giving consideration to
the refinancing of its
was
Utility Equities Corp.—Accumulated Dividend—
lations
mortgage bonds due July 1, 1939, and for
hearing on the declaration will be held
3517*
are to be made
pro rata.
The tender and acceptance of lots tendered will, of course, terminate all
further participation of the debenture holder in the estate of the debtor.
In order words, the price of
70% of the principal amount of debentures
tendered is in full payment for the debentures with accrued interest.—V.
148, p. 2919.
be used for the payment
redemption of the company's first and general mortgage gold bonds
series due 1960.
The balance of the proceeds are to be used to reim¬
burse the company's
treasury in part for expenditures previously made for
improvements to its facilities and for the financing of the company's business.
have reasons for making this
Power & Light Corp., dated June 1, 1927, due June 1, 1947, together with
all coupons maturing on and after June 1,
1937, are eligible for this addi¬
are to
5%,
agreement or for
tendering which are not applicable to all other debenture
holders.
Both the 30-year 5% gold debentures of Utilities Power & Light Corp.,
dated Feb. 1, 1929, due Feb. 1, 1959, together with all coupons maturing
3703
The proceeds from the sale of the bonds
purpose
bonds, series due 1964.
Light Co.
Power &
The company is
$22,000,000 of first mtge.
a subsidiary of American
$6,600; first mortgage bonds, $593,500; reserve for maintenance, $9,778;
for depreciation. $207,231; capital stock, $137,615; surplus, $11,722;
reserve
total liaoilities, $989,445.—V. 141, p. 772.
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
6 Months Ended March 31—
Net loss after depreciation, taxes, &c
1939
$755,846
1938
$188,222
for the six months ended March 31,
1939, follows: Net sales, $5,663,573; cost of sales, $5,660,383; gross profit,
$3 190; other income, $16,977; total income, $20,167; administrative ex¬
penses,
&c., $758,895; interest, $4,026; other deductions, $13,092; net
loss
$755,846.
Current assets as of March 31,1939, including $1,054,025 cash, amounted
to $3 248,154, and current liabilities, including $600,000 bank notes pay¬
able
were
$1,516,536.
Inventories amounted to $1,870,752.
Total
assets on March 31, 1939 were $14,028,990; captial surplus was $9,048,640,
and operating deficit was $1,836,108.—V. 148, p. 1668.
The consolidated income account
Financial
3704
istrative expenses,
-Earnings-
(R. C.) Williams
$1,679,276
1,190,974
39,250
1,206,750
38,903
1,240,655
38,310
78,012
30,350
278,385
74,248
52,017
279,153
55,796
58,350
296,417
37,344
85,376
298,478
$53,296
125,247
$89,987
153,743
$103,751
177,322
Dr9,676
loss$20,888
142,739
99,809
$178,543
146,683
3,002
$243,730
162,763
11,486
$221,660
192,757
3,311
734
$271,396
172,225
14,786
3,180
$68,746
63,670
$81,205
64,756
$25,592
(other
than in¬
come taxes)
Executive salaries
General admin, expenses
Taxes
Net profit from oper__
Other income
Non-recurring income..
Gross income
Income deductions.
—
_
Prov. for Fed. inc. taxes
Provision for surtax.
—
"
$28,859
15,489
Net income for year..
Dividends
stock out.
(nd par) excl. treasury
per
share
Balance Sheet
107,906
103,257
$6.66
101,539
$0.28
stock——
Total
(less reserves,
'£ 107,961
•
$0.24
Total earned surplus, Dec.
accrued liabilities,
(due within one year), $49,000;
first mtge. 6% serial real estate notes
stock (101,539 no par shares), $1,435,042;
capital surplus $163,286; earned surplus, $552,199; unused letters of credit,
$17,836; total. $3,696,504.—V. 148, p. 3548.
'
and
Cash
Oper. exps. & taxes
Net earnings.
-V. 148, p. 2763.
...
$1,090,657
...
Wisconsin Investment Co.—Interim
Wisconsin Public Service
1939
$8,987,161
3,024,368
Operating revenues
Operation..
Depreciation
Net operating income
-
Merchandise and jobbing (net)
Interest and dividends
Miscellaneous
,
income
income
Interest on funded debt
Amortization of debt discount and expense._•—*.
Amort, of abandoned street ry. property........
Gross
Other interest
467,060
1,030,000
Provision for Federal and State income taxes
(net)
<
Miscellaneous deductions...
—
$2,813,985
Dr34,451
27,164
4,603
$2,429,877
10,823
33,764
4,771
$2,811,301
$2,479,236
1,045,763.
991,123
149,970
169,362
50,000
20,833
Cr2,968
14,549
49,650
28,587
$1,254,782r
corporation for State income taxes
deduction in its income tax return
tbat portion of the unamortized debt discount and expense and redemption
premium and expense on bonds redeemed in 1936 applicable to. the taxable
year 1937, which resulted in no State income taxes for that year.—V. 148,
Note—No provision was made by the
for 1937 as tne corporation claimed as a
D.
Worthjngton Pump & Machinery Corp. (& Subs.)—
$73,368
52,667
$2,060,636 "
94,883
•
Gross profit
$126,036
13,000
...
$2,155,519
291,000
202.000
undist. profits
Abandonment of certain
Surtax
on
y$177,647
86,259
'
y$91,387
4,000
83,325
H. C. Beaver,
.....25,456,259 27,731,659
announced the election of Clarence E.
C. Ramsey, of Short Hills,
3249
President,
of Bronxville* New York, and Hobart
to the board of directors.—V., 148, p.
Wolverine Tube Co.—To
$248,497
Div.—rH
Pay 10-Cent Common
dividend of 10 cents per share on the common
Directors have declared a
record June 23.
This will be the first
dividend paid on the common shares since June 30, 1937, when 20 cents
per share was distributed.—V. 148, p. 1825.
Zenith Radio Corp.
(& Subs.)— Earnings-
1939
Years End. April 30—
Mfg. profits after deduct.
of royalties & mfg. exp.
^
incl.maint.of plant,&c. $3,621,180
Selling & admin, exps
2,144,046
Depreciation..-.
111,743
Fed.inc. & cap.stk.taxes
278,024
Prior year adjust, (net).
12,113
,
$5,346,160 a$2,588,243
2,556,396
1,072,743
103,139
62,801
769,428
239,946
1
'■
$701,477
492,464
492,464
$1.40
$3.86
~-~--
$1,212,752
$1,917,197
$2.15
—...
$1,0^5,254
492,464
Net profit.
Cash dividends.
Earnings per share
a
$4,264,324
3,192,189
118,477
184,100
68,082
1936
1937
1938
------
$2.46.
j
Includes $30,120 other income.
:
Consolidated Balance Sheet April 30
$319,141
Cash.....
Mdse. inventory..
Other assets—
3,200,000
610,942
476,538
14,227
Furn., fixt., &C_ 1,369,940
•Broadcasting sta¬
tions and equip.
$142,090
1,101,200
540,693
1,813,058
16,950
1,411,068
1939
Liabilities—
1938"
1939
Sundry acc'ts pay.
Accrued liabilities.
Def. income^
y
Capital stock
Surplus....
*
1,169,424
3,662
3,609,910
2,699,605
1938
$243,036
$285,164
24,213
Accounts payable.
43,672
798,135
•
*3,055
3,609,910
2,116,815
1
and goodwill
Deferred charges..
1,719,728
81,461
1,735,757
m
53,805
z40,540
$29,711 a$l ,621,979
Searle,
N. J.,
stock, payable July 1 to holders of
Total
Net profit
Total
Pats..licenses, con¬
tracts, tr'marks,
183,823
321,141
fixed assets
Red., of obsplete invent'y
Special charge
$809,461
24,729
31,271
25,000
3,058,016
989,715
"...25,456,259 27,731,659
x
Federal income tax
25,000
587,763
company..*
Represented by 64,701 shares W%% conv. series (par $100), 64,701
shares 4M% series (par $100), 6,365 shares class A 7% cum. pref. stock
(par $100), 9,292 shares class B 6% cum. pref. stock (par $100), and
249,783 no par shares common stock,
x After depreciation of $9,307,153
in 1938 and $8,924,969 in 1937.
Includes property in liquidation amounting
to $350,000 in 1938 and $1,245,478 in 1937.
Receivables.
1935
$659,525
149,936
of
a
U. S. Treas. bills
Consolidated Income Account for Calendar Years
1938
1937
19.36
Operating profit
payable
177,290
2,315,313
sub.
3548.
Other income..
69,711
.
Assets—
x
512,013
228,648
Capital surplus...
946,667
1,150,760
236,500
$1,518,886
Net income-
54,654
507,944
Adv. pay. on contr
330,511
New Directors—
1,240,140
334,400
i
Taxes
447,903
63,553
'
1938
$8,582,817
3,351,954
544,268
Maintenance
225*818
contr.
Profit & loss surp.
Total
Corp.—Earnings—
30—
Miscell. curr. liab.
Accrued comm's..
Mtge.
Dividend—
—V. 148. p. 2922.
526,878
Bal. of pur.
998,258
dividend of 10 cents per
share on the company's stock, payable July 1 to stockholders of record
June 10.
The current dividend is at the same rate as declared at the end
of last year and also similar to the interim dividend declared in June 1938.
63,752
81,037
340,729
1,155,026
•
Deferred charges.
72,547
123,428
Res. for Fed. taxes
3,917,460
9,747,055
of affll. cos.
consolidated
_
Accrued taxes
Accrued payrolls..
388,147
470,146
3,837,640
8,608,915
Inventories
(foreign)
The board of directors has declared an interim
stock
Capital
Accts. & notes rec.
not
$243,256
$255.791
$
%
1937
1938
Liabilities—
plant
Miscell. securities.
1939—4 Mos.—1938
31
1937
al7,003,782 16 965,386
Notes payable
3 400,000
4,200,000
equipment.10,748,853 10,960,935
1,189.708
1,051,023 Accounts payable. 1,069,678
834,859
Property,
x
Sec.
Year Ended April
•
507,649
$2,315,313
$2,903,076
—-
31, 1938
1938
Winnipeg Electric Co .—Earnings—
$2,301,803
1,303,545
Dec. 31, 1938
Consolidated Balance Sheet Dec.
Assets—
(due 1939-44), $496,000; common
211,994
on
Balanced capital surplus,
$1; total. $3,696,504.
& broker), $550,000; accounts payable,
$65,627; first mtge. 6% serial real estate
1
estimated realizable values under present mar¬
ket conditions, in accordance with resolution of directors
April 30,1939
Liabilities—Notes payable (banks
38.515
—29,1ov
share
Loss, in excess of reserve, on disposition of portion of prop¬
erty in liquidation
-7 - Provision of reserve on remaining property in liquidation
based
$2,434,753
1,344,096
5.1-4
$3,102,611
—--
-------—--7
pref. stocks—3,851.55 shs. stated at $10 per
Organization and recapitalization expenses
$0.75
1939—Month—1938
$573,709
$551,660
317,918
308,404
.
39,470
Common stock without par value issued in accord¬
ance with
provision of plan of recapitalization dated
March 25, 1937, in exchange for class A and class B cum.
$10,626), $28,469; investments (including affiliated
Period End. April 30—
Gross earnings
...
Total
$12,000) at cost, $18,400; fixed assets (after reserve for deprec. of
$371,478), $1,048,640; deferred charges and other assets, $71,565; goodwill,
notes
1938
Capital surplus—Balance, Jan. 1, 1938-.-----—
Add: Book value at Dec. 31, 1936 of 2,997 shs. of com. stock
of corporation delivered in partial payment for the capital
stock of Moore Steam Turbine Corp.------Excess of net assets of Moore Steam Turbine Corp. at June
30, 1938 over cost of investment
'
company,
$385,349;
$1,019,425
431,661
$58/,764
$3,058,016
.....
-
divs? paid'on "cumulative prior preferred stocks (3 % %)
Balanced surplus, Dec. 31,
Deduct:
Assets—Cash, $225,810; accounts & notes receivable (after reserves),
$927,707; inventories, $1,312,210; deposits on bids, $7,451; cash surrender
value life insurance policy,
$56,250;
notes & advances receivable not
current
with liquidation of
Expenses in connection
20, 1937,
Deduct
Shares capital
Earnings
z
_
35,393
Depreciation
Loss,
to the
1936
$1,759,966
$1,725,629
y
Virginia corporation,
a Whereof, amounts
^o iq??8
Virginia corporation period from Jan. 11. 1937 to March
$93 199 and to the Delaware corporation, period from March 21, 1937 to
Dec'. 31, 1937, $1,528,779.
^oo
Consolidated Surplus Account for Year Ended Dec. 31. 1938
QO
Earned surplys—Balance, Jan. 1, 1938
00710
Net income for year
zv.ilv
the
1937
1938
1939
30—
Gross profit from sales-_ $1,668,222
Buying, selling & deliv'y
1,192,786
Years End. Apr.
1939
17
June
Chronicle
y$95,388
P x After deducting cost of sales, including all operating and maintenance
charges, depreciation of plants and equipment, selling, general and admin¬
Total.
.....$7,791,978 $6,814,622
x After reserve for depreciation of $439,498
(includes
depreciated assets charged off), and $328,877 in 1938.
500,000 shares of no par.—V. 148, p. 3548.
'
The Commercial Markets and the
$6,814,622
$193,395 for fully
y Represented by
.$7,791,978
,
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
lower levels.
COMMERCIAL EPITOME
net
Friday Night, June 16, 1939.
39
On the 13th inst. futures closed 3 to 5
points
higher for the Santos contract, with sales totaling only
lots.
Old Rio contracts on one sale were unchanged to
21 Coffee—On the 12th inst. futures closed 12 to 14 points
net lower for the Santos contract, with sales totaling 60 lots.
The Rio contract closed 1 point lower to 10 points higher,
with sales of only 10 lots.
Bearish weather reports and a
weakening of the dollar rate were the factors largely respon¬
sible for today's sharp drop in prices.
At one time the
5 points lower, and the new Rio contract nominally was 5
points lower.
Frost was reported again in the Pre to grow¬
ing section of Sa© Paulo, and while it had a strengthening
influence, there appeared no disposition to bid the market
up in an aggressive way.
A rather offsetting influencefto
Santos
reis in the
contract
showed
maximum
declines
of
13
to
17
points, this occurring during the early session.
The frost
on Friday lifted prices 6 points on an average.
From
Friday's close the exchange weakened from 19.. 180 milreis
to the dollar to 19.700.
In the day's trading Europe was a
seller along with commission houses and operators.
Buying
represented scale-down covering and new demand at the
report
the further weakness of 100
Closing at
of about 3%
since the close last Friday.
Spot 17s in Brazil were 200 reis
higher at 14.200 milreis per 10 kilos, but hard 4s were down
100 at 18.000.
Ravre closed l\i to 1 franc lower.
On the
14th inst. futures closed 3 to 6 points net lower for the Santos
contract, with sales totaling 15 lots.
Only one contract sold
the bullish weather reports was
Brazilian open market dollar rate.
19.80 milreis to the dollar it registered a decline
Volume
Financial
lit
Chronicle
jn the Rio division, and this was in July which showed a net
gain at the close of 5 points.
With Brazilian milreis exchange
easier and the weather fine in the 'coffee growing districts,
coffee futures sagged on light selling.
During early afternoon
Santos contracts were 1 to 5 points off, with the old Rio con¬
tract 5
points higher at 4.40c.
1 franc lower.
at
19.83
to
Sugar—On the 12th inst. futures closed 1
lower
In Havre futures were % to
was 30 reis weaker
Santos spot
prices
were
tract
irregular.
13 points net lower on one sale in the July
Although milreis exchange improved and another
report of frost in Brazil's coffee belt was received, coffee
futures failed to make any response.
During early afternoon
Santos contracts stood unchanged with December selling at
6.03 cents.
The thin trading in the old Rio July contract,
now in
liquidation, caused the price to fall 13 points to 4.27
cents.
In Havre futures were \Y to 1% francs lower. Local
selling was believed to have been of European origin.
The
milreis rate improved 30 reis to 19.8 to the dollar.
Actuals
were unchanged.
Cost and freight offers from Brazil in
Santos 4s ranged from 6.15 to 6.60 cents while Colombian
Manizales were available at 12% cents, it was said.
To-day
futures closed 5 to 6 points net higher for the Santos contract,
with sales totaling 72 lots.
There was one sale of 5 points
in the Rio contract, and this was in the July delivery which
closed 5 points up.
Coffee futures responded to an improve¬
ment in Brazilian exchange.
Santos contracts advanced 5
to 6 points net by early afternoon.' Milreis exchange gained
available
would
support the market on the basis of 12%
Manizales, a price at which July-August shipment
was reported sold
yesterday.
In Havre futtires were 1% to
2 francs higher.
Brazilian temperatures were well above
the frost mark.
prices closed
follows:
as
Santos coffee
prices closed
July
September
December
!
4.24
[ March
as
6.02
__6.07
—
—,
^
6.16
..6.20
6.12
;
Cocoa—On the 12th inst. futures closed 3 to 5 points net
Transactions totaled 275 lots, or 2,685 tons.
Liqui¬
lower.
dation
quite general during today's session, and as a
ruled heavy during most of the day.
Large candy and food manufacturers were reported to be
buyers at the lower prices, while dealer hedge lifting also
contributed to the day's activity.
The London Terminal
Cocoa Market was steady, with
200; tons sold at prices
unchanged to 1 %d. lower.. London actuals were unchanged.
Local closing: June, 4.12; Jtily, 4.14; Sept., 4.27; Oct., 4.32;
Dec., 4.41; March, 4.57.
On the 13th inst. futures closed
1 to 3 points net lower.
Transactions totaled 268 lots.
The
market ruled heavy today, due largely to liquidation by tired
result
was
the
holders.
market
Manufacturers
continued
to
absorb
most
of
lYd.: Local closing: June, 4.10; July, 4.12; Sept., 4.25;
Oct., 4.29; Dec., 4.40; Jan., 4.45; May, 4.65.
On the 14th
inst. futures closed 2 points up to unchanged.
Transactions
totaled 271 lots.
Cocoa reached the low prices of the season,
but at those levels trade and manufacturer support improved,
with the result that the market turned quite
steady.
During
unchanged to'1 point higher.
About 80 lots were traded to that time.
Hedge selling and
liquidation Supplied the contracts.
Warehouse stocks de¬
creased 300 bags.
They now total 1,429,332 bags, com¬
pared with 668,141 bags a year ago.
Local closing: July,
4.14; Sept., 4.25; Dec., 4.41; March, 4.55; May, 4.65.
fl_On the 15th inst. futures closed unchanged to. 1 point
early afternoon prices
were
lower.
Transactions totaled
market
was
217 lots or 2,908 tons.
The
easier to-day as a result of commission house
selling and hedging in the March position.
There was some
support in evidence towards the close, this coming from
manufacturers.
Manufacturer interest was evident through¬
out the session but on a scale down, which brought the
March position to a new low of 4.53c.
With liquidating of
nearby holdings, buying was centered in July and September.
The London Terminal Cocoa Market closed steady, with a
total turnover of 1,680 tons recorded.
Prices were l^d
lower to l%d higher.
Actuals were unchanged in London.
Local closing: June, 4.12; Sept., 4.25; Dec., 4.40; March,
4.55; May, 4.65.
To-day futures closed unchanged to 5
points net lower, with sales totaling 172 lots.
Wall Street
appeared as a moderate buyer in the cocoa futures market
with the result that prices were steady.
July this afternoon
stood unchanged at 4.13c. a pound.
The market's range
was
unchanged to 2 points -lower.
Warehouse stocks
decreased 6,000 bags overnight.
They now total 1,423,563
bags compared with 662,610 bags a.year ago. - A cable from
Accra reported that harvesting and marketing of the midcrop was proceeding normally but that heavy rains were
lack of demand
on
a
bid.
The
world
sugar
contract
The
domestic
market
continued
to
reflect
the
sugar
reduced 3d.
On
the
per ewt.
15th inst. futures closed
unchanged to 3 points
Transactions totaled 62 lots in the domestic con¬
tract.
The world sugar contract closed 5 to 2 points net
higher, with sales totaling 105 lots.
World sugar futures
recovered strongly while the domestic market's decline was
checked.
The recovery in the world market ranged from
3% to 4% points. It appeared to have been due to covering
of short lines, possibly because of impending action by the
International Sugar Council on third year quotas.
The
London market was steady.
In the domestic futures market
a steadier tone prevailed, with prices unchanged to 2 points
higher in early afternoon.; Sept. was selling at 1.90c. un¬
changed, although 2 points above yesterday's seasonal low
price. In the actual market no sales to refiners were reported,
but an operator obtained a parcel of Puerto Ricos clearing
June 21 at 2.80c.
Today futures closed .unchanged to 2
points up for the domestic contract, with sales totaling 22
lots.
The world sugar contract closed 3 to 1Yl points up,
with sales totaling 86 lots.
Sugar markets were firm. The
world contract rallied strongly, with gains of as much as 7
•points.
Reports from London that the Sugar Council may
reduce the third year quota, coupled with the absence of
tenders on first notice day next Monday for the July con¬
tract, caused short covering.
In London futures were \%
to 4^d. higher.
Raws were reported done in London at
higher.
the
selling, although some dealers were active, both buying and
lifting hedges against sales of actual cocoa.
In spite of these
activities prices kept within a narrow range, with the closing
levels about'even with the opening range.
The London
Terminal Cocoa Market was steady on a decline of 1% to
4%d.
Sales totaled 450 tons.
London actuals advanced
a
by dealers who are storing in ware¬
houses as well as a lower spot price because of sale of distress
lots.
During early afternoon futures were 2 to 4 points off.
The spot price also dropped 4 points, with sales reported at
2.81c. when refined syrups paid that price for 2,000 tons of
Philippines new in port.
During early afternoon a further
drop to 2.80c. was reported.
The movement of refined
sugar continued slow.
In the world sugar. market prices
fell Yv to 3% points on an increasing volume of trading.
In
London futures were unchanged to 2d. lower.
Refined was
follows:
May
2.83c.
hedging of spot
4.24
March-.....-
at
session.
'
4.321 December
4.22
was
the
% to 1 point lower, with sales totaling only 16 lots.
In London futures were
% to l%d. lower and raws there
nominally were held at 7s. 3d.
On the 13th inst. futures
closed 1 to 3 points net lower.
The domestic sugar market
was easier
today reflecting the lack of interest by refiners in
raw
offerings.
There was some good buying on the close,
however, though it wasn't sufficiently strong to make much
of an impression on values.
Today's decline brought the
average price of 5 active positions down to 1.93c.
While an
operator today bought 5,000 tons of Philippines for JuneJuly shipment at 2.85c., refiners remained aloof in the
market for raws.
The best they would pay for nearby
sugar was said to be 2.82c., or a point under the cheapest
offering.
The world sugar contract closed 3 points to AYi
points net loser.
Sales were 90 lots, the bulk of which
were in
September and March.
With the meeting of the
International Sugar Council, which opened, in London
Tuesday, offering slight prospect that the basic third year
quota will be adjusted, disappointed long liquidation de¬
veloped in the world sugar contract resulting in a decided
sagging of prices.
On the 14th inst. futures closed 2 to 3
points net lower for the domestic contract, with sales totaling
503 lots.
The world sugar contract closed 2 points to 1
point off, with sales totaling 91 lots.
Both world and
domestic sugar futures markets were depressed in today's
cents for
Rio coffee
There
of
closed
80 points in the free market with the rate 9.72 to the dollar,
a fact which created better sentiment on coffee.
In addition
it was rumored that the Colombian Federation of Coffee
September
Most
contract.
nearby actuals.
At one time raws were available at
2.83c. on a bid, but when
they were not sold, they were put
into store.
Refined syrups yesterday bought 1,000 tons of
Philippines for June-July shipment at 2.85c. delivered, un¬
changed from the last price.
Nearby positions, however,
were a shade easier with a small
quantity of import raws
v
July>_«_,
was
to 2
points net
selling in
in the September and July deliveries.
domestic
for
closed
Growers
the
Transactions totaled 269 lots.
Cost and freight offers showed small change.
Milds were
barely steady, with Manizales available at 12^c.
On the 15th inst. futures closed 1 to 5 points net for the
Santos contract, with sales totaling 52 lots.
The Rio con¬
delivery.
for
today's market
The free rate in milreis
the dollar.
3705
delaying the drying of cocoa.
Local closing: July, 4.13;
Sept., 4.22; Oct., 4.25; Dec., 4.38; Jan., 4.42; March, 4.52;
May, 4.63.
.
equivalent of 1.373^c. a pound f. o. b. Cuba.
In the
market prices were steady, unchanged to 2
points higher this afternoon with Sept. selling at 1.92c.,
4 points above its seasonal low price of 1.88 last Wednesday.
the
domestic sugar
Raws
due to arrive tomorrow
were
offered at 2.80c.
No
reported. . Refined held at 4.50c. a pound.
In
Philadelphia a one-hour strike took place in a large refinery.
The questions at issue have not been settled.
sales
were
Prices
were
July
September
January
as
follows:
1.97
1.86 March
1.91 May
1.93
Sugar Consumption in 13 European Countires During
Eight Months of Current Season Increased 7.6%
Above Same Period Last Season
Consumption of sugar in the 13 principal European coun¬
tries during the first eight months of the current crop year,
September, 1938, through April, 1939, totaled 5,391,910
long tons, raw sugar value, as compared with 5,009,481 tons
consumed during the similar period last season, an increase
of 382,429 tons or 7.6%, according to Lamborn & Co., New
York.
The firm-also announced:
Sugar stocks on band for these countries on
May 1, 1939, amounted to
3,591,300 tons as against 3,976,800 tons on the same date in
of 385,500 tons or
approximately 9 7%.
1938, a decrease
Financial
3706
The estimated
to
according to advices received from F. O. Licht, the
European sugar authority, is
placed at 4,009,700 acres, as compared with
an increase of 158,100 acres, or
3,911,600 acres in the previous season,
The
Crude S. E., 534c.
August
13 countries included in the survey are
September
Belgium, Bulgaria, France,
Sweden, United Kingdom,
the
6.80(3} n
6.88© 6.90
6.92©
6.92©
n
Rubber—On the 12th inst. futures closed 10 to 12 points
10th inst. futures closed unchanged to 2
Trading was
lower.
net
Lard—On
-
October
Irish Free State, Italy, Poland, Roumania,
and the Protectorate cf Bohemia-Moravia.
Germany, Holland, Hungary,
including switches, 50
Prices closed as follows:
6.56@ 6.571November
6.60(«? n
December
6.74© 6.76 I January
6.80© 6.83 (February
July
last season.
Rosins: $4.75
30 to 32.
$7.60.
Cottonseed Oil sales yesterday,
contracts.
These countries produced 5,540,000 long tons of sugar
approximately 4%.
Turpentine:
offer.
filtered—30
beet sowings for the current season for the 13 principal
European countries,
17, 1939
June
Chronicle
fairly active,
with transactions
6,000 pounds, destined for
totaling 640 tons. Most of the activity was confined to trade
and dealer buying and selling.
Some dealer buying near the
close lifted the market about 2 points.
Spot standard No. 1
ribbed smoked sheets in the trade declined 34c. to 1634c.
The outside market continues dull.
Offerings from the Far
East are still.
Limited and too high for the local trade.
finished product
Local closing:
points higher.
Today's session was very quiet, and without
particular feature.
The opening showed gains of 2 points,
with these levels changed but very little at the close.
Lard
exports as reported today were very light and only totaled
Stockholm. Export sales of the
throughout the past week were moderately
heavy.
Liverpool prices ruled unchanged.
Chicago hog
market was very quiet.
No sales were reported at the MidWest packing center.
Western hog receipts today totaled
10,100 head, against 11,800 for the same day a year ago.
On
news
quiet, with transactions totaling 670 tons, including 130
which were exchanged for physicals in the outside
market.
Dealers were conspicuous on both sides of the
market.
A little factory buying in March was noted during
the day.
The spot market was quiet.
Offerings from the
Far East continued limited and too high for the local trade.
was
in the main bearish, and particularly was
The
this so
hog marketings, which were quite heavy at the
Western markets.
The opening range of lard
2 to 5 points net lower, with prices hanging
around these letels during the entire session.
Over the past
week very heavy export shipments of lard were made from
the Port of New York.
Clearances amounted to 657,500
as
concerns
principal
futures
was
Spot standard No.
markets declined
The latter exports are destined for Southampton
Liverpool lard futures were unchanged to 3d.
lower.
Chicago hog receipts were 17,000 head.
Western
hog receipts totaled 64,500 head, against 54,300 head for the
same day a year ago.
Chicago sales of hogs ranged from
$5.75 to $6.65.
On the 13th inst. futures closed 2 to 7 points
net lower.
The opening range was 2 to 5 points off from
previous finals.
The market ruled heavy during the entire
session, its depressed state being attributed largely to a
heavy increase in the United States cold storage lard stocks
for the month of May.
Clearances of lard from the Port of
New York today totaled 75,960 pounds to Antwerp and
Hamburg.
Liverpool lard futures were 3d. lower for most
active deliveries.
Chicago hog prices declined to new lows
for the year and also to the lowest levels since 1934.
Sales
for the day ranged ^from $5.50 to $6.55.
Western hog
receipts were heavy.
On the 14th inst. futures closed un¬
changed to 5 points higher.
The market advanced in the
early trading 2 to 5 points, and held these gains a good part
pounds.
of
the
session.
month
On the
Sales to that time totaled 700 tons, of which 280 tons were
exchanged for physicals.
London closed unchanged to
l-16d. higher, but Singapore declined. 1-16 to 3-32d.
Local
closing: July, 16.20; Sept., 16.24;, Dec., 16.28; Mar., 16.16.
Today futures closed 3 points to 1 point net lower, with sales
totaling 49 lots.
After opening .2 to 10 points lower in
sympathy with easier markets abroad, the crude rubber
market turned feteady in quiet trading.
During early after¬
noon prices were 1 to 3 points lower.
Sales to that time
totaled only 230 tons.
There was a mixed trade with dealers
on both sides of the market,
London closed unchanged to
l-16d. lower.
It was estimated that United Kingdom rub¬
ber stocks had decreased 800 tons this week.
Singapore also
points net lower.
was
Sat.
o
July-
Mon.
Tues.
6.32
6.25
6.45
_™_6.40"
Wed.
'
IN CHICAGO
•
Thurs.
6.27
6 20
6.40
6 40
6.35
opening
.
6.40
6.50
6.42
6.42
6.40
6.57
6.50
6.47
6.52
6.47
6.57
6.55
6.50
6.57
6.52
6.42
6.50
6.55
January.^...:
6.57
....
•
"
Pork—{Export), mess, $19.8734" per barrel (per 200
pounds); family (40-50 pieces to barrel), $17.75 per barrel.
Beef: (export), steady.
Family (export), $22 per barrel
(200 pounds), nominal.
Cut Meats: Pickled Hams: Picnic,
loose, c.a.f.—-4 to 6 lbs., 1334c.; 6 to 8 lbs., 1234c-; 8 to 10
lbs., 12c.
Skinned, loose, c.a.f.—18 to 20 lbs., 16%c.; 14 to
16 lbs., 1834c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs.,
1434c.; 8 to 10 lbs., 1334c.; 10 to 12 lbs., 1234c.
Bellies:
Clear, dry salted, boxed, N. Y.—16 to 18 lbs., 9c.; 18 to 20
lbs., 9c.; 20 to 25 lbs., 8%c.; 25 to 30 lbs., 834c.
Butter:
Creamery, Firsts to Higher than Extra and Premium Marks:
2334 to 25c.
Cheese: State, Held '38, 17 to 1934c.
Eggs:
Mixed Colors, Checks to Special Packs: 14 to 19c.
,
Oils—Linseed oil market
relatively quiet, with prices
generally steady.
Linseed oil in tank cars is quoted 8.6 to
8.8, and in tank wagons, 8.6 to 9.0.
Quotations: China
Wood: Nearby, drums—22c. bid.
Coconut: Crude, tanks,
nearby—.0334 bid; Pacific Coast, spot—.0234 bid.
Corn:
Crude, West, tank, nearby—.0534 bid.
Olive: Denatured,
drums, carlots, shipments—79 to 81c.; spot, 82 to 83c. «Sov
Bean: Crude, tanks, West—.0434 bid; L. C. L., N. Y.—6.7
to 6.8.
Edible: Coconut, 76 degrees—934 bid.
Lard: Ex.
winter, prime—9c. offer.
Cod: Crude, Norwegian, light
was
•
:
•
Transactions were light, totaling only 1,280,000
pounds.
The opening range was 10 points lower to 5 points
higher.
There was very little feature to the trading outside
of its sluggish character.
There was nothing of interest in
the news from outside quarters and the domestic spot market
showed no change from the dulness that has existed for some
little time.
Local closihg: New Contract: June,
10.93;
Sept., 11.27; Dec., 11.57; March, 11.89; June, 12.19.
On
the 13th inst. futures closed 14 to 17 points net lower..
The
.6 25
6.52
December
July, 16.17; Sept., 16.24; Dec.,
16.30.
lower.
Fri.
September—
October.__T._
Local closing:
Hides—On the 10th inst. futures closed 8 to 13 points net
,
t
easier.
16.29; Jan.,
heavy^ during most of the session
OF LARD FUTURES
15th inst. futures closed 3 points up to 3 points
totaled 107 lots.
Little, interest in
manifested but demand was somewhat
better than supply with the result that prices strengthened
after a lower opening, the market standing about 2 points
net higher this afternoon.
During early afternoon July
stood at .16.19 and September at 16.28c., respectively.
declining 15 points, and the deLard exports from the Port of
New York today
(Thursday), totaled 171,000 pounds,
destined for London and Southampton.
Liverpool lard
futures were unchanged to 3d. per cwt. lower.
Western hog
receipts totaled 51,800 head, against 42,600 head for the
same day a year ago.
Chicago hog prices were 5 to 10c.
higher for the day. Sales ranged from $5.80 to $6.65. Today
futures closed 5 to 2 points net higher.
Trading was quiet,
with the undertone steady.
U
■
CLOSING PRICES
the
rubber trading was
with the nearby delivery
fered months 7 points off.
DAILY
of
Transactions
down.
Early lard prices were.irregular, 2 points higher to 2 points
The market ruled
situation.
the
into
selling
Mar. 16.35.
.
lower.
ranging from
There was some commission
September position!
London closed
unchanged to 3-32d. lower. Singapore also was easier. Local
closing: July, 16.17; Sept., 16.26; Oct., 16.28; Dec., 16.31;
house
estimated
On the 15th inst. futures closed 5 to 7
points,
element
Domestic
was
Local closing: June,
rubber futures turned steady, losses in early
13 to 15 points.
Lower foreign
markets and absence of demand were largely responsible for
the decline.
Rubber statistics for May brought no new
13
afternoon
consumption of American lard
at 74,000,000 pounds, against
58,992,000 pounds for May last year.
Total domestic and
export consumption shows an increase of about 20,000,000
pounds over the same time last year.
Export clearances of
lard from the Port of New York today (Wednesday) were
131,250 pounds, destined for Glasgow, Scotland.
Liverpool
lard futures were 3 to 9d. lower per cwt.
Chicago hog prices
held steady, with prices ranging from $5.50 to $6.55.
West¬
ern hog receipts totaled 55,100 head, against 45,400 head for
the same day last year.
\
'•
last
1 ribbed smoked sheets in the outside
l-16c. to 16 7-16c.
16.27; July, 16.29; Sept., 16.38; Dec., 16.41; March, 16.45.
On the 14th inst. futures closed 12 to 10 points net lower.
Transactions totaled 100 lots.
After an initial fall of 11 to
and Bristol.
■
16.44; Dec.,
tons
12th inst. futures closed 2 to 7 points net lower.
the
June, 16,31; July, 16.34; Sept.,
16.47; Jan., 16.48; March, 16.51.
On the 13th inst. futures
closed 4 to' 6 points net lower.
The market was relatively
range was
3- to 9 points lower compared with previous
Trading was fairly active, with transactions totaling
6,240,000 pounds.
The market ruled heavy during most of
the session, apparently affected by the easing stock market.
Trading in the domestic spot hide market was quiet most
of the day.
Sales were reported of 3,000 April, light native
cow hides at 1034®- a pound, or unchanged from the previous
price.
Local closing: New Contract: June, 10.70; Sept.,
11.05; Dec., 11.38"; March, 11.68; June, 11.97.|
On the 14th
inst. futures closed 8 to 10 points net lower for the new con¬
tracts, with sales totaling 205 lots.
Selling pressure de¬
veloped in the hide futures market, linked in part to the poor
performance of the stock market.
During early afternoon
prices were 13 to 16 points lower, with September at 10.89c.,
off 16 points.
There was stop loss selling and commission
house liquidation while buying was light.
The turnover
then was 6,080,000 pounds.
It was reported that small
quantities of native steers and branded cows had sold at
steady prices.
Unconfirmed rumors current that 15,000
finails.
native
cows
had sold at 11c.
a
pound were circulated.
Local
10.62; Sept., 10.96; Dec.,
closing: New Contracts: June,
11.28; March, 11.60.
On the 15th inst. futures closed 9 to 10
The opening range was
but by midday futures
points net lower.
1 point higher to 10 points lower,
showed gains of 11 to 13 pointts.
gradually downward on news of foreign develop¬
ments and closed at the lowest levels of the day.
Spot sales
in the domestic hide market expanded to 23,100
pieces,
Prices moved
while futures under the pressure
dation
closed substantially
of commission house liqui¬
lower!
Transactions
totaled
Volume
Financial
148
173 lots, or 6,920,000
Certificated stocks of hides
by 10,672 hides to a total
of 1,353,260 hides.
Local closing: June, 10.53; Sept., 10.86;
Dec., J1.16; Mar., 11.44.
Today futures closed 14 to 10
points net higher.
Transactions totaled 71 lots, all in the
new
contract.
Selling of commission hides was readily
absorbed by the buying of other commission firms and of
dealers.
During early afternoon September stood at 10.96c.,
up 10 points, and December at 11.25, up 9 points.
In the
domestic spot market sales totaled 22,500 hides at steady
prices.
May-June takeoff native cow-hides sold at 11c. a
pound.
Local closing: New Contract: Sept., 11.00; Dec.,
pounds.
in licensed warehouses increased
H.26.
,
.
Ocean
Freights—The market for charters was fairly
active the past week, with scrap fixtures the outstanding
feature. Charters included:
Grain: Fort Churchill to United
Kingdom-Continent,
Aug., reported at 3s. 3d.
Scrap;
Montreal and St. John, N. B., to United Kingdom, JuneJuly, 18s. -South Atlantic to Gydnia, June, about 20s.
North Atlantic to Gydnia July, 20s.
Atlantic range to
United Kingdom, June-July, 17s. 9d. one port loading, 18s.
3d. two ports loading.
Atlantic range to Far East (reported
but not confirmed.)
North Atlantic to United Kingdom,
June 20-30, 17s. 9d.
Atlantic range to United Kingdom,
June, 18s. Atlantic range to United Kingdom, July, 17s. 9d.
Sugar: San Domingo to United Kingdom-Continent, July
1-15, 16s. 9d.
Fiji to United Kingdom, 31s. 6d., July.
Fiji to United Kingdom, 31s., July-Aug.
San Domingo to
United Kingdom-Continent, June-July, 17s.
Time: Five to
nine weeks' Canadian trade,
delivery and redelivery north
of Hatteras, June-July, $1.
Trip up Gulf to Canada, June,
$1.
Gulf to United Kingdom via Pacific, June.
Coal—Activity in coal was fair, with prices ruling un¬
steady.
Circular prices on wholesale anthracite coal in the
New York area did, not advance the 15c?.
per ton on June 1
Originally planned.
Price competition in the field, trade
factors hold, made it inadvisable to advance the
quotations.
Despite the fact that, Pennsylvania anthracite production
has been.decreasing since
May 13, there is still more coal in
the market than consumer demand.
This is provbably the
principal reason for the current price uneasiness, it is said.
On the line circular
quotions show egg, stove and nut at
85.65 per ton, and at Tidewater the same
grades are quoted
at $5.40 per ton.
Egg sizes are at $4.15 per ton at both
points.
.According to figures furnished by the Association
of American Railroads, the shipments of anthracite into
eastern New York and New
England for the week ended
May 27. amounted to 1,370 cars, as compared with 2,311
cars
during the same week in 1938, showing a decrease of
941 cars or
approximately 47,050 tons..
Wool—-Notwithstanding the relatively quiet state that
prevails in the wool markets, there is a strong undertone and
prices are moving up.
It is said that milb-demand for wool
is being retarded somewhat
by strong to rising prices de¬
manded from dealers by optimistic wool
growers throughout
the country.
As manufacturers have acquired quite a little
wool of late; they are in a
position to move slowly in making
Chronicle
1,180
yen
bales
in
3707
in both markets.
both
centers, while futures tansactions
Local closing: No. 1 contract: June,
equaled 6,350 bales.
2.493^; July, 2.353^; Aug., 2.26; Oct., 2.19; Dec., 2.16.
No. 2 contract: July, 2.32; Aug., 2.20;
Oct., 2.11. On the
14th inst. futures closed 3k£c. to 3^c. net lower for the No.
1 contract, with sales
totaling 174 lots. There were no sales
recorded in
futures
the
No.
2
to 57c.
■
,
'
"
'
Silk—On the 12th inst. futures closed 9c. to 7c. net lower
for the No. 1 contract.
Transactions totaled 3,100
bales,
including 3,090 bales on the No. 1 contract and only 10
bales on the No. 2 contract.
The market's sharp break was
due in large measure to the lower
primary markets and the
reduction of kake prices.
Dealer and trade selling was
heavy throughout the day.
There was also -some heavy
selling from Japanese sources.
Most of the buying came
from importers' short covering.
Futures at Yokohama ruled
22 to 32 yen lower, while Kobe was 22 to 38 yen lower.
All
prices are compared with Friday's closing levels.
Grade D
at both Japanese markets declined 40 yen to 1,180
yen. Spot
sales at both Japanese centers totaled 500 bales, while futures
transactions totaled 9,250 bales.
Local closing: Contract
No. 1: June, 2.45; July, 2.323^; Aug., 2.22; Sept., 2.18
Oct., 2.15H; Dec., 2.11
On the 13th inst. futures closed
2c. to 7c. net higher, this range covering both No. 1 and
No. 2 contracts.
Transactions totaled 1,700 bales, including
I,580 bales on the No.l contract and 120 bales on the No. 2
contract.
Hedging operations"" by trade interests were
quite noticeable, this selling occurring in the July and August
deliveries.
Most of the buying came from trade short
covering and Japanese participation.
The prevailing kake
prices yesterday were one lower with whites at 68 kake and
yellows at 67 kake. * Both primary markets were off. Yoko¬
hama futures ruled 6 to 10 yen lower, while Kobe was un¬
changed to 10 yen down. Grade D remained unchanged at
.
silk
silk remained
unchanged at 1180 yen a bale. Local closing:
1 contracts: June, 2.46;
July, 2.343^; Aug., 2.24j|;
Sept., 2.22; Oct., 2.18^; Nov., 2.17; Dec., 2.15; Jan., 2.13
On the 15th inst. futures closed 3^c. up to
3^c. net lower.
Transactions totaled. 51 lots.
The silk trade gave the silk
cocoon report a bullish
interpretation, with the result that
prices firmed up during .the forenoon after a poor opening.
August No. 1 sold at $2.28, up 33^c., and September No. 1
at $2.25, up 3c.
Transactions to early afternoon totaled
only 220 bales, all on the No. 1 contract. The price of crack
double extra silk was unchanged at $2.52 a pound in the New
York spot market.
In Yokohama Bourse prices were un¬
changed to 4 yen higher, while the price of grade D silk in
the outside market was unchanged at 1,180 yen a bale.
Local closing: June, 2.46; July, 2.343^; Aug., 2.25; Sept.,
2.22^; Oct., 2.19; Nov,, 2.16K; Dec., 2.15; Jan., 2.13.
Today futures closed 13^ to 33^c. net higher. Transactions
No.
totaled 24 lots.
Mid-months silk statistics were regarded
favorably with the result that the silk futures market firmed
up after an indifferent opening..
The volume of trading to
that time totaled only 80 bales * all in the No. 1 contract.
The
price of crack double extra silk on the uptown spot
was unchanged at $2.52 a pound.
The Yokohama
Bourse closed unchanged to 4 yen lower, while the price of
grade D silk in the outside market was unchanged at 1,180
yen a bale.
Local closing: June, 2.48; Aug., 2.263^; Sept.,
2.24; Oct., 2.21; Nov., 2.19H; Dec., 2.17^; Jan., 2.16}^.
market
COTTON
*
Friday Night, June 16, 1939
Crop, as indicated by our tele¬
grams from the South tonight is given below.
For the week
ending this evening the total receipts have reached 23,331
bales, against 16,177 bales last week and 17,870 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,361,432 bales, agaihst 7,024,307 bales for the same period
of 1937-38, showing a decrease since Aug. 1, 1938, of,
3,662,875 bales.
*
The Movement of
the
,
Mon.
Sat.
Receipts at—
Galveston
1,098
815
Houston.
Corpus Christi-.
-
-
-
Pensacola, &c-„,.
Jacksonville
~
—
-
-
—
t.
„
-
~
10,687
139
746
80
66
79
5,511
354
14
«
„
Urn.*-
98
153
-
2,662
3,494
9
767
25
-
-
-
250
66
118
76
118
225
----
-
657
5
5
~
-
5.131
~
19
.
-
—
18
106
446
Norfolk.
21
Total
Fri.
2,442
—
1,907
-
-
105
Savannah.
-
Thurs.
1,200
249
550
453
119
51
'Wed.
675
250
,
—
1,499
Mobile
Tues.
2,610
446
7,793
23,331
48
Baltimore
whiph dealers in close touch with manufacturing
territory
During the past week there has been spotty
purchasing of original bag territories at from 65c. to 69c.,
depending upon the amount of staple.
There has been some
mill buying of graded French
combing at 67c. to 70c., of %
blood combing at 59c. to 61c., and
graded
blood at 55c.
raw
spot market declined 13^c. to $2.52 a pound. The Yokohama
Bourse closed 1 to 10 yen lower, but the price of Grade D
Lake Charles
and fleece wools.
in
with.a total of 690 bales done to early
afternoon, all in the
No. 1 contract.
At that time July No. 1 stood at $2.33, off
2c.
The price of crack double extra silk in the New York
heavy shearing now taking place throughout the country
in a large accummulation of unsold wool, on the
conditions will have something very definite to say.
It is
reported that manufacturers' interest, in fine wool though
less active has broadened to cover some of the
graded
decline
although held in check by trade and
Japanese buying on the decline. Trading was fairly active,
New Orleans
value of
The
contract.
continued
additional purchases, it is said.
It is believed that the time
is not opportune for
growing interests to pusli for new high
selling levels.
This they, will probably realize when the
results
Spot sales amounted to 50
primary
Totals this week.
3,009
3,982
,8,589
2.865
2,093
The following
table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight, compared
with last year:
' ■
•
' '
'•
'
1937-38
1938-39
Stock
Receipts to
This
16
June
Since Aug
1 1938
Week
This
Since Aug
Houston..
Week
250
Corpus Christi—
Beaumont
5", 511
New Orleans.
Mobile.
.
354
66
Pensacola, &C—_
118
Jacksonville
Savannah
."
657
10~;397
342
'864
1
1937
1939
1938
12,8,771
477,652
555,180
43,700
31,778
415,095
44,007
3,511
1,470
145,469
665,654
703,201
42,602
16,761
697,729
49,775
8,434
2,477
142,972
30,828
5,418
10,853
27,201
39",897
38
194,363
78,893
27,774
55,556
100
*
10.687
5,131
980.110
,024,762
293,369
16,678
821.111
65,882
12,345
2,177
36,297
16 096
Galveston..
100
26,047
1,179
1,225
3,733
721
8,466 1,898,029
5,171 1,806,133
129
399,548
11,847
890
2,103,820
212,169
'77,770
3,615
Brunswick
Charleston
5
"106
38,779
13,284
15,677
"446
24,865
Lake Charles
Wilmington
Norfolk
New York
....
—
Boston
Baltimore
23,331 3,351,432
Totals
In order that
1938-39
Receipts at—
Galveston.
Houston
10,687
5,131
5,511
...
be made with other
1936-37
1937-38
1935-36
1934-35
8.466
737
2,790
5,171
10,397
2,244
26,138
5,271
1933-34
2,322
4,887
871
years,
534
243
890
1,387
6,627
3,368
657
.
1,125
27,019 7,024,307 1,794,666 2,440,474
may
354
_
Orleans
Mobile
Savannah
Brunswick
New
comparison
14,062
23,464
28,488
342
1,317
8,954
8,866
19,465
347
3,343
2,583
"
—
""864
Charleston
Wilmington.
Norfolk
N'port
....
Total this wk.
"""646
""556
"l~,275
4
25
14
68
38
1,248
1,090
148
1,343
"""885
News.
All others
"""449
1
105
""850
""807
"""897
4,415
"l",706
23,331
27,019
15,944
39,972
13,466
47,623
_
,
Since Aug. 1.. 3,361.432 7,024,307 6,209,625 6,638.229 3,986,365 7,183,167
Financial
3708
The
the week ending this evening reach a
exports for
bales, of which 5,031 were to Great Britain,
1,234 to France, 6,917 to Germany, 2,639 to Italy, 5,153
to Japan, 289 to China, and 6,091 to other destinations.
In the corresponding week last year total exports were
60,426 bales.
For the season to date aggregate exports
have been 3,177,078 bales, against 5,434,483 bales in the
same period of the previous season.
Below are the exports
total of 27,354
for the week:
June 16,
Great
France
Italy
many
680
328
2,171
1,135
.
596
2,609
Corpus Christ!..
China
Japan
Other
the 12th inst. prices
closed 9 to 12 points net lower:
opening range was 1 point off to 2 points up.
On
The
These initial
proved to be the best for the day. After a week-end
accumulation of trade-price fixing orders had been executed
levels
early trading, prices sagged under profit-taking, some
The
458
820
7,499
8,537
1,135
"250
New Orleans—.
"200
1,274
1,819
1,296
4,839
""8
32
Pensacola, <fcc—
""68
Norfolk
08
3",207
"601
"60
urn
Los Angeles
outside speculative position
an
had been built up, indicated an
The selling was
Otherwise the
ton.
news
easier technical position.
developments at Washing¬
influencing cotton was mostly on
based largely
on
8
32
.....
steadily advancing in recent
weeks, during which time
Total
2,784
1,883
3,707
_
San Francisco.
during the week, against 27,734 in the previous week.
Ger¬
Britain
Mobile
the official figures show that through last Thursday
117,823 bales had been released, representing 22,912 bales
fact that the market had been
Exports from—
Houston
1939
Bombay selling and offerings on a reactionary theory.
Exports to—
1939
Galveston
growers,
in the
Week Ended
June 17,
Chronicle
4,873
214
"60
-""89
363
__
the bullish side.
Less favorable crop prospects., continued
good inquiry for cotton textiles and indications that May
domestic consumption had been at a good pace, all received
Total..
5,031
1,234
6.917
2,039
5,153
289
6,091
27,354
attention, although they did not influence immediate trad¬
Total 1938.
3,618
3,363
6,850
8,6#2
13.991
850
23,122
60,426
ing.
Total 1937
3,974
973
4.392
2,751
1.936
7
3.910
17,943
that
.
Exported to—
From,
Aug. 1,1938 to
June
France
Britain
Exports from—
,
29,106
2,412
Corpus Christi
Brownsville..
138,307 87,510
120,269 111,542
24,370
57,561
1,240
12,606
22,429 213,842
907,666
52,549 193,293
897,963
^
_
120,338
83",383
64",312
Lake Charles.
,10.788
Mobile
.34,149
5,192
1,464
New Orleans
.
Jacksonville._
944
Pensacola, &c.
10,117
m'm
1,066
New York
Boston
90
13
•
m
m
#
Philadelphia..
-
728
6,941
57,517
«•
Francisco
16,601
179
3,907
4,235
850
....
155
600
'mmmm
'
mmmm
it
'-.mm mm
500
200
*
....
mmmm
mmmm
229
mmmm
s
6,155
251,542
1,284
1,922
108,176
....
10
10
5,707
....
....
....
513
mmmm
187,935
1,936
856,234
94,539 039,045 3177,078
625,273
863,892 517,631
721.357 388.896 1547.820
23,035 695,824 5234,720
446,191 293,344
455,518 392,207
Total.
8,700
11,024
7,356
1,511
10,276
500
....
84,824
Seattle
21,794
....
6,934
20,688
3,535
11,370
885
....
mmmm
99
m
1,302
262
m
*
23,187
Total 1937-38 1580,911 747,159
1936-37 1153,675 704,113
Total
-
■.mm mm
33
mm mM
-
29
mm
Los Angeles..
San
m
•
400
66
139
...
35,951
1,390
468
131
331
—
—
Baltimore
12,074
'
5,331
714
.
mrn
61
*
5,400
511
1,039
534,321
mm
295
10,461
53,474
9,071 121,998
mm
mm
336
259,809
866
mmmm
2,152
297
"186
956
Gulfport
8,791
m'mimm
11,017
m —
5,124
...
Norfolk
'
72,387
*
Charleston
-
6,730
mmm-
58,833
'mmmm
••
62,832
1,167
360
8,590
Savannah
«. *
2,171
24,351
•
173
Total
China
■
Beaumont—
Other
Japan
277,458
205,737
Italy
many
99,420
85,234
63,411
28,425
68,700
123,339
Galveston
Houston
Ger¬
Great
1939
16,
90,691 1008926 5434,483
NOTE—Exports to Canada—It has never been our practice to, include in the
above table reports of cotton shipments to Canada, the reason
being that virtually
all the cotton destined to the Dominion comes overland and It is impossible to give
returns concerning the same
from week to week, while reports from the customs
on the Canadian border are always very slow in coming to hand.
In view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
districts
for the month of Maych the exports to the Dominion the present season
11,246 bales.
In the corresponding month of the preceding season
For the seven months ended March 31, i939, there
say that
have
been
the exports were 21,960 bales.
were
124,090 bales exported as against 183,831 bales for the eight months of 1937-38.
In addition to above exports, our
telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
give us
.
On
.
Shipboard Not Cleared for—
June 16 at—
Leaving
Great
Ger¬
Britain
Galveston
wise
600
200
Orleans..
Stock
Coast¬
Foreign
400
1,635
2.498
Houston
New
Other
many
France
593
200
167
4,489
Total
■
468,452
9,200
6,000
2,000
2,279
1,240
,
6
4.713
550.467
4,416
12,810
402,285
145,469
30,828
43,957
27,201
99,234
Savannah
Charleston
s
Mobile.:.
"50
"50
Norfolk. _i_
Other ports...
The New York Cotton Exchange Service estimated
May domestic cotton consumption had amounted to
615,000, bales compared with 547,000 in April and 426,000
in May last year.
Southern spot market eased 9 to 11 points,
with middling quotations from 9.18 to 9.89c.
On the 13th
inst. prices closed 5 to 9 points net higher.
Opening quota¬
tions were 1 point net lower to 2 points higher.
Offerings
from Bombay were light, owing to a holiday.
Other selling
was more or less scattered, including some hedging, liquida¬
tion and small early Liverpool offerings.
Realizing devel¬
oped in the late market, but the closing tone was steady.
Although sentiment was more bullish because of the con¬
tinuous rains, buying was reserved because of Washington
uncertainties.
Traders had hoped for enlightenment fol¬
lowing a White House conference attended by the Secretary
of Agriculture and Senate cotton leaders, but no conclusion
was reported reached on the farm bill,
The trade was wait¬
ing for House action on the amendment to the agricultural
appropriation bill which would enable the Administration to
finance a cotton export subsidy.
Spot markets ranged from
8 points higher to 2 points lower, with basis middling prices
9.16 to 9.97c., and averaging 9.52c. in the 10 designated spot
markets. ; On the 14th inst. prices closed 2 to 7 points net
higher.
After displaying an irregular tone throughout the
greater part of the day,- the cotton market developed a better
trend this afternoon in
4,333
3,724
1,160
2,582
Total 1937
5,182
3,993
5,289
9,569
11,841
3,091
3,189
26,773 1,767,893
24,324 2,416,150
27,125 1,211,310
6,422
3,086
4,401
10,360
Speculation in cotton for future delivery
ately
active,
with price trend irregular.
tending forces within the Government to reach
ment
be
future
on
indicative
of
the
policy was declared
probable
subsidy for this
export
the
cotton
cotton
On the
situation
10th inst.
is
surrender
So
crop.
still
far
moder¬
was
Failure
of
an
con¬
agree¬
last night
the
of
legislation
as
idea
to
of
concerns
The market turned easy
today following slight early irregu¬
Trading consisted largely of evening up of commit¬
larity.
ments for
over
the week-end, because of
uncertainty
concern¬
ing the congressional conference committee's stand
cluding
a
tions bill.
this
The conferees
point, but
no
results
market had closed.
to 2
were
were
in session
announced
Opening quotations
points lower in the face of easiness
in¬
today to consider
up to
were
at
English market.
the time the
1 point higher
Liverpool which
called for declines of 13 to 20 points here based
of the
on
cotton export subsidy in the agricultural appropria¬
Trade price fixing in
on
the action
near
months,
wire house and
foreign buying, however, absorbed the
offerings which included July liquidation and Bombay sell¬
ing.
While there was some Wall Street and commission
some
house buying, other selling orders came from similar
sources."
Although the trade estimates that probably 250,000 bales of
the
1938 loan cotton have
been repossessed by
borrowing
A
ers were
sellers in October and December, with scattered
hedge placements going into the new crop deliveries.
The
market held relatively firm in light trading as the weekly
weather report exerted no influence and bids were regarded
as a standoff.,
Price fixing and trade covering in the nearby
positions absorbed scattered hedge offerings and Liverpool
selling.
V
'
'
On the 15th inst. prices closed 3 to 8 points net lower.
The
in
cotton
a
futures market displayed
an easier tone today
Shortly before the end of
large volume of business.
the trading period the list was 2 to 4 points below yester¬
4
to
At
noon
the market
was
unchanged
Active trading took place on the open¬
ing this morning, and the market failed to follow the
slight advances in Liverpool, opening unchanged to 5 points
points lower.
lower.
.
The distant May position
showed relative steadiness
rather
lively buying by brokers with Bombay connec¬
tions and a leading spot interest.. Some mill and foreign
liquidation came into the spot month, meeting only a limited
demand from trade shorts.
Hedge selling was apparent in
on
the
December
active months
purchases.
distant.
prices closed 1 to 5 points net lower.
limited volume of transactions.
regis¬
tered gains of 1 to 8 points over the closing levels of the pre¬
ceding day.
Around midday prices were 1 point lower to 4
points higher.
Price changes were small in opening futures
trading, with the local market following the rather feature¬
less pattern set by Liverpool.
Brokers with Bombay con¬
nections bought May, while there was some trade and Wall
Street buying in the other active positions. . Liverpool deal¬
day's closing levels.
Total 1939—
Total 1938
a
short time before the close of business active months
in
while
position,
local
professionals ' sold
all
which they made moderate
Small commission house liquidation also was
except July,
in
evidence.
Today prices closed 1 to 9 points net lower.
cotton
limited
futures
volume
Prices for
easier tone today in a
again displayed an
of sales.
A short
time before
the close of
business active positions
showed declines of 4 to 7 points
from the closing levels of the previous day.Around mid¬
day the market was 2 to 8 points lower.
Futures opened
with irregular price changes in a rather light turnover.
Trade, Wall Street and foreign buying met scattered offer¬
ings from New Orleans interests, Southern spot dealers,
and commission house firms.
Brokers with Bombay affili¬
ations had selling orders in July, but made small purchases
in the new crop months.
There was some Liverpool buy¬
ing, apparently against sales in July.
sold
the
March and May.
New Orleans dealers
Lack of Washington news affecting
staple restricted interest
The close there
Exchange.
in futures on the Liverpool
unchanged to 2 points
was
lower.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 10 to June 16—-
Middling upland
Sat.
Mon.
Tueg.
9.98
9.89
9.92
Wed. Thurs.
9.97
9.87
Fri.
9.86
Volume
Financial
148
The Visible Supply of Cotton
and Staple—The
Premiums and Discounts for Grade
premiums and discounts for grade and
staple in relation to the grade, BasisM iddling %, established
for deliveries on contract on June 22, 1939.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on June 15:
table below gives the
3709
Chronicle
cable and
as
afloat
figures
this
are
.79
.73
Longer
.09 on
.25 on
on
.56 on
1 In. A
Inch
Inch
.62 on
15-16
Longer
Inch
X
Inch
Fair
Mid.
on
—
.10 on
.23 on
.53 off
.40 off
.29 off
Mid
.17 on
.31 on
.41 off
.29 off
St. Low MidLow Mid
St.
.50 on
.67
.33 on
._
Mid
St. Low Mid
,•
on
17
.57 off
2.82 off 2.81 off
.81 off
1.12 off 1.05 off
.96 off
1.63 off 1.59 off
.56 off
•Low Mid
.82 on
.50 on
Even
.14 off
Good. Mid
on
.29 off
.41 off
-
Yel. Stained-
.65 on
.31
on
Mid
•St.
2.28 Off 2.27 off
•Mid
•St.
.25 off
.49 off
.38 off
.70 off
.81 off
1.36 off 1.30 off
Low
.61 off
Gray—
Good Mid
Mid— 1.31 off 1.26 off 1.20 off
Good Ord. 2.04 off 1.99 off 1.98 off
2.63 off 2.60 off 2.59 off
•Good Ord
St.
.60 off
Mid
•Mid.
•
.26
01}
To make
from the United States for Friday
only.
Stock at
Liverpool
Tote1 Great Britain. J
Stock at Bremen
Stock at Havre.
1936
606,000
100,000
770,000
143,000
913,000
706,000
167,000
191,000
11,000
204,000
140,000
14,000
47,000
22,000
15,000
22,000
11,000
6,000
78,000
.11,000
9,000
579,000
408,000
526,000
733,000 1,173,000
142,000
227,000
87,000
259,000
10,000
9,000
_
Stock at Rotterdam
Stock at Barcelona
70,000
Stock at Genoa
21,000
_
Stock at Venice and Mestre
Stock at Trieste
15,000
14,000
Total Continental stocks
289,000
Total European stocks
India cotton afloat for Europe
1,752,000 1,321,000 1,232,000
83,000
123,000
132,000
137,000
122,000
202,000
211,000
124,000
169,000
391,000
147,000
186,000
1,226,000 1,050.000
848,000
2.440,474 1,238,435 1,472,652
2,119,356
998,705 1,465,362
16,202
2,345
21,936
1,022,000
101,000
American cotton afloat for Europe
57,000
Egypt, Brazil,&c.,afrt for Europe 216,000
Stock in Alexandria, Egypt310,000
Stock in Bombay, India.
1,122,000
Stock in U. S. ports.
1,794,666
Stock in U. S. interior towns
2,570,117
U. S. exports today.
3,910
Total visible supply....
Not deliverable on future contract.
1937
1939
1938
647,000 1,007,000
86,000
166,000
——bales
Stock at Manchester
.39 Off
.73
—
7,196,693 8,376,032 5,126,485 5,728,950
Of the above, totals of American and other descriptions are as
Futures—The highest, lowest and
York for the past
week have been
Saturday
Monday
June 12
June
Wednesday
Tuesday
June 10
closing prices at New
Other Continental stock.
16
June
American afloat for
U. S. port stock
/wne(1939)
Range._
9.58 n
9.49n
9.27- 9.30
9.18-9.28
9.19-
Closing.
9.28
9.19
9.5477
8.59?7
9.5777
Range..
9.27
Closing.
U. S. exports
Aug.—
—
—
9.29
—
—
9.23- 9.27
9.23
—
4,866,693 5,931,032 3,029,485 3,815,950
East Indian, Brazil, &c.—
8.4277
8.457?
8.4977
8.4277
8 37n
8.49n
Bremen stock
Havre stock
Sept-—
8.4777
•8.5077
8.54 n
8A2n
8.4777
8.5477
Range..
8.44- 8.48
8.30- 8.45
8.32- 8.43
8.37- 8.46
8.40- 8.46
8.33- 8.40
Closing.
8.44- 8.45
8.32
8.37
8.44- 8.45
8.40
8.37- 8.38
—
—
—
54,000
56,000
28,000
35,000
56,000
62,000
32,000
78,000
24,000
83,000
123,000
216.000
211,000
124,000
310,000
391,000
147,000
1,122,000 1,226.000 1,050,000
Other Continental stock.
Range.Closing.
Oct.—
350,000
467,000
86,000
43,000
33,000
361,000
433,000
49,000
38,000
24,000
37,000
101,000
Manchester stock
.
21,936
2,345
16,202
3,910
today
Liverpool stock
.
Range..
Closing
*
Total American
9.16- 9.24
9.24
9.30
9.24-
9.29
*■1
256,000
44,000
142,000
108,000
104,000
57,000
137,000
122,000
202,000
1,794,666 2,440,474 1,238,435 1,472,652
-2,570,117 2,119,356
998,705 1,465,362
Europe
U. S. interior stock
July—
104,000
63,000
23,000
Havre stock
Friday
Thursday
follows:
,
303,000
57,000
125,000
158,000
25,000
646,000
112,000
"171,000
231,000
58,000
214,000
37,000
Manchester stock.
Bremen stock
June 15
14
June
13
AwieticcLTi—
Liverpool stock
follows:
as
by
up
complete figures for tonight (Friday) we
add the item of exports
.54 off
•St. Low Mid— 2.16 off 2.14 off
Mid
.30 off
.50 off
•Mid--
Extra White—
Good Mid
.40 off
off] ) .63 off
1.48 off 1.43 off
Mid—
St.
2.63 off 2.60 off 2.59 off
Ord
.08 off
Tinged—
Good Mid
1.31 off 1.26 off 1.20 off
—
•St. Good Ord. 2.04 off 1.99 off 1.98 off
•Good
.06 off
.67 off
Mid
.82 on
.65 on
.57 oft
.
.
.37 on
•St. Low Mid-. 1.39 off 1.34 off
2.12 off 2.10 off
♦Low Mid
St.
.67 on
.50 on
Basis
Mid
.88 on
.50 on
Good Mid
Mid.
Good Mid
.33 on
St. Good Mid—
St.
.94 on
made
brought down to Thursday evening.
are
the total show the
_
Spotted—
While-
as
as
June 16—
1 In. &
15-18
tonight,
follows. Foreign stocks as well
week's returns, and consequently all foreign
telegraph, is
Indian afloat for Europe.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
132,000
169,000
186,000
848,000
Nov.—.
Total East
Range..
8.31tt
8.19«
8.2577
8.26?7
8.2377
Range..
8.17- 8.22
8.05- 8.18
8.06- 8.17
8.12- 8.20
8.13- 8.20
8.07- 8.13
Closing
8.19
8.07
8.13
8.20
8.13
8.10
Closing.
8.3277
!
Dec.—
_
Total American
'
-
Jan A 1940)
—
Range.
8.09- 8.14
8.05- 8.10
7.97-
8.03- 8.07
8.05- 8.07
7.96- 8.04
.
Closing
8.10TZ
7.98ti
8.0477
8.1077
8.0377
7.9977
.
8.05n
7.93rz
8.0077
8.0577
7.9877
7.89- 8.03
8.90- 8.00
7.93- 8.02
7.88- 7.95
7.89 n
7.97
8.01
7.93
supply...
..7,196,693 8,376,032 5,126,485 5,728,950
Middling uplands, Liverpool
•
5.76d.
4.69d.
6.92d.
7.00d.
Middling uplands, New York..0.00c.
8.43c.
12.56c.
12.23c.
Egypt, good Sakel, Liverpool
9.03d.
8.53d.
11.05d.
9.33d.
Broach, fine, Liverpool
4.35d.
3.82d.
6.02d.
5.67d.
Peruvian Tanguis, g'd fair, L'pool
5.46d. /
5.64d.
8.22d.
C.P.Oomra No.l staple,s'fine.Liv
4.44d.
3.89d.
5.92d.
......
Total visible
7.9577
7.95- 8.02
7.92- 7.93
8.03
•
Feb.—
Range..
Closing..
Continental
8.06
7.99-
Range..
Closing.
8.01- 8.02
—
——
imports for past week have been 69,000 bales.
The
Mar.—
figures for 1939 show
Range..
Closing
Range..
7.82-
Closing
7.95
7.9777
7.88- 7.94
7.87-
7.94
—
7.98
Nominal:
1937 and
gain of 1,467,743
bales from 1936.
a
7.85- 7.86
the
Interior
movement—that is„,
the
Towns
the
■.
ended
at New York for the week
16,1939, and since trading began on each option:
Range for future prices
June
last
from
decrease
a
loss of 1,179,339 from 1938, an
increase of 2,070,208 bales over
At
n
a
7.81- 7.89
7.87
7.83
_
7.98
109,467 bales,
7.8877
7.90/7
7.84- 7.97
7.8677
7.95- 7:1
7.9577
7.92.
7'.98n
.
May—
above
of
week
April—
-
...2,330,000 2,445,000 2,097,000 1,913.000
4,866,693 5,931,032 3,029,485 3,815,950
India, &c
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of. the previous year—is set out in
Range Since Beginning of
Range for Week,
Option for—
•
8.11 Oct.
Option
detail below:
4 1938
8.20 Nov. 21 1938
5 1938
9.30 June
10 1939
Aug. 1939—
7.46 Apr.
11 1939
8.12 Oct.
7.30 Jan.
24 1939
8.32 May 26 1939
7.26 Jan.
10 1939
8.48 June
Movement to June 17, 1938
3 1938
Sept. 1939—
Oct. 1939..
1939—
July
9.18 June
8.30 June
12
12
9.30 June
8.48 June
7.60 Dec.
10
10
7.49 Feb. 23 1939
Nov. 1939
1939—
Dec.
Jan.
194Q--
Feb.
8.05 June
12
8.22 June
7.49
10 1939
26 1939
8.22 June
27 1939
10 1939
"7.36 Apr"20" 1939
8.06 June
Apr.
1940
May
1940—
7.26 Jan.
10
7.96 June 16
8.14 June
7.8~8~June
8.06 June
7.29 Jan.
10
•' *
10
9
7.99 June
7.58 May
10
,22 1939
9 1939
8.03 June
Delivery—The Commodity
Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton' Exchange,
Exchange Administration of the United States
figures
are
we
have
compiled the following table.,
The
given in bales of 500 lb. gross weight.
12
June 9
June 10
Contracts
June 15
25,000
8,600
18,600
21,700
16,600
23,100
228,500
October
49,500
19,700
33,900
24,500
26,300
18,300
December
16,300
11,600
27,500
20,100
24,200
25,800
300
300
200
600
400
1,800
391,600
379,000
.54,100
168,100
110,400
January (1940)
March
14,600
8,800
8,500
8,200
10,000
9,300
May
11,500
5,500
14,200
9,000
12,700
12,700
/
Inactive months—
2,800
September (1939)—
100
November
54,500 102,900
84,100
90.200
91,000 1,334,600
Open
June 7
New Orleans
June 8
June 9
June 10 June 12 June 13
Contracts
June 13
44,903
676
.
""4
38,998
150
60,307
872
1
Helena—
131,911
"32
Ark., Blythev.
Forest City
39,036
3
19,325
104,852
40,198
136,954
48,611
13,466
2
•
Hope.
—
Jones boro—
"42
Rock
Little
Newport...
—
—
■»
■
"256
Bluff.
Pine
Walnut Rge
_
2,250
1,400
3,150
9,250
11,700
6,750
7,250
3,000
92,950
4,350
3,000
2,450
3,850
3,550
3,0.50
36,600
5,200
December
42,050
2,650
January (1940)
July
850
5,150
10.600
October
May
575
633
25
Ga., Albany..
"5
Athens..j.
34
31,804
1,460
Atlanta....
1,824
1,533
124,380
129,029
12,500
28,476
16,922
86,549
136,727
28,547
202,598
33,096
7,887
2,831
100
Macon....
222
15
Rome-
1
Miss., Clarksd
788
Columbus..
188
Greenwood.
925
166
Jackson
Natchez.
—
_.
1,200
3T00
1~,850
2,750
"466
25,350
850
450
1,300
1,100
750
9,500
21.700
17
.
335
i
21.050
20.250
15,150
17.800
8,050
209,900
44
171,188
252
60,410
151
89,559
25,515
16
101,147
331
1
65,887
3
•.
36,549
-
31,953
23,992
7
23,588
'
20
145,875
-
560
46,397
«•
'.
m «
—
-
-
~
196
187,154
62,126
215
87,568
20,169
320
64,342
30,962
-
"
17,554
12,824
50
16,117
9
45,400
340
28,328
1,103
232,142
6,633
162,643
1,844
33,400
400
175,081
32,550
1,415
300
300
132,102
34,600
539
26,244
11
47,260
553
29,950
22,027
58,282
2,196
37
32,710
28
16,930
25
832
75,734
35
550
2,229
35,625
320
147,389
260,515
232
34,472
24
1,822
66,941
33,794
15,717
164
1,763
103
888
50,129
40,609
297
29,043
1,267
57,407
9
301,346
66,045
258
24,318
----
18,830
17
10,534
17,015
122
52,275
256
13,015
1
76,068
398
26,155
187,206
6,316
4,370
2,606
199,509
2,634
3,969
90
2,078
105
8.863
196
3.567
339,292
1,057
69
522,120
508
140,450
1,534
259,741
60,474
609,511
12,485
1,427
146,382
1,513
85,486
10,811 2649,341
9
46,020
18,217
548,682
97,240
2,178
17,292 2004,349
27,914
Texas, Abilene
22,003
•
m
m
""40
14,879
51
45
45,966
97
174
_.
Dallas
Paris
63,444
6,479
13,349
28,345
55,467
1,136
Marco?
Texarkana.
"99
.....
30,459 4664,020
Includes the
4
653
51
1,999
30
35,949
192
...
20,941
60,981 2570.117
combined totals of 15 towns In
1.443
18,042
4
13,986
10
2,263
270
40,992
Robetown—
7,528
....
10
4,237
2,652
39.639
15,509
Austin
•
57,929
29,158
80,756
129,896
Mem's
Gr'vllle
Waco
49,560
189
154
15 towns *-
Tot., 56 towns
8,155
258
42,377
2,900
516
rian
1
52,800
69,260
36
665
N.C., Gr'boro
S. C.,
12,096
11
23
477
Mo., St. Louis
Tenn.,
28,208
699
66,344
45,540
—
4,365
800
50
_
Total all futures....
2,800
300
... _
:
June
29,356
"24
Vlcksburg..
Yazoo Clty.
Brenham
July (1939)
Stocks
1
Week
Season
52
■
Oklahoma—
Total all futures.. 117,200
March
40,388
1,294
La., Shrevep't
July (1939)
214
86,240
Augusta—
June 12 June 13 June 14 June 15
2,156
17
Columbus..
New York
Ship¬
ments
Week
25,844
9,810
53,202
72,210
156,205
49,504
49,016
46,754
34,325
125,188
38,936
107,821
71,583
14,382
1,390
47
...
Selma——
which
16
Montgom'y
1939
.
7.81 June 16
Receipts
June
Week
Ala., BIrm'am
Eufaula
.
16
Season
'
Volume of Sales for Future
from
Week
Stocks
10 1939
8.14 June
.
Ship¬
ments
Receipts
Feb. 23 1939
1940—
Mar. 1940—
Movement to June 16, 1939
Toums
114,693
93
33,899
105
22,738
----
8
....
93,537
1
15,661
a7,639
a.
43
42,073
34
91:024
19,-668 6576,117
623
a
a__
24
19,133
13,425
38.721 2119.3.56
Oklahoma, a San Antonio.
Financial
3710
that
show
totals
above
The
interior
the
have
stocks
during the week 30,522 bales and are tonight
450,761 bales more than at the same period last year. The
receipts of all the towns have been 10,791 bales more than
1939
17
June
Chronicle
Closing Quotations for Middling Cotton on-
decreased
Week Ended
Friday
Wed'day Thursday
Tuesday
Saturday Monday
16
June
quotations for middling upland at New York on
32 years have been as follows
The
June 16 for each of the past
1932-^. -
9.85c.
1914
13.40c.
1913__ —12.35c.
—
1912
-11.90c.
1911
—
5.35c.
- -
1915
29.10c.
8.95c. 1923
22.40c.
1930.. —-13.45c. 1922
11.85c.
1929--18.80c. 1921
39.25c.
1928 ——21.00c. 19201927—16.90c. 1919—.-.32.75c.
-30.40c.
1926
18.20c. 1918.
1925-— --24.50c. 1917---—25.30c.
1924.----29.75c. 1916-- —12.85c.
1931
9.86c.
1938
8.39c.
1937. -.--12.51c.
1936--.--12.23c.
1935-.-w.il.95c.
1934
11.70c.
1933----. 9,25c.
1939--...
15.60c.
15.15c.
1910
1909---- -11.40c.
1908
11.75c.
Market and Sales at New York
the spot each day during the
The total sales of cotton on
indicated in the following statement.
week at New York are
convenience
the
For
which show at
closed
also add columns
we
days.
same
on
of the reader,
glance how the market for spot and futures
a
SALES
Futures
Spot Market
Closed
.
Market
Closed
Contr'ct
Spot
Total
9.50
9.45
9.40
9.38
9.50
9.40
9.45
9.45
9.45
9.45
9.48
9.39
9.47
9.49
9.34
Savannah
Norfolk..
Quotations for 32 Years
New York
9.44
New Orleans..
week last year.
same
9.55
Mobile
the
Galveston
9.78
9.69
9.74
9.73
9.60
9.77
9.65
9.79
9.70
9.70
9.65
9.65
9.50
9.40
9.45
9.50
9.45
9.45
Montgomery -
Augusta
Memphis
9.98
9.89
9.97
9.99
9.94
9.93
9.55
9.45
9.50
9.50
9.40
9.40
Houston
9.50
9.40
9.40
9.40
9.35
9.35
Little Rock—
9.40
9.30
9.40
9.35
9.25
Dallas
9.28
9.28
9.18
9.35
9.16
9.16
9.10
9.08
9.18
9.16
9.16
9.10
9.08
Fort Worth—
Report on Cotton Consumed and on Hand,
May—Under date of June 14, 1939, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the months of May,
1939 and 1938.
Cotton consumed amounted to 605,353
bales of lint and 73,622 bales of linters, compared with
546,702 bales of lint and 69,147 bales of linters in April,
1939, and 426,149 bales of lint and 60,381 bales of linters
in May, 1938.
It will be seen that there is an increase in
May, 1939, when compared with the previous year, in the
total lint and linters combined of 192,445 bales, or 39.6%.
Census
&c.,
The
MAY
Steady.
Nominal
Steady.!"
Nominal
Steady...
Tuesday
Steady
Wednesday- Nominal
Barely steady..
Nominal
Thursday
Nominal—------- Steady
Friday.
2,700
3,405
in
following is the statement:
OF COTTON
REPORT
3,405
194,709
CONSUMED,
IMPORTED
ON HAND,
AND
2,700
Total week.
-
9.33
Nominal-
Saturday
Monday
"255
300
—
-
_
V
"205
300
200
-
■
^
m
EXPORTED, AND ACTIVE
round as half bales, except foreign, which Is in
50Q-pound bales)
(Cotton in running bales, counting
200
_
_
COTTON SPINDLES
Cotton
Cotton Consumed
Since
119",355
75.409
Aug. 1
Hand
on
May 31—
During—
Cotton
Ten
'
■
•
Overland Movement for the Week and Since
Aug. 1—
We
give below
a
made
as
from telegraphic
up
The results for the week and since
Aug. 1 in the last two years are as follows:
'
-
1938-39—
Shipped—
•
Via St. Louis
•
—
4,365
-
.,
Via Louisville
*
Via Virginia points.
Via other routes, &c_--_.------■
K '
269
3,770
3",721
171,660
634,354
9,755
7,524
198,145
127,706
3,972
6,075
170,698
887,405
_
15,454
1,394,001
721
Inland, &c., from South
2,507
25,176
9,297
396,907
2.813
25,835
9,822
286,525
Total to be deducted.
3,102
431,380
3,718
752,828
11,736
presses
May
(Bales)
(Bales)
(Number)
1,175,290 12,369,578 21,975,222
/
1939
72,713
722,021
157,893
40,375
4,750,054
1938
56,647
598,014
202,341
74,535
4,740,584
All other States
I
1939
16,316
40,479
5,241
633,518
1
1938
12,814
155,870
134,837
63,691
10,133
575,016
f
1939
47,316
19,847
4,154
1938
4,596
2.828
42,082
23,951
f
1939
6,528
55,332
23,502
25,968
1
1938
6,495
70,852
16,444
35,394
Amer.-Egyptian cotton..! 1939
2,221
14,791
1938
409
5,188
9,945
4,763
Included Above—
Egyptian cotton
...
Other foreign cotton
7,723
4,645
4,386
'
Not Included Above—
'
^
.322,182
18,376
ments
(Bales)
New England States
__
21,478 1,184,208
Total gross overland.
Deduct Shipments—
Overland to N. Y., Boston, &c—
Between interior towns
May 31
1939 516,324 4,877,502
976,918 12,323,962 16,591,650
1938 356,688 4,123,631 1,315,401
9,967,036 16,026,246
Cotton-growing States..-
"■
■/.;■■
•
3,493
9,090
94
Via Rock Island
During
1938 426,149 4,856,482 1,581,433 10,051,704 21,341,846
Aug. 1
2,634
1,575
187,565
178,046
3,225
Via Mounds, &c—
Week
Aug. 1
Week
.
,
Since
j
Active '
Establish¬ & at Com¬
1939 605,353 5,755,393
J
1
United States
1937-38
Since
Spindles
May
•••
reports Friday night.
June 16—
Storage
(Bales)
•
statement showing the overland movement
and since Aug. 1,
In Public
suming
Ended
V
for the week
In Con¬
Months
Year
•
1,071,819
446
149
.
Leaving total net overland *_
184
1939
73,622
1 1938
Linters..
60,381
J
i..
694,217
323,027
105,684
597,058
259,645
85,294
Imports of Foreign Cotton
(500-Pound Bales)
10 Mos. End. May 31
M ay
*
Country of Production
'
Including movement by rail to Canada.
1939
The
foregoing shows the week's net overland movement
has been 18,376 bales, against 11,736 bales for
last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 318,991 bales.
/'•
this year
the week
1938-39—
In Sight
and Spinners'
Takings
Since
Week
Receipts at ports to June 16------
23,331
3,361,432
18,376
'
—
Southern consumption to
I
-
.-'.166,707
;
*30,522
-r--
Total in sight June 16
13,338
*19,053
14,508,200
1,282,035
'
.
14,318
1,182,305
Week—
■*
Bales
..i..134,485
1936—June 19
88,499
J 70,048
„
1935—June 21
19,265
28,588
6,371
8,171
34,335
202
16
2,025
13,991
20,038
122,116
All other
Total.....
»
38,175
1,981
,
118,784
Linters imported during nine months ended April 30, 1939, amounted to 34,569
equivalent 500-pound bales.
'
*
Exports of Domestic Cotton—Excluding Linters
•»
United Kingdom.
France.
Italy..!
!
Since Aug. 1—.
Bales
1935--—^.-w
——
1934
.14,020,136
.13,128,447
8,876,585
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
26,836
12,822
5,453
—
383,702
9,969
9.222
;;
1939
1938
1939
.
1938
1,499,495
331,897
703,579
251,777
'25,709
463,697
291,961
627;721
20,822
■750
15,570
6,783
83,594
177,543
16,461 ^46,830
31,356
40,590
...
14,814
3~869
Germany
580,266
659,473
817,523
590,652
"
.
...
Other Europe
1936--.^-.
10 Mos. Ended May .31
May
Country to Which Exported
Belgium
New Orleans" Contract Market—The
for
6,948
British India
Spain
"
Movement into sight in previous years:
1937—June 18
10,896
""638
Mexico
344,049
—
109,702
Decrease.
679
408
25,584
(Running Bales—See Note for Linters)
10,301,326
North. spinn's' takings to June 16-
38,465
3
68
mmmmmmmm -
—.1
12,796,126
1,368,025
*18,158
takings
consumption to June 1
L
1938
.
40,499
1,626
PerU
China....
„
vCame into sight during week... 136,185
*
7,024,307
1,071,819
4,700,000
128,755
9,702,260
617,224
Interior stocks in excess
Excess of Southern mill
,.
Aug. 1
27,019
1,736
90,000
752,828
5,588,000
Total marketed
over
Week
June 16.125,000
/—
1939
3,274
6,712
-1937-38-
Since
Aug. 1
Net overland to June 16
Egypt
1938
.
Japan
China
.
750
3,372
82,545
22,186
19,977
217,104
6,606
190,837
77,003
193,002
3.106,675
5,226,831
5,797
'
Ail other
Tot^l
3,121
142,577
;._.i
T
Note—Linters
,
264,631
included above were ,12.605 bales during May in
178,483 bales for 10 months eiyled May 31 in 1939,
and 238,383 bales in 1938. The distribution for May, 1939 follows: United Kingdom,
2,628: France, 5,818; Belgium, 473: Germany, 1,442; Poland and Danzig, 1; Canada,
exported,
not
1939 and 13,791 bales in 1938.
791; Panama, 6; Japan, 1,446.
Saturday
June
10
Monday
Tuesday
Wednesday
Thursday
12
June 13
June 14
June 15
June
Friday'
June
16
June(1939)
9.31
9.13
9.30
9.30
8.52
8.42
8.48
8.54
December-
8.27
8.17
8.245-8.25a
8.29
8.23
Jan. (1940)
8.19
8.09
8.165-8.180
8.20
.8.14
7.985-7.99a 8.075-8.09a
8.10
8.04
8.02
7.96
July
August
9.24
9.24
Loans" received
—
September
October
..
8.475-8.480
8.46
November
February
8.21
8.12
.
March
8.09
8.025-8.03O
April
8.045-8.06o
May
7.93
8.005-8.01 a
7.95
June
7.995-8.01a 7.875-7.89a 7.955-7.970 7.965-7.980 7.895-7.910 7.875-7.89a
July
by it through Juno 8, Showed loans dis¬
and lending agencies of $205,161,811.49 on 4,478,385 bales of cotton.
This includes loans
of $5,352,661.22 on 117,823 bales which have been repaid
and the cotton released.
The loans average 8.85 cents per
pound.
Figures showing the number of bales on which loans have
been made by States in which the cotton is stored are given
bursed by the Corporation
below:
Tone—
Spot
Options
CCC Loans on Cotton Aggregated $205,161,811 on
4,478,385 Bales Through June 8—The Commodity Credit
Corporation announced on Juno 9 that "Advices of Cotton
:.
Dull.
Dull.
Dull.
Dull.
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
State—
Alabama.
Arizona
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern and other principal cotton markets for each
day
of the week:
Bales
317,481
Bales
Stale—
New Mexico
39,152
79,994
North Carolina
23,651
Arkansas._
695,486
Oklahoma...'.-
184,531
California-.
194,430
South Carolina.
Georgia
Louisiana-
177,923
291,819
Texas
Mississippi.
760,703
Virginia.
Missouri.-,
110,742
53,032
320,901
Tennessee
...
1,228,390
150
Volume
Census
June
13
Financial
148
Report
the
of
the
Production— On
the following
Oil
Cottonseed
of
Bureau
Census
Chronicle
issued
received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand and
exported for the ten months ended with May,
statement
cottonseed
showing
1939 and 1938.
COTTONSEED
AND
CRUSHED,
RECEIVED,
ON
New
Orleans
Above
zero
Above
zero
Nashville.
Above
zero
Shreveport
Above
zero
of gauge.
of gauge,
Vicksburg
Above
zero
of gauge.
Memphis—
tions.
Received at Mills*
Crushed
On Hand at Mills
Aug. 1 to May 31
State
Aug. 1 to May 31
May 31
1938
1939
1938
1939
565,641
63,713
587,470
28,224
29,103
284,074
188,225
278,361
657
652,333 1,008,138
288,049
143,041
275,691
178,140
281,677
177,605
645,952
149,253
913,206
48,179
1,583
5,917
102,898
359,645
614,245
Louisiana.-—
183,000
Mississippi—————
430,764
-
279,451
274,455
176.531
279,579
South Carolina
349,863
414,730
16,226
1,014,363 1,683,073 1,157,681 1,551,317
246,988
266,480
180,266
181,378
38,755
-
353.479
Tennessee
Texas
1938
Stocks at Interior Towns
•1937
1939
1,054
—
17.
32,436
24.
21,973
67,994
47,032
54,793
61,190
3012,260 2460.874 1685.584
2986,670 2431,771 1622,61.1
Nil
31.
19,979
44,595
59,427
2951,233 2397.991 1569.244
Nil
2907,928 2362,621 1503,310
2870,759 2338,818 1440,172
Nil
2831,695 2322,171 1387,245
2795,440 2289,937 1322,016
Nil
Includes seed destroyed at mills but not 337,118 tons
471.748
194,187
4,162.345 6,473,156 4.300,768 6,042,983
United States
*
9,151
and 42,394 tons on hand
1936
1938
1939
Mar.
Nil
Nil
49,069
17,929
10,815
Nil
6,060
Apr.
7-
11.788
51,480
50,142
14.
21,385
26,976
21.
..._
All other States
Receipts from, Plantations
1937
1938
1,738
2,748
16,447
154,628
20,088
2,626
Oklahoma
Receipts at Ports
1939
9,009
180,756
North Carolina
17.5
30.2
End.
346,715
618.745
288,828
Georgia
6.1
14.3
The
Week
230,583
13,591
13,149
52,988
166,282
454,648
157,717
—
12.5
22.4
9.7
12,471
461,279
237,965
Arkansas
Feet
6.1
13.7
9.8
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
20,992
433,392
California
1938
1939
of gauge.
of gauge.
Southern
421,202
306,996
Alabama
*
June 17, 1938
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
(TONS)
HAND
3711
June 16, 1939
Feet
13,296
42,828
40,673
28.
12,397
30,687
45,944
44,904
Nil
Nil
Nil
16,110
3,173
14,040
13,710
Nil
NU
Nil
May
AND ON
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT,
NU
HAND
5.
16,498
24,610
40,825
Nil
10,724
16,918
31,296
Nil
Nil
19.
15,932
17,042
28,231
2757,237 2263,791 1255,379
2725,840 2237,238 1206,606
2692,155 2216,336 1162,626
Nil
12.
Nil
Nil
Nil
26.
respectively.
Aug. 1 nor 67,990 tons and 140,001 tons reshipped for 1939 and 1938,
16,953
14,112
25,457
2667,674 2194,843 1107,259
Nil
Nil
Nil
17,870
17,425
23,761
2635,929 2167,585 1064,946
Nil
Nil
Nil
9.
16,177
20,059
Nil
27,019
2600,639 2138,409 1030,520
2570,117 2119,356
998,705
Nil
23,331
23,325
15,944
Nil
16.
Nil
7,966
Nil
Nil
'
June
2.
Produced
On Hand
Aug. 1
Aug'. 1
Season
Item
May
Shipped Out
Aug. ,1 to
On Hand
May 31
to
May 31
31
*137,785,041
87,881,750
a649,327,740
599,176,287
1937-38
*33,833,717 1,352,680,308 1,274,332,110
11,141,266 1,867,297,915 1,838,461,165
a487.927.952 61175,583,436
441,052,343 1,619,800,000
1,987,550
214,611'i
1,945,958
2,460,709
41,952
2,699,605
1,116,136
1,135,808
133,153
43,422
1,424,507
1,554,657
1938-39
457,464
1,070,574
948,772
579,266
1937-38
61,547
1,397,554
903,438
1938-39
30.534
34,959
38,647
26,846
1937-38
1,828
61,885
32,335
31,378
53,740
36,942
38,528
46,015
1988-39
j
1938-39
Cake and meal,
(
1938-39
-
1937-38
1937-38
-J
(tons).—.
1937-38
1
1938-39
Hulls (tons)——
Llntera, running
bales
Hull
fiber,
600-
lb. bales
.
173,019
280,848
113,481
173,572
Grabbots, motes
500
Ac.,
1938-39
*
36,592
1937-38
Ib.j
bales
7,379
54,090
77,164
23,846,829 pounds held by refining and manufacturing
12,855,220 and 25,951,040 pounds in transit to refiners and
Includes 11,339,523 and
and
establishments
consumers
Aug. 1, 1938 and May
31, 1939 respectively.
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all
warehousemen
Cotton
2,301,844 pounds in transit to manufacturers of shortening,
&c., Aug. 1, 1938 and May 31, 1939, respectively.
Produced from 1,248,455,293 pounds of crude oil.
7,696,711
and
and
Takings,
COTTONSEED
OF
IMPORTS
AND
EXPORTS
PRODUCTS
NINE
FOR
APRIL 30
MONTHS ENDED
from which statistics
amounts
or
1937-38
1938-39
,
Week
--
-
'
•
8,460,575
7,306,160
refined, pounds
Oil
1938
1939
2,906,566
2,340,454
4,420,926
123,790
—
14,867
Oil, refined, pounds
Cake and meal, toas of 2,000 pounds
1
Linters. baies of 500 pounds
—
j
42,912
3,622
136", 185
42,000
10,301,326
2,240,000
_
22,000
48,000
9,000
748,000
1,610,800
458,000
June 16.
Bombay receipts to June 15.
Other India ship'ts to June 15
Alexandria receipts to June 14
Other supply to June 14. * b.
12,743
Total
Amounts
direct
for
•
8,630,277 24,287,422
".
L
-
-
7,196,693 '7,196,693
_
_____
254,245 .15,911,390
184,245 10,994,590
4,916,800
70,000
366,652 16,020,374
208,652 10,898,774
5,121,600
158,000
Total takings to June 16 ax..
Of which American
i
8,376,032
8,376,032
sumption," and 1,230,910 refined, "entered direct into warehouse."
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies,
a
"withdrawn from warehouse for con¬
913,401 refined,
consumption,"
•
b
■
included above are 5,123,467 pounds refined, "entered
for May not
14,508,200
2,350,000
583,000
16,000
15,000
2,038,200
6,000
469,000
23,000
7,563,345 23,217,067
supply
Deduct—
Visible supply June 16
Of which other
*
109",702
36,115,294
4,174
34,569
——
224,592
*50,597,148
/
165,878
*714,800
Cake and meal, tons of 2,000 pounds
Linters, running bales
79,601
4,339",022
7,858",941
.
.
Item
Season
Week
Season '
A
Visible supply June 9
Visible supply Aug. 1
American in sight to
Exports—Oil, crude, pounds
out of
gone
,
Week and Season
oleomargarine, soap,
b
sources
obtainable; also the takings
sight for the like period:
are
5,199,739 and 15,239,729 pounds held by refiners, brokers, agents and
at places other than refineries and manufacturing establishments
Includes
a
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,392,943 bales;
in 1937-38 were 8,418,890 bales, and in 1936-37 were 6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 23,331 bales, the actual movement from
the plantations was nil bales, stock at interior towns having
decreased 30,522 bales during the week.
555,663
f
Refined oil (lbs.)
Crude oil (lbs.)
The above statement shows:
This total embraces since Aug.
&c.
1 the total estimated consumption by
1937-38—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 10,432,374 bales in 1938-39 and 11,211,390 bales in
1937-38, of which 5,310,774 bales and 6,294,590 bales American.
Southern mills, 5,588,000 bales in 1938-39 and 4,700,000 bales in
Returns
by Telegraph—Telegraphic advices to us this
evening indicate that cotton has made good progress in the
western and more eastern portions of the belt.
Texas re¬
b Estimated.
ports that rain is needed in the northwest portion,, but in
other parts of Texas the progress of the crop has been very
of Indian cotton at Bombay
good to excellent.
ports for the week
"
■
Rain
Texas—Galveston
.
___•.
Amarillo
Abilene
—
_
Corpus
-
Christi
Dallas
El
Paso——
—_a—-
Nacogdoches
1
Palestine----
Paris'San
—*-
_i„
—
Antonio—-
—
-
Taylor—Oklahoma1—Oklahoma City—
Arkansas-—Eldorado
Fort Smith..
„
—
Pine
Pensacola
—
Tampa
Georgia—Savannah
Atlanta
84
100
64
68
84
92
68
80
92
•68
96
83
,
Carolina—Charleston._
North Carolina—Asheville
Charlotte
Newbern
Wilmington
Tennessee—Memphis
ChattanoogaNashville
—..
•
0
'A
1936-37
1937-38
1938-39
■
Receipts—■
Week
42.000
Bombay
;
Exports
''From—
*
For the
>•'
Aug. 1
2.240.00(
Since
Since
Since
Week
Aug. 1
23,000 2,350.000
Aug. 1
Week
53.000
Since August
Week
Great
Conti¬
Britain
nent
China
Greed
Jap'nA
•
80
72
2.996.000
Total
Conti¬
Britain
nent
1
Janap &
"China
Total
80
85
Bombay—
1938-39..
.1,000
3,000
71,000
75,000
72,000
220.000 1158,000 1450,000
7,000
2,000
30,000
39.000
46,000
7,000
47,000
54,000
82,000
244,000 697,000 •987,000
364,000 1448,000 1894,000
22,000
68
84
60
1937-38-
1
2
79
83
1.36
0.80
96
64
80
OtherIndia-
80
1938-39..
3,000
19,000
277,000
471,000
0.23
91
67
79
1937-38—
2,000
14.000
16,000
196,000
387,000
583,000
94
70
83
1936-37-
29,000
1.000
30,000
465,000
639,000
1104,000
100
68
92
"
93
1936-37...
748,000
67
80
1.91
96
00
78
0.02
98
70
84
1938-39-
4 000
22,000
71,000
97,000
349,000
691,000 1158,000 2198,000
0.48
90
70
1937-38-
9,000
16,000
30,000
55,000
242,000
631,000
0.12
90
72
80
81
1936-37..
29.000
8 000
47.000
84.000
547 000 1003 000 1448.000 2998.000
0.27
90
70
80
1.36
88
64
70
0.39
92
70
81
2.26
94
70
82
4
'3
0.45
86
76
81
4.76
84
70
77
2.88
92
70
81
3.51
93
69
81
2.39
94
66
80
96
70
83
5
5
3
4
3
3
2.13
92
66
79
4.23
93
82
74
75
3
4
2
Total all—
compared with last
year
in the week's receipts of
19,000 bales.
Exports from all India ports record an
of 42,000 bales during the week, and since Aug. 1
increase of 628,000 bales.
increase
show an
Alexandria Receipts and Shipments—We now
receive
weekly a cable of the movements of cotton at Alexandria,
Egypt.
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
0.34
86
1.94
94
56
0.63
96
67
82
1.08
88
70
1.87
91
63
79
76
1.28
90
62
76
Alexandria, Egypt,
0.64
,
697,000 1570,000
According to the foregoing, Bombay appears to show an
increase
70
62
90
60
75
June 14
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:
•»
*
June 15
84
64
98
dry
_.
"
1
'82
100
ft
70
Augusta
South
70
64
4
Miami
Macon
-74
98
3
4
Birmingham
Montgomery
Florida—Jacksonville
cabled,
as
96
3
1
4
1
3
4
2
4
Alabama—Mobile
from Aug. 1,
98
Amite
Mississippi—Meridian—
Vicksburg
82
:
92
dry
dry
Shreveport
81
74
season
follows:
0.48
Louisiana—Alexandria
New Orleans
68
as
■1.68"
4
Bluff—
87
and for the
have been
1
3
Little Rock
72
*
104
dry
dry
—
—
83
85
106
90
1.34
2
__v_
60
72
for three years,
84
94
dry
dry'
dry
dry
Kerrville
Luling______
,
Mean
77
102
dry
dry
dry
dry
dry
,
Low
98
dry
dry
_
Brenham
Brownsville
0.13
2
—
___—
—
High
90
dry
-
*
Austin..
Inches
-Thermometer
Rainfall
Days
Ports—The receipts
and the shipments from all India
India Cotton Movement from All
,
.
two years:
Receipts (cantars)—
This week
Since Aug.
1---.---
1937-38
1938-39
..
240,000
".8.'69.442
•
75,000
10,255,101
1936-37
^,000
8,817,914
3712
Financial
This
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Saturday
Spot
Liverpool
165.576
174,992
639,317
26,884
5,000
6,000
15,000
175,186
170,467
5,000
9,000
187,608
200,891
701,595
42,210
1,000
690,509
25.244
9.000
Total exports......... 26,000 1006,769 14,000 1061,406 10,000 1132,304
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending June 14 were
240.000 cantars and the foreign shipments 26,000 bales.
Wednesday
Tuesday
Monday
Quiet.
Quiet.
business
Quiet.
Moderate
doing.
Quiet.
5.76d.
Mid .Upl'ds
Market
opened.
demand.
j
1
5.77d.
5.76d.
5.80d.
5.79d.
Quiet;
Steady;
Quiet but
Quiet but
stdy.; 3 to 6 stdy.; 1 to 6 3 to 5 pts
decline.
pts. dec.
pts. adv.
1
to
2
5.76d.
Quiet;
pts. 2 to 3
decline.
Quiet; 1 pt.
pts. adv.
advance.
1
to
pt. decline
Quiet but
Quiet;
Quiet but Q't but st'y
Quiet but
un¬ unch. to 2
pts. stdy.; 2 to 7 stdy.; 1 pt. 2 pts. dec. stdy.;
adv. to 1 pt
to 1 pt.
pts. adv.
changed to
pts. adv.
decline.
advance.
6 pts. adv.
f Barely stdy
Market,
6
P. M.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for both yarn and cloth is
improving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
Friday
Thursday
P. M.
Futures.i
:
17, 1939
A fair
Market,
12:15
To Manchester, &c
To Continent & India...
To America
June
Aug. 1
Export (bales)—
To
Chronicle
J
7
to
decline.
Prices of futures at
Sat.
June 10
Liverpool for each day
Tues.
Mon.
are
Wed.
given below:
Thurs.
Frl,
to
June 16
Close Noon Close Noon Close Noon Close Noon Close Noon Close
''
1939
1938
New Contract
•
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
July (1939)
to Finest
d.
d.
8.
d.
8.
32s Cop
Twist
Middl'g
Upl'ds
d.
to Finest
'
d.
s.
d.
5.08
5.06
5.04
5.07
5.05
5.05
5.07
5.05
5.04
5.07
4.62
4.69
4.69
4.66
4.68
4.67
4.68
4.70
4.70
4.69
4.72
Middl'g
Upl'ds
Lbs. Shirt¬
ings. Common
October...--—
4.56
4.53
January(1940) j-
4.49'
4.55
4.56
4.53
4.55
4.54
4.55
4.57
4.59
4.58
4.50
4 55
4.56
4.53
4.55
4.55
4.56
4.58
4.60
4.59
4.61
May
4.51
4.55
4.56
4.55
4.54
4.56
4.58.
4.60
4.59
4.61
July
Tuist
8l4
5.02
Cotton
March———
32 sCop
Cotton
814 Lbs. Shirt¬
ings, Common
4.51
d.
8.
December
d.
Mar.
17—
9
24-
8*4©
9*4
31-
.
8*4©
'
9
3
9*4
8
9
8H@ 9%
8
-9
8K@
9K
8
21-
8*4© 9%
8K@ 9K
8
8*4® 9*4
8*4® 9*4
9
@10
84© 94
8 10K©
8%® 9%
94®ioys
9
9
9^@10
9
5.27
IK
@9
810K@9
5.16
® 9
4.95
9
4.92
10K@11^ 10
10
@11K 10
9
9K@11K
@10
3
5.10
October.—
@10
3
4.97
December
0
4.91
January (1941),.
Aprn
7—
28-
@10
9
9
@10
4.79
9
9
@10
12—
19
—
26—
9
9
@10
9Yi©\9*4
9
9
@10
IK
5.28
9K@10K
9
6
9
9
5.33
9K@10K
9
9
9
5.54
9
9
7K
4.68
@93
5.48
9K@10K
9
@10
9
3
@9
6
4.46
@
5.49
8*4© 9*4
9
@
3
9—
16—
@93
5.77
@
9
3
4.54
5.76
8*4® 9*4
8K@ 9%
9
@93
9
@
9
3
4.69
7K@ 8 10K
9
@9
7K@ 9 10K
8
4.93
9
...
•
9
3
..
9
-
East
To Havre, June 10, City of Joliet, 596..
To Bremen, June 10,
Idarwald, 2,566
To Hamburg, June 10, Idarwald, 43—-
To
297
4
3,707
280
324
42
422
222
596
2,566
68
689
...
1,482
605
—
215
..
866"
514
,
63
.....
50
458
Kentucky, 50
To Gothenburg, June 9,
Taurus, 100---To Stockholm, June 9,
Taurus, 25
To Venice, June 9, Lucia C, 269
To Havre, June 12,
Bruxelles, 200;
To Dunkirk, June
12, Bruxelles, 50
To Japan, June 10,
Ermland, 563; June 13, Vugosmi Maru, 711
To China, June 10,
Ermland, 200
To Havana, June 9,
Ulua, 25
!—■
To Buena Ventura, June
9, Ulua, 110
To Panama
City, June 9, Ulua, 10—CORPUS CHRIST!-—To
Manchester, June 10, Dramatist, 1,135—
MOBILE—To Liverpool, June 4,
Division, 8
NORFOLK—To Antwerp, June 10, Black
Eagle, 68
PENSACOLA, &c.—To Liverpool, June 14, Jean Lafitte, 2
To Manchester, June
14, Jean Lafitte, 30—
SAN FRANCISCO—To
Japan, (?), 214..
To China, (?), 89
To Canada, (?), 60
LOS ANGELES—To
Manchester, June 10, Pacific Pioneer, 1,005.
To Germany, June
10, Schwaben, 601
To Dunkirk, June
13, San Jose, 20
To Marseilles, June 13,
Fella, 40
To Japan, June 13, President
Pierce, 2,760; Kioykawa
1,550
.
100
*25
269
...
200
50
-
1,274
'
200
25
-
110
10
...
....
1,135
8
68
2
30
214
89
60
*
1,005
601
20
_
40
3,207
__i—
Total.
27.354
...
Freights—Current
rates
for
Stand¬
Density
High
ard
.45c
.60c
.45c
Density
Trieste
.60c
Flume
Antwerp
.46c
.61c
Barcelona
Havre
.45c
.60c
Japan
Rotterdam
.46c
.61c
Shanghai
d.55c
.60c
Bombay
.71c
Bremen
Genoa
Oslo
.56c
Stockholm
•
.61c
No quotation
.76c
x
Inc.,
.
Stand¬
Piraeus
•60c
Salonica
*
*
*
x
Hamburg
Only small lots.
♦
as
Stand¬
Density
.60c
New
are
High
ard
d.45c
d.45c
—
from
cotton
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
Manchester
ard
85c
1.00c
.85c
1.00c
Venice
d.85c
1.00c
Copenhagen
Naples
*
*
.56c
.71c
d.55c
d.55c
.60c
.56c
.71c
.75c
.90c
Leghorn
.46c
.61c
Gothenburg
.46c
.60
.61c
d Direct steamer.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports,
stocks, &c., at that port:
May 26
■n,—w._ j
E°rwar<L
50.000
786,000
295,000
—i—
Tn?fi ?m^renCan-nfwhK";;r"
AmISfiilr
33,000
3,MO
121,000
15,000
pf which American.
The tone of the
each
-
4.57
4.60
4.57
—
June 2
36,000
June 9
June 16
61,000
781,000
778,000
273,000
61,000
71,000
733,000
251,000
34,000
3,000
119,000
"13,000
285,000
35,000
4,000
144,000
13,000
6,000
112,000
11,000
Liverpool market for spots and futures
day of the past week and the
daily closing prices of
spot cotton have been
as
follows:
•
-
4.51
_
--
-
4.50
-
4.51
-
•-
4.57
-
-
»
4.57
4.50
4,61
4.57
4.57
4.50
-
4.51
4.51
4.57
4.57
market
were
booked
offering
were
levels
for
spring
in
120
days.
patents
order
to
at
Mills
here
prices
15c.
in
to
the
25e.
stimulate buying interest.
infestation in parts of the Southwest also attracted
attention,
but experts who checked these said
only insignificant in¬
Kansas, although, they pointed
out, the disease may spread.
On the 12th inst. prices closed
lVsC. to l%e. net lower. The market slumped today more
festations could be found in
a
cent
a
bushel, the lowest level in about 3 weeks in
*
wave
comments
a
that rains
of
liquidation.
Bearish crop reports from
the Northwest and greatly increased
movement of new
wheat in the Southwest were factors
largely responsible for
the selling wave that took
place in the late trading. After
holding steady most of the session, scoring a small He*
gain at times, the market slumped rather sharply at the last
and closed at the lows of the
day.
As selling of wheat on
orders from both winter and
spring wheat belts increased,
with hedging presumably a factor,
stop less liquidation was
touched off,
accelerating the decline. Reports of stem rust
in sections of Kansas, with one
crop expert expressing belief
that some damage cannot be
avoided, and of red rust in
central Illinois,, tended to restrict
selling for a time. How¬
ever, from the spring wheat belt came State
statisticians'
crop
to
prospects.
HQ,, lower,
since June 1 have greatly
improved
On the 13th inst. prices closed unchanged
A temporary wheat price slump of about a
bushel to the lowest level in almost 6
weeks today
enough resting purchase orders to reverse the
market's course and cause a strong
rally, which was aided
cent
Maru,
447-—
.
final hour
976
.
-
High
—
about a cent.
Later, evening up
selling accounted for a reaction, and at the closed quotations
were about unchanged from
previous finals. Establishment
of the lowest quotations at Liverpool,
Europe's principal
import market, in 8 years had a bearish effect. Offsetting
this was the slightly bullish interpretation
placed by some
dealers on that" portion of the Government
crop report
pertaining to spring wheat. Scattered reports of black rust
than
50
*
*
*
43
Oslo, June 15, Taurus, 63
To Gothenburg, June
15, Taurus, 50
To Japan, June 15,
Muensterland, 458
NEW ORLEANS—To
Copenhagen, June 9, Taurus, 50
To Genoa, June 9,
Tesio, 1,550
To Gdynia, June 9, Taurus,
126; June 12, Vigilant, 800; June 14,
Liverpool
—
The market then rallied
400
l
..
Cotton
4.51
-
prices closed unchanged to He.
lower.
Prices dipped as much as
early in the day owing
to good rains over much of the grain
belt, particularly in
spring wheat territory, where moisture is most beneficial.
674
To
,
4.50
4.60
«...
4.60
Wheat—On the 10th inst.
363
—
Oporto, June 10, City of Joliet, 68—
Liverpool, June 13, Magician, 689
Manchester, June 13, Magician, 1,482
Trieste, June 14, Lucia C, 605
Venice, June 14, Lucia C, 215
Gdynia, June 14, Vigilant, 370; June 15, Taurus, 496
Copenhagen, June 15, Taurus, 614
—
To
4.55
--
4.51
.
flour
below current
564
,
To
-
4.55
4.60
-
was
moderately active and
booking were reported for the week.
It is said that
small bakers and jobbers booked contracts
recently any¬
where from 30 to 120 days.
However, the bulk of the
business booked was for 30- to 60-day shipment
A few
contracts
....
To
-
-
fair
422
—
To
-
4.59
Friday Night, June 16, 1939
Flour—The
4.43
—
»
-
4.55
-
BREADSTUFFS
Dales
»
•
4.49
May.
Shipping New*—Shipments in detail:
To
-
4.51
—
....
4.80
GALVESTON—To Copenhagen, June 9, Uddeholm, 422
To Rotterdam, June 9, Breedijk, 157; June 12,
City of Joliet,
407
«...
To Gdynia, June 9, Uddeholm, 297..
To Gothenburg, June 9,
Uddeholm, 674
To Ghent, June 12, City of Joliet, 363-To Havre, June 12, City of Joliet, 4
To Bremen, June 12,
Idarwald, 3,707
To Liverpool, June 15,
Magician, 400
To Manchester, June 15, Magician, 280
To Dunkirk, June 14, Michigan, 324
To Havana, June 13, Margaret
Lykes, 42
To Cartagena, June 13,
Margaret Lykes, 422
HOUSTON—To Ghent, June 10, City of Joliet, 222
To
-
4.77
9
-
4.96
8 10K@ 9
IK
9
@93
@
6
@
4K@
_
-
-
4.94
5.00
©
June
2„
4.55
-
4.56
4.89
4.99
_
May
5—
.
4.49
4.49
9
-9K@HK
9K@11K
9 K@UK
t*! 1
Ti
4.48
0
0
March.
@10
14-
A
4.49
—
a
uncovered
considerably by short covering. •Comparative strength in
grains, particularly corn and rye, and in wheat at
Winnipeg, helped to bolster confidence in Chicago values,
other
while reports of stem rust
spread as far north
Nebraska and prospects of fair and warmer
as
southern
weather
for
Kansas, Nebraska and the Dakotas added to the
support.
Improved crop prospects in the Northwest and increased
marketing of both new and old crop wheat, with resulting
hedging pressure, were factors in the early decline. Scattered
rains were reported
through much of the belt, particularly in
corn
territory, and showers were.in prospect for some areas.
On the 14th inst.
prices closed He. to He. net higher.
wheat market was firm in a
light trade
The
today and prices
%c. a bushel at times.
Aiding the
upturn here were higher Liverpool quotations, fears of rust
damage spread to the domestic spring wheat area and dis¬
appointing reports of harvesting Southwest. A Kansas City
firm reported that the first combined
wheat at Galva, Kan.,
tested 55 pounds and
yielded only 7 to 8 bushels an acre.
Also aiding the market here were
private reports of un¬
favorable spring wheat crop conditions from both North
and South Dakota.
An elevator company said wheat
along
the Southwestern border of North Dakota
probably would
not respond to rains and a
private report from Ipswich,
advanced
as
much
as
"
Volume
Financial
148
S. D. said wheat in the western part of the State was
The Government weekly crop report said
in poor
that in
general winter wheat had progressed satisfactorily in the
condition.
central and eastern
portions of the belt.
Va to %c. net lower.
The
On the loth inst. pricse closed
wheat
market
because
largely
the
on
selling
of
turned lower today,
Chicago Board
based
revision of
reports
upward
on
of the
session, but towards the close sagged in sympathy
sharp declines in wheat values in the late trading.
net higher.
Good
shipping sales strengthened oats.
This grain ruled steady
during most of the session.
On the 14th inst. prices closed
He. net higher.
Trading was very light and there was
nothing of interest in the news concerning oats.
with the
On the 13th inst. prices closed H to
On the 15th inst. prices closed %
private Kansas crop estimates and favorable crop
The
Canada.
from
most of the belt.
over
after
tions,
early
an
Canadian
the
in
reported to be better than normal
The sagging trend of wheat quota¬
provinces was
prairie
situation
moisture
wak in the face of greatly
upturn,
expanded European purchasing of North American grain,
mostly Canadian, and improved domestic mill demand.,
Export sales of North American wheat were estimated at
2,000,000 bushels.
A bearish estimate of Kansas produc¬
tion by the Robinson Elevator Co. indicated a
probable
Kansas harvest of
122,293,000 bushels, about 20,000,000
bushels higher than some estimates several weeks ago.
This
indicated
survey
increased
the
largely
is
harvest
half
the
of
cent
bushel
a
losses
the South¬
of favorable weather for harvesting, and
rains and cool weather in the spring wheat belt were
more
The Northwest again had
factors that encouraged selling.
rain, and continued unsettled weather was in prospect for
North Dakota and parts of Minnesota, although clearing
predicted for the rest of the belt.
While clear
the
Southwest was believed favorable for
skies were
in
Weather
temperatures were very high in some
districts, and this caused concern for later wheat.
Buying
harvest "operations,
support from milling interests helped to check the
decline.
Greatly enlarged importers' demand this week, with sales of
North
American
wheat
to
Europe
estimated
close to
5,000,000 bushels, with attributed to critical political situ¬
ation.
...
DAILY
CLOSING
PRICES
OP
WHEAT
80
December
DAILY
-
CLOSING PRICES
•
73%
74
73%
73%
72%
73
76%
75
74%
75
74%
When Made
Oct.
5,1938
Dec. 23,1938
June 16, 1939
OF WHEAT FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
60%
October
November
— -
—
62
63%
63%
60%
60%
DAILY
_
CLOSING
61%
63%
63%
62
63%
63%
62%
64
64
62%
63%
63%
Corn—On the 10th inst. prices closed unchanged to Yd.
The corn market was relatively quiet, following
lower.
closely the action of wheat.
Prices showed gains of He. at
one stage.
Good rains were reported in the corn belt.
On
the 12th inst. prices closed % to 1 He- net lower.
Weakness
in corn was mainly a reflection of the wheat trend.
Spot
corn prices were little changed and receipts were not large.
However,, good rains were received in some parts of the belt.
The Government accepted 28 bids on approximately 200,000
barrels of meal for relief distribution.
The meal will be de¬
livered in the next six weeks.'
An additional 100,000 barrels
might be bought later.
On the 13th inst. prices closed
to He. net higher.
Corn was higher most of the time, re¬
flecting small local receipts of only 66 cars and small primary
market arrivals, about 25% less than a year ago.
Improved
European demand for Argentine corn was reported*, with
Italy taking two cargoes and Germany negotiating for
1,600,000 to 2,400,000 bushels.
On the 14th inst. prices
closed H to He. net lower.
The corn market was firm in
the early trading, but later sagged as a result of very .light
demand and no interest from foreign sources.
,
On the 15th inst. prices closed unchanged to %c. net
lower.
Corn prices also advanced with wheat, but then
retreated
to
below yesterday's closfe.
Commercial and
"
shipping demand was good, and terminal receipts continued
to lag.
Selling of December corn was based largely on
favorable crop news, with good rains recently over most
Today prices closed %c. lower To
%c. higher.
OATS
OF
Sat.
September
December—
of
session.
the
This grain was
good spot
a
FUTURES
Mon.
34%
32%
33%
—
Tues.
33%
31%
32%
CHICAGO
Fri.
33%
32
IN
Thurs.
Wed.
34%
34%
32%
32%
33%
31%
32%
32%
33
32%
Season's Low and When Made
When Made
June 10, 1939 July
24%
Oct. 18, 1938
26%
Apr.
5,1939
May 25,1939 September
May 25, 1939 December
32%
June 16, 1939
——
Season's High
and
July
35
September--- 33%
December
34%
CLOSING
PRICES
Mon.
Sat.
30%
29%
29%
October
December
—
FUTURES
OATS
OF
'
July
—
Tues.
29%
29
28%
•
WINNIPEG
IN
Wed.
30%
29%
29
Fri.
Thurs.
30%
29%
29%
30%
30%
29%
29
29%
29%
Rye—On the 10th inst. prices closed 1H to lHe. net
higher.
The exceptional strength displayed in rye futures
was due almost entirely to the Government estimate of a
35,000,000 bushel crop.
This is barely equal to average
annual domestic
requirements and 20,000,000 smaller than
harvested last year.
On the 12th inst. prices closed % to lc.
net lower.
Bearish crop and weather reports together with
sharp slump in wheat values towards the close had a de¬
pressing effect on rye futures.
On the 13th inst. prices
closed Ya to l%c. net higher.
With the increasingly bullish
outlook as concerns the new crop of rye and a fairly good spot
demand for the grain, prices ruled higher during most of the
session.
On the 14th inst. prices closed unchanged to He.
up.
Trading was relatively light, with the undertone steady.
On the 15th inst. prices closed
% to l%c. net lower.
downward
The
futures, especially in the distant deliveries,
due largely to bearish crop and
was
trend
and
of wheat
weather reports.
The
also had a depressing
corn
influence
on
Vac.
Trading was light and without feature.
up.
rye
DAILY
Today prices closed ^4c. down to
values.
CLOSING
PRICES
f
September.
;
—
December--
—
.:
Season's
High and
July
54%
September-.- 56%
December-
58
DAILY
CLOSING
RYE
OF
.
July—
—
FUTURES
Sat. Mon. Tues.
51%
50%
52
53%
52%
53%
55%
54%
55%
53%
55%.
RYE FUTURES IN WINNIPEG
OF
Sati
Mon.
Tues.
46%
-
December-.
—
—
45%
47%
-
Fri.
50%
52%
64%
52%
54
When Made
Mar. 16, 1939
'
Apr.
5,1939
June
8.1939
__
PRICES
CHICAGO
IN
Wed. Thurs.
52%
51%
When Made
I' Season's Low and
June
8, 19391 July
—
41%
"1. 1929 September— AOJA
May 31, 19391 fifltitamhflr
42%
May 31, 19391 December
53%
JulyOctober
of the belt.
PRICES
•
.
61%' 61%
61%
62%
62%
most
attributed largely to
was
74%
——61
—
December-—-
Fri.
73%
73%
When Made
I
Season's Low and
May 26, 1939 July.
—
62%
May 31,1939 September--- 67%
May 26, 1939 December
73%
■
July.
CHICAGO
Thurs.
75%
—
—
High and
-79%
79%
Season's
July.
September
IN
Wed.
Tues.
Fri.
90%
91%
73%
73%
74%
_
FUTURES
Mon.
Sat.
July
i.
September,
"December
91%
91%
91%
Thurs.
Wed.
Tues.
Man.
92%
during
to %c. net higher.
influence
an
as
demand.
weakness in rye
OP WHEAT IN NEW YORK
Sat.
No. 2 red.--
DAILY
relatively firm, and
•
CLOSING PRICES
heavy
•
return
a
ruled
The
%c. net lower.
to
had its effect
corn
the close.
before
Prospects of increased receipts of new wheat in
west,
which
oats,
on
Today prices closed 14
<
Today prices closed % to %c. net lower.
Wheat prices
fell to the lowest levels in six weeks today, but recovered
about
heaviness of wheat and
DAILY
by better-than-expected yields.
caused
3713
Chronicle
46%
Wed.
Thurs.
47
'
'
47%
47%
47%
48%
48%
47%
Fri.»
—
——
.
46%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
»
38%
37%
July
October-
—
38
December
37%
38%
38%
38%
38
37%
37
37%
e
38%
38
37%
Closing quotations were as follows:
FLOUR
Spring pat. blgb protein—5.25(
Spring patents
4.90(
Clears, first spring
—-4.45(
Hard winter straights——4.70(
>5.45
>5.10
>4.75
Rye flour patents
—.4.05
Seminola, bbl., Nos. 1-3—5.75
Oats good
2.65
>4.90
Corn
Flour
5.90
.1.75
.......
4.85( >5.05 Barley goods—
Coarse
Norn.
Hard winter patents*.
Hard winter clears.:
4.25
—
——.3.25
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50@5.00
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic-.
Manitoba No. 1, f.o.b. N. YCorn, New York—
No. 2 yellow, all
Oats, New York—
No. 2 white—
90%
71%
65%
rail
—
*
Rye, United States c.i.f_
Barley, New York—
40 lbs. feeding
Chicago, cash
47%
70
56%
50- 57
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:
•
.
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at-
Rye
Barley
bush 56 lbs bush 48 lbs
175,000
2,223,000
515,000
16,000
182,000
fairly steady, with receipts only moderate and
industrial demand good.
Open interest in corn tonight was
Minneapolis
2,323,000
368,000
246,000
275,000
463,000
Duluth-
1,539,000
421,000
147,000
94,000
29,000
54,901,000 bushels.
13,000
4,000
188,000
Toledo
held
Corn
DAILY
Mon.
65%
yellow
DAILY
CLOSING
PRICES
OF
50%
51%
December
52%
High
and
July
September
55%
56%
December
54
When
Made
I
65%
65%
Season's
Sept. 24. 19381 July
Jan.
4, 19391 September
June
8, 19391 December
49%
51%
and
48%
49%
51
65%
65%
49%
50%
51%
When
Fri.
49%
51%
51%
Made
Mar. 16. 1938
Apr.
June
3,1939
16,1939
Oats—On the 10th inst
prices closed unchanged to He
was reported the lowest on
yecord for thp date except for Juner1933.
July oats reached
a new seasonal high of 35c.
On the 12th inst. prices closed
lower.
The condition of oats
H to He. net lower.
The market held steady during most
272,000
2,000
182~000
Milwaukee
87,000
633,000
80,000
298,000
100,000
18,000
-
122,000
214,000
172,000
36,000
26,000
347,000
30,000
Kansas City
13,000
878,000
127,000
185,000
43,000
24,000
16,000
22,000
307,000
ii'ooo
26,000
Peoria
St.
Fri.
CHICAGO
Thurs.
49%
51
51%
52%
Low
IN
Wed.
Tues.
49%
.50%
51%
Thurs.
Wed.
FUTURES
Mon.
July
September
Tues.
64%
CORN
Sat.
Season's
—-
Indianapolis
OF CORN IN NEW YORK
CLOSING PRICES
Sat.
No. 2
218,000
Chicago;—
Louis..
Omaha
St.
Joseph.
Wichita
472,000
...
34,000
56,000
48,000
36,000
~
32,000
78~6o6
7~66O
1,178,000
1,822,000
204,000
406,000
7,449,000
6,424,000
2,016,000
Same wk '38
364,000
2,607,000
6,949,000
1,184,000
176,000
971,000
915,000
Same wk '37
320,000
2,664,000
3,191,000
833,000
248,000
819,000
City-
Sioux
Buffalo
Tot. wk. '39
3,000
5,00C
9.00C
439,000
Since Aug. 1
1937
20,045,000 313,141,000 248,451,000 97,203,000 24,441,000 90,417,000
17,168,000 271,159,000 283,230,000 103,661,000 25,049,000 92,416,000
1936
18,220,000 199,546,000 146.051,000
1938
the
74,207.000 17,156,000 79,041,000
and grain at the seaboard ports for
week ended Saturday June 10, 1939 follow:
Total receipts of flour
/
Financial
3714
Chronicle
Corn
Wheal
Flour
Receipts at—
Philadelphla
224,000
22.000
141,000
36,000
Barley
bush 56 lbs bush 48 lbs
11,000
1,000
8,000
Rye
bush 32 lbs
bush 56 lbs
bush 60 lbs
bbls 196 lbs
NewYork..
Oats
26,000
9,000
3,000
31,000
30,000
201,000
63,000
22,000
43:666
740,000
lYoOO
"2:666
14,000
24.000
64~,666
Galveston.
Montreal.
.
-
Boston
—
Victoria
Three
corn
is stored
loan
are as
Bushels
2,000
139,000
6,785,000
36,585,000
10,491,000
237,000
2,002,000
5,799,000
206,000
111,000
Iowa.-----.
.63,250,752.82 110,975,939
.
Kentucky...
.
609,000
6,266,000
1939
47,862
59,530,992
Kansas
118,000
336,000
Since Jan. 1
40,976,000
43,644,000
2,011,000
1,674,000
6,952,000
Week 1938-
1,776,000
-415,000
1,956,000
*
on
passing through New Orleans for foreign ports
Receipts do not incluue grain
through bills of lading.
The exports
'
from the several seaboard ports for the week
ending Saturday, June 10, 1939, are shown in the annexed
statement:
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels,
Bushels
Bushels
38,840
41,000
New York——.
Albany.—.—
Houston
599,000
New
Sorel
740,000
"
.
Victoria-.--
lYoOO
113:666
51,000
Same week
------
"17,000
3,027,000
3,674,000 6,838,000
1938..
------
...
430,000
Three Rivers
65,000
91,840
90,554
The destination of these exports
113,000
l"l6:666
129,000
608,000
for the week and since
July 1, 1938, is as below:
■
Wheat
Flour
.
Corn
Exports for Week
and Since
Week
Since
•Week
Since
Week
Since
July 1 to—
June 10
July 1
June 10
July 1
June 10
July 1
1939
1938
1939
193,8
1939
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
2,177,660
1,733,000
8,715
West Indies
14,500
726,294
669,750
1,273,000
14,000
18,250
—
1,367,750
7,000
26,783,000
5,000
503,000
•
"3",000
9,7(50
326,964
1,377:666
703,000
91,840
90,554
5,334,418
5,035,890
3,027,000 132,395,000
Total 1938—--
,
Wheat
Bushels
27,000
,
*
New York
Philadelphia—
'
Baltimore
New Orleans
Galveston
Fort Worth--
2,345,000
889,000
-
Wichita
-
2,150,000
423,000
Hutchinson
St. Joseph.
-4---
14,804,000
Kansas City-Omaha
2,256,000
-
Sioux City
—
'
St. Louis..
Indianapolis.-
—
Peoria—
584,000
463,000
227,000
---
Chicago
"
99,000
84,000
103,000
853,000
4,050,000
-
float-.-
On Lakes
—
.——
STOCKS
—-
Oats
Rye
Barley
Bushels
Bushels
Bushels
9,000
9,000
TOOO
17,000
20,000
.
5,000
25,000
,
25,000
25,000
5,000
2,000
435:666
120,000
1,527,000
5,312,000
6v>,000
135,000
2,000
374,000
39,000
46,00(1
107,000
10,000
162,000
91,000
1,000
809,000
84,000
2,000
1,325,000
212,000
207,000
9,950,000
1,271,000
746,000
16,000
96:666
905.Q00.
248,000
1,880,000
3,314,000
177,000
1,398,000
66:666
71,000
995,000
44,000
381,000
2,509,000
2,209,000
228,000
552,000
5,000
2,130,000
2,000
2,000
150,000
4,170,000
1,213,000
835,000
368,000
6,900,000
4,015,000
668,000
490,000
18,000
430,000
132:666
10, 1939—59,767,000 33,209,000
5,691,000
——-
afloat
On Canal.
Note—Bonded grain not included above:
Oats—Buffalo, 96,000 bushels; total,
96,000 bushels, against 105,000 bushels In 1938.
Barley—Chicago, 61,000 bushels;
Duluth, 66,000; total, 127,000 bushels, against 566,000 bushels in 1938.
Wheat—
New York, 63,000 bushels; Buffalo, 299,000; Albany, 2,009,000; Erie, 403,000
on Canal, 925,000; total, 3,699,000 bushels, against 2,477,000 bushels in 1938.
Wheat
,
.
Corn
Oats
Rye
Bushels
/
Canadian—
Bushels
Bushels
Bushels
Total June
7Q,000
976,000
597,000
978,000
1,460,000
1,058,000
4,110,000
7,998,000
2,508,000
6,144,000
5,691,000
6,900,000
7,998,000
2,508,000
4,015,000
6,144,000
10, 1939..163,488,000 33,209,000 13,689,000
9,408,000
10,159,000
1,435,000
10, 1939.-103,721,000
Summary—
■
59,767,000 33,209,000
103,721,000
Canadian-.
Total June
Barley
Bushels
5,966,000
Lake, bay, river &seab'd 23,51^,000
36,280,000
Other Can. & other elev. 43,927,000
Ft. William & Pt. Arthur
American
The world's
shipment of wheat and
furnished by
Broomhall to the New York Produce Exchange, for the week
ended June 9, and since July 1, 1938 and July 1, 1937, are
shown in the following:
corn, as
Wheat
Corn
Week
Since
Since
Week
June 9,
Exports
July 1;
July 1,
June 9,
1939
1939
Black Sea-
Argentina.
Australia
_
India
1938
1937
Bushels
No. Amer.
Bushels
Bushels
4,914,000 233,392,000 178,488,000
1,136,000 88,231,000 78,100,000
4,861,000 98,736,000 62,815,000
4,079,000 100,879,000 119,284.000
7,344,000
14,176,000
Bushels
33,000
660,000
Since
July
1,
Since
July
1,
193S
1937
Bushels
Bushels
70,937,000
17,983,000
82,765,000
10,310,000
2,918,000 130,967,000 187,436,000
Other
countries
Total-
752,000
33,912,000
24,194,000
15,742,000 562,494,000 477,057,000
The
placed at
on
month
bushels last
year.
ago
and with
Editorial
a
com¬
the report appeared in our issue of last week, on
We give below the report:
3423.
material
and
widespread decline in crop prospects occurred during
The drought conditions, which affected practically all States at
some time during the month and which for a while appeared very threaten¬
ing in many of the Central States, were substantially relieved late in May
and large areas were helped by further good rains in early June.
These
rains, even though they have not restored normal moisture conditions, in
much of the dry area, aided germination and markedly improved prospects
forn corn, sorghums and other late crops.
Grass hay crops, pastures,
ranges, oats and barley were also helped, but they had already been hurt
so mucih that full recovery is not to be expected.
As measured by the damage that occurred prior to June 1, the spring
drought this year does not compare in severity with the disastrous early
drought of 1934, but it appears to have been fully as extensive and severe
as the early droughts of any other years.
The reports received on the con¬
dition of individual field crops on June 1 showed averages for hay crops,
farm pastures, barley, and oats, slightly lower than in any past seasons
except 1934! and the June condition of Western ranges was reported lower
than in past seasons, except 1934 and 1937.
The forecast for winter wheat
is 523,431,000 bushels or 20,000,000 bushels below prospects a month ago
and 7% below average.
Spring wheat shows a low condition and prospects
for a rather heavy loss of acreage.
In the four principal producing States
prospects for rye are now 40% lower than they were a month age*;and the
average yield per acre in the country as a whole is expected to be one of the
lowest ever harvested.
Considering all
crops, reports on prospects on
June 1
quite generally lower than the rather favorable reports received a year
and for the,epuntry as a whole they averaged about 7% lower.
The
chief areas reporting crops better than a year ago were eastern New Mexico
ago,
Extensive areas, including some
>
which still lack adequate
reserves
of soil
420,000
42,456,000
western South
Dakojta and around San Antonio in south central Texas.
drought, there has been a rather extensive change
Some western ranges have been helped
by recent rains, but so large a part of the range area still lacks adequate
rainfall that present prospects do not appear favorable.
Farm pastures
were below average in condition on June 1 except in about a dozen States,
most of which are in the central and lower Mississippi Valley and the
a
result of the spring
in the hay and pasture situation.
25,000
110,000
2,036,000
-
Detroit---.!
*
ment
As
1,000
69,000
148,1)00
13,476,000
165,000
3,670,000
Duluth
Total June
25,000
39,000
159,000
471,000
■-10,825,000
M inneapolls
Buffalo
Corn
Bushels
122,000
;
Milwaukee
now
fully equal to those,usually secured.
On the other hand, with weather no
more favorable than in average years, crop yields are likely to be rather
low in the Dakotas, Nebraska, Kansas, Oklahoma, and Texas, and only
fair in an even larger additional area.
The excellent prospects reported
from a number of States last year are nowhere in sight at present.
Considering all factors likely to affect production, including the grass¬
hoppers already appearing in large numbers in the Dakotas and other
States, the areas which on June 1 were most seriously threatened with
extensive failure of crops and pastures centered in west central Kansas, in
GRAIN
■
of June 1, 1939.
of winter wheat is
the stocks in
comprising
•
.
Winter Wheat,
moisture, report late crops making fair growth at the present time and
favorable weather could still result in crop yields in the country as „a whole
points of accumulation at. lake and
ports Saturday, June 10, were as follows:
United States—
107,575
and the lower Cotton Belt.
at principal
seaboard
on
60,618.48
3,674,000 125.374,000 6,838,000 83,110,000
supply of grain,
visible
granary
1,464,988
4,374,379
Dakota 2,452,216.80
Wisconsin..—
of 543,928,000-bushels a
of 686,637,000
harvest
17,000 68,424,000
.
Total 1939
18,832,010
South
were
70,000
66,000
Brit. No. Am. Col.
Other countries--
17,000 40,930,000
74,490,000
55,955,000
40,615
Kingdom.
ContinentSo. & Cent. Amer.
The
**
10,677,710.20
Ohio.834,744.85
Nebraska
country.
eYoOO
43:660
5,909,608
May as a result of abnormally hot and dry weather over a large part of the
LOOO
56,000
Ft. William.—-.
16,299,205
.523,431,000 bushels, which compares with the Department's
A
16:660
987,000
Montreal.-
production
------
13,000
Orleans
129.482.11
5,494,182
4,400,869
232,423
Bushels
.$9.281,949.62
3,365,598.84
June 9 issued its crop report as
on
estimated
page
110,000
2,493,596.69
.
Missouri
&c.—The Department of Agriculture at Washington
Rye,
estimate
Wheat
Exports from,—
the
$129,630,482.02
Amount
Minnesota-
Agricultural Department Report
Since Jan. 1
1938--.-
.
State—
'
$24,653.97
.
Illinois
—
2,528,000
272,000
9
The loans by States in which the
Indiana
Tot. wk. '39
aggregate
program
.33,928,358.16
3,130,799.48
Colorado
51,000
------
Aggregated
June
follows:
Amount
State—
430,000
Ft. Williams
8
Bushels—On
..'
.
56:666
Riv's
1938-39
227,670,032 bushels.
on
corn
"3:660
19:666
..
—
June
Through
227,670,032
on
Commodity Credit Corporation announced that, through June
the
113:665
987,000
Sorel
$129,630,482
CCC
of
8, loans made by the Corporation and lending agencies under
4,000
Baltimore—
New Orl'ns*
June 17, 1939
Loans
Corn
77,511,000
4.031,000 262.343.000 358,022,000
Southeast. The grasses ordinarily cut for wild hay have suffered severely.'*
.Early cuttings of alfalfa have been reduced in the West and timothy and
clover still lack adequate rainfall in much of the Northeast.
In some
sections where a shortage of hay is threatened, the acreages of sorghums,
sudan grass or of soybeans for hay may be increased, but in most areas
large supplies of hay from last year's cropi are still on hand and no shortage
of hay is feared.
The surplus, however, will be less in evidence than it
was last year.
At the present it would seem that, counting both production
and carry-over, the total supply of hay per unit of livestock wintered will
be
about
above the 10-year average .as compared with 20%
8%
above
last year.
With drought threatening ih some areas and less feed in
the pastures, a repetition of last year's heavy carry-over does not now seem
average
probable.
The prospective supply of feed grain also appears smaller than it did a
month ago.
Oats and barley have been damaged beyond full recovery in
some important producing areas, particularly west of the Mississippi.
The
forecast of rye production shows a reduction of 12,000,000 bushel- which
will leave less available for feed.
Corn shows uneven stands in some
sections but production is still dependent primarily on weather in the months
-
ahead.
;
Up to the first of June, the decline in the condition of pastures had not
materially affected milk production in the country as a whole although, in
the dry area from Virginia northward to New York and northwestward to
Indiana, production per cow was reported slightly lower on June 1 than on
that date last year.
In most sections, the pastures, even where short for
this time of year, provided good feed, and grain was fed freely to supple¬
ment the ration where needed.
In all groups of States, reports on production
showed about normal seasonal increases in production with production per
cow quite close
tq the record high level of June 1 last year. Allowing for
the increase in cows, this would indicate that daily milk production was
running about 2% heavier.
Egg production on June 1, as indicated by reports from farm flocks, was
about 4% above production at the same season last year.
The number of
young chickens on hand also shows an increase of nearly 3%, but there
are signs that the increase in the price of grain, relative to the prices of
eggs and chickens, is now tending to check the expansion of flocks.
The supply of fruits for the 1939-40 marketing season probably will be
somewhat above average.
Record-high crops of cherries and California
apricots are in prospect.
Estimated production of peaches, pears, and
California plums is above average and the June 1 condition points to-average
or
larger-than-av«f*age supplies of apples, grapes, California figs, and
Northwestern prunes.
The supply of California Valencia oranges for the
summer and fall of 1939 is considerably smaller than last year but is above
average.
Production of dried prunes in California is indicated to be below
average and is considerably smaller than the crop of 1938.
Through the
June 1 condition of citrus fruits from the bloom of 1939 is somewhat below
average,
the rapid increase in the number and bearing capacity of trees in
should keep the production for the marketing season, beginning
recent years
in the fall of 1939, well above the 10-year
(1928-37) average.
Truck crops in the eastern and central States were affected adversely by
dry weather which prevailed during the last half of May , but in the south¬
eastern States of South Carolina, Georgia and Florida, rainfall was plentiful
during late May and truck crops were in good condition in those States.
There were heavy rains in the Gulf States, Arkansas and western Tennessee
which caused some damage to truck crops.
The production of the commer¬
cial truck crops which are important in the markets during June show marked
changes from production last year.
The production of commercial early
potatoes in the second early and intermediate States (which ship earlier
than New Jersey and Nebraska) is expected to be 17% below the 1938
production.
States shipping at this season show indicated reductions Of
12 to 23% in the production of snap beans, carrots and beets, smaller reduc
■
Volume 148
Financial
tions of 6 to
9% in tomatoes, cabbage, and cucumbers, and minor change,
in
cantaloups and watermellons.
On the other hand, production of peass
onions and strawberries available for
shipment during June show increases
of 14 to 31% over the production of a
year ago.
Wheat—A 1939 winter wheat crop of 523,431,000 bushels is indicated by
June 1 conditions.
The June 1 report is about 20,000,000 bushels less than
indicated on May 1, and compares with 686,637,000 bushels harvested in
1938 and the previous 10-year (1928-37) average of 560,160,000 bushels.
Growing conditions during the first three weeks in May were unfavorable
over most of the area west of the Mississippi River.
In
area, the continuation of hot, dry weather which had
marked the ciose of April, brought further deterioration in winter wheat
prospects.
Rather general rains the last week of May halted, at least
temporarily, the deterioration over a large part of this area, and in some
sections prospects improved.
On June 1, there was little change from a
month earlier ip the Southern Plains area where
harvesting is underway,
but a rather general decline has taken place in central Kanass, Nebraska,
South Dakota and adjoining areas.
Some additional abandonment since
Chronicle
3715
North and South
sota,
Dakota .and Nebraska,\where June 1 condition*
indicate a rye crop
40% less than was expected a month ago.
In this area
abnormally hot, dry weather during late April and the first three weeks
of
May has resulted in a reduction in the
acreage for harvest and reduced
Prospects on the acreage remaining for harvest. Yield prospects also
declined slightly in the States
surrounding this area.
larm stocks of
oldrye on June 1,1939, amounted to 15,682,000 bushels, as
15S000™sh^8il'0l?i6bUShel8 ln 1938' 4'480'000 bU9helS in 193and
for winter wheat
the Great Plains
May 1 has occurred in this
area.
RYE
Yield per Acre
Production
Bushels
(Thousand Bushels)
State
Average
Indicated
1928-37
New York
1938
Average
1928-37
1939
,
15.4
17.0
15.5
has received good rains since June 1, but tempera¬
tures continue above normal.
There have been few reports of rust damage
New Jersey..
17.4
17.0
Pennsylvania
13 ;7
14.5
yet and the crop is well enough advanced toward maturity to prevent this
disease from being much of a factor in reducing yields from Kansas south.
Ohio.
13.5
13.5
Indiana-
11.6
11.5
12.0
Most of the Plains
.
area
as
i
323
17.0
429
374
442
14.5
1,544
884
1,058
14.0
895
351
1,190
1,884
1,430
Illinois
11.9
13.5
11.7
13.5
13.0
Wisconsin
10.8
13.0
ington where late rains improved
Minnesota...
14.8
18.0
Iowa..
1,370
13.0
Michigan
but Oregon shows a sharp
1939
342
In the Pacific Coast States, early
May was dry, but in California this was
offset by cool weather and the indicated Jiine 1 production was the same as
a month earlier.
Winter wheat prospects also showed no change in Wash¬
many areas,
Indicated
1938
1,265
1,269
1,552
971
'
1,886
,
11.0
2,515
1
12.0
294
6,138
1,521
3,124
.6,168
1,218
4,290
9,846
decline.
East of the
14.6
15.5
14.0
Missouri....
9.0
10.0
10.0
258
340
ago,
North Dakota
440
9.0
13.5
5.0
8,076
12,974
10.2
16.0
4,690
4.5
3,714
10,176
9.2
11.5
7.5
10.5
9.5
2,770
363
4,796
10.7
2,754
3,338
12.5
14.0
13.0
79
98
117
Maryland
13.0
12.5
13.0
249
175
260
Virginia
West Virginia
11.5
11.5
11.5
603
437
529
11.5
Mississippi, yield prospects show little change from a month
with increases in Illinois, and in the limited producing area of the
Southeast, more than offsetting declines in Michigan, New York, Mary¬
land, Delaware and West Virginia.
Prospects on June 1 indicate a probable yield of 13.4 bushels per harvested
acre compared with 13.8 bushels in 1938 and the
average of 14.5 bushels.
Prospective yields are above average in the Northern States east of the
Mississippi and in the South; but mostly below average elsewhere, including
most States in the Ohio and Potomac Valleys.
Y
"
The condition of all spring wheat on June I averaged 71 % of normal com¬
pared With 87% a year ago and the June 1 10-year (1928-37) average of
75%.
The condition is below average over the entire spring wheat area
with the exceptipn of Montana, and a few minor
spring wheat States.
Although the crop was seeded relatively early in most areas, the hot, dry
weather in early May in the more important areas retarded growth and
resulted in short, uneven stands.
In the Northern Plains area, sub-soil
moisture is short and in this area, as well as in the Pacific Northwest, the
crop will need timely rains from now to harvest.
High temperatures have
caused damage in some Northern Plains areas and grasshoppers are threaten¬
ing.
Considerable abandonment of acreage iis probable in this area.
Based on the prospective plantings reported in March, the present con¬
dition indicates a probable production of all spring wheat of from 145,000,000 to 170,000,000 bushels, Production last year was 244,164,000 bushels
and the 10-year average was 192,792,000 bushels;
South
Dakota..
Nebraska
Kansas
Delaware
....
1,124
•
1,566
682
12.5
12.0
135
88
84
7.6
7.0
7.5
484
406
480
8.3
9.0
9.0
75
81
90
•
.
North, Carolina
:
South Carolina
Georgia.....
6.0
Tennessee...
6.0
6.5
10.8
Kentucky.
12.5
11.5
7.0
6.8
103
114
110
204
,
225
196
7.0
180
,273
7.9
8.5
7.5
141
340
10.6
10.5
10.0
30
42
60
8.7
16.0
11.0
415
592
484
11.0
12.0
9.5
57
96
6.7
6.5
7.4
8.5
7.5
9.0
...
Oklahoma
Texas
—...
Montana.
560
.
Idaho.
__________
Wyoming....
Colorado.. I
Utah......
Washington.
Oregon
...
280
480
76
6.0
176
195
198
7.5
•"
330
348
495
6.5
18
36
8.4
8.5
8.0
170
12.5
10.5
397
625
*12.4
U.O
12.0
*100
70
11.1
13,8
8.5
36,330
26
110
12.9
_...
California
;
72
"
420
60
"
WINTER WHEAT
United- States.
*
Yield per Acre
,
Short time
...
55,039.
34,628
average
Production
{Thousand Bushels)
{Bushels)
Stale
Average
Indicated
1939
20.0
25.0
21.0
5,049
7,425
21.8
22.0
22.0
1,202
1,342
18.'8
21.0
20.5
19.5
19.0
Indiana
15.9
16.0
16.5
Illinois
17.1
18.5
18.0
18,286
36,370
28,266
33,007
15,817
21,861
19.3
1928-37
New York
New Jersey..-
1
Pennsylvania
Ohio.
*•
Michigan.
19.9
21.5
21.0
Wisconsin...
17.6
16.5
18.0
18.7
13.5
18.0
3,190
18,573
35,682
25,624
34,416
14,889
954.
3,483
16.5
17.5
6,903
9,224
2,934
6,685
13.7
Iowa
13.0
13.5
24,265
31,512
22,342
11.5
11.5
9.0
1,341
765
14.6
12.0
11.5
1,576
52,834
152,114
1,660
18.3
.....
Missouri
South
•
Dakota
.*
Nebraska
...
Kansas..
44,023
,12.5
Delaware
i
10.5
10.0
17.4
...
Maryland
20.0
18.5
137,853
1,590
18.8
20.0
19.0
8,419
Virginia
14.3
14.0
14.0
8,764
West
14.7
15.0
14.5
1,983
11.5
11.5
4,496
5,440
9.8
'11.0
11.0
8.8
10.0
,9.0
1,054
1,011
7,334
2,340
10.6
36,501
105,530
1,314
9,420
8,526
.....
Virginia
7,672
2,030
"
North" Carolina..
South
Carolina
4,888"
15.0
13.0
4,623
Tennessee
10.9
11,0
U.O
3,989
1,771
1,700
8,280
5,401
Alabama
10.0
13.0
12.0
50
65
48
595
369
_
Georgia
Kentucky
...
Arkansas...
13.6
8.5
9.2
Oklahoma
11.0
11.7
.
'
490
9.0.
11.0
58,322
47,054.
_
_
10.5
10.2
Montana
Idaho..
....
23.5
16.5
32*038
8,551
35,046
24,581
19.7
:
9.0
12.8
Texas
25.0
20.5
12,533
17,500
12-0
1,259
2,353
12.0
11.0
Wyoming
Colorado
13.0
14.5
11.4
Arizona
Utah............
Nevada
10.0
13.0
9,034
2,538
22.2
22.0
22.0
776
16.4
i
„Y
14,587
9.4
New Mexico
21.0
13.0
1,110
4,389
108
32,319
15,867
2,380
2,983
•
25.5
27.0
23.0
70
Washington. .1
23.5
27.0
23.0
24,550
Oregon.....
19.6
-21.5
18.0
California
18.5,
17.0
16.0
13,442
12,712
_____
United States.......
13.8
14.5
13.4
6,60,160
2,013
1,476
5,486
4,070
44,242
30,860
18,364
12,034
2,424
13,788
3,172
990
2,613
69
,
<
12,733
5.637
State
5y460
1,210
30,096
41,995
19,264
1,106
26,128
11,106
9,3?6
523,431
Avge.
1939
%
%
%
Maine
100
90
H
of 77%.
1,
1938'and the
10-ybar
"•
►~iiThe prospects for oats arb very poor especially in the central Corn Belt
States.
Only five of the North Central States (Wisconsin, Illinois, Mis¬
souri, Michigan and Minnesota) had fairly good June 1 prospects for oats.
In some States the June 1 prospects are the lowest in years.
Late seeding,
injury from frost, thih stands and spotted conditions are reported.
The
crop is generally above averageln Eastern and Southeastern States, but
below average in most of the Western States.
On the basis of the prospective acreage reported in March, the indicated
production of oats as of June 1 is from 800,000,000 to 860,000,000 bushels.
In 1938, production was 1,053,839,000 bushels, and the 10-year average is
1,049,300,000 bushels.
Barley—The condition of barley on June 1,1939 averaged 72% of normal
compared with 87% on the same date last year and the 10-year (1928-37)
average June 1 condition of 78%
The June 1 condition this year was the
lowest since that of 1934 which was reported at 45%.
The June 1, 1938
condition was the highest since 1923.
In the principal barley States, June 1 conditions, which ranged from
5 to 15 points below average, are in marked contrast with the situation on
June 1 last year when conditions in each of these States were considerably
above average.
Rains during the latter part of May temporarily checked
deterioration of the crop were lack of moisture was becoming intense.
Some
grasshopper damage has occured in North Dakota and this insect threatens
the barley crop over much of the Northern Great Plains area.
Fall seeded
barley is in head at the northern limits in which it is grown and harvesting
average
■«.
.
has stated in the Southwest.
Based upon the prospective acreage as reported in March, the June
condition indicates
a
1
production somewhere between 205,000,000 bushels
and 230,000,000 bushels, compared with the 1938 crop of252,139,000 bushels
and the 10-year (1928-37) average production of 233,021,000 bushels.
Stocks of old barley on farms, June 1, 1939 are estimated at 52,098,000
or 20.7% of the 1938 crop compared with 31,565,000 bushels last
bushels
year
and 21,308,000 bushels on June 1,
1937.
Rye—The total production of rye was estimated pn June 1 at 34,628,000
bushels, compared with 55,039,000 bushels harvested in 1938, and 36,330,000
bushels, the average production for the 10-year period (1928-37);
The
sharp deline from the May 1 forecast of 46,704,000 bushels was due prin¬
cipally to the heavy reduction in the important producing States of Minne¬
1939
1928-37
%
%
%'
%
%
%
95
97
90
100
100
93
o*j
87
96
86
100
■
92
'
89
.
1938
1939
85
'
Vermont
-
—
mm,
■
Conn.......
'
m
York..
m
80
New Jersey.
-
-
■
•
84
-
■'
-
-
92
89
100
95
81
79
-
88
79
87
88
79
87
80
82
87
78
83
88
86
V -81.
82
78
81
76
Pennsylvania
79
68
72
Ohio
80
79
79
61
74
79
70
76
88
67
72
73
56
74
80
70
_—
•77
87
84
75
85,
74
78
91
82
78
86
80
86
83-
86
90
85
82
87
84
94
76
78
71
79
84
64
Indiana
Illinois.
.
84
77
'
' '■
-
89
93
87
90
m
m
mm
92
88
■
Rhode Island
New
88
'
Mass.
.
Michigan...
•82
84
80
Wisconsin...
86
91
83
86
90
Minnesota
..
82
87,
76
83
88
78
Iowa
...
81
87
75
83
93
73
80
82«
-
r
Missouri
71
N. Dakota..
71
Dakota..
73
Nebraska...
77
S.
Kansas
71
80
84
88
66
72
86
59
75
91
89
67
77
94
'
:
90
66
'
'mm-' '
mm
Virginia
'
'
/
W, Virginia.
—i
-
84
63
91
65
79
94
64
52
63
81
48
82
90
87
-
87
90
81
85
76
77
Y
-
84
.75
85
72
.
80
86
87
63
*79
88
85
83
86
74
"'x-
•
77
72
•' 75
78
-
.
67
'
70"
mm
■
,
60
'
83
45
mm
Maryland...
70
89
••
Delaware—
79
87
85
'
N. Carolina.
--
•
-
S. Carolina..
-
mm
m
«•
...
m
mm
-
■
.
Georgia.....
-
rm
.
72
!
82
.\
80
74
72
80
70
76
71
82
74
76
71
■
'82
68
'
81
.73
'
84-
82
*
Florida—'..
-
mm
--
mm
■
Kentucky...
m
'
74
"
Alabama. Y-
•
mm
mm
Mississippi..
Arkansas
m
'mm
Tennessee...
m
m
mm
-
Oklahoma...
-
•
-
-
72
78
88
80
83
,
83
81
70
73
76
70
76
80
mm'
68
80
*
mJ
-
mm"'
mm'
...
Louiasana..
,
56
59
79
64
74
59
58
69
72
92
78
74
92
80
75
92
Idaho......
87
93
81
88
94
85
88
95
Wyoming
SO
92
72
83
94
73
84
94
90
73
'84
90
78
81
91
87
74'
75
66
75
71
69
73
88
80
80
88
87
83
86
91
88
87
91
82
89
79
'm-m
57
'
Montana
Colorado
June
1938
'
N.
dition
on
Avge
1928-37
'
Texas...—
72%, compared with 87%
Condition June 1
Avge.
1938
.
Rarleu
Condition June 1
1928-37
Oats—The oats crop deteriorated markedly during May, largely because
of drought and high temperatures.
The indicated production as of June 1
is about one-fifth below the 10-year (1928-37) average.
The June 1 con¬
was
'Oats
{All)
Condition June 1
1939
46,332
578
Minnesota-
1938
Wheat
Spring
Indicated
1938
Average
1928-37
mm
...
80
...
80
N.
Mexico..
Arizoha
,
k
'
'
-
-
—
91
85
Utah.
Nevada...:. I-
88
'
91
m
m>
82
79
89
92
91
76
78
77
68
76
75
71
72
78
87
72
75
85
87
78
87
67
85
86
77
75
Un. States
*
Short time
87
71
77
81
-47
'
71
86
82
82
■i
79
86
78.
Oregon.
76.
83
85
Washington. >•
California...
56
81
•
.82
.
.
average.
Weather
Report for the Week Ended June 14—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 14, follows:
The
week
was
characterized
by above-normal warmth, except in the
Northwest and extreme Northeast, and by widespread,
generous rainfall
Data show that the
weekly mean temperatures were from 3 deg. to 7 deg. above normal in
the Atlantic area, except the extreme north, and from Texas and Okla¬
homa westward to the Pacific Ocean.
In the northern Great Plains and
northern Rocky Mountain region the weather was decidedly cool, with
temperatures subnormal as many as 6 deg. to 7 deg. in some places.
Maximum temperatures for the week were high in the middle and south
Atlantic areas, the southern Great Plains, and the far Southwest; other¬
wise, they were moderate to abnormally low.
In western Texas and
southern New Mexico maximum of 100 deg. to 104 deg. were reported,
while in parts of the northern Great Plains they were even below 70 deg.
Precipitation was heavy in most sections from the Mississippi Valley
eastward, except in the Atlantic area from the Virginias northward.
In
the trans-Mississippi States the weekly totals were substantial to heavy
nearly everywhere from Oklahoma and northern Arkansas northward
to the Canadian border, including practically all of Montana.
The South¬
west was mostly dry, especially Texas, New Mexico, and Arizona, while
the week was practically rainless from the central Rocky Mountain area
in most central and eastern sections of the country.
westward.
A continuation of
showers,
much rain; chopping good advance in central
in most of central and north, but clean else¬
mostly good, but fields grassy; much small or
just coming up in northeast.
Weather favored minor crops, but unfavor¬
able in central and north for harvesitng wheat and oats, curing hay, and
fair latter part account too
mostly generous in amount, brought further
and north; fields very grassy
improvement in the general situation to large midwestern and north¬
western portions of the country.
While a few local areas are still needing
rain, there is now sufficient soil moisture for present crop needs rather
generally in the Ohio and Mississippi valleys, the Great Plains from
Nebraska northward, the eastern half of Kansas, and most of Oklahoma.
The soil continues too wet in considerable areas of the South, especially
in the extreme lower Mississippi Valley and the interior of the east Gulf
States.
There was considerable wind damage in the western Ohio Valley,
the Lake region, and Minnesota.
While the drought has been relieved in most interior States, rainfall
was still scanty in a large southwestern area where more moisture is badly
needed.
This includes principally western and northwestern Texas, west¬
ern Kansas, southern and eastern
Wyoming, the dry-farming sections of
Colorado, and more generally in New Mexico and Arizona.
Also, decidedly
droughty conditions continue in the Atlantic area from the Virginias
northward, although in northern New England and considerable portions
of New York there were helpful showers during the week.
Good, gen¬
States.
Farm work advanced satisfactorily, except
digging potatoes.
Tennessee—Nashville:
Condition of cotton rather poor in west, fair in
and east; chopping slow, account too much rain.
Condition of
generally good; too much rain in west; some fields very grassy; much
central
corn
yet to plant in west; more rain needed in
good; condition very good; cutting begun.
excellent, but much hay hurt by rain.
areas,
THE DRY GOODS TRADE
'
;
prin¬
Small Grains—In the southwestern
.
,
and barley, since the relief of droughty conditions,
show Improvement.
'In South Dakota late spring grains have revived
enough to indicate a fair crop, but much of the early is heading short
and thin, while in parts of western Minnesota the rains came too late to
Spring wheat, oats,
be of material
benefit.
;
•
,
■
northwestern area temperatures were too low
rapid growth of corn, but in the principal producing areas progress
was
good to excellent.
There is now ample soil moisture throughout
practically the entire main corn belt.
However, advancement is very
uneven in some Western sections, especially in Iowa, where corn ranges
from waist high to just germinated by recent rainfall.
There is some
complaint of weedy fields from lack of cultivation in parts of Kansas and
locally elsewhere.
Cotton—In the cotton belt temperatures for the week were moderately
high and rainfall was frequent in considerable areas.
In general, cotton
made good progress in the western and more eastern portions of the belt,
but much of the central area continues too wet.
In Texas rain is needed for germination of late-planted cotton in the
northwest, but elsewhere progress of the crop was mostly good to excellent <
with fields well cultivated; the first bale is reported from Rio Grande
City.
In Oklahoma progress was generally good.
In much of the central belt continued rains and wet soil have retarded
chopping and cultivation, with much complaint of weedy fields; dry
weather and sunshine are needed generally throughout this area.
In the
Atlantic States weekly progress was fair to good, though chopping was
retarded in some localities because of rain.
Corn—In a considerable
for
Weather Bureau
The
furnished the following
conditions in different States:
.
resume
of
.
'
Carolina—Columbia:
Very warm days.
Favorable for holding
check; cotton good progress and condition with first bloom
reported in south on 9th. Corn, truck, and minor crops somewhat .retarded
by hot. dry weather until refreshed last 2 days by favorable warmth and
locally adequate rains. . Oat and wheat threshing active.•
•
Georgia—Atlanta;
Generally, favorable warmth; some hot days.
Ade¬
quate rain most places, others too much.
Cotton chopping fair to good
advance in north; weather favorable for holding weevil in check; squares
abundant and some bloom in south.
Corn, sweet potatoes, peanuts, truck,
and minor crops good growth.
Some corn tasseling in south.
Early free¬
stone peaches ripening; good quality.
Curing tobacco begun.
Florida—Jacksonville;
Favorable warmth; too much rain; soil moisture
ample to excessive.
Progress and condition of cotton fair; choDping fair
advance; blooming.
Corn1 good and maturing.
Sweet potatoes good
growth.
Wet weathef unfavorable for tobacco, but some gathering and
curing.
Truck season about over. , Citrus groves good; consideraole late
South
in
.
.
Alabama—Montgomery:
Too much rain and soil too wet for cultivation,
except in middle, dast, and central.
Cotton
north; cultivation generally same, except fair to
chopping slow advance in
good in areas named above;
and condition poor to good.
Corn, vegetables, and sweet potatoes
grassy in most sections.
Pastures and hay crops good; cattle thriving.
Mississippi—Vicksburg:
Vegetation excellent growth.
Fair weather
needed for cultivation.
Too much rain in extreme northeast border, coast,
and locally elsewhere.
Progress of cotton cultivation on uplands rather
poor to fair, but lowland cultivation generally poor.
Progress of corn
poor on lowland, but on uplands poor to fair.
Progress of pastures ex¬
cellent.
Progress of gardens and truck fair.
Much oats and hay damaged.
progress
Sunshine needed.
vate,
•
.
',
culti¬
except in northwest and extreme west; fields weedy and growing crops
Louisiana—New Orleans:
Favorable warmth, but soil too wet to
Progress of cotton generally good in west
well advanced; some bloom in southwest; progress poor in
indications that considerable acreage will be abandoned in northeast
and locally in east.
Progress of early corn fair to good, but much late
deteriorated in east.
Good progress planting sweet potatoes.
Early rice
need cultivation in most of east.
and chopping
east;
generally good, but late only fair.
Progress of cane satisfactory, but needs
cultivation.
more rain needed In northwest,
west, and locally in southwest, but mostly adequate elsewhere.
Progress of winter wheat fair to good, except in Panhandle where dry and
much deteriorated; condition poor to only fair in northwest and locally in
southwest, but generally good elsewhere; harvest favorable progress.
Corn
mostly improved; condition good to excellent; tasseling and silking general;
early in roasting ear stage well into north.
Oat harvest rapid advance;
condition poor to fair in west, fair to good elsewhere.
Cotton planting good
Texas—Houston:
Favorable warmth;
extreme
needed for proper germination; else¬
good to excellent, but plants rather
small locally; blooming generally in extreme south where some bolls open¬
ing; fields generally well cultivated; first bale ginned at Rio Grande City on
12th.
Truck mostly improved.
Progress and condition of rice good.
Ranges drying rapidly in northwest, extreme west, and locally in south¬
west; elsewhere generally good.
Cattle fair to good.
Oklahoma—Oklahoma City:
Days very warm, except last two; rain ade¬
quate for current needs, but more needed in much of southwest and ex¬
treme northwest.
Progress of winter wheat good; condition very good
in north-central and some northwest areas; poor elsehere.
Barley hair vest
near end; wheat and oat harvests were in full swing; halted by rains on 1112th.
Condition and progress of corn good; som-o tasseling.
Condition
and progress of cotton good.
Broom corn satisfactory growth.
Potato
harvest well advanced in east.
Pastures short and weedy in parts of
progress in northwest, but more rain
where progress and condition mostly
Livestock mostly good.
Arkansas-—Little Rock:
Progress of cotton very good in south and some
southwest.
central areas due to ample soil moisture; gobd elsewhere first of
week, but
Goods—Trading in the gray cloths
during the early part of the
period under review, and prices showed further advances.
Buying was again stimulated by the growing belief that
producers plan to curtail operations over the next three
months, to the extent of at least 25%, and that not a few
mills intend to suspend operations completely, because of
the present unsatisfactory relation between raw cotton
values and prices for gray goods.
Later in the week,
activities slowed down somewhat, partly as an aftermath
„of the previous heavy volume of purchases, and in part
due to some misgivings over the absence of a definite an¬
nouncement concerning the curtailment program.
Recur¬
rent weakness in the security markets, and a mild reaction
in the price of raw cotton, also served to put a damper on
buying operations.
At the end of the week, however.,
trading again revived moderately, due to covering by
converters against Government relief purchases of cotton
cloths.
Business in fine goods broadened materially during
the early part of the week, with all types of combed goods
moving in large volume, and with an active call existing in
dimity stripes, plain and slub broadcloths, voiles, and
piques.
Later in the period business quieted down, although
a fair interest continued in spot offerings.
Closing prices in
print cloths were as follows:
39-inch 80s, 6J^e:; 39-inch
72-76s, 5%c.; 39-inch 68-72s, 534c.; 3834-inch 64-60s,, 4^c.;
38 3^-ineh 60-48s, 4 34c.
markets
fruit favorable progress.
bloom.
Cotton
Domestic
Virginia—Richmond: * Warm; light rains.
Truck, especially potatoes,
peas, and snap beans; seriously injured and farm gardens, hay,
crops, and pastures greatly retarded. Small grains favored; harvesting wheat,
barley, and rye.
Early planted corn doing well.
Tobacco late, but
generally fair to good. Peanuts and cotton about all planted; making little
growth.
Apples fair to good.
North
Carolina—Raleigh:
Beneficial sunshine; favorable warmth;
rains adequate, except more needed locally in northeast and Piedmont.
Soil moisture mostly ample.
Condition and progress of corn excellent.
Rains greatly helped tobacco.
Progress and condition of cotton good;
chopping only fair advance account too much rain locally.
Truck and
green
weevil
Friday Night, June 16, 1939
apparel lines, notably those of the sports and travel variety.
In the metropolitan district activities were again enlivened
by growing purchases on the part of World's Fair visitors.
Department store sales, the country over, for the week
ended June 3, according to the Federal Reserve Board,
rose 9% above the corresponding period a year ago.
New
York and Brooklyn stores registered a gain of 6.9%, while
in Newark establishments an increase of 13.3% was recorded.
For the entire month of May the usual compilation of the
Federal Reserve Board established a gain in sales of depart¬
ment stores amounting to 13%, with the Philadelphia dis¬
trict showing the largest increase of 24%, while in the San
Francisco area a gain of only 5% was registered.
Trading in the wholesale dry goods markets broadened
materially, and numerous price advances were announced
for important staple items, such as flannels, coverts, chambrays, percales, pillow cases, brown sheetings, and muslin
sheets.
A steady call existed for denims, domestics, and
colored yarn fabrics, all of which experienced a stiffening
in prices.
While the bulk of the buying emanated from
retail merchants, and referred
to urgent replenishment
orders on typical summer merchandise, wholesalers, too,
displayed more willingness to increase their forward com¬
mitments.
Business in silk goods
turned active, with
growing interest being shown in fall prints.
Prices, however,
showed few changes.
Trading in rayon yarns continued
active.
Buying bv weaving plants held up well, and plant
operations showed a smart recovery from the previous
holiday lull.
The statistical position of the market, was
viewed hopefully, and another moderate reduction in surplus
stocks during the current month was predicted.
northwestern area.
#
New York,
With weather conditions continuing favorable during the
larger part of the week, retail trade again made a satis¬
factory showing.
As heretofore, interest centered in summer
cipally in the South.
Crops made generally good progress nearly every¬
where east of the central Great Plains, except in the Northeast.
However,
it was too cool for good growth of warm-weather crops in a considerable
winter wheat belt there was some
interruption to harvest by rain the latter part of the week, but this work
is getting under way in most southern portions of the belt.
Cutting has
begun as far north as extreme southern Illinois, and to south-central
Kansas.
Harvest progressed favorably in Texas and Oklahoma, except
for some delay by rain the latter part of the week.
In general, winter wheat continued to make satisfactory progress in the
central and eastern portions of the belt, although there is considerable
complaint of lodging by wind in the western Ohio and upper Mississippi
valleys.
In Kansas little change is reported in the general condition,
except for further deterioration in the southwest.
North of Kansas winter
wheat shows improvement, with heads reported filling well in Nebraska.
Moderate showers in the Pacific Northwest and further good rains in
Montana were favorable.
east. Progress of winter wheat
Potatoes, truck and hay good
to
Atlantic
in a few wetter
Progress of corn
where.
general rainfall is needed generally in the Middle Atlantic and North
erous,
June 17, 1939
Chronicle
Financial
3716
-
continued
active
„
Woolen
Goods—Trading in men's wear fabrics remained
Little activity prevailed in fall goods owing to the
fact that clothing manufacturers have covered the major
part of their requirements.
However, further substantial
orders were placed on lightweight worsteds and gabardines,
notwithstanding the fact that the new collections of lightwear
materials are not expected to be formally introduced until
the
beginning of next month.
Meanwhile, a shortage
appears to be developing in gabardines, with substantial
premiums being paid on available spot merchandise.
Re¬
ports from retail clothing centers made a highly satisfactory
showing, with retailers said to have placed substantial
spotty.
advance
women's
orders
fall
•
with
manufacturers.
Business
in
goods improved perceptibly.
Dress goods
moved in better volume, and active interest continued to
manifest itself in tweeds and plaids.
wear
Foreign
Dry Goods—Trading in liens gave indications
mild revival, in line with the improvement shown in
other textile divisions.
Advices from foreign primary centers
of
a
indicated
costs
of
a
the
stiffening of prices,
raw
material.
chiefly due to increased
Business
in
burlap remained
quiet, but prices hardened a trifle, in sympathy with better
reports from Calcutta where rumors of an impending cur¬
tailment program were again in circulation;
Domestically
lightweights were quoted at 4.10c., heavies at 5.55c.
Volume
148
Financial
State and
Chronicle
3717
City Department
3103
T-,
2778
Name
Rate
East
,v.
~
Earlham Con S. D., Iowa
3266 East Grand
Rapids, Mich
Specialists in
Founded 1890
CHICAGO
LOUIS
ST.
WIRE
2943
Fairmont, N.C
3271
SALES
IN
herewith
present
MAY
bond issues put out during the month of
crowded condition of
columns
our
May, which the
prevented
publishing
our
at the usual time.
the
"Chronicle"
month
stand
of June
at
10.
was
The
$101,299,823.J
given
total
This
3559
on page
total
during
does
not
promised to States and municipalities during the month.
The number of municipalities issuing bonds in May was
322 and the number of separate issues was 426.
'
Name
3103 Adair, Iowa
_
Kate
,,
Maturity
4 >*•'
_
2784 Akron, Ohio (3 issues)
3269 Ahoskie, N.C
3263
Alabama
3102
Alamosa Co. S.D. 3, Colo
1942-1956
16,677
1939-1954
85,000
101.20
-1
IX
2-Ji
Arcade, N.Y
.....2X
Arcade, N. Y._
1-70
Atlantic Highlands, N.J
3%
Auburn. Me
—1
Auburn, N.Y. ^Issues).—
1.-10
Baden, Pa
3
1940-1947
8,250
60,000
100.07
"
S.D., Mich
Beach wood, N. J
1,10
S.
No.
.....
3110 Bennington, Vt
3413 Benton Harbor, Mich.
3102 Bethel, Conn
2780
3269
3414
3264
3264
3103
2939
.AH
.
2943
Canton, Ohio.
3269
Carroll Co., Ohio
-,—2X
1X
—
—
-
3.00
Joplin,
100.10
1:72
3265
Kansas (State of)
r43,500
100
4.50
100.29
3417
Carey, Ohio (2 Issues)..,
Carson Co., Tex
2786
3412
Cedar Rapids, Iowa.
3266
Chadron, Neb
3104
'
4
....4
Clarence W. D. No. 1, N.Y-
3102
Clark Co. Non-High S.D., 111
1940-1944
49,000
11,000
3417
Clymer, Pa
Cohoes, N. Y
Collegeville 8. D.f Pa
0.96
3.00
100
101.36
2.40
,.
2936
Craighead Co., Ark
2940
Crow
Wing
Co.,
S.
D.
No.
2939
2,000
100.17
Madison County, Ind......
100.21
IX
..3
8,000
,
2.20
2786
3109
2784
3413
3270
2940
3266
Mamaroneck, N. Y.
Manitowoc County,
Dallas Co., Texas
16,000
35,000
1,602,540
95
100.68
1940-1950
.1940-1944
28,000
75,000
"
1941-1950
5,000
100.54
100.15
0.95
1
...1.20
Wis—
1940-1944
1940-1944
"15,000
100.17
1.13
1.90
1940-1948
100,000
100.02
1.89
1945
100,000
100.25
1.24
2.08
3
30,000
101.85
100.26
4,500
3264
Marlon County, Fla
4
100.12
100.54
—
2.06
__2X
3412 Marshalltown, Iowa..
2940 Marshfield, Mo..
2939
3265
-J2X
4
Massachusetts (State of) (3 issues)IX
Maysville, Ky....
....A
1940-1945
1940-1959
2
X
3.50
3266
480,000
100.37
1.15
2941
r57,600
100
3.75
3101
Monterey County, Calif
35,000
r25,000
100.04
100.07
0.74
2939
Montgomery County Md
2.23
3105
Moo rest own Township, N. J
2940
Mora, Minn
<(225,000
37,500
4.00
3.31
3105
...—
2.88
3106
3.95
96.53
1942-1971
500,000
40,000
101.93
100
2.35
2944
2942
3X
2.12
2.23
Muncie School City,
Muskingum,
Ind
3.25
0.90
1.89
0.67
736,000
100.67
3.38
18,163
100.09
791,196
100.03
1.22
100.77
370,000
2l49
40,000
970,000
100.15
1.72
100.13
1.07
50,000
100.38
235,000
252,000
lbll 32"
2.11
5,000
101.53
3.30
322,000
100.18
2.49
100
1941-1960
12,000
100.83
3.56
1941-1959
1-30 years
65,000
100.27
2.53
3.00
236,000
50,000
2X
3X
2782 New York N. Y. (5 Issues).2X-3
'
1940-1962
New Mexico (State of)
3267
New Mexico (State of)
0.85
1.05
2943
100.15
100.38
1.72
100.11"
1941-1955
150,000
3412
Newport,
Ky
2938 Newport City S. D., Ky
Niagara Falls, N. Y. (2 issues).... 1.20
2944
:..4
-
Normangee Ind. S. D., Texas
2939
North Adams, Mass
R.I
IX
s.
.2X
125,000
100.80"
3.13
100.94
0.95
100
2.50
1941-1949
1940-1969
1940-1949
1942-1969
100.55"
773,000
1940-1979 35,700,000
490,000
1940-1949
1943-1945
3X
2945
2945 North Kingstown,
875,000
100,000
Niles, Ohio....
3102 Niota S. D. No. 42. Ill
1.79
fob~.49~
"ll37
97.825
100.62
101.07
100.09
100.17
100.23
2,585,000
2,000,000
160,000
215,000
530,000
100.09
2.49
100.57
100.07
1940-1966
1940-1949
1954-1955
1.74
7,500
100.03
1.97
"4".09
220,000
100,000
3X
.AX
2X
Newark, N. J. (13 Issues)
2941 New Hampshire (State of)
100
1.66
1.47
7100,000
"obibi"
17,000
IX
2941
400,000
1.72
265,000
30,000
288,000
65,500
1940-1943
1940-1959
1941-1954
1943
1940-1949
1940-1953
1940-1949
1940-1944
99.34
1946-1950
1943-1964
.7298,000
1
Ohio
3106
100
1940-1957
1942-1946
1940-1949
1942-1958
1940-1949
1940-1962
3
Moscow, Idaho
...
2-2.60
2782 Mount Vernon, N. Y. (4 issues)..3
3412
74,000
3X
2X
2778
3270
51,
102.11
100.33
1940-1944
1940-1951
1940-1944
3105
1958
1940-1945
1-20 years
1940-1942
1943-1952
1940-1959
Metuchen, N. J
3104 Midland, Mich
....
1.06
4I00
60,000
55,000
2.23
3.09
101
95,500
49,000
...
1.62
100
1940-1944
1952-1954
1941-1961
100.10
42,000
12,975
80,000
1940-1959
101.06
107,000
...
1940-1962
100
300,000
0.25
2.19
3
8,000
30,000
Cushing S. D., Iowa
Dallas, Texas (2 issues)
4
3X
IX
Missoula, Mont
.AH
Monmouth Co., N. J. (2 issues)
2X
Monongahela, Pa
IX
Monroe County, N. Y. (2 issues).1.10
Monroe City, Mo
..3
Montana (State of) (2 issues)..3X-4
Montclair, N. J. (5 issues)
2X
50,000
31,500
100
100.06
Maple Bluff, Wis
67,673
years
1940-1943
2.45
Marietta, Ohio
1940-1959
1-15
1.76
3.31
1.70
100.61
Maplewood Twp., N.J. (2 issues). 2
1940-1949
—
100.13
100.03
100.34
3270
1.72
5,200
100.52
1.97
1940-1950 <(3,125,000
1952
7108,000
1940-1959
424,300
4,500
1940-1944
14,250
1939-1958
737,000
1940-1959
736,500
3105
2781
—
1.65
102
3418
100.26
3J*
1.65
.1.7-1.8
Dane Co., Wis
1
Dauphin Co. Inst. Dist., Pa
1H
Dayton, Ohio (2 issues)
IH»
Dearborn, Mich
„1 H
Defiance, Ohio
IX
Dodge Co. S.D. No. 58, Minn
3
Duluth, Minn
1
1.80
3110
Malvern, N. Y. (2 Issues)
3106
2946
4.00
Malone, N. Y__
3268
—
Madison County, Miss
Mallard. Iowa....
2782
100.20
3414
25,000
3103
3417
3411
2779
1.38
Meriden, Conn
Cumberland, Md.„
0.49
100.54
1.37
...^.1.40
Menasha, Wis.r
Cushing, Okla
100.01
100.17
2936
2939
5,000
40,000
<(50,000
2.22
2944
150,000
7100,000
1941-1945
<(2,300,000
10,000
130,000
1940-1949
1964
1939-1942
1959
1959
.
1940-1949
1940-1944
2H
2H
1940-1944
3.09
100.32
Cumberland, Md
1.91
2.39
..4
Minn
100.82
8,000
7150,000
<(66,000
73,000
101.46
Madison. Ill
Crosby, Minn. (2 issues)
2940
13,000
7222,000
84,000
28,000
2X
105.14
20,000
1942-1969
McCracken Co. School Corp., Ky.4
100.10
3.50
-2166
...2X
Mercer County, N. J
Cranston R. 1
lob"""
2.12
3110
2X~2X
3X
.
100
100.08
3411
Cook Co.Non-High S.D.No.216,
Cottage Grove, Ore
10,000
107,000
111,250
35,000
.
101.22
2781
H
1944-1958
1940-1950
1940-1949
100.08
3.08
Coshocton Co., Ohio
2.13
775,000
5.87
3X
1H
3H
3.56
1,000,000
2.34
-
1.87
106
100.43
38,000
1,000,000
100.99
111
100.24
7113,000
1943-1961
1942-1947
101.81
3108 Columbus, Ohio
29,000
1941-1966
1941-1959
2779
1943-1958
3.10
2H
3.50
100.32
1.07
2.00
105.43
5.00
101.25
4
2.56
100
3.65
33,000
Contra Costa Co., Calif
100.30
100.13
100.55
2.11
1940-1947
2".24
6,000
5.00
-
1.64
100I47"
15,000
30,000
1939-1953
1940-1959
100.59
1940-1951
100.83
1940-1967
0~.99
235,000
50,000
<(220,000
r <(73,000'
300,000
100
100
rl 1,588
1940-1951
6,000
100
108,000
2.65
lbbloi"
1940-1951
4,800
1941-1950
3.00
100,21
100.58
Calif..
5
3263 1.0s Aiigeles County, Calif
3%
2938 LouLsiana (State of)
...-2H.-3X
2938 Louisiana \State of)
3X
2,500,000
3101
2785
Los Angeles County,
39,000
100.20
100
100
60,000
16,000
40.000
113,000
82,402
13,000
30,000
27,500
200,000
1.87
2945 Ludlow, Vt
100.15
1940-1951
1943-1962
1941-1963
3264
Corinth, Miss
0.25
2939 Lunenburg W. D., Mass
2942 Lyons, N.Y........
1943-1947
1939-1944
1940-1952
100
dl3,000
Linn
2778
3.24
100.01
2.62
rl,100,000
.....
101
100.30
100.05
10b".44~
1969
County S. D. No. 58, Ore..,.2
1941-1950
3411 Live Oak 3. D., Fla.......
5X
3267 Lockport, N. Y. (5 issues)
1.70- 1940-1959
...
3X
4
3H
2.40
2
3410 Cochise Co. S.D. 18, Ariz
3109
3H-3X
2784 Lehigh County, Pa..
3410 Lewisville S. D., Ark
10,000
20,000
.
—
2H
3416
Lee County, N. C_
310,000
—
2781
4
1940-1968
——
Clinton, S.C
3109
,
1.80
Lavallette S. D. N. J
3269
4,970
1944-19581939-1943
Larchmont, N. Y
2781
36,000
r4.000
750,000
330,000
.17,500
1%
__2>*
3267 Lackawanna, N.Y. (2 issues)....2.20
2938 Lake Park, Iowa...
....
3106
5,000
50,000
1940-1943
,1940-1951
1940-1949
Kentucky (State of)
2".22
100.11
1940-1949
1942-1960
0.50
lH
2X
;
3110 Kenosha, Wis
....
1940-1943
1940-1951
__
j.....
100.23
47,550
1941-1945
1940-1959
..4
Mo
.10,000
—
3267
1.17
-
<(45,547
115,000
188,000
735,000
1940-1949
1940-1964
._
2779 Jeffersontown, Ky
3412
1941-1951
._
La
1940-1949
2.10
3104 Clay Co. S.D. 118, Minn
3H
2943 Cleveland City S. D., Ohio—_—2X
3264 Clewiston S. D., Fla
—;
6
3109
100.13
Parish,
1940-1959
—
3271
100.46
20,000
17,000
-
2782 Clayton, Cape Vincent, &c., S. D.
Clinton, N.Y
-
Jefferson Co. S. D. No. 47, Neb..
Jefferson
--2H
2942
3106
1.18
2781
2938
3
...AH
3-3^
......
Okla
l.N.Y
100.35
rlOO.OOO
—
1939-1948
—
Chicopee, Mass
D„
rl20,000
2.00|
rl06,600
3X
Castle Bock S.D., Washi
2
3110 Kaukauna, Wis
3103 Kellogg, Iowa
—4
3105 Carbon Co. S.D. 33, Mont
8.
100
55,000
100
6,500
1943-1949
..
—_
—3X
2H
Canton Twp., Minn——
2944 Chateau
1.06
2.86
...
.3
-3
2X
2H
5
3105 Canton, Miss
Jeannette, Pa
100.20
100.81
1941-1954
—
3103 Butler Co., Kan^..
2784 Camargo S. D. 4, Okla
3108
2784 Jackson Co. S. D. No.
1940-1949
1940-1942
1940-1945
1949
..
—
2940
3.75
1939-1948
-
Buffalo Twp., Pa
2938
rl2,000
—
BurkevilleS. D., Tex
3101 Huntsville,
Ala.......
4
3106 Hurley S.D. No. 4, N.Y........2.20
3102 Idaho Springs S. D., Colo
..3X
100.45
1.37
10,100
25,000
30,000
1941-1963
Henrico Co. San Dist., Va
2.60 1940-1960
Herkimer Co., N. Y. (2 issues)
1.10 1940-1949
Hood River, Ore
.2
1940-1946
Houghton, Mich
4
1943-1948
Huntington S. D. No. 4, N. Y...1.90 1940-1954
2940
—
3271
Haverhill, Mass. (2 issues)......AH
County, Tenn
2X
2946 Henrico Co. San. Dist., Va
2.30
212, Okla..
2.97
102.01
drl8,000
Henderson
2.21
1.67
8,500
116,000
3
—AH
3265
1940-1944
1945-1953
.
2784
Guadalupe County, Texas
Guernsey County, Qhio
8,000
locus"
100.02
30,000
2%
Hamilton Township S. D., N. J..2X
3418 Harmony Con. S.
D,, Texas
4
3264 Hartford, Conn.........
-.1
65,250
1X
1X
Birchwood, Minn
—.3
Blanchard Twp. S.D., Ohio
3
Bloomfield, Neb
3
Boone Twp. School Twp., Ind---Boulder Co. S.D. 52, Colo
.r3X
BrlttCo. S.D., Iowa——
.2
Brockton, Mass. (2 issues)
1
1.90
_4
100
1942-1949
10,000
1940-1949
La
3.07
20,000
(150,000
.
2-2 X
2941
3270
2.10
0.66
19404949
1945-1950
,
100.16
,0.88
106.65
100.26
3%
100.21
-
3105 Bruce Con. S.D., Miss
2366 Buffalo, Minn.
Gretna,
39,000
285,000
4.65
30,000
1940-1959
2X'
9,000
1.49
100.06
35,000
1959
1, Arlz.3X
10,000
100.001
110,000
3.22
750,000
1940-1944
3X
2X
Grosse lie Township, Mich
1942-1949
..1H
-
3412
3106
1.84
100.15
100,000
1941-1948
1X
3266
•,
1.68
5.Q0
1940-1944
r.3
County, Ark.
Pass, Ore
3267 Greenburgh, N. Y. (5
issues)
1940-1949
2
-
2.10
1.03
100.09
100
1943-1958
Grant
3413
100.38
3.60
720;000
1945-1948
H
3410
3109
102.76
1940-1954
•
Framinghan, Mass
Franklin, La
2944 Grants
2785
1.45
100.02
22,000
1941-1958
...
2X
.3
Graham County S. D. No.
Grand Saline, Texas
—-
101.43
1940-1944
4
3418
3418
1942-1953
33,000
15,000
100.26
5,
(2 issues)
3417 Giles County, Tenn. (2
Issues)
2940 Goodman S. D., Miss
3414 Gothenberg, Neb
2944
1946-1955
3X
D.
146,000
4,375,000
14,000
5
44,000
•
—%X
3105 Belknap Co., N.H
3414 Belleville, N. J. (2 issues)
1940-1949
1940-1949
1.70
;
..
....4*4*
Twp.
40,000
721,300
728,500
120,000
15,000
1940-1954
1940-1961
1940-1944
..
-
Beckham Co. S.D.I, Okla..
1.41
Independence S. D., Kan
2
3105 Jackson, Miss. (2 issues)..'
2
3418 Jackson Co. R. D. No. 10, Texas.4.40
2786 Jackson, Wyo__
1943-1945
1940-1951
1939-1953
Lakeview Con.
—.AH
±X
3414 Beaver City, Neb.
101.01
15,255
-_.-3
Barron, Wis
Battle Creek Twp.,
100.38
1940-1948
3417 Anahuac Ind. 8. D., Tex
3416
35,000
...»
2945 Andrews Co., Tex....
3110
2".73
3,500
79,675
1940-1962
Pranklin Co., N. C
2940 Freeborn
Co., Minn
3104 Frostburg, Md.
3106
1940-1944
3104
3412
,
3%
2
Alliance, Ohio
3265
2946
Aliens. D., Okla_.
2941
100.11
r23,500
2779 Ames, Iowa
2780 Amherst, Mass.
2784
3.48
3;43
637,000
3416
2942
4.50
100.12
1941-1968
3416
2938
100
1944-1951
1944-1955
Alexandria School City, Ind
3414
500,000
61,500
3X
3411
3267
1,600
■
1940-1964
Basis
Price
3%
2X
(6 Issues)---,
2781
Amount
Ala.
Inst.,
.Polytechnic
1941-1948
3X
3X-3X
_.
100.27
/
1942-1956
1940-1959
4
Florence S. D., S. Dak
3263
awards
include Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
Page
150,000
.
The review of the month's sales
of the
1956-1957
1941-1041,
Vnll E0rt Dod&e' lowa^.
detailed list of the municipal
our
100.13
1 x
2946 Fountain, Wis
We
100.03
4,500
:i^
2X-2X
Elmira, N. Y. (2 issues)
2940 Farmington
Mich
MUNICIPAL BOND
120,000
2%
JV------
3106 Erie Co., N. Y. (4
issues)
2940 Ethel Con. S.
D., Miss
3267 Fair Lawn, N. J....
314 N, Broadway
•
1.74
years
1940-1944
3
Ellis Co. R. D., Texas..
Ellis Co., R. D., Texas
2942
DIRECT
1.70
1-20
w
IIIIIIIs
ooJ5 5L?°rf'2?* KTan5 (4 i88Ues) ---13A~2 H
2937 Elkhart
Co., Ind_______
105 W. Adams St.
100.21
2945 Edwards
Co., Texas
3110
Basis
7-49,000
726,000
1%
olH ^tSt-^0UlsParkDlst-111
Echo, Minn
Stifel, Nicolaus & Co-ltic.
Price
1941-1946
II 1
2940
Inn
3110
Amount
1940-1951
lv
Hampton, Conn
3265 East Long
Meadow, Mass
llli nois &M issouri Bonds
Maturity
3
100.06"
2.71
100.07
1.19
lbb""""
3.50
100.27"
T.20
100.63
2.20
718,000
9,500
42,500
60,000
200,000
Financial
3718
2779
11,908
22,000
Otero Co. 8. D. No.
Parker Co., Tex
3106
Park Ridge, N.J
2938
Peoria Co. Non-High S.
1940-1949
60,000
100.14
1.17
2942
South Plainfield,N.J
1944-1954
r40,000
96.71
3.47
April.
1944-1953
50,000
1940-1949
100,000
Pittsburgh, Pa
3272 Plttsville, Wis. (2
3413 Port Huron, Mich.
Pulaski, N. Y_._.
3104 Quincy, Mass
1.25
9,000
r70,000
100.11
2.94
100.07*
2.58
3418
100.27
3.72
3570 British Columbia (Prov. of)...... -3'i
100.77
1.67
3110 Canada vDominion of)..
1944-1954
734,000
90,000
1940-1959
7475,000
1943" 1952
37,500
29,000
1940-1968
3,000
10,000
250,000
12,500
50,000
1940-1959
1940-1949
—
2944
3-314
RaviaS. D., Okla
3105
Ribbing, Minn...*
-
3271
Richland Co., S.C
2778
Rifle, Colo.
2936
Rlson Con. S. D., Ark—
3268
Rochester, N. Y. (3
3264
Rockford, 111—
3418
Robstown, Tex...
—
-
1940-1959
1954
--
1940-1958
1-30
—...- — 1.70
3%
5
issues)--
Rock port, Tex
...
1940-1954
1942-1954
Rutherford, N. J
29*0
St. Charles, Minn
<*75,000
55,000
25,000
17,000
7,000
1941-1957
—2 A
3106
65,000
<135,000
710,000
3,715,000
362,000
1941-1957
2779 Rock Valley 8. D„ Iowa
Rock Co., Neb.
40,000
1943-1956
—2Ve
%K
-2%
Richford, Vt
Johns-Overiand
3103
— .
Calif...
Diego,
15,000
1942-1959
1940-1955
2,600,000
3K
1
1953-1957
15,000
27,000
80,000
700,000
i
S.D.,II1._*
Scarborough, Me
175,000
1940-1944
1940-1949°
—.1.20
Sca)sdale, N. Y
3107
Schenectady, N. Y. (3 issues). —1.10
1940-1949
2.30
-.1.20
1940-1968
3103 Sioux City S.D., Iowa—
2786 Snoqualrnie, Wash....—
3418 Somervllle S. D., Texas
2782
3413
3109
Stockvllle, Neb
Ohio
1.10
3110
Chilliwack City, B.C...
3418
Edmunston, N.B.*
4)4
3418 Hamilton, Ont. (3issues) _*......2
2.19
100.12
2.49
3110
101.53
2.56
3418
100.02
1.29
35.70
^3)4
Louth twd., Ont
4
Moncton, N.B
;_.._4
New Westminster, B. C._...... .4)4
New Brunswick (Province of)
Niagara Falls, Ont
100.41
1.65
3272
3.68
3110 Nova Scotia -Province
100
5.00
3110
3418
Pointe Claire, Que
lob""
2.75
—
3266 Tekamah, Neb
3263 TeXarkana, Ark
"""
3.66
100.17
lOO'.Ol"
2.20
100.18
2945
Trenton, Term
3268
Troy, N. Y. (3 issues)
3268
Troy, N.
3269 Univ. of North Carolina
3417 Upper Darby Twp., Pa.
r--
2785 Utah (State of)
—
Vinton Co., Ohio
1.69
3.47
Tools"
3.92
100.33
3.97
Wilton Junction, Iowa
100
3.75
Too""
3.25
100.14
1.47
35,000
106.11
1.53
50,000
9,000
<*75,000
10,000
48,000
106.91
10,350
■
36,000
391,800
1940-1969
560,000
1944-1946
7100,000
1940-1949
1940-1959
1940-1955
1940-1969
185,000
250,000
125,000
71,945,000
661,812
732,000
1940-1943
11,000
30,880
7260,000
1940-1951
757,000
1941-1947
7,000
.
1940-1944
12,000
1946-1952
N.C
100.10
2.48
Windham, Conn
3272
Wolfe City Ind. S. D., Tex
3418
Woo l Co., Wis
Wooisfleld, Ohio
3272
Woodstock. Vt
3
2
3104
Wuandotte, Mich. (2 issues)
3269
Yonkers, N. Y. (3 Issues)
303,000
4.07
19,800
1940-1949
55.000
$147,062,036.
FINANCE CORPORATION
1.47
way
1.36
issuance of $7,000,000 in
"T 77
100.21
1.77
100.27
V.66
100.003
100
100.01
1.24
loo'.oi"
100.18
1.72
100
3.50
-100.39
1.12
Too", u"
53,000
100.22
<*160,000
100.62
20 years
'
23,500
Too"""
3.75
1946-1949
10,000
101.16
95,000
.100.52
"T.38
1941-1954
<*770; 000
100.85
3.88
1939-1963
100
1.80
1940-1964
1.000,000
<*550.000
1-10 years
40,000
1940-1949
15,000
1940-1959
100.21
2.98
100T6"
"T.87
100,000
100.41
2.21
102.20
740,000
Too'Io"
2.48
720,000
100.16
2.98
70,000
100.79
730,000
100
1940-1946
100,000
100.42
1940-1958
1940-1959
758,000
4.00
20,000
ToTsi"
1.15
"T%
1
1940-1944
93,000
100.10
0.96
.2.80
1940-1959
1,075,000
100.16
2.77
2K
1940-1949
17,500
100.06
2.49
2944 Youngstown,
2%
1940-1951
350,000
101.07
2.07
5H
23,500
Hartford.
Other bills permit the
Parkway and the proposed Cross highway waa approved.
Other actions taken by the said Legislature were summar¬
ized as follows in the Hartford "Courant" of June 8:.
2.16
18,300
1940-1943
to
revenues for principal and interest, according to
Press reports.
A toll charge of 10 cents on both the Merritt
2.08
1940-1959
Milford
required
"T.78
1946-1959
from
bonds for a new bridge over the
Connecticut River at Hartford, and $8,500,000 for a bridge
at New London over the Thames River.
It is proposed to
retire all of these issues through the imposition of tolls, with
the State to guarantee payment if the levies do not raise the
100.31
3279 York ville, Ohio
Ohio
99.21
100.08
72,700,000
100.24
looii"
1940-1949
4
2777 YurnaCo.S.D. 17, Ariz
30,000
103.500
475,000
2.73
2.35
1940-1953
1A
3270
2.74
100
100.96
10,000
...2K
4.14
99.04
31,000
Connecticut—Legislative Session Ends—The 1939 General
Assembly ended its regular session on June 7, after having
given its approval on the closing days to a total of $19,500,000 in State-pledged bonds for highway and bridge con¬
struction. Of this sum, an issue of $4,000,000 bonds will be
used toward the construction of the Wilbur L. Cross high¬
100",\2
1944-1954
3264
98.69
300,000
News Items
3.99
100.16
1942-1949
3
3.68
for refinancing
101.25*
9,000
.2 A
2.64
98.52
460,000
....
100,000
1940-1959
2%
Wilson Co.,
1940
3.65
99.60
71,500,000
'< 14,300
....
55,000
..
Wind Gap, Pa
1940-1949
99:25"
72,500,000
1.23
..
3271
1940-1949
3 yrs.
10 yrs.
1940-1963
1940-1942
1940-1953
1940-1953
1940-1969
,
25,600
2943
3.94
93
.
3,328
18,000
25,000
—2
Wilson Co.. Kan
100.77
23,000
one drainage district and rehabilitating another
and improvement district
aggregating $281.000 nave been authorized by the Reconstruction
Finance Corporation.
This makes a total to date of $106,858,643.76
authorizations outstanding under the provisions of Section 36, Emergency
Farm Mortgage Act of 1933, as amended.
The districts are;
«'■ '
«
Eudora-Western Drainage District, Chicot
'
County, Arkansas
Refinancing
$211,000
Sub-District No. 1 of Carson Lake Drainage
District No.
8, of Mississippi County,
Arkansas, l
■*
Rehabilitation
50.Q00
Santa Maria Water Control and Improve¬
ment District, Cameron County No. 4,
*
Texas
Rehabilitation
20,000
'
2
3102 Walllngford, Vt
IK
3106 Wallington, N. J.....
3)4
2780 Waltham, Mass
.*
—1M
3272 Waukesha Co., Wis. (2 issues)
2A
3269 Watervllet, N. Y. (3 issues).. —1.80
3107 Watkins Glen, N. Y
2.10
3272 Waynesboro, Va. (2 issues)*.....2)i
3416 Wauseon, Ohio
]
3)4
3105 Wellington, Mo.
3%
3414 West Caldwell, N.J
3
3107 Westchester Co., N.'Y. (2 Issues). 1)4
3271 Wessington Springs, S. Dak
4
2946-2786 West Virginia (Sttte of) -1^-3 K
3272 West Virginia (State of) *.
3
3272 Westover Hills, Texas
2A
2783 Whitesboro, N. Y_
*..1.90
2936 Willimantlc, Conn
—2J*
200,000
71,250,000
in Texas,
2.65
100.08
Walla Walla. Wash
2779
2.37
6,000
1940-1954
— —
3103
105.05
1940-1949
.5
1M
Vidalla, Ga..
3416 Wadsworth, Ohio (2 issues)—...
1.98
104.47
June 12:
Loans
1943-1952
.1.40
Utica, N. Y. v6 issues)
on
3.40
1940-1959
1K-1 H
4.38
100.05
in Arkansas, and rehabilitating a water control
100.55
1940-1943
1M-1 K
.2^-2%
101
52,400
Report on Loans to Districts—The following statement
(No. P-1498), was made public by the above Federal agency
1.21
100.27
4 years
—
1959
1940-1954
Total long-term Canadian debentures sold in May
Temporary loan; not included in total for month.
RECONSTRUCTION
101.71
100.89
3102 Union Co. S.
3413 Univ. of Minnesota, Minn.
22,000
708,736
8,000
4
..4
________..4)4
25,500
100.000
2.28
32,000
30,000
1940-1952.
1940-1944
Y-...
D;No.^,Fla—.....6
TLsdaleTwp., Ont
4
•—3-3^
1940-1944
1940-1949
1940-1959
1940-1944
1940-1954
1.07
100.30
100.21
1940-1957
2
—2*4
3%
1.80
...*—1.80
Trappe S. D., Pa
2942 Trenton, N. J. (5 issues)
*
1.21
100.16
12,000
30,000
17,000
1941-1950
—4
3270 Toronto, Ohio.
3418 Timmins.Ont
3418
115,000
5-20 years
..
Salabeary De Valleyfield, Que.
St. John, N. B..__
0.92
4
.2K
4
Riviere du Loup, Que
3418
3272 Saskatchewan (Province of)
100.26
-
..
3418
2.7?
1940-1945
4
2H
3270 Toledo, Ohio
3)4
Richmond, Que. (2 Issues)
3272
100
of).
3272 Prince Edward Island (Prov. of)
12,000
.......—-
Miss
3105 Thyatira Con S. D.,
3)4
2)4
Nova Scotia (Province of)
1946-1951
\K
3272 Taylor Co., Wis
.
100.51
1.95
155,000
55,000
25,000
,
100.57
73,000,000
1.950,000
5
1940-1954
4
3
3K
3102 Tallahassee, Fia
2786
100.79
1
36,000,000
1958
3)4
4K
5,000
3%
4.
3K
2779 Stockland Twp. S. D.f 111
3416
Chilliwack Twp., B.C..
100.63"
1939-1961
2778
2946
101.66
Calif...*—4
3102 Stanislaus Co. S. D.,
3269
2946 Chicoutimi, Que
2.28
740,000
1939-1962
3109
2.50
<183,000
3,000
Minn...
3102 Stanislaus Co. S. D., Calif
-.4
2784 StrongsviUe 8. D.,
3103 Sumner Co., Kan
100
100.15
1.14
3266 Stearns Co. S. D No. 59,
2781
3.
3.69
1940-1959
r 81,500,000
Canada (Dominion of)
100.34
1940-1947
14,000,000
1942
2946
1944-1946
——3
Sonoma Co., Calif
-—3y2
South Amboy, N. J. (3 issues)
2.70
South Portland, Me
1%
*
3k
Spink Twp. S. Dak..,
1942
2.48
100.51
*
1958
100.23
7205,000
1954
2945 Somerset, Pa—
2936
...
IK
3272
Basis
r4,000,000
194-*
3
1)4
A
Canada (Dominion of)
3272 Leaside, Ont. <2 issues)
MAY
98.12
..*25,000,000
Canada (Dominion of)..
2946
<*100,000
1940-1951
-2%
--2M
--1K
3265 Sibley, Iowa
2779 Sidney, Iowa
Canada (Dominion of)..
IN
I*rice
Amount
$33,800
Maturity
1940-1949
1.18
90,000
170,000
1940-1948
Corp., Ky-.3
ShorewoodS. D,1no.4, Wis
2
3412 Shelbyville Puo.Sch.
3110
Rate
100.26
1940-1 «59
3109 Snamokin S. D., Pa
MUNICIPALITIES
CANADIAN
BY
2946
1940-1956
Y.„—...
3107 Schuyler Co., N. Y
SOLD
Name
Beaupre, Que:
2946
22,000
2943
3107 Schuylerville, N.
DEBENTURES
Page
2946
2V*
— -—4
-2-3
Di t„ Mo
2785 San Augustine, Tex..
1-10 yrs.
..—3
Sewer
San.
for that month $75,027,037.
29,000
23,000
1941-1944
—--214
-2H
2.30
8.1)., Iowa—
1.00
100
1941-1955
1K
(2 Issues)
Yi...
Port Leyden, N.
2,96
100
1940-1945
3270 Port Con. S. D.,Okla
sales
100.23
21,000
1940-1942
issues)..-214-2K
3/4
...*-------1/4
issues)
,-—3^-4
(unless otherwise indicated) are for
These additional April issues will make the total
(not including temporary or RFC and PWA loans)
7-30,000
1941-1945
r518,000
194CF1968
4
r150,000
1940
D. 161, 111 314
36,500
—
All of the above sales
15,000
1942-1968
N.C. l3
3105 Pine Co., Minn...
Saunemin
103.62
Rock Rapids, Iowa
2778 Pine Bluff, Ark
—
3269 Person Co.,
2937
30,000
IK
3K
Neola, Iowa
2779
Patterson, N.Y.--;-..-*
3410 San
100.47
3412
\/*>
Parsons, Kan
3264
3266 8t.
100.82
4,000
2.17
*
2938
3266
Too". 60 ~
10,000
0.94
— »
2783
2785
15,000
100.00
Parsons, Kan...
2945
1940-1949
Rural S. D., Ohio.2%
Marsh all town, Iowa
2779
100.13
--jK
2945
3107
11,000
12,409
3^
2".64
15,000
1941-1951
1,045,000
-
2.00
1940-1954
2
2784 Jefferson Twp.
100.79"
40,000
3
2938 Paris, Ky
1.47
100
1 y2
2
1940-1958
.&/*.
3K
Colo
11, Colo
2.53
Too'.io"
Hopkinton, Mass
1-20
Osslnlng, N. Y
Otero Co. 8. D. No. 11,
7,500
100.13
Hopkinton, Mass
Humeston Ind. S. D., Iowa
2779
1940-1943
3102
Basis
8,000
1940-1946
25
-
3102
30,000
1942-1949
2939
3.20
1-10 yrs.
--
1940-1959
2939
1.60
103.93
r72,000
3
-
2943
3412 Prairie
100.85
10,000
—4
Flood Control Dint.,
Calif
7*40,000
1940-1949
Oneida, N.Y
3102 Orange Co.
3107
Henrietta Spec. R. D., Mo
1940-1949
\K
f
—
2778 Old Lyme, Conn
3271
Contra Costa Co., Calif
2781
Price
Amount
Maturity
Rale
2K-b
2K
Name
Page
Basis
2778
Nor walk,
3103 Okobojl, Iowa
2783
Price
r70,000
Kan
Norton,
Ohio
3108 Norwood, Ohio
3265 Ocean City, Md
3414 Ocean Twp., N.J
3270
Amount
Maturity
Hate
Name
Page
1939
17,
June
Chronicle
,
The defeated juvenile court financing was the only major issue facing the
Legislature on the final day of its five months session.
Earlier it had dis¬
posed of milk control, 6mall loan interest rates, left unchanged; and it had
liberalized the State Pousing Act, initiated constitutional amendments on
dual jobs and gubernatorial nomination of judges, refused to close teachers
colleges and trade schools, ratified the Rill of Rights to the Federal Constitu¬
tion but not the Child Labor Amendment, left Unacted upon gubernatorial
nominations for three major State commissionerships, refused to enact new
taxes, authorized hospital and medical insurance, revised the minor court
system, legalized bingo, revised the unemployment compensation law,
increased maximum old age assistance benefits, made comparatively minor
changes in the liquor control law, provided for some reorganization of the
State military department, unified somewhat the State's control over its
water resources, refused to change either the motor vehicle inspection or
financial responsibility laws, abolished county health officers, abolished the
State Hairdressers Commission, adopted a toll-bond policy for new bridges
at Hartford and New London and a new highway from Milford to Hartford,
and appropriated supposedly adequate funds for the various State activities
within the limit of the estimated income of the State for the next two years.
By a session of both houses Monday night to dispose of minor court and
county commissioner patronage, and a night session of the Senate Tuesday,
calendars were virtually clear for the final day.
Total bond sales for May (322 municiplaitles,
covering 426 separate issues)
<* Subject
to
call
prior to
loans or funds obtained
Government,
r
maturity,
$101,299,823
k Not
including $111,371,227 temporary
by States and municipalities from agencies of the Federal
Refunding bonds.
We have also learned of the
following additional sales for
previous months:
Name
Page
3103
Beaver Valley Ind. S. D., Iowa
2785
Bradley Co., Tenn
3271
Rate
3
Maturity
Brown Co., S. Dak. (March)
3A
Basis
1942-1954
<*r315000
94,450
100.53
131,368
100.78
1%
Lawyers' Club.
capital expenditures of most concerns.
However, when new capital invest¬
ment assumes larger proportions, funds provided by depreciation reserves
and surplus will not be materially increased, and a moderate expansion in
new capital investment can lead to a sharp rise in the total of new issues
for plant expansion and equipment.
1944-1949
2
the
3.50
8,000
120,000
Clark Co., Ohio
told members of the Municipal
meeting on June 13 at
Too""
1940-1954
2784
Commerce,"
During the past five years, Dr. Bogen said, depreciation reserves and
reinvested earnings have provided sufficient funds to finance the curtailed
1941-1965
2781
of
3.00
2A
Burkeville, Va-
Calistoga, Calif. (March)
Carbon Co., Mont.
Price
"Journal
Forum of New York at a luncheon
100
125,000
4
3785
2936
„
Amount
$2,100
__3
Financing Revival Expected in Next Few Years—
next few years should bring a major revival in the
volume of new financing, Dr. Jules I. Bogen, Editor of the
The
1.64
Volume
143
Financial
Georgia—Road Bonds Approved by Voters—At the general
election held on June 6 the voters
gave their approval to the
issuance of $7,950,000 of
highway bonds by the State, as
well as permission for
creating $4,500,000 of coastal highway
bonds.
The City of Atlanta was also given
permission to
issue revenue bonds
payable only from water and sewer
3719
The
changes with respect to the eligibility of corporate
obligations and
preferred stocks for investment
concern principally the
relating of minimum
investment
standards to the generally
accepted earnings tests.
The amounts
r,e.9}lir6d earnings have been based upon coverage of fixed charges with
modifications applicable to secured
obligations, debentures, income bonds
ana guaranteed
stocks.
Alternative tests are provided in the case of senior
liens where overall
coverage may not comply.
Earnings qualifications for
preferred stocks have been related to fixed
charges and dividend require¬
ments.
The period of
required earnings with
respect to secured obligations
revenues.
Under the terms of the approved constitutional amendment
Georgia may
issue up to a total of $7,950,000 bonds to match Federal funds now avail¬
able for the construction of
highways.
tions of the State,
payable from taxes
The bonds would be direct obliga¬
levied, issued and allocated to the
highway department. Georgia also agrees that sufficient taxes will be levied
to take care
of principal and interest on the
bonds, and the interest rate
must not exceed
2%.
The new amendment permits the State to issue $2,650,000 of bonds this
year, to mature March 15, 1946, with like amounts to be issued March 15,
1940 and 1941, to mature March 15, 1947 and
1948, respectively.
Proceeds
of the issues would be used to reimburse the
highway department for the
annual maturity of highway
certificates, thereby releasing funds for the con¬
struction of additional roads.
During the past year Georgia has received a
record amount of Federal grants, and because of an extensive
program of
road building has not had funds with which to match
$9,000,000 of available
Federal
Chronicle
money.
The $4,500,000 of bonds for the coastal
highway will be obligations of the
counties of Chatham, Bryan, Liberty, Camden,
Glynn, and Mcintosh, and
proceeds will be used to construct a four lane highway from the South
Carolina line to Florida.
Payment will be made from gasoline tax revenues
received by the counties from the State, along with special
grants from the
State Highway Department currently estimated at
$250,000 annually.
remains at three out of the
last five years including the last two and with
respect to other securities a five
year average has been prescribed.
Individual mortgage loans have been
limited to 2% of total admitted
assets.
Mortgage loans other than Federal Housing Administration
insured loans and
purchase money mortgages shall not in the
aggregate
exceed 40% of a
company's total admitted assets.
Bond
Proposals and Negotiations
ALABAMA
mv,C^YJ£SI?N COUNTY (P. O.
Andalusia), Ala.—BOND SALE-
The $160,000 issue of
coupon highway bonds offered for sale
V. 148, p. 3410—was awarded
June 14—
on
jointly to J. Mills Thornton, and King,
Co., both of Montgomery, as 2%s, paying a price of
100.625, a
?2Sl?/>f,abPut 2.70%. Dated Feb. 1, 1939. Due from Feb. 1, 1947 to
Mohr
&
1960 inclusive.
MONTGOMERY, Ala.—BOND
OFFERING—Sealed bids will be re¬
June 27, by J. L. Cobbs, City
Treasurer, for the pur¬
improvement, series B A bonds.
In¬
43^ %, payable J-D.
Denom. $1,000.
Dated
June 1, 1939.
Due $18,000 June 1. 1940 to 1949.
Rate of interest to be
in multiples of
M of 1 %, and must be the same for all of the bonds. Principal
and interest payable at the Chemical Bank &
Trust Co., New York.
The
ceived until
noon on
chase of
issue of $180,000 street
an
terest rate is not to exceed
Kentucky—Special Municipal Committee Appointed—A
special Kentucky Municipal Committee of the Ohio Valley
Group of the Investment Bankers Association of America
has been appointed to handle for the Association all matters
pertaining to Kentucky municipals and to act in an advisory
capacity on any legislative program.
•
The members
of this
committee
are
as
follows:
Willis E.
Doll
of Van
Graham
R.
of
Breed &
Harrison, Inc., Cincinnati; J. R. Burkholder of Almstedt Brothers,
Louisville, and Marion Cardwell of J. J. B. Hilliard & Son. Louisville.
New York State—Budget Ruled' Void-—Decision to Be
Appealed—The Appellate Division of the Supreme Court,
sitting at AlbaDy, on June 15 declared the budget appro¬
priation Act adopted by the Republican majority of- the
Legislature to be unconstitutional and enjoined the State
Comptroller from making any payments under its pro¬
visions, according to press dispatches of that date.
It is stated that an appeal from the decision will
go to the
Court of Appeals on June 19.
Should the Court of Appeals
sustain the Appellate Division, it would make a
special
session of the Legislature inevitable, in order to enact a
new appropriation bill to finance the
State's activities for
the next fiscal year
beginning July 1.
The five-man bench of the Appellate Division
in
was
bonds
are issued under
authority of an ordinance adopted by the Board of
Commissioners on June 6 to provide funds for certain street
improvements
heretofore authorized and named in the
ordinance, and now under construc¬
tion.
These bonds, issued under the
"Municipal Bond Code" of the State,
are general obligations of the
city and will be additionally secured by and
primarily from assessments to be levied against the property benefited
by
such paving and improvements.
The ordinance authorizing the issuance
and sale of these bonds
pledges as security for any sums realized from the
sale of the bonds, the proceeds of the assessments to
be made against the
property benefited by the paving and improvements
authorized, and also
authorizes, if it should become necessary, the transfer and
assignment for
the benefit of the bondholder the lien of the
city thereon with power to
enforce the same either at law or in
equity.
The assessments pledged to
these bonds will be sufficient in amount to
pay both principal and interest
of the bonds, and when collected, will be
deposited in a separate sinking
No private underwriting or
proceedings contract has been made
in respect to these bonds.
The bonds are to be delivered to the
purchasers
at a place to be designated by the Board of
Commissioners, and the issuance,
sale and delivery of the bonds are subject to the final
approving opinion of
Reed, Hoyt, Washburn & Clay of New York.
Enclose a certified check
for 2% of the bonds.
fund.
ARKANSAS
ARKANSAS, State of—BONDSALE—The $200,000 issue of 4% coupon
semi-annual revolving loan bonds offered for sale on June 12—V.
148, p.
3101—was awarded to Walton, Sullivan & Co. of Little
Rock, paying a
premium of $2,225, equal to 101.112, a basis of about 3.86%.
Dated
June 1, 1939.
Due from March 1, 1940 to 1959.
T. J. Raney & Sons of Little Rock was the
runner-up, bidding a premium
of $1,500.
<
'
divided three to two
the legislative method of budget-making Unconstitutional.
controlling opinion was written by Justice Christopher J. Heffernan
and was concurred in by Justices F. Walter Bliss and Gilbert V. Schenck.
The dissenting opinion was written by
Presiding Justice James P. Hill
and was concurred in by Justice John C. Crapser.
The majority decision of the Court was based upon Section 4 of Article
VII of the Constitution, which permits the
Legislature to "strike out"
or
"reduce" items and "add" items to the budget bill submitted
by the
Governor, but not to "alter" the Governors' budget bills.
The procedure
followed by the Legislature was to "strike out" items and to "add" sub¬
stitute items.
The Court regarded these substitutions as
alterations, and
specified in its opinion that the Legislature may add items only for objects
or purposes "additional" to those contained in
(Governor's) bills.
Last spring when the Legislature struck out items from the Governor's
bill and added others in substitution, Governor Herbert H. Lehman con¬
tended "that such a manner of dealing with his bill was unconstitutional.
He ordered Attorney General John J. Bennett Jr. to bring a test case.
The Republican majority selected Arthur A. Ballantine of New York
City
as
its legal representative, and the present action resulted in the form
of a petition for a
declaratory judgment upon an agreed statement of facts,
and for an injunction against the
Comptroller, under the title of the
People of the State of New York vs. Morris S. Tremaine, Comptroller
of the State of New York.
Henry Epstein, Solicitor General, presented
the argument for the people last Tuesday, and Mr. Ballantine offered
the
argument for the Comptroller yesterday.
.»
'
•
In connection with today's decision, the
majority opinion, commented
that "the Legislature completely emasculated the
Governor's appropriation
bill."
In effect,
the Legislature destroyed the executive budget and
substituted therefor a legislative bill, in the view of the Court's
majority.
declaring
The
New York
State—Housing Measures Signed by Governor
—Governor Lehman signed on June 11a group of four hous¬
ing bills, summaries of which were given in our issue of June 3
—V. 148, p. 3409—under which the State will embark
upon
its $150,000,000 housing program. * The bills
approved
include
the
Desmond, Moffat and
enabling the State to proceed with a
housing and slum clearance.
<.
Mitchell
program
for low-rent
The program Was approved last fall in the form of a constitutional amend¬
and the Governor's action today paves the
way for immediate
ment
a memorandum said that while the law
was not perfect,
sound and workable and expected that business and
unemployment
would be aided.
was
Under terms of the measure the State is authorized to enter into
agree¬
ments for loans to municipalities or authorities.
Such loans are limited to
a total of $150,000,000 of which only $50,000,000
may be loaned
"Idle capital
during the
,
will
make
as
will
,
for
well
idle
will be given work," the Governor said.
administered by a State Superintendent of
Housing
who will replace the present Board of Housing" the Governor
explained.
"He will have duties necessary to enable the State properly to exercise the
important functions assigned to it by law.
I am confident that this change
"The law
as
men
be
efficient
and
responsible administration.
The law
authorizes the State to enter into agreements for loans to municipalities or
authorities not exceeding $150,000,000, not more than $50,000,000 of
which may be actually loaned during the coming fiscal year.
"It
also
more
authorizes the
State to
exceeding $1,000,000 a year, not
expended during the coming fiscal
enter
more
into agreements
than
for subsidies not
$250,000 of which
may
be
year.
"These loans that the State will make to
ties
will
housing authorities and locali¬
are well protected.
The taxpayers of the State need not fear that these
prove to b° gifts, Provisions of the law assure their prompt repayment.',
Life Insurance Investments Amended—Another new measure
has been approved by Governor Lehman, under which the
investment provisions affecting life insurance companies as
contained in the present law have been brought together
with other investment provisions under the1 heading of
assets, investments and deposits.
485 California
Bell
Street, San Francisco
System Teletype SF 469
OFFICES IN OTHER
PRINCIPAL
CALIFORNIA CITIES
CALIFORNIA
CALIFORNIA, State of— WARRANTS SOLD—An issue of $3,855,978.63 registered general fund warrants was offered for sale on June 12 and
was awarded to the Bankamerica Co. of San Francisco,
paying a rate of
plus a premium of $6,692.44, according to Harry B. Riley, State
Dated June 14, 1939.
Due on or about Feb. 27, 1940.,
Legal opinion to be furnished to purchaser by Orrick, Dahlquist, Neff &
Herrington of San Francisco.
2%,
Controller..
KERN COUNTY (P. O.
Bakersfield), Calif.—SCHOOL BOND OFFER
ING—It is stated by R. J. Veon, County Clerk, that he will receive sealed
m. on June 26, for the purchase of a $7,800 issue of Arvin
School District bonds.
Interest rate is hot to exceed 5%, payable J-D.
bids until 11:30 a.
Dated June 5, 1939.
Denom. $1,000, one for $800. Due June 5, as follows:
$1,000 in 1941 to 1947, and $800 in 1948. Principal and interest payable in
lawful money at the County Treasurer's office.
All bids must be equal in
amount to the par value of the bonds and accrued interest to date of delivery.
The bonds were issued by the Board of Supervisors under and in accordance
wi(h the provisions of the Constitution and Laws of the State and in con¬
formity with an order of the Board of Supervisors, passed on June 5, 1939.
Enclose a certified check for at least 10% of the amount of the bid, payable
to the Clerk Board of Supervisors.
*
<' ■
"
.
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles),
BOND OFFERING—Sealed bids will be received until 10
Calif.—SCHOOL
on June 20,
by L. E. Lampton, County Clerk, for the purchase of a $43,000 issue of
Mountain View School District bonds.
Interest rate is not to exceed 4%,
payable J-D.
Denom. $1,000.
Dated June 1, 1939.
Due June 1, as
follows:
$1,000 in 1942, and $2,000 in 1943 to 1963.
Prin. and int. pay¬
able in lawful money at the County Treasury.
Each bid must State that
the bidder offers par and acrued interest to the date of delivery and State
separately the premium, if any, at the rate of interest offered for the bonds
bid for.
Bids will be received for all or any portion of the bonds.
In event
that the bidder submits a proposal to purchase a portion of the bonds, the
bid shall designate specifically the bonds bid for.
Ail bonds sold to a bidder
bidding for a portion of the bonds shall bear the same rate of interest, and
bid for varying rates of interest for the same block or portion of the bonds
will be rejected.
Enclose a certified check for not less than 3% of the
amount of the bonds bid for, payable to the Chairman Board of Supervisors.
a.
m.
,
The Governor in
next fiscal year.
Municipals
Bankamerica Company
measures,
inauguration of the project.
it
California
,
,
TULARE COUNTY (P. O.
Visalia), Calif.—SCHOOL BOND OFFER-
ING—It is stated by Gladys Stewart, County Clerk, that she will receive
sealed bids until 10 a. m. on June 27, for the purchase of a $397,000 issue of
Visalia Union High School District bonds.
Interest rate is not to exceed
Dated July 1, 1939.
Denom. $1,000.
Due July 1,
$17,000 in 1940, and $20,000 in 1941 to 1959.
Principal and
payable in lawful money at the County Treasurer's office.
The
bonds will be sold for cash only and at not less than par and accrued in¬
terest to date of delivery.
Enclose a certified check for not less than 5%
of the amount of the bonds bid for, payable to the Chairman Board of
Supervisors.
3 34 %, payable J-J.
as
follows:
interest
VENTURA
COUNTY
(P.
O.
Ventura), Calif.—BOND SALE— The
$7 000 issue of 5% semi-annual Water Works District No. 1 bonds offered
for sale on June 13—V. 148, p. 3562—was awarded to Dean Witter & Co.
of San Francisco, paying a price of 100.228, a basis of about 4.94%.
Dated
July 1, 1939.
Due from July 1, 1940 to 1947, inclusive.
CONNECTICUT
BRIDGEPORT, Conn.—NOTE SALE—The $1,050,000 notes offered
awarded as follows;
June 14—V. 148, p. 3562—were
Brevard, Broward, DeSoto County, Punta Gorda S. R. & B. District
No. 3, and S. R. & B. Districts Nos. 4, 5 and 6.
Moore Haven District
No. 8, and Palmdale District No. 9 only, Glades. Hardee, Indian River
S. R. & B. District No. 1 and Quay Bridge District only, Jensen 8. R. &
B. District, Levy District No. 7, Okeeschobee and Palm Beach S. R. & B.
Districts Nos. 3, 8,17 and Cross State Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i. e., through July 10, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity
$750,000 short-term notes taken by the Bridgeport City Trust Co., at
0.25% interest, at par plus $75 premium.
Due June 15, 1940.
300,000 Harrison St. extension notes awarded to Estabrook & Co. and
Putnam & Co., both of Boston, as 1 Ms, at par plus $147 premium,
equal to 100.049, a basis of about 1.24%.
Due
incl.
15, 1939.
Other bids'. ►,
For $300,000 Issue
$30,000 on June 15
from 1940 to 1949
Both issues are dated June
Int. Rate
Bidder—
Premium
Chicago
First of Michigan Corp.
and Union
$74.10
&C0..1
—
-
•'
179.70
209.70
1,977.00
1.062.00
1,365.00
For $750,000 Issue
Bidder—
•
<
NationalCity Bank of New York.
— ---Lehman Bros.; Phelps, Fenn & Co.; R. W. Pressprich
& Co., and Bridgeport City Co
Chace, Whiteside & Symonds, Boston
Halsey. Stuart & Co., Inc., and It. F. Griggs Co
First National Bank & Trust Co. of Bridgeport
Int. Rate
.27%
FLORIDA, State of—REPORT ON BUDGET REDUCTIONS—Governor
Fred P. Cone, has used his veto power to eliminate most of a threatened
large deficit left when the State legislature adjourned a week ago.
Within the past few days he has wiped out approximately $5,000,000 of
appropriations for which the lawmakers failed to provide revenue.
He
vetoed another bill that would have repealed the one-half per cent gross
Premium
$30
,
.27%
287%
.33%
.35%
8.00
Par
33.00
anticipation serial notes, first issue,
series of 1939.
$12,000 on June 30 frzm 1940 to 1944, incl.
Denom. $1,000.
175,000 revenue anticipation serial notes, second issue, series of 1939.
$35,000 on June 30 from 1940 to 1944, incl.
Denom. $5,000.
All of the notes
will be dated June 30, 1939 and
bidder must name one
PALM
Board of Public
POLK
that
p.
BENEWAH
to the District
'
INDEPENDENT
consideration of the Senate, carries
no exemptions for married persons or dependents and applies retroactively
to last year's earnings.
The tax on personal income ranges from 2% to
7%, while for corporations there is a flat 5% impost on net income.
The income tax rate, which was originally intended to apply to earned
income in excess of $10,000 and unearned income in excess of $500, now
applies to earned income on the following scale after exemption of the basic
v
the first $1,000, 3% on the next $2,000. 4% on the next
$2,000, 5% on the next $2,000," 6% on the next $2,000, and 7% on all
taxable income in excess of $9,000:
Thus a district resident who earned
$10,000 last year would have to pay a tax of $320.
'Whether the tax will apply to Federal employees and other district wage
earners who maintain legal residences in the States is conjectural and subject
to contradictory opinions, but the Bill does provide that "in the case of any
corporation or a non-resident individual gross income includes only the
gross income from sources within the District of Columbia."
The tax if enacted into law, will apply to the incomes of persons living in
suburban Maryland and Virginia and working in Washington, but credits
will be allowed for payments to the States.
'
,
IDAHO, State of—NOTE OFFERING— Sealed bids will be received
10 a. m. (MST), on June 23, by Myrtle P. Enking, State Treasurer, for the
purchase of a $482,000 issue of State Treasury notes, which are being issued
pursuant to Chapter 223 of the General Laws, passed at the session of the
State Legislature, 1939, known as "The Toll Bridge Acquisition Act,"
approved March 11, 1939, authorizing the issuance of treasury notes of the
State in a total principal sum hot exceeding $500,000, and the sale thereof
for the use of the Toll Bridge Acquisition Fund, and pursuant to the order
of the Governor of the State.
Dated as of the date of issuance and maturing
as follows:
$31,000 on Dec. 31, 19o9, $31,000 on July 1. 1940, $32,000 on
Dec. 31. 1940, $33,000 on July 1,1941, $33,000 on Dec. 31, 1941, $34,000
on July 1. 1942, $34,000 on Dec. 31,1942, $35,000 on July 1,1943, $35,000
on
Dec. 31, 1943, $36,000 on July 1, 1944, $36,000 on Dec. 31, 1944,
$37,000 on July 1, 1945, $38,000 on Dec.,31, 1945, and $37,000 on July 1,
1946.
the maturities fixed, in the order of
of the State Treasurer, but otherwise
other, the rate of interest
Notes shall be entitled to payment at
their
Two per cent on
Treasurer.
unti1
C.—HOUSE VOTES
members of Congress
The income tax measure, now awaiting
presentation,
at
the
office
without preference or priority the one over the
not to exceed 3%, payable July 1 and Dec. 31 of
each year.
Each bid shall be accompanied by a certified check in the sum of
the total amount of notes at par fox which the bid is offered, payable
2 % of
to the
that the bidder will accept the said
treasury notes in accordance with the terms of his bid, if it be accepted.
The Treasurer of the State reserves the right to divide the issue among
two or more bidders and each bidder is requested to indicate the minimum
and maximum amounts of said notes which he will accept in accordance with
the other terms of his bid.
Printed and engraved notes will be furnished
by the State at the actual cost thereof which expense shall be paid by the
purchaser.
Notes will be payable to bearer at the office of the State Treas¬
urer at Boise, Idaho.
Notes will be sold to the highest and best bidder for
par and accrued interest to the day of delivery and for cash only.
«g|
Treasurer of the State, as a guaranty
TWIN
FALLS COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 3 (P. O. Buhl). Idaho—BOND OFFERING—It is reported that
BONDS
FLORIDA
,
SCHOOL
DISTRICT*
NO. 8 (P. O. Blackfoot), Idaho—BOND OFFERING—Sealed
by W. A. Dance, Clerk
$200,000 issue of not to
exceed 3% semi-annual coupon refunding bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1, as follows; $14,000 in 1941 and 1942, $15,000
in 1943 and 1944; $16,000 in 1945 and 1946; $17,000 in 1947, $18,000 in
1948 and 1949, and $19,000 in 1950 to 1952.
Bonds Nos. 176 to.200, both
inclusive/ to be redeemable on or after July 1,1941, on any interest payment
date.
Principal and interest payable at the District Treasurer's office or
at some bank in New York.
The bonds will not be sold at less than their
par value.
Enclose a certified check for 3 % of the total of such bid, payable
COLUMBIA
*
'
COUNTY
bids will be received until 2:30 p. m. on June 19,
of the Board of Trustees, for the purchase of a
and all legislative employees on Capitol Hill, the House on June 12 passed
an income tax for the district and eliminated the business-privilege levy.
"
DISTRICT
Idaho—BONDS SOLD—It is
building bonds ap¬
been purchased by
CLASS A,
V
DISTRICT OF COLUMBIA, Waohington, D.
INCOME TAX LEVY—After granting exemption to
$2 000 sillowEiicc"
SCHOOL
INDEPENDENT
(P- O. Saint Maries),
■■
BINGHAM
Day, Berry & Howard of Hartford
v
OF
COUNTY
NO 1
the State.
about July 1, 1939, against payment in
,
DISTRICT
Fla.—BONDS AUTHORIZED—
Bartow),
by the Superintendent of Schools that $35,000
proved by the voters at an election on May 22, have
(State of)—BONDS PUBLICLY OFFERED—Formal
issue of $1,250,000 \6A% highway bonds was made June
3562.)
O.
COUNTY
CLASS A,
offering of a new
12 by a banking group composed of E. H. Rollins & Sdns, Inc,; B. J. Van
Ingen & Co., Inc.; Schmidt, Poole & Co., and Barclay, Moore & Co., at
prices to yield from .10% to 1.625%.
The bonds, which are dated Jan. 1,
1939, mature serially Jan. 1, 1940, to 1979, inclusive, and are callable on
and after Jan. 1, 1940, at 105%.
They are exempt from Federal income
and State of Delaware taxes.
(Notice of award of the issue appeared in-—V.
148,
(P.
stated
DELAWARE
DELAWARE
COUNTY
Bank of Boise.
bonds
under
of and authenticated, as to its genuineness by the afore¬
company.
Delivery of bonds to purchaser will be made at
on or
.
IDAHO
(J-J) payable at the Hartford-Connecticut Trust Co., Hartford.
The
unlimited tax obligations of the city and each loan will be engraved
Connecticut institution
,
(P. O. Boise) Idaho—BONDS SOLD—It is reported
$29,000 refunding bonds have been purchased by the First Security
ADA
July 1, 1939.
Denom. $1,000. Bidder to
multiple of A of 1 %. Principal and interest
New York City funds.
Legal opinion of
will be furnished the successful bidder.
.
The County Commissioners are said to have approved recently the issuance
of $54,000 in refunding bonds, to take care of bonds now outstanding in
Road and Bridge Districts Nos. 10, 12 and 15.
"
All of the bonds will be dated
the
Instruction:
Instruction does not contemplate issuing bonds
time in the immediate future. While the Legislature was in session a
procedure whereby this might be done in the event it became necessary to
do so, was authorized through the passage of bills covering the situation.
"The Board has no plans in mind at this time for making use of the auth¬
orized procedure, but if this is done at a later date I shall be very glad to
advise you."
*
"The Board of Public
70,000 refunding water bonds, proceeds of which will be used to retire an
equal amount of non-serial water department notes held by the
Norwich Savings Society.
Due July 1 as follows:
$4,000 from
1940 to 1949, incl. and $3,000 from 1950 to 1959, inclusive.
the supervision
mentioned trust
(P. O. West Palm
at any
$125,000 public improvement bonds, proceeds of which will be used to
reimburse the city's general fund for expenses incurred in connec¬
tion with hurricane and flood damage in Sept., 1938.
Bonds will
mature July 1 as follows:
$7,000 from 1940 to 1944, incl. and
$6,000 from 1945 to 1959, inclusive. "
158,000 refunding bonds, proceeds of which will be used to retire an
equal amount of non-serial notes held by the Norwich Savings
Society.
Due July 1 as follows:
$8,000 from 1940 to 1958, incl.
and $6,000 in 1959.
are
SCHOOL DISTRICT
BEACH COUNTY
Beach) Fla.—BOND ISSUANCE NOT CONTEMPLATED—'The following
John I. Leonard, Superintendent of the
«•'
a
CALD—It is stated by
letter was sent to us on June 9 by
NORWICH,
Conn.—BOND
OFFERING—Alexander Jordan, City
Treasurer, will receive sealed bids until noon (DST) on June 20, for the
purchase of $353,000 coupon bonds, divided as follows:
in
Oak), Fla.—MA¬
semi-annual building
Co. of Orlando at a
Carlyle Ausley, Clerk of the Board of County Commissioners, that the
county will, on Aug. 1 redeem and pay $50,000 of 5A% refunding road
bonds, dated Feb. 1, 1936, series C, in the denomination of $500 each,
numbered C-l to C-100 .inclusive, and maturing on Feb. 1, 1954;
The bonds will be redeemed at par, plus accrued interest, upon presenta¬
tion with all unpaid coupons, at the Central Hanover Bank & Trust Co.,
New York.
Interest ceases on date called.
expressed in a multiple of A of 1 %.
One bid to cover both
Principal and interest (J-D 30) payable at the First National Bank
of Boston, or at the New Britain National Bank, New Britain, at holder's
option.
Notes will be engraved under the supervision of and authenticated
as to genuineness by the First National Bank of Boston.
Legal opinion of
Storey, Thorndike, Palmer & Dodge of Boston will be furnished the success¬
rate of interest
O./Live
MARION COUNTY (P. O. Ocala), Fla.— BOND
Due
Due
rate of interest,
name one
(P.
price of 95, as noted here—V. 148, p. 3411—are due on Jan. 1 as follows:
$1,500 in 1942 to 1963 and $2,000 in 1964, giving a basis of about 6.05%.
issues.
ful bidder.
a year.
DISTRICT
SCHOOL
OAK
LIVE
TURITY—It is now reported that the $35,000 5A %
bonds which were purchased by Leedy, Wheeler &
follows:
$60,000 revenue
$2,000,000
receipts tax which produces
11.00
BRITAIN, Conn .—SERIAL NOTE OFFERING—Sealed bids
addressed to W. H. Judd, President of the Board of Finance and Taxation,
c-o New Britain National Bank, New Britain, will be received until 10:30
a. m. (EST) on June 23, for the purchase of $235,000 coupon notes, divided
NEW
as
flat price, which
be understood to be the price asked for such bonds with all
defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any of the bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
Sealed envelope containing offerings of bonds shall plainly state on its
lace that it is a proposal for sale of road and bridge bonds.
Separate tenders
shall be submitted covering the bonds of each county, but any number
of such sealed offerings may be enclosed in one mailing envelope.
The right is reserved to reject any and all offerings or portions of offerings.
maturities of past due
Lehman
,
exactly what coupons
the price asked.
and will be delivered with the bonds for
in default of interest must be offered at a
are
price shall
333.00
,-----.-1.35 %
Bros.; Phelps/ Fenn & Co., and R. W.
Pressprich & Co
________ 1.35%
R. L. Day * Co.; Cooley & Co., and Edward M.
Bradley & Co.. Inc
1.50%
First National Bank & Trust Co. of Bridgeport
1.75%
Halsey, Stuart & Co., Inc.. and R. F. Griggs Co
1.40%
Bonds that
243.00
Kidder, Peabody & Co. and Roosevelt & Weigold &
Co.,'Inc
-1.30%
Harriman, Ripley & Co., Inc. and Hemphill, Noyes
'
attached
are
—1.25%
Securities Corp
1.30%
The offer must specifically state
and price asked.
Bank and Northern Trust Co.,
Harris Trust & Savings
June 17, 1939
Chronicle
Financial
3720
sealed bids will be received until
8:30 p'. m. on
June 26, by R. C. Morse,
District Clerk, for the purchase of a $50,000 issue of coupon refunding/bonds.
Interest rate is not to exceed 4%, payable J-J.
Dated July 1,1939. Denom.
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE.
-
-
-
Branch Office:
First
National
Bank
Building
Building
T.
-
.
FLORIDA
TAMPA
S.
Due $5,000 July 1, 1941 to 1950.
Principal and interest payable
office.
The bonds will not be sold for less than
accrued interest, and are issued for the purpose of pay¬
ing, refunding and redeeming legally issued and outstanding bonds of the
district.
Enclose a certified check for not less than 5% of the amount of
bid, payable to the Board of Trustees.
$1,000.
at the District Treasurer's
their par value and
Pierce, Resident
Manager
ILLINOIS
FLORIDA
DADE
COUNTY
(P. O. Miami),
Fla.—BOND ISSUANCE AUTH¬
ORIZED—It is reported that a bill was signed recently by Governor Cone,
authorizing the County Commissioners to issue bonds in the amount of
$1,000,000 in order to obtain a Public Works Administration loan and grant
for the constuction of a public auditorium,
CENTRALIA, 111.—The $40,000 community center bonds purchased
by the city—V. 148, p. 3563—were issued as 3Hs, at par.
Dated May 1,
1939.
Denom. $1,000.
Due May 1 as follows: $2,000, 1941; $3,000,
1942; $4,000 from 1943 to 1947, incl., and $5,000 from 1948 to 1950, incl.
EAST
of
Board
Governor's
FLORIDA (State of)—BOND TENDERS INVITED—'The State
of Administration will receive until 10 a. m. on June 30, at the
office in Tallahassee, sealed offerings of matured or
unmatured original or
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and (or) negotiable notes of the Florida counties and special
road and bridge districts therein, as follows:
'
ST.
LOUIS,
III.—BOND SALE—An issue of $80,000 3A%
District bonds was sold to Henderson & Co.
East Side Levee and Sanitary
Chicago.
FULTON, III.—BOND SALE DETAILS—'The $38,000 water improve¬
purchased by the Fidelity Life Association of Fulton—V. 148,
2305—were sold as 3^s, at 100.125, a basis of about 3.74%.
Due Jan. 1
as follows:
$1,000, 1940 to 1948, incl.: $1,500, 1949 to 1956, incl.; $2,000
from 1957 to 1962, incl., and $2,500 in 1963 and 1964.
ment bonds
p.
Volume
r
Chronicle
Financial
i4i.
9L£N
ELLYN PARK DISTRICT, III.—BOND OFFERING—F.
o11' ®ecretary_of Board of Park Commissioners, will receive sealed bids
8
until
p. m. on June 16 for the purchase of $25,000 not to exceed 3%
interest swimming pool bonds.
Dated May 1, 1939.
Denom. $1,000.
purchSI
^ follows: $5,000, 1954 and 1955; $10,000 in 1956 and $5,000
tInt?re8fc M-N. A certified check for 3% of the bonds is re-
b°f Chapman & Cutler of Chicago
m
be furnished
obligationsof the township and proceeds
GRADE
SCHOOL
DISTRICT
bonds.
WINONA LAKE, Ind.—BOND SALE—The $12,000 bridge and street
SffiSW
14S' p> 3412—were awarded to
(P. O. Georgetown), 111.—BOND OFFERING—Ralph R. Thompson,
Secretary of Board of Education, will receive sealed bids until 7:30 p. m.
on June 16 for the purchase of $18,000
4% building bonds.
Dated June 15,
'1939.
Denom. $1,000.
Due $2,000 on June 15 from 1943 to 1951, incl.
Bids should be made with the understanding that the purchaser will furnish
legal opinion and printed bonds.
Principal and interest (J-D) payable at
pmiS
111.—BOND ISSUE DETAILS—The $540,000
t
Bidder—
Lake Oity aHdrFirst Nat. Bank, Warsaw, jointly
Indianapolis Bond & Share Oorp__
Iteffensperger, Hughes & Co__.
:
J* Fertig & Co., Fort Wayne
City Securities Corp
Premium
$105.00
84 00
2)4.%
2M%
,
37*86
2M%
2}|%
78.00
2J4%
___
_
_
,
mm
25.00
m
|OlA//\
RONntiRAisrr
rnMCounxTm
crur,AI
.SCHOOL
i
91 STRICT
reP°rted
A
ig^iSclusi^
nte^
INDIANA
,
BOOMINGTON. Ind.—BOND SALE CONTRACT IN LITIGATION—
3563—are due $5,000 from Nov. 1, 1939 to
Co. of Des Moines, at
The city is
reported to have entered into a contract with Morris, Mather &
Co., Inc., Chicago, in October, 1938, providing for sale to the investment
house of the $200,000 series A water bonds works for which sealed bids
were solicited until 2 p. m. on June 15—V. 148, p. 3411.
In this connection, the bankers are reported to have filed suit on June 14 in Federal
District Court at Indianapolis in which they demand that the city deliver
the bonds to them in accordance with above-mentioned contract.
nptiMrtiMrc
1.
a rate
..
SALE-f
of 1%, according to the County Treasurer
n/»*rn
w
.
Tif^p
oo
rjSiom
iZ
at
*1
„
.
t
„
informed by Harvey
B
nnn
lr»'S &n
ifcJE?tJSS ?
J5L X94X;aii
and open bids until
n,il
iqoq
°?
5?1 ai°waL: x$:14^199
~ ^Un £heJPlty
ioao
^
nf
i
given
to the bid of par and accrued interest or better Which specifies the lowest
The bonds will be sold for cash upon the date above
set out to liquidate unpaid warrants issued during the fiscal year ended
March 31, 1939.
The bonds are general obligations of the city, and are
issued against an unlimited tax levy authorized by Section 6211, Paragraph
11, Code of Iowa, 1935.
Issuance of the bonds is authorized by Code
Chapter 320. The annual debt service requirements for the complete issue
are certified to the county tax collection officials, and the taxes therefore
are levied, prior to the time at which the bonds are issued.
Code Section
1179-b2. The county officials are required thereafter to each year spread
the taxes upon the tax lists according to the actual requirements for the
bond issue. A municipal budget law enacted recently by the State Legisla-
■
CHARLESTON, Ind.—BOND OFFERING—John F. Whitlach, Town
Clerk-Treasurer, will receive sealed bids until 2 p. m. (CST) on June 22
for the purchase of $6,700 not to exceed 4K% interest sewer system bonds.
Dated June 1, 1939.
Due Jan. 1 as follows:
$500 from 1941 to 1952 incl.,
and $700 in 1953.
Bidder to name one rate of interest, expressed in a
multiple of )4 of 1%.
The sewerage system will be constructed by the
town in cooperation with the Works Progress Administration and the
bonds Will be general obligations of the town, payable from unlimited
ad valorem taxes.
A certified check for $150, payable to order of the town,
is required.
Legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be furnished the successful bidder.
(P. O.
O.
The $22,000 issue of secondary road anticipation certificates offered for
sale on June 12—V. 148, p. 3563—was Awarded to the Carleton D. Beh
_
FRANKLIN TOWNSHIP SCHOOL TOWNSHIP
(P.
the $50,000
**
i-Pnn^?rp' °(TDav?n®3
^CLARKE COUNTY (P. O. Osceola), Iowa—CERTIFICATE
r
77.00
"
2H%
'
'
.
_
Central Securities Corp
coupon
k.Ki.a..
.
_
_
$118,000 2
due Feb. 1 as follows:
$9,000, 1944; $24,000, 1945; $27,000,
1946; $28,000 in 1947, and $30,000 in 1948.
422,000 3 Ms due Feb. 1 as follows:
$31,000,1949; $32,000,1950; $33,000,
1951; $35,000. 1952; $37,000, 1953; $39,000, 1954; $40,000, 1955;
$41 J)00, 1956; $43,000, 195^; $45,000 in 1958, and $46,000 in
v
int. Rate
__
judgment funding bonds sold to C. W. McNear & Co. of Chicago—V. 148,
p. 3563—are dated June 1, 1939, in $1,000 denoms. and consist of:
■
ac:^?^0f'Sou^B^o<?v'as?s^afcparPlus$178-30Premium»
im
to
|2A°i;48* Pj^ed June 10, 1939 and due as follows: $500 July 1,
4l nrift tSiv i
X,941J? 1944- incl- ^500. Jan. 1 and
$1 J)00 July 1 from 1945 to 1949, incl. Other bids:
the First National Bank, Westville; the Township Treasurer's office or at
the District Treasurer's office.
Bonds were authorized by the voters at an
election on Feb. 14'last.
A certified check for $500, payable to order of
J. Frank Haworth, Township Treasurer, is
required.
WAUKEGAN,
bidder.
the successful
tatter will be required to provide for and pay for the printing of the
177
NO.
certainVu£
Legal opinion of Matson, Boss.
£hfforf of Indianapolis will be furnished
TAILS—The $28,000 school construction bonds purchased by the H. O.
Speer & Sons Co. of Chicago—V. 148, p. 1358—were sold as 3Jis.
COUNTY
t^xceedSTntSit
f? nnn J^ l
Int^Jt exnrlS'J
will be used to retire
standing 5% judgment funding bonds.
TISKILWA SCHOOL DISTRICT NO. 169, III.—BOND SALE DEVERMILION
sV'SM
1 p. m. on July 8 for the
of
not
refunding bonds.
Dated July 171939.
Denom $500
Due
and $5,500 July l, 1950. Bidder to name one'rate of
in a multiple of M of 1%, and payable J-J
The bonds are
Pue May i
the successful bidder.
3721
VINCENNES TOWNSHIP (P. O. Vineenhesl
Ind —nmvn
nv
FERING—Sealed bids -will be received by I Grant Beeslev "Trustee nnHl
coupon interest rate.
RoacKdale),
Ind.—BOND OFFERING—Sealed bids addressed to Trustee J. M. Stafford
on June 29 for the purchase of $7,000 2H %
w
a
&Jnce
will be received until II a. m.
school bonds.
Dated July 1, 1939.
Denon*. $500.
Due as follows:
$500 July 1, 1940; $500 Jan. 1 and July 1 from 1941 to 1946 incl., and
$500 Jan. 1, 1947.
Principal and interest (J-J) payable at the Trustee s
p2JL'
o?
Bannister &
■
for
S2
thebond?£ublecttotheiSS?ovLg
R
oninion
df sthSS"
8^rz?neer of DesM^nes ^ certified ch^k
iSfffin wathr^dal^MlSS?^
or
gooaraith deposit has been required by the ornciai publication.
office.
rStSSr
°th
GRAETTINGER, Iowa—BONDS SOLD—It is stated by the Town Clerk
Ind.—BOND SALE-The
HAMMOND,
$50,000 improvement
bonds
ste^timDr^emenf
offered June 9—V. 148, p. 3411—were awarded to Halsey, Stuart & Co.,
Inc., Chicago, as 2s at par plus $400 premium, equal to
a
Knitrht,
PartiAtt
$413*50
&
John Nuvfeen & Co
Seasongood & Mayer
City Securities Corp.
LAKE parK» Iowa—BONDS SOLD—It is stated by the Town Clerk
that $12,697.66 street improvement bonds were purchased recently by the
no
sSS
2H%
2H %
2K %
®IvSSSLn
33.?'3^% semSn^'town imnrovemen^OTuS'
KELLEY, Iowa—BONDS SOLD—It is reported that $2,000 water works
bonds were offered for sale on June 12 and were purchased by the PolkPeterson Corp. of Des Moines, as 2)^s.
Prem.
RleWh^Sprich°&cSdianaPOliS
2m1
Co"""""""
S^inRfp^y %. Cn""Tnc—- 2%%
and $2
street improvement, ana %z,666 6 A /o somi-ann. town improvement bonds.
basis
1 from
100.80,
of about 1*92%.
Dated June 1, 1939 .and due $5,000 on Dec.
1945 to 1954 inclusive.
Other bids:
Bidder—
Int. Rate
Oarleton D.Beh Co. of Des Moines, as 5s at par.
784.50
555.85
149.00
MASON
n
,
CITY, Iowa—BOND SALE DETAILS—In connection with
Channer Securities Co
214%
85.00
the sale of the $30,000 street improvement bonds to the Caleton D. Beh
Co. of Des Moines, and the $9,000 improvement bonds to the First National
Bank of Mason City, as noted here—V. 148, p. 3563—it is stated by the
A. S.
2%%
2% %
870.00
308.50
City Clerk that the $30,000 bonds were sold at a price of 100.35, giving
a basis of about 2.92%, and the $9,000 bonds were sold as l^a at a price
Huyck &
Mercantile Bank of
P
—
Co..v.
Hammqnd.—t
MARION COUNTY fP. O.
of 100.388, giving a basis of about 1.15%.
Indianapolis), Ind—BOND SALE—The
$526,000 series A of 1939 advancement fund (poor relief) bonds offered
June 16—V. 148, p. 3412—were awarded to Harris Trust & Savings Bank,
Chicago, and the Mercantile Commerce Bank & Trust Co., St. Louis,
jointly, as 1 Ms at a price of 100.389.
Dated July 1, 1939 and due semiannuaUyfrom 1940
bmlusive.
OELWEIN
VOTED—At
exceed 4H%
_
>
^
RISING SUN, Ind.—BOND SALE—Stein Bros. & Boyce of Lpuisville
and the Indianapolis Bond & Share Corp., Indianapolis, made public '
offering on Jtrne 12 of a new issue of $155,000 434% coupon electric and
water utility revenue bonds at prices to yield from 2.25%
to 3.80%,
according to maturity.
Proceeds of bonds will be used by the city to
acquire and improve the electric and waterworks system owned by the
Rising Sun Water & Light Co.
An additional $10,000 bonds, due July 1,
1965, may be issued for improvements and additions to the facilities.
The bonds now offered are dated June 30, 1939.
Denom. $1,000.
Due
July 1 as follows:
$4,000 from 1941 to 1944 incl.; $5,000, 1945 to 1949 *
incl.; $6,000, 1950 to 1953 incl.; $7,000, 1954 to 1957 incl.: $8,000,* 1958
to 1960 incl.; $9,000 in 1961 and 1962, and $10,000 in 1963 and 1964.
Principal and interest (J-J) payable at the Citizens State Bank, Rising Sun.
Bonds are redeemable in inverse order of maturity, on July 1, 1944, or on
any subsequent interest date, at city's option, op 30 days'notice as follows: •
Redeemable at price of 110 in years 1944-1949 incl.; at 108 from, 1950
to 1954 incl.: at 106 from 1955 to 1959 incl., and at 104 in year 1960 and
thereafter.
Legality to be approved by Matson, Ross, McCord & Clifford
of Indianapolis.
Following material with respect to security behind the
issue and related information is taken from the offering circular issued
by the underwriters^
.
.
.
,.a
This issue of bonds will be secured by a statutory mortgage lien on the
electric and waterworks systems and the principal and interest of this
issue will constitute a first charge upon the net revenues (defined as gross
revenues after deduction only for the payment of the reasonable expenses
of operation, repair and maintenance) of the electric and waterworks
•
nPpPDrAm_T,
bonds and attorney's opinion are to be
ki/rc-r
dd*mcu
systems.
A special
ordinance
"Bond and
Interest
^
Retirement
Fund" has been
in which there is to be deposited, out of the net
sufficient to pay principal and interest.
Th^e bonds are
payable only from this fund and do not constitute an indebtedness of the
created by
The
cpiioqt
ni^TRirT
fp
as
foUo^s: $4.000 in |54^^2,000 in1941Md 1942, $6^000 in l?43.® 3^0p in
1944, $6,000in 1945,$7,000in 1946 to 1949, and$8,000in 1950fo 1954. All
other circumstances being equal, preference will be given to the bid or
Par and accmed interest or better specifying the lowest interest rate of
the bonds. The district will furnishthe approvfogopinion of Chapman &
Cutler, of Chicago. Enclose a certified check fot $2,000.
_
_
_
_
KANSAS'
" "
NORTON, Kan.—BONDS BOLD—It is stated by Edna L. Guthrie,
City Clerk, that two issues of refunding bonds, aggregating $60,000,
have been purchased at par by the Columbian Securities Corp. of Topeka.
(We had reported in our issue of May 6 that $70,000 refunding bonds
_
.
»
,
.
^
^
had been sold—V.
WICHITA,
Kan.—BOND
that
oiorir
148, p. 2779.)
OFFERING—It is stated
hp» \&il rereive sealed
nf
iS7Pn°nm
(l
bids until 7*30
pou%n semf-annual
nOft
fOr
ono
$700
d
m
by C.
on
SS jSfe
refunding bond^u
Denom. $^00, one for $760. Dated June
*>ue aPProxii^elynOne-ten^ each year^ovot aj^riod^of rromto
Bidd^g
af*er date.
^TmS^ript cS??ring thS
^ran^pc wvermg
issue
his
«
l
l939
1 1939^
io^rs
^the state^choSl^fSS CoiLdslion
Mai 29 1939
thZm?Jfo£d
.
C. EUis,
19 for
June
internal improvement
on
been
subletted
to Bowersock, FizzeU
bonds will be sold subject to their
a^fe±aeuCb'&
to the
fdlowia, cond.tion,,:
the bonds; that rates too low to meet such requirements shall be unlawful.
th|Snd-
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND SALE—
$360,000 poor relief advancement fund bonds offered June 15—V.
148, p. 3264—were awarded to Paine, Webber & Co. and the Central
Republic Co., both of Chicago, jointly, as 1M*, at a price of 100.06, a basis
of about 1.24%. Dated June 1,1939 and due $18,000 on June 1 and Dec. 1
from 1940 to 1949 incl.
Other bids:
pared and submitted on banks to be obtained from the City Clerk
Third:
All proposals and bids are subject to the right of the Board
Commissioners of the City to reject any and all bids.
The
'
Bidder—
Lazard Freres & Co. and Paul H. Davis & Co
Harris Trust & Savings Bank.
1*
Rate Bid
100.04
%
C°' °f
Blyth & Co., Inc.:.
Int. Rate
1 H%
101.059
1"H%
100.015
Chicag0~—-
IIIIIIIZIIIIIIIIZIHI"
100*550
0
£u &
We*t ^raI\n l Io*ST?o?5 £ flKS
recdved until June 27, at 2 p.m., by T. A. Moore, District Swretary, for
the purchase of
Ik ohiqJS ® o%fri*S
_
revenues, a sum
rri?«
-furnished by the Icty.
rnwcoi in\Tirn
,„^Eo
.
Tr
„
„
Matthews, City ClOTk, that heJ^iU ^®9eJ;veJp,"
for the purchase of $512,000 sewer outlet and purifying plant bonds.
,
a
(o
JS^n^rSS?'or'
■
^
Oelwein), Iowa—BONDS
judgment funding bonds offered for sale on June 12—Y. 148, p. 3563—was
awarded to the Iowa-Des Moines National Bank & Trust Co. or Des Moines,
as 2><s, paying a premium of $25, equal to 100.076, a basis of about 2.48%.
Dated June 1, 1939. Due from June 1, 1940 to 1949; optional on and after
Junel, 1944. Denom. $1,000, one for $730. Interest payable J-D.
it is also stated by the Town Clerk that $34,000 water bonds were purchased by the same firm as 2^s, at a price of 100.51,
$20,000
interest series B refunding bonds of 1939.
Dated
July 1, 1939.
Denom. $1,000.
Due $10,000 on Jan. 1 in 1945 and
1946.
Bidder to name one rate of interest, expressed in a multiple of
H of 1% and payable J-J.
The bonds to bq refunded mature July 1,
1939. and the bonds to be -issued are direct obligations of the city, payable
from unlimited ad valorem taxes.
A certified Check for $500, payable
to order pf the city, is required.
Legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis will be furnished the successfulNbidder.
to
O.
SPIRIT LAKE, Iowa—BOND SALE—The $32,730 issue of coupon
MUNCIE, Ind.—BOND OFFERING—John D. Lewis, City Comptroller,
not
(P.
election held on June 6, the voters are said to have approved
divided as follows: $65,000 high school
remodeling, and $35,000 grade school construction bonds.
t
,
will receive sealed bids until 10 a. m. on June 24 for the purchase of
DISTRICT
SCHOOL
an
the issuance of $100,000 in bonds,
No bid
wffl be
given any consideration unless the same is pre-
Lf ITMTI
of
\CWiV
rvlilw ■ wwf\ I
CAMPBELL COUNTY (P. O. Newport), Ky.—BONDS VOTED—An
$100,000 road construction bonds is repotted to have been approved
voter# at an election held on June 6.
issue Qf
bv the
CLARK COUNTY (P. O.
—It is now
Winchester), Ky.—BOND SALE DETAILS
reported by the County Clerk that the $80,000 2)4% semi-
Chronicle
Financial
3722
annual court house bonds sold to a group headed by the Bankers Bond Co.
Louisville, as noted here—V. 148, p. 3583—were sold at a price of
101.88, and mature $20,000 on May 1 in 1940 to 1943, giving a basis of
of
about
Ky.—BONDS PUBLICLY OF¬
Bros, of Louisville are offering for
general investment a block of $25,000 3% semi-annual sewer bonds.
Due
from May 15, 1941 to 1961.
LOUISIANA
attracted the following other bids, the interest rate in each
1
6s at par.
according
tne Superintendent of the Parish
Due on July 1 in 1940 to 1944.
'
School
to
Board.
-
Dated June 1, 1939.
-
-
LEXINGTON,
is
stated
by
of Boston.
5
'
'
.
,
;
.
,
-
.,
.
-
.
#
,
MASSACHUSETTS (State of)—NOTE SALE—The issue of $4,000,000
12—V. 148, p. 3564—was awarded to a group composed
notes offered June
of the Bankers Trust Co., New York; Boston
Safe Deposit & Trust Co.,
Merchants National Bank, National Shawmut Bank, and
the Day Trust
Co., all of Boston, at 0.088% interest. The rate is the lowest in the history
of the State for a loan maturing in one year.
The notes are dated June 23,
1939 and mature June 19, 194QT Other bids:
.
"
Bidder—
.• Int. Rate
Second National Bank of Boston
■_
___0.097%
First National Bank of Boston
.0.125%.
Interest rate is not to exceed 5%,
payable A-O. Dated April 15, 1939. Denom. $1,000. Due April 15, 1951.
the rate or rates of interest in multiples of
No bid for less than the entire issue will be considered.
be named and it will not be necessary that all bonds of
the issue bear the same rate of interest.
The bonds will be awarded to the
bidder offering to pay the highest price therefor not less than the par value
Of the bonds and accrued interest, and naming the interest rate or rates
which will result in the least interest cost to the State, the interest cost to
the State to be computed by ascertaining the total amount of interest re¬
Bidders are requested to name
M or l-10th of 1 %.
__
Different rates may
MASSACHUSETTS, State of—SALES TAX KILLED—A United
Press dispatch from Boston on June 14 reported that the Legislative
Taxation Committee on that day unanimously rejected a proposed 2%
sales tax for the State/ The committee said the bill had been superseded
by Governor Saltonstall's proposal for 10 new taxes to raise an estimated
$50,000,000 in the next 18 months, including levies on cigarettes, higher
rates and lower exemptions on income taxes and an increase in the gasoline
tax.
Tax Commissioner H. F. Long had estimated that the sales tax
he sponsored was favored by realtors and the Massachusetts Federation of
Taxpayers Associations, and would raise $50,000,000 additional each year
to pay the State's relief bills.
The sales levy was opposed by organized
retailers, consumers, and farmers.
•
quired to be paid during the life of the bonds sold and deducting therefrom
the amount of any premium bid. These bonds will constitute general obliga¬
by the avails of a special tax of threequarters of one mill on the dollar of the assessed yalue of all property Subject
to taxation in the State, subject to payment of prior charges upon said tax
for the payment of principal of and interest on bonded indebtedness of
the State secured by and payable out of said tax.
All bids must be uncon¬
ditional. The opinion of Thomson, Wood & Hoffman of New York, approv¬
ing the validity of the bonds, will be furnished the purchaser.
Enclose a
certified check for 1% of the amount of bonds bid for, payable to the Board
of Liquidation of theBtate Debt.
tions of the State and are secured
PI
Town
Mass.—NOTE SALE—The $500,000 revenue notes offered
June 13 were awarded to the Maiden Trust Co. at 0.23% discount.
Due
$250,000 each on May 26 and June 12, 1940.
The Middlesex County
National Bank, second high bidder, named a rate of 0.259%.
Baynard, Secretary of the Board of Liquidation of the State Debt, that he
will receive sealed bids until 11 a. m. (C8T) , on July 19, for the purchase of a
$500,000 issue of coupon series G bonds.
Carroll,
B.
MALDEN,
B.
L.
Mass.—NOTE OFFERING—James
Treasurer, will receive sealed bids until 7:30 p. m. (DST) on June 19, for
purchase at discount of $100,000 revenue anticipation notes, dated
June 20, 1939 and payable Dec. 26, 1939 at the National Shawmut Bank
the
-
OFFERING— It
—__
.
JEFFERSON DAVIS PARISH ROAD DISTRICT NO. 5 (P. O.
Jennings) La.—BOND OFFERING HELD UP—Ir connection with the
$220,000 not to exceed 6% semi-ann. road bonds that were offered for
sale without success on Oct. 6, as noted here, it isnow stated by John T.
Hood Jr., Secretary of the Police Jury, that as no Public Works Adminis¬
tration grant has been received as yet, the reoffering of the bonds is being
delayed.
•
■
V"
•
•••
of—BOND
101.189
,
_____
EUNICE, La.—BOND OFFERING—Sealed bids will be received until
3 p. m. on June 29, by W. H. Kessler, Town Clerk, for the purchase of a
$65,000 issue of gas utility revenue bonds.
Interest rate is not to exceed
6%, payable J-J.
Dated July 1, 1939.
Denom. $500. Due July 1, 1940
to 1959.
These bonds were authorized at an election held on Oct. 5.
The
approving opinion of B. A. Campbell of New Orleans, and the transcript
of record as passed upon will be furnished the purchaser,. Enclose a certified
check for $1,300, payable to the town.
State
—-
101.069
& Co. Inc.—100.929
Kennedy, Spence & Co
f,
100.899
Southgate & Co_"_
<
—-100.819
Carew & McGreenery
100.781
Frederick M. Swan & Co
100.69
Burr & Co.,and First of Michigan Corp., jointly..
100.656
Halsey, Stuart & Co
.__■
—
100.643
Graham, Parsons & Co.
____________
100.635
Newton, Abbe & Co
100.56
Smith, Barney St Co., and Whiting, Weeks & Stubbs, jointly,
100.189
Blair & Co,, Inc__
,1
100.147
Chace, Whiteside & Symonds, and Mackey, Dunn & Co., jointly._ 100.05 ,
Harriman Ripley
of paving certificates offered for sale on June 12—V. 148, p. 3564—was
awarded to Weil & Co. of New Orleans, as 4Ms, paying a premium of $95,
LOUISIANA,
Rate Bid
.
Cox
Shields & Co
DONALDSONVILLE, La.—CERTIFICATE SALE—'The $19,000 issue
equal to 100.50, according to the City Secretary.
Due from June 1, 1940 to 1949.
bidder-—
Goldman, Sachs &
CADDO PARISH SCHOOL DISTRICT NO; 14 (P. O. Shreveport),
La.—BOND SALE—The $40,000 issue of improvement bonds offered for
sale on June 14—V. 148, p. 326.5—was purchased by Scharff & Jones of New
Orleans,
$150,000 municipal .relief
par—V. 148, p. 3564—
instance being
LAWRENCE, Mass.—OTHER BIDS—The
bonds awarded to Tyler & Co. of Boston as 1 Ms, at
BASILE, La.—BONDS SOLD—It is reported that $20,000 gas revenue
bonds have been purchased by the Guaranty Bank & Trust Co. of Lafayette,
Dated July 1, 1939.
on
name rate of interest in multiples, of M of 1 %.
Principal and interest (J-J)
payable at the National Shawmut Bank of Boston, or at the Merchants
National Bank, Salem, at holder's option.
Bonds will be engraved under
the supervision of and authenticated as to genuineness by the National
Shawmut Bank of Boston. Legal opinion of Ropes, Gray, Boyden & Perkins
of Boston will be furnished the successful bidder.
(P. O. Louisville),
FERED—It is reported that Almstedt
as
1939
Smith, Town
June 19 for the
E.
lenom.
Surchase$1,000. Due $5,000 on July 1 from 1940 to 1958 incl. Bidder to
of $95,000 coupon water construction bonds. Dated July 1, 1939.
1.75%.
STRATHMOOR
June 17,
Mass.—BOND OFFERING—George
Treasurer, will receive sealed bids until 8 p.m. (DST)
HAMILTON,
FLOOD CONTROL BILL SIGNED—The State Government on June
13
the Federal Government the right to acquire land for flood control
bringing to a peaceful close a controversy which once threatened
to assume major proportions over the question of State's rights.
The final act of acquiescence came as Governor Leverett Saltonstall,
Republican, signed long-delayed legislation to allow the Government to
take land for four specified projects—an action paving the way for ex¬
penditure by the Federal Government of $3,000,000 in this State for flood
protection.
.
:
•
.
gave
purposes,
NEVILLE, La.—BOND SALE—The $25 ,000 issue of water works
148, p. 3103—was purchased
s, as 4Ms, paying a price of 100.60,
/ '"
system bonds offered for sale on June 6—V.
by Scharff & Jones.of New Orlea
according to report. Due in 1949.
„
MAINE
NORTHBRIDGE, Mass.—NOTE SALE—The Second National Bank of
Boston was awarded on June 12 an issue of $100,000 notes at 0.126% dis¬
count.
Due Dec. 15, 1939.
The Worcester County Trust Co., second
high bidder, named a rate of 0.153%.
BREWER, Me.—BOND SALE—Arthur Perry & Co. of Boston purchased
the $35,000 2M% municipal building bonds authorized by-the City
Dated Nov. 1, 1938.
Denom. $1,000.
Due
at par
Council in December, 1938.
PALMER. Mass .—NOTE SALE—The Second National Bank of Boston
follows: $1,000 in 1939 and $2,000 from 1940 to 1956 incl.
Prin.
(M-N), payable at the First National Bank, Boston.
Legality
approved by Ropes, Gray, Boyden & Perkins of Boston.
Nov. 1
and
as
was
int.
BEL AIR,
.
;
\
.
.
;
.
„
Mass.—BOND
offered June
148,
p.
1
•
.100.3199
100.29
Beverly National Bank.
Newton, Abbe & Cor__
Graham, Parsons & Co
Lyons & Co
___
j
100.27
:
1
^
First National Bank of Boston.
100.176
100.029
100.0123
„
__
Goldman, Sachs & Co
_________100.011
For 1M
101.191
;____
,
101.13
.101.10
101.033
100.8999
_
Harriman Ripley
Co.
Estabrook & Co
100.812
R. L. Day & Co
Shelvey & Co
100.539
100.409
BROOKLINE, Mass.—NOTE SALE—The issue of $500,000 notes offered
June 12—V. 148, p. 3564—was awarded to the Second National Bank of
Boston at 0.083% discount.
Dated June 12, 1939 and due Dec. 13, 1939.
Other bids:
First National Bank of Boston, 0.09%; Merchants
National
are
the
Dated June 1, 1939 and due from 1940 to 1959, inclusive.
EVERETT,
Mass.—NOTE OFFERING—Emil W.
Lundgren,
City
Treasurer, will receive bids until 11 a.m. (DST) on June 20 for the purchase
$500,000 revenue anticipation notes of 1939.
Dated June 20.
1939.
Due $250,000 April 3 and a like amount on May 3, 1940, at the
National Shawmut Bank of Boston, which will certify as to the genuineness
and validity of the notes, under advice of Storey, Thorndike. Palmer &
Dodge of Boston.
,
SALE—The
■
.
of
$1,170,000, 1M% bonds, divided as follows:.
$261,000 emergency storm damage bonds. Due April 1 as follows: $53,000
in 1940 and $52,000 from 1941 to 1944 incl.
250,000 municipal relief bonds.
Due $25,000 on April 1 from 1940 to
200,000 trunk sewer bonds. Due $20,000 on April 1 from 1940 to 1949
459.000 municipal relief bonds. Due April 1 as follows: $46,000 from
to
$400,000
All of the bonds will be dated April 1,1939.
Boston,
Boyden & Perkins of Boston will be furnished the successful bidder.
A
certified check for 1% of the bonds Did for, payable to order of the city,
must accompany each proposal.
Bonds are exempt from Massachusetts
income taxes and from present Federal income taxes
notes offered June
at
•
,
was
awarded to the Second National Bank of Boston
Dated June 15, 1939 and due Nov. 29, 1939.
Other
Discount Rate
0.088%
0.10%
Bankers Trust Co. of New York
National Shawmut Bank
0.10%
Merchants National Bank of Boston
__0.11%
Day Trust Co
MICHIGAN
Mich.—BOND SALE—The $6,922,000 non-eallable series
refunding bonds offered June 13--V. 148, p. 3564—were awarded
a syndicate composed of the First National Bank, New York, Halsey,
DETROIT,
F
second
Bank,
Mass.—NOTE SALE—The issue of $500,000 revenue
14
0.083% discount.
bids:
to
National
Denom. $1,000. Bonds may be
Principal and interest (A-O) payable at the First National Bank
which will certify the bonds.
Legal opinion of Ropes, Gray,
maturity.
of
notes
revenue
incl.
1940
19^8 incl. and $45,000 in 1949.
issued in coupon form and may be exchanged if desired for fully registered
bonds if presented for exchange at any time more than one year before
Due Feb. 15, 1940.
The Cape Ann
high bidder, named a rate of 0.113%.
>
WORCESTER, Mass .—BOND OFFERING—Harold J. Tunison, City
Treasurer, will receive sealed bids until 11a.m. on June 19 for the purchase
offered June 15 were awarded to the Gloucester National Bank at 0.103%
discount.
of Boston.
"
Bidder—
at discount of
Mass.—NOTE
by virtue and in pursuance of an order of the Municipal Council,
validity of which order has been approved by Storey, Thorndike,
issued
Palmer & Dodge
WORCESTER,
CAMBRIDGE, Mass.—BOND SALE—An issue of $71,000 bridge bonds
awarded on June 16 to Tyler & Co. of Boston as lMs, at a price of
was
GLOUCESTER,
OFFERING—The City Treasurer will consider bids at the same
NOTE
Bank of Boston, 0.095 %.
101.139.
Thorndike,
1949 incl.
% Bonds
Second National Bank
Chace, Whiteside & Simons
Beverly Trust Co
Kidder, Peabody & Co_
will certify as to the
discount of $200,000 revenue anticipation notes of
1939, dated June 21, 1939 and payable Dec. 15, 1939.
The First National
Bank of Boston will guarantee the signatures and will certify that the notes
■■
_
which
time for the purchase at
-.-100.377
First Boston Corp
of Boston,
bonds and certify as to their genuineness.
Legal opinion of Ropes, Gray,
Boyden & Perkins of Boston will be furnished the successful bidder.
Rate Bid
,
:•
Bank
cipal and interest (J-J) payable in Boston or at the-City Treasurer's office.
Bonds registerable as to principal and coupon bonds exchangeable for fully
registered certificates, interest on which is payable at City Treasurer's
office.
First National Bank of Boston will supervise the engraving of the
$120,000 coupon municipal
3564—were awarded to Smith,
For 1% Bonds
•
"
.
Bidder—
Shawmut
National
TAUNTON,
Mass.—BOND AND NOTE OFFERING—Howard A.
Briggs, City Treasurer, will receive sealed bids until 11 a. m; (DST) on
June 20, for the purchase of $50,000 coupon municipal relief bonds.
Dated
July 1, 1939.
Denom. $1,000.
Due $5,000 on July 1 from 1940 to 1949,
incl. ' Bidder to name one rate of interest, in a multiple of M of 1 %.
Prin¬
„
Barney & Co., New York, as Is, at a price of 100.447, a basis of aboulj
0.92%.
Dated June 1, 1939 and due $12,000 on June 1 from 1940 to 1949
incl. .Other bids:
Tyler & Co:
,
.
SALE—The
14—V.
0.147% dis¬
Bank of Boston, next high
First National
genuineness and validity of the notes, under advice of Storey,
Palmer & Dodge of Boston.
«
MASSACHUSETTS
BEVERLY,
relief bonds
the
at
,
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND OFFER¬
ING CIlARQES—In connection with the offering of a total of $377,500
bonds on June 27, details of which appeared in V. 148, p. 3564, we learn
that the maturity schedule of the $150,000 George Washington Memorial
Park bonds has been changed to read as follows: $3,000 from 1940 to
1949 incl. and $4,000 from 1950 to 1979 incl.
It is further stated that in
connection with the $11,000 Gaithersburg Fire District issue, a bid of
less than par and accrued interest, or an interest rate of more than 4% per
annum, will not be acceptable.
issue of $75,000 revenue notes at
an
QUINCY, Mass.—NOTE OFFERING—Harold P. Newell. City Treas¬
urer, will receive bids until 11 a. m. (DST) on June 21 for the purchase
at discount of $5003)00 revenue anticipation notes of 1939.
Dated June 21,
1939. * Due $250,000 Dec. 28, 1939( and a like amount on June 20, 1940,
Md.—BOND OFFERING—The Town Clerk will receive sealed
bonds.
June 13
on
Due in six months.
bidder, named a rate of 0.168%.
MARYLAND
bids until June 21 for the purchase of $36,000 refunding and improvement
awarded
count.
Stuart
&
Co.,
Inc.,
Stone
&
Webster and Blodget,
Inc.,
Kidder,
Pea-
Volume
Financial
148
Chronicle
body & Co., Union Securities Corp., Hemohill, Noyes & Co., First of
Michigan Corp., all of New York; Maine Trust Co. of Buffalo, Manu¬
facturers & Traders Trust Co., Buffalo; George B. Gibbons & Co., Inc.,
year
1940, and the remainder from State aid received during the school
ending June 30, 1941.
I" ^thority to borrow in this
5. The
Bacon, Stevenson & Co., both of New York; Braun, Bosworth & Co.,
Toledo; Otis & Co., Cleveland; G. M.-P. Murphy & Co., New York;
Dougherty, Corkran & Co., Philadelphia; Equitable Securities Corp.,
Schlater, Noyes & Gardner, Inc., Campbell, Phelps & Co., Inc., Burr &
Co., Inc., and Robinson, Miller & Co., Inc., all of New York, and Piper,
Jaffray <fc Hopwood of Minneapolis.
Group paid a price of 100.0023 for a
combination of $2,884,000 3 Ms, due on July 15 from 1940 to 1952, incl.,
and $4,038,000 3Ms, due on July 15 from 1953 to 1962, incl., making a
net interest cost of 3.55758%.
Issue is dated July 15, 1939.
BONDS PUBLICLY OFFERED—The successful banking group, in reoffering the obligations for public investment, priced the $2,884,000 3Ms
to yield from 1% to 3.50%, according to maturity, and the $4,038,000
3Ms, from a yield of 3.45% to a price of 99.50.
The entire issue of $6,922,000 matures annually on July 15 as follows: $164,000, 1940; $165,000,
1941 to 1946, incl.; $288,000, 1947 to 1950, incl.; $289,000, 1951 to 1954,
incl.; $432,000, 1955 to 1958, incl. and $433,000 from 1959 to 1962, incl.
OFFERING NOTICE—Formal announcement of the re-offering of the
bonds for public subscription appears on page in.
BOND CALL—Award of the issue to the First' National Bank of New
York and Halsey, Stuart & Co.. Inc., New York, and associates, was
followed by the call for redemption, made by City Controller John N.
Daley, of a grand total of $6,922,500 callable refunding bonds, due in 1963
and bearing interest at rates ranging from 4M% to 5%.
The redemption
dates of the various issues included in the call range from Aug. 15, 1939,
to Nov. 1, 1939.
Retirement of the bonds will be effected at the Bankers
Trust Co., New York, National Bank of Detroit, or at the City Treasurer's
office.
Among the issues called for redemption are $5,124, 000 Emergency
Refunding bonds; $1,176,000 Public Lighting Refunding bonds; and House
of Corection, School District, Public Library and Sewer refunding bonds.
The offering by the city attracted bids from three other comprehensive
banking groups.
This was in sharp contrast with the circumstances which
attended the award on April 11 last of an issue of $3,999,000, when only<$
one group entered a bid, with the award going to a syndicate headed by
manner expires Dec. 31, 1939.
approval of the Superintendent of Public Instruction must be
by the School Board before notes are issued.
Application forms for obtaining permission to borrow may be obtained
obtained
from the
Department of Public Instruction, at Lansing, which has already
issued certificates to
a
number of districts approving loan applications.
MUSKEGON, Mich.—BONDS
received at the
AND NOTES NOT SOLD—No bids
were
on June 13 of the following bonds and notes aggre¬
148, p. 3266, 3565:
offering
gating $125,000.—V.
$100,000 not to exceed 4% interest sewage system junior revenue bonds.
Dated June 15, 1939 and due June 15 as follows: $10,000 in 1941
and $5,000 from 1942 to 1959 incl.
o*
25,000 not to exceed 4% tax anticipation notes.
due on or before April 1, 1940.
Dated May 1, 1939 and
ONEKAMA CONSOLIDATED SCHOOL DISTRICT, Mich.—BONDS
~T~issu® °f $8,000 4% building addition bonds was sold to the
Rapids Trust Co., Grand Rapids, and mature April 15 as follows:
$1,500 from 1940 to 1943, incl., and $2,000 in 1944.
Grand
ROYAL
Hazel
on
OAK
Station,
TOWNSHIP
Royal
SCHOOL
DISTRICT
NO.
8
(P.
O.
Mich.—BONDS PURCHASED—Reporting
Oak),
the call for tenders until June 10 of series A and B refunding bonds or
1936—V. 148, p. 3266, Matthew Carey, refunding agent, 2149 Union Guar¬
dian
Building, Detroit, prepared a table showing that $17,000 series A
purchased at an average price of 80.16,while tenders for a total amount
$5,000 series B at par were accepted.
Other tenders of series A bonds
involved a principal amount of $47,000, and an average price of 83.26.
Funds for purchase of bonds will be available at the Detroit Trust Co.,
Detroit, on June 14, and interest computed to that date, at $6.08 per
bond, will be paid.
were
of
MINNESOTA
ALBERT
The sale at that time, however,
the First National Bank of New York.
3723
June 30,
LEA,
Minn.—BOND SALE—The $22,500 issue of general
obligation coupon park and armory bonds offered for sale on June 12—
V. 148, p. 3565—was awarded to the First National Bank of Albert Lea,
at public auction, as l Ms, paying a premium of $51, equal to 100.226, a
basis of about 1.20%.
Dated June 15, 1939.
Due from July 1, 1942 to
was completed under extremely adverse market conditions, owing to the
development of another war scare abroad.
As a matter of fact, the un¬
favorable state of conditions then existing in the securities markets resulted
in
the postponement of several large municipal and corporate financing
operations.
While the unsettled market conditions did not prevent con¬
summation of the sale, it is evident that the city had to pay a higher price
for the credit than would have been necessary under more normal con¬
ditions.
This is demonstrated in the fact that despite the materially larger
1945.
CASS
COUNTY (P. O. Walker), Minn.—BOND OFFERING—It is
on June 23, by L. C.. Peter¬
County Auditor, for the purchase of an issue of $166,000 not to exceed
4% semi-ann. refunding bonds.
Dated July 1, 1939,.
reported that bids will be received until 2 p. m.
son,
amount of the issue just sold, the terms of the accepted bid figured a net
interest cost of only 3.55%, as against that of 3.95% which attended the
April award.
Moreover, the recent offering attracted four syndicate bids,
the unsuccessful tenders being as follows:
Lehman Bros., Smith, Barney & Co., Harriman Ripley & Co., Inc.,
Chemical Bank & Trust Co., Blair & Co., Inc., Kean, Taylor & Co.,
Phelps, Fenn & Co., Inc., Goldman, Sachs & Co., R. H. Moulton & Co.,
and associates: price of 100.0199 for $2,595,000 4s and $4,327,000 3Ms,
or a net cost of 3.601%,
"
Lazard"Freres & Co., Hallgarten & Co., E. H. Rollins & Sons, Inc..
Eastman. Dillon & Co., A. G. Becker & Co.; C. F. Childs & Co., Field,
Richards & Shepard, Inc., Kelley, Richardson & Co., Newton. Abbe &
Co., and associates: price of 100.069 for $2,834,000 4s and $4,038,000 3Ms,
or a net cost of 3.61%.
Bankers Trust Co., New York, National City Bank of New York, First
Boston Corp., Blyth & Co., Inc., R. W. Pressprich & Co., F. S. Moseley
& Co., Estabrook & Co., Paine, Webber & Co., Darby & Co., Inc., L. F.
Rothschild & Co., and associates: price of par for $3,944,000 4s and $2,978,000 33^s, or a net cost of 3.697%.
»
FOREST LAKE, Minn.-—BOND OFFERING—Sealed
bids were received
of
until 8 p. m. on June 16 by O. Struble, Village Clerk, for the purchase
$10,000
$1,000.
incl.
V.
semi-annual fire house and village hall bonds.
3_M%
Denom.
Due $1,000 from Jan. 15, 1941 to 1950,
(J-J) payable at the Village Treasurer's office.
the bonds that were mentioned in our issue of June 10—
Dated July 15, 1939.
Prin. and int.
(These are
148, p. 3565.)
■
.
INTERNATIONAL FALLS, Minn.—BONDS SOLD—It is stated by the
City Clerk that $50,000 permanent improvement revolving fund bonds
approved by the voters on May 31, will be sold to the State., Due $i0,000
from July 1; 1954 to 1958 incl.
f
.
MINNEAPOLIS,
Minn.—BOND SALES— The following
issues sof
coupon bonds aggregating $3,235,000, offered for sale on June 15—V. 148,
p. 3565—were awarded at public auction to a syndicate composed of Halsey,
Stuart & Co., Inc., Lehman Bros., both of New York; the First Boston
Corp; Blair & Co., Inc., Estabrook & Co., Kean, Taylor & Co., Eastman,
Dillon & Co., Hemphill, Noyes & Co.,
all of New York; Otis & Co. of
Cleveland, and Piper, Jaffray & Hopwood of Minneapolis, as follows:
„
DETROIT,
Mich.—BONDS PURCHASED—In connection with the
call for tenders of callable refunding bonds—V. 148, p. 3265—John N.
Daley, City Controller, reports that $406,000 were purchased at an average
yield of 3.3805%.
$1,700,000 refunding bonds as 1.70s, paying a price of 100.1Q, a basis of
about 1.68%;
Due $170,000 from July 1, 1940 to 1049 incl. ^ <
1,000,000 public relief bonds as 1.70s, at a price of 100.03, a basis of
DETROIT, Mich.-r-TAX
ANTICIPATION BORROWING
POWER
EXPANDED—The temporary borrowing capacity of the city is enlarged
by provisions of House Enrolled Act No. 176, .which was recently signed by
the Governor and is now in effect, according to-report. This law was
enacted at the request 6f representatives of the city, it was said.
The old law provided that units of Government could borrow, during the'
last six months of their fiscal year, 10% of the current year's levy and
make an irrevocable appropriation from next year's tax levy to repay the
loan.
Now the city and its school district may each borrow 20% instead
of 10%.
The banks of Detroit have been refusing to loan money to the city
when it sought to borrow 80% of its uncollected taxes, when it was known
improvement bonds offered fop sale on the same
that much of the uncollected tax would not be paid by the taxpayers in
time to mature the notes.
Now the bill has been amended so if tax collec¬
New York; A.
of New York;
about
Due $100,000 from July 1, 1940 to 1949 incl.
ADDITIONAL BOND SALE—'The $188,804.27 issue of special street
date—V. 148, p. 3565—;Was
public auction to a syndicate headed by Stranahan, Harris &
Co., Inc., or Toledo, as lMs, paying a premium of $800, equal to 100.423,
awarded at
abasisof about 1.67%.
Dated July 1,1939. Duefrom July 1,1940 to 1949.
above named firm in the purchase were:
L. F.
Co.; G, M. P. Murphy & Co., all of
G. Becker & Co. of Chicago; Geo. B. Gibbons & Co., Inc.,
Barlcay, Moore & Co. of Philadelphia; Charles Clark &
Co. of New York; Cray, McFawn & Petter, of Detroit, White-Phillips
Corp. of Davenport, and McDouglas & Condon, of Chicago.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the $3,235,000 1.70%
refunding and relief bonds for public sub¬
scription at prices to yield from 0.25% to 1.80%, according to maturity.
Associated
with the
Rothschild & Co.; B. J. Van Ingen &
are not sufficient, next year's taxes may be used for this purpose,
provided an irrevocable appropriation is made at the time of the passage
of the resolution.
As an actual fact, right now the city could borrow
approximately 28% of this year's tax levy and pledge next year's tax collec¬
tions to mature the loan, the report continued.
The old law provided that
loans against delinquent taxes could not be made after Oct. 1, 1937; this
new bil| provides that such ldans can be made up to Octl 1, 1941, provided
delinquent taxes exceed $10,000.
tions
,
1.69%.
535,000 work relief bonds as 1.70s, at 100.03, a basis of about 1.69%.
Due on July 1 as follows:
$53,000, 1940 to 1944, and $54,000,
1945 to 1949, all incl.
i ;
.
SWIFT COUNTY (P. O. Benson)
Minn.—BOND SALE—The $1,195,-.
sale at auction
000 issue of coupon semi-annual refunding bonds Offered for
on June 12—V. 148, p. 3565—were purchased by the First
,
DETROIT, Mich.—AWARD OF STREET RAILWAY CERTIFICATES
National Bank
of Minneapolis, and associates, paying a premium of $2,000,
of about 3.46% on the bonds divided
as follows:
$360,000 maturing Aug. 1, $30,000 in 1940 to 1942, $35,000 in
1943 to 1945, $40,000 in 1946 to 1948 and $45,000 in 1949 as 3 Ms, and $835,000 maturing Aug. 1, $45,000 in 1950 and 1951, $50,000 in 1952 to 1954,
$55,000 in 1955 to 1957, $60,000 in 1958 to 1962 and $65,000 in 1963 and
1964,as 3Ks.
No other bid was received for the bonds, according to the
County Auditor.
*
& Trust Co.,
DELAYED—In connection with the city's request for bids on June *1 for
the purchase of $1,460,000 or $1,000,000 Department of Street Railways
equal to 100.1677a net interest cost
equipment trust certificates—V. 148, p. 3265, 3266—we give herewith the
dispatch from the city to the "Wall Street Journal" of recent date:
Because of certain legal matters to be decided
the award of the City of
Detroit Department of Street Railways equipment trust certificates has not
yet been made, although bids were opened June 1.
The highest bid, sub¬
mitted by a group composed of First of Michigan Corp., First Boston Corp.,
and Watling, Lerchen & Co., has been withdrawn, because the city was
unable to comply with one of its conditions which called for amortization
bejng made an operating charge.
Officials explained that this would have
text of a
,
UNDERWOOD INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O.
Underwood), Minn— BOND SALE—The $14,000 issue of coupon re¬
Kenower & Co.
funding bonds offered fbr sale on June 8—V. 148, p. 3266—was awarded
to the Thrall, West Co. of Minneapolis, Kalman & Co. of St. Paul and the
Justus F. Lowe Co. of Minneapolis as 3s, paying par plus the cost of print¬
$100
ing and advertising.
made the
bon^is
a
prior obligation.
Bid of John Nuveen & Co. and Miller,
now rates as highest.
This bid was par plus a premium of
for $1,000,000 certificates and pal- plus a premium for $1,460,000
certificates, all as 2 Ms. .The bid was entered subject to Securities and,
registration exemption, and to certificates being
exempt and to the unqualified approval of the city attorney as to
Exchange
held tax
Commission
legality.
„
MISSISSIPPI
City Clerk,
City Clerk, will receive sealed bids until 7 p. m, (EST) on June 26 for the
purchase of $106,000 refunding bonds, divided as follows;
assessment bonds.
Due Oct: 1 as follows: $4,000 from
1942 to 1948, incl., and $5,000 in 1949.
73,000 special assessment bonds.
Due Oct. 1 as follows: $11,000, 1940
and 1941: $12,000 in 1942 and $13,000 from 1943 to 1945, incl.
All of the bonds will be dated July 1, 1939.
Bids will be required on
interest rates in multiples of M of 1%.
A certified check for 2% of the
bonds, payable to order of the City Treasurer, is required.
$33,000 special
Lauderdale County,
of—SCHOOL
DISTRICT
BORROWING
$15,000 in school construction bonds,
Public Works Administration grant.
BILL
issued to State or Federal banks, funds for the purpose of paying current
Markets in all State,
operating deficits of the school year ending June 30, 1939, and the estimated
operating deficits of the school year endi »g June 30, 1940.
The Act sets up definite restrictions with which the districts must comply
in order that notes issued may become valid obligations of the school
authority of the Act cannot
ex¬
of the obligation
from State aid received during the
school year ending
BONDS
County & Town Issues
LANDRETH BUILDING, ST.
25% of the estimated State aid of the district for the school year
ending June 30, 1940.
2. Notes are payable solely from funds received under the provisions of
the State Aid Act or Act 24 of the Public Acts of 1939 ($2,500,000 defi¬
ceed
ciency appropriation to schools).
.
3. Notes cannot run for a period longer than June 30, 1941; and cannot
be refunded or renewed.
The interest rate cannot exceed 5% per year.
If a note matures later than June 30, 1940, the Board is required to pay 50%
with a
SCHERCK, RICHTER COMPANY
district:
The total amount borrowed under the
to be issued in connection
MISSOURI
PASSED—The Legislature recently approved a measure, which w ent into
effect at once, authorizing school districts in the State to borrow upon notes
1.
GROVE SCHOOL DISTRICT (P. O. Ellisville), Miss.—
VOTED—The voters are said to have approved the issuance of
SHADY
BONDS
IRON
MOUNTAIN,
Mich.—BOND SALE—'The
$17,500
general
obligation water tank bonds offered June 12—V. 148, p. 3413—were awarded
to Charles A. Pracells & Co. of Detroit.
Dated Nov. 1,1938 and due Nov. 1
asfollows: $2,000from 1939 to 1946 incl. and $1,500 in 1947.
State
Duefrom July 1,1944 to 1953.
MERIDIAN, Mi88.—BOND OFFERING—We are informed by R.S.Tew,
tliat he will receive sealed bids until 10 a. m. on June 20, for
the purchase of a $200,000 issue of not to exceed 6% semi-ann. coupon
water works improvement revenue bonds of 1939.
Denom. $1,000. Dated
July 1
1939Due on July 1 as follows: $8,000. 1940 to 1949, and $12,000
1950 to 1959, all incl.
Interest payable J-J. These bonds were approved
bv the voters at an election held on June 6, the count being 838 to 168.
These bonds will be validated and confirmed by the Chancery Court of
,
EAST GRAND RAPIDS, Mich.—BOND OFFERING—Louis F. Battjes,
MICHIGAN;
Dated July 1,1939.
LOUIS, MO.
•
MISSOURI
*
Mo.—BOND SALE DETAILS—It is now reported that the
000 electric light plant and water improvement bonds sold to CallenBurke & MacDonald of Kansas City, as noted here on March 11,
CANTON
$45
dar
3724
Financial
Chronicle
sold at a price of par, divided as follows: $9,000 as 2y,n, due $3,000
on Feb. 1 in 1944 to 1946; the remaining $36,000 as
3M&, due on Feb. 1:
$5,000 in 1947 to 1952 and $6,000 in 1953.
Prin. and Int. (F-A) payable
at the Commerce Trust Co. in Kansas City.
were
JEFFERSON
an
election held
JERSEY CITY, N. J.—BOND OFFERING— Raymond M. Greer. City
Comptroller, will receive sealed bids until 11 a. m. (DST) on July 11 for
purchase of $1,097,000 not to exceed 4% interest coupon or registered
bonds, divided as follows:
$520,000 isolation hospital bonds.
Due July 1 as follows, $20,000, 1940
to 1957, incl.; $25,000 from 1958 to 1963, incl. and $10,000 in 1964.
156,000 surgical building bonds.
Due July 1 as follows: $8,000 from 1940
to 1957, incl.; $5,000 in 1958 and $7,000 in 1959.
421,000 hospital building bonds. Due July 1 as follows: $17,000 from 1940
to 1957, incl.; $15,000, 1958; $13,000, 1959; $18,000 from 1960
to 1963, incl. and $15,000 in 1964.
CITY, Mo.—BONDS DEFEATED—It is
on
stated that at
June 6 the voters failed to give the required two-thirds
the
majority to the proposal to issue $215,000 in park and playground bonds.
JEFFERSON
NO.
2
CONSOLIDATED
COUNTY
SCHOOL
DISTRICT
(P. O. Hillsboro) Mo.—BONDS SOLD—It is stated by the Secretary
3M% school bonds have been
of the Board of Education that the $10,000
sold.
Dated Feb. 15, 1939.
MONTANA
All of the bonds will be dated July 1, 1939.
Denom. $1,000.
The price
sold cannot exceed $1,098,006 and cannot be
$1,097,000.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1 %.
Principal and interest (J-J) payable at the Citv
Treasurer's office.
The Trust Company of New Jersey, Jersey City, will
supervise the engraving of the bonds and certify as to their genuineness.
Necessary bidding form will be furnished by the City Comptroller upon
request.
A certified check for $21,940, payable to order of the city, must '
accompany each proposal.
Legal opinion of Reed, Hoyt, Washburn &
Clay of New York City will be furnished the successful bidder.
GALLATIN COUNTY SCHOOL DISTRICT NO. 7 (P. O.
Bozeman)
Mont.—BOND OFFERING—It is reported thst sealed or auction bids will be
received until July 11, at 10 a. m., for the purchase of a $44,000 issue of
for which the bonds may be
less than
building bonds.
Interest rate is not to exceed 4%, payable J-J.
Dated
July 1, 1939. Amortization bonds will be the first choice and serial bonds
will be the second choice of the School Board.
If amortization bonds are
sold and issued, the entire issue may be put into one single bond or divided
into several bonds, as the Board of Trustees may determine upon at the
time of sale, both principal and interest to be payable in semi-annual
instalments during a
period of 15 years from the date of issue.
If serial
Issued and sold, they will be in the amount of $1,000 each, the
payable on July 1, 1940, and a like amount on
the same date each year thereafter until all of such bonds are paid,
except
the last instalment which will be in the amount of $2,000.
The bonds,
whether amortization or serial bonds, will be redeemable in full on any
bonds
sum
are
«
of $3,000 will become
interest
payment date from and after five years from the date of issue.
at
Enclose
par.
a
N.
J.—BOND SALE— The $50,000 coupon or registered
14—V. 148, p. 3566—were awarded to H. B.
as 1.60s, at a price of 100.167, a basis of about
Dated June 1, 1939 and due $5,000 on June 1 from 1940 to 1949
bonds offered June
Boland & Co. of New York
1.57%.
incl.
The
Other bids:
y
Int. Rate
MONTANA, State of—BOND SALE—The $632,224.75 issue of Capitol
Building refunding coupon bonds offered for sale on June 12—V. 148, p.
3266—was awarded to the Bankers Trust Co. of New York as 0.75, paying
a premium of $825,
equal to 100.13, a basis of 0.70%.
Dated July 1,
1939.
Due from July 1, 1940 to 1944, inclusive.
Neb .—ADDITIONAL
INFORMATION—In
connection
2.25%/
-
1
»
the report given in our issue of May 27, that a contract had been
offered to the city for the sale of bonds—V. 148, p. 3266—we were advised
as follows by Roselyn Mackey, City Clerk, on June 10.
—
-
—
-
-
—
:
—
—
—
—
------
Adams & Mueller.!
,
2%
2%
—
—
H. L.Allen & Co
with
100.53
—
-
-----
-
CHADRON,
2.10%
2.20%
—
—
NEBRASKA
100.219
100.063
100.029
100.22
100.129
100.07
100.011
100.526
100.167
100.303
100.113
100.048
100.41
100.03
—
Y_
Campbell, Phelps & Co.„ Inc
A. C. Allyn & Co., Inc
J. 8. Rippel & Co., Inc
Minsch, Monell & Co., Inc
Julius A. Rippel, Inc
Charles Clark & Co—
MacBride, Miller & Co.—
Colyer, Robinson & Co_—
Paine, Webber & Co_
Kean, Taylor & Co
Ira Haupt & Co_
"
Rate Bid
1.70%
1;70%
1.70%
1.80%
1.80%
1.80%
1.80%
1.90%
1.90%
2%
Bidder—
Butcher & Sherrerd
John B, Carroll & Co
certified check for $2,500, payable to the
District Clerk.
KEARNY,
water
"
bonds will be sold for not less than their par value with accrued interest and
all bidders must state the lowest rate of interest at which they will purchase
the bonds
June 17, 1939
HOBOKEN, N. J .—NOTES SOLD—An issue of $200,000 3% tax
anticipation notes, dated Jan. 1, 1939 and due July 1,1939, was sold during
January to B. J. Van Ingen & Co., Inc., New York City.
__1
„
Your inquiry of May 29th relative to the sale of bonds in the amount of
$27,500 to Kirkpatrick-Pettis Co. of Omaha, Nebraska.
•
•
These bonds have not been sold as yet as they cannot be sold until the
statutory-required 50 days have expired after the project has been completed.
However, we have a contract with the above firm offering to purchase the
same entered into by the city to facilitate proof to Public Works Adminis¬
tration that the city's share of the project expenses can be covered by selling
bonds to $27,500.
MEXICO
NEW
-
GUADALUPE
COUNTY
(P.
O.
Santa
N.
Rosa)
Mex.—BONDS
TENTATIVELY SOLD—It is reported by the Deputy County Treasurer
that
$35,000 court house remodeling bonds approved by the voters on
March 18, have been sold to the State Treasurer, prior to validation by the
State Supreme Court.
•
'
.
,
LEXINGTON, Neb.—BONDS SOLD—It is stated by the City Clerk
that $31,000 3%% semi-ann. refunding water bonds have been purchased
locally fo^ a premium of $250, equal to 100.806. Dated June 1, 1939. Due
serially in 15 years.
' . •
'
.
.
.
New York State
Municipals
,
MURRAY, Neb .—ADDITIONAL INFORMATION—It is
reported
by the Village Clerk that the $9,700 water plant bonds sold to Greenway &
Co. of Omaha as 324s, at par, as noted here on April 15, are due on Oct. 1,
1958, and are callable on Oct. 1, 1943.
now
Tilney & Company
,
76 BEAVER STREET
NEW
HAMPSHIRE
NEW YORK,
N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
NEW HAMPSHIRE
(State of), "RIGHT" TOBACCO TAX BILL
BY GOVERNOR—Governor Francis P. Murphy on June 14
signed the "right" tobacco tax law providing for a 15% tax on tobacco
products sold in the State and directing that the estimated $1,000,000
of annual income from the impost be used to eliminate the direct State tax
on real estate.
The latter provisions was inadvertently omitted from the
original bill signed by the Governor on June 7.—V. 148, p. 3566.
SIGNED
JERSEY
BELLEVILLE, N. J.—BONDS PUBLICLY OFFERED—A group com*
posed of Dougherty, Corkran & Co., Philadelphia, B. J. Van Ingen & Co,,
Inc., New York, and J. S. Rippel & Co., Newark, made public offering on
June 12 of $488,000 3 % refunding bonds at prices to yield from 1
% to 2.90%,
according to maturity.
Dated May 1, 1939.
Denom. $1,000.
Due May
1 as follows; $5,000 from 1940 to 1944, incl.; $10,000, 1945 to 1950, incl.;
$131,000, 1951; $136,000, 1952; $29,000, 1953; $15,000 from 1954 to 1959.
incl., and $17,000 in 1960.
Principal and interest (M-N) payable at the
First National Bank, Belleville.
The bonds are unlimited tax obligations
of the town and will be approved as to legality by Reed, Hoyt, Washburn
& Clay of New York City.
„
BERGEN COUNTY
■
Bid
,
For
Charles Clark & Co. and J. B. Hanauer & Co__
392
Kidder, Peabody & Co. and Roosevelt & Weigold, Inc__
391
1.30%
Rate Bid
100.134
"
————
Palisades Trust & Guaranty Co.,
Englewood.. "
100.34
100.316
392
1.40%
100.16
1.40%
1.40%
391
«
<
392
100.149
100.104
Smith, Barney & Co; and Campbell; Phelps &
Co
Lie
392
1.40%
100.099
391
1.50%
100.063
Harriman
ter
Ripley & Co., Inc. and Van DevenBros., Inc.—
CAMDEN COUNTY (P. O.
Camden), N. 3,—BOND SALE—A
group
bidder at the offering of $314,000
county park and impt. bonds offered
June 16.—V. 148, p. 3566.
Their bid was for a total of $309,000 bonds to
bear Interest as 3 Ms, at a price of 101.625.
Dated June
1,1939 and due
on
June 1 from 1940 to 1964 incl.
CAPE MAY COUNTY BRIDGE
Ocean City), N. J.—BOND ISSUE
bonds sold at par
COMMISSION
(P. O. Box 157,
DETAILS—The $250,000 4% bridge
to the Public Works Administration—V. 148, p. 1201—
are in $1,000 denoms.
and mature Oct. 1, 1963.
The Public Works Ad¬
ministration will make settlement in the
present month for an additional
$350,000 or more of bonds,
the Bridge Commission.
according to Edward O. G. Hogan, Clerk of
HAMILTON TOWNSHIP (P. O.
A.
(DST)
on
Pu,e
Dated July 10, 1939.
1? as follows: $2,000 from 1940
to 1977 incl.
is
Trenton), N. J.—BOND OFFERING
Priest, Township Clerk, will receive sealed bids until 7:30 p. m.
June 27 for the purchase of $50,000 not to exceed 6% interest
coupon or registered sewer bonds.
Bonds
are
part of
an
Denom. $1,000.
to 1951 incl. and $1,000 from 1952
authorized issue of $63,375 and bidder
required to
The
sum
and int.
name one rate of
interest, expressed in a multiple of M of 1%.
required to be obtained at the sale.of the bonds is $50,000Prin.
(J-J), payable at the Broad Street National Bank, Trenton.
The
bonds are unlimited tax obligations of the
township and the approving legal
opinion of Hawkins, Delafield & Longfellow of N. Y.
City will be furnished
he successful bidder.
A certified check for
2% of the bonds offered, payble to order of the township, is
required.
Rale Bid
Int. Rate
—
-
—
100.22
100.22
100.14
100.22
100.21
;_2.20%
-2.25%
2.30%
-—2.40%
2.40%
Boston Corp., First of Michigan Corp,, and Mackey, Dunn & CO., Inc.,
York, as 3s, at a price of 100.113, a basis of about 1.99%.
Dated
July 1, 1939 and due July 1 as follows: $10,498, 1940; $10,000, 1941 to
1944 incl.; $11,000 in 1945 and $15,000 from 1946 to 1968 incl.
Reoffered
to yield from 0.25% to 2.10%, according to maturity.
Other bids:
all of New
.
Int. Rate
Bidder—
Manufacturers & Traders Trust Co, and Adams,
tee & Co., Inc
—
Lincoln National Bank & Trust
<d.
Rate Bid
,
McEn-
——i.
100.41
100.28
2.10%
Co., Syracuse—-—.
Kidder, Peabody & Co.; R. L. Day & Co., and Kean,
Taylor & Co
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc—
Harris Trust & Savs. Bk. and Sherwood & Reichard,Inc.
Halsey, Stuart & Co., Inc
Blair & Co., Inc
Smith, Barney & Co. and R. W. Pressprich & Co
Union Securities Corp.; Roosevelt & Weigold, Inc., and
2.10%
Estabrook & Co
1
Marine Trust Co. and R. D. White & Co—
2.30%
-
-
2.20%
2.20%
100.85
2.20%
2.20%
100.606
100.40
2.25%
100.53
100.309
100.65
2.25%
2.40%
•
,
100.385
100.41
DUNKIRK, N. Y.—BOND SALE— The $85,000 coupon or registered
offered June 15—V. 148, p. 3566—were awarded to the Dunkirk
Trust Co., Dunkirk, as 1.90s, at a price of 100.108, a basis of about 1,88%.
Sale consisted of:
v„
:
'
bonds
$50,000 home relief bonds of 1939.
Due $5,000 on June 1 from 1940 to
1949 inclusive.
composed of B. J. Van Ingen & Co., Inc., New York, Diffenderfer & Co..
Philadelphia, and Seasongood & Mayer of Cincinnati was the successful
serially
I
—-
>
1.40%
1.40%
392
->.
Bioren & Co. and Suplee, Yeatman & Co
Minsch, Monell & Co. and Dougherty, Corkran&Co—
Lehman Bros., Kean, Taylor & Co. and Otis
&Co
Int. Rate
2
-
DELHI, KORTRIGHT, MEREDITH, FRANKLIN, HAMDEN AND
BOVINA CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Delhi), N. Y.
No. Bds.
.
Other bids:
•
t-BOND SALE— The $406,498 coupon or registered school bonds offered
June 15—V. 148, p. 3106—were awarded to a group composed of First
(
'
'
—
(P. O. Hackensack), N. J.—BOND SALE—The
•
June 1 from 1940 to 1954 incl.
Tilney & Co
A. C. Allyn & Co., Inc.
Sherwood & Reichard, Inc..
Roosevelt & Weigold, Inc.-
.
•
on
N.
construction
Bidder—
100.16, a basis of about 1.27%.
Award consisted of:
$279,000 general bonds.
Due June 15 as follows: $22,000, 1940; $30,000,
1941; $29,000 from 1942 to 1944, incl. and $28,000 from 1945 to
1949, incl.
.
• „
113,000 road improvement bonds.
Due June 15 as follows: $10,000 in
1940 and 1941; $11,000 from 1942 to 1944, incl. and $12,000 from
1945 to 1949, incl.
All of the bonds will be dated June
15, 1939.
Among other bids were ^
the following:
'
Bidder—
house
$3,000
or registered bonds offered June 12—V. 148, p. 3267—
awarded to H. B. Boland & Co., New York, as 1.30s, at a price of
.
DISTRICT
Marine Trust Co. of Buffalo
$392,000 coupon
were
FIRE
(P. O. Centerport), Town of
Y.—BOND SALE—The $45,000 coupon or registered
and equipment bonds offered June 14—V. 148,
p. 3566—were awarded to R. D. White & Co., New York, as 2.10s, at a
price of 100.279, a basis of about 1.96%.
Dated June 1, 1939 and due
Huntington,
fire
NEW
YORK
NEW
CENTERPORT
35,000 public works project bonds.
Due June 1 as follows: $3,000
1940 and $4,000 from 1941 to 1948 inclusive.
All of the bonds will be dated June
1, 1939.
in
Other bids:
Bidder—
Manufacturers & Traders Trust Co
Marine Trust Co. of Buffalo and R. D. White & Co—
Burr & Co., Inc
Int. Rate
Rate Bid
2.70%
3.10%
100.199
100.277
3.50%
100.15
GENOA, VENICE, LOCKE, SCIPIO AND LANSING CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. Genoa), N. Y.—BOND OFFERING—
Fred Bothwell, District Clerk, will receive sealed bids until 3 p. m. (DST)
on June 27 for the purchase of $110,000 not to exceed 5% interest coupon or
registered school bonds.
Dated July 1, 1939.
Denom. $1,000 and $500.
Due July 1 as follows:
$3,000 from 1940 to 1947 incl.; $4,000 from 1948
to 1964 incl. and $4,500 from 1965 to 1968 incl.
Bidder to name one rate
of interest, expressed in a multiple of M or l-10th of 1%.
Principal and
interest (J-J) payable at the Citizens Bank, Locke, with New York ex¬
change, or at the Chase National Bank. New York City.
The bonds are
unlimited tax obligations of the district and the approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
A certified check for $2,200, payable to order of the
district, is required.
GREECE SEWER DISTRICT NO. 1 (P. O. 2505 Ridge Road West,
Rochester), N. Y.—BOND OFFERING—Hugh T. Hughes, Town Clerk,
(DST) on June 22 for the purchase
of $1,011,000 not to exceed 6% interest coupon or registered sewer bonds.
Dated June 1, 1939.
Denom. $1,000.
Due March 1 as follows!" $38,000,
1940; $40,000 in 1941 and 1942; $45,000 from 1943 to 1946 incl.; $50,000,
1947 to 1949 incl.; $56,000 from 1950 to 1956 incl., and $57,000 from
will receive sealed bids until 2:30 p. m.
Volume
1957 to
Financial
148
1959 incl.
Bidder
to
rate
one
name
of interest,
payable at
the Marine
obligations
of the town, payable primarily from a levy on the property in the
liable therefor, but ir not paid from such levy all of the town's
district
taxable
property is subject to the levy of ad valorem taxes to pay principal and
interest.
A certified check for $20,220, payable to order of the town, is
required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
KENMORE, N. Y.—BOND OFFERING—Walter Ducker, Village Clerk,
(EST) on June 23 for the purchase of
will receive sealed bids until 3 p. m.
$52,000 not to exceed 6% interest coupon or registered refunding bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as follows: $5,000 from
1940 to 1947 incl. and $6,000 in 1948 and 1949. Bidder to name one rate of
expressed in a multiple of X or 1-10th of 1%.
Principal and
(J-J) payable at the First National Bank, Kenmore, or at the
Bank, New York City."
The bonds are unlimited tax
obligations of the village and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidders
A certified check for $1,040, payable to order of the village, is required.
interest,
interest
Chase
National
MOUNT
VERNON,
$236,000"
N. Y.—BOND ISSUE DETAILS—The
bonds taken by City Sinking Fund No. 4 on May 1, at par, as previously
reported in —V. 148, p. 2782—are more fully described as follows:
$90,000 water bonds.
Due $3,000 on May 1 from 1940 to 1969, incl.
75,000 home relief bonds.
Due May 1 as follows: $7,000 from 1940 to
1944, incl. and $8,000 from 1945 to 1949, incl.
65,000 highway improvement bonds.
Due May 1 as follows: $4,000 from
1940 to 1944, incl. and $3,000 from 1945 to 1959, incl.
6,000 assessment bonds.
Due $2,000 on May 1 from 1940 to 1942, incl.
All of the bonds will be dated May 1, 1939.
HARTFORD, N. Y.—BOND SALE— Sherwood & Reichard,
were awarded on June 15 an issue of $13,000 fire depart¬
equipment bonds as 1.20s, at a price of 100.153, a basis of about
1.15%.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as follows:
$2,000 in 1940 and 1941 and $3,000 from 1942 to 1944 incl. Principal and
interest (J-J) payable at the First National Bank, New Hartford.
Legality
approved by Dillon, Vandewater & Moore of New York City. Other bids:
Bidder—
/
Int. Rate
Rate Bid
Union Securities Corp
1.20%
100.131
NEW
Inc., New York,
ment
100.079
Par
1.40%
2%%
Manufacturers & Traders Trust Co
First National Bank of New Hartford-
NEW
YORK, N. Y.—SALE OF $22,650,000 TAX NOTES AND
D. McGoldrick on June 16 sold
by allotment to various banks and trust companies in the city a total of
$22,650,000 tax notes and revenue bills as follows: $2,150,000 tax notes,
due June 14, 1940, at 0.30% interest; $13,500,000 revenue bills at 0*25%
interest and due $7,000,000 Sept. 15, 1939; $4,000,000 Dec. 15, 1939;
$2,500,000 March 15, 1940, and $7,000,000 revenue bills, due June 14,
1940, at 0.30%.
All of the debt is dated June 19, 1939.
REVENUE BILLS—Comptroller Joseph
NEW
YORK,
INSURANCE
of—UNEMPLOYMENT
State
CHANGES AFFECT RAILROAD
WORKERS-^Railroad
LAW
workers will be
protection under the New York State Unemployment
Insurance Law for unemployment which occurs after July 1.
Responsibility
for their compensation will be assumed by the Federal Railroad Retirement
Board, under terms of the Federal Railroad Unemployment Insurance Act.
Industrial Commissioner Frieda S. Miller announced on June 14 that
under terms of the omnibus amendment to the New York State Unem¬
excluded
from
ployment Insurance Law signed June 3 by Governor Lehman, she will this
month authorize and direct the Secretary of the United States Treasury to
transfer to the Railroad Unemployment Insurance account in the Unem¬
ployment Trust Fund that proportion of the balance in the New York State
account in this fund as the total amount of contributions collected from
railroad employers bears to contributions collected from all employers since
the fund was established.
Subsequently there will be a transfer of any
additional contributions collected from railroad employers in the period
July 1 to Dec. 31, 1939.
■
So far as the benefit rights of claimants who had railroad employment in
1938 are concerned, the amendments in effect provide that after June 30.
under the New York
railroads. For claim¬
ants who have had only railroad employment during 1938, their rights to>
benefit are terminated as of June 30.
For those claimants who had both
railroad employrhent and employment with other employers during 1938
and who file prior to July 1, a reduction in duration will be made.
This
reduction in duration will be determined by the amount of earnings from
railroad employment which must be excluded.
There is no change in the
1939 no benefit rights shall accrue or be recognized
law on account of wages earned in employment with
W66kly benefit r<it/©
■
'
PORT
expressed in a
multiple of M or l-10th of 1%.
Principal and interest (M-S)
the Union Trust Co., Rochester, with New York exchange, or at
Midland Trust Co., New York City.
The bonds are general
'
N. Y.—BOND OFFERING—LeRoy B. Burnside,
Village Clerk, will receive sealed bids until 3:30 p. m. (EST) on June 23
for the purchase of $47,987.50 not to exceed 5% interest coupon or registered
sewer bonds.
Dated July 1, 1939. One bond for $487.50, others $1,000 and
$500.
Due July 1 as follows: $1,487.50 in 1940; $1,500 from 1941 to 1943
incl. and $2,000 from 1944 to 1964 incl. Bidder to name one rate of interest,
expressed in a multiple of
or 1-10th of 1 %.
Principal and interest (J-J)
payable at the Bank of North Collins, with New York exchange. The bonds
are general obligations of the village,
payable from unlimiited taxes. A
certified check for $960, payable to order of the village, must accompany
each proposal. Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
NORTH COLLINS,
$6,000 in 1942 and $3,000 in 1943.
Bidder—
Morgan
1
Int. Rate
1%
Other bids:
Kennedy & Co__
Premium
.'$12.87
•.
*1.20%
Manufacturers & Traders Trust Co
PERINTON AND PITTSFORD UNION FREE
21.50
3.90
1.20%
"
Par
SCHOOL DISTRICT
(P. O. East Rochester),, N. Y.—BOND OFFERING—May G;
District Clerk, will receive sealed bids until 2 p. m.l(D$T) on
June 20 for the purchase of $33,000 not to exceed 4% interest coupon or
registered building bonds.
Dated July 16, 1939.
Denom. $1,000.
Due
July 15 as follows: $3,000 from 1940 to 1946, incL, and $4,000 from 1947
to 1949, incl.
Bidder to name one rate of interest, expressed in a multiple
of
or l-10th of 1%.
Principal and interest (J-J) payable at the Union
Trust Co., Rochester. • The bonds are direct general obligations of the dis¬
trict payable froin unlimited taxes.
A certified check fpr $600, payable to
order of Dora M. Furman, District Treasurer, is required.
Legal opinion
of Reed, Hoyt, Washburn & Clay of N. Y. City will be furnished the
NO.
13
Klopp,
,
successful bidder.
(P. O. Peru), N. Y.^-BOND SALE—The $46,750 Peru Sewer
12—V. 148. p. 3567—were awarded to the
as 2^s at a price of 100.137, a
basis of about 2.24%.
Dated April 1, 1939, and due April 1 as follows:
$1,500 from 1940 to 1962, incl., $2,000 from 1963 to 1967, incl., and $2,250
in 1968.
Other bids:
.
PERU
District
bonds offered June
Merchants National Bank of Plattsburg
Bidder—
Manufacturers & Traders Trust
Co. of Buffalo
Roosevelt & Weigold, Inc
...
Rate Bid
100.499
100.433
100.432
100.44
Int. Rate
2H %
2>4 %
2.60%
2.70%
2.90%
E. H. Rollins & Sons.
Sherwood & Reichard, Inc
Marine Trust Co. of Buffalo...
100.26
Y.—NOTE SALE—The $300,000 notes offered
June 12—V. 148, p. 3567—were awarded to the Chase National Bank of
New York, which bid a rate of 0.28% plus $12 premium.
Sale consisted of:
$135,000 notes issued in anticipation of April 1, 1939, fiscal year tax
PORT CHESTER, N.
collections.
165,000 notes issued in anticipation of April 1, 1938,
year tax collections.
The notes will be dated June 15, 1939,and mature Dec.
bids:
Bidder—
and prior fiscal
15,1939,
Other
_
Rate of Int.
[
Co. (plus $5.10 prejnium)
Mutual Trust Co. of Port Chester
Leavitt & Co
R. W. Pressprich & Co_
z
Central Hanover Bank & Trust Co
R. D. White &
,
—....
—
—
;
YORK
NEW
AUTHORITY,
N.
Y.—BOND
SALE—
ment sources.
.
Salomon Bros. & Hutzler of New York,
Authority received offers from three banking groups.
Runnerup
in the bidding was a syndicate headed by Halsey, Stuart & Co., Inc., New
York, which named a price of 101,618, or a net cost of 2.957%.
This
compares with the cost basis of 2.953% on which the award was mad.
In addition to the successful bid by
the Port
Among others in the Halsey, Stuart account were:
Ladenburg, Thalmann & Co; Hay den „■ Stone & Co.; Hallgarten & Co.; Blair & Co., Inc.;
Jackson & Curtis; Graham, Parsons & Co.; Merrill, Lynch & Co.; Kean,
Taylor & Co.; J. S. Bache & Co.; E. H. Rollins & Sons; Shields & Co.;
Otis & Co.; Wertheim & Co.; G. M. P. Murphy & Co.; Carl M. Loeb,
Rhoades & Co.; Bear,'Sterns & Co.; A. C. Allyn & Co.; B. J. Van Ingen &
Co.; Eastman, Dillon & Co.; Spencer Trask & Co.; Stroud & Co.; Burr &
Co.; Stifel, Nicolaus & Co.; Van Alstyne, Noel & Co.; Schwabacher & Co.;
Schlater, Noyes & Gardner, Inc., and Schoellkopf, Hutton & Pomeroy.
Third highest bid of 101.60, a 2.958% interest cost, was made on behalf
of a group which included the Bankers Trust Co. of New York, Blyth & Co.;
Manufacturers Trust Co., New York; Northern Trust Co., Chicago; Stone
& Webster and Blodget, Inc.; Phelps, Fenn & Co.; R. W. Pressprich & Co.;
Goldman, Sachs & Co.; Paine, Webber & Co.; Mercantile-Commerce Bank
& Trust Co., St. Louis; F. S. Moseley & Co.; Geo. B. Gibbons & Co., Inc.;
L. F. Rothschild & Co.; Hemphill, Noyes & Co.; Darby & Co., Inc.;
Eldredge & Co.; Kelley, Richardson & Co., J. S. Rippel & Co.; A. G.
Becker & Co., Reynolds & Co., and Hornblower & Weeks.
Final offer of a price of 101.2099, or a cost of. 2.965%, came from an
account composed of the National City Bank of New York; Harriman Ripley
& Co., Inc.; Chase National Bank of New York; Smith, Barney & Co.;
.
First Boston
and White,
Corp.; Kidder, Peabody & Co.; Chemical
Weld & Co., all of New York City.
Bank & Trust Co.
1 (P. O. Ripley), N. Y.—BOND
will receive sealed bids until
purchase of $35,000 not to exceed 5%
bonds. Dated July 1, 1939. Denoms.
$1,000 and $500. Due July 1 as follows: $1,500 from 1940 to 1949 incl. and
$2,000 from 1950 to 1959 incl. Bidder to name one rate of interest, expressed
in a multiple of M or 1-10th of 1 %. Principal and interest (J-J) payable at
the Manufacturers & Traders Trust Co., Buffalo, with New York exchange.
The bonds are general obligations of the Town of Ripley, payable primarily
from a levy on the parcels of land in the sewer district liable therefor, but if
not paid from such levy then all of the town's taxable property will be
subject to a levy of unlimited ad valorem taxes to meet principal and
interest requirements.
A certified check for $700, payable to order of the
town, is required.
Legal opinion of Dillon, Vandewater & Moore of New
York City will be furnished the successful bidder.
RIPLEY
DISTRICT NO.
SEWER
OFFERING—C.
L.
Barden,
Town Clerk,
2 p. m. (DST) on June 26 for the
interest coupon or registered sewer
SCARSDALE,
N.
Y.—BOND SALE— The
$15,000 highway bonds
National
offered June 12—V. 148, p. 3567—were awarded to the Scarsdale
Bank & Trust Co. as 0.90s at par.
Dated June 1,1939, and due $3,000
June 1 from 1940 to 1944, incl.
Bidder—
'
on
Other bids:
Int. Rate
•
Fifth Avenue Bank of New York
Roosevelt & Weigold, Inc.„
$10.00
g.OO
1.00%
1.00%
.
1.00%
County Trust Qo
Marine Trust Co. of Buffalo
—
C. F. Herb & Co__
—
-
a.00
1.10%
Hartsdale National Bank
16.50
15.00
10.05
N. Y.—BOND
1.10%
1.10%
COUNTY (P. O. Schenectady),
OFFERING—William A. Dodge, County Treasurer, will receive sealed bids
until 10 a. m. (EST) on June 20 for the purchase of $463,000 not to exceed
5% interest coupon or registered bonds, divided as follows:
SCHENECTADY
$318,000 tuberculosis hospital bonds.
1940 to 1945 incl.; $34,000
Due June 1 as follows: $24,000 from
in 1946 and $35,000 from 1947 to
»
1950 incl
■
80,000 relief funding bonds. Due $10,000 on June 1 from 1940 to 1947
65,000 bridge bonds.
Due June 1 as follows: $6,000 from 1940 to
incl. and $7,000 from 1945 to 1949 incl.
All of the bonds will be dated June
1, 1939.
iucl1944
Bidder to
Denom. $1,000
single rate of interest, expressed in a multiple of M ,or 1-1 Oth or l /0,
Principal and interest (J-D) payable at the Union National Bank, Schenec¬
tady, with New York exchange, or at the Chase National Bank, New York,
at option of the holder.
The bonds are unlimited tax obligations of the
county and the approving legal opinion of Dillon, Vandewater & Moore or
name a
City will be furnished the successful bidder. A certified check for
$9,260, payable to order of the county, must accompany each proposal.
New York
UTICA, N. Y.—CERTIFICATE
until
anticipation
OFFERING—Bids will be received
(DST) on June 21 for the purchase of $1,000,000 tax
certificates of indebtedness dated June 22,1939 and payable Nov.
noon
22,1939.
of interest.
The certificates will 6e Issued against
the tax levy for the fiscal year of 1939.
They will
be issued in denominations of $50,000 each, payable at maturity.
I he
legal opinion of Thomson, Wood & Hoffman. N. Y. City, will accompany
the certificates.
'
Bidder to name'the rate
and be redeemed out of
1.20%
___1;
Bernhard, Bennett & Co
Marine Trust Co_
OF
°8, & Hutzler of New York, bidding alone, secured award of the
$17,500,000 3% fourth series general and refunding bonds offered June 13
—v. 148, p. 3567, paying a price of 101.75, or an interest cost to the Auth¬
ority of 2.953%. The bankers re-offered the bonds, pursuant to the official
notice which appears on page 4, at a price of 102.50 and announced re-sale
the entire loan within an hour after the award.
Proceeds of the issue,
according to Frank C. Ferguson, Chairman of the Port Authority, will be
used mainly to refund an outstanding $16,500,000 issue bearing interest
at 3%%.
It originally had been planned to market the bonds on April 11,
but generally unsettled conditions then in the securities market, due to
renewed political tension abroad, resulted in postponement of the offering.
The bonds are fully described in the bankers' advertisement which, as
already noted, will be found on page IV.
The operation was described by
the Chairman of the Port Authority as one of the most outstanding in its
history, a fact which was thoroughly demonstrated in the extremely
favorable basis on which the award was made.
Equally significant was the
remarkable speed which characterized the absorption of the bonds by invest¬
NYACK, N. Y.—BOND SALE— The $19,500 coupon or registered im¬
148, p. 3415—were awarded to Sher¬
wood & Reichard, Inc., New York, as Is at 100.11, a basis of about 0.95%.
Dated June 15,1939 and due June 15 as follows: $5,500,1940; $5,000,1941;
provement bonds offered June 9—V.
3725
Chronicle
0.32%
0.32%
0.38%
0.38%
0.44%
,
WARSAW, N. Y.—BOND OFFERING—Lewis H. Bishop, Village Clerk,
bids until 3 p. m. (EST) on June 26 for the purchase of
$82,000 not to exceed 5% interest coupon or registered bonds, divided as
will receive sealed
folldws*
1 '
$37,000 water bonds to finance
June 15 as
"
construction of a filtration plant.
follow^: $2,000 from 1940 to
Due
1957, incl., and $1,000 in
disposal plant.
45,000 sewer bonds to finance construction of sewage
Due $3,000 on June 15 from 1940 to 1954. inclusive.
All of the bonds will be dated June 15, 1939.
Denom $1,000. ' Bidder
to name one rate of interest, expressed in a multiple of
or 1-10th or 1 %.
Principal and interest (J-D 15) payable at the Wyoming County Bank &
Trust Co., Warsaw, with New York exchange, or at the Chase National
Bank, New York, at the option of the holder.
The bonds are general obliga¬
tions of the village, payable from unlimited taxes.
A certified check for
$1.640. payable to order of the village, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
WILNA (P.
or
$62,000 coupon
3567—were
100.088,a
follows:
1943 incl. and $7,000 from 1944 to 1949 incl.
Other
O. Carthage), N. Y.—BOND SALE—The
registered home relief bonds
offered June 14—V. 148, P.
awarded to Blair & Co., Inc., New York, as 1.20s, at a price of
basis of about 1.18%.
Dated June 1, 1939 and due Feb 1 as
$5,000 from 1940 to
^Bidder—
Traders Trust Co., Buffalo
& Co
Union Securities Corp
George B. Gibbons & Co., Inc_
E. H. Rollins & Sons, Inc
Manufacturers &
Kidder, Peabody
Sherwood & Reichard,Inc..-...
Carthage National Exchange Bank
First National Bank of Harrisville
-
Int. Rate
__.1.20%
1.20%
MRS
MRS
1-40%
Rate Bid
100.069
100.04
iRR'Re •
inn 99
100.22
MRS
}RR'?«o
1.80%
100.16
MRS
JRR
WOLCOTT, BUTLER, VICTORY AND CONOUEST CENTRAL
SCHOOL DISTRICT NO. 3 (P. O. Red Creek), N.Y.—BOND OFFERING—Alfred T. Houghton, Clerk of Board of Education, will receive sealed
bids until 2 P. m. (EST) on June 23 for the purchase of $190,000
exceed 5% interest coupon or registered school building bonds.
Dated
June 15, 1939.
Denom." $1,000 and $500.
Due June 15 as follows:
$5 000from 1940to 1945, incl.; $6,000,1946 to 1951, incl.;$7,000from 1952
to'1958, incl., and $7,500 from 1959 to 1968, incl. Bidder to name one
3726
Financial
Chronicle
rate of
interest, expressed in a multiple of M or l-10th of 1%.
Prin. and
int. CJ-l> 15) payable at the Red Creek National Bank, Red
Creek, with
New York exchange, or at the Chase National Bank, N. Y.
City, at option
of the holder.
The bonds are unlimited tax obligations of the
district,
and approving legal opinion of Dillon, Vandewater & Moore of N. Y.
City
will be furnished the successful bidder.
A certified check for
$3,800,
payable to the order of Dora B. Jenkins, District Treasurer, is required.
NORTH
ASHEBORO,
N.
SAMPSON
(P. O. Clinton), N. C.—BOND SALE— The
$80,000 issue of coupon road improvement refunding bonds offered for
sale on June 13—V. 148, p. 3568—was awarded to Barcus, Kindred &
Co. of Chicago, as 3Ms, paying a premium of $56, equal to 100.07, a
basis of about 3.74%.
Dated June 1, 1939.
Due from June 1, 1940
NORTH
CAROLINA
Due $1,000 on July 1 in 1941 to 1943.
15,
FARGO
O.
Lenoir) N. C.—NOTES SOLD—It Is
notes have been purhcased by R. S.
*
FAYETTEVILLE, N. C.—BOND SALE—The $36,000
line
bonds
revenue
awarded
to
Lewis
offered
for
sale
on
June
13—V.
issue of water
148,
3567—was
p.
&
Hall, Inc., of Greensboro, paying a premium of
$1.251.72, equal to 103.477, a net interest cost of about 2.49% on the bonds
divided as follows: $8,000 as 2s, due $2,000 from June 1, 1942 to 1945; the
remaining $28,000 as 3s, due $4,000 from June 1, 1946 to 1952, incl.
(P. O. Snow Hill), N. C.—BOND OFFERING—
We are informed by W. E. Easterling, Secretary of the Local Government
Commission, that he will receive sealed bids until 11 a. m. (EST) on June
20 at his office in Raleigh for the purchase of the following not to exceed
6% coupon semi-annual refunding bonds, aggregating $225,000:
$200,000 road and bridge bonds.
Due on June 1 as follows: $14,000 in
1948; $17,000, 1949; $18,000, 1950;- $25,000, 1951 and 1952;
to name the interest rate or rates in
McLEAN COUNTY SCHOOL DISTRICT NO. 72 (P. O. Washburn)
Dak.—BOND OFFERING— It is reported that bids will be received
N.
a. m. on June 24, by G. T. Anderson, District Clerk, at the County
Auditor's office, for the purchase of $3,500 coupon school bonds.
Interest
rate is not to exceed 4%, payable A-O.
Denom. $500. Dated April 1, 1939.
Due $500 from April 1,
1942 to 1948 incl.
A certified check for 2% of the
bid is required.
MUNICIPALS
OHIO
multiples of M of 1%; each bid may
(having the earliest ma¬
for part of the bonds of either issue
to purchase the
McDONALD-COOLI DGE & CO.
bonds at the lowest interest
cost to the county, such cost
by deducting the total amount of the premium bid from
the aggregate amount of interest upon all of the bonds until their
respective
maturities.
'Prin. and int. payable in lawful money in N. Y. City or in
Raleigh.
The bonds are registerable as to principal only.
General obli¬
gations; unlimited tax.
Delivery at place of purchaser's choice.
The
approving opinion of Storey, Thorndike, Palmer & Dodge of Boston will
be furnished.
Enclose a certified check for $4,500, payable to the State
Treasurer.
to be determined
HENDERSON, N. C.—BOND SALE—The $16,000 issue of refunding
bonds offered for sale
on June 13—V. 148, p. 3567—was awarded to the
Wachovia Bank & Trust Co. of Winston-Salem as 2Ms. paying a premium
$11, equal to 100.068,
on
$30,000
payable
until 10
turities) 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
Due
(P. O. Fargo), N. Dak .—BOND OF¬
by the Secretary of the Park Board that he will
semi-annually.
Denom. $500.
Due $6,000 in 1941 to 1945.
Bonds to
be subject to redemption on any interest paying date on call of the issuing
board at any time after three years from the date of issuance.
These bonds
will be general obligations of the district, and were authorized at the election
held on May 25 by a vote of 2,189 to 1,020.
Enclose a certified check
for not less than 2% of the bid.
$30,000, 1953 to 1955, and $11,000 in 1956.
25,000 school bonds.
Due $5,000 from June 1, 1948 to 1952, incl.
Dated Juno 1, 1939.
Denom. $1,000.
A separate bid for each issue
(not less than par and accrued interest) is required.
Bidders are requested
of
DISTRICT
receive sealed bids until 4 p. m. on June 28 for the purchase of a
issue of swimming pool bonds.
Interest rate is not to exceed 4%,
GREENE COUNTY
name one rate
PARK
FERING—It is stated
(P.
Dwight), N. Dak.
—BOND SALE—The $3,000 issue of coupon school bonds offered for sale
on June 8— V. 148, p. 3269—was purchased by B. Fischer of Lidgerwood
as 5s at par.
No other bid was received, reports the County Auditor.
1952 to 1955.
reported that $26,500 anticipation
Dickson & Co. of Charlotte.
DAKOTA
DWIGHT COMMON SCHOOL DISTRICT (P. O.
C.—BOND SALE—The $18,000 issue of refunding
COUNTY
1963 inclusive.
to
bonds offered for sale on June 13—V. 148, p. 3567—was awarded to Oscar
Burnett & Co. of Greensboro, paying a price of 100.013, a net interest cost
of about 2.86%, on the bonds divided as follows: $10,000 as
3s, due $2,000
from June 15, 1947 to 1951, and $8,000 as 2Ms, due $2,000 from June
CALDWELL
June 17, 1939
COUNTY
a
basis of about 2.74%.
CINCINNATI
AKRON
BLDG., CLEVELAND
COLUMBUS
SPRINGFIELD
OHIO
BAY
SCHOOL
VILLAGE
Ohio—NOTE SALE—The
to the
Dated
Callable after Nov. 30.
DISTRICT,
note offered June 12—V. 148, p. 3269—was awarded
First National Bank of Rocky River as 3s, the only bid received.
$6,553.34
June 12, 1939, and due June 12,
Dated June 1, 1939.
June 1 in 1947 to 1949.
COMMERCE
UNION
1001
CANTON
BURKETTSVILLE
1941.
RURAL
SCHOOL
Ohio—BONDS
DISTRICT,
building bonds authorized by the voters last Sep¬
tember were sold as 3 Ms to the State Teachers' Retirement System.
Denom. $500.
Due $500 on May 1 and Nov. 1 from 1940 to 1957 inc.
SOLD—The $18,000
MARSHALL, N. C —BOND OFFERING—Sealed bids will be received
until 11 a. m. (EST) on June 20 by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the
purchase
of the following not to exceed 6% bonds:
$19,000 improvement bonds.
Due on May 1 as follows:
$4,000 in 1949
and 1950; $5,000 in 1951, and $6,000 in 1952.
4,000 water works bonds.
Due $1,000 from May 1, 1949 to 1952 incl.
Denom. $1,000.
Prin. and int. (M-N) payable in lawful money in New
York City.; coupon bonds not registerable; general obligations; unlimited
tax; delivery at place of purchaser's choice.
There will be no auction.
A separate bid for each separate issue (not less than
par and accrued
interest) is required.
Bidders are requested to name the interest rate
or rates, not exceeding
6% in multiples of M of 1%; each bid may name
one rate for part of the bonds of either issue
(having the earliest maturities)
and another rate for the balance, but no bid may name more than two rates
for either issue, and each bidder must specify in his bid the amount of bonds
of each rate.
No bid for less than all of the bonds will be entertained.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable
unconditionally to the order of the State
Treasurer for $460.
The right to reject all bids is reserved.
The approving
opinion of Storey, Thorndike, Palmer & Dodge of Boston, Mass., will be
furnished the purchaser.
t
Principal and interest (M-N) payable at the St, Henry Bank, St. Henry.
CINCINNATI, Ohio—BOND SALE—The $750,000 Southern Railway
refunding bonds offered June 13—V. 148, p. 3270—were awarded to a group
composed of Lazard Freres & Co., Union Securities Corp., both of New
York; Braun, Bosworth & Co., Toledo, and the Wells-Dickey Co., Min¬
neapolis, as lMs, at a price of 101.079, a basis of about 1.69%.
Dated
July 15, 1939, and due July 15, 1959.
Re-offered by the bankers to yield
1.625%.
Other bids:
Rate Bid
Int. Rate
Bidder—
Harris Trust & Savings Bank,
Co—1M %
100.409
*
Bankers Trust Co., New York; Fifth Third Union
Tr. Co., Cincinnati, and Adams, McEntee & Co.,
jointly
1M %
100.629
F. S. Moseley & Co.; Goldman, Sachs & Co., and
Charles Clark & Co., jointly
*
1M%
HXL205
Kidder, Peabody & Co.; E. H. Rollins & Sons; B. J.
'
'
Van Ingen & Co., and Equitable Securities Cprp.,
jointly.
1M%
100.16
Halsey, Stuart & Co., Blair & Co., Inc.; Darby &
•
Co., Inc., and Otis & Co., jointly
1M%
100.15
Chemical Bank & Trust Co., New York;,R. W.
Pressprich & Co.; Provident Savings Bank & Tr.
Co., Cincinnati; Assel, Goetz&Moerlein; Weil,
Roth & Irving Co.; Seasongood & Mayer, and
Pohl & Co., jointly
2%
102.381
Smith, Barney & Co.; Northern Trust Co., Chicago,
and Van Lahr, Doll & Isphording, jointly.
2%
102.019
*
Bidder requested bonds be exempt from all Federal income taxes at
time of delivery.
Note—First of Michigan Corp. also was a member of the First Boston
Corp. account.
OTHER BID—A bid of 100.158 for 1 Ms was made by a group composed
of First National Bank of New York, Francis I. Du Pont & Co. and Salomon
Bros. & Hutzler, all of New York.
First
Boston Corp.,
and Mercantile-Commerce Bank & Trust
1
-
-
,
-
.
NASH COUNTY (P. O. Nashville) N. C.—BOND OFFERING—We
are
informed by W.
E. Easterling, Secretary of the Local Government Com¬
mission, that he will receive sealed bids until 11 a. m. on June 20., at his
office in Raleigh, for the purchase of a $36,000 issue of school bonds. Dated
June 1,1939. Due $6,000 from June 1, 1942 to 1947, incl. without
option of
prior payment.
There will be no auction.
Denom. $1,000; coupon bonds
registerable as to principal only; prin. and int.- (J-D) payable in lawful
money in New York City; general obligations; unlimited tax; delivery at
place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples or M of 1 %. Each bid may name one rate for
Eart of the bonds (having the, earliest maturities)
,
the
and another rate for
alance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined
by deducting the total
amount of the premium bid from the
aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be accompanied by a
bank
certified check
upon
incorporated
an
trust company, payable
unconditionally to the order of the State
Treasurer for $720.00. The right to reject all bids is reserved. The
approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
.
.
•
,
CLEVELAND,
canceled later.
He says that the bonds will be reoffered.
.
•,
COLUMBUS,
Bidders
requested to name the interest rate or rates, not exceeding
6 % per annum 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
are
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the
lowest interest
cost to the county, such costs to be
determined by deducting the total
of the premium bid from the
aggregate amount of interesrt upon
all of the bonds until their respective maturities.
No bid of less than par
and accrued interest will be entertained.
Bids must be accompanied by a
certified check upon an incorporated bank or trust
company, payable
unconditionally to the order of the State Treasurer for $400.
The right
to reject all bids is reserved.
The approving opinion of Caldwell &
amount
Ray¬
mond, N. Y. City, will be furnished the purchaxer.
SALISBURY,
N.
C-—BOND
TENDERS INVITED—It is stated by
tl\at he will receive until June 24, at 9:30
following refunding bonds of the city:
$7,000 street and sidewalk improvement and $2,000 general improvement;
H. O.
Holmes. City Manager,
a.m., sealed tenders on the
all dated Dec. 1, 1934, payable Dec. 1.
1959.
and sidewalk improvement dated July
July If 1961*
1,000 street
1,000 street and sidewalk
May 1, 1962.
improvement
dated
May
1,
1936;
payable
1,
1937;
payable
OFFERING
Ohio—BOND
CANCELED—The city's
$l,30p,000 not
148,
Ohio*—NOTE SALE—The trustees of the City Sinking
notes, due Oct. 12, 1939, at par.
SCHOOL DISTRICT,
Ohio—BOND SALE DETAILS—
The $115,000 gymnasium-auditorium bonds purchased by the BancOhio
Securities Co., Columbus—V. 148, p. 1687—were sold as 3s, at a price or
101.23;
from
a
Due $3,000 April 1 and $2,000 Oct. 1
basis of ,about 2.87%.
1962, incl.
1940 to
,,
—
DOVER CENTER SCHOOL DISTRICT, Ohio—NOTES
No
bids
were
submitted
for
the
$2,333.47
4%
NOT SOLD—
refunding notes offered
June 12—V. 148,,p. 3270.
HAMMERSVILLE
.
NEW BOND
OFFERING—We were advised later by W. E. Easterling,
Secretary of the Local Government Commission, that he will receive sealed
bids at his office in Raleigh until 11 a. m.
(EST), on June 20, for the pur¬
chase of the said $20,000 school
building bonds.
Dated May 1, 1939.
Due on May 1, $2,000, 1942 to
1951; without option of prior payment.
There will be no auction.
Denom. $1,000; prin. and int. (M-N), payable
in lawful money in N. Y.
City; coupon bonds registerable as to both prin¬
cipal and interest; general obligations; unlimited tax; delivery at
place of
purchaser's
choice.
,
Fund purchased $147,000 4%
Due $2,000 from May 1, 1942 to 1951, incl.
BOND SALE CANCELED—It was stated
subsequently by the Assistant
Secretary of the Local Government Commission that the above sale was
_
4% interest coupon delinquent tax, first series bonds—V.
3416—has been canceled, because of threatened litigation.l
DANVILLE
Dated May 1,1939.
.
,
exceed
p.
the purchaser.
2.21%.
,.
tiffer to receive sealed bids until June 19, for the purchase of
to
or
ROCKINGHAM COUNTY (P. O.
Wentworth)* N. C.—BOND SALE
—A $20,000 issue of coupon or
registered school building bonds was offered
for sale on June 13 and was awarded to the Trust Co. of
Georgia, of Atlanta,
as 2Ms, paying a
premium of $52.80, equal to 100.264, a basis of about
.
,
•
SCHOOL
DISTRICT
(P,
O.
R.
R.
1,
Bethel),
Ohio—BONDS SOLD—The $29,000 3M% construction bonds authorized
by the voters last November were sold to P. E. Kline, Incl, of Cincinnati.
Dated Jan. 1, 1939.
Denoms. $1,000 and $500.
Due as follows:' $1,500
from 1940 to 1958 incl. and $500 in 1959.
Prin. and int. payable at office
of the Board of Education.
JEFFERSON
SCHOOL
OFFERING—
June 26
bonds.
1941 to
1946 incl.
Rate of interest to be expressed in multipies of M of 1% and
payable F-A.
A certified check for $25, payable to order of the Board
DISTRICT,
Ohio—BOND
J. R. Marvin. District Clerk, will receive sealed bids until noon on
for
purchase of $3,000 not to exceed 6% interest building
Dated July 1, 1939.
Denom. $500.
Due $500 on Feb. 1 from
of
the
Education, is required.
MUSKINGUM
WATERSHED
CONSERVANCY
DISTRICT
(P.
O.
New
Philadelphia), Ohio—NOTE SALE—The $764,993.70 bond an¬
ticipation notes offered June 14—V. 148, p. 3568—were awarded to the
BancOhio Securities Co., Columbus, at 2 M % interest, at par plus a premium
of $125.
Dated July 1,1939 and due July 1, 1940. Callable on any interest
payment date.
PUBLIC
INSTITUTIONAL
BUILDING
AUTHORITY
OF
OHIO
(P. O.. Columbus), Ohio—STATE SUPREME COURT TO RULE ON
LEGALITY OF BOND ISSUE—The Building Authority has filed a friendly
suit in the State Supreme Court to test the constitutionality of the Act
under which it was created.
The suit asks for a writ of mandamus to compel
Earl Griffith, Secretary of State, to sign $7,500,000 9f bonds which the
Authority sold to investment bankers, conditioned on a judicial determina¬
tion that the Building Authority Act is constitutional.—V. 148, p. 3270.
To create a basis for the suit, Mr. Griffith refused to sign the bonds on the
ground that the Building Authority does not have the right to issue the
bonds, according to report.
This is predicated,
on a constitutional
provision prohibiting the State from incurring a debt of over $750,000 with¬
out
a
referendum, it was said.
Volume
authority have entered into
a
GRANVILLE TOWNSHIP CP. O. Granville), Pa .—BIDS REJECTED
—BONDS REOFFERED—Bids submitted for the $12,000 4M% or 5%
Welfare Department and the building
contract under which the
building authority
bonds
the State hospitals,
minimum rental of $421,500 a year for 25
years, at the end of which time the bonds would be retired and the buildings
would become the property of the State.
The petition further pointed out
that the bonds would not be an obligation of tne State and that they would
be secured by the agreement with the Welfare Department to pay rentals.
would construct certain additions and improvements at
offered
3—V.
June
being made and sealed
Township Secretary, until
1939.
Bidder to
name
1943 to 1964, incl.
(P.
O.
Greensburg),
Pa .—BOND
Township Secretary, will receive sealed
Trust Bldg , Greens¬
burg, until 9 a. m. (EST) on June 20 for the purchase of $14,000 township
bonds. Dated July 1, 1939. Denom. $1,000. Due July 1 as follows: $2,000
in 1940 and from 1945 to 1950, both incl.
Bidder to name one rate of int¬
erest, expressed in a multiple of M of 1%.
Sale of bonds will be subject to
approval of issue by the Pennsylvania Department of Internal Affairs.
A
certified check for $500, payable to order of the Township Treasurer, is
required.
PENNSYLVANIA TURNPIKE COMMISSION (P. O. Harrisburg),
Pa.—MARKETS ANTICIPATE EARLY OFFERING OF ADDITIONAL
$10,000,000 BONDS—Dealers in municipal securities expect that arrange¬
ments will be completed shortly for sale by the Reconstruction Finance
Corporation to a banking group of a further block of $10,000,000 turnpike
commission bonds.
The bonds are part of the total authorized issue of
$35,000,000 which were sold by the commission to the RFC.
The Federal
agency has already divested itself of $10,000,000 of the securities, having
sold that amount of 3Ms last October to a syndicate headed by B. J.
Van Ingen & Co., Inc., and E. H. Rollins & Sons, Inc.; both of New York,
at a price of 95.50.
The obligations, dated Aug. 1, 1938, due Aug. 1,
1968, and callable prior to maturity, were reoffered for public subscription
at par and accrued interest.
The turnpike commission was created by the
State Legislature for the purpose of constructing an all-weather toll highway
between Harrisburg and Pittsburgh.
Proceeds of the $35,000,000 of bonds
to be issued by the commission, together with a Public Works Administra¬
tion grant of about $26,100,000, will be used to finance the project.—V.
Inc.
Long Distance 787
OKLAHOMA
CHEYENNE, Okla.—BONDS TO BE SOLD TO RFC—It is stated by the
City Attorney that $15,000 water system bonds will be purchased by the
Finance Corporation.
CUSHING, Okla.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $31,500 power plant bonds purchased by the First
National Bank of Cushing, as noted here on May 13, were sold at a net
Interest cost of about 2.63%, divided as follows:
$7,500 maturing $2,500
May 15, 1942 to 1944, as 2s, $7,500 maturing $2,500 May 15, 1945 to 1947,
as 2Ms. $12,500 maturing $2,500 May 15, 1948 to 1952, as 3s, and $4,000
maturing May 15, $2,500 in 1953 and $1,500 in 1954, as 2s.
(P. O. Erick), Okla.—BOND SALE—
offered for sale on June 12—V. 148,
as 2Ms, according to
The $15,000 issue of building bonds
3568—was awarded to the County Treasurer,
report.
Due from 1942 to 1949 inclusive.
147,
Luther), Okla.—BOND SALE
bonds offered for sale on May 29—V. 148,
3270—was purchased by the Small-Milburn Co. of Wichita, according to
the Clerk of the Board of Education.
Due $2,000 from 1.942 to 1950, and"
p.
•
■
.
MOUNDS, Okla.—BONDS EXCHANGED—It is stated by the Town
urer,
receiitly by
the original
SCHOOL
DISTRICT
(PJ O.
is now reported by the District Clerk that the $12,500
building bonds sold to R. J. Edwards, Inc. of Oklahoma City, as noted
here—V. 148, p. 2944—were purchased at a price of 100.016, a net interest
cost of about 3.15%, on the bonds divided as follows: $6,000 as 3 Ms, due
$1,000 from March 1, 1942 to 1947; $6,500 as 3s, due $1,000 on March 1
in 1948 to 1953, and $500 on March JL, 1954.
' . .
»
STEPHENS AND CARTER COUNTIES, JOINT UNION GRADED
SCHOOL DISTRICT NO. 16 (P. O. Alma), Okla.—BOND' OFFERING
bids will be received'until 2 p. m. on June 20, by Charles E.
—Sealed
Smith, District Clerk, for the purchase of $8,161.92 building bonds.
Due
$1,000 in 1944 to 1950, and $1,161.92 in 1951.
The bonds shall be sold to
bidder bidding the lowest rate of interest the bonds shall bear and
agreeing to pay par and accrued interest for the bonds, and are issued in
accordance
with
Sections
5,929 and 5930, Oklahoma Statutes, 1931.
Enclose a certified check for 2% of the amount of bid.
*
the
COUNTY
FLORENCE,
Ore.—BOND SALE—The
bonds offered for sale on June 5—V.
$36,000 school bpnds
&
MARION COUNTY SCHOOL DISTRICt NO. 88 (P. O. Salem),
Or^—BOND SALE—The $18,000 issue of building bonds offered for sale
on June 12—V. 148, p. 3417—was awarded to Atkinson, Jones & Co. of
Portland, according to the District Clerk.
Dated June 1, 1939.
Due
$2,000 from June 1, 1940 to 194$ inclusive.
"
v' . ,
.
MILTON, Ore.—BOND SALE—The $69,000 issue of refunding water
offered for sale on June 12—V. 14$, p. 3568—was awarded to
bonds
BIyth & Co. of Portland and Ferris & Hardgrove of Spokane jointly as
2Ms, paying a price of 100.14, a basis of about 2.46%.
Dated July 1,
1939.
Due from July 1, 1940 to 1953; optional on and after July 1,1944.
PENNSYLVANIA
EASTON, Pa .—BOND SALE—The $117,000 refunding bonds offered
June 15—V. 148, P. 3270—were awarded to E. Lowber Stokes & Co. of
Philadelphia as 1 Ms, at a price of 100.125, a basis of about 1.49%.
Dated
June 15. 1939 and due June 15 as follows:
$23,000 from 1955 to 1957,
incl. and $24,000 in 1958 and 1959.
Other bids:
Bidder—
Int. Rate
Rate Bid
1M%
1M%
2%
Battles & Co
Harriman Ripley &
Co., Inc..
Union Securities Corp
Following is a complete list of
101.397
Premium
$3,345.03
Battles & Co., Inc—...
1M%
1M%
1,543.23
1,634.49
Eastman, Dillon & Co
2%
1,367.00
M. M. Freeman &
Co., Inc
Co., Inc., and Cassatt & Co.,
Harriman Ripley &
Inc
-
Barclay, Moore & Co., and E.
W. & R. C. Miller
1M%
1M %
2M%
2%
& Co
Charles Clark & Col
Alex. Brown & Sons.. 1
Union
S.
Securities Corp
K. Cunningham & Co.,
&
Inc.; Moore. Leonard
Lynch, and Glover & MacGregor,
Pittsburgh
'
Inc
Union Trust Co. of
Blair & Co., Inc
643.33
497.25
1,578.31
1,263.60
—
Dougherty, Corkran & Co., and
& Co_--^.—
Halsey, Stuart & Co., Inc..-
%
631.80
1M %
2%
732.42
2,059.20
2%
1,626.30
2%
622.44
2
Graham. Parsons '
-
1955, incl., and $2,000 from 1956
.
_
HAVEN SCHOOL DISTRICT, Pa .—BOND OFFERING—
Freeman, District Secretary, will receive sealed bids until 7:30 p. m.
YORK
C
E
on
June 30 for the purchase of
1, 1939.
Denom. $1,200.
Interest J-J.
Dated July
to
$3,600 3% coupon school bonds.
Due $1,200 on July 1 from 1940
1942 incl.
RHODE
PROVIDENCE,
dressed to Chester E.
ISLAND
I .—BOND
R.
Butts, Town Clerk,
OFFERING—Sealed bids ad¬
will be received until 8 p. m.
(DST) on June 20 for the purchase of $90,000 coupon, registerable as to
principal and interest, emergency relief bonds. Dated June 1,1939. Denom.
$1,000. Due $10,000 on June I from 1940 to 1948 incl. Bidder to name one
rate of interest, in a multiple of M of 1%.
Principal and interest (J-D)
payable at the First National Bank of Boston, or at the Town Treasurer s
office, at holder's option. The bonds will be valid general obligations of the
town, and all its taxable property will be subject to the levy of unlimited
ad valorem taxes to pay
both principal and interest, except
intangible personal prooerty is
that taxable
taxable at the uniform rate of 40 cents
for*
assessed valuation.
The bonds will be engraved under the
supervision of and authenticated as to genuineness by The First National
Bank of Boston. The legality of this issue will be approved by Ropes, Gray,
Boyden & Perkins, of Boston, a copy of whose opinion will accompany the
bonds when delivered, without charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
for the proper issuance of the bonds will be filed with The First National
Bank of Boston, where they may be inspected.
each $100.00 of
WESTERLY,
awarded
Due
rate
on
R.
I .—NOTE SALE—An issue of $100,000 notes was
Co. of New York at 0.2725% discount.
June 10 to Leavitt &
1939. Lee Higginson Corp.,
of 0.278%.
Dec.
14,
SOUTH
101.08
Rate
2M %
sold as 2s, at a price of 100.125 to E. Lowber Stokes
148, p. 3109—bear date of May 1, 1939, and
$1,000 on May 1 from|1940 to
1965, incl.
Interest M-N.
101.317
unsuccessful bids:
Bidder—
31.20
242.80
2M %
Pa.—BOND SALE DETAILS—The
Co. of Philadelphia—V.
EAST
.
155-50
101.05
218.16
19200
2M%
2M%
-
mature
to
$825.60
2M%
2M%
2M%
-
SCHOOL DISTRICT,
Due $500 from
Baker, Fordyce,
—
Glover & MacGregor, Inc.-..
(DST)
$5,500 coupon semi-annual
148, p. 3270—were purchased
— -- — ---
Co-__-_
Premium
Int. Rate
2M% '
National Bank of Topton
-
by the First National Bank of Gardiner, as 4s at par.
April 1, 1940 to 1950, incl.
The only other bid received was submitted by the
Tucker Co. of Portland.
•
" '
—
E. H. Rollins & Sons, Inc..
TRAPPE
„
T
Inc.-
Burr & Co.,
.
street
.
Mount Penn
Singer, Deane & Scribner
Berks County Trust
WAURIKA, Okla.—BOND SALE-r-The following bonds aggregating
148, p. 3568—were awarded to
R. J. Edwards, Inc. of Oklahoma City, paying a net interest cost of about
2.80%, according to the City, Clerk: ■
$13,000 water works bonds.
Due $1,000 from 1942 to 1954. incl.
12,000 sewer bonds.
Due $1,000 from 1942 to 1953, inclusive.
V
OREGON
"
Bidder.
$25,000, offered for sale on June 13—V.
,
ST. LAWRENCE (P. O. Esterly), Pa.—BOND SALE—The $24,000
refunding bonds offered June 9—V. 148, p. 3109—-were awarded to Butcher
& Sherrerd, of Philadelphia, as 2Ms, at par plus $278.40 premium, equal to
101.16, a basis of about 2.13%. Dated June 15, 1939 and due June 15 as
follows: $1,000 from 1940 to 1953 incl, and $2,000 from 1954 to 1958 incl.
Other bids:
SCHOOL
INDEPENDENT
OFFERING—Richard M. Moll, Borough
Pa .—BOND
Mount Penn Trust Co.,
DISTRICT NO. 8
(P. O. Guymon), Okla.—BOND OFFERING—It is stated by C. L.
Bradshaw, District Clerk, that he will receive sealed bids until June 21, for
the purchase of a $20,000 issue of not to exceed 5% semi-annUal building
bonds.
Due as follows: $.5,000 in 1942 and $2,500 in 1943 to 1948.
These
bonds were approved by the voters at an election held on June 7.
TEXAS
is required.
until 7 p. m. (EST) on June 26 for the
purchase of $28,000 2M% coupon, registerable as to principal, refunding
bonds.
Dated July 1, 1939.
Denom. $500.
Due $7,000 on July 1 in
1944, 1949, 1954 and 1959.
Bonds numbered from 29 to 56 incl. are
callable at par and accrued interest at borough's option on July 1, 1949 or
on any subsequent interest date.
Interest J-J.
A certified check for 2%
of the bonds bid for, payable to order of the Borough Treasurer, is required.
Bonds will be issued subject to favorable legal opinion of Townsend, Elliott
& Munson of Philadelphia.
DETAILS—It
•
OFFERING—
June 19 for the purchase of
ROBESONIA,
Okla.—BOND SALE
Ravia),
on
Secretary, will receive sealed bids
bonds.
RAVI A
.
will receive sealed bids until 7:30 p. m.
$30,000 not to exceed 2M% interest
coupon emergency bonds.
Dated July 1, 1939.
Denom. $1,000.
Due
$10,000 on July 1 from 1940 to 1942 incl. Callable any time after two years
from date of issue.
Bidder to name one rate of interest, expressed in a
multiple of M of 1% and payable J-J.
The district will pledge as special
security all the uncollected taxes in the hands of its Collector for the year
1937 and 1938; all returned taxes except for the year 1935 and 1936, and the
tax liens entered in the year 1938.
Sale of bonds is subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
A
certified check for 3% of the issue, payable to order of the District Treas¬
(EST)
—The $21,000 issue of building
Clerk that $45,000 2% semi-annual refunding bonds approved
the Attorney General, have been exchanged with the holders of
.
D. R. Thomas, District Secretary,
Okla.—BOND OFFERING—It is reported that sealed bids will
be received until June 20, by L. L. Teague, Town Clerk, for the purchase
of $7,000 sanitary sewer bonds.
Due from 1942 to 1949.
These bonds
were approved by the voters on May 31:
'
$3,000 in 1951.
2432.
p.
PUNXSUTAWNEY SCHOOL DISTRICT, Pa.—BOND
,
JAY,
LUTHER SCHOOL DISTRICT (P. O.
Carnahan,
bids at the office of Crowell & Whitehead, Bank and
Oklahoma City, Oklahoma
ERICK SCHOOL DISTRICT
TOWNSHIP
OFFERING—R.' D.
Municipal Bonds Since 1892
p.
m.
HAMPTON TOWNSHIP SCHOOL DISTRICT (P. O. R. D. 2, Allison
Park), .Pa.—BONDS RE-OFFERED—Frank Garraux, District Secretary,
for the purchase
In announcing
the postponement of the sale, John E. Winner, Solicitor, stated that the
only change in the details of the offering as previously given—V. 148, p.
3109—pertains to the maturity schedule, which has been revised to read as
follows: due $3,000 on July 1 in 1941 and 1942, and $2,000
on July 1
LOYALHANNA
.
will
a.
will receive sealed bids until 6:30 p. m. (EST) on June 28
of $50,000 coupon school bonds, originally offered June 5.
from
Reconstruction
10
3M%, 3M%. 4%, 4M%. or 4M%.
Due June 1 as follows:
1952 to 1959 incl.
Regis¬
terable as to principal.
A certified check for 2% of the bid is required.
Sale of bonds is subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
,
each proposal.
AT&T Ok Cy 19
one
p.
bids
$500 from 1944 to 1951 incl., and $1,000 from
SPRINGFIELD,
Ohio—BOND
OFFERING—W. A.
Luibel, City
Auditor, will receive sealed bids until noon on June 30 for the purchase of
$93,000 2 M % street, sewer and bridge improvement bonds.
Dated June 1,
1939.
Denom. $1,000.
Due Sept. 1 as follows: $15,000 from 1940 to
1942, incl., and $16,000 from 1943 to 1945, incl.
Bidder may name a
different rate of interest in a multiple of M of 1 %.
Principal and interest
(M-S) payable at the agency of the City in New York City.
The City
Commission will act on the bids submitted at its regular meeting at 7:30
p. m. on July 3.
A,certified check for 1% of the bonds bid for must ac¬
R. J. EDWARDS,
3109—were rejected.
A new offering
be received by James A. Wheeler,
on July 1.
Issue is dated June 1,
of the following interest rates:
2M %. 2M %.
148,
is
and that the State would pay a
company
3727
Chronicle
Financial
148
The petition revealed that the State
second high bidder, named a
CAROLINA
DETAILS
LAURENS COUNTY (P. O. Laurens), S. C— BOND SALE
reported that the $250,000 road bonds purchased by McAlister,
Smith & Pate, Inc. of Greenville, divided as 3s and 2M». as noted here—
V. 148, p. 3569—are in the denomination of $1,000, and are payable as to
principal and interest at the Chase National Bank in New
It is now
approval by Storey,
Thorndike, Palmer & Dodge of Boston.
York.
Legal
4
UNION, S. C.—BOND OFFERING—It is reported that sealed bids will
be received until 11 a. m. on June 23, by W. D. Arthur, City Treasurer,
for the purchase of $25,000 4% semi-annual refunding bonds.
Denom.
$1 000.
Due on July 1, 1946. A certified
the City Treasurer, must accompany the bid.
Dated July 1, 1939.
$500, payable to
check for
CAROLINA (P. O. Columbia]I S. C.—
OFFERING—Sealed bids will be received until noon (EST), on
by Frank F. Welbourne, Treasurer of the Board of Trustees, for
UNIVERSITY OF SOUTH
BOND
July
1
the purchase
rate of
Depom. $1,000.
Bidder to name
be the same for all
of an issue of $150,000 coupon revenue bonds.
1939. Due $10,UOO June 1, 1940 to 1954.
Dated June 1,
interest in a
multiple of M of 1%, such rate to
3728
the bonds.
Financial
Prin.
and int.
(J-D) payable at the office of the
Chronicle
Treasurer,
or at the Chemical Bank & Trust Co., New York.
The
registerable as to principal only, and are issued for the purpose
financing the cost of acquisition, construction, reconstruction or improve¬
ment of athletic facilities for the university, Including the
payment of
outstanding indebtedness incurred for the purpose.
The bonds and the
interest thereon are payable solely and exclusively from student activities
fees of the university, and the bonds will be issued pursuant to Act No.
433
are
of
of the Acts of 1939.
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.
SOUTH
DAKOTA
1
r'DUPREE
t>upree), S.
INDEPENDENT SCHOOL DISTRICT NO. 12 (P. O.
Dak.—BONDS OFFERED—Sealed bids were received until
2 p. m. on June 15, by M. E. Reynolds, District Clerk, at the
County
Auditor's office in Dupree, for the purchase of $15,000 5% coupon semi-ann.
Due in from three to 20 years.
school bonds.
MEMPHIS, Ten n.—BOND OFFERING—It is stated by D. C. Miller.
City Comptroller, that he will receive sealed bids until 2:30 p. m. (CST),
June 22, for the purchase of all (but not less than all), of the following
not to exceed 6% coupon semi-ann. bonds aggregating $17,000,000:
$11,750,000 electric plant revenue or general liability serial, Series A bonds.
Due on June 1 as follows: $285,000 in 1942, $295,000 in 1943,
(These are the bonds that
no
bids
were
were offered on May 18 without success, when
received-—V. 148, p. 3417.) tmmm —'
—«
-■
.T-.
m
.
on
~
IRA P IDC IT Y,S. Dak.—BOND ELECTION—An election is said to be
scheduled for June 29 in order to have the voters pass on the issuance of
$15,000 in airport improvement bonds.
$305,000 in 1944, $310,000 in 1945, $320,000 in 1946; $330,000 in 1947, $340,000 in 1948, $350,000 in 1949, $360,000 in
•
TENNESSEE
ATHENS, Tenn.—BONDS OFFERED—Sealed bids were received until
2 p. m. on June 16 by H. M. Roberts, City Recorder, for the purchase of
an issue of $410,000 not to exceed 4% semi-annual electric system
revenue,
series A, bonds.
Dated June 1, 1939.
Denom. $1,000.
Due June 1
as follows:
$17,000 in 1942 and 1943, 818.000 in 1944, $19,000 in 1945
•'
for redemption
at the option of the city on any interest payment date
prior to maturity, and bonds numbered 1 to 307 inclusive shall be callable
for redemption on any interest payment date on or after five years from
of the bonds.
The bonds shall be called in inverse numerical
order at par plus accrued interest to the date of redemption plus a premium
of 5% if redeemed on or before June 1, 1942 (as to bonds so redeemable),
the date
4% if redeemed thereafter and
on or before June 1, 1945, 3% if redeemed
before June 1, 1948, 2% if redeemed thereafter and
1, 1951, 1% if redeemed thereafter and on or before
June 1, 1955, and H of 1% if redeemed thereafter prior to maturity.
Rate or rates of interest to be in multiples of M of 1%.
Not more than
two rates shall be specified and there shall be no more than one rate for
any one maturity.
The bonds will be awarded to the responsible bidder
whose bid results in the lowest interest cost to the city.
Premiums will
be taken into consideration in computing interest cost only if necessary
to determine which of two identical bids results in the lowest interest cost.
on
or
on
or
before June
order.
authorized and issued in accordance with the Constitution and
statutes of the State,
tem, and that the city has power and is obligated to fix rates and
charges for electricity and the services, facilities and
commodities
,
municipal
electric
plant
or
revenues, said
city also has power and is obligated to levy ad
valorem taxes for the payment of Said bonds and the interest
thereon upon all property within said city subject to taxation
by said city, without limitation of rate or amount.
5,250,000
plant revenue or general liability serial, Series A bonds.
Due on June 1 as follows: $120,000 in 1940, $285,000 in 1941,
$295,000 in 1942, $305,000 in 1943, $315,000 in 1944, $325,in 1945, $335,000 in 1946. $345,000 in 1947, $360,000 in
1948, $380,000 in 1949,„$400,000 in 1950, $420,000 in 1951,
$440,000 in 1952, $460,000 in 1953, and $465,000 in 1954.
gas
All
bonds
maturing
subsequent
to
June
1,
1944,
shall
be
subject to redemption in whole or in part, at the option of
the city, on any interest date after publication of notice at
least once in a daily paper of general circulation in Memphis
and in New York City,
and after mailing of notice by regis-
tered mail to holders of registered bonds which are called for
.
redemption, and to the paying agent or place of payment of
the bonds, such notice in each case to be given not more than
60 days nor less than 30 days prior to the date fixed for re¬
demption, at the principal amount thereof and accrued interest
thereon to the redemption date, plus premiums
■, ■
If redeemed
and
or
on or
as
follows:
before June 1, 1942, 4%; after June 1, 1942,
before June
1, 1945, 3%; after June 1, 1945
and
before June 1, 1948, 2%; after June 1, 1948, and on or
before June 1, 1951, 1%; and thereafter without premium;
provided that if less than all the outstanding bonds, Series A,
on
are
on
or
redeemed the
of the
oonds called for redemption shall be those
longest outstanding maturities, and shall be called in
inverse numerical order.
Bidders shall
name
a
rate or
rates
of interest
in multiples of l-10th or M of 1%.
The named
be uniform for the entire series or niay be split so as
to name more than two rates, but there shall be not more
than one rate for any one maturity. ' The legal opinion of
Thomson, Wood & Hoffman, of New York, will state in effect,
that the bonds have been duly authorized and issued in accord¬
ance with the Constitution and statutes of the State,
including
the charter of the city, and constitute valid and legally bind¬
ing obligations of the city payable (as to revenue bonds)
solely from revenues to be derived from the operation of the
city's municipal gas plant or system, and that the city has
power and is obligated to fix rates and collect charges for gas
and the services, facilities and commodities furnished by the
municipal gas plant or system, so as to provide revenues
sufficient to pay, as the same shall become due, the principal
and interest on the bonds, in addition to paying as the same
shall become due, the necessary expense of maintaining and
operating the gas plant or system and all other obligations and
indebtedness payable out of the gas fund, payable (as to the
general liability bonds) from revenues to be derived from the
operation of the city's municipal gas plant or system, and
that the city has power and is obligated to fix rates and collect
charges for gas and the services, facilities and commodities
furnished by the municipal gas plant or system, so as to provide
revenues
sufficient to pay, as the same shall become due, the
principal of and interest on the bonds, in addition to paying as
the same shall become due. the necessary expense of maintaining
and operating the gas plant or system and all other obligations
and indebtedness payable out of the gas fund, but if said bonds
are not paid from such revenues, said city also has power and
is obligated to levy ad valorem taxes for the payment of said
bonds and the interest thereon upon all property within said
city subject to taxation by said, city, without limitation of
rate may
.
*
including particularly Chapter 455 of the Pri¬
Acts of Tennessee for the
year 1935.
Chapter 899 of the Private
of Tennessee for the
year 1937 and Chapters 348, 536 and 611 of
Private Acts of Tennessee for the near
1939, and other applicable
statutes, and pursuant to resolutions duly adopted by the Electric Power
Board of Chattanooga and the Board or Commissioners of the
vate
Acts
the
city, for
purpose of the acquisition of a municipal electric power plant and
distribution system and the refunding of
$1,400,000 Electric Power bonds
of 1937 theretofore issued for the same
purpose.
The bonds are registerable as to principal only.
The legality or the bonds will be approved
by Caldwell & Raymond, of New York, whose legal opinion will state in
effect that the bonds have been authorized in accordance with the Con¬
stitution and statutes of the State and the
City Charter, together with
amendments thereof, and
supplements thereto, and constitute valid and
legally binding obligations of the city, payable solely from revenues to be
derived from the operation of the city's municipal electric power plant and
distribution system; that the city and the Electric Power Board of Chatta¬
nooga have covenanted to fix and collect such rates and
charges and to
revise same from time to time whenever
necessary for the faclities of the
municipal electric power plant and distribution system as will always pro¬
vide revenues sufficient to pay the
principal of and interest on the bonds
offered for sale, in addition to
paying the necessary expenses of operating
and maintaining such system and all other
obligations and indebtedness
payable from such revenues, and that such rates and charges shall not be
reduced so as to be insufficient to provide revenues for said
purposes.
The
opinion sill further state that the interest on the bonds is exempt from
the
addition to paying, as the same shall become due, the
necessary expense of maintaining and operating the electric
plant or system and all other obligations and indebtedness
payable out of the electric fund (as to general liability bonds)
from revenues to be derived from the operation of the city's
municipal electric plant or system, and that the city has
power and is obligated to fix rates and collect charges for
electricity and the services, facilities and commodities furn¬
ished by the municipal electric plant or system, so as to pro¬
vide revenues sufficient to pay, as the same shall become due,
the principal of and interest on the bonds, in addition to
paying, as the same shall become due, the necessary expense
of maintaining and operating the electric plant or
system
and all other obligations and indebtedness payable out ofj
the electric fund, but if said bonds are not paid from such
June 26, for the
Federal income taxes under existing laws, and that both
principal and In¬
terest are exempt from taxation by the State or
any county or municipality
thereof, except for inheritance, transfer and estate taxes.
Such opinion
by
in
»
considered and bid for as one issue of bonds.
The award will be made on the
basis of the lowest net interest cost to the city for all of the bonds in the
aggregate principal amount of $13;200,000, and consideration of the call
provisions offered by the bidder. Comparison of the lowest net interest cost
will be made by taking the
aggregate of interest at the rate or fates named
and deducting therefrom the premium
the
furnished
system, so as to provide revenues sufficient to pay, as the same
shall become due, the principal of and interest on the bonds,
Surchase Interest rate is not to exceed 5%, electric power revenue, series A
onds.
of an issue of $13 ,200,000 coupon payable J-D. Denom $1,000.
and shall be called in inverse numerical order.
The bonds are to be issued
pursuant to the provisions of the City Charter and acts amendatory thereof
and supplemental thereto,
con¬
collect
CHATTANOOGA, Tenn.—BOND OFFERING—It is stated by Mayor
(including the $47,600 required
premium on the first instalment in the principal amount of $1,400,000) bid
to determine the net interest cost to the
city.
Each bidder shall state in
his proposal the call premium in
per cent, he offers on the bonds, but not
exceeding in any event 5%, subject to call as a whole or in part at the option
of the city on any interest date, at the
principal amount thereof and accrued
interest thereon to the redemption date under the following
provisions:
If redeemed on or before June
1, 1940,
%; after June 1, 1940 and on
or before June 1,
1941,
%; after June 1, 1941 and on or before June 1,
1944,
%; after June 1, 1944 and on or before June 1, 1949,
%;
after June 1, 1949 and on or before June
1,1954,
%; after June 1,1954
and on or before June 1, 1959,
%; after June 1, 1959 and on or before
June 1, 1964,
%; thereafter without premium, provided that if less
than all of the outstanding bonds are redeemed the
outstanding bonds
called for redemption shall be those of the
longest outstanding maturities,
including the charter of the city, and
stitute valid and legally binding obligations of the said city pay¬
able (as to revenue bonds) solely from revenues to be derived
from the operation of the city's municipal electric plant or sys¬
properties of the Tennessee Electric Power Co. for the purchase of
Dated June 1, 1939.
Due June 1, as follows: $250,000 in 1941 and 1942,
$260,000 in 1943, $270,000 in 1944, $$280,000 in 1945, $290,000 in 1946,
$360,000 in 1947, $370,000 in 1948, $380,000 in 1949, $390,000 in
1950, $400,000 in 1951. $410,000 in 1952, $420,000 in 1953. $430,000 in
1954, $450,000 in 1955, $460,000 in 1956, $480,000 in 1957, $500,000 in
1958, $510,000 in 1959. $530,000 in 1960, $540,000 in 1961, $560,000
in 1962, $570,000 in 1963, $590,000 in 1964, $610,000 in 1965. $630,000 in
1966, $650,000 in 1967, $670,000 in 1968, and $690,000 in 1969.
Bidders
shall name a rate or rates of interest, to be borne by the bonds in
multiples
of K of 1 %.
The named rate may be uniform for the entire series'for all of
the bonds or may be split so as to name not more than two rates, but there
shall be no more than one rate for any one maturity.
Prin. and int.
payable in lawful money at the Guaranty Trust Co., New York, or at the
Hamilton National Bank, Chattanooga.
The bonds of series A are to be
issued in two instalments.
The first instalment, in the principal amount
of $1,400,000, shall be the earliest maturing bonds, and the second instal¬
ment, in the principal amount of $11,800,000, shall be the last maturing
bonds Of series A.
The successful bidder must pay for the $1,400,000 bonds
of the first instalment not less than the principal amount of $1,447,600 and
accrued interest thereon, arid must pay for the second instalment in the
principal amount of $11,800,000 not less than the par value thereof and
accrued interest thereon.
Except for the separate prices required to be
stated for the first and second instalments, tne bonds of series A shall be
or
but there shall not be more than one rate for any one
maturity.
The legal opinion of Thomson, Wood & Hoffman,
New York, will state, in effect, that the bonds have been duly
are being authorized, delivery to be made in New York
Oity on the day fixed for the closing of such transaction.
The approving
opinion of Chapman & Cutler of Chicago will be furnished.
The right is
reserved to reject any and all bids and to sell all or part of the bonds.
Enclose a certified check for 3% of the amount of the bonds, payable to
the City Treasurer.,
'
.
.
a. m. on
name a rate or rates of interest in
multiples
M of 1 %.
The named rate may be uniform for the
may be split so as to name not more than two
or
rates,
whicn the bonds
E. D. Bass that he will receive sealed bids until 11
Bidders shall
of l-10th
entire series
No bid will be accepted for less than par and accrued interest.
The bonds
are issued for the
purpose of the acquisition of an electric system for the
city and for repairing, extending and improving such system, and are
payable solely from the revenues to be derived from the operation of the
system after the prior payment from such revenues of the reasonably neces¬
sary cost of operating, maintaining and repairing the system.
The pur¬
chase price of the bonds is to be paid simultaneously with the transfer of
the
1950, $370,000 in 1951, $380,000 in 1952, $390,000 in 1953,
$405,000 in 19.54, $415,000 in 1955. $425,000 in 1956. $520,1957, $535,000 in 1958, $555,000 in 1959, $560,000 in
1960, $500,000 in 1961 to 1964, and $460,000 in 1965 to 1969.
All bonds maturing subsequent to June
1, 1949, shall be
subject to redemption in whole or in part, at the option of
the city, on any interest date after publication of notice fat
least one in a daily paper of general circulation in Memphis
and in New York City, and after mailing of notice
by regis¬
tered mailto holders of registered bonds which are called for
redemption, and to the paying agent or place of payment?of
the bonds, such notice in each ease to be given not more than
60 days nor less than 30 days prior to the date fixed for re¬
demption, at the principal amount thereof and accrued interest
thereon to the redemption date, plus premiums as follows:
If redeemed on or before June 1, 1944, 5%; after June
1, 1944,
,'and on or before June 1, 1949, 3%; after June 1, 1949, and on
or
before June 1, 1954, 2%; after June 1, 1954, and on or
before June 1, 1959, 1%; after June 1, 1959, and on or before
June 1, 1964, }/%%', and thereafter without premium; provided
that if less than all the outstanding bonds are redeemed the
bonds called for redemption shall be all those of the
longest out¬
standing maturities, and shall be called in inverse numerical
000 in
.
and 1946, $20,000 in 1947. $21,000 in 1948 and 1949, $22,000 in 1950,
$23,000 in 1951, $24,000 in 1952 and 1953, $25,000 in 1954, $26,000 in
1955, $27,000 in 1956, $28,000 in 1957, $29,000 in 1958, and $30,000
in 1959. Bonds numbered 308 to 410 inclusive of the series shall be callable
thereafter and
1939
17
charge.
Bids are desired on
Definitive bonds, or interim
receipts or interim certificates, exchangeable therefor, will be delivered to
the purchaser at the time when payment of the purchase price of the bonds
Is made.
If there is insufficient time to prepare definitive bonds, or interim
receipts or interim certificates in $1,000 denoms. between the time of
opening bids and the date of payment of the purchase price, a single interim
receipt or interim certificate will be delivered on such date.
This single
interim receipt or interim certificate may be exchanged for definitive bonds
or interim receipts or interim certificates in multiples of $1,000 exchangeable
for definitive bonds.
Either the definitive bonds, or interim receipts or
interim certificates in $1,000 denom., exchangeable for definitive bonds,
will be ready for delivery within seven days after the payment of the pur¬
chase price.
The purchase price must be paid simultaneously with the
closing of the contract executed as of May 12, 1939, between the Common¬
wealth & Southern Corp., the city, the Tennessee Valley Authority, et al.,
which provides among other things for the sale of certain electric properties
by the Tennessee Electric Power Co. to the city.
Board of Trustees
bonds
June
will be furnished to the
purchaser without
forms which will be furnished by the city.
rate or amount.
Dated June 1, 1939.
Denom. $1,000.
These bonds are to be issued for
the purpose of financing the acquisition of, and extension and betterments
,
Volume
148
Financial
electric plant systems
?
°f seFL
of the
to supply, distribute and sell natural
energy within the corporate limits
ec$ric Power and
city and elsewhere in Shelby County,
together with all parts thereof
appurtenances thereto, and
including the gas and electric facilities and
properties to be purchased from Memphis Power &
and
Light Co.
ln*i?r^L
d
^Payable in lawful
a-
money
America at the Chemical Bank &
Trust Co. in New
Bank of Commerce in
Memphis, at the option of
may be registered as to principal
only.
+KporFpariso? of bids will be made by taking
tne rate or rates named and
Both prin-
of the United States of
York, or at the National
the holder.
The bonds
the aggregate of interest at
deducting therefrom the premium bid to deter-
i?-e A. 11'interest cost to the city. Bidders are requested to calculate,
subject to subsequent verification by the
city, and state in their bid, the net
city. However, failure to do this will in no way invalidate
any bid.
interest cost to the
Agood faith deposit
8
ui
in the amount of (1%) of the amount of
the bonds
?la"e by the bidder depositing with his bid
^
able to the order of the
delivered
without
receipts or
delivered
cost
city.
to
the
a certified check pay¬
The city will have all bonds prepared and
purchaser.
Definitive bonds, or interim
temporary bonds exchangeable for definitive bonds, will be
the purchaser at the time when
payment of the purchase
to
price of the bonds is made.
If there is insufficient time to prepare definitive
bonds between the time of
opening the bids and the date of payment of the
single interim receipt or temporary bonds, or interim
receipts or temporary bonds in multiples of $1,000, will be delivered at that
time.
This single interim receipt or
single temporary bond, or interim
receipts in multiples of $1,000, or temporary bonds in multiples of $1,000,
may be exchanged for definitive bonds when said definitive bonds have been
purchase
price,
a
properly executed for delivery.
Either interim receipts or temporary bonds in denomination of
$1,000,
multiple thereof, in the form as provided in the ordinance, exchange¬
able for definitive bonds, will be delivered upon the
payment of the purchase
°F
The purchase price shall be paid simultaneously with the closing of
price.
the contract dated May 10, 1939, between Memphis Power & Light Co.,»
City of Memphis, and Tennessee Valley Authority, but at least 24 hours'
prior notice
shall be given to the successful bidder; and in event the aforesaid
Memphis Power & Light Co, is not closed within two weeks
contract with
after the bonds
are awarded to the successful bidder, such bidder, at its
option, may withdraw its bid and be released from any obligation to purchase
the bonds.
Delivery of the definitive bonds will be made at the Chemical
Bank & Trust Co. in New York, and delivery of interim receipts or temporary
bonds will be made at a bank or trust
company in New York, to be desig¬
nated by the pity.
The opinion of the above attorneys will further state that, without the
consent of the State of
taxation
Tennessee; the interest on said bonds is exempt from
by the United States of America under-the Constitution of the
United States
in force, and that said bonds and the interest thereon
Tennessee from all State, county and municipal taxation,
except inheritance, transfer and estate taxes.
Such opinion will be furnished
to the purchaser without charge.
«
In addition to bidding upon electric plant revenue bonds. Series A, or
the alternative electric plant general liability serial bonds, Series A, bid¬
ders may also bid upon the gas plant general liability serial bonds, Series
A, or the alternative gas plant revenue bonds, Series A, or may submit
such combination of bids as they may
desire; but each bond issue included in
any joint or combination bid must also be bid upon separately.
are
as now
exempt in
BLOUNT
COUNTY
(P. O. Maijrville), Tenn.—BOND SALE—The
issue of 1939, bonds offered for sale on June 9
2945—were awarded jointly to Booker & Davidson, the
Fidelity-Bankers Trust Co., both of Knoxville, and the First National
Bank of Memphis, as 294s, paying a price of 100.7276, a basis of about
2.69%.
Dated June 1, 1939.
Due from June 1, 1940 to 1964, incl,
$100,000
—V.
coupon school,
148,
p..
CENTER VILLE,
Tenn .—BOND SALE—The $10,000 issue of 4^%
semi-annual street improvement bonds offered for sale on June 9
—V. 148, p. 3271—was purchased by the Thomas H. Temple Co. of Nash¬
coupon
ville, at
Due
on
a price of 97.00, a basis of about 4.98%.
Dated May L, 1939.
May 1 from 1940 to 1954, incl.
No other Did was received, states
the Town Recorder.
MARYVILLE, Tenri.—BOND OFFERING—Sealed, bids will be received
until 4 p. m. on June 17, by J. I. Walker, City Recorder, for the purchase
of a $425,000 issue of electric system revenue, Series A bonds.
Interest
rate is not to exceed 4%, payable J-D.
Denom. $1,000. Dated June 1,1939.
Due June 1, as follows: $17,000 in 1942, $18,000 in 1943, $19,000 in 1944
1945, $20,000 in 1946, $21,000 in 1947 and 1948, $22,000 in 1949,
$23,000 in 1950, $24,000 in 1951, $25,000 in 1952 and 1953, $26,000 in
1954, $27,000 in 1955, $28,000 in 1956, $29,000 in 1957, $30,000 in 1958,
and $31,000 in 1959.
Bonds numbered 320 to 425 inclusive of the series
shall be callable for redemption at the option of the city on any interest
payment date prior to maturity, and bonds numbered 1 to 319 inclusive,
shall be callable for redemption on any interest payment date on or after
5 years from the date of the bonds.
The bonds of the entire series shall be
callable in inverse numerical order at par plus accrued interest to the date
and
of
redemption plus a premium of 5% if redeemed on or before June 1, 1942,
4% if redeemed thereafter and on or before June 1, 1945, 3% if redemmed
thereafter and on or before June 1, 1948, 2% if redeemed thereafter and on
or before June 1,1951, 1% if redeemed thereafter and on or before June 1,
1955, and 34 of 1% if redeemed thereafter prior to maturity.
Rate or rates
of interest to be in multiples of 34 of 1%.
Not more-than two rates shall
be specified and there shall be no more than one rate for any one maturity.
The bonds will
be awarded to the responsible bidder whose bid results in
the lowest interest cost to the city.
Premiums will be taken into con¬
sideration in computing interest cost only if necessary to determine which
of two identical
bids results
in
the lowest
interest
cost.
No
bid will
be
accepted for less than par and accrued interest.
The bonds are issued for
the purpose of the acquisition of an electric system for the city and for
repairing, extending and improving such system, and are payable solely
from the revenue to be derived from the operation of the system after the
prior payment from such revenues of the reasonably necessary costs of
The purchase price of
operating, maintaining and repairing the system.
the bonds is to be paid simultaneously with the transfer of the properties
of the Tennessee Electric Power Co. ror the purchase of which the bonds
are being authorized, delivery to be made in New York City on the day fixed
for the closing of such transaction.
The city will supply the approving
opinion of Chapman & Cutler, of Chicago, and all bids must be so con¬
ditioned.
The right is reserved to reject any jand all bids and to sell all or
part of the bonds. , Enclose a certified check for 3% of the amount of the
bonds, payable to the City Treasurer.
McMINNVILLE, Tefin.—BOND OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on June 20 by J. T. Ewton, Town Recorder, for the
purchase of a
$450,000 issue of not to exceed 4% semi-annual electric
Dated June 1, 1939.
Denom. $1,000.
system revenue, series A, bonds.
Due June 1 as follows:
$18,000
in
1942,
$19,000
in
1943,
$20,000
in
1944 and 1945, $21,000 in 1946, $22,000 in 1947 and 1948, $23,000 in
1949, $24,000 in 1950. $25,000 in 1951, $26,000 in 1952, $27,000 in 1953.
$28,000 in 1954, $29,000 in 1955, $30,000 in 1956, $31,000 in 1957, $32,000
1958, and $33,000 in 1959.
Bonds numbered 338 to 450 incl. of the
at the option of the town on any
in
series shall be callable for redemption
payment date prior to maturity, and bonds numbered 1 to 337
shall be callable for redemption on any interest payment date on
after five years from the date of the bonds.
The bonds shall be called
in inverse numberical order at par plus accrued interest to the date of re¬
demption plus a premium of 5% if redeemed on or before June 1, 1942
(as to bonds so redeemable), 4% if redeemed thereafter and on or before
June 1, 1945, 3% if redeemed thereafter and on or before June 1, 1948.
2% if redeemed thereafter and on or before June 1, 1951, 1% if redeemed
thereafter and on or before June 1, 1955, and 34 of 1% if redeemed there¬
after prior to maturity.
interest
incl.
or
OFFERING—Sealed bids will be
H. Hammond, City Recorder,
purchase of a $265,000 issue of not to exceed 4% semi-ann. electric
system revenue, series A bonds.
Dated June 1, 1939.
Denom. $1,000.
Due June 1, as follows:
$11,000 in in 1942 and 1943, $12,000 in 1944 to
1946, $13,000 in 1947 and 1948, $14,000 in 1949, $15,000 in 1950 and 1951,
$16,000 in 1952 to 1954, $17,000 in 1955 and 1956, $18,000 in 1957 and
1958, and $19,000 in 1959.
Bonds numbered 201 to 265 inclusive of the
series shall be callable for redemption at the option of the city on any interest
payment date prior to maturity and bonds numbered 1 to 200 inclusive
shall be callable for redemption on any interest payment date on or after
5 years from the date of the bonds.
The bonds shall be called in inverse
numerial order at par plus accrued interest to the date of redemption plus a
premium of 5% if redeemed on or before June 1, 1942 (as to bonds so re¬
deemable), 4% if redeemed thereafter and on or before June 1, 1945, 3%
if redeemed thereafter and on or before June 1, 1948 2% if redeemed there¬
MOUNT PLEASANT, Tenn.—BOND
received until 7:30 p. m. on June 21, by L.
for the
Chronicle
3729
after and on or before June 1, 1951, 1% If redeemed thereafter and on or
before June 1, 1955, and H of
1% if redeemed thereafter prior to maturity.
Rate
or
rates
of interest to be in
two rates shall
any
one
multiples of H of 1 %.
Not more than
be specified and there shall be no more than one rate for
maturity.
The bonds will be awarded to the
whose bid results in the lowest interest cost to the
city.
responsible bidder
MURFREESBORO, Tenn.—BOND OFFERING— Sealed bids will be
received until 10
the purchase of a
m. on June 21, by W. M. Draper, City Recorder, for
$590,000 issue of electric system revenue, series A bonds.
J-D.
Denom. $1,000.
Dated
1942, $25,000, 1943, $26,000,
1944, $27,000, 1945, $28,000, 1946, $28,000. 1947, $29,000, 1948, $30,000,
1949, $31,000, 1950, $32,000, 1951, $33,000, 1952, $34,000, 1953. $35,000.
1954, $36,000, 1955, $37,000, 1956, $38,000, 1957, $39,000, 1958, $40,000,
1959, $42,000.
Bonds nunbered 443 to 590, incl., of said series shall be
callable for redemption at the option of the city on any interest payment
date prior to maturity, and bonds numbered 1 to 442, incl., shall be callable
for redemption on any interest payment date on or after five years from the
date of said bonds.
The bonds shall be called in inverse numerical order at
par plus accrued interest to the date of redemption plus a premium of 5%
if redeemed on or before June 1, 1942 (as to bonds so redeemable) 4% if
redeemed thereafter and on or before June 1, 1945, 3% if redeemed there¬
after and on or before June 1, 1948 2% if redeemed thereafter and on or
before June 1, 1951, 1% if redeemed thereafter and on or before June 1,
1955, and 34% if redeemed thereafter prior to maturity.
Said bonds are issued for the purpose of the acquisition of an elecrtid
system for said city and for repairing, extending and improving sucn system,
and are payable solely from the revenues to be derived from the operation
of said system after the prior payment from such revenues of the reasonably
necessary cost of operating, maintaining and repairing the system.
Bidders
are requested to name a rate or rates of interest in multiples of M of 1 %,
not exceeding 4% per annum.
Not more than two rates shall be specified
and there shall be no more than one rate for any one maturity.
The bonds
will be awarded to the responsible bidder whose bid results in the lowest
interest cost to the city.
Premiums will be taken into consideration in
computing interest cost only if necessary to determine which of two identical 1
a.
Interest rate is not to exceed 4%, payable
June 1, 1939.
Due on June 1, as follows:
bids result in the lowest interest cost.
The city will supply the approving
opinion of Chapman & Cutler of Chi¬
and all bids must be so conditioned.
The right is reserved to reject
and all bids and to sell all or part of said bonds.
No bid will be ac¬
cepted for less than par and accrued interest.
A good faith deposit in the
amount of 3 % of the amount of the bonds shall be made by each bidder in
the form of a certified check, payable to the order of the City Treasurer.
The purchase price of the bonds is to be paid simultaneously with the
transfer of the properties of the Tennessee Electric Power Co. for the pur¬
cago,
any
chase of which said
bonds
are
N. Y. City on the day fixed for
being authorized, delivery to be made in
the closing of such transaction.
PULASKI, Tenn.—BOND OFFERING— Sealed bids will be received
until 10 a. m. on June 22 by Lew Jones, Town Recorder, for the purchase
of an issue of $120,000 electric system revenue bonds.
Interest rate is
not to exceed 4%, payable J-D.
Dated June 1, 1939.
Denom. $1,000.
Due June 1 as follows:
$5,000 in 1942 to 1945, $6,000 in 1946 to 1950,
$7,000 in 1951 to 1954, $8,000 in 1955 to 1957, and $9,000 in 1958 and
1959.
Bonds numbered 91 to 120 incl. of the series shall be callable for
redemption at the option of the town on any interest payment date prior
to maturity and bonds numbered 1 to 90 incl. shall be callable for redemption
on any interest payment date on or after five years from the date of the
bonds.
The bonds shall be called in inverse numerical order at par plus
accrued interest to the date of redemption plus a premium of 5% if re¬
deemed on or before June 1, 1942, (as to bonds so redeemable), 4% if re¬
deemed thereafter and on or before June 1, 1945, 3% if redeemed there¬
after and on or before June 1, 1948, 2% if redeemed thereafter and on or
before June 1, 1951, 1% if redeemed thereafter and on or before June 1,
1955, and 34 of 1% if redeemed thereafter prior to maturity.
Rate or
rates of interest to be in multiples of 34 of 1%.
Not more than two rates
shall be specified and there shall be no more than one rate for any one
maturity.
The bonds will be awarded to the responsible bidder whose bid
results in the lowest interest cost to the town.
Premiums will be taken
into consideration in computing interest cost only if necessary to deter¬
mine which of two identical bids results in the lowest interest cost.
No
bid will be accepted for less than par and accrued interest.
The bonds are
issued for the purpose of the acquisition of an electric system for the town
and for repairing, extending and improving such system, and are payable
solely from the revenues to be derived from the operation of the system
after the nrior payment from such revenues of the reasonably necessary
cost of operating, maintaining and repairing the system.
The purchase
price of the bonds is to be paid simultaneously with the transfer of the
properties of the Tennessee Electric Power Co. for the purchase of which
the bonds are being authorized, delivery to be made in New York City
on
the day fixed for the closing of such transaction.
The approving
opinion of Chapman & Cutler of Chicago will be furnished.
The right is
reserved to reject any and all bids and to sell all or part of the bonds.
Enclose a certified check for 3% of the amount of the bonds, payaole to
the Town Treasurer.
will be received
the purchase of
Interest rate is
not to exceed 4%, payable J-J.
Denom. $1,000.
Dated June 1, 1939.
Due*June 1, as follows:
$5,000 in 1942, $6,000 in 1943 to 1946, $7,000 in
1947 to 1951, $8,000 in 1952 to 1954, $9,000 in 1955 to 1957, and $10,000 in
1958 and 1959. Bonds numbered 102 to 135 inclusive of the series shall be
callable for redemption at the option of the city on any interest payment
date prior to maturity, and bonds numbered 1 to 101 inclusive shall be
callable for redemption on any interest payment date on or after five years
from the date of the bonds.
The bonds shall be called in Inverse numerical
order at par plus accrued interest to the date of redemption plus a premium
of 5% if redeemed on or before June 1, 1942 (as to bonds so redeemable),
4% if redeemed thereafter and on or before June 1, 1945, 3% if redeemed
thereafter and on or before June 1, 1948, 2% if redeemed thereafter and
on or before June 1,
1951, 1% if redeemed thereafter and on or before
June 1,1955, and 34 of 1 % if redeemed thereafter prior to maturity. Rate or
rates of interest to be in multiples of 34 of 1%
Not more than two rates
shall be specified and there shall be no more than one rate for any one
maturity. The bonds yyill be awarded to the responsible bidder whose bid
ROCKWOOD, Tenn.—BOND OFFERING—Sealed bids
until 7 p. m. on June 19, by Asa Wright, City Recorder, for
issue of $135,000 electric system revenue, series A bonds.
an
«
results in the lowest interest cost to
the city.
Tenn —BONDS OFFERED—Sealed bids were re¬
June 16, by J. G. Engleman, Town Recorder, for
the purchase of a $95,000 issue of electric system revenue, seri^ A bonds.
Interest rate is not to exceed 4%, payable J-D.
Denom. $1,000. Dated
June 1, 1939.
Due on June 1 as follows:
$4,000, 1942 to 1946; $5,000.
1947 to 1952; $6,000. 1953 to 1956„ and $7,000, 1957 to 1959.
Bonds
numbered 72 to 95, inclusive, of said series shall be callable for redemption
at the option of the town op any interest payment date prior to maturity,
and bonds numbered 1 to 71, inclusive, shall be callable for redemption on
any interest payment date on or after five years from the date of said bonds.
The bonds shall be called in inverse numerical order at par plus accrued
interest to the date of redemption plus a premium of 5% if redeemed on or
before June 1, 1942 (as to bonds so redeemable), 4% if redeemed thereafter
and on or before June 1, 1945, 3% if redeemed thereafter and on or before
June 1, 1948, 2% if redeemed thereafter and on or before June 1,1951,
1% if redeemed thereafter and on or before June 1, 1955, and 34% if
redeemed thereafter prior to maturity.
.
.
Said bonds are issued for the purpose o
the acquisition of an electric
system for said town and for repairing, extending and improving such
system, and are payable solely from the revenues to be derived froni the
operation of said system after the prior payment from such revenues of the
reasonably necessary cost of operating, maintaining and repairing the
system
Bidders are requested to name a rate or rates of interest in mul¬
tiples of 34 of 1 %, not exceeding 4% per annum.
Not more than two rates
shall be specified and there shall be no more than one rate for any one
maturity.
The bonds will be awarded to the responsible bidder whose bid
results in the lowest interest cost to the town.
Premiums will be taken into
consideration in computing Interest cost only if necessary to determine which
of two identical bids results in the lowest interest cost.
The town will supply the approving opinion of Champan and Cutler or
Chicago, and all bids must be so conditioned.
Tne right is reserved to
reject any and all bids and to sell all or part of said bonds.
No bid will be
accepted for less than par and accrued interest.
A good faith deposit in the
amount of 3 % of the amount of the bonds shall be made by each bidder in
the form of a certified check, payable to the order of the Town Treasurer.
The purchase price of the bonds is to be paid simultaneously with the
transfer of the properties of the Tennessee Electric Power Co. for the pur¬
chase of which said bonds are being authorized, delivery to be made in
New York City on the day fixed for the closing of such transaction.
SWEETWATER,
ceived until 8 P. m. on
.
.
3730
Financial
Chronicle
TENNESSEE, State of—BOND SALE—The following coupon or
registered bonds, aggregating SI,433,000.offered for sale on June 15—
V. 148, p. 3417—were awarded to a syndicate beaded by Halsey Stuart
bonds
the
to
June 17, 1939
Harris
&
Trust
Savings Bank of Chicago and associate
jointly, at a price of 103.805—V. 148, p. 3570—we gave the basis as being
1.70%, whereas actually it should have been about 0.70%.
Due on
May 1, 1942.
&
Co., Inc. of New York, paying a price of 100.175, a cent interest cost of
1.908%, on the bonds divided as follows:
$1,083,000 consolidated bonds as 1 Hs, payable J-D. Due on Dec. 1,1950.
350,000 armory bonds, bearing 2H% interest, payable J-D.
Due on
about
WAUWATOSA, Wis.—BOND SALE WITHDRAWN—It is stated by
T. Whipp, City Clerk, that the offering of the $14,850 school bonds
W.
which had been scheduled for June 20, as noted here—V. 148, p. 3272—has
been withdrawn.
june j
1955,
Those associated with the above firm in the purchase were: Blair & Co.,
Inc.; Hemphill, Noyes & Co.; E. H. Rollins & Sons, all of New York;
Kelley, Richardson & Co. of Chicago; Ward, Sterne & Co. of Birmingham,
NEW OFFERING—It
BONDSOFFERED TOPUBLIC—The successful group reoffered the above
bonds for general investment, the consolidated bonds priced at 99.50, while
WEST
of
II
is said
this issue.)
by the
above-named
Clerk that
ALLIS, Wig.—BONDS AL THORIZED—'The Common Council
tohave approved the
issuance of $120,000 in school construction
■
CANADA
TEXAS
CANADA
by the County Judge that $75,000 park bonds approved by the voters at
election held on May 27, have been sold to Dillingham & McClung of
an
(Dominion of)—TREASURY BILLS SOLD—An issue of
$25,000,000 Treasury bills, due Sept. 1,1939, was sold at an average cost of
0.622%.
" / ■,
.
..
Houston.
CANADA (Dominion of)—TREASURY BILLS SOLD—An issue of
$25,000,000 Treasury bills, due in three months, was sold on June 14 at
an average cost of 0.613%.
GLADE WATER, Texas—BOND SALE—The $40,000 issue of swimming
pool bonds offered for sale on May 29—V. 148, p. 3271—was purchased
by the State Board of Education, paying par for the bonds divided
$20,000 as 2Ms, and $20,000 as 3s.
Due in 10 years.
as
CORNWALL, Ont.—BOND SALE— Wood, Gundy & Co. of Toronto
purchased an issue of $40,416 3% improvement bonds, due from 1940 to
follows:
GRAND
SALINE, Texas—PRICE PAID—It is
reported by the
City Treasurer that the $10,000 sewer bonds purchased by the State
National Bank of Grand Saline, as noted here—V. 148, p. 3418—were sold
as 4s at par.
Due $1,000 from Feb. 1, 1940 to 1949, inclusive.
now
1949 incl.
MONTREAL,
ARTHUR,
until 6:30
purchase of
P;
amount was
"to
the making of
MONTREAL CATHOLIC SCHOOL
Texas—BONDS OFFERED—Sealed bids were re¬
on June 14 by A. F, Hine, City Clerk, for the
BONDS SOLD
m.
street
made public
.
$1,800,000 4s, due April 1,1944, priced at par and interest. Proceeds of this
series will be used to repay a bank loan contracted in 1934 to
meet at maturity a bond issue of the same amount,
call for the payment of warrants on the general revenue
fund totaling $1,318,617,
This leaves the deficit in that fund, of $17,-
-
247,789, a decline of $600,000 in the past 15 days.
Mr. Lockhart announced that Confederate pension warrants issued in
May are being purchased from a $3,000,000 revolving fund, where they
have not been discounted; and all Confederate pension warrants issued
through May. 1938, are being paid as presented.
The Confederate pension
1,800,000 4Mb, due April 1, 1949, priced at par and interest. Proceeds of
.
this series will be used to fund school construction costs and
miscellaneous expenses on capital account.
,
Denoms. $1,000, $500 and $100.
Principal and interest (AtO) payable in lawful money of Canada in Montreal,
Quebec and Toronto.
Legal opinion; J. C. Dussault, K. C., for School
Commission, and Senator C. P. Beaubien, K. C., for the bankers. Others
in the underwriting group were as follows: Banque Canadienne Nationale,
The Provincial Bank of Canada; Nesbitt, Thomson & Co.; Rene T. Leclerc,
Inc.; Savard, Hodgson & Co., inc.; Bruno Jeannotte; General Finance Co.,
Inc.; Desjardins & Couture, Inc.; Paul Gontheir & Cie.; SociOte de Place¬
ments, Inc.; Comptoir National de Placement; Lajoie, Robitaille & Cie;
La Corporation de Prets de Quebec; Dube, Leblond & Cie, Inc.; Lagueux
& Des Rochers; J. E. Laflamme; Credit Anglo-Francais; Clement, Guimont,
Inc.; Ross Bros. & Co., Ltd.
All of the bonds bear date of April 1,1939.
fund deficit is $3,091,409.
VERMONT
DISTRICT, Vt.—
offering in Canada on
sinking fund bonds, as follows:
a
CHESTER TOWN SCHOOL
COMMISSION, Que.—$3,600,000
syndicate headed by L. G.
the School Commission and
June 10 a total of $3,600,000 non-callable
TO BANKING GROUP—A
Beaubien & Co. of Montreal purchased from
TEXAS, State of—WARRANT. CALL—State Treasurer Charley Lockhart has issued
had an overdraft of $40,000,000 they will refuse
grant further credits which could be repaid by the city only through
public (bond) issues."
the municipality already
improvement bonds, of which the minimum
$100,000, and the maximum was $128,000.
coupon
Que.—BANKS REFUSE FURTHER CREDIT—Mayor
Camillien Houde made public on June 9 the text of a letter received under
date of June 5 from the city's hankers in which the latter stated that as
MIDLAND, Texas—BONDS OFFERED—Sealed bids were received
until 4 p. m. on June 15, by J. C. Hudman, City Secretary, for the purchase
of an issue of $125,000 airport bonds, approved by the voters at ah election
held on May 23.
PORT
stated
bonds.
ECTOR COUNTY (P. O. Odessa), Texas—BONDS SOLD—It is stated
ceived
also
purchase of a $27,000 issue of school, 22nd series bonds.
Interest rate is
not to exceed 3%, payable M-S.
Denom. $1,000.
Dated June 15, 1939.
Due on March 15 as follows:
$3,000,-1940 to 1946, and $2,000 in 1947 to
1949. Delivery will be made at the City Treasurer's office.
the armory bonds are offered on a
basis to yield 2.10% to maturity.
(The official reoffering notice on these bonds appears op page
is
sealed bids will be received until 7:30 p. m. on June 27, by himself, for the
Schmidt, Poole & Co., of Philadelphia; Piper, Jaffray & Hopwood, of
Minneapolis, and J. C. Bradford & Co. of Nashville.
OFFERING—
Sealed bids addressed to the Town School Directors will be received until
2 p. m. (DST) on June 19 for the purchase of $30,000 coupon refunding
bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as follows:
$2,000 from 1940 to 1949, incl., and $1,000 from 1950 to 1959, incl.
Bidder
to name rate of interest in multiples of M of 1 %.
Principal and interest
payable at the National Shawmut Bank of Boston, which will supervise the
engraving of the bonds and certify as to their genuineness.
Legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston will be furnished the
successful bidder.
„
NEW
BRUNSWICK
(Province
of)—$9,250,000
BONDS
TO
BE
OFFERED PUBLICLY IN UNITED STATES—The first public offering of
Canadian provincial or municipal obligations in this market since the
Securities and Exchange Act went into effect in 1934 was forecast June 10
with the filing of a registration statement covering $4,250,000 of five-year
debentures and $5,000,000 of 10-year debentures of the Province of New
Brunswick. The issues are due July 1, 1944 and July 1, 1949, respectively.
$125,000
Smith, Barney & Co., New York are designated as the principal under¬
The 10-year debentures will be redeemable as a whole, but not in
1947 or on any interest payment date thereafter upon 60
days advance notice given by the Province.
The five-year debentures
cannot be redeemed prior to maturity.
Both issues will be payable as to
principal and interest in lawful money of Canada or of the United States of
America at the option of the holder. The Government of the Dominion of
Canada has entered the American market through bond offerings registered
with the Security and Exchange Commission on various occasions during
the last several years, but this proposed financing by the Province of New
Brunswick will be the first public offering of Canadian provincial or mun¬
icipal obligations made in the United States under the Securities and
Exchange Act. Coupons, underwriting discounts and offering terms will be
covered in amendments to the registration statement.
STAUNTON, VIRGINIA Sewer 2i/2s
part on July 1,
Due Julie 1, 1943-59 at
.90-1.80% basis
"
'
'
writer.
"
•
.
F.W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
VIRGINIA
STAUNTON, Va.-
-BOND SALE—The
•
~
-
-
OTTAWA, Ont —BOND SALE—The Bank of Montreal, Ottawa
Branch, was awarded on June 13, si total of $1,085,425-20 bonds on a bid
of 100.94, a basis of about 1.64%,
Second hig£ bid of 100.862 was made
by Fairclough & Co. of Toronto.
$160,000 issue of 2M% coupon
"
-
~
semi-annual sewer bonds offered for sale on June 8^V. 148, p. 3418—was
I,
awarded to F. W. Craigie & Co. of Richmond, paying a
premium of $10,832,
equal to 106.77, a has s of about 1.80%.
Dated June 1, 1939.
Due $8,000
from June 1, 1940 to 1959, incl.
The
following is
an
The various issues
official list of the other bids received:
are
Bidder—
Price Bid
Scott & Stringfellow, Richmond_
i_$169,456.80
R. 8. Dickson & Co., Richmond; Stein Bros. &
Boyce, Balti¬
__
more,
_
and Investment Corp. of Norfolk
169,409.60
169,312.00
169,311.84
168,144.00
168,062.40
First of Michigan Corp., New York City
Alex. Brown & Sons, Baltimore
_
'
Wash.—BOND SALE—The $520,000 issue of coupon
for sale on June 13—V> 148, p. 3418—was
syndicate composed of Camp & Co.; Blanken&iip, Gould
special fund bonds offered
awarded to
mu
a
Ad<"ns & Co., all of Portland; Richards & Blum of Spokane;
m®.:
The Wells-Dickey Co.
of Minneapolis, and Bramhall & Stein of Seattle,
paying_a premium of $1,128.40, equal to 100.217, a net interest cost of
about
2.15%
on
the bonds divided
as
follows:
$275,000
as
2s,
due
on
$30,000in 1940 and $35,000, 1941 to 1947; the remaining $245,000
2$is, due $35,000 from July 1, 1948 to 1954, inclusive.
July 1:
as
WISCONSIN
...
ASHLAfJD COUNTY (P. O. Ashland), Wis.—
issue of 3% senu-ann.
—The
highway improvement, series
C bonds
3418—was awarded to Harley &
Haydon & Co. of Madison paying a premium of $13,480, equal to 108.986,
a basis of about 1.28%.
Due on May 1 in 1943 to 1946.
offered for sale
on
June 15—V.
148,
p.
FALL CREEK, Wis.—BONDS SOLD—It is
reported that $17,000 4%
sewage disposal
bonds have been purchased by Harley,
semi-annual
;^ydon & Co. of Madison. Dated June 1,1939. Due on June 1 as follows:
$500 in 1942 and 1943, and $1,000 in 1944 to
1959; optional on or after
June 1, 1939, at a price of 104.
cJSr^^rwQE^nCSP:SI?^P,nS- ^Iwaukee), Wis.—SINKING
FUND
SECURITIES TO BE SOLD—The
County Public Debt Commission
tk® sale of $1,268,000 of United States
has
Treasury notes and
$1,460,000 of city water works bonds held in the amortization fund.
The
sale will enable the fund to buy up the
$2,800,000 of 2 M % waterworks
refinancing bonds to be issued July 1.
Premiums of $65,870 will be paid
holders of the old waterworks bonds.
,
VERNON
SRmwmn
O- Viroqua), Wis.—BASIS—In
the sale of the $100,000 2% semi-annual
reporting
highway improvement, series M,
making
follows:
up
the grartd aggregate of $1,085,425.20,bonds
•
•
512,666.19 Ottawa Technical High School and local improvements (sewers),
"3%, bonds. Dated July 1, 1938. Due July 1, as follows: $19,471.38, 1939; $19,485.52, 1940; $20,500.09, 1941; $20,515.09,
1942; $21,530.54, 1943; $22,546.46, 1944; $22,562.85, 1945;
$23,579.74, 1946; $24,597.13, 1947; $24,615:05, 1948; $25,633.50, 1949; $25,652.50, 1950; $26,672.08, 1951; $27,692.24,
'
■
WASHINGTON
as
362,759.01 Water works, sewers, suburban roads, asphalt pavements and
sidewalks, 2M% bonds, dated July 1. 1938.
Due July 1, as
follows:
$27,106i28vin 1939; $27,346.43, 1940; $28,092.59,
1941; $28,344.91, 1942; $28,603:53, 194a; $30,868.62, 1944;
$31,140.33, 1945; $31,418.84, 1946; $32,204.31, 1947; $32,996.92, 1948; $12,296.85, 1949; $12,604.26, 1950; $12,919.37.
1951; $13,242.36. 1952, and $13,573.41 in 1953.
Scott, Horner & Mason, Inc., Lynchburg
;
Halsey, Stuart & Co., Inc., New York City__fc_____.___
J. Van Ingen & Co., New York City; R. M. Armistead,
Staunton, and Frederick E. Nolting, Inc., Richmond
167,806.40
Charles A. Hinsch & Co., Inc!, Cincinnati;
Granberry & Co.,
Cincinnati, and John Nuveen & Co., Chicago
167,288.00
National Valley Bank, Staunton
167,217.40
Augusta National Bank, Staunton
166,100.00
Baker, Watts & Co., Baltimore; Y, E. Booker & Co., Washington, and Folger, Nolan & Co., Inc., Washington.......
166,080.00
Fanners & Merchants Bank, Staunton
165,164.50
B.
■
described
$17,000.00 Bronson Ave. Bridge, 1-H% bonds. Dated July 1, 1938. Due
July 1, as follows: $5,500 in 1939 and 1940, and $6,000 in 1941.
193,000.00 Direct relief expenditure 1938,1 % % bonds. Dated Jan. 1,1939.
Due Jan. 1, as follows: ,$63,000 in 1940, $64,500 in 1941, and
$65,500 in 1942.
K
1952; $28,713.01, 1953; $29,734.40, 1954; $30,756.43, 1955;
S31.77&.12, 1956; $32,802.49, 1957, and $33,826.57 in 1958.
Denoms. $1,000, $500, $100 and in such odd amounts as necessary.
Principal and interest payable in lawful currency of the Dominion at the
.
Bank of Nova Scotia in the cities of Ottawa and Toronto in the Province
of Ontario, and in the City of Montreal in the Province of Quebec.
The
debentures constitute a direct liability on all assessable property situated
within the city, and will be issued under the instalment plan; that is to say,
the method of redemption will be such, that the annual amount paid for
principal and interest in any year is equal, as nearly as may be, to the
amount so payable for principal and interest in each of the other years.
The debentures are in bearer form, but with provision for registration as
to principal.
They will be delivered subject to the legal opinion of Long
& Daly, Esqs., of Toronto, certificate in connection with which will be
printed on each debenture. The purchaser will pay interest on the deben¬
tures allotted to him from Jan. 1,1939, to date of delivery, in addition to the
price tendered and accepted.
The debentures will be ready for delivery
about June 17.
The amount tendered is to be paid at the Bank of Nova
Scotia, Ottawa, on delivery of the debentures. Tenders must be made on *
forms provided by the city. Enclose a certified check for $10,000, payable
to the City Treasurer.
SHAWINIGAN
FALLS, Que.—BOND SALE—The $165,000 4%
13—-V. 148, p. 3418—were awarded to Wood,
Gundy & Co. of Toronto and the Royal Bank of Canada, of Montreal,
jointly, at a price of 101.629, a basis of about 3.85%.
Dated May 1, 1939
and due on May 1 from 1940 to 1969 incl.
Other bids:
school bonds offered June
Bidder—
A. E. Ames & Co., and Dominion Securities Corp
Hanson Bros_
^
.i
;
j
_
Credit Anglo-Francais, Ltd
Rate Bid
100.75
:
—
;
L. G. Beaubien & Co., and Banque Canadienne-Ntrionale
Mills, Spence & Co
Savard, Hodgson &Co.
;
—100.57
:
—100.27
99.78
99.563
99.51
,
@FedFRASER