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BUS. ADM.
JUfi
LIBRARY
ommwrislf
PAT. OFFICE
Mti U,
COt»YRiaHTED IN 1939 BY WILLIAM B. DANA COMPANY, NEW
V/m
VUL.
IdQ
JLHO
YORK.
Issued Weekly 40 Oents a Copy—
$18.00 Per Year
•
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, JUNE
24,1939
William B. Dana Co.,
Publishers,
Spruce St., New York City
25
THE
trust
brooklyn
George V. McLaughlin
'J.
CHASE
BANK
respondent bank service
BROOKLYN
Corporation
DQC1
OoOl
•
Maintaining effective cor¬
President
Member Federal Deposit
llU
,
OF THE CITY OF NEW YORK
Chartered 1866
NEW YORK
Mrv
-
NATIONAL
company
•
26
is
Insurance
"
traditional
a
policy of
the Chase National Bank.
,
Broaden
service
<•>
your customer
with
Chase
cor¬
respondent facilities.
v
Member Federal
FUNDAMENTAL
Deposit Insurance
Corporation
Canadian
INVESTDHS
Securities
'
INC.
;
DIRECT PRIVATE WIRE TO
*
.
Underwriters
TORONTO
•.
and
dealers
of
in
capital issues
United
States
Prospectus on request
from
authori'ed
cipal
cities
or
dealers
in
Fundamental
Government, State, County and
prin¬
all
Municipal bonds and in Public
Group
Corporation, Jersey City, N. J.
Utility, Railroad, Industrial
and other investment securities.
T'hc
FIRST BOSTON
...
Hallgarten & Co.
Established 1850
Harriman
CORPORATION
NEW YORK
63 Wall
CHICAGO
PHILADELPHIA
AND OTHER
Ripley & Co.
Incorporated
BOSTON
SAN FRANCISCO
Boston
"•
Street, New York
Philadelphia
Chicago
PRINCIPAL CITIES
Representatives in other leading Cities
NEW YORK
Lc->cfon
Chicago
The
City of
New York Trust
Philadelphia
Commonwealth of
BEAR, STEARNS & CO.
>t»
Company
Pennsylvania
'
i
.
ONE WALL STREET
IOO
BROADWAY
>
Bonds
NEWYORK
Moncure Biddle & Co.
MADISON AVENUE
AND 40TH
PHILADELPHIA
STREET
ONE EAST
57TH STREET
HOMER & CO., Inc.
40
James Talcott, Inc.
Founded 1854
Exchange Pla*. New York
factors
European
Representa tive
Gineral
Offices:
225 FOURTH AVE., NEW YORK
CITY
•
KING WILLIAM ST.
carl m. loeb, rioa.des & co
61
LONDON, E C. 4
Correspondent Companies:
Jamet Talcott of
BROADWAY
1470 Peel St.,
Canada, Ltd.
Montreal
NEWYCKK
James
London
Paris
Amsterdam
1889-1939
Fiftieth Anniversary
Talcott, Ltd.
6-8, Sackville 8t., London. W. I.
1939
Financial
II
This is
an
announcement
and
be construed as an offer to sell or as a
is not to
June 24, 1939
Chronicle
solicitation of an offer to buy the securities herein
offering is made only by the Prospectus.
The
mentioned.
$14,750,000
Co.
Central Illinois Electric and Gas
First Mortgage
Bonds, 3%% Series due 1964
Due June 1, 1964
Dated June 1, 1939
Price 100V2 and
accrued interest
$3,000,000
3%-3V2%-4% Serial Debentures
Due
Priced variously
The
according to maturity to
Prospectus may be obtained in any state
yield approximately .75% to
in which this announcement
offering these
Harris, Hall £? Company
(Incorporated)
1
H. M.
:
-
Incorporated
v
■ •.
■
H. Rollins & Sons
Incorporated
Kidder, Peabody £? Co. j
Incorporated
Lee Higginson Corporation
Glore, Forgan & Co.
A. G. Becker 6? Co.
:
s:■
\ Bonbright 6? Company
Incorporated
•
Byllesby and Company
#
Stone £? Webster and
Coffin & Burr
Blodget
Incorporated
,
F. S. Moseley &
Incorporated
1
Stubbs
Whiting,Weeks
Incorporated
Co.
.
V
V'
V vv'
June 20, 1939
"•
Halsey, Stuart £? Co. Inc.
Central Republic Company
' '
.
I
\
'
■
■
■
'
'
4%
ii
registered dealers and
securities in compliance with the securities law in such state.
•
"
'
only such of the undersigned as are
circulated from
are
June 1, 1949
semi-annually December 1, 1939 to
Leading Out-of-Town
Leading Out-of-Town
Dividends
Investment
Bankers & Brokers
■'"V
'
■.
-
& Brokers
Investment Bankers
1
■
■
■
■
•
.
■
■.
,
BIRMINGHAM
CITY
56
INVESTING COMPANY
ST. LOUIS
BROADWAY, NEW YORK
j MARX & CO.
June 20. 1939.
of Directors has this day declared,
of the Company, a divi¬
dend for the three months ending June 30, 1939,
of one and three quarters (l%%) per centum
upon the issued and outstanding Preferred Capital
stock of the Company, other than Preferred stock
owned by the Company, payable July 1, 1939,
to
holders (other than the Company), of the
Preferred Capital stock of record oh the books of
the Company at the close of business on June 27,
The Board
out
BIRMINGHAM, ALABAMA
of surplus earnings
SOUTHERN
P.
GUNTHER,
AND
BO DNS
St/x $ C o.
DETROIT
SAINT LOUIS
1939.
G.
MUNICIPAL
CORPORATION
5090UVC st,
Secretary.
INVESTMENT HOLDINGS
CITY INVESTING COMPANY
55
ANALYZED
Member* St. JLouis Stock
Exchange
BROADWAY, NEW YORK
June 20,
The Board of
Charles A. Parcells &, Co.
1939.
Directors has this day declared,
Members of Detroit Stock Exchange
of surplus earnings of the Company, a divi¬
dend of one per centum upon the issued and out¬
out
PENOBSCOT BUILDING, DETROIT, MICH.
standing Common Capital stock of the Company,
payable July 6, 1939, to holders of the Common
Capital stock of record on the books of the Com¬
pany at the close of business on July 3, 1939.
Checks will be mailed.
G.
P.
I
MILWAUKEE
HARTFORD
GUNTHER. Secretary.
WISCONSIN
AMERICAN
MANUFACTURING
COMPANY
Speciatsts in Connecticut
CORPORATION SECURITIES
Securities
Teletype—Milwaukee 92
PUTNAM & CO.
Noble and West Streets
Brooklyn, New York
The
Board
q{
Directors
of the American
Manufacturing Company has declared the regular
quarterly dividend of $1.25 per share on the Pre¬
ferred Stock of the Company, payable July 1,
1939 to Stockholders of record June 15,1939.
ROBERT
B.
BROWN, Treasurer.
EDGAR, RICKER & CO.
207
East Michigan
St.,
Milwaukee, Wis.
Membrs New York Stock Exchange
6
CENTRAL ROW
Tel. 5-0151 A. T. T.
HARTFORD
Teletype—Hartford 564
The
^Financial
ommtrriai
sUhnrntcl?
Vol
JUNE
148
No. 3861.
24, 1939
CONTENTS
Editorials
page
-3731
The Financial Situation
Agitation Against Chain Stores Seen Abating.
3743
Comment and Review
Week
on
the European
Stock Exchanges-.
3735
-
Foreign Political and Economic Situation....
3736
Foreign Exchange Rates and Comment...
3740 & 3781
Course of the Bond Market
Indications of Business
13745
Activity
3746
*
Week
on
the New York Stock Exchange
3734
Week
on
the New York Curb
3780
Exchange..
News"
Current Events and Discussions
Bank and Trust Company
General
3759
Items
3779
...
Corporation and Investment News
Dry Goods Trade.
State and
.3831
_...3870
-----
13871
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
3795 & 3797
Bonds Called and Sinking Fund Notices.
Dividends Declared
3787
...3887
.
3783
Auction Sales
New York Stock
New York Stock
Exchange—Stock Quotations
*3798
Exchange—Bond Quotations __3398 & 3808
New York Curb
Exchange—Stock Quotations..1.
New York Curb
Exchange—Bond Quotations.
3818
Exchanges—Stock and Bond Quotations
_38 0
Other
Canadian Markets—Stock and Bond
Quotations.
.3814
38^4
Over-the-Counter Securities—Stock & Bond Quotations .3817
Reports
Foreign Bank Statements
- - -
-------
Course of Bank Clearings
-—-
-—3739
3781
..3759 & 3795
Federal Reserve Bank Statements
General
f
......
Corporation and Investment News
..-.--3831
Commodities
The Commercial Markets and the
Cotton
Breadstuff s
...
Crops
1
3860
3863
3867
PublishedJEvery Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Ohalrmai of the Board and Editor; William Dana Seibert. President and Treasurer;
Manager.
Other offices; Chicago—In charge of Fred H. Gray, Western Representative, 208 South
State
William D. Riggs, Business
La Salle Street (Telephone
London—Edwards & Smith, I 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.
Sutecriptlons
In United States and Possessions, $18.00 per year, flu.OO 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.
*
0613).
_
Financial
VI
June 24,
Chronicle
NEW ISSUE
$50,000,000
Twenty-Five Year 3% Debentures
To be dated
be due July 1, 1964
July 1, 1939
and accrued interest
Price 104%
This advertisement is under no
Debentures for
sale,
of such Debentures.
or as an
The offering is made
Prospectus
may
only by the
of
an
offering of these
offer to buy, any
Prospectus.
be obtained from the undersigned.
SELLING AGENTS
•
;
circumstances to be construed as an
offer to buy, or as a-solicitation
("Underwriters"
as
defined in Securities Act of 1933)
Discount House
of
Salomon Bros. & Hutzler
Members
of
the
New York Stock Exchanob
Sixty Wall Street
New York.
Boston
June 22, 1939.
Philadelphia
Chicago
Cleveland
Copies of the
"
,
1929
The Financial Situation
truly long term, illiquid accommodations
IF banking fraternity who passed from commercial
SOME informed member of the the scenes
at
about the time
to
were
would
return
find
fully
and
our
and
sets,
ditioned buildings, electric
has
the
of
there
when
need for
is
stimulus
a
"At
such
mankind
kind at
the
times
funds
furnish
should
Federal
for
of
shall be self-liquidating and of such
century. Having quickly
vastly
statistical
dollar
material
con¬
banks than existed in his
to
his
that
the
amazement
find
commercial
banks
country (so far
of
the
the
reporting
the
ments
40% of all their
will
times
in
our
recur
natural
in
which
in
the
placement
care
funds,
funds
tended
the
my
of
a
faction
would
obligations
the
would
Govern¬
he
find, constituted
holdings of "other securi¬
ties."
Another
15% or
20% of the earning assets
•
would
at
nized
by
cases
none
of
as
once
be
him
in
customed to
When
at
recog1-
many
the
was
ac¬
the term.
use
length
covered the
of
he
he
15%
dis¬
20%
or
earning
of
assets
sified in official
a
clas¬
are
figures
and agricultural
doubtless
as
difficult
these
find
it
believe
to
were
all
any
such
strictly political
plan
save
possibly in
Wash-
attitude
the
the
the
banks,
complaints,
examination, would
be
to
that
tod
strict,
are
too
the
sense.
are
that they
not
free,
upon
prove
banks
making
in
'
loans.. To his utter
would
he
ment
amaze¬
find that
for the past six years
New Deal managers
the
have
given themselves little rest
their
in
search
and
means
the
banks
of
to
ways
lend
more
many
entrusted
those
supervision
of the
for
persuading
and that
liberally,
•
of
of
the
with
banks
country have
sistently and often
con¬
quite
expressly preached the doc¬
Congress have the courage to refuse,
so
far as the proposals require additional
legislative authorization—and incidentally
to
reject similar plans emanating from its
own
membership?
If not, then at least the
country will be on notice that it must retire
to private life not only this Administration
but every member of Congress who shirks
his
plain duty in this highly important
loans," he
would
of
Will
"commercial, industrial
very
.
firmities
the banks which
that
.
proposed to add to the funds of
the United States Housing Authority, and
we
have a new pump-priming
program
of
some
$3,860,000,000 magnitude to be super¬
imposed upon the profligacies already under
way or officially scheduled.
It is the same old story.
A method of
financing has been devised which will keep
the deficit and the public debt, as officially
reported* from reflecting this further step
of financial madness, and the projects are
all to be "self-liquidating," but modes of
presentation cannot of course heal the in¬
of the characteristics
as
in
but
which it is
having virtually
liquidity
with
of
part
authorities
inton
productive expenditure and employment.
All can be financed through the is¬
suance
of guaranteed securities by Govern¬
ment agencies with good prospect of repay¬
ment of both principal and interest through
earnings."
Then follows a list of proposed types of
expenditures aggregating $3,060,000,000, of
which $870,000,000 would be laid out during
the fiscal
year
beginning on the first of
next
month.
Add to this the $800,000,000
as
15%,
of. dissatis¬
the
of
and interest
Federal
on
and practices of the
.
Some
the
press
reflect
course,
deal
great
the
precisely
which have stood the test of careful scrutiny
and which hold the promise of a great volume
un¬
guarantee
principal
ment.
in
full and
a
conditional
by
find
characterized
chiefly by
to
to find projects which
genuine public needs—projects
that can be put under way quickly and, of
great importance,
will be self-liquidating.
They have found a variety of such projects
com¬
of
The
reverse.
would,
meet
upon
Actually, he
would find almost
the
will
he
banks
country.
can
ex¬
restrictions
mercial
su¬
more
activity of the
vassed the situation
that,'
demanding
and
pervision
suggestion, various departments
and agencies of the Government have can¬
nearly
de¬
their
thorough-going
ing assets in direct obliga-
or
lack
rather
or
of
and
positors,
more
tions of the United States.
Another* 10%,
censuring
'
most
?"At
lamenting the
,
of greatest
earn¬
and
organs
their
of their
the
resources
day,
for
the
profitably met by the use at times
need of employment of the accu¬
mulated receipts of such a revolving fund.
member
banks) hold between 35%
and
per
employment.
future, as
they have in the past, and there will always
be need for public facilities and improve¬
"Such
be
by
employment
the
serious
banks
of
a nature
financial
of things,
state
,
reason
no
of
more
bank
of
the
of the press
this
investment.
seems
discussions
guardians
leaders
there is need of extra stimulus to
typified
as
maximum of
a
public
day with the full
depositors,
to
why there should
not be adopted as a permanent policy of the
Government the
development and maintenance of a revolving fund fed from the
earn¬
ings of these Government investments and
used to finance new projects at times when
cerning the position of the
day, he would
of
"There
detailed
more
furnish
to
as
with
the
the
ficial
low rate of interest, it being clearly
that
the
projects
themselves
a
a
the
the
expectation, of finding of¬
understood
himself
our
of
out
of
Government
projects
during the past quarter of
familiarized
such,
as
from
to
employment.
brought into
service
All Over Again
on
betterments which should be undertaken at
times
and the rest which
science
President
Thursday unexpectedly
announced
his
expected lending program
with these words:
V
"The great majority of the people of this
country have come to realize that there are
certain types of public improvements and
air-con¬
eyes,
Old Story
An
The
improved
automobiles,
of
past would doubtless turn
prac¬
certing than all the radios,
television
any
Protest
Few
Having studied the bank returns
he
that
visitor
discon¬
more
1914
in
war
suspect
we
bewildering
as
much
midst
day
present
banking ideas
tices
of the outbreak of
to
as
the other items which he had noted with astonishment.
trine that
liquidity,
term used to be
as
the
employed,
is of little consequence
and
that the want of it in any
particular
deter
a
case
should not
bank from
matter.
obligations of this nature
a
"good" loan
held
a
making
"good" bond.
by
our
"modern"
banking system.
an
If
we
assume
may
him to have
inquiring mind not easily satisfied with
ficial
very
appearances,
soon
we
may
be
sure
discover to his dismay that
stantial portion of the loans
super¬
that he would
a
very
thus classified
sub¬
are
as
A little
number
or
buying
study of the record would soon disclose
of schemes
now
a
in operation designed, by
affording "insurance" or "guarantee," to persuade
the
banks
make
our
to
lend
money
on
terms
visitor gasp and stare.
which would
He could hardly
Financial
3732
fail to make note of the fact
that despite the frozen
banks, there is even at this moment
condition of the
in Wash¬
loans to "small business
men" into bank portfolios.
To complete his be¬
wilderment, he would look in vain in the press and
elsewhere for any consistent generally voiced pro¬
test directed against this prostitution of the com¬
mercial banking function as such. ' Even among
those whose experience, training,
and tradition
strongly supported movement on foot
a
ington to get more capital
should
cause
them to rise in wrathful
opposition to
find either
rather easy acceptance of what might be termed
the "non-liquidity" idea of banking, or else a de¬
this, he would in amazing degree
all
featist attitude which left
would-be critics largely
silent.
briefly sketched sets forth
This current situation
in
in
bare outline the
banking, and in our bank¬
ing practices during the past quarter of a century,
a
revolution which has, we fear, far too deeply
tinged the conceptions of a great many practical '
bankers.
It is true of course that we have never
had
banking system which in anything like full
a
popularly accepted is most
■
!►
/
precisely what they
most observers as
an "old fogey"—a relic of the horse-and-buggy age.
It would appear that a new generation and ex¬
perience not pleasant to contemplate will be re¬
quired to bring most of us to our senses about
penalty of their neglect are
always been is regarded by
have
banking.
in banking
of
often
discredited
as
known and practiced in England were
definitely adopted officially during the first
more
Administration
Wilson
than
at
any
other
time.
Senator Glass and the late H. Parker Willis were
exponents of this type of banking and they
ardent
persuading Congress to establish the
succeeded in
Reserve
Federal
System, which was in theory at
least founded upon
of any
It
hope, if not the belief, of
the
doubtless
was
these and other leaders of that
day that the Reserve
System would stimulate the development of at least
a
would
many
concessions,
practical
at
Unfortunately
well.
country
of them seemingly quite
some
importance
him) ratio of "reserves" to currency and
the
at
time,
to be plunged into the most devastating
bodying
The system,
originally
quently weakened
It
first proved distressingly
by unfortunate legislation.
has almost from the very
less than
a
earning assets
as
are
many
of those
a means
about
of inflation.
Today its
non-banking in nature
as
similar
more
facts
stance that
which
we
as
a
else
might be cited is the circum¬
people
appear
a
as
have become reconciled
of literature that has been
during
credible,
the
past
as are
soothing influence upon men who
otherwise
what is going on,
be
It is
they will in the years to come again prove to
and
undependable
as
they have in the past.
questionable, however, whether these usual factors
this time in the attitude
of major importance at
are
of the
peopje toward their banks.
We have gold in
It has been permitted to
effect upon bank reserves, and it is
great super-abundance.
ha vie the usual
being carefully hoarded by the Government to
"protect" the banking reserves of the country, but
the man in the street is well enough aware that he
get none of it in any event, and
can
the matter
dists and
to,
probably gives
relatively little thought. The propagan¬
the others who have devoted themselves
soothing the people into a state of
what
indifference
banks have taken pains
about the condition of the
rely merely on gold stocks and reserve
during the Hoover regime "re¬
termed
was
That is to say they have for years now
preached the doctrine that by artificially
"purchasing
loans
ratios.
thing,, they have rung the changes on
one
flation,"
half
to have come to
matter of course,
to
The volume
it.
prepared in its defense
dozen
any
power"
business
can
expansion
through
more
or
less at will
years
is
almost
in¬
likewise the nature and content of
time be applied to prevent
time this
to
creating
of bank
be stim¬
type of action was
"inflation."
At one
likewise to be employed
prices, although not so much is heard of
raise
that
aspect of the matter now.
least
not
distressing than these and many other
accept this kind of banking
or
a
would rise to denounce much of
as
They
probably today having in one measure or an¬
other
at
serves.
Reconciled?
Even
readjustment
ulated, and that with the greatly enlarged powers
those of the banks it
as
of
granted the Central Government the brakes can at
operate it, the system has moreover been
fully exploited
years
nothing
By the Government and by
chosen to
subsequent
branch of the Federal Govern¬
subservient to the Treasury, and is today
or
em¬
serious defects, was quickly and fre¬
some
in
proved themselves a broken reed to lean on.
are
all, and, more unfortunate, the world was
of the centuriesi
ment.
were,
Such ideas have soothed peoples
past periods of inflation, and these samel
have
For
very soon
more
many
not to
necessary
average
banking system is primarily dependent upon
deposit liabilities.
in order to obtain the legisla¬
however,
war
the
serve
without
tion
liquidity in the banking system which
of
core
The
that the soundness
quantity of gold available or upon some mys¬
the
all
such ideas.
exposed in the past and
in actual practice.
is much inclined to suppose
man
in
is hardly more than an elabor¬
often
fallacies
ation
so-called "modern"
this
of' all
defense
the
Yet
nonsense
ideas
principles
and the
banking principles
sound
that
asserted
school, but our practices have always been rather
more akin to those of the Germans.
Never before,
probably more definitely to the fore, and possibly
left who still
are
,
terious (to
however, have we so completely placed ourselves in
the hands of the Philistines.
Commercial banking
few
Distressingly
classical British idea of
banking liquidity. We have often paid lip service
to the ideas of Bagehot and others of the same
the
represented
degree
degree in which
disheartening.
stand four
square against the plausible please of the amateurs
who defend present practices, and who can muster
the courage and determination to resist the view
expressed almost everywhere, that whether or not
we like it, "the times" have changed and with them
a "new type" of banking has come to stay.
He who
it is now
revolution which has occurred
official ideas about
our
arguments advanced, and the
the
1939
June 24,
Chronicle
as
old
taken
have
as
John
hold
as
It is an old fallacy,
Law, and probably would
it did in this country six
had it not been for the fact that the
rank and file were (and are) quite without mastery
of these somewhat intricate matters, and had been
years
ago
in much the
tutored
same
sort of nonsense rather
sedulously for years prior to the advent of
Deal.
All this monetary
lost much of its
to be of
the New
and credit balderdash has
appeal today, but it still appears
substantial influence in some quarters, and
Volume
at any
Financial
148
Chronicle
idea that fiat currency could be made safe and
sound by rendering it redeemable on demand in an-
rate tends to keep men's minds off the really
fundamental
questions of banking soundness.
other form of fiat
Dangerous Soothing Syrup
But there
influential
other factors
are
in
have
free
of
bank
mismanagement
reign to continue to inflict this sort
have to do with the elaborate
taken to make the
assets.
These
steps that have been
depositor feel
main
has the
been
First
of
elaborate
so
all,
made
and
national scale in the
a
posit guarantee.
The average
about his
own
Federal
set up
tional
•
granted
when
"guaranteed," and thus removing
influences
portant
themselves,
part be-
working
in
But
in the future be somewhat different, superficially
considered," from that of the past, but its end re*
suits will not be greatly different, and nothing
which has been done or can be done can take the
curse off thoroughly unsound banking,
It is in some respects a good thing to maintain
the confidence of the people in their banks. It is,
a
possible for practically
assets
(either actually
basis)
are
or on a
legal tender
bank whose
any
so-called convention
equal to their deposits to
in full in
mand
ensue
provisions of existing law, well publicized,
it
make
The form
prudent
of
of the disaster which must
part of the story,
deposit guarantee is only
Various
which left-handed recapital-
process
a
ization processes cannot forever offset.
are
management of banks.
,
seeking
of the im-
one
favor
are
if unsound banking is continued too, long and carried too far may
deposits
their
tually obliges the banks to expand their portfolios
at a time when few good borrowers
It is the old story of depositors tak-
for
of
deposits
funds. Meanwhile excessively low rates of return
are slowly reducing the capital funds of the banks
Government, one which to date has worked,
things
process
expunge
to begin in earnest so long as the Government by
keeping excess reserves at incredible " figures vir-
by and under the direction of the Na-
yond his ken.
ing
He is likely to find
the most
course
from the books of the banks. This, of course, is a
long and tedious process at best, which is not likely
by the intricacies of
for
Since the assets to which they corres-
payment will in natural
thought that it is a sys-
are
potential inflation danger of the first
liquid assets to depositors who in the
of de-
deposit guarantee arrangements and
inherent limitations
Its
name
is likely to post-
man
deposits.
contents himself with the
tern
publicized,
about the banks until he begins to feel
himself somewhat bewildered
the
well
so
have the arrangements that have
we
on
pone worry
uneasy
before perhaps
never
machinery established for the purposes in
hand
been
influence, and
re¬
a
as
pond are not in any sense self liquidating, and do
not tend to "clear" out of the system, the only way
in which this extraordinary volume of funds can
be reduced is for the banks to dispose of their il-
too, is in a sense an old story, but it has apparently
lost little of its
for the most
magnitude.
This,
funds that he has to his credit in his bank.
course
passed out of the hands of those who
ago
borrowed them, but the funds still exist and
about the
secure
Such deposits have of
part long
the country.
upon
currency.
Enormous deposits have been created by the
banks in the process of acquiring their long term
probably much more
permitting the New Deal managers
to
3733
currency
pay
depositors
virtually
however, always a much better plan to have the
de-
upon
banks operated in such a way as to deserve this eonSooner or later we shall be obliged to re-
provided officials under the thumb of the Ad-
ministration
in
Washington
pret the law liberally and act accordingly.
banks
have
which
doubtless
fidence.
willing to inter-
are
store at least a reasonable meapre of liquidity and
Most
general soundness to
great many Government obligations
a
would
be
our
bahking system.
The
longer the unpleasant task is postponed the more
bought by the Reserve
We should feel greatly en-
system for cash in case of need—bought without
unpleasant it will be.
much
couraged if there were more men of influence willing frankly and publicly to face these facts and to
question at prices far above what would be
market
the
serve
seemed
most
or
value
banks not
to
of
such
securities
anything else of
be
the
Re-
tell the people the full truth about them,
In addition al¬
suggest such a course.
another
were
buying them freely—if the occasion
any
value
can
in
one
way
funds from the Reserve
system,
anything approaching
T TNITED
serious banking crisis arise,
All this has
a
or
V-'
would be should
its funds in the
concern
keeping of the banks.
about
only half
ments on
the receipts from income and other taxes.
Federal
nificance
small.
that
It is often said
collapse of the banking system of the sort
a
experienced in 1933 would under existing circumstances
be
impossible.
Perhaps
but to prevent
so,
it, given suitable circumstances, might well require
some
all
and
drastic steps despite all the machinery
very
the
established
extraordinary
or
powers
that have been
bestowed in recent years.
More im-
All
of
a
sound
banking
avoidance of many
upon
system,
or
a
guarantee
the economic system by unsoundness in the
management of the banks of the country.
pose
of
if not most of the ills inflicted
any
such thing would be on
a
par
To,
,
sup-
with the
are
fell $2,000,000,
situation,
metal placed at $33,000,000, raising the total to
$16,060,000,000.
Although member bank deposits
with the 12 Federal Reserve banks were almost unchanged, the member institutions themselves apparments
the equivalent
circulation
the monetary stocks of the
with the addition to
ently
no means
in
money
with the 12
combined,. therefore
continued to reach this country in volume,
Gold
avoid such
collapse is by
banks,
Reserve
which is too small a change to affect the
portant, however, is the fact that mere ability to
a
Treasury outpay-
interest and other accounts nearly baU
Net changes of the various deposits
true, and much of the remainder has not the sigusually attached to it.
quarter-date
other influences find only a
and
the statement week to June 21.
'
anced
.
The trouble is that much of all this is
TREASURY
STATES
taxation
mild reflection in the official banking statistics for
repeatedly been told the public which
naturally feels correspondingly little
Federal Reserve Bank Statement
.
employed by most banks to obtain
own
experienced
further
a
deposits.
The excess reserves of the member
banks were estimated
$4,230,000,000,
the
increase of require-
through changes in the character of their
a
officially
as
of June 21 at
decrease of $30,000,000.
Despite
availability of this enormous volume of idle
credit,
there
is
no
effective
demand.
The con-
decline of #2,000,000 in busi-
ber banks indicates a
to
loans, to a total of
#1,372,000,000, while loans
security collateral fell
dealers on
and
brokers
anticipated. Airplane issues veered about
idle markets and finally closed with small
York City reporting mem-
dition statement of New
ness
#7,000,000 to $517,000,000.
uncertain course with
gold acquisitions, the
in Washington deposited $44,999,000 gold
Following its customary
respect to reimbursement for
Treasury
regional banks, as against the
certificates with the
monetary stocks by $33,000,000.
actual increase of
the
raised
This
banks
certificate holdings
gold
of the
$13,465,718,000, but other cash was off
to
somewhat, and total reserves of
increased
tutions
the regional insti-
$35,345,000
only
$13,841,
to
Federal Reserve notes in actual circula-
405,000.
fell
tion
$8,397,000
Total
$4,429,306,000.
to
de-
,
banks increased $10,871,000 to $11,754,262,000, with the account variations consisting of a drop in member bank reserve
deposits by $1,766,000 to $10,099,163,000; an inposits with the 12 regional
general account balance by
of the Treasury
crease
$13,015,000 to $941,004,000; an increase of
fall of other
foreign
by $3,269,000 to $354,298,000, and a
bank balances
The
.
deposits by $3,647,000 to $359,797,000.
ratio advanced .to 85.5% from 85.3%.
reserve
institutions advanced
Industrial advances re$92,000 to $12,377,000, while commitments to
Discounts
regional
the
by
$1,656,000 to $4,793,000.
ceded
$50,000
fell
advances
such
make
to
$11,338,000.
bills dropped
$5,000 to $556,000, and holdings of United States
market holdings of bankers'
Open
June 24,1939
Financial Chronicle
3734
securities
Government
were
unchanged at $2,564.-
015,000.
Railroad and utility stocks did not move much,
The foreign situation made traders cautious, for
there is no denying the seriousness of the Far Eastern impasse.
In the domestic sphere the most important event was, of course, Mr. Roosevelt's latest
stunt in the way of pulling rabbits out of his shopworn political hat.
The proposal for spendinglending by means of some $3,860,000,000 ill-assorted
porjects, to be financed by Treasury-guaranteed
bonds, would not deserve serious consideration save
for the sponsorship.
Any market effect this
astounding and purely political proposal might
have had was certainly adverse, although price
changes on Thursday were too small to be indicafive. Senate passage of the business tax revision
bill aided the markets slightly,
In the listed bond market movements were small
and irregular. United States Treasury obligations
were a little higher, although buying was on a
small scale. Best rated corporate bonds also were
well maintained. In the more speculative groups
sharp gains appeared in a few instances, owing to
special considerations. Bonds of New York City
traction companies spurted on progress toward
unification. Medium-priced railroad bonds were
irregular, and other groups also showed little
change- In the foreign division Panama bonds ad:
vanced sharply, on a Senate committee report favoring passage of the treaty adjusting the annuity
which that country pledged for payment of the
bonds. The commodity markets were not an important influence on the securities
.
The New York Stock Market
markets.
Wheat
de-
lower, and other food staples also were
m0ved
.
in the
gains,
EFTLE mood of the New York noted this markets. pressed, exchanges metals displayed a better levels,
improvement could be financial week in Foreign but base merely idled at former tone,
the
The
price
tendency
slightly
toward
was
with the controls carefully regulating all moveGold continued to flow toward the United
States.
v
On the New York Stock Exchange 72 stocks
touched new high levels for the year while 17 stocks
higher
in
small
levels, but all sign^indicated that the market is
a
a
deep rut, indeed, for activity was on so
very
price variations had little signifi-
scale that the
cance.In
sessions of the week
five full
the
ments.
now
touched new low levels.
ending trading on the New York Stock Exchange
was
under the
500,000 share mark
011
situation.
duced
a
The
persistent baiting and nagging of
by the Roosevelt Administration has pro-
profound discouragement which steadily is
making greater inroads on the normal and healthy
spirit of enterprise formerly prevalent in the United
A fit of national "blues"
States.
477,610 shares.
prevails, and the
O11 the New York Curb Exchange the sales 011
only stirrings of optimism discernible anywhere in
the business world concern the possible termination
Saturday
at the next national election of the sort of rule the
79,625
country has had now for more than six years.
this mild
that Mr. Roosevelt is
third term in
In the
Even
hopefulness is tempered by the realization
maneuvering carefully with
a
mind.
,
Wednesday,
short of
gains,
as
in the case of American Telephone, repre-
sented little
decline
as
favorable
report
mer
stocks
on
of the
the
were
operations
a
natural
occasioned
was
Commission
motor
than
more
are
last
Federal
77,242
33,255
Tuesday,
shares ;
shares; on Monday,
91,205 shares; 011
on
small
volume
of
sales
steel
a
industry.
transactions.
As
a
moderately
result, little importance could
week
asm,
Communications
to
General gains, however, fell
be attached to the higher trend.
un-
86,840
point in view of the modest turnover in
rally after such a
by the
Thursday,
higher levels, stimulated by the better showing in
the
Some of the
on
Stock prices last Saturday moved forward on an
by small fractions to 3
4 points.
were •
shares, and on Friday, 77,945 shares,
ing of stocks sent levels of leading issues higher
or
last
shares;
extremely
sluggish trading of the week modest buy-
16
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged
at 1%.
Y
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 171,440
shares; on Monday they were 344,820 shares; 011
Tuesday, 484,930 shares; on Wednesday, 466,150
shares; on Thursday, 450,780 shares, and on Friday,
occasion, while in some periods even this diminutive
figure was not even approached.
No diligent
search is required to determine the causes of this
business
On the New York Curb
Exchange 41 stocks touched new high levels and
each and every
the
Monday.
Devoid of enthusi-
market continued to point upward on
The initial trading hour found gains in
and
the industrial group touch one and one-half points,
sum-
but dulness soon enveloped the market and a soften-
better maintained than had been
ing of prices set in, which scaled down former ad-
telephone system.
somewhat
Steel
better, for the
Volume
to
vances
Financial
148
a
fraction of
ard
gradual improvement marked the trend of prices
on
Tuesday, and equities
fractions to
House
on
stocks
in
Senate
small
relieve
of
business
part of the burden it is
if
some
now
the first
real
sign of
concern
over
and
Wednes¬
on
Foreign markets displayed
500,000 share mark.
American
Leth¬
day, and sales turnover for the day failed to touch
recent develop¬
copper
Fri¬
on
on
Friday of last week;
Smelting & Refining at 42% against 41%,
Phelps Dodge at 34% against 33%.
Trade
.
industrial
and
r
indices
maintenance of the spring rate
Steel
In
Anaconda Copper closed yester¬
group,
day at 24 against 22%
only a
bearing.
argic movements characterized dealings
the
the
degree, since favorable action by the
would
yesterday at 43 against 42%
11, and Atlantic Refining at 20% against 19%.
Monday night of the revised tax bill aided
a
Among the oil stocks, Standard Oil
day of last week; Shell Union Oil at 10% against
The passage by the
ticipated in the mild advance.
3% against 3%, and Hupp Motors at 1%
of N. J. closed
All groups par¬
point at the close.
a
at
against 1%.
again lifted from
were
3735
against 43%; Chrysler at 70% against 67%; Park-
Further
point at the close.
a
Chronicle
'
suggest
fair
a
of business activity.
operations for, the week ending today were
estimated
by
American
to diminish confidence in the domestic market here.
at
of
capacity
At
48.5%
a
year.
Production of electric power for the week
ments in the Far East and
the
effect
no
in
move
able
an
public works
a new
program
marketwise, and stocks continued to
apathetic
Showing
manner.
appreci¬
no
change from the previous day, equities again
irregularly
sagged
and
moderately lower.
closed
Stocks drifted about in the doldrums
lost
about
were
The announcement by the Presi¬
Thursday of
on
had
some measure
closing advances and declines
equally divided.
dent
helped in
the average
on
then
and
yesterday and
one-half point at the
subsequently showed fractional
at the end.
recovery
at
Steel Institute
and
53.1%
last
week,
at this time last
reported by Edison Electric Institute
2,264,719,000 kwh. against 2,256,823,000 kwli. in
the
previous week and 1,991,115,000
corresponding week of last
revenue
at
kwh.
by the Association
cars
Railroads.
This
is
the
are
reported
of American
gain of 3,276
a
in
Car loadings of
year.
freight for the week to June 17
637,873
cars
over
the
preceding week and of 82,354 cars over the similar
week
compared with the close on Fri¬
As
As
was
Iron
against
month ago, and 28.0%
to June 17 is
the prevailing feature
Irregularity
of the market.
hour,
noon
55.0%
of
1938.
indicating the course of the commodity mar¬
day of last week, closing prices yesterday reflect
kets, the July option for wheat in Chicago closed
higher levels.
yesterday at 69%c. against 72%c. the close on Fri¬
General Electric closed yesterday at
34% against 34%
Edison
dated
of last week.
Friday of last week; Consoli¬
day
N.
on
Co.
yesterday
of
Columbia Gas & Elec at
Y.
at
31% against 30%;
6% against 6; Public Serv¬
at
July corn
48%c.
against 36; J. I. Case Threshing
yesterday
Machine at 75 bid
against 73%; International Har¬
the
close
on
July oats at Chicago closed
Friday of last week.
ice of N. J. at 38
Chicago closed
at
against 49%c.
last week.
vester at 58
The
against 57; Sears, Roebuck & Co. at 77
against 75; Montgomery Ward & Co. at 51% against
at
21%c. against 33%c. on Friday of
spot price for cotton here in New York closed
yesterday at 9.97c. against 9.86c. the close on Fri¬
49%; Woolworth at 47% against 47, and American
day
The spot price for rubber yester¬
day of last week.
Tel. & Tel. at
closed
of
162% against 157%.
Western Union
yesterday at 19% bid against 20
last
week;
against 163%
Chemical
Allied
&
Friday
on
Dye
at
167%
E. I. du Pont de Nemours at 149%
;
against 147; National Cash Register at 17% against
17%;. National
Dairy
Products
15%
at
against
of
16.35c., against 16.22c. the close
was
last
Domestic
week.
copper
on
Friday
closed yesterday
'unchanged at 10c. to 10%c., the closing price on
In London the price of bar
Friday of last week.
silver
19%
yesterday as 19 7/16 pence per ounce against
pence
ounce
per
the close on Friday of last
15%; National Biscuit at 27 against 26%; Texas
week, and spot silver in New York closed yesterday,
Gulf
at
Sulphur at
Can at
28%
against 28%;
Continental
42%c., the close on Friday of last week.
the
In
38% against* 37%; Eastman Kodak at 167%
of
matter
the
London
foreign exchanges, cable
closed
yesterday
6%
against
transfers
6%; Westinghouse Elec. & Mfg. at 99%
against
against $4.68% the close on Friday of last week,
166%; ■* Standard
against
Brands
at
96%; Lorillard at 23% against 23%; Canada Dry
18
at
against
against 25%.
&
Rubber
at
12%
at
25%
;
group,
Goodyear Tire
shares
closed
vania RR. closed
higher this week.
The
Pennsyl¬
yesterday at 17% against 17%
on
Friday of last week; Atchison Topeka & Santa Fe
at
27%
against
against
14;
Southern
Pacific
at
New
York
Pacific
27;
Union
at
12%
Central
95%
at
against
European Stock Markets
on
B. F. Goodrich at 17% against
16%, and U. S. Rubber at 42% against 40%.
railroad
14%
93;
against 12%; Southern
somewhat European
SECURITIES markets in the leading unsettled,
financial
ficulties currently
from
United States Steel closed yesterday
on Friday of last week; Inland
47% against 46%
Steel
at
76%
against
76%;
Bethlehem
Steel at
56% against 54%, and Youngstown Sheet & Tube
at 36
against 35.
closed
bid
on
In the motor group, Auburn Auto
of
on
recorded
last
week.
This
hopes that the Tientsin incident could be
It was followed, however, by fresh spells
liquidation as war clouds lowered in the Orient.
The
rejection by Russia of all overtures for an anti-
aggression understanding in Europe also affected
the markets adversely.
As expressed in stock^and
bond
values,
yesterday at 2 bid against 2% the closing
modest.
Friday of last week, General Motors at 44%
definite
decline
rally was based partly on short-covering and
mild
partly
at
presented in Europe and the Far
depressed levels reached in the virtually
the
uninterrupted
localized.
present week.
were
Early in the week a rising tendency was noted
East.
at
The steel stocks advanced the
centers
week, by nervousness regarding the political dif¬
this
Railway at 14% against 14%, and Northern Pacific
8% against 8.
on
last week.
yesterday at 28 against 26%
Friday of last week
closed yesterday at
15/16c. against 2.65c. the close on Friday of
Distillers
Distillers
In the rubber
closed
Paris
$4.68%
cable
Schenley
and
transfers
at
and
2.64
National
17;
12%,
against
on
The
net results of these influences were
tendency everywhere
results
of
the
military
was
and
to await
diplomatic
Financial Chronicle
3736
the turnover on the London,
exceedingly modest,
and
maneuvering,
Berlin markets was
Paris and
becoming important, with the
over most of the Con-
Orop reports now are
reasonably good
situation
Russian supplies may be under
Trade and industrial indices
increasing activity in Great Britain, on the
tinent, although
of
those
reflect
last
year.
armaments prepara-
of the growing
basis
obvious
tions, while France also reports improvement. The
German industrial machine is being taxed to supply
the
now
But deficit financ-
requirements of the Nazis.
ing
prevails in all the large countries and this
effects of the busi-
aspect of affairs nullifies the
gains, so far as the securities markets are con-
ness
cerned.
'
Dealings for the week were resumed quietly on
Stock
London
the
Exchange, last Monday, but a
buying finally developed on improved reports
little
regarding the Chinese situation and the prospects
of
agreement with Russia.
an
tablished small
Gilt-edged issues
reflected also in industrial and
mining stocks.
In-
The Berlin Boerse was dull in the initial trading
small and ir-
period of the week, with changes
regular in most groups. Reichsbank shares were
traded for the first time in a week, at six points
higher than the figure prevalent before the plan
for assumption of full financial control was announced by the Nazi authorities. Fixed-interest issues were neglected. Another soft and listless session was reported Tuesday, < with leading equities
off from small fractions to two points. I. G. Far-
benindustrie announced a new issue of 100,000,000
marks 4%% debentures, which occupied the fixedincome section of the market. Only small and irregular changes were noted on the Boerse, Wednesday. Business was on such a small scale that the
variations had no real significance. In another dull
session on Thursday, small gains: predominated,
while some specialties advanced one to two points,
The new tax anticipation certificates were fairly
active and higher in the fixed-interest section,
Trading was quiet yesterday, and changes again
ing of short commitments gave the London market
a
Small fractional gains were
issues and most industrial
good tone, Tuesday.
noted
in
stocks.
gilt-edged
firms lost
for
of
shares
The
manufacturing
armaments
ground, however, owing to the proposal
extraordinary taxes on their profits.
American
were
in
advanced
issues
but others
It
irregular.
the
Anglo:
foreign
evident
was
inconsequential.
were
,
,
Cover-
unsettled.
securities remained
ternatioijal
es-
gains, and the better tendency was
June 24, 1939
section,
Wed-
on
Far Eastern Tug-of-War
r
IINES deepened this week in the newest of the
JLj international disputes occasioned by the lin¬
bridled ambitions of the Japanese militarists who
are
waging a war of conquest against China.
At
Tientsin, in Northern China, the Japanese continued their efforts to force a virtual evacuation of
the British and French concessions.
Every effort
made in London to localize this incident, and
nesday that the Japanese had 110 intention of local-
was
izing the Tientsin dispute, and declines wTere the/
in the meanwhile a good deal of diplomatic pressure
rule
in
session.
After
drifted
that
lower
stocks
edged
good opening, gilt-
a
closed with net
mining issues took a similar
and
losses.
Industrial and
eourse,
while foreign securities were sharply unThe London market firmed after an
settled.
early
set-back, Thursday, and closing levels indicated few
stocks
dustrial
fractionally
were
wise
weak
foreign list.
either direction
were
recorded
ists, but the latter made it clear that they
made
surprise attack on
a
and
Swatow, Wednesday,
some
the
on
up
the coast from HongKong.
yesterday, with trad- "" leave Swratow, but none whatever about the fact
attitude of aloofness pre-
British and
a
and
were
an
American destroyer remained
augmented by further ships of the re-
spective Far Eastern squadrons.
European
fortunately,
Far Eastern
clarification of these
ors
merely remained
insignificant
were
showed
small
French
equities
foreign
i
Pending
the sidelines, and changes
in
the
changes
were
securities
situations,
problems, traders and investon
were
dull
in
Rentes
session.
either
Bourse
although
Rentes
moved
dealings
and
French
little interest also
equities
was
were
ous
turn
Wednesday,
on
promptly receded.
dropped in
The
a
opening
losses
were
All eyes
the
on
but
more
French
Thursday
modified
was
wave
a
seri-
market
of liquidation,
weak and the initial
only slightly by
remained fixed
on
a
late raly.
the international prob-
lems, which dominate the Bourse completely, and
little business
able
newTs.
was
done in the absence of any
Small Josses
yesterday, with hardly
were
any
noted
in
in the
British
marked, the
sun
these days seems never to set on
fresh troubles for the Empire,
Sight quickly was lost of the original cause of
Both French and foreign issues
small but general
sympathies
in favor of Britain.
the dispute at Tientsin, for the Japanese military
favored,
a
are
modest,
foreign securities,
When the Far Eastern situation took
unofficial
and
Tuesday,
011
exceedingly
taken in
official
United States all
interests in 'China are the obvious target of the
almost entirely,
were
far has been taken, although it is obvious enough
that
Japanese militarists and, as one keen observer re-
neglected
coutiously higher
In Washington,
strictly correct diplomatic attitude
and
irregular,
still
so
a
while
direction,
similarly
Impressed by the good tone of the London market,
the
There is
dispute about the order for foreign ships to
vailed, Monday, owing to the complications of the
and
intend
The Japanese Naval Command
to force the issue.
that
an
It is still
distance
ing still dull.
On the Paris Bourse
the Tokio Government.
while
an
changes in
Only minor
on
whether the Japanese Foreign Office
would have consented to the actions of the militar-
other-
lower,
Anglo-American shares remained firm in
exerted
uncertain
following day "ordered" all foreign
naval vessels to leave that port, which is a short
Gilt-edged and in-
important changes for the day.
was
all
business done.
favor-
groups
demands
that
Britain
"cooperate" made it- alto-
gether evident that the surrender of four Chinese
political refugees had nothing to do with the real
problem.
gained
The hegemony of the Far East might be
more
rapidly by Japan if Britain could be
made to back down on a vital issue, for Japan then
The London
implications clear to its
people in a general statement, late last week, in
which attention was directed to the "insufficiently
would gain much "face," or prestige.
Government
the
made
As a consequence of the de"cooperation," the rights pf all
appreciated issues."
mand for British
Powers
with
preferential arrangements in
China
Volume
are
148
Financial
endangered, the statement pointed out.
Chronicle
Efforts
to localize the Tientsin incident were in
progress,
and made
it
was
extremely serious situation will arise and the
representations
British Government will have to consider what immediate and active steps
don
dispatches it
the very start of the
at
measures
of this
they
it
as
But steps
nature, it is plain, could only gain serious
consideration
if
American
tained, and there is
of such
©b-
were
Washington.
views in
Secretary of State
over
The
was made
day
hopeful of
culty,
their
French
Government
took
lVflOVES
a
IVI
because
of
hopeful
in London
the part of the
late
rapidly
Japanese, regarding
decided
ran
to
aggrevate
matters,
was
some
caution
thereupon
to the
that
city, and
actual
no
were
a
shortage of food
barrassing, however, and
their
sent
wives
nese
the
across
intention
on
wire
the
ports,
some
an
to
express
Tokio
came
ish will
destroyer
cooperate, "we
together."
,
The
Swatow.
to
murmured arguments
can
continued
to
walk
warily, in these circumstances, obviously because
of its awareness that a
European outbreak would
take
an
place immediately if it became embroiled in
Eastern
mons,
war.
Questioned in the House of Com-
Monday, Prime Minister Neville Chamberlain
admitted
that
indignities
were
being heaped
on
British
subjects in Tientsin, but he expressed the
hope that Japan would share the British desire to
localize
the
incident.
Notwithstanding extension
of the
dispute to Swatow, Wednesday, Lord Halifax, Foreign Secretary in Mr. Chamberlain's Cabinet, stated
on
that day his belief that the crisis
could be settled
ernment
amicably.
The United States Gov-
observed the matter with
grave
attention,
Russia
On
the
Europe
rejection.
In
indicated that the effort
the
alliance
would
authorities
not
announced
be
on
The hope prevailed in Paris
war.
would
a
be
impressed
this newest
by
determined stand against aggression
Rome-Berlin
every
effort
side
of
made
the
alignment
in
to
keep alive the/
issue of the Free City of Danzig and the Polish
Corridor.
at
.
his
was
Chancellor Hitler remained in seclusion
in
retreat
the
Bavarian
Alps, but Propaganda Minister Joseph Goebbels addressed the citizens
Government
their
ex-
pro-
by the Anglo-French combination,
From
'
British
No
new.
Anglo-French
pact with Turkey, along the lines
a new
evidence of
that if the Brit-
deal with any question
even
Anglo-Turkish
in the event of
that
by dispatching in each
additional
an
into
French
previously rejected
accord of May 12 which
pledges cooperation in the Eastern Mediterranean
destroyer leave the place, and
fleet commanders answered
the
was
the
for
reasons
Russia
Thursday
over
of
Strang,
Foreign Office they
said to be not
of the
or
advance
no
quite
rejection of
Mr.
through
Russian
vouchsafed
was
bring
of
British and American
case
Strang,
for announcement
a summary
transmitted
were
abandoned.
25 miles from
foreigners at Swatow.
score
held to be
posals,
further indicated that the
Japanese would
responsibility for the welfare of the few-
was
refuse
The
groups.
Government' remained
proposals,
London and Paris it
as a part of what the Japanese
orders, they demanded that a Brit-
American
the
bulletin of the
a
plation
directed to Swatow,
railway
events
by the fresh complications.
Thursday of
on
ideas, and
Possibly
consider routine
it
a
unchanged,
Eastern
an
Russian
made
were
em-
surprise landing and
a
The
suggestions
In
Short-
other
form
was
waiting each other out.
was
Japanese made
the coast.
to
barricade, with the
either side of
started inland to cut
ish and
children
increased
to
the
garrisons faced the Japa-
Wednesday attention
where
Office.
of the 5,000 foreign-
some
and
The British and French
On
feared.
was
unimpressed by
the "blockade/' so
was
Far
Central European specialist of the London Foreign
British military
of milk and fresh vegetables began to be
ages
ers
ran
situation
dors had the special assistance of William
used to carry some supplies
few ships
the
because
anti-aggression front in
Europe, with Russian assistance, were carried on
in Moscow, where the British and French Ambassa-
for they
reports to carry 1,000
volts, and in others only 220 volts.
forces
possibly
Endeavors
ap-
concessions, in order to end all
said in
leave
degree to which Japanese aggressions in Chitreaty ports affected the European scene is
nese
running of the blockade by those anxious to supply
the 150,000 inhabitants with food.
The electrified
barricade
European diplomatic chessboard
to
difficult to determine, but it is evident that British
on
high-tension wire fence around the
a
British and French
week,
real
show-down,
a
the
on
seemed
Anglo-French and Rome-Berlin axis
There
"second-thoughts"
Monday the Japanese militarists
on
parently
of
1
again overshadowed the alignment of Powers in the
from
reports
diplomatic representatives in Tokio.
But
were
early adjustment of the Tientsin diffi-
an
possibly
progress
main theaters
European Diplomacy
this
two the British authorities
or
much talk
was
by either contestant in the
receiving
were
equally involved with the British.
a
on
of conflict.
passive attitude, although its concession at Tientsin
For
followed
the last week-end that
aspects" of the matter
study.
was
the Japanese authorities at Tientsin through our
Consul General.
Fighting between the Japanese
and Chinese was obscured by the developments at
!"v'
the "broader
is
This
urgent and proper request that
an
the treaty ports, but it appears that little
indication whatever
Cordell Hull intimated
careful
cooperation
no
yet
as
The
Japan respect the rights and interests of Americans
in Tientsin, this communication being addressed to
was
controversy, that counter-/
might include trade reprisals.
Tuesday.
on
Wednesday by
In Lon-
take."
can
again intimated,
was
series of representations at Tokio.
a
Japanese bombings in China, which sometimes have
destroyed American property, were the occasion for
added, but if they should be unsuccessful then
"an
3737
of
Danzig last Saturday, and again
He assured
them
union
evitable"
that
of
no
the
Power
on
bar
can
Sunday.
the
city with the Reich,
"in-
and
asked them to put all their faith and trust in Ilerr
A
Hitler.
rated
in
"German
Culture
"tourists" from
ish authorities
inaugu-
was
Sunday, with thousands of
Germany in attendance. The Pol-
were
said to have sent similar thou-
sands of "tourists" into the
clashes.
Week"
Danzig last
city, but there
Fresh conjecture was aroused
as
were no
to mili-
tary moves in Central Europe by reports that German
forces
vakia and
were
moving along the border of Slo-
Poland.
From
Rome
came
reports
on
Tuesday that Albania, newly added to the Italian
Empire, will be made
a
sort of advance point for
fresh Italian ventures in the Balkan region.
Com-
June 24, 1939
Financial Chronicle
3738
guaranteed by the German Government, and the
foreign holders are thus to receive an equal return,
Foreign holders not caring to accept the offer will
receive, instead, German obligations on which interest will not be transferable.
Fascist regime. The occasion for this
decision of the French Chamber of
Deputies' Colonial Commission favoring abrogation
of a convention negotiated in 1896 granting priviagain by the
report was a
German-American Claims
the French colony.
leges to Italians in
ACTING
/"\
Reichsbank
German
4% annual dividends, with transfer
are to pay
plicating the situation further were reports, yesterday, to the effect that problems relating to Italian
residents of French Tunisia are soon to be raised
as
Mixed
umpire
Claims
in
the
German-American
Commission dispute involving
OF dencies, and alsoa of practicalofimportanceten- tion question in 1916 andresponsibility for destrucINTEREST as reflection German to the caused of German 1917 by explosions and
Reichsbank shares, is a new law proinul-
holders of
fires at the
Black Tom terminal and Kingsland,
Stockholders are to
meeting late
next week, and no objections are likely to be raised,
The principal effect of the law will be to make the
Reichsbank even more a political arm of the Nazi
both in New Jersey, Supreme Court Justice Owen
Roberts held, late last week, that American claims
of from $40,000,000 to $50,000,000 were valid and
should be paid. The decision could not have been
made lightly by Mr. Justice Roberts, for it involved
charges against the German Government of fraud
and collusion in the previous hearings on this longdrawn matter.
The American claims were dismissed in 1930, but on the petition of the United
States Government the hearings were reopened,
with the results now noted. The American Cornmissioner, Christopher B. Garnett, reached the conelusion-early this year that the German authorities were guilty of fraudulent practices. The German Commissioner, Dr. Victor Huecking, retired
regime than in the recent past. The independence
of the Reichsbank from the German Government,
last March, at which time he accused the umpire
of bias and irregularity in the conduct of the case,
formally and
remarking, in addition, that with his retirement the
Commission would be unable to make a decision,
Mr. Justice Roberts objected strenuously to the
German charges and conclusions, and made all information available when he announced his decision
week, which places the
German central bank directly under the con-
gated at Berlin, late last
great
trol of the German
Foreign holdings
Nazi leader.
shares, estimated variously at 30,-
Reichsbank
of
000,000 to 40,000,000
Reichsmarks, are to be elimisecuri-
nated
altogether, through exchange for other
ties.
There
will be some relatively minor altera-
tions in the
private German holdings of the stock,
changes will be
These
accomplished in a more or
to which it would be idle
less reasonable manner,
exception in any case.
to take
vote
the new dispensation at a
upon
carfully established in 1924, is to end
Under the law which Reichsbank PresiWalther Funk carefully explained last week,
legally.
dent
the
is
institution
unrestricted
nally, moreover, on the
is
under the Reich's
be placed
to
It will be managed inter-
sovereignty.
"Fuehrer" principle, which
Presi-
explained as meaning that the Reichsbang
deputy of the Nazi leader and will
dent will be a
decisions, the directing board losing its
all
make
his
Through
control.
deputy,
Der
will
$25,000,000, consisting of payments made by the
Reich on posted bonds, and sums recovered from
the liquidation of German property seized in the
and central banking problems.
currency
which
change
start of this year,
be
foreshadowed
World War.
when Dr. Funk was ap¬
of
place
in
President
Reichsbank
pointed
will
shareholders
the
obliged to accept next Friday were
at the
Fuehrer
to regulate all aspects of German
have every power
The
in favor of the contentions of the American Commissioner. German authorities indicated that they
would take no notice of the affair. In Washington
reports it is indicated that sums available for settlement of the claims amount to approximately
,
Mexican Oil Expropriation
Dr.
11 AONTH after month has been permitted to go
1V1 by without settlement of the many problems
raised by what Secretary of State Cordell Hull
called the "bald confiscation" by Mexico of American oil properties which, together, with similar
British properties, are estimated to have a value
of $450,000,000. It appears, however, that the problem has not been forgotten completely by our
Hjalmar Schacht, who is known to hold more orthodox views on central bank management.
Berlin
dispatches state.that the changes now to be
were
tal
elaborated by
of the bank
stock
and the
effected
The capiis 150,000,000 Reichsmarks,
Dr. Funk, personally.
■
With re-
great bulk is held in Germany.
law discrimi"Aryans" and Jews.
The: Aryan
spect to the internal holdings, the
between
nates
holders will receive new stock on a
dends
hereafter,
as
stock
obligations.
now
German Jews
are
German
in the
marks of
also will
are
4%% German Treasury notes,
to be eliminated from Reichsbank
Foreign holders of the
shares,
who
receiving 8% dividends in their own curto turn in their stock for shares of the
Golddiskontbank,
on a
basis of 2,000 marks
subsidiary institution for
currently held.
every
1,000 marks
The new Golddiskontbank shares
solution,
companies,
Donald R. Richberg, declared in Washington that
an agreement was within reach.
But the matter
continues to drag interminably on, embittering the
relations of the United States and Mexican Governments.
The severance of Anglo-Mexican relations
occasioned by the Mexican action has not yet been
seizure, that the question was nearing
Last month the representative of the oil
Treasury bonds for every 1,000 marks of
held.
have been
rency,
1,000
ownership through payment of 1,800 marks
in German
stock
every
held the internal Aryan holders
receive 800 marks in
share
4% psfid in German Gov-
For
The formal exchanges
of diplomatic communications early last year were
followed by long private negotiations between
Mexican officials and representatives of the oil companies concerned. The hopeful comment was made
periodically, both officially and unofficially, that a
settlement was "in sight." President Lazaro Cardenas remarked last March, on the annivarsery of the
divi-
against the 8% paid heretofore
in cash and the additional
ernment
authorities in Washington.
share-for-share
basis, but only 5% will be paid annually in
,
Volume
Financial
148
repaired.
Nowhere in the world is there
will¬
now a
ingness to place faith in Mexican protestations and
promises, and it
is fairly clear that the Mexi¬
now
themselves
cans
the
are
sufferers from their
chief
rash action.
another effort to
been
Tuesday that still
011
adjust the oil property differences
initiated,
on
exchanges of views,
a
basis of informal official
This, it
national
expropriations. 'It
engaged
that Ramon
with
conversations
protracted
in
the oil and other
on
problems of American-Mexican relations, and left
Washington
for
Tuesday
on
from
tion
discussed, but he added that
with
discussion
a
It remains to
reached.
be
the oil properties
the
in these circum¬
seen,
the
settle
I11 the meantime, of
question will be successful.
not exactly benefiting
are
inexpert Mexican operations, and heavy
material losses
matter
is
whose
behalf
neered,
are
inevitable
seem
"bald
the
far
how the
matter
no
The Mexican oil workers, in
adjusted.
lvorse
an
27.10%.
changes
and
increase in the pro¬
deposit liabilities to 20.3%
year
the
confiscation"
off than they
propor¬
Public deposits increased £3,158,-
rose
£3,061,716
was
engi¬
ever were
was
£271,558, from other
securities
Of the
from bankers' accounts
Government
accounts.
decreased £3,630,000 and other securities
£3,099,034.
£853,404
was
As total deposits
reserves.
20.0% the week previous; last
was
Of the addition to the latter item,
due to
was
increase
an
discounts
in
advances, and £2,245,630, to securities.
and
Below
we
tabulate the different items with comparative
figures
for
preceding
BANK
years:
OF
...
ENGLAND'S
June
COMPARATIVE
June 22,
21,
1939
decision had been
the latest efforts to
whether
stances,
110
to
reserves
conference that the oil controversy had been
press
from
portion of
Mr. Hull admitted at
President Lazaro Cardenas.
course,
£397,000 in
000, while other deposits fell off £3,333,274.
appears
Secretary of State Cordell Hull
a
The combined effect of these
increase of
an
latter amount,
Beteta, Mexican Under-Secretary for Foreign Af¬
fairs,
earlier.
adjusting inter¬
disputes of the nature represented by the
Mexican oil
rose
£116,368 with no change in the Bank's valuation,
although the market price was 3^d. higher than a
be remarked, is
may
of the most reliable methods of
one
3739
fell off slightly there resulted
Washington reports stated
has
Chronicle
June
STATEMENT
June
23,
1937
1938
June
24,
1936
26,
1935
Circulation..
491,672,000 483,272,230 183,719,372 434,789,126 396,859,702
25,236.000 21,656,143
15,458,991 20,046,771 16,163,416
133,362,961 140,819,459 132,173,025 128,195,705 141,115,609
Bankers' accounts.
97,235,199 105,512,704 94,987,464 90,822,163 102,360,761
Other accounts
36,127,762 35,306,755 37,185,561
37,373,542 38,755,148
Govt, securities.
112,631,164 110,176,164 98,027,532 99,603,310 96,166,044
Other securities
31,683,136 26,127,263 23,933,706 24,095,564 22,590.881
Disct. & advances.
6,485,199
5,500,188
3,756,142
7,640,843 10,165,226
Securities..
25,197,937 20,627,075 20,177,564 16,454,721
12,425,655
Reserve notes & coin
32,197.000
44,052,999 43,588,838 42,486,622 56,462,755
Coin and bullion.... 226,869,158 327,325,229 327,308,210 217,275,747 493,322,457
Proportion at reserve
Public deposits
Other deposits
to liabilities
27.10%
20.3%
Bank rate
2%
Gold val. per tine oz.
under
l*8s.
5d.
84s.
2%
u m
29.50%
"2%
28.60%
'2%
2%
84s. 11m
84s. 11 Hd
84s. U ^d
35.89%
Bank of France Statement
American and British management, and the Mexi¬
can
economy
as
whole has suffered drasticaly
a
expropria¬
THE weekly statementcirculation 15 recorded a
dated June 1,072,000,000
British wells is
francs, which brought the total outstanding down to
from the direct and indirect effects of the
tion.
Oil from the American and
being bartered by Mexico for German, Italian and
of
trade.
before 85,798,933,660
be
disappointing to Mexico, and not
of the
A
barter deals
a
are
said
to
single aspect
present situation thus seems to be favorable.
solution may not
commonsense
French
commercial
bills
The Bank's
Discount
Rates
of
Foreign Central Banks
the discount rates of any
banks.
Present
at
rates
the
leading centers
are
shown in the table which follows:
Rate in
Pre¬
Rate in
Effect
Date
vious
June 23
Country
Established
Argentina..
3'H
Mar.
Batavla.-.i
4
July
Belgium
4
Apr.
...
1 1935
17 1939
Dae
Rate
2
...
4
Aug. 29 1935
3
Nov. 28 1935
6
Aug. 15 1935
2H
Mar.
11 1935
3
Dec.
16 1936
4
Colombia..
4
July
18 1933
5
4^
Java
v
2 1936
India
Chile
Bulgaria...
Canada
Dec.
Hungary...
2H
7
Italy
3.29
May
18 1936
6 1936
Jan.
14 1937
Lithuania..
7
May
15 1939
Morocco...
1 1936
Apr.
3
634
May 28 1935
Japan
Czechoslo¬
3
Jan.
3^
Jan.
5 1938
Danzig
4
Jan.
2 1937
5
Poland
4H
Dec.
17 1937
Denmark..
3^
Feb.
23 1939
4
Portugal...
4
Aug. 11 1937
3H
May
5 1938
3H
May
15 1933
July
vakia
3M
Norway
...
,
2H
4X
3^
to
Rumania
South Africa
Estonia.
4Hj
5
Spain
5
Finland
4
Dec.
3 1934
2H
Dec.
1 1933
3
2
Jan.
2 1939
4H
2H
Sweden
France
Switzerland
IK
Nov
25 1936
2
4
Sept. 22 1962
5
Yugoslavia.
5
Feb.
1 1935
6
Jan.
4 1937
7
..
■
15 1935
4
J*
434
5
634
as
Friday of last week, and 13-16@%% for three-
Money
on
as
against %% on Friday of last week.
call at London
Paris the open
on
Friday
was
J^%.
At
market rate remains at 2}^% and in
47.41%.
The items of
no
change, the latter remaining at
Following
furnish the
we
for previous
years:
COMPARATIVE STATEMENT
Changes
June
Nochauge
*990,054
b Bills bought abr'd
Adv. against secure.
Note circulation.—
Credit current accts.
*
16,
1938 June 17,
Francs
1937
Frhncs
23,774,529
15,332,055
6,397,404,230 8,544,922,029
777,386,331 1,038,990,126
No change'
3,520,489,459 4,080,785,654
—-1,072,000,000 120215,000,000 99,413.671,875 85*,798,933,660
—40,000,000 23,477,000,000 18,305,940,091 18,633,412,465
—644,000,000
-
June
92,266,006',224 55,808,091,318 57,359,105,452
.Credit bals. abroad,
a French commercial
bills discounted.
15,1939
Francs
Francs
Temp. advs. with¬
out int. to State..
No change
6,697,000,000
*742,645,233
3,467,000,000
20,576,820,960 40,133,974.773 19.979,738,771
+ 0.49%
64.21%
47.41%
54.92%
Figures as of June 1, 1939.
b Includes bills discounted abroad,
c In
srold under the decree of Nov. 13, 1938, the
books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest-bearing loans to the State.
Revaluation of the Bank s gold (at 27.5 mg, gold 0.9 fine per franc
under the
decree of Nov. 13, 1938, was effected in the statement of Nov
17. 1938; prior to
ihat 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
a
the
Includes bills
proeeas
purchased in France,
of revaluing the Bank's
three entries on the Bank's
the franc.
Bank of Germany Statement
Switzerland at 1%.
Bank of
was
francs.
Propor'n of gold on
hand to sight liab.
IN LONDON open market discount rates for short
Friday
13-16%
against 13-16%,
months' bills
it
BANK OF FRANCE'S
*
on
on
securities and temporary advances
different items with comparisons
c
Foreign Money Rates
were
State showed
20,576,820,266
Gold holdings......
5
3M
on
year
4
2H
bills
last
for Week
4H
June 30 1932
..
week ago;
a
The proportion of gold
year ago.
5
June 301932
Greece
a
4H
3
Germany
com¬
5
2
1935
change,
92,266,006,224 francs,
sight liabilities rose to 64.21% from 63.72%
4
Eire
1
hand to
3.65
England
Oct.
40,000,000
no
vious
Established
Country
Holland
1 1936
Pre¬
Effect
June 23
Rate
318 francs
advances against
'
*
644,000,000
pared with the pre-devalued holdings of 55,808,091,-
THERE have been no changes during the week in
of the foreign central
.
discounted of
gold holdings showed
the total remaining at
year
A loss also appeared in
francs.,
francs and in creditor current accounts of
francs.
be distant.
a year
aggregated 99,413,671,875 francs and the
ago
of the
Notes in circulation
120,215,000,000 francs.
Japanese products, disrupting the normal course
Results
of
contraction in note
England Statement
THE statement in note circulation of 198,800,000
showed
loss for the second quarter of June
a
THEfurther reduction ofweek endedin note21circula¬
statement for the £280,000 June shows
a
tion
leaving the outstanding at £494,672,000 as com¬
pared with £483,272,230 a year ago.
Gold holdings
outstanding down to
Circulation a year ago totaled
5,845,036,000 marks and the year before 4,560,marks, which brought the total
7,998,137,000 marks.
Financial
3740
A loss also appeared in other assets,
606,000 marks.
namely 752,452,000 marks
and in other daily matur¬
June 24, 1939
Chronicle
Rates of the Federal Reserve
Discount
Banks
ing obligations
THERE have rates of the Federal Reserve banks.
been no changes this week in the
total
The following
of 191,700,000 marks. The Bank's
gold holdings remained unchanged at 70,773,000
marks;
in
it stood at 70,773,000 marks Re¬
bills of exchange and
a year ago
serves
foreign
currency,
checks, silver and other coin,
and other liabilities
rediscount
the
for
is the schedule of rates now
Reserve banks:
advances, investments
Rate in
with comparisons for
June 23
Boston
IX
New York
1
Philadelphia
\X
Cleveland
IX
2, 1937
Aug. 27. 1937
Sept. 4, 1937
May 11, 1935
Aug. 27; 1937
Aug. 21, 1937
Aug. 21, 1937
IX
Chicago
IX
2
2
...
2
t
2
2
3, 1937
Aug. 31, 1937
Sept. 3. 1937
2
Sept.
IX
......-J-^
Dallas
2, 1937
Aug. 24, 1937
IX
...
Sept.
IX
Kansas City
STATEMENT
IX
2
2
IX
-
Minneapolis
REICHSBANK'S COMPARATIVE
2
Sept.
IX
Richmond
St. Louis
vious years:
Rate
Established
Atlanta
pre¬
Previous
Da
Effect on
Federal Reserve Bank
marks, 338,900,000 marks,
furnish the various items
FEDERAL RESERVE BANKS
DISCOUNT RATES OF
registered increases of 200,000
36,662,000 marks, 10,900,000 marks, 200,000 marks and 20,087,000 marks,
respectively. The Bank's reserve ratio is now at
0.96%, compared with 1.30% a year ago.
Below we
in effect
of paper at the different
classes
various
IX
San Francisco.
2
2
Changes
June 15,
for Week
+ 200,000
Bills of exch. and checks
Silver and other coin...
Advances..
Investments
Other assets......
Liabilities—
—193,800,000 7,998,137,000
Notes In circulation....
obltg.
—191,700,000
Other liabilities-.^....
70,773,000
+ 20,082,000
5,^45,036,000 .4,560,606,000
925,535,000 1,009,915,000.
715,534,000
599,145,000
252,208,000
197,551,000
0.96%
1.30%
1.63%
0.03%
curr. to
68,825,000
'
Propor'n of gold <fc for'n
note clrcul'n.
Course of Sterling
Exchange
Reichsmarks
19,359,000
20,333,000
5,699,000
5,749,000
5,387,477,000 4,567,887.000
+ 338,000,000 7,515,240,000
233,053,000
227,880,000
189,859,000
+ 36,662,000
49,065,000
64,722,000
44,972,000
+ 10,900,000
414,225,000
844,884,000
+ 200,000 1,204,561,000
777,914,000
—752,452,000 1,155,733,000 1,170,116,000
No change
Of which depos. abr'd
Res've In for'n currency
Oth. dally matur.
Reichsmarks
70,772,000
10,572,000
5,950,000
No change
Gold and bullion.
1939 June 15, 1938 June 15, 1937
Reichsmarks
Reichsmarks
Assets—
from Thursday and at slightly
STERLING exchange continues steady Friday of
levels
lower
threatened crisis in Tientsin
generally. The
week, when the
last
caused
range
a
setback in financial markets
this week has been between
$4.68 5-16 for
range
$4.67 15-16 and
bankers' sight bills, compared with a
and $4.68% last week.
of between $4.68
The
for cable transfers has been between $4.68 1-16
and $4.68%, compared with a range of between
range
New York Money
(NLY"
a
New
ings
sold
of
lack of activity can be reported
money market this week.
York
in the
Deal¬
paper.
Monday another issue of
on
$4.68 1-16
small and at unchanged rates in all
The Treasury in Washington
were
classes
Market
count bills due in 91
$100,000,000' dis¬
days, and awards were at an
of 0.003% discount, computed on an annual
Bankers' bills and commercial
average
While
and $4.68 11-16 a week ago.
blockade of Tientsin caused
the Japanese
uneasiness in London financial markets on
Thursday of last week, followed by extreme inactivity
great
Friday and Saturday,
on
in London
that
a
the feeling became general
solution would be reached without
and beginning on Monday reports
resort to violence,
improved political trends aided London shares
all financial markets resumed more confident
of
bank discount basis.
and
turned over sluggishly, at rates carried
over from many previous weeks and months.
Call
loans on the New York Stock Exchange held to 1%
activity as better
paper were
again
and time loans
90
1%% for maturities to
were
days, and 1 y2% for four to six
months' datings.
sentiment persisted despite lack of
official encouragement.
-
fairly general
sterling on commercial and
Throughout this week there was a
but
quiet demand for
institutional account.
1
"Financial Times", average for
46.6, as against
98.6 and 46 the previous day.
The high level for
industrials this year was 105.3 on March 8 and the
low was 91.4 on Jan. 26.
The high level for rails
On, Tuesday the"
New York Money
industrials
Rates
DEALING in detailfrom day toloan rates was the
with , call day, 1% on the
Stock Exchange
ruling quotation all through
the week for both new
The market for time money
and renewals.
loans
Rates continued nominal at 1 x/i%
continues quiet.
to 90 days and 1%%
maturities.
The demand
up
for four to six months'
for prime commercial
week al¬
though the demand is still in excess of the supply of
high class paper.
While there has been no real
change in rates small lots are going at M@%%.
paper
has been comparatively light this
Ruling rates
%@%% for all maturities.
are
THE market forlittle change thisacceptances has
prime bankers' week. Prime
shown
very
bills
are
scarce
and
no
the
demand
change in rates.
has
been light.
Dealers' rates as
reported by the Federal Reserve Bank of New York
for bills up to
and including 90 days are %% bid and
and
days.
acceptances
The bill buying rate of the New
%% for bills running from
The Federal Reserve Bank's holdings of
decreased from $561,000 to $556,000.
May 31 and the low was 35.2
on
no
question that British foreign
severely
military operations in
as
a
trade
result of the Japanese
North China and is now further
impeded by the Tientsin
blockade and the threats to
Amoy, Canton, Hongkong, and other British centers
of trade in the Far East.
These events aggravated
created as a
September, 1931.
The total of British investments in China is reliably
estimated at £300,000,000 ($1,410,000,000).
British
trade activity in the Far East centers in the crown
the adverse
international trade situation
departure from gold in
colony of Hongkong.
At
the
transfer of
present writing it would seem that
international ferment from Danzig to
Far East has
caused
of the London
no
the
the
marked change in the action
financial markets.
Lack of business
of whatever
values in London.
Financial observers there seem to expect day-to-day
setbacks but with no severe slump on new war fears.
There are a number of bright spots in the British
weakness is
Bank is
49.7
be
can
suffered
9-16%
Reserve
1 to 90
There
has
%% asked; for five and six months, %% bid
9-16% asked.
York
99.1 and for rails
Jan. 26.
on
rather than
7-16% asked; for bills running for four months
bid and
this year was
result of the
Bankers7 Acceptances
There has been
was
liquidation is the chief cause
apparent in security
industrial position
and in the domestic and overseas
-
Volume
Financial
14S
trade situation.
British exports
and re-exports are
increasing, although the rate of increase is slow, but
the
import outlook
market.
money
anxiety in the London
causes
Although
orders take third
overseas
place after governmental and domestic trade needs,
the
considerably larger exports in May indicate that
Chronicle
At the Port of New York the
the week ended June 21, as
capacity to meet growing overseas
demands
is
activity.
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW
YORK, JUNE
not
mostly in
handicapped
goal,
by
automobiles.
and
chemicals,
armament
her
interests confirm the view that the trade
benefit to the United
15,909,000 from Holland
2,828,000 from Switzerland
468,000 from India
23,000 from Costa Rica
$56,497,000 total
It is
thought that this will become
and
that
position
when
the
serious question
a
become critical in the
may
import peak is reached.
It is
hinted in informed London circles that official steps
should be taken to reduce unecessary
purchases from
abroad.
foreign funds continue to
United States, the
to the
come
gold from England and the invest¬
ing funds chiefly from Amsterdam where dealings in
American securities
investments
1938
United
the
in
$7,883,000,000,
was
The value of foreign
active.
are
States
end
the
at
of
Hopkins announced
the
of
few days
a
1938
Of the total
ago.
represented foreign-owned dollar
British
£114,882,055, against
as
the first
totaled
went
five
months
United
the
States.
gold exports
year
Of this total
£298,490,809.
to
of this
£248,431,695
Canada
took
£41,-
Most of the remainder went to Switzer¬
848,628.
land, Holland, and Sweden.
It would
seem
that
a
large part of the gold shipped to the United
very
Canada
and
States
account.
earmarked
was
'
official
foreign exchange market is the
discussion abroad of the transfer of Czech
gold to
Germany by the Bank for International Settlements.
A few
"To
days ago the London "Financial News" said:
prevent
any
Government should at
result
same
once
denounce the relevant
If that should present legal difficulties
protocols.
the
of this incident the
recurrence
can
be achieved quite simply by with¬
drawing British deposits with the Bank.
way
can
scarcely hope to command
the confidence essential to
tution.
up
After the
this affair has been handled the Bank for Inter¬
national Settlements
is
a
truly international insti¬
Indeed, the feeling that it should be wound
even
stronger on the Continent than in this
country."
money
13-16%,
bills
market
money
against bills
three-months
rates are as follows:
%%,
two-months
bills
follows:
£443,000,
£353,000,
The
rate
a
On Saturday last £196,000, on Monday
on
on
Tuesday
Thursday
£511,000.
from England
were
no
exports
"
;
exchange is relatively steady, though
a
discount in terms of United States
funds
ranged during the week
discount of 5-16% and a discount of 7-32%.
following tables show the
Paris, the London
on
came
There
"
Montreal
between
or
and the price
mean
open
London check
market gold price,
paid for gold by the United States:
MEAN
LONDON CHECK RATE ON PARIS
Saturday, June 17_'_
Monday, June 19
Tuesday, June 20
Wednesday, June 21
>..176.72
176^72
Thursday,
Friday,
176.72
_______
June 22
176.71
;___ 176.71
June 23_._____176.71
LONDON OPEN MARKET GOLD PRICE
Saturday, June 17
148s. 6d.
Wednesday, June 21___148s. 5^d.
Monday,
148s. 6d.
Thursday,
Friday,
June 19_-
Tuesday, June 2(L____ 148s. 5Kd.
PAID
FOR GOLD
BY
THE
Saturday, June 17
,$35.00
June 22_:_ 148s. 6d.
,
June 23___ 148s. 6d.
UNITED
STATES
(FEDERAL
BANK)
Wednesday, June 21
$35.00
Monday, June 19___
35.00
Thursday,
June 22.
35.00
Tuesday,
35.00
Friday,
June 23
35.00
June 20.
________
Referring to day-to-day rates sterling exchange
on
Saturday last
was
steady, unchanged from Friday.
Bankers'
was
$4.68%@$4.68%; cable transfers
sight
$4.68 3-16@$4.68 5-16.
tinued
steady
in
fair
On Monday exchange
demand.
The
range
con¬
was
$4.68%@$4.68 5-16 for bankers' sight and $4.68 3-16
@$4.68% for cable transfers.
continued
On Tuesday sterling
steady and in fair demand.
Bankers' sight
$4.68 3-16@$4.68 5-16; cable transfers $4.68%
@$4.68%.
On Wednesday the exchange controls
maintained the steadiness in rates.
$4.68
The range was
1-16@$4.68% for bankers' sight-and $4.68%
@$4.68 5-16 for cable transfers.
moved
pound
range was
lower
in
On Thursday the
market.
quiet
a
and $4.68 1-16@$4.68 3-16 for cable transfers.
Friday the dollar-sterling relationship
The
The
$4.67 15-16@$4.68 1-16 for bankers' sight
was
range
was
On
unchanged.
$4.67 15-16@$4.68% for
bankers'
sight and $4.68 1-16@$4.68 3-16 for cable transfers.
Closing quotations
and
bills
on
Friday
were
$4.68% for cable transfers.
finished at
90-day
bills
$4.67 9-16.
at
$4.68 for demand
Commercial sight
$4.67%, 60-day bills at $4.66%,
$4.66%,
documents
for
payment
at $4.66%, and seven-day grain bills at
Cotton and grain for payment closed at
$4.67%.
27-32%,
four-months
Gold on
market during the week was
bills
15-16%, and six-months bills 1%%.
offer in the London open
as
dollars.
Wed¬
on
imports
On Friday $1,686,000 of gold
of the metal.
Canadian
no
were
received, of which $1,675,000
(60 days)
London open
Call
for the week ended
and $11,000 from Canada.
was
•
,
Of interest to the
for
are
RESERVE
£104,335,655 in the corresponding period of 1938.
In
was
banking items.
gold imports for the first five months of
officially reported
are
figures
On Thursday there
exports of the metal.
PRICE
balances and other short-term
1939
The above
nesday.
$5,690,-
foreign investments
000,000 represented so-called long-term investments,
while $2,193,000,000
-
$24,717,000
$186,000 from China.
compared with $7,036,-
as
000,000 at the close of 1937, Secretary of Commerce
amount
Increase:
continuing at
„
Gold and
.
received at San Francisco, of which $1,021,000 came from Australia and
impressively than exports.
more
"
,
Net Change in Gold Earmarked for Foreign Account
Note—We have been notified that approximately $1,207,000 of gold was
Kingdom.
As employment increases imports
expected to gain
None
547,000 from Mexico
treaty is of
However, increasing imports threaten to outweigh
the gain in exports.
the
Exports
$32,537,000 from England
Large purchases of tin and woolens by United States
autumn
15-JUNE 21, INCLUSIVE
Imports
The improvement in January-May exports
are
gold movementlfor
reported by the Federal
4,185,000 from Canada
Great Britain's
was
3741
£552,000,
on
£395,000, and
Wednesday
on
Friday
Continental
and
Other
Foreign Exchange
FRENCHterms ofcontinued to gain firmness especi¬
ally in francs sterling. The general industrial
situation in France shows
The
steady improvement.
French iron output in
tons, compared with
.03,000
May totaled 681,000
tons in April and with
483,000
Steel output
1938.
May,
in
tons
706,000 tons, compared with 625,000 tons in
The latest French
president. Nothing may be
decided by a majority vote, as was formerly the
practice. The new law removes all safeguards heretofore considered indispensable for the protection of
the currency. The Fuehrer is given discretionary
power to fix the gold reserves considered necessary
"for regulating foreign payments and for maintaining
the value of the currency." The new law removes all
heretofore existing formal checks on the granting of
credits to the Government. Such credits may now be
extended to any amount which Herr Hitler may
of the Reichsbank's
was
April
in May, 1938.
and with 501,000 tons
industrial production index
as
of the end of
April registered 94, against 82 a year
The
figure for mines was 98 against 95,
earlier.
textiles 93 against 78,
against 98,
chemicals
113
metals
against 68, automobiles 104 against 67,
82
>
building 77 against 60.
Undoubtedly the marked improvement in industrial
production is due to the cessation of labor troubles
brought about by
determine.
and the increased working hours
the
with any assurance
France should
The following table shows the relation
past five
and
labor disturbances
In the absence of
months.
during the
administration
Daladier
ing European currencies to
of international political stability,
few months,
Despite the improvement of the past
the French citizenry
confidence in the
.
a
has continued to show a lack of
currency
ci
•
Stock market movements in Paris
p
a
j^ew york
available only for
Qn
Tax
revenue
May were above the
compared with 1,312,000,000 francs last year.
receipts .in
40
.
May were
spot price ranges
tTe
this respect", as
30-day belgas are now at a discount of 4 points and
90-day belgas at from 14,to 15 points discount from
spot. In the early part of the month the discount on
90-day belgas was frequently 20 points. The banking
situation in Belgium is particularly strong. * On
June 15 the gold stocks of the Bank of Belgium stood
at 3,153,400,000 belgas, the ratio of gold to notes
was
71.51%, and the ratio of gold to total sight
conspicuous improvement in
.
liabilities
was
68.39%.
\
.
The German so-called free
to
be
gold mark continues
quoted relatively steady in terms of both
sterling and the dollar.
all
or
classes
of
Par of the free mark as for
depreciated internal marks is 40.33.
Currently free marks range from 40.103/2 to
By the new Reichsbank law
the Reichsbank has been
be
on
40:133/2.
June 16
reorganized to conform to
National Socialist principles.
to
proclaimed
The Reichsbank ceases
"independent of the Reich Government" as
prescribed by the Reichsbank law of 1924—drafted
to meet the wishes of Germany's creditor nations—
and instead is
sovereignty."
to the Fuehrer
Fuehrer
placed "under the Reich's unrestricted
It is henceforth directly responsible
and will be internally
principle, which
means
managed
on
the
in practice that the
president of the Reichsbank is appointed
Fuehrer's deputy and has absolute power
as
the
within the
bank, while the board of directors is retained only in
a
consultative capacity and is bound by
the decisions
bankg
0
weck. In
the French center finished
of"
ainst 17.00^ and
and 40.11. Italian
bankerg, gight bmg and at
mogt
5.26^ and 5.26M-
refuge
to
Exchange
make
on
commitments
on
Fjn[and at 2.07 against 2.07.„
cloged ftt Q
in
Bucharest closed at
72> againgt 0.72; on Poland at 18.85, against
and
'
Friday
Czechoslovakia is nominally quoted
on
(jzech currency.
between 16.99^ and 17.01,
prevailing a few Weeks ago.
basis of 179
on
quotations for Berlin marks were
cloged at 5.26^ for
but
continues to display the
P,ar of the belga is 16.95
Future belgas continue to
rule at a discount from the basic cable rate, but there
on
5.26M for. cable transfers, against
recession from the 17.03
is also
Final
Exchange
currency
closed
W/j {or bankers- sight bms and 40.11^ for cable
lire
..
Belgian
sight bills
transfers, in comparison with 40.11
Current
195,000,000 francs below
strength which developed several weeks ago.
a
,
rancs,
currencies
and allowed to "float" on June 20, 1937.
and ftt 17 (J1 for cable trangfergj
15,155 000,000 francs last year.
estimates.
current
From
E
week; cable transfers at 2.64 15-16, against 2.65.
bel
closed at 17 01 for bankerg, sight biUs
from direct taxes,
indirect taxes the yield was 18,175,000,
The
Ant
for the first five months
consisted of 2,359,000,000 francs
to
11%
Fri(]ay ftt 2M?/g> againgt 2 64 15.16on Friday
last
French Treasury revenues in
'"Jr
40.20
m>71> againgt m 72 on Friday of last
at
short-term accommodation.
1938 level.
2.64^ to 2.65H
cOn May 5, 1938.the franc was devalued on a de facto
reflect professional
activity, while the public at large refuse to take any
interest in the promotion of in ustria enterprises.
Hoarding continues and money is
mJweek
'
6.63
francs to the pound, or 2.79 cents a franc.
rp^ London check rate on Paris
1
•
Nparuv°Tr
New dollar parity as before devaluation of the European
b Franc cut from gold
and financial situation.
.
i
,
I-i::
.
,
3.92
S
b c France (franc)-—---—
the most completely self-
sustaining country in Europe
of the lead-
the United States dollar:
0ldpar°ityr
'
•
experience a steady recovery, as out-
side the industrial field it is
against
June 24, 1939
Financial Chronicle
3742
18.85.;
Greek exchange
againgt
»
T^XCHANGE on the countries neutral during the
Hi war follows the trends apparent during the past
few weeks.
Amsterdam advices state that the
Dutch exchange equalization fund is following the
policy of allowing the guilder to fluctuate between
an upper and lower level representing 20% depreciation against the dollar, giving a dollar rate of 1.8366
guilders per dollar and a low level of 22% depreciation equaling 1.88375 guilders,
On this basis the guilder would be allowed to fluctuate between a high of 54.443/2 cents and a low of
53.08^ cents. Currently the guilder rate is fluctuating between 53.083^ and 53.143/2 cents,
The Netherlands banking situation is essentially
strong. The Bank of The Netherlands statement for
June 19 shows gold holdings of 1,189,300,000 guilders,
A very large part of the Bank's gold stock is held
under earmark in London and New York.
The
Bank's ratio stands at 81.8%.
The Swiss franc and the Scandinavian currenc es
are steady in sympathy with sterling.
The National
Bank of Switzerland showed total gold stocks on
June 15 of 2,471,400,000 Swiss francs. Its ratio of
gold to notes stood at 147.96% and its ratio of gold
to total sight liabilities was 86.71%.
Bankers' sight on Amsterdam finished on Friday
at 53.09, against 53.10 on Friday of last week; cable
transfers at 53.09, against 53.10; and commercial
sight bills at 53.05, against 53.05.
Swiss francs
VoIutl148
closed at
Financial
22.54% for checks and at 22.54% for cable
transfers, against 22.53% and 22.53%.
Copenhagen
checks finished at 20.90 and cable transfers at 20.90,
against 20.91 and 20.91.
Checks
Sweden closed
on
Chronicle
3743
ek Va^ue current
ma
as of the statement date, instead of the statutory price,
wnich was formerly the basis of value.
On the market price basis (148s. 5d.,
per fine ounce), the Bank reported holdings of
£226,869,158 equivalent, however,
to only about
£129,866,712 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
k
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
English holdings In the above in statutory pounds.
Amount held Deo. 31,
a
1938, latest figures available,
b Gold holdings of the
Bank of
at
24.10% and cable transfers at 24.10%, against
24.11% and 24.11%; while checks
ished
at
23.52%
and
cable
Norway fin¬
on
transfers
23.52%,
at
against 23.53 and 23.53.
leading units, such
and Chile.
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
franc; prior to Sept. 26,1936,65.5 mg. gold 0.9 fine equaled one franc,
raking the pound sterling at the rate at which the Bank of England values its gold
43 mg.
49 mg. to the
EXCHANGEsteady. South applies particularly to
generally on the This American countries is
the
Germany are exclusive of gold held abroad, the amount of which la now
reported at £528,600.
c As of April 30, 1938, latest figure available.
Also first
report subsequent to Aug. 1, 1936.
The value of gold held
by the Bank of Francel s presently calculated.t n accordance
with the decree of Nov.
13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
as
Recent press
uoWIngs (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
or 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.
those of Argentina, Brazil,
Agitation Against Chain Stores
Seen Abating
dispatches from Guayaquil,
Ecuador, state that the central bank is offering dollars
to
drafts with
cover
rate of 15
although
high
as
the
on
banks
market the rate has been as
open
15.45 recently.
The action
taken to
was
Argentine
paper
last
Friday at 31.21
on
sight bills, against 31.21
Friday of
on
week; cable transfers at 31.21, against 31.21.
The unofficial
or
against 23.25.
free market rate
Brazilian milreis
(official), against 6.06.
5.19
at
closed
pesos
drive in
and
this country
23.18@23.20,
was
quoted at 6.06
are
Chilean exchange is quoted
Peru is nominally
(official), against 5.19.
quoted at 17%, against 17%.
to have been reached
seems
passed in the last
and the
year
pressure
punitive anti-chain legislation has abated.
recent annual contention
stop speculation in exchange.
for bankers'
The peak of effectiveness of the anti-chain store
shipping documents at, the legal
to the dollar to all commercial
sucres
the
at Kansas
City this
National Association of Retail Grocers
United States in
resolution
bill
in
surprise
a
failed to
move
for
At its
year
of the
pass
a
favoring the current Patman anti-chain
Congress, although it passed such
tion at last
Congress
year's convention.
alleged
investigate
to
a
resolu¬
It did, however, ask
"monopolistic"
price cutting and other chain store practices.
The Pitman
-
bill
be aimed only at the total
can
destruction of the largest chains and the crippling
of the
EXCHANGE on the Farimportance from those of
Eastern countries presents
no
features
new
Weeks.
recent
Department
of
A few
days
ago
disclosed that military
of Commerce
forced
have
requirements
the United States
Japan
ship
to
almost
$400,000,000 in gold to the United States since it
began its undeclared
3.937
A press
China in the
war on
''."'.'C
■
;
':y.''
dispatch from Hongkong
■■■'-
.
of
.V
a
new
decision
close
close
to
for
the
a
three-day
banks
period.
revenue
is
for
Patman
bill
store
chains of up
on
would
chains with
on
The
on
the
The
impose taxes of from $50
per
to 15 units, to $1,000 per store
500'
units, the tax to be multi¬
following table gives
Hongkong
Friday of last week.
were
Hong¬
A
•
Stales
Appror.
Approximate
Unci.
Approximate
Stores
D.ofC.)
Tax
Volume
11,7.50
40
1880,000,000
2.000
49.
.1460,000,000
87,000,000
No.
Great Atlantic &
Pacific.
...
of
Annual
290,000,000
Liggett
Kroger....
10,362,000
29
2,500,000
87,000,000
1,500
48
62,000,000
275.000,000
32
7,500,000
4.100
J.w
4
235
_
•_—
Penney.
2,800
439
American Stores.......
checks yesterday
idea of how leading
an
-
,
Woolworth
yen
case
retailer.
chains would be affected:
The
cents).
Closing quotations for
independent
tains stores.
Kress....
27.30, against 27.31
over
In this
purposes.
the
reached after the
was
Chinese dollar had fallen to 2.46 to the
dollar (11.75 American
taxes, like the tariff, for protective
use
than
protection
record
following the decision of all Chinese banks in
Hongkong to
rather
plied by the number of States where the chain main¬
June 21 stated
on
that the Chinese dollar there broke to
low
summer
others, and is in line with the modern ten¬
dency to
19
74.000.000
^
.•
:
T"
115,000,000
Not listed
?K0 000.000
>:
kong closed at 28 15-16@29 1-16, against 28.95@
29
1-16; Shanghai at 13%, against 12%; Manila at
49.85,
against
49.85;
Singapore
54.65, against
at
It is
54.60; Bombay at 34.96, against 34.97; and Calcutta
at
Bullion in European Banks
of
THE following table indicates the amounts of gold
(converted into pounds sterling at the
bullion
in
the
84s.- ll%d. per fine oupce)
principal European banks
dates of most recent statements,
as
of respective
reported to
us
by
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
1938
£
£
1937
£
327,308,210
347,631,003
2,475,150
87,223,000
100,000,000
327,325,229
293,726,798
2,522,000
63,667,000
25,232,000
123,435,000
Nat.Belg.-
90,098,000
78,208,000
103,232,000
Switzerland
98,858.000
73,735,000
Sweden....
34,167,000
29,109,000
83,595,000
25,780,000
Denmark..
6,555,000
8,222,000
6,540,000
England—
*129.866.712
311,709,194
France
3,010.000
Germany b.
Spain
Italy
Neth'lands.
Norway
c63,667,COO
a23,400,000
—
an open
7,442,000
25,232,000
95,505,000
6,548,000
6,602,000
1936
£
217,275,747
431,620,883
2,373,100
88,092,000
42,575,000
49,069,000
105.656,000
49,303,000
23,983,000
6,553,000
6,604,000
1935
early .action
measure
throttle
to
the
secret that the bill Has very
It has failed of hearings
next
and
year,
has
assurance
dubbed
H. R. No. 1 in the hext session of
his
Congress.
However, organized resistance to such destruction
has
appeared
already
The chains have
Federation
among
consumer
groups.
begun to fight back; the American
Labor
of
State Federations have
opposes
the
bill;
eight
passed resolutions against
it; and numerous "consumers' organizations"
Its importance
are
seems to
lie
chiefly in its nuisance value.
Meantime
e
193,322,457
566,160,983
3,135,650
90,870,000
63,043,000
51,654,000
103,068,000
44,541,000
19,670,000
7,394,000
6,602,000
aimed
but Mr. Patman is said to have
prepared to attack it.
1939
Banks of—.
already
this year,
British statutory rate,*
obviously
is
little chance of passage.
34.96, against 34.97.
Gold
and
gross,
chain store systems.
among
these
of
the
box-score
of
anti-chain
the States is the poorest in years.
taxes
were
taxes
The first
imposed in the 'twenties but
they failed to pass the courts.
In recent
years
they
have
the
reappeared, with greater legal success, and
heyday of punitive State chain store taxes was
around 1935.
Total week.
Prev. week.
*
869,552.906 1,030,942,027 1,111,231,363 1,023,104,730 1,149,371,090
870.111.294 1,029,930;932 1,104,140,992 1.022,693.323 1,146,822,937
Bank Notes Act, 1939, the Bank of England
Statements for March 1. 1939 and since have carried the gold holdings of the Bank
Pursuant to
the Currency and
During the current year, however, although some1
95
bills
were
submitted in
over
30
State Legisla-
unimportant,
comparatively
three,
only
tures,
South Dakota increased the rate
managed to pass.
slightly on chains operating more than fifty stores;
Carolina raised the tax on smaller chains
North
by $15 a unit and on larger ones by $25, and Tenincreased its tax 50% on interstate chains,
nessee
in three States, Pennsylvania,
On the other hand
and New Jersey, the courts have inlaws, a graduated gross earnings
Kentucky,
such
validate
in Minnesota, and the recent
levy has been upset
by
the
The chains have begun
General.
State's Attorney
questioned
been
has
increase
Tennessee
fighting back, and in some cases efforts to impose
such taxes have not only failed but have stimulated
reminding consumers of the advan-
sales by
chain
trading with chains.
'
/
result, there are now only 20 States having
tages of
As
a
graduated unit taxes on chain stores.
The
Florida, Georgia, Idaho,
Indiana, Iowa, Louisiana, Maryland, Michigan,
Minnesota, Mississippi, Montana, North Carolina,
these
roll is
Alabama, Colorado,
South
South Dakota, Tennessee, Texas,
Carolina,
in
in
New England or on the Pacific Coast although the
California legislature did pass such a law in 1935
West
Virginia,
They apply
Wisconsin.
and
nearly all Southern States, but there are none
which
was
defeated in
1936.
The
heaviest
where
the
having
in
over
where
popular referendum
a
taxes
in
imposed
are
is $750
maximum
per
Texas,
unit for chains
50 stores in the State, and in Louisiana,
the maximum is $550 per unit on chains
more
United
States.
A1 though
last to this
500
than
having
in
anywhere
stores
the
prohibition of quantity discounts in excess of provable savings on quantity purchases, the brokerage
Yet, until re-
reducing distribution costs.
cently, efforts to cripple the chains, inevitably at
consumers' expense,
to
have gone steadily forward.
importance of distribution costs in the cost
living is impressively shown in the preliminary
Fund
be
being made public
on a
published this
summer.
dicate that."about 59 cents
and
Twentieth Century
study, "Does Distribution Cost Too Much?"
dollar goes
In 1929 total sales of con-
portant aspect of the Robinson-Patman Act was the
Talk of high middleman costs is
given lip-service to reducing the cost of living and
of
.
consumer's
important source of low-
perennial, and this Administration has repeatedly
releases
. .
for the services involved in distribution
an
political and academic minds have been
European lines.
The
dollar spent by the consumer for bread the farmer
received 13.3 cents, the miller 7.2 cents? and the
retail grocer 19.3 cents."
It is evident that retail distribution is one of the
largest, if not the largest, business in the United
States. It must also be evident that any economies
in the cost of distribution, if multiplied by the
huge total of the gross business done, must make
a tremendous difference in the cost of goods to the
ultimate consumer.
So viewed, in emerging into
politics the retailing business takes on a role
similar to that played by agricultural pressure
groups. Like the farmers, the majority of indepen-/
dent retailers find their profit margins shrinking
down under pressure from more efficient distributors, and they are entering politics to get protection.
The wholesalers are doing the same thing—the
United States Wholesale Grocers'Association spoilsored the Robinson-Patman Act, which was aimed
primarily at the chains, and favors the latest Patman bill.
Part of the background for this may be seen in
another part of the Twentieth Century Fund report. It finds that "the services of wholesalers cost
American consumers an estimated $7,000,000,000,"
but that "over a period of years, howeyer, the conventional wholesaler has been losing ground, as
evidenced by the failure of many long-established
The study will in-
to
pushing the idea of consumers' cooperatives along
to
much
ventional wholesale merchants accounted for 36.8%
of the total volume of intermediary trade, while the
business passing through manufacturers' sales
branches and chain store warehouses together accounted for 26.5%. By 1935, although the wholesale merchant still maintained his position as the
most important branch of the intermediary trade,
his share had declined to 32.2% while the other
groups controlled 29%."
Another group in the distribution field which has
been under severe pressure from the chains is that
of the food brokers. To protect them a clause was
inserted in the Robinson-Patman Act of 1936 apparently designed to prevent, the chains from passing the brokers by and pocketing money ordinarily
paid them or handing back part of it to the sellers.
While it was originally supposed that the most im-
the public seems to have awakened at
menace
priced commodities, its indifference is still in strikFor years
showed that "it costs three or four times as
to bring vegetables and fruits from the farm to the
dinner table as it does to grow them.7' On the basis
of 1935 averages, the report found that "out of each
wholesale businesses
•
•
ing contrast to the effectiveness of pressure groups,
even
June 24, 1939
Financial Chronicle
3744
out of the
only 41 cents for the services in production."
clause lias recently aroused an unexpectedly vigor-
The Fund's research staff estimates that household
and
consumers
■
"terminal
other
buyers"
ous controversy.
spent
Next fall the Atlantic & Pacific
the Federal Trade Commission in the
nearly $66,000,000,000 in 1929 for finished goods,
will
of which "available evidence
United States Circuit Court of Appeals Third Cir-
sliglitly
of
to indicate that
seems
than $27,000,000,000
more
.
.
.
was
cuit in
the cost
latter
the cost of distributing them."
was
nearly $13,000,000,000
distribution and about
of wholesale trade.
double the
An
which
probable effect will be the freezing of the independent broker's fee into the intermediate cost of distribution, the chains being prevented either from
passing it back to the producer, pocketing it theinselves, or passing it on to the consumer.
Many of the standard arguments advanced seem
to be beside the point. The chains have been charged
with paying low wages, drawing money out of small
towns, and being managed by Wall Street, in none
Of the
paid for retail
was
$7,000,000,000
Together these
was
the cost
were more
than
$9,000,000,000 of transportation costs.
indication
went
for
of the
retail
size of this
distribution
$13,000,000,000
may
be gained
by comparing it with the $4,800,000,000 of freight
revenues
farm
of the railroads received in
cash income from
$10,500,000,000 in the
1929
and the
marketings, approximately
same year.
In fact the study
the most important show-down on this
If the Trade Commission wins, the
clause to date.
producing goods and somewhat less than $39,000,-
000,000
engage
-
of which charges does there appear to be any substance. The chains retort with figures and quota-
Volume
Financial Chronicle
148
tions from
independent studies to show that unit
retailers do not average
their
usual
ciency
store
or
early demise is chiefly due to ineffi¬
chain
to
competition.
chains
gist of the matter
undersell
more
the
to be that the
seems
750,000
3%s,
Illinois
The
1964,
this
$3,000,000
also
Electric
week
high
new
effectively.
to Federal, State, and local governments
go
Offerings
issues.
Gas
&
debentures
serial
Co.,
of
of
principally for
were
improving tone of the bond market
felt
Another
more
particularly noticeable
refunding purposes.
because, by and large, they can buy
than two-thirds of their profits al¬
has been
Rapid Transit
$8,323,000 Rochester Gas & Electric 3%s, 1969, and $14,-
the
in
industrial
105%, for
net gain
a
as
whole has
a
section
of
list.
the
established for the Firestone 3%s,
was
1948, when the issue sold at 105%,
to
ready
Such action
the_ Inter borough
independents and take busi¬
efficiently and merchandise
more
in
been
from them
However,
moderately.
Central
accounting rather than
poor
But the
ness
long in business and that
3745
subsequently receding
% point
of
on
Steels
the week.
taxes and
they cannot stand much
where the taxes
and courts
States
prohibitive and the legislature
are
unfriendly, and further levies will only
work to the detriment of
increasing number of
an
the Wheeling 4%s,
Al¬
more.
have begun withdrawing from
ready they
mixed, with changes mostly confined to fractions,
although
for
have ben
94.
at
Among petroleum
Corp. 3s, 1959, closed at
in that group
the
of
1966,
new
a
down
1%
points
obligatiohs,
the
Texas
were
company
high of 105;
other issues
have been firm to higher, with the exception
Consolidated
Oil
3%s,
conv.
1951, which were off
consumers.
fractionally
105.
at
Paper
company
obligations
showed
strength, and metals have been fractionally higher with the
The Course of the Bond Market
Fractional
gains
have
been in
throughout the list this week.
in
Lower-grade railroad bonds
particular made noticeable gains.
the
Government
and
rate
same
as
bond
The high-grade corpo¬
markets
week's close.
at last
exception of the Anaconda 4%s, off slightly at 106%,
evidence quite generally
have
averaged
about
changes
confined
being
to
%
to
1948, lost Ys at 112%.
issues
fractions.
111%,
Atchison
while
price
Delaware
Nashville
&
&
Hudson
1940,
rose
%
100%,
to
4s, 1943, advanced- %
point
to 57%.
bolster
There
t
car
has
loadings to
been
very
a
new
little
1939 high of 638,000
change
in
the
cars.
high-grade
utility bond market this week, and trading has been gen¬
erally dull.
Lower-grade and
somewhat in the earlier
of
that
1939
U. S.
Govt.
Averages
Bonds
117.13
obligations
suffered
losses
up
Polish bonds
early
bid
were
up,
issues
Denmark
the
Norwegian and
turned
regular.
slightly
computed bond prices and bond yield averages
given in the following tables:
All
120
1939
120 Domestic Corporate
by Ratings
Domes¬
Daily
Baa
RR.
P. U.
Indus.
Averages
Corp.
121.49
117 29
102.48
85.93
92.43.
110.83
115.14
June 23——
3.70
2.92
3.11
105.41
121.49
117.29
102.48
86.07
92.43
110.63
115.35
22_—_
3.70
2.92
3.11
21
117.04
105.41
121.49
117.07
102.48-
86.21
92.43
110.83
115.14
21
3.70
2.92
3.12
20- 116.84
105.41
121.49
117.07
102.30
85.93
92.28
110.63
115.14
20
3.70
2.92
19— 116.84
105:22
121.27
117.07
102.12
85.65
91.97
110.63
114.93
19—-
3.71
2.93
.
120 Domestic
tic
22.. 117.15
Aaa
Aa
Baa
A
RR.
P.
U.
Indus.
4.46
3.42
3.21
4.89
4.46
3.43
>3.20
4.88
*4.46
3.42
•4.90
4.47
3.43
3.21
4.92
4.49
3.43
3.22
3.23
3.86
,4.90
3.86
3.86
3,12
3.87
3.12
3.88
,
Corporate by Groups
3.21
"
„
ir¬
\s
Moody's
are
Corporate by Groups *
A
points,
2
(Based on Individual Closing Prices)
by Ratings
Aa
to
but Italian issues closed easier.
Japanese
support,
105.41
Corp.*
support at last week's clos¬
section, Belgian and Danish
the European
4%g recovering 1 point in later dealings.
After
The bal¬
yielded to further pressure, but Queensland
In
120 Domestic
Aaa
Among South American issues the
followed the market's general course.
ing levels.
tic
June 23..
market
been confined
have
MOODY'S BOND YIELD AVERAGES t
120 Domestic Corporate *
Domes¬
Daily
bond
foreign
the
Government bonds- kept steady.
(Based on Average Yields)
120
in
movements
and'New Zealand issues found
MOODY'S BOND PRICES t
AU
price
group
5s
Australian
speculative issues advanced
days of the week, but later receded
In
1957,
and
Province of Buenos Aires firmed up after early weakness,
while Argentine
while
tendency
limits.
narrow
the Armour 4s, 1955
high, then receded fractionally.
new
a
continued,, although
ance
A sizable increase in the movement of winter wheat served
to
for
reactionary
4s,
Medium-grade and speculative rail
4s,
The
•
4s,
gen.
Pennsylvania
displayed buoyancy and gains haye been registered.
Louisville
packing group,
touched 101,
within
-
High-grade railroad bonds have remained steady,
1995, have advanced
meat
the
•
17..
116.81
105.04
121.27
117.07
101.94
85.65
92.12
110.63
114.72
17
'3.72
2.93
3.12
3.89
4.92
4.48
3.43
16-
116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16—
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
15- 117-03
105.22
121.27
116.86
102.12
85.93
92.28
110.03
114.72
15
3.71
2.93
3.13
3.88
4.90
4.47
3.43
3.23
117.10
105.41
121.49;
116.86
102.30
80.07
92.43
110.63
114.93
14.
3.70
2.92
3.13
3.87
4.89
4.46
3.43
3.22
13— 117.08
13—:—.
12...
14..
3.70
2.92
3.12
3.87
4.89
4.45
3.42
3.22
3.70
2.93
3.13
3.86
4.88
4.45
3.42
3.24
3.70
2.92
3.14
3.84
4.88
4.44
3.41
3.23
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.23
8
3.70
2.92
3.13
3,84
4.9Q
4.45
3.4*
3.23
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
80.21
92.59
110.83
114.51
10.. 117.25
105.41
121.49
116.64
102.84
86.21
92.75
111.03
10
9.. 117.34
105.41
121.27
116.86
86.21
92.59
110.83
8— 117.48
105.41
121.49
116.86
102.66.
102.84
114,72
114.72
85.93
92.59
111.03
7„
H7.55
102.84
114.72
114.51
6„
9
-
*
s
105.41
121.27
116.64
86.07
92.43
7
3.70
2.93
3.84
4.89
4.46
3.41
3.24
117.67
105.22
121.27
116.21
102.84
85.79
92.28
111.03
114.30
6——
3.71
2.9fr
-316
3.84
4.91
4.47
3.41
3.25
5.. 117.72
105.04
121.04
116.64
102.66
85.62
92.12
111.03
114.30
6—
3.72
2.94
3.14
3.86
4.93
4.48
3.41
3.. 117.63
105.22
121.04
116 64
102.84
85.65
91.97
111.03
114.30
3
3.71
2.94
3.14
3.84
4.92
4.49
3.41
3.26
2„ 117.61
.
105.22
121.04
116.64
102.84
85.52
91.97
111,23
2
3.71
2.94
3.14
3.84
4.93
4.49
3.40
3.26
3.26
"
111.03
1— 117.28
105.04
120.82
116.64
102.66
85.38
91.97
111.03
114.30
114.09
Weekly—
May 26— 116.98
19."_ 116.97
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
May 26
103.56
120.59
115.78
101.06
83.46
89.84
110.43
12„ 116.37
104.11
120.37
116.43
101.76
83.73
90.59
110.24
113.27
113.48
12
5— 115.78
103.56
120.14
115.78
101.23
83.00
89.99
109.84
112.86
28- 115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
21- 115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
21—
14.. 114,76
6.. 114.85
102.30
119.03
114.72
100.18
81.61
88.05
108.66
111.84
14
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
24.. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
17— 114.64
104.67
119.92
114.93
102.30
86.07
92.43
10— 114.79
3— 113.59
105.22
120.37
114.93
102.84
87.21
3.14
3.25
3.72
2.95
3.14
3.85
4.94
4.49
3.41
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.80
2.96
3.18
3.94
5.08
4.63
3.44
3.30
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
3.80
2.98
3.18
3.93
5.11
4.02
3.47
3.32
3;84
3.01
3.20
3.97
5.16
3.50
3.35
3.85
3,03
3.22
3,97
5.16
4.68
3.51
3.35
3.87
3.03
3.23
3.99
5.22
4.71
3.53
3.37
3.84
3.02
3.23
3.96
5.14
4.66
3.52
3.34
31.
3.78
3.02
3.21
3.91
4.98
4.52
3.50
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.48
3.28
1
Weekly—
19—
—
5
•
Apr. 28.—.
—
6—
Mar
.
—
4.60
*
3.28
3.32
3.29
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
Feb. 24— 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
Feb. 24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3
3.84
3.01
3.28
3.95
6.10
4.68
3.53
3.29
27
3.03
3.31
4.01
5.19
3.32
3.00
3.29
3.94
5.05
3.53
13
3.85
3.01
3.31
3.97
5.11
4.70
4.65
4.68
3.67
20—
3.89
3.82
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.29
3.30
3.32
6.26
4.76
3.60
3.38
119.69
114.09
101.06
83.60
89.09
108.85
113.27
112.45
3- 113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.00
113.48
Jan. 27— 112.59
101.94
119.03
99.83
82.00
87.93
20— 113.18
103.20
101.06
83.87
89.55
13- 112.93
102.66
119.69
119.47
113.07
113.48
113.07
100.53
83.06
89.10
6— 112.95
102.48
119.25
112.25
100.53
83.06
88.80
10— 113.21
103.20
107.88
108.00
107.88
107.69
112.86
113.48
113.27
112.86
Jan.
.
1
4.57
High 1939 117.72
105.41
121.49
117.29
103.02
87.21
93.53
111.23
115.35
Low 1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
Low 1939
3.70
2.92
3.11
3.83
4.81
4.39
3.40
3.20
High 1938 112.81
101.76
111 43
100.18
82.27
88.30
High 1938
4.70
3.34
6.98
6.11
4.23
8.76
102.66
89.10
62.76
71.15
104.30
Low 1938
3.90
3.05
3.85
3.39
4.68
88 80
107.11
96.11
112.05
Low 1938 109.58
118 60
112 45
3.99
5.17
4.73
3.61
3.36
1 Yr. Ago
June23'3S 111.95
93.69
113.68
105.22
93.21
71.15
95.58
102.12
108.27
June 23, 1938...
2 Years Ago—
4.38
3.28
3.71
4.41
6.11
5.71
3.88
3.55
101.58
113.89
110.63
100.35
85.24
96.11
100.35
109.05
June 23,
1937.—
3.91
3.27
3.43
3.98
4.95
4.23
3.98
3.51
•
—
3.05
3.37
4.01
1 Year Ago—
2 Yrs.Ago
June23'37 108.37
3.89
High 1939
These prices are computed from average yields on the basis of one "typical" bond (4% coupon,
level or the average movement of actual price quotations.
They merely serve to Illustrate in
yield averages, the latter being the' truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes
was
a
maturing In 30 years), and do not purport to show either the average
comprehensive way the relative levels and the relative movement of
more
published in the Issue of Feb. 18, 1039
pages
939 and 940.
June 24,
Chronicle
Financial
3746
1939
Indications of Business Activity
States and Cana¬
81,070 units, it is estimated
by Ward's Automotive Reports, Inc.
This compares with
78,305 units last week and 42,918 units a year ago.
The
report said that parts and accessory companies are being
currently stimulated by a good * volume of replacement
$3,860,000,000 for another gigantic try
pump-priming mirage, had a most, unsettling effect
of an additional
the
at
that reports have been coming
It is said
announcement.
Washington for weeks past that a
from
economic
in
ment
pump
new
Government
designed to prime the
spending orgy was being prepared,
so powerfully as to swing
of the Administration in the
popular senti¬
1940 national
fully confirmed by President
vast new public works program
favor
Roosevelt, who outlined a
for immediate adoption
by
preparing for an increase in fall sales over a year
In the retail division unfavorable weather, it was
found, gave business a poor start in , the week.
Prepara¬
tions, though, for summer vacations lifted sales of camp¬
ing outfits, sportswear and luggage," the agency states.
Average improvement in retail trade against the level of
the corresponding week in 1938 was estimated at between
in a letter to the
Committee on Unemploy¬
The launching of this new public works program
Congress
apparently the answer of the Administration to the
repeatedly made by its critics that a modification
of certain Administration policies and tax reform are alone
is
charge
needed
to
the way for a large-scale revival
open
8% and 12%, Dun & Bradstreet state.
The outstanding feature of the weather
the past week
where 10 per¬
sons
were killed and
several score injured.
At a place
called Corcoran, three motorists were killed instantly and
another fatally injured when their automobile was blown
off the road by the terrific wind.
It is stated that 40 to 50
buildings were demolished in the several towns struck by
the tornado, and property damage is estimated at about
of new
private investment.
the week ended June 17,
index figure for
business
The
"Journal of Commerce," registered 87.3,
the highest since the middle of last December, and com¬
pares with a revised figure of 86.0 for the previous week
and 69.5 for a year ago.
According to their reports, elec¬
tric output,
bituminous coal production and automotive
activity advanced.
Although car loadings were at a new
top for the year, merchandise loadings and L.C.L., as,used
in the - index, were unchanged.
Petroleum runs-tp-stills
were a trifle lower, and steel operations declined 1.1 points,
this
the
to
survey
Age" states in its current summary of the industry.
"Iron
The
production
ingot
next few weeks,
during the
been a
there lias
that although
points out
magazine
flattening out in new orders, the rate of ingot output has
points to 55%, within one point of the 1939 high
the week of March 12.
"One of the most sig¬
risen 2%
reached in
nificant
firmer
of
branches of the steel
somp
position
"This is
prices," the survey continues.
on
particularly noticeable in the wire trade, where published
quotations in nails and fence, which have been weak items,
are to be rigidly
adhered to, it is stated.
"Iron Age" re¬
ports that pending the further clarification of the outlook
steel
for
production, during the summer
prices has been halted.
in
vance
United
the
months,
ad¬
the
scrap
Production
of
the
States
electric
the
for
light and
week
power
ended
June
industry
of
totaling
2,264,719,000 kwh., was the highest output since the week
ended
Feb! 11, when 2,268,387,000 kwh. were produced.
The year-to-year gain of 13.7% also was the largest re¬
corded for any week thus far in 1939, and compares with an
increase of 13.3% in the week ended June 11, according
to figures released by the Edison Electric Institute.
Car loadings of revenue freight for the week ended, last
Saturday totaled 637,873 cars, according to the report made
public
by the Association of American
loadings constituted
increase of
an
ago,
-
level
and
of
a
rise of 0.5%
a
82,354
cars,
decrease
of
or
17,
These
Railroads.
the preceding week,
over
14.8%, compared with a year
114,914
cars,
or
15.3%,
from the
loadings in 1937.
Farm
income,
the
first
and
including
Government
during
payments,
was
five
months
of
this
year
totaled
$2^29,0000,000
$47,000,000 larger than the $2,782,000,000 reported
for the same period in 1938, the Bureau of Agricultural
Economics, Department of Agriculture, reported this week.
Engineering construction awards for the week, $40,-
21% higher than in the Corresponding 1938
week, but 27% below a week ago, as reported by "Engineer¬
543,000,
ing
News-Record."
324,000,
an
for
ported
This
increase
the
is
the
third
consecutive
10%
higher
31% above last
The
Association
Class
deficit
over
25-week
the
period
week
values.
$1,515.-
$1,187,311,000 re¬
1938.
Private
in
1% above a year ago and exceed
year's values for the third successive week.
Tliev
their last
that
27.5%
of
initial
awards for the week
is
~
I
are
than
of
week
a
year,
American
railroads
of
the
Public
ago.
but 35%
construction
Railroads
United
reported
States
had
today
a
net
ing
74 degrees; Baltimore,
Portland, Me., 60 to 76;
Chicago, 58 to 80; Cincinnati, 66 to 86; Cleveland, 60 to 88;
Detroit, 58 to 84; Milwaukee, no report ; Charleston, 78 to
92; Savannah, 74 to 98; Dallas, 74 to 90; Kansas City,
64 to 84; Springfield, 111., 58 to 84; Oklahoma City, 72 to 84;
Salt Lake City, 56 to 84; Seattle, 52 to 70;- Montreal, 62
to 74, and Winnipeg, 50 to 76.
*
70
to
Pittsburgh, 64 to 86 ;
86;
^
Moody's Daily Commodity Index advanced from 142.2
142.8 this Friday.
The principal individual
changes were the rise in hog prices and the further decline in
wheat. ' The movement of the index is as follows:
week ago to
a
Fri.,
Sat.,
Mon,,
Tues.,
•
April,
1938.
The
*
-
Wed.,
June2l___:
Thurs., June 22
Fri.,
*
142.2
141.8
142.1
142.2
142.8
June 23
June 9--—.--143.5
23--^
—--143.7
June 23
138.9
1938 High—Jan. 10-.-r
-.152.9
Low—June 1___130.1
Two weeks ago,
Month ago, May
Year ago,
145.8
1939 High—March 6.
138.6
Low—April 22
No index.
Revenue
Freight
Car Loadings Total 637,873
Cars in
Week Ended June 17
Loading of revenue freight for the week ended June 17
totaled 637,873 cars, the Association of American Railroads
announced
on
June 23.
This
was an
increase of 82,354 cars,
14.8% above the corresponding week in 1938, but a de¬
crease of 114,914 cars, or 15.3%, below the same week in
1937.
Loading of revenue freight for the week of June 17
or
was
an
five-tenths of 1% above the
The Association further reported:
increase of 3,276 cars, or
preceding week.
Miscellaneous
of 427
above the
freight loading totaled 259,066 cars, an increase
above the preceding
week, and an increase of 34,75
cars
corresponding week in 1938.
Loading of merchandise less
a
6,194
than carload lot freight totaled 152,502
preceding week, but an increase of
decrease of 580 cars below the
week in 1938.
in
142.2
June 16
June 17
June 19
June20._^_
896,000,
$33,267,000
I
Moody's Commodity Index Advances
the preceding
with
•
Overnight at Boston it was 60 to
$71,487,000 after fixed charges in the first four
months of 1939, compared with $139,004,000 in the same
period last year.
In April the deficit figure was $27,compared
late
cloudy
change in temperature.
tonight about 62 degrees.
ture
cars,
of
'
and wafm
tonight and Saturday.
No
Moderate to fresh shift¬
winds, becoming northwest tonight.
Lowest tempera¬
Partly
tonight.
material
cars
below last week.
'
.
weather in New York today
was
occasionally interrupted by cloudiness and showers.
The temperature ranged between 63 degrees and 80 degrees.
Showers and local thunderstorms are forecast for early
fair
Generally
are
in which totals have exceeded their respective 1938
The current week's total brings the 1939 volume to
are
drought.
apparent deter¬
trade to adopt a
of the week is the
developments
mination
character¬
continuation of widespread, substantial precipita¬
tion, except in a large southwestern area, and by marked
contrasts in temperature.
It was abnormally cool from
tlie upper Lake region westward, and also generally west
of the Rocky Mountains, except along the Pacific Coast.
The week had some unfavorable weather aspects over con¬
siderable areas, but on the whole favorable conditions con¬
tinued over most of the country.
In the Northwestern
States temperatures were too low for good growth of warm
weather crops, but additional rains were decidedly favor¬
able.
During the past week the New York City area re¬
ceived its ample share of rain, as did New Jersey and Long
Island, where most needed to overcome effects of recent
may not be main¬
although prospects are
good for a further step-up later when automobile manu¬
facturers order more heavily, for 1940 model production,
tained
advices state that the week was
Government
ized by a
strip steel orders come in more rapidly
of
rate
present
that struck Anoka, Minn.,
$500,000.
states.
Unless sheet and
the
the tornado
was
'
according
Retail volume of
ago.
Chairman of the Senate's Special
ment.
'
were
These reports were
election.
retail sources.
business receded slightly this week, but
continued a better than seasonal showing, Dun & Bradstreet, Inc., reported today.
Seasonal influences, in fact,
were powerless to halt a moderate upturn in
all lines of
trade,
according to the credit agency's weekly survey.
"Orders to wholesalers' indicated
that most merchants
business from
'
market following this surprising presidential
stock
the
in
the marked weakness prevailing
this was reflected in
and
this week will total
dian plants
about the borrowing and spend¬
President intends to bring
in
of the United
Automobile production
high level for 1939. Trade
encouraging and the outlook quite
However, the startling announcement that the
weekly report showing a new
ing
income before
$15,258,000, compared with $9,397,000
April, 1938.
in its upward trend, the latest
reports generally were
promising.
charges of
fixed
Friday Night, June 23, 1939.
Business activity continues
April had a net railroad operating
carriers in
TRADE—COMMERCIAL EPITOME
OF
STATE
THE
cars
above the corresponding week in
Coal loading amounted to
1938.
above
above the corresponding
100,972 cars, an increase of 957 cars
week, and an increase of 18,192 cars
Volume
Grain
4,538
and
cars
Financial
148
grain
In the Western
week in 1938.
corresponding
of
above the corresponding
cars
June 17 June 10 June
In the Western Districts alone, loading
303 cars below
Baltimore & Ohio RR
15,956 cars
RR...
New York Central Lines
N. Y. Chicago & St. Louis Ry_.
above the
above the corresponding week
5,809 cars, ah increase of 425 cars
Coke loading amounted to
preceding week, and an increase of 1,658 cars
"
1938.
1938.
the corresponding week in
coresponding week in 1937.
Wabash Ry
2,181
1,403
1,544
4,109
2,448
11,461
7,772
34,141
9,071
2,100
2,055
1,712
3,874
11,319
34,520
28,966
5,528
19,523
4,074
14,958
55,014
49,515
37,714
4,467
4,385
4,492
5,018
4,991
3,709
5,342
26,280
4,746
25,173
4,515
8,096
7,630
...
••'
;
295,501 290,206 ,258,558 175,564
Total
15,245
9,588
6,788
6,748
8,519
1,232
1,594
2,548
7,481
33,006
8,577
4,403
39,567
4,298
5,436
7,727
6,707
6,894
8,683
13,005
4,646
Southern Pacific Lines..........
4,816
4,814
14,243
10,185
4,992
Pittsburgh & Lake Erie RR
reported increases compared with
All districts reported decreases compared
18
1938
1939
4,979
26,468
Pere Marquette Ry
*
,
All districts, except the Southwestern
18,121
13,573
2,090
Missouri Pacific RR
week in 1938.
with the
55,296
Missouri-Kansas-Texas
amounted to 40,696 cars, a decrease of
week, but an increase of
2,007
4,236
.11,631
35,073
5,512
19,931
Pennsylvania RR
2,808 cars below the
above the corresponding
14,002
Norfolk & Western Ry
corresponding
13,158
18,040
Chicago A North Western Ry
Gull Coast Lines.....
International Great Northern RR
Ore loading
in
22,057
13,672
Chicago Mllw. St. Paul & Pac. Ry
1939
21,894
21,891
16,584
13,353
16,603
21,352
26,851
21,356
Chicago Burlington A Qulncy RR
week in 1938.
preceding
22,925
28,159
Chesapeake A Ohio Ry
Atchison Topeka A Santa Fe Ry.
of livestock for the
decrease of 322 cars below
of 3,958 cars above the
the preceding week, ana an increase
Weeks Ended—
June 17 June 10 June
18
1938
1939
1939
the corresponding
the pre¬
ceding week, and a decrease of 661 cars below the corresponding week in 1938.
Forest products loading totaled 30,550 cars, an increase of 620 cars above
week of June 17, totaled 6,557 cars, a
Receivedj rom Connections
Lines
Own
Weeks Ended—
of 2,031
week in 1938.
preceding week, and a decrease of 607 cars below
week in 1938.
Loaded on
26,993 cars, an in¬
amounted to 9,457 cars, a decrease of
Live stock loading
the
(Number ol Cars)
and
Districts alone, grain
week, and an increase
4,504 cars above the preceding
FROM CONNECTIONS
RECEIVED
AND
LOADED
FREIGHT
of 2,253 cars above the
grain products loading for the week of June 17 totaled
crease
REVENUE
of
38,821 cars, an increase
loading totaled
products
above the preceding week, and an increase
3747
Chronicle
7,832
4,577
13,533
7,597
6,486
6,725
8,063
1,189
1,904
2,475
7,560
29,352
7,423
4,301
33,763
3,577
4,603
6,959
7,258
175,405 157,345
'
•
■■■•'
1937
1938
1939
.
,
TOTAL
2,256,717
4 weeks in February
2,297.388
2,390,412
2,832,248
2,155,536
2,222,939
5 weeks in April
4 weeks in May
2,371,893
2,185,822
2,985,166
3,712,906
3,098,632
4
weeks in March
2,649,960
Weeks Ended—
JunelW, 1939
June 18, 1938
25,208
22,493
23,652
26,619
26,400
13,289
12,463
24,692
12,119
65,116
61,356
60,463
June 17,
567,732
502,617
634,597
553,854
750,500
Week ended June 17
637,873
555,519
752,787
14.034.607
13 082.964
17.467,884
1939
688,987
Week ended June 10
Week ended June 3.......
Total
—
-
Chicago Rock Island A Pacific Ry.
Illinois
St
Central
System.
Louis-San Francisco Ry
Total.
major railroads to report for the week ended
June 17, 1939, loaded a total of 295,501 cars of revenue
freight on their own lines, compared with 290,206 cars in the
preceding week and 258,558 cars in the seven days ended
June 18, 1938.
A comparative table follows:
The first 18
REVENUE FREIGHT LOADED
In the
undertake to show also the loadings
Freight Loaded
1938
Southern District—(Concl.)
926
MobUe & Ohio
248
223
Nashville Chattanooga & St. L.
1
Maine
Chicago Indianapolis & Lqulsv.
614
525
1,338
7,539
1,682
...
1,731
6,567
1,460
1,437
8,569
1,639
9,371
1,801
8,333
1,417
14
27
57
51
28
Central Indiana
.
1,703
1,031
516
Bangor A Aroostook
.
Central Vermont.
1,224
Delaware A Hudson
4,584
Delaware Lackawanna A West.
9,014
1,162
3,798
8,182
1,574
8,048
10,692
6,869
6,027
1,606
6,205
5,188
421
410
385
126
122
1,981
1,470
2,432
1,004
2,149
9,950
5,490
1,707
9,096
4,868
1,410
Norfolk Southern...
2,656
1,951
—
"...
Detroit Toledo A Ironton
...
296
175
347
12,574
4,356
10,962
13,540
3,425
5,135
Lehigh A Hudson River
177
156
280
Lehigh & New England
1,725
2,075
7,921
2,588
3,732
1,890
34,520
9,138
1,261
7,918
1,860
Detroit & Toledo Shore Line
Erie
Grand Trunk Western
...
Lehigh Valley..
Maine Central
Monongahela
.'
Lines...-L.
N. Y. N. H. A Hartford
2,299
2,911
1,408
29,239
7,932
Pittsburgh A Lake Erie.
5,528
4,946
Pere
5,018
1,499
4,353
3,410
4,308
290
208
New York Ontario A Western.
N. Y. Chicago A St. Louis
Marquette...
Pittsburgh A Shawmut
1,732
994
385
912
913
,357
397
7,70,1
16,622
8,675
20,614
5,000
3,734
12,740
3,902
2,889
11,100
389
321
443
479
373
156
130
169
628
478
92,427
Southern System
84,265
101,392
59,250
51,294
14,339
19,111
2,428
19,846
3,633
23,451
1,172
9,251
8,519
2,444
6,748
3,115
8,333
1,999
6,422
2,699
Southbound-_.
Winston-Salem
Total.
Chicago Great Western.
Chicago Mllw. St. P. & Pacific.
1,889
176
Chicago St. P. Minn. & Omaha.
Duluth Mlssabe & I. R
2,422
25
33
Duluth South Shore A Atlaptlc.
28,862
Elgin Jollet & Eastern
....
Ft. Dodge Des Moines & South.
42
49
274
280
294
214
219
666
512
1,106
1,113
1,253
Rutland
604
550
657
897
838
Wabash
4,746
3,649
4,541
4,786
4.564
7,832
Green Bay & Western.
Lake Superior &
2,416
2,130
134,250
116,758
157,520
134,586
117,917
16,660
2,410
17,801
3,554
12,964
1,160
5,526
•
Wheeling A Lake Erie
Total.
Baltimore A
431
417
162
136
22,726
2,762
2,519
502
636
491
515
824
3,134
1,673
6,397
9,920
66
65
1,4.50
1,962
1,598
1,814
2,683
...
1,690
1,765
6,203
9,287
—
403
393
579
668
471
26,851
4,535
21,692
3,001
34,757
7,312
15,245
1,865
13,468
226
288
219
1,583
1,726
1,426
1,192
99,079
78,134
125,747
37,583
33,784
21,352
2,633
21,298
2,648
23,971
2,860
4,816
2,085
4,692
1,626
307
Total
464
521
71
103
13,672
1,322
11,636
1,915
12,956
1,394
11,087
2,058
14,406
1,763
13,041
2,519
6,768
6,320
554
543
8,128
2,377
590
589
618
1,263
1,728
1,693
2,409
2,375
7,458
1,746
1,225
2,138
Central Western District—
System
Bingham & Garfield
Chicago Burlington & Qulncy.
760
Chicago A Illinois Midland...
252
243
4
6
Chicago Rock Island & Pacific
1,160
867
1,329
11
6
Central RR. of New Jersey
6,251
5,217
7,460
10,615
9,138
Chicago & Eastern Illinois.—
Colorado & Southern
579
600
537
50
32
Denver A Rio Grande Western
197
134
249
31
83
78
'97
22
280
Buifalo Creek & Gauley
T
Cornwall...
...
Cumberland & Pennsylvania.
Ligonier
.
Valley
602
653
1,057
908
55,014
11,859
9,190
48,568
11,406
1,242
70,770
15,392
17,150
628
Long Island
...
Penn-Readlng Seashore Lines.
Pennsylvania System
Co..
Union (Pittsburgh)...
Reading
.....
4,417
17
4
2,427
•
' 49
9
2,684
2,715
1,363
1,186
33,955
39,567
14,853
4,442
12,822
1,980
4,743
4,449
1
26
3.261
West Virginia Northern...
Western .Maryland
.
,
3,323
200
Nevada
Westerns
121,365
100,566
161,119
96,163
81,047
22,057
19,523
4,537
21,394
20,090
4,260
9,588
4,403
8,647
4,372
3,875
928
905
46,117
Virginian...
16,134
14,170
34,179
45,744
14,919
13,924
220
162
238
134
172
595
679
775
1,141
1,032
Atlanta Birmingham A
Atlantic
Charleston A Western Carolina
677
735
550
8,834
3,618
9,980
4,134
4,320
497
441
481
2,814
1,223
1,686
3,601
2,495
866
23,789
246
4,361
1,120
3", 553
250
10,884
12,502
7,117
6,282
7
15
'
155
1,581
1,414
1,885
1,868
94,851
107,733
45,611
41,385
„
154
127
2,367
2,289
2,757
2,309
Greenville...—
1,712
355
Louisiana Arkansas
Midland
Valley
Missouri A Arkansas
784
1,673
1,694
243
219
449
341
213
231
698
653
471
519
280
185
Litchfield & Madison
722
1,628
1,013
139
& Texas..
153
2,027
1,629
220
Louisiana & Arkansas.....—
162
1,857
130
157
238
162
3,869
11,590
4,866
13,572
2,548
7.481
2,438
246
351
303
298
Missouri-Kaasas-Texas Lines.
137
246
365
Missouri Pacific
Quanah Acme A Pacific
109
93
146
Francisco
6,934
2,321
6,637
156
518
362
512
513
516
Galnsville Midland
32
39
46
83
81
—
3,874
'
11,359
952
244
7,130
59
70
3,842
3,392
2,088
2,044
2.482
2,569
925
1,567
1,547
258
269
383
481
466
Texas & New Orleans—.....
5,354
6,141
1,882
794
Texas A Pacific
3,520
4,317
3,511
3,716
1,465
984
__
1,468
7,825
2,206
7,057
5,174
83
16,824
8,000
Wichita Falls A
60
8,850
317
47
16,155
39
33
4,184
Wetherford M. W. A N. W—
41
4,688
37
■—
20,415
20,512
215
18,129
19,671
168
101
124
193
703
367
99
189
211
279
30,157
29.646
804
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System..
Louisville A Nashville
200
1,694
1,685
1,523
Gulf
Southern
322
Florida East Coast
Durham & Southern
303
1,151
490
Kansas Oklahoma &
Kansas City
1,377
158
199
1,232
1,594
86
2,055
.....
.....
145
98
Fort Smith & Western x
988
1,352
928
195
1,176
Cllnchfield
Columbus &
667
3,752
Central of Georgia.
656
9,683
Coast._
Coast Line
21,845
Southwestern District—
International-Great Northern.
Southern District—
Atl. & W. P.—W. RR. of Ala
178
99,192
Total.
Gulf Coast Lines.
Alabama Tennessee & Northern
67
338
33
1,554
Utah
Burlington-Rock Island
Total.
244
86
457
147
Pocahontas District—
Norfolk & Western
270
843
237
Western Pacific
Chesapeake & Ohio
594
1,936
801
.
Union Pacific System
Total.
188
1,250
12,669
Southern Pacific (Pacific)—.
Toledo Peoria A
962
22,591
North Western Pacific..
Peoria & Pekin Union
37
1,240
1,026
34
■
Northern
29
816
1,621
1,663
1,885
813
Terminal
M issouri-Illinois
382
1,740
1,337
City...
1,628
1,522
Fort Worth & Denver
428
1,195
Denver A Salt Lake
Illinois
3,438
399
1,868
...
Cambria A Indiana
Bessemer & Lake Erie
1,766
4,646
7,218
155
Spokane International
Alton
Ohio
172
334
3,084
12,011
Spokane Portland & Seattle...
Atch. Top. & Santa Fe
Allegheny District—
Akron Canton A Youngstown.
163
465
4,084
549
Ishpeming
Pacific
398
4,106
462
Minneapolis & St. Louis
Minn. St. Paul A S. S. M
Northern
2,300
16,569
3,402
7,640
16,625
6,868
3,189
"—
Great Northern
'
298
Pittsburgh & West Virginia
Pittsburgh Shawmut A North..
*
Northwestern District-
Chicago & North Western
6,231
5,481
4,298
958
354
Tennessee Central
211
1,651
7,611
4,078
3,660
1,576
2,140
8,230
18,425
Seaboard Air Line
3,850
9,402
926
309
Richmond Fred. & Potomac...
1,195
6,187
2,278
33,006
11,501
1,616
8,577
1,986
2,349
395
Piedmont Northern
1,377
9,377
2,886
42,663
10,880
1,266
5,466
6,620
6,197
1,990
2,714
2,612
1,793
2,424
2,644
803
Detroit & Mackinac
New York Central
1938
1939
1937
1938
1939
Eastern District—
Ann Arbor.
Montour..
from, Connections
Freight Loaded
Railroads
1938
1939
Total Loads Received
Total Revenue
from Connections
1937
ended June 10,
increases when
CARS)—WEEK ENDED JUNE 10
Total Loads Received
1939
Boston A
we
compared with the same week last year.
Total Revenue
Railroads
following
for separate roads and systems for the week
1939.
During tnis period 95 roads showed
CONNECTIONS (NUMBER OF
AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
2,302,464
•
FROM
RECEIPTS
AND
LOADINGS
2,714,449
2,763,457
4 weeks in January
Savannah.__
Misstesinoi Central.
Macon Dublin A
...
Xote —Previous year's figures
127
revised.
837
* Previous figures,
x
St. Louis-San
St.
Louis Southwestern
.Total
Discontinued Jan.,24, 1939.
Southern
'---
—
42,167
2,531
45,101
51,445
on June 17, a decline of 0.2 of a point as compared with
previous period and the lowest since July 24, 1934,
according to an announcement issued by the "Annalist" on
June 19, which went on to say:
76.3
Freight Cars in Service
Railroads Place 7,111 New
the
of 1939 put in
Class I railroads in the first five months
freight carp, the Association of American
on June 21.
In the same period last
service 7,111 new
Railroads announced
Class I railroads put 5,786 in service.
steam locomotives put in service in the first five
months of 1939 totaled 12 compared with 105 in the same
year
New
electric and Diesel locomotives in¬
stalled in the five months' period this year totaled 84,
compared with 55 in the same period last year.
Class
and
New
'
May 1, 1939.
on
'
.
1, 1939, totaled
63, compared with 56 on June 1 last year and 61 on May 1,
1939.
New electric and Diesel locomotives on order on
this
year
ago/and 23
Freight
not
are
number 65 compared with
May 1, 1939.
.
and locomotives leased
on
cars
Index
six
year
one
(1926=100)
Business
Activity
During May
Increased
64.6
64.7
72.5
Textile products
60.2
60.7
56.4
Fuels
83.1
83.1
95.1
95.4
Metals
as
well
to
as
a
in
lessening of tension
month's slight recovery, partly
for the better
Europe.
Except
for
car
came
because
an agreement was
sharp
hot reached until
According to the weekly business index the turn
toward the middle of the month with the improvement
becoming more pronounced in Jhne.
Much of the weakness in durable goods
decline in durable
production indexes
consumers'
goods
has
been
Many
activity.
im¬
November and
December records.
Since last
November
our
automobile
production index has declined nearly 40%, which was an important factor
drop of about 36% in our steel production index during this
Reports from both of these industries, however,
case
of the automobile
in sales for
are
now
same
period.
brighter.
much
industry incomplete returns indicate an
retail
average
between
of food declined 0.1%
cost
Bureau
Labor,
reported on June 13.
"This decline was due in large part
to a decrease of 1.4% in the cost of dairy products," Mr.
.
He added:
Lubin said.
Food
costs
of
50
for
the Bureau's
Prices declined
No change was reported
cities included in
51
of the
24
advanced
and
foods
84
the
31.
for
three items.
for
.
lower in
were
equal number of cities reported higher costs.
Ah
index.
,
.
.
1923-25 average.
It was
3.3% lower than a year ago, when the index stood at 79.1.
The current
index is 22.5% above the level of May,
1933.
It is 25.3% below the
May index for all foods was 76.5% of the
The
1929, index, which was 102.4.
Ma}',
The
since
cost
further
showed
bread
between April and May.
Prices were
The largest relative
0.2%
items included in this group.
13
1.0% recorded for corn flakes. Flour and
reductions of 0.3% and 0.2%, respec¬
price change was a decrease of
white
•
.
has tended downward
which
products,
bakery
declined
1937,
10 of the
for
and
cereals
of
August,
lower
price
11.9%" below the level of a year ago.
White bread
has dropped 9.7% during the same interval.
The average cost of meats showed no change between April and May.
Price increases reported for 10 of the 21 items included in the group
were
offset by decreases
for the remaining items.
The cost of lamb
advanced 5.6%.
Beef and canned fish were each 0.4% higher.
Pork
Flour is
items
now
1.3%
averaged
declined
Roasting chickens
1.0%.
dropped
veal
and
lower,
0.1%.
INDEX NUMBERS OF RETAIL CO^TS OF FOOD
BY COMMODITY GROUPS
(3-Year Average 1923-25=100)
rise of the general index was a
That nearly all of the April decline
regained
was
was
somewhat surprising
in view of unfavorable sales reports for the first
part of the month.
Toward
May and in the first week in June widespread sales improvement
noted, with gray goods demand running far in
marked reduction in mill stocks.
excess
of output resulting
16, Apr. "18,
May
1939
84.9
15, May
17, May
15,
1929
1933
1938
.
85.1
85.4
71.0
-98.0
94.2
94.1
93.6
95.2
64.1
122.6
71.2
.
Dairy products
72.2
75.7
77.2
63.7
102.1
44.0
92.2
80.6
55.4
57.0,
60.5
65.7
'
64.9
61.0
62.5
59.3
93.1
65.3
•64.4
60.0
61.1
59.5
91.8
78.5
66.0
97.8
55.3
Eggs
Fruits and vegetables
Fresh
14, May
1939
Cereals & bakery products.
Meats
While the statistical position of the
Mar.
xl939
Commodity Group
ally adjusted index back to about the level for the first quarter of the year.
a
80.7
up¬
May, while the steel output trend since the last week in
Tlje most important single factor in the
was
76.5
April 18 and May 16, Commissioner Lubin of the
of Labor Statistics, United States Department of
contrary to seasonal gain in cotton consumption, which brought the season¬
in
69.8
0.1% in Retail Costs of Food Between April 18
May 16, Reports United States Department of
May has been sharply upward.
the end of
68.9
76.3
'.
87.4
68.6
Labor
The
tively.
portant capital goods industries either have held their own or bettered their
turn
69.7
85.4
Decline of
and
adversely affected by the strike in April did not participate in last
In the
100.8
71.1
85.4
.
All commodities..
in
fairly late in the month.
a
84.6
"
71.1
Chemicals
loadings, however, the components of the combined index reported to be
in
—-
...
Building materials
0.8
Some credit for the improvement mast be given to the settlement of the
to a
.
78.3
70.1
70.0
Food products
otherwise acquired
or
general improved slightly in May, despite
a number of important durable goods in¬
dustries, and the "Annalist" Index of Business Activity
accordingly rose to 87.5 (preliminary) from 86.7 in April,
according to the monthly review of domestic business con¬
ditions by H. E. Hansen in the current issue of the "Annalist."
The major industrial losses occurred in iron, steel and auto¬
mobile production (allowing for normal seasonal trends), ac¬
companied by lesser setbacks in silk and rayon consumption
and zinc output.
Principal gains were recorded by freight
car
loadings, electric power production and cotton mill
activity.
The publication further said:
due
—
1939 June 15, 1938
10,
1939 June
17,
June
further losses in
most
WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
"ANNALIST"
Miscellaneous
,
Business
of
Point
.
.
coal strike
commodities held their ground well although
lower.
included in the above figures.
"Annalist"
-
first time in seven weeks. Most of the specula¬
silk and rubber moved
hog quotations rose for the
tive
Farm products
New steam locomotives on order on June
1
the principal reason for
were
Certain pork products were also under fire although
compared with 4,484 on the same day last year,
6,391
June
prices for wheat and other grains
Lower
last week's decline.
had 9,261 new freight cars
June 1
railroads on
I
order
on
1938.
of
period
June 24, 1939
Chronicle
Financial
3748
—
by most mills has
TABLE
KTHE
,
73.9
56.5
56.8
56.6
59.3
51.2
102.4
Beverages and chocolate..
industry has improved materially
74.1
65.5
66.0
56.0
66.9
67.7
110.8
Fats and oils
62.4
63.0
63.6
68.0
48.0
62.1
62.0
61.9
64.3 *
60.0
72.6
65.5
76.6
76.4
79.1
62.5
102.4
the curtailment program agreed -upon
Capned-
''ANNALIST"
INDEX
OF
BUSINESS
w
-
-
-
-
73.8
-
Dried
not been abandoned and may still be resorted to.
ACTIVITY
AND
93.5
'
"
COMPONENT
GROUPS
ftugar
.
and sweets.,.
All foods
May, 1939
Preliminary.
x
Freight car loadings....
79.5
Miscellaneous.
78':0
84.4
for
*100.6
99.2
98.3
to
79.8
81.8
90.2
Manufacturing
Steel Ingot production
•
Pig iron production
Textiles....
61.0
66.6
64.3
81.8
56.8
101.7
121.8
Wool consumption
71.1
109.8
...
Cotton consumption
110.2
87.3
Silk consumption
59.5
68.7
107.7
129.7
*69.9.
77.5
86.7
76.0
72.6
69.1
106.6
I
Lumber production
Cement production..„
:
j.
A
8
.
o
•
75.0
Lead production..
Subject to
II—THE
items
items
1939
1938
1937
SINCE
1936
92.3
February
79.5
104.3
92.3
JANUARY,
1935
1933
1934
1933
87.2
79.6
67.5
89.7
78.5
105.7
89.0
86.7
83.2
66.1
77.5
106.9
89.5
84.4
81.6
62.5
x8b.7
74.1
107.1
94.1
82.8
85.9
69.2
*87.5
;
dried
sub-groups
8.1%
the
109.0
95.9
81.8
86.4
77.3
2.0%
107.8
97.6
82.0
83.8
87.5
since
79.0
108.9
102.4
82.7
78.0
94.0
August
82.9
111.2
102.5
84.9
75.1
87.5
September
85.2
106.5
102.9
86.1
71.4
82.0
0.2%
88.9
98.5
103.3
89.1
74.6
78.5
sugar
is
95.2
87.8
107.1
92.0
76.0
75.3
95.0
81.3
110.5
96.7
82.4
the
for
price
Revised.
April
In
commodity prices moved lower in the week
ended June 17 with the "Annalist" Weekly Index closing at
of
vegetable
greatest
8.8%
to
for
spinach.
The
1.4%.
0.1% and
these
2.0%
declined
items
price changes, for
relative
for canned green beans and
other
price
a
year
group
and
of
a
was
were
0.1%
from
ranged
lard
the sugar
costs
24
May for
for
In
cities,
the
0.4%,
and
reported for six of
for mayonnaise to
May than
lower in
with
sweets
cities
costs
rise
of
in
24
cities
resulting
cities
51
Memphis,
these
of
reported
other
2.2%
prices
of
in
consequent
a
The
group.
occurred
in
about
lc.
eggs
Salt
per
more
a
at
any
time
and
the fresh
of
a
greater
went down 4.0%.
Lake
offset
1938.
higher
costs
decline of 0.1% between
The most marked decreases
Washington,
certain
than
increase of
price of
current
net
combined.
for
Washington meat costs showed
due largely to an increase of
and
and chocolate.
Decreases
ago.
advanced
sugar
city, and the price of
food
was
beverages
and
price of
coffee
of
of
cost
1934.
of
cost
food
in
2.9%
each
sharply.
in
Wholesale
bananas
and
4.2% below the level of the corresponding period in
Lower
were
Wholesale Commodity Prices Declined Further During
Week
Ended
June
17
According to "Annalist"
Index
of
the
of
The
summer
the
the
in
lard.
the
The
reported
x
fruit
The
the
in
77.5
Subject to revision,
for
average
an
decreases of 3.2%
level
items
in
October
....
by
0.9%. in
0.8%
below
seven
74.3
*
6.4% in the price of potatoes was the
Increases to 8.8% for six other
advance.
chiefly responsible for a
Lower coffee
prices were reported from 39 of the 51 cities.
Tea declined 0.8%, while
cocoa
advanced 0.8%.
Chocolate was practically unchanged.
The index for fats and oils fell 0.9% during the past month, and was
of
73.8
December.
;•
:
16, and were
ended May
ago.
0.6%
from
were
■■/■'•.•.'
•
-,
prunes.
drop of
June
November
in' this
products ..0.6%.
dried
July
May
year
canned
the
two
decrease
x90.0
March
ranged
a
increase of
increased
of
cost
the
A
INDEX
butter
of
fruits and. vegetables advanced 1.2% betweeh April
87.4
90.0
of
A seasonal
important factor
The
for
COMBINED
January.
April
most
^
1 "
during the month
0.2%
the level
in, prices
Reductions
'
average cost of
May.
fresh
revision.
TABLE
The
fresh
86.7
*87.5
Prices were lower
decline of 1.4%.
average
with decreases ranging from 0,2,% for
group,
milk.
decreased
below
8.6%
and
72.7
-
80.2
Combined index.
'
City.
Egg costs
77.6
76.7
7 4; 8
the
fresh
for
74.3
70.9
•»
....
Zinc production
Lake
110.0
112.5
55.7
Rayon consumption
in
items
fresh milk amounted
to approximately
1%C. per quart in Louisville, and le. in Boston and
Chicago.
An increase of nearly lc. per quart was recorded for Salt
124.6
■mm-
115.7
/
all
2.0%
123.0
*•
;
Boot apd shoe productions
Automobile production..
*
Dairy products showed an
74.9
79.6
'
85.7
Electric power production
Mining.
80.1
76.5
76.4
,
Other....
i>
March, 1939
April, 1939
City, where
an
for
Detroit.
vegetables
2.1%
dropped
decline than in any
The greatest increase
advance of 4.0%
was
9.5% in the cost of fresh fruits and vegetables
quart in the price of fresh milk.
An increase
Volume
of
Financial
148
3.1% reported for Minneapolis
in
the
of
cost
onions
fresh
19.2%.
contributed
the
to
fruits
advance
chiefly the result of a sharp upturn
was
and
increase
An
vegetables.
2.4%
of
recorded
in
for
Potatoes
rose
white
of
price
the
40.2%, and
bread also
Minneapolis.
71.6%, the
reached
Mar.
17, May
14, May
15,
15, May
Blight
declines
1938
1933
1929
New England
74.5
75.4
74.6
77.0
61.4
100.8
Middle Atlantic
77.5
77.0
77.3
80.1
63.9
102.8
East North Central
76.6
77.0
76.6
80.5
61.6
104.0
in
62.1
103.4
downward,
Lower quotations
in
West North Central.
80.7
79.8
76.1
76.6
75.3
77.5
61 2
100.9
East South Central
70.3
70.6
70.5
72 5
59.1
102.9
West South Central
74.7
75.3
74.2
76.4
60.6
Mountain.
79.9
78.8
78.5
82.1
63.4
99.8
74.7
74.8
75.8
76.4
63.8
100.3
_
Pacific
United States
76.6
76.5
ago
year
a
at
cotton
due
in
reversal
the
following
slightly
declines
index was
In spite of increases
tin, and lead.
average
textile
the upward
in
anthracite coal
also
was
offsetting
than
the metal price
in
burlap,
and
index,
group
average
more
upturn
scrap,
wool,
part to a
for
Twenty-seven
27
fractional
fabrics,
food
the
product
livestock
trend
turned
in silk
prices.
responsible for the drop in the
were
index.
week and
102.4
62.5
79.1
76.4
101-6
A
farm
for
by higher prices for steel
certain
fuel
The
quotations
grains and cotton.
caused
South Atlantic
(based on the
72.4%,
at
by
registered
was
weeks.
recent
with rising
1939
82.0
stood
years ago at
increase
in
higher,
1939
80.7
A month ago the index
of 100%)
average
*1939
Regional Area
the previous week, the lowest point
in
as
86.4%.
The announcement of
the Association, dated June 19, went on to say :
A
16, Apr. 18,
same
since 1934.
1926-28
74.5%, and two
AREAS
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL
May
3749
Chronicle
20
price
series
included
in
the
index
in the preceding week there
declined;
declines'; in the second preceding week there
during
advanced
the
24 advances and
were
17 advances and 19
were
declines.
Preliminary.
x
WEEKLY WHOLESALE
(1926-1928=100)
Compiled by The National Fertilizer Association.
S.
U.
Department of Labor Index of Wholesale Com¬
modity Prices Declined for Fifth Consecutive Week
During Week Ended June 17
Per Cent
INDEX
PRICE
COMMODITY
Latest
Bears to the
Preced¬
Month
Week
Each Group
ing Week
Ago
June
Group
17. June
Year
Ago
20,
10, May
June
18,
1939
1939
1938
67.8
68.6
73.6
49.3
49.4
59.1
62.6
63.0
59.6
59.4
62.6
66.5
53.0
Total Indez
53.6
52.3
46.8
56.9'
58.0
57.4
65.6
1939
Wholesale
commodity prices during the week ended June 17
mowed downward for the fifth consecutive week, Commis¬
sioner Lubin of the Bureau of Labor Statistics, U. S. De¬
25.3
23.0
Farm Products
Cotton
>
Grains
60.5
59.7
65.8
72.0
Fuels
77.4
77.6
76.4
78.6
10.8
Miscellaneous commodities.-
77.9
77.8
77.7
76.2
8.2
Textiles.-..-
63.0
63.2
62.7
57.1
7.1
Metals
87.9
87.8
87.8
94.1
6.1
Building materials
84.8
84.9
84.5
80.9
Chemicals and drugs
91.9
91.9
91.9
93.7
71.2
71.3
71.3
69.0
77.3
77.2
77.2
76.8
94.9
94.9
94.9
98.1
71.6
71.6
72.4
74.5
Livestock
;•
index for hides and leather products advanced 0.2% and
materials
commodities
Averages
ago.
further decline
The
silk, jute, and crude rubber.
the
on
of both
commodities group advanced
0.1%.
remained unchanged from a
average
the nonagricultural and
industrial groups
y
steady.
were
raw
for the semi-manufactured
Manufactured
week
by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
The farm
products group index reached
of the past five
point
barley,
years.
a new
Market
Food
prices
for
prices
dropped
cereals
18,
1938.
0-5%;
brick and tile
other
and
fruits
The food index
below the week ended
'
for
index
0.3%.
building
were
materials .dropped
0.3%.
down 01% and lumber 1.4%.
major subgroups
Average prices
for
Index numbers for the
unchanged from the preceding week.
were
prices for non-ferrous metals, scrap steel, and wood screws were primarily
The
and
chemicals
and
for
drugs group decreased
0.1%
textile
products.
Average prices for cotton goods advanced
prices for sheepskins and leather were responsible fqr the
average
The fuel and light¬
ing materials index rose 0.3% primarily because of higher prices for gasoline
Oklahoma field.
the North Texas field and natural gasoline in the
changes
were
reported in
for housefurnishing goods.
prices
No
Cattle feed
prices advanced 2.1% and crude rubber prices dr pped 0 6%.
The following
table shows index humbers for the main groups of com¬
modities
for
June 20,
1938, June 19,
1937,
1936, and June 2, 1935.
the
past
five weeks and for June
V
4.83
317,706,510
313,325,692
5.20
8.68
chains.
4
70,395,515
63,017,656
11.71
312,112,327
296,674,645
apparel chains.
29,012,126
24,817,561
16.90
122,171,150
112,418,697
37,823,909
3 shoe chains...
6,235,080
3,778,000
2.796,000
2 drug chains
7,509,442
—
9.06
78,646,505
22.96
96,701,900
17,
10,
18,
1123.028.666
27,
20,
June
June
18,
19,
June
June
20,
Electric Output
for Week Ended June 17> 1939, 13.7
Above
The Edison Electric
Institute in its current weekly report
electricity by the electric light
industry of the United States for the week ended
June 17, 1939, was 2,264,719,000 kwh.
The current week's
output is 13.7% above the output of the corresponding week
of 1938, when production totaled 1,991,115,000 kwh.
The
output for the week ended June 10, 1939, was estimated to
be 2,256,823,000 kwh., an increase of 13.3% over the like
estimated that production of
and power
a
year ago.
June 17, 1939
June
Week Ended
Week Ended
Week Ended
Week Ended
Major Geographic
Regions
June
10, 1939
May 27, 1939
3, 1939
1939
1939
1939
1938
1937
1936
1935
75.6
75.7
75.8
75.9
78.4
86.5
78.7
79.3
13.2
11:8
10.8
Middle Atlantic
1939
75.4
13.2
12.7
13.9
Central Industrial
17.2
17.5
14.5
6.2
9.3
7.3
13.6
10.2
10.5
9.0
13.7
13.6
14.4
13.0
9.9
8.1
9.1
8.9
13.7
13.3
12.5
11.7
New
15.9.
England
West Central
Farm products
62.0
Foods--.
67.1
62.7
67.3
63.1
63.5
67.5
67.6
64.1
69.7
87.4
77.4
67.4
73.5
84.0
79.7
78.0
82.5
93.0
92.8
92.6
92.6
92.2
91.1
107.2
94.4
89.3
66.8
6o.9
66.9
67 J
67.0
64.8
77.3
69.4
74.1
73.9
74.1
74.1
74.4
76.7
78.1
76.4
74.7
Metals and metal products..
93.4
93.5
93.5
93.5
93.5
96.5
95.1
85.5
— ...
Rocky Mountain
Pacific Coast
85.9
materials
Southern States
«.»
Textile products
Fuel and lighting
-
Total United States.
FOR
DATA
RECENT
WEEKS
(THOUSANDS
89.5
89.8
89.2
89.4
89.3
89.8
97.0
85.6
85.1
Chemicals and drugs
75.5
75.6
75.8
75.7
75.7
75.8
83.5
77.6
86.9
86.9
86.9
86.9
86.9
88.6
91.0
82.9
81.7
73.6
73.6
73.8
73.7
73.7
72.7
79.2
69.6
68.4
Raw materials
67.4
67.9
68.2
68.5
69.0
71.6
85.3
77.0
♦
Semi-manufactured articles..
74.3
74.2
74.1
74.1
74.0
71.4
86.6
74.1
*
Finished products
79.8
79.9
79.9
79.9
82.6
87.5
80.5
♦
78.4
78.5
78.5
78.5
80.3
86.4
79.0
79.5
80.6
80.6
80.6
80.7
80.7
81.5
85.9
78.7
77.9
OF KILOWATT-HOURS)
1938
78.4
6.2
from,
79.8
L 14.2
80.0
Housefurnishing goods.
10.6
'
69.7
materials..
Hides and leather products..
%
Year Ago
a
22.
1939
All commodities
8 04
.Decrease.
PERCENTAGE INCREASE FROM PREVIOUS YEAR
June May May
3,
797,104,683 4.54
326,523,983 16.59
13.47 1123,956,311
281.163,422 247,791,017
Total 29 cos
*
Commodity "Groups,
5.67
35,793,960
27,605,689 4.21
11,286,000 30.1
833,271,527
380,684,784
35.1
Total .27 chains 184,461,522 169,144,512
2 mall order cos.
week
June
28,768,631
14,689,000
7.71
6,972,009
7,120,575 X12.43
(1926—100)
June
1.40
64,420,651
because of weakening
The decline of 3 0% for silk and rayon
0.2% increase in the hides and leather products group.
in
67,531,359
$
11 5 & 10-cent
x
during the week.
Higher
chalns.
%
1938
%
$
prices for burlap, jute, and hard fibre twine caused the 0.1%
lower
decline
6 grocery
1939
%
Lower
responsible for the 0.1% decrease in metals and metal products.
prices for copra and coconut oil.
Inc.
Inc.
1938
1 auto sup. chain
less+han four weeks ago and 8.7%
67.1, is 0-4%
the 27 chains
3 Months Ended May 31
Month of May
$
with the exception of dairy products, contributed
Average
mail order companies,
1939
The current index, 62.0,
the1 wholesale markets of the country declined
in
decrase.
the
The
two
lower for
Prices averaged higher for oats, live
vegetables, 1.1%; meats, 0 4%, and ''other foods," 0 3%.
June
were
3.3% from last month and 11.0% from a year ago.
Each of the subgroups,
to
Excluding the
low for the year and the
quotations
poultry, cotton; eggs, oranges, hops, and wool.
is down
May Chain Store Sales Up 13.47%
According to a compilation made by Merrill Lynch &
Co., Inc., 29 chain store companies including two mail order
companies reported an increase in sales of 13.47% for May,
1939 over May, 1938.
Excluding the two mail order com¬
panies the 27 other chains reported an increase in sales of
9.06%.
'
.
Sales of the 29 companies showed an increase of 8.04%
for the five months of 1939 over the five months of 1938.
wheat, cattle, hogs, sheep, apples, lemons, dried beans,
corn, rye,
potatoes, and white potatoes.
sweet
—
.
The announcement issued June 22
lowest
All groups combined.
unchanged from the level of the preceding week.
for farm products, copra,
The index
Farm Machinery
•;
100.0
The
index, 67.4, is 2.3% below a month ago and 5-9% below a year ago.
group
•3
;
fuel and lighting
Raw material prices averaged 0.7% lower as a result of a
in prices
Fertilizers
Housefurnishing goods and miscellaneous commodi¬
0.3%.
rose
ties remained
Fertilizer materials
.3
Building
for grains and 2.9% for livestock and poultry.
products, and chemicals and drugs each declined 0.1%.
metal
.3
products group of 1.1% was caused principally by
,
dropped 0.3%, foods decreased 0 3%, and textiles, metals
material prices
and
.
17.3
The Commissioner continued:
decreases of 1.5%
-
75.7
1.3
prices for agricultural commodities largely ac¬
The all-commodity index fell to
75.4% of the 1926 average, a new low for the year.'
It is
0.7% below a month ago and 3.8% lower than last year."
for the decline.
A decline in the farm
>
63.0
Cottonseed Oil
market
counted
49.0
Fats and oils
partment of Labor, stated on June 22.
''The Bureau's
index declined 0.3%," Mr. Lubin said. "Continued weakness
in
67.9
Foods
Building
Miscellaneous
All
commodities
—
other
than
commodities
farm
*
Change
Week,
1
8
15
2,209,971
Apr. 22
products and foods..
2,199,002
2,182,727
Apr.
Apr.
Not computed.
Apr.
Remained Unchanged
During Week Ended June 17, According to National
Commodity
Wholesale
Prices
Fertilizer Association
No change
in the general level of commodity prices was
index of the National Fertilizer Association
week ended June 17, the index remaining at
recorded by the
the
2,173,510
2.170,671
Apr. 29
May
during
Ended
1938
1939
than
other
farm products.
All
Percent
1939
May
6
13
May 20..
May
27
June
3
June
—
10.
June
24
-
1
8
-
-T —
17
June
July
July
—
-;
2,163,538
2,170,750
2,170,496
2,204,858
2,113,887
2,256,823
2,264,719
1,978,753
1,990,447
+ 11.7
1,957,573
1,951,456
1,938,660
1,939,100
1,967,613
1,967,807
1,973.278
1,878,851
+ 10.9
+ 9.2
+ 12.7
+ 12.6
+ 11.6
1937
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
1932
1,480,208
1,465,076
1929
1,679,589
1,663,291
1,480,738
1,469,810
1,696,543
1,709,331
1,454,505
1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
1,699,822
1,688,434
1,698,492
+ 12.5
2,194,620
2,198,646
2,206,718
2,131,092
1,991,787
+ 13.3
2,214,166
1.435,471
1,991,115
2,019,036
2.014,702
+ 13.7
2,213,783
2,238,268
1,441,532
1,440.541
1,456,961
1,615,085
1,689.925
1,699.227
1,702,501
1,723,428
2.096,266
1.341.730
1,592,075
1.881,298
+ 10.3
+ 10.3
+ 11.7
2,238,332
1,704,426
1,705,460
Financial
3750
Chronicle
April, 1939, together with the comparable monthly figures
Contracts for May at Highest Level for
Construction
since January, 1933:
Any May Since 1930
New construction
ing May attained the highest level for any
Total contracts for May, 1939, amounted
Raw Materials, Including Cotton at Mills
represents a gain of 9% over May of last year,
but shows a decline of 7% from April of this year.
This total
of
1933
stated
privately-owned
that
construction
private construction to proceed at
1567—CRDBAoiclsahtmgn.d
of last
a
111.2
114.6
109.9
112.5
115.3
110.5
114.5
116.6
110.4
May
116.5
116.8
June.
113.7
118.2
July
—
1938
1937
1939
110.9
101.1
99.7
113.2
100.6
100.0
100.2
114.4
a99.0
99.3
99.3
116.7
98.3
109.2
99.8
102.7
115.9
097.6
108.3
99.9
104.2
113.7
114.4
119.5
108.0
98.8
104.7
111.6
116.1
119.0
107.3
98.1
105.8
109.6
September-
117.6
118.2
106.8
98.2
107.0
October
115.0
114.6
105.2
99.5
107.6
105.9
November.
114.6
113.4
104.2
100.2
108.3
103.5
December
for
100.6
99.9
August
114.0.
111.3
102.6
100.8
109.7
101.4
_
.
108.7
Semi-Finished Goods*
the con¬
uncertainty existing this spring should now
fusion and
mit
101-4
April
totaled $173,730,000, which was 25% ahead of last
year and 2% above the April, 1939, figure.
For the first
five months of this year this class of construction is 30%
ahead of the same period last year.
With the final passage
amendments to the National Housing Act,
1936
110.4
March
May
of the
1935
114.0
February..
Corp., the most significant development in the May con¬
tract record occurred in private construction, which has
shown marked increases since the beginning of this year.
Holden
1934
110.2
January
According to Thomas S. Holden, Vice-President in charge
the Statistical and liesearch Division of F. W. Dodge
Mr.
MANUFACTURING
OF
1933-1939
Adjusted for Seasonal Variation; 1936=100
$308,487,000
Dodge Corp.
to
INDEXES
INVENTORIES,
May since 1930.
Eastern States, according to F. W.
for the 37
BOARD
CONFERENCE
THE
engineering work undertaken dur¬
and
June 24, 1939
1939
1933
1934
1935
1936
1937
1938
128.7
122.8
109.2
102.4
87.8
116.5
130.9
121.7
108.6
102.5
86.7
119.0
112.3
120.8
107.5
105.0
87.3
120.8
all3.6
120.0
107.5
103.1
86.3
121.9
113.3
0113.4
per¬
pace well ahead
January
.v.
February.
year.
.
March
131.5
Further evidence of the generally firm tone to the private
April
130.3
May.
126.0
118.0
107.8
103.1
87.7
122.6
construction record during the past few months appears in
June
122.0
115.9
108.3'
103.3
88.4
111.4
121.5
the
increasing proportion which this class has contributed
to the
total construction record.
In January, for example,
private work represented only 41% of total construction;
in February the proportion rose to 50%; while for May,
private work contributed 56% of all construction.
For May
of last year only 49% of all construction represented private
work.
May
118.5
$r209,061,000 for April
of last year.
and $160,924,000 for May
Contemplated projects for all classes of con¬
totaled
.
118.1
114.7
95.6
111.1
96.8
101.4
109.2
November.
122.3
113.4
102.3
92.9
107.7
110.0
December
126.4
112.1
101.6
89.4
113.7
110.8
120.9
October...
_
114.6
Finished Goods
1937
1938
97.0
107.3
119.9
95.0
98.3
107.6
118.0
109.5
95.4
1934
97.8
107.9
116.5
allO.l
98.6
107.4
114.9
1936
1935
.
January...
85.9
91.6
94.7
February..
84.3
91.8
March..
83.3
92.1
81.8
93.0
95.3
..
April
'
May
82.2
92.3
96.8
98.1
108.8
93.2
97.4
98.0
109.5
95.4
96.6
98.8
109.0
112.6
89.8
95.6
95.4
98.4
111.3
111.8
-J-
—
August
reported by banks in
93.2
96.0
96.6
100.8
114.2
October...
96.0
95.4
95.6
103.7
118.0
96.7
93.8
94.7
104.4
118.5
111.4
December
93.8
9* .7
95.1
106.1
118.8
110.1
*
leading cities for the week ended June 14, aggregated $7,543,000,000, or 13% below the total reported for the preceding
13% below the total for the corresponding week
of last year.
•
Board of Governors of the Federal Reserve System..
BY FEDERAL RESERVE
_
Stocks of copper estimated for 1933.
a
Preliminary.
Living Costs of Wage Earners Declined 0.2% from
April to May, According to the Conference Board
living of
The cost of
the
in
creases
NO.
according
Division
cost
of
clothing,
food,
monthly
regular
the
to
coal
sundries,
and
made
survey
the
by
of Industrial Economics of the Conference Board.
than in May, 1938,
Living costs in May were 2.0% lower
DISTRICTS
Of
3—Philadelphia
$417,389,000
15
3,311,787,000
343,438,000
18
_
25
24
9—Minneapolis..
10—Kansas City.
28
18
1,100,242,000
223,270,000
149,217,000
247,896,000
189,678,000
12—San Francisco
29
599.514,000
8—St. Louis
16
17
Total
274
$7,543,065,000
June
$442,799,000
4,036,663,000
15, 1938
$433,187,000
4,325,444,000
413,684,000
449,135,000
,277,307,000
209,326,000
1,100,230,000
582,825,000
.
216,906,000
41
June 7, 1939
462,644,000
281,084,000
26
...
Food
June 14, 1939
17
14.3% lower than in May, 1929, but 18.3% higher than
the low point of 1933.
The Board on June 15 continued:
at
Week Ended—
Centers
Incl.
2—New York...
509,851,000
294,721,000
234,269,000
1,140,485,000
246,397,000
610,518,000
209,348,000
139,155,000
266,149,000
193,137,000
613,976,000
$8,709,398,000
$8,630,078,000
159,850,000
257,890,000
.
193,130,000
a
at
year
in
than
0.6%
Conference
Rise
in
Board
Finished
Indexes
and
.
in "May
in
at
a
last year,
sundries
ago,
year
low
the
0.1%
were
declined seasohally,
of
cost
May
of
and
declined
years
ago,
The
following table gives the Conference Board's indexes
for industrial holdings of the three classes of commodities
at the end of April, 1939, for the
preceding month, and for
April, 1938.
These indexes (1936—100) are adjusted for
seasonal variation.
With the publication of the
our
an
preliminary figures for March
explanation of these figures which may be
issue of June 3, 1939, page 3298..
The following table gives the Conference Board indexes
three classes of Commodity holdings at the end of
for these
April,
2.1%, from April to May.
They were
7.0% lower than in May, 1929.
from April to May.
It was 1.0%
1929, but
2.5% lower than in May,
7.1% higher
1933.
higher
than
in
dollar
May,
0.3%
was
higher
in
and
16.7%
higher
1938,
;
1929.
May than
than
in
in
;
Indexes of the
Cost of
Relative
Item
P. C. of Inc.
Living
1923=100
Importance
or
*
Food
May,
1939
78.2
86.2
86.2
20
-
-0.1
0.0
72.1
„
Women's.
72.2
—0.1
78.5
—0.1
—0.3
65.8
66.0
84.0
85.2
—1.4
82.9
84.7
—2.1
86.2
86.2
0.0
96.6
96.7
—0.1
84.8
85.0
—0.2
117.9
Fuel and light
117.6
5
Coal.
....
...
Gas and electricity
Sundries
30
100
Weighted average of all items
Purchasing value of dollar
Based
1939
78.4
12
Men's
*
f A-)
(—)
May, 1939
to
April,
33
Housing
Clothing
•
78.1
Budget
Dec.
from April, 1939
in Family
according to preliminary estimates prepared by the Division
Stocks of semi-finished goods showed little
change during
April, but were 7.0% lower at the end of the month than
on the
corresponding date of last year.
-
3.2% lower
but 18.8% higher than
in
0.1%
purchasing value of the
2.0%
than
Finished Goods and Decline in Raw Materials
Although these stocks were 0.9% higher than at the end of
March, they were still 3.4% lower than in April, 1938 and
7.4% below the peak level reached in January, 1938.
Inventories of raw materials declined
0.7% during the
month, recording a 16.4% drop in comparison with April
figures last year, and reaching the lowest point in the six-year
period covered by the Board's index.
As production has
risen markedly since April of last year, the raw material
holdings are even lower in relation to output than is indicated
by the 16.4% decline.
0.9% lower
'
lower
Semi-
of Industrial Economics of the Conference Board.
■
,
were
1933.
of
prices
Manufacturers' stocks of finished goods advanced
slightly
in volume during April for the second consecutive
month,
provided
They
in April.
as
26.6% lower than, 10
year ago,
,
lower than
May,
1933.
beginning of 1934, their low point.
prices
higher than
April,
of
the
low
The
of
same
May, 1938, and 6.4% lower than in May, 1929, but 37.5% higher
a
the
Coal
point
averaged the
at
than
They were 3.3% lower
1929, but 27.8% higher
low
Clothing
The
Industrial
ago,
the
Rents
than
at
from April to May.
and 25.3% lower than in May,
prices declined 0.1%
than
than
than
Inventories" Show
found in
in the United States
wage earners
slightly, 0.2%, from April to May, because of de¬
declined
and
Federal Reserve District
we
■
•
.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$6,922,000,000, compared with $8,030,000,000 the preceding
week and $8,010,000,000 the week ended June 15 of last
year.
These figures are as reported on June 19, 1939,
by the
SUMMARY
-
,
112.4
November.
as
alll.O
112.2
September.
accounts,
1100
113.4
85.5
110.0
■
13% Lower than Last Year
individual
1939
115.5
82.3
July
to
National
91.4
93.5
98.3
104.2
116.5
June
$414,486,000 for May.
Bank Debits
4—Cleveland
98.7
100.4
115.7
120.6
1933
pared with
week and
108.6
108.0
107.1
116.0
August
September.
building,
comprising residential
and non-residential work, amounted to $210,567,000 as com¬
Debits
118.5
July.
I
contracts for total
struction
'
+ 0.3
food price indexes of the United States Bureau of Labor
on
Statistics for
.May 16. 1939 and April 18, 1939.
Decreases Noted in Pennsylvania Factory Employment
and Payrolls from April to May—Delaware Fac¬
tories also
Employment
2%
and
payrolls
middle of
released
Report Loses
in
Pennsylvania
and
factories
employee-hours
declined
about 1%
nearly
from
the
April to the middle of May, according to figures
by
the
Federal
Reserve
Bank
of
Philadelphia.
Ordinarily employment and payrolls show little change in
this
period.
reported:
Under
date
of
June
22
the
Bank
further
Volume
Financial
148
the number employed was
Despite declines in April and May, however,
about
point
wage disbursements was 13% larger
a
year
ago and 20%
above the low last summer.
These higher
over last year
have been sustained primarily by greater activity at
6% greater than in May, 1938, and about 9% above the low
reached
than
levels
metal
June.
last
and
volume
The
textile
such
decline
in
plants.
in
payrolls
activity
at plants
and
repair shops
consumers'
tries
producing food and lumber products.
Average weekly
the
May was due chiefly to a
from April to
railway
at
same
week.
in
as
working time in
April; in May last
May
Non-Manufacturing Employment
Retail trade establishments reported an
employment gain of 1.8%, or
59,000 workers between March and April.
This increase did not reflect
the Easter rise in employment, since the Easter
peak of 1939 occurred too
early to affect employment in the April 15 pay period reported to the
Bureau.
ment level of
1939
index
announcement
the
had
garding conditions in Delaware factories:
In
Delaware
factories
employment
% Inc.
Compared
with
a
year
greater and payrolls
ago,
working
total
and
decreased
time
number
the
and employee-hours
15%
employed was
workers
of
19% higher.
were
% Inc.
■
»
Automotive—
General merchandise
+2.1
+2.8
+6.1
wholesale trade the slight
1
,
Furniture
Hardware.
Farmers'supplies
Lumber and building material.
+0.6
employment decline,
usual seasonal trend between March and
April.
employees in firms dealing- in farm products
percentage
forces by
decrease.
Dealers
in
dry
1939 in
follows:
Overthe
Month
,
Food
in
,
Wage payments also declined about 1%.
fractionally from April to May.
groups were as
Apparel—
following to say re¬
As the employ¬
The percentage increases between March and April,
important retail
more
In
Bank's
slightly greater than that which has
was
reflected full Easter activity, the April,
year
(85.3% of the 1929 average) stood 3.3% below the index of
April, 1938.
the
April of last
l,
practically
hours,
35
prevailed since the sharp rise in late 1936 and early 1937.
The
,
The increase, however,
taken place in earlier years with an early Easter season.
,
about
was
Working time averaged 32 hours a
year
Hourly earnings again approximated 69c., which is near the level
that has
The announcement issued
by the Department of Labor
(Office of the Secretary) also had the following to say:
of
sharp
turning out
goods as men's clothing, shoes, and leather manufactures.
Production of textiles other than clothing was well maintained in May,
owing principally to the increased output of woolen and worsted fabrics
to be used
in fall suitings.
Employment and payrolls in the iron and
steel
industry also continued near the April level despite the usual
seasonal decline.
Larger than seasonal increases were reported in indus¬
The
reduction
3751
Chronicle
Overthe
Month
+1.1
+0.8
+1.8
+1.8
0.1%, followed the
A seasonal loss of 23.7%
the most pronounced
was
goods and
apparel curtailed their
1.7%, in groceries by 0.7%, in furniture and housefurnispings by
1.3% and in metals and minerals by 3.8%.
Increased employment
was
reported in the following wholesale lines:
% Inc.
of
Workers in April Employment Due to
Decline of 280,000 Workers in Bituminous Coal
Mines, Secretary Perkins Reports—Other Fields
Increased
Employment by 200,000—Decrease in
WPA Employment
."
76,000
decline
The
of
approximately 280,000 workers in bitu¬
minous-coal mining between mid-March and mid-April in¬
dicated by preliminary reports supplied to the U. S. Bureau
/
of Labor Statistics,
;
of
than offset the estimated increase
more
200,000 workers in other fields of non-agricultural
over
employment and resulted in
the month interval,
over
•sported
joal
Secretary of Labor Frances Perkins
With the exception of bituminous-
mining, the employment changes conformed generally
the
to
May 25.
on
usual April pattern,
her report showed.
"Despite
the pronounced decrease in bituminous-coal
ment, there
approximately 185,000
were
workers
em¬
ployed in non-agricultural industries in April, 1939 than in
April of last year," she said.
"These figures do not include
employees on Works Progress Administration and National
Youth Administration projects nor enrollees in the Civilian
Conservation Corps."
Miss Perkins added:
establishments
Retail trade
.
.
in
workers
employed approximately 59,000 additional
April to handle spring trade.
Increased activity in the
con¬
struction industry resulted in general employment gains in all areas.
stantial seasonal gains were also reported
Sub¬
by dyeing and cleaning'estab¬
lishments and quarries and non-metallic mines, and smaller gains were re¬
ported in metal mining, public utilities,
anthracite mining.
laundries, insurance, hotels and
The employment increase of 2.9% in the anthracite
industry was accompanied by
mining
pay-roll increase of 32.3%,
a
re¬
flecting the increased production which resulted from orders placed because
of the shut-down in the bituminous-coal mining industry.
railroads reported an increase of
Class I steam
in
non-manufacturing
petroleum
industries
producing
0.4%, respectively.
„
not
were
companies
significant.
reported
Brokerage
decreases
of
and
0.9%, and
Factory Employment
was
$3,600,000
as
decline of 0.1%
between
industries
April
a
per
March
employment
or
and
8,000
April,
Typically
week-
is
pay
pay
no
any
6-5% above the figure for the
same
in manufacturing
earners
rolls
change
declined
in
was,
with but
month of 1938.
April and
31
13.9% above the level of last
pay-roll
reported
increases.
was
group
of industries
as a
for
the
In
(98.0)
this
group
non-durable
(80.1)
280,000
workers
an
mid-March
between
accompanied by
Anthracite mines took
rolls were increased
rise in pay
2.9%, or 2,200 more workers in April and pay
on
by 32.3 %.
Increased production resulting from orders
rolls.
>
Metal mines increased their working forces by
seasonal pick-up of 6.5%,
a
tailed
In
or
employment (0.4%).
public utilities
employment increase of less than 1 % was reported
an
by telephone and telegraph companies and by light and
was
cleaning (7.9%), resulted in
in
•
.
Brokerage firms cm-tailed employment 0,9%, and insurance companies
slightly increased their personel (0.2%).
Employment
in
construction showed
building
private
increase
an
11.4% from March to April, according to reports received from
contractors
114,455 workers.
employing
ment, a further rise over
The April
1934
and
Pay
1936.,
increase in
of
13,714
employ¬
the substantial seasonal gains reported in March,
has been exceeded during the past seven years only
rolls
15.5%.
increased
by the April gains of
Employment gains
were
were
reported from all sections of the country, the New England and Moun¬
tain
States
showing increases of 21.7%
and 28.0%, respectively.
The
Middle Atlantic and the East apd West
substantial seasonal pick-up in the
Central
North
States
in
March
was
continued in April with percentage
gains of 13.4, 10.5 and 15.8, respectively.
were
were
Increases of 6.1% and 3.5%
reported in the South Atlantic and Pacific States, and moderate gains
reported in the East and West South Central States.
which the figures are based do not cover construction
The reports
projects financed
by the Works Progress Administration, the Public Works Administration
and the Reconstruction Finance Corporation, or by regular appropriations
of the
Federal, State
or
local governments.
'
Indexes of employment and pay rolls for April, 1939 for all manufactur¬
ing industries combined, Class I steam-railroads, and selected non-manu¬
facturing industries, where available, and percentage changes from March,
used
and
as
April,
1938
are
shown below.
The 3-year
average
1923-25 is
base in computing the indexes for the manufacturing industries
a
and. Class I steam-railroads, and the 12-month average for 1929 is used as
base in computing the index numbers of the non-manufacturing indus¬
a
Information
tries.
for
the non-manufacturing industries
1929 is not available from the Bureau's records.
to
not
for years prior
These indexes
are
adjusted for seasonal variation.
month
any
Employment
Index
Industry
employ¬
%
Payrolls
whole advanced for the third
Change from-
April,
1939*
Index
April,
1939*
%
Change from—
Mar.,
April,
1939
1938
91.3
—0.1
+ 6.5
53.2
+0-2
+ 4.0
87.3
—0.1
—1.3
74.6
0.2
85.3
+ 1.8
—3.3
71.0
+ 1.9
—1.7
95.8
+2.8
—5.2
85.7
+ 2.8
—4.1
con¬
The pay-roll
(1923-25=100)
Mar.,
April,
1939
1938
.
Manufacturing
Class I steam railroads .a..
.
85.0
b
-2.2
b
+ 13.9
b
(1929=lb0)
Pay rolls for this
Trade:
group
dropped 4.3% to
in¬
an
Wholesale
-—
Retail
canning
aircraft
and
(3,300),
preserving
cigars
and
(12,200),
fertilizers
cigarettes
General
cement
Employment and
which
the
being employed in April, 1939 than in
were
engines, turbines, and
wheels; shipbuilding; textile machinery; brick, tile
+ 1.5
—2.7
67.9
+ 1.7
—1.1
73.8
+0.5
—1.3
90.5
—1.5
—1.2
—0.6
90.3
+ 0.9
—1.5
97.0
+ 0.2
69.4
—0.2
—2.4
69.9
—0.9
—0.2
53.2
+ 2.9
—6.6
45.3
+ 32.3
Bituminous coal
26.5
—69.7
—69.1
17.9
—77.0
+ 16.2
—68.2
Metalliferous
1929.
61.9
+ 1.5
+ 0.5
53.6
+c
+0.5
42.7
+ 6.5
+ 2.4
35.7
+ 5.4
66.0
—0.4
—10.6
60.2
+ 7.8
—1.8
93.3
+ 0.6
—0.1
d82.4
+ 1.6
93.7
+ 0.8
—1.8
80.1
+ 1.0
-0.6
102.9
+ 7.9
—7.9
73.8
+ 9,0
—0.7
—15.4
+2.6
+ 7.4
Electric railroad & motorbus oper. &
maintenance
Mining:
Anthracite
and terra cotta; marble,
granite and slate; pottery; paper and pulp, and paints and varnishes.
82.5
chandising
Telephone and telegraph. .
Electric light and power
and manufactured gas_.
pay
water
+c
Public utilities:
April employment indexes were at the highest
levels since the latter months of 1937
merchandising.
Other than general mer¬
(5,000),
(3,000),
the aircraft industry were at the highest levels of all time, more
for
(0.8%) and dyeing
net gain of 8,000 workers in these in¬
a
"
year.
showed no change over the month interval.
employment fell 0.9%, the,April index
than twice as many workers
Industries
power concerns,
in the operation and maintenance of
slightly decreased.
Seasonal employment gains in hotels (0-6%), laundries
and
dustries.
cur¬
+
0.7% raising the April durable goods index
(2,300,) beverages (2,200) and shipbuilding (2,100).
rolls
1.5%, quarries reported
2,500 workers, and oil wells slightly
and the number of workers engaged
Substantial gains in number of workers, largely seasonal, were shown in
(13,400),
The employment decline was
received during the shut-down of bituminous mines accounted for the sharp
dex of 90.5.
(4,000),
mid-April, according to firms
pay-roll loss of 77%, or over $6,500,800 in weekly wages.
a
industries,
early months of 1939.
brick
employment decrease of 69.7% or
and
reporting to the Bureau of Labor Statistics.
being below the levels reached in the latter half of 1938 and the
sawmills
+1.2
+0.3
suspension of operations pending the sign¬
ing of new agreements resulted in
Employment in the
(84.1) to the highest point recorded since December, 1937.
index
and
Petroleum products
In bituminous coal mines the
'
durable-goods
secutive month, the increase of
+ 1.5
equipment,
The pay-roll index
Of the 87 manufacturing industries surveyed, 38 showed gains in
in
or
one ex¬
month since December, 1937 and
(85.0) was with three exceptions likewise at the highest level for
since December, 1937 and stood
2.2%
employment in
The April
rolls decline 0.8%.
index (91.3% of the 1923-25 average)
ception, at the highest level for
ment
Food
1939
wage
while
there
with March, and
compared
Machinery,
supplies
Employment in factories and in wholesale trade*es¬
tablishments showed virtually no change, the declines being only 0.1 of 1 %.
There
Iron and steel scrap
+0.1
+1.1
on
1,700 workers.
With the exception of bituminous coal, reported employment decreases
crude
+1.4
Electrical goods.
mining employ¬
more
Month
Automotive
electric railroads
1
Over the
Month
net loss of 76,000 workers
a
% Inc.
Overthe
,
Loss
The
employment index for steel was at the highest level since February of last
Quarrying
and the indexes for electrical machinery, foundries and machine shops
and machine tools were at the highest levels since March, 1938.
The em¬
& non-metallic
mining
year,
Crude petroleum
producing
—11.4
Services:
ployment gain of 2.2% in the latter industry was the eighth consecutive
Hotels
monthly increase.
Laundries
Among
the
industries
showing
sizable
employment
declines,
most
Dyeing and cleaning
of
(7,700), automobiles (6,800), men's cloth¬
(5,500),' cotton goods
also
seasonal, ranging from 2,100 to 2,300 were shown in the.gilk, furniture,
knit goods and
(3,600)
and confectionery
(3,200)1
ing
cottonseed oil industries.
Insurance—
Building construction.,
Declines,
♦
c
Preliminary,
Less than 0.1
—0.9
—3.9
b
b
+0.2
+ 1.0
+ 11.4
+0.9
+ 1.2
b
b
b
+ 15.5
b
Brokerage
which were of a seasonal nature, were woolen and worsted goods (14,800),
women's clothing (8,600). shoes
(year-round)
a
+2.4
—3.a
Source, Interstate Commerce Commission,
b Not available,
d Cash payments only; value of board, room, and tips
of 1%.
cannot be computed.
Financial
3752
NUMBERS UF EMPLOYMENT AND I
INDEX
to Census Totals for 1935.
Adjusted
Mar.,
1939*
1939
April,
Mar.,
1939
1938
82.3
88.3
88.3
rolling mills
92.3
92.1
89.8
66.7
71.6
87.7
79.3
73.3
75.7
32.1
83.7
86.3
70.7
77.8
82.6
61.3
116.0
103.6
96.4
101.0
86.1
80.7
82.8
89.1
55.5
71.2
Knit goods
114.8
116.0
107.8
112.5
119.4
106.5
74.1
76.7
63.6
147.2
148.6
139.5
154.6
165.3
151.2
43.6
46.1
45.9
32.7
64.9
76.5
81.9
51.8
Knitted underwear
Knit cloth
80.0
Forging*, iron and steel
48.5
48.0
Hardware
80.7
83.0
73.3
74.0
70.9
64.6
63.3
137.4
126.0
131.9
137.0
115.6
68.8
69.1
63.6
56.3
56.2
78 A
72.1
68.3
66.6
66.0
64.7
64.9
53.9
140.2
112.2
120.6
105.9
59.7
48.7
52.7
45.4
68.5
76.8
48.8
51.7
61.9
35.4
123.0
118.5
89.4
104.8
Clothing, men's
103.7
106.7
98.2
74.2
86.2
64.5
171.7
178.5
-178.7
119.7
143.4
123.1
106.3
103.7
99.0
111.4
108.9
97.0
108.9
*
-
61.2
59.1
57.6
49.4
Clothing, women's
Corsets and allied garments.
88.6
85.5
88.7
94.1
92.6
91.2
Men's furnishings
84.9
Tin cans and other tinware
85.4
76.6
82.8
84.2
65.3
159.1
Wirework.--
122.2
102.9
77.7
83.4
85.1
64.5
89.6
74.0
121.5
115.0
102.9
106.9
88.7
94.3
97.6
£2.1
75.0
83.2
70.6
94.8
98.4
95,0
70.6
80.0
69.9
84.6
86.0
72.9
84.0
87.9
67.6
Leather and its manufactures
118.7
169.5
162.5
131.0
161.4
and shoes.
Boots
94.3
152.9
95.1
94.7
93.2
123.8
124.8
147.8
134.9
136.7
129.9
133.3
141.9
119.8
120.3
portation equipment-,
...
Leather.-...-
83.6
93.7
128.1
114.0
112.0
112.6
114.2
113.9
114.1
Baking
142.0
142.1
141.8
135.9
138-0
137.5
Beverages
278.3
Food arid kindred products.
(lncl.
tractors)
137.1
132.7
Shirts and collars
trans¬
,
85.6
119.2
Millinery
tools,
files, & saws)
Tools (not including edge
63.8
62.1
66.2
66.8
56.5
72.4
153.3
119:2
Wearing apparel
56.3
Structural & ornamental metals
--
68.3
73.6
Silk and rayon goods.
45.9
81.3
apparatus and steam fittings
63.2
68.1
33.4
151.3
Woolen and worsted goods..
heating
Stoves,.-.
75.5
71.7
Knitted outerwear
54.2
135.3
_
Stamped and enameled ware,.
-
P
Hosiery
'■
"
,
120.8
Electrical machinery, apparatus
81.6
85.8
86.9
93.8
92.4
114.4
112.1
101.7
84.1
83.5
78.7
79.5
71.4
85.2
95.9
84.5
227.8
234.9
282.5
265.2
95.3
92.0
103.8
81.8
79.3
86.0
93.4
78.8
82.9
80.9
74.0
75.6
72.4
77.5
74.0
67.5
75.0
66.8
..
—
Confectionery
72.0
86.0
and supplies,-———
235.8
Butter
Canning and preservings
machines
machines
Cash registers, adding
75.4
76.8
74.2
72.6
Icecream..
75.8
69.8
77.0
65.6
61.2
66.5
Slaughtering and meat packing.
91.8
92.5
91.5
99.8
100.6
100.8
Sugar, beet
45.3
40.8
44.1
47.4
45.7
47.6
94.0
88.3
79.7
85.4
85.8
73.9
61.7
59.5
63.4
53.0
51.5
53.2
60.6
60.6
61.8
62.5
66.5
68.3
Flour
water wh'ls
and windmills
Foundry & machine-shop prods.
128.4
129.9
141.2
135.0
98.9
77.9
80.4
85.1
65.8
Suvar refining, cane
70.3
58.3
71.6
69.4
49.4
Tobacco manufactures
127.6
114.1
134.2
136.2
91.5
131.2
Machine tools
94.4
Radios and phonographs
Textile machinery and parts—
•
72.1
128.2
-■—
116.5
•
-
59.4
63.6
51.7
49.6
106.1
105.9
104.6
103.5
104.2
99.4
Boxes, paper.
101.0
101.6
93.5
104.2
107.1
91.8
Paper and pulp
106.4
105.9
104.3
104.7
105.5
98.4
100.2
100.3
100.8
90.5
92.0
88.8
106.6
106.1
106.3
109.1
108.2
106.5
121.6
114.3
61.9
95.4
95.7
71.9
94.2
92.1
64.9
1079.6
961.7
874.6
1064.5
989.1
803.6
102.1
103.8
72.9
99.4
97.2
63.3
32.9
33.4
32.9
31.1
32.3
30.5
51.3
Printing and publishing:
Transportation equipment
Aircraft
-
72.1
74.4
Chewing and smoking tobacco
and snuff
Cars, electric & Steam railroad.
Locomotives
19.1
16.5
30.8
16.2
13.7
112.6
108.7
95.7
117.0
115.5
Cigars and cigarettes..
.
101.9
Non-ferrous metals & their prods.
93.4
94.3
84.2
86.3
89.5
69.0
Aluminum manufactures......
154.6
153.1
129.0
160.7
159.8
98.3
99.2
88.8
95.9
98.6
Book and job
Newspapers and periodicals.
Chemicals
and
allied
products.
119.3
Brass, bronze & copper products
'
Paper and printing..
25.6
Shipbuilding
74.5
Clocks and watches
46.0
114.0
84.4
Typewriters and parts
63.3
75.3
89.0
Dyeing & finishing textiles. Hats fur-felt
84.7
Engines, turbines,
79.4
71.2
Cotton small wares
including silver
cutlery), and edge
Implements
73.9
67.8
59.9
(not
tools.
including
80.0
79.5
50.5
58.5
rivets
work
91.8
91.2
84.6
55 A
82.7
hot-water
101.4
88.7
98.6
-
92.3
80.0
and calculating
1938
86.9
63.3
Agricultural
1939
Cotton goods
66.8
-
not
1939*
Carpets and rugs
91.9
Machinery,
April,
1938
64.3
84.8
machine tools,
Mar.,
1939
83.7
82.8
Bolts, nuts, washers, and
Cast-Iron pipe
Fabrics
63.3
81.6
80.1
88.2
and
April,
Textiles and their products
products,
machinery
Blast furnaces, steel works, and
Steam
April,
•
Durable Goods
Plumbers' supplies
Mar.,
1939*
April,
1939*
^— 3QOtt
I
CO
April,
Non-durable Goods
not including
and plated
Payrolls
Employment
jyjffiZUfddvLTvTty XTtOUSlTXCS
April,
Cutlery
1923-25=100.0)
(Three-year Average
Manufacturing Industries
Iron and steel and their
June 24., 1939
MANUFACTURING INDUSTRIES
Payrolls
Employment
'
,
Chronicle
.YROLLS IN
and petroleum
Other than petroleum
refining.
112.4
116.2
121.3
127.8
131.3
134.9
114.0
110.2
117.9
118.6
108.0
118.5
111.4
127.9
130.9
117.4
64.7
Chemicals
114.9
58.8
85.5
84.0
Cottonseed—Oil, cake & meal
Druggists' preparations
Explosives
72.2
88.1
89.5
59.0
73.6
72.1
107.6
108.0
108.1
119.4
119.1
114.3
80.8
81.3
81.4
89.6
91.5
83.8
83.6
83.6
81.7
Jewelry—
90.3
92.7
80.0
71.5
76.9
Lighting equipment
83.4
87.5
70.6
7J .6
80.3
51.8
59.2
64.7
46.5
recording devices
120.2
114.4
116.0
114.5
114.8
refining
Petroleum refining.
and time'
66.3
66.7
60.7
72.0
71.5
69.0
66.2
66.6
64.1
Paints and varnishes.
117.6
114.9
114.2
123.4
120.4
114.1
64.3
.62.6
61,6
55.3
53.9
50.1
Rayon and allied products..
315.7
317.3
283.0
304.8
313.9
244.2
77.7
78.9
71.8
63.0'
66.1
51.9
88.4
90.5
86.9
91.2
92.5
87.0
54.3
53.4
49.9
44.1
43.7
38.6
Rubber boots and shoes
51.9
49.1
51.0
45.9
42.4
44.4
Rubber tires and innter tubes.
Stone, clay, and glass products..
72.6
69.6
65.4
63.1
61.6
54.3
Rubber goods, other
It"Brick, tile, and terra cotta
53.6
49.7
47.0
39.5
37.1
32.3
66.4
30.2
64.6
62-0
55.5
58.0
Silverware and plated ware—
lead and zinc
Lumber and allied products
Furniture
Lumber:
»
Millwork.
1
Sawmills
Cement
—
-----
133.8
118.8
105.6
81.7
82.8
72.7
83.0
85.4
61-9
61.7
54.3
57.8
58.8
42.0
67.2
67.2
61.2
73.7
76.1
53.7
131.9
134.0
112.6
127.1
130.4
99.3
-
.
Summary
90.6
81.6
90.7
95.3
77.6
44.8
41.8
39.5
34.3
33.1
81.2
74.4
72.5
73.8
63.8
Non-durable goods
All Industries--.-'.
—
91.4
85.7
85.0
86.9
74.6
83.5
77.0
80.1
80.1
65.6
98.0
Durable goods.
81.6
91.3
84.1
91.5
47.4
Gloss
136.3
58.5
Rubber products
•
132.2
159.4
Fertilizers...
Smelting and refining—Copper,
98.9
94.0
90.5
94.6
84.7
..---
Marble, granite, slate & other
products..--Pottery.
»
__,..T
■
.
!
preliminary;"subject to revision.
April, 1939, indexes
31
Employment on Federal and Other Public Programs
and
April
30.
Figures on employment are
c
There
were
46,000
workers employed on these projects than
more
1938.
month in
same
in April on projects operated by
2,629,000, a decrease of 287,000 as compared with
the WPA dropped to
March.
Federal projects
employment;
was
a
As
Student Aid was reported.
No change in the number on
decrease.
a
under the Works Program there was an increase in
work projects of the National Youth "Administration there
on
accelerated
result the seasonal increase in road building and the
in naval construction,
Weekly
pace
employment and pay rolls on construction projects
financed from regular Federal appropriations were greater
$19,095,000 for the month ending April
An increase of 400
than in the pre¬
disbursements
Employment
a
were
in
employed
"
There
were
■
15.
Pay¬
.
There were 138,-
these projects than in the same month
on
'
..
314,000 workers in
This number
April.
$9,166,000.
ending April
Pay rolls increased to $20,650,000.
workers
more
1938.
122,000 for the month
projects financed by the PWA increased by 29,000 to
on
total, of 251,000.
000
in
'
'
in employment on State-financed road projects brought
the number of workers to
roll
15.
was
camps
of the Civilian Conservation Corps
1,000 less than
6,000 more
in March, and
than in April, 1938. •
.
the week ended June 10,
seasonal weekly average
of production;
67% of the seasonal weekly average of
shipments in 1929, and 71% of the seasonal weekly aver¬
age of new business in 1929, according to reports to the
..lumber
The
1939,
stood
National
The value of orders placed for materials on PWA construction projects
in the month ending
financed
from
materials
on
April 15
regular
Federal
EMPLOYMENT
wag
Federal
$32,480,000 and
on
construction projects
$31,540,000.
appropriations
Orders
PAYROLLS
ON
PROJECTS
FINANCED
OR PARTIALLY FROM FEDERAL FUNDS AND ON ROADS
FROM
STATE
for
projects under the Works Program totaled $1,090,000.
AND
FUNDS,
APRIL.
and
68%
WHOLLY
FINANCED
1939
week's
1939*
April,
Mar.,
April,
1939
1939*
Financed by PWA.a
Financed
by
251
WPA
Federal
+ 29
+ 138
20,650
190
regular
April,
1938
S
$
+ 19
+ 16
19,095
projects
below
in
+ 1.572
the
120
Works Program .a
2,629
N. Y. A. work projects.b
227
+3
—
—81
287
+ 46 148,000
370
314
Conservation Corp.c.
122
State roads.a..
Preliminary.
a
Employment
ended March 15 and April 15.
figures
0
—1
are
5,658
+ 487
the
of
new
1938;
business
were
6%
of
that
1%
was
below output
Reported production for the
10.
June
23 weeks of the year to date was
weeks
new
19% above corresponding
shipments were 15%
above the shipments,
above the orders of the 1938
business for the 22 weeks of 1939 was 6%
orders
New
16%
were
shipments
output;
further
above
7%
were
The
output.
reported:
During the week ended June 10, 1939, 524 mills produced 237,929,000
of
softwoods
and
hardwoods
combined; shipped 223,161,000 feet;
booked
orders
week
ments,
—4,073
of
220,099,000
West
Coast,
feet;
new
Southern
Hardwood
Mills,
for the preceding
215,758,000 feet; ship¬
figures
production,
237,007,000 feet.
orders,
in the week ended June
orders above production
Cypress,
regions
542;
Hardwoods and Northern Hemlock and Hardwood
Southern
regions reported
Revised
feet.
235,969,000
were:
Southern
reported
Hardwood,
shipments
above
Hemlock
All regions
Northern
output.
10,
and
but
Southern
Cypress and Northern Pine reported orders above those of corre¬
+ 135
—137
+ 1,534
—194
sponding
week
4,300
+6
14,169
—36
9,166
—r-19
number
1% above shipments, and
the
shipments
and
ended
week
as
same
+ 50
+ 68
maximum
week,
—8,871 + 16,581
2,400
—24
-8
d
+ 34
holiday
(hardwoods and softwoods)
business
production,
1939.
under
Student aid.b
*
+ 812
Program—
Projects operated by WPA.b..
Civilian
+ 4,273 + 11,891
Federal
approprlations.a
preceding
the
with
the
were
New
-
holiday
S
the week
in
feet
Mar.,
1939
1938
Construction Projects—
orders
new
in excess of the. seasonal
shipments were
output;
orders
week.
Association
Change from—
Change from—
April,
Reported
1939, were«15%
Compared
shipments.
above
Class
regional
production of the week ended June 10 was 10% above that
period.
Payrolls
Employment
mills.
10,
from
the operations of important softwood
weekly average of 1938 orders.
Reported production was
20% above the seasonal weekly average of 1938 production,
and shipments were 11% in excess of 1938 seasonal weekly
and
(All Figures In Thousands)
June
the 1929
of
Manufacturers Association
Lumber
hardwood
ended
during
industry
at
associations covering
new
>
Ended
June 10, 1939
ceding month, bringing the number employed up to 190,000 and pay rolls
to
Movement—Week
Lumber
of
Report
Pay-roll disbursements of $148,000,000 were
$8,871,000 less than in March and $16,581,000 more than in April 1938.
On
for the last day of the month;
d Plus 400.
bayroils for the entire month,
Because of curtailed funds employment
in the
.
for
the
—771
months
b Figures are for the calendar months ended March
of
above last year.
Lumber
softwood
orders
mills
1938
;
all
but
California
Redwood
reported
shipments
All but Northern Hemlock and Hardwood region reported
production above
the
1938
reported
totaled
week.
for
the
227,239,000
week
feet,
ended
or
June
2% below
10,
the
1939,
by
437
production 'of
Volume
the
mills.
same
Financial
148
Shipments
reported for the same week were
as
215,303,000
or
7%
or
production.
below
the
for
100)
Production was 231,211,000 feet.'
Reports from 103 hardwood mills give new business as 8,730,000
30% above production.
Shipments as reported for the same
feet,
3753
Chronicle
preceding month,
adujsted
are
for
and
feet,
week
6,718,000
These
(1936=
indexes
variation.
.
Per Cent Change
Mar.,
Feb.,
1939
1939
Mar.
(P)
Production was
7,858,000 feet, or 17% above production.
were
C)
1938
Mar., 1939
99.0
100.6
114.4
—1.6
—13.5
Semi-finished goods
113.6
112.3
120.8
+ 1.2
—6.0
Finished goods
110.1
109.5
116.5
+
.5
—5.5
feet.
Identical
Mill
230,855,000
respectively,
214,877,000 feet and 187,178,000 feet, and orders received, 226,785,000
feet and 183,175,000 feet.
In the case of hardwoods, 90 identical mills
reported production last week and a year ago 5,771,000 feet and 5,263,000
feet; shipments, 6,532,000 feet and 5,509,000 feet, and orders, 7,055,000
production of 434 identical softwood mills was
week's
Last
feet, and
it was 182,908,000 feet; shipments were,
a year ago
and
Mar. 1938 to
1939 to
Feb.
Mar., 1939
Reports
Raw materials
feet
1938.
March,
for
seasonal
4*426,000 feet.
Preliminary.
V
Bureau
of
Cash
•
Re
r
ised.
-
Agricultural Economics Estimates Farmers
from Marketings in April Totaled
Income
$463,000,000—Below Month Ago and Year Ago
Increased
Japanese Sugar Production During 1938-39
35.4% Above Last Season
Production
of
in Japan,
sugar
including the Island of
Formosa, during the current 1938-39 season is forecast at
1,630,000 long tons, raw sugar value, as contrasted with
1,204,000 tons manufactured last season, an increase of
426,000 tons or approximately 35.4%, according to advices
received by Lamborn & Co. from Tokyo.
The firm further
announced:
'
,
harvesting of which commenced in
The current crop,
about completed, will be the largest production on
November and is
record for the Japanese
Last year's production was the highest up to that time.
Empire.
anticipated this season 1,586,000 tons are
Of the 1,630,000 tons
produced from sugar cane, and 44,000 tons from sugar beets.
to be
year's outturn 1,159,000 tons came from sugar cane
expected
Of last
and 45,000 tons from
April totaled $463,000,000, it was estimated on May 20 by the Bureau of Agri¬
cultural Economics, United States Department of Agri¬
culture.
This total is 5% smaller than the $487,000,000 esti¬
mated for March and slightly less than the $488,000,000
estimate for April, 1§38.
Government payments to farmers
in April amounted to $90,000,000 compared with $60,000,000
in April, 1938, and $95,000,000 in March.
Including Gov¬
ernment payments the April cash income totaled $553,000,000
or 1% more than the $548,000,000 received by farmers in
April last year.
The total, however, was $29,000,000 less
than the estimates for March, 1939.
Under date of May 20
the Bureau further states:
Sugar consumption in Japan approximates 1,150,000 tons
surplus production is expected to be
The
annually.
marketed in China.
amounted to $1,958,000,000 Compared with $2,059,000,000 estimated
as a
being sold or placed under loan at prices about the same
Other changes to be noted are some increase in the income
earlier.
year
the
in
Livestock Are Highest in 17 Years
Bureau
of
Agricultural
Economics—
Rates
on
Reports
Smaller Increases
offset by a reduction in tobacco income and a decrease
Freight rates on livestock currently are the highest in 17
years, the Bureau of Agricultural Economics, U. S. Depart¬
ment of Agriculture, reported on May 16.
Rates on wheat
average the highest since 1934, and on cotton the highest
since 1932.
Preliminary indexes of rates on the three groups
of commodities appear in the May issue of the Bureau's
monthly publication "The Agricultural Situation."
The
current index relates to the year ending June 30, 1939
The
the
This compares, with' 147% in the year
163%
ended
period,
1913.
The
index
The highest preceding figure was 170 in 1920.
June 30, 1938.
Income from all marketings in
from March
The highest index for
the period was 176 in 1921.
cotton during
A
which
They reflect also, says Mr. Matlock, the fact that "numerous
.
.
restored in
were
.
'normal'."
as
by the carriers during the years of
voluntarily reduced
were
depression
•
1938 to, levels at or near those
,
made of indexes of prices of farm products with the
comparison is
freight rates for beef ca,ttle, sheep, hogs, wheat
in relation
to
and cotton.
It shows that,
1913 levels, agricultural freight rates are much higher
this
which they apply. The index
prices received for beef cattle is only 65% of the index of freight rates
year
of
on,
than farm prices of the commodities on
beef cattle, for sheep only 52%, hogs 63%
Mr. Matlock says
to
,
wheat 48% and cotton 65%.
that the declines in these percentage ratios from 1929
1938 "provide evidence of a drastic decline of farm prices
since 1929 in
corresponding freight rates," that "owing to this relative decline
relation to
in
the
agricultural commodity prices, freight charges now absorb a materially
increased proportion of the destination value
of agricultural freight."
Manufacturers'
of
stocks
indexes
Board
advanced
declines,
monthly
in,
according
of the National Industrial Con¬
preliminary estimates
ference
goods
finished
consecutive
four
after
manufacturing
of
inventories,
re¬
The rise brought the volume of these stocks
leased May 11.
the level that existed on Dec. 31, 1938, but holdings
at the end of March were higher in relation to production
up to
than they were at the end
decline
1939.
of last year because of the sharp
productive activity during the first quarter of
Supplies of finished goods were 5Mi%. lower than
in
10% above the monthly ave¬
The Board further explained:
for 1936.
of
Inventories
however,
norma],
Raw
semi-finished
goods
which began last November.
the advance
is
material
period of
in a
by
holdings
rose
1.2%
in
March,
continuing
Some rise in this type of stocks
declining output.
followed the downward trend
industry
the
been
operating
both
of
however,
than
the
for
inventory position
Stocks
of manufacturing industry during the first quarter.
and
finished
they
past
were
in
semi-finished goods
the last
considerably higher,
1935, when industrial
are
of
quarter
averaged about the same as in the first three months of the
Finished goods inventories were 15.8% higher at the end of
March, 1939 than at the end of 1935 ; stocks of semi-finished goods were
production
current year.
11.8%
The
these
smaller
of dairy products.
second quarter of 1939 probably will be
period last year and Government pay¬
expected to continue higher during these
months. Total farm
and possibly larger
therefore, probably will be about as large
higher.
following
three
.
table
classes
of
CONFERENCE BOARD indexes for
commodity holdings at the end of March, 1939,
gives
THE
Index
Price
Farm
of last year.
Advanced One Point for Mid-May,
Agricultural Economics
of farm product prices
was noted by the Bureau of Agricultural Economics, United
States Department of Agriculture, on May 29, in its price
report for the month ending May 15.
Reversing the trend
of the previous four months, the general level of local mar¬
ket prices in mid-May was up one point from a month
earlier.
Advances in grains, cotton- and fruits more than
offset the seasonal declines in dairy products and down¬
turns in other important groups of commodities.
At 90%
of pre-war, the ,May 15 index was two points below that
of mid-May, 1938.
The Bureau further reported:
Reports Bureau of
*'
slight rise in the general level
A
unchanged from
level of
prices received, however, the 'exchange value of farm products advanced
one
point.
At 75% of pre-war, the exchange value was one point higher
paid by farmers were reported by the. Bureau as
mid-April
in
than
level.
With the one-point advance in the general
1938.
mid-May
prices advanced five points
Grain
advanced sufficiently
lint
tonseed
by-two
animals
were
points.
more
lower.
to
from mid-April to mid-May.
raise the'combined index for cottpn
Cotton
and cot¬
Slightly higher prices for some types of meat
with the group index
April 15. Dairy and poultry products also were
than offset by declines in others,
points lower than on
two
■
■
and poultry products
and ^cottonseed, and
meat
animals were one point higher; fruit prices eight points higher;
and truck crop prices 22 points higher.
Grains were seven points lower;
dairy products were down 11 points; and poultry products were 13 points
Compared with a year earlier, the gra.ihs, and dairy
were
lower.
All other groups Were higher.
Cotton
under
a
year ago.
Wheat
prices received
by farmers rose sharply during the month end¬
Early May wheat crop prospects were slightly below pro¬
duction indications a month earlier.
As corn prices advanced somewhat
more
than usual and local hog markets weakened more than usual, the
May
ing
hog-corn
that
eleven months, falling 1.6%.
At the
end of March they were the lowest since September, 1936.
These
indexes
provide no indication of any serious deterioration in
has
are
cash income,
they were a year ago but still
rage
to
large as for the April-June
as
Prices
Manufacturers' Stocks of Finished Goods Advanced
in March After Four Successive Declines, Reports
National Industrial Conference Board
to
due
Income from marketings in the
the
March
this April.
same
were
of 5%
C. C. Matlock of
by the Interstate Commerce Commission, according to
regarded
of grains, fruits and
and wool were about
The 5% smaller returns from marketings this April
receipts from cotton marketings and loans and to
freight rates on agricultural commodities authorized last year
the Bureau,
severe
rice, wool, vegetables, cotton and
..
than in the second quarter
Advances in current indexes reflect in part the general increases
in railroad
rates
'
;
vegetables, tobacco, meat animals, poultry and eggs,
ments
102 in the year ended June 30, 1938.
pared with
major groups
declined more than seasonally and nearly offset sea¬
compared with April last year, receipts from sales
The index for cotton is 106% of the 1913 period, com¬
164% in 1920-
was
marketings (1924-29=100) increased from 64
sonally larger returns from corn, wheat,
tobacco.
The decrease in income
After adjustment for usual seasonal change
Income from fruits and from all
April.
of livestock products
down 6% and receipts from sales of
products were 5% smaller.
less than usual.
in March to 64.5 in
about
1938.
was
the index of income from farm
The highest for wheat in 18 years,
140 in the year ended June 30,
April was 5% smaller than the estimate
Income from crops was
for March.
livestock and livestock
145% of the 1933 period, compared with
The current index for wheat is
January-April this year and was
earlier.
$13,000,000 larger than the $2,227,000,000 in these months a year
smaller income from sales
for beef cattle, hogs, and sheep.
is an average
compared with $168,000,000 for
Thus the total income including Government
1938.
period in
same
As
period it is estimated that rates on livestock will average
base
of the
Government payments to farmers
products.
dairy
through April have totaled $282,000,000
Bureau's announcement further stated:
For this
from
income
payments amounted to $2,240,000,000 in
Cotton and Wheat
on
This reduction is primarily owing to the
months last year.
same
smaller cotton crop
from grains partly
Freight
during the first four months of this
Farm cash income from marketings
year
for the
beets.
sugar
Farmers cash income marketings in
to
15.
ratio—for
feeders.
average
The
the
third
mid-May
month—became less favorable
consecutive
ratio
was
more
favorable,
however,
for the 29 years for which records are available.
in cattle prices in the Southern and Western
Advances
reported by the Bureau as more than offsetting the
parts of the country.
Lambs were up somewhat more
than the
States
were
declines in other
than usual. Wool
averaged higher.
prices showed about the usual seasonal decline.
In
contrast, prices received for chickens declined during the month whereas
they usually advance from mid-April to mid-May.
Eggs also declined
prices also
Dairy
product
slightly and contra-seasonally in all areas except the
Potato prices dropped sharply under the influence
of
new-crop
fruit
offerings.
prices were
<
lower.
Apples,
oranges,
and
South Atlantic States.
"of increasing supplies
lemons advanced.
Grape¬
Prices in the commercial vegetable group varied
with
and
higher
items
some
lower.
At 110% of
mid-Alay last yeaL,
all
from
they
pre-war
some
averaged 22 points higher than in
Central Region to
North
of
Farmers
some
larger
announced
on May 19 that by completing and signing individual farm
plans before the May 1 closing date, 1,620,424 farmers in
the North Central Region have indicated their intention of
participating in the 1939 farm program.
That number,
officials said, represents 74% of all the farms in the ten
North Central States and was approximately 470,000 more
farms than participated in the 1938 program.
The farms
for which farm plans were signed contain 83% of the total
cropland of that region. The announcement in the matter
In
cropland.
all
lower
the
of
in
income
only
State
1938
1937.
other
1937 to
from
decline in
1938
decline
from citrus fruits
income
the largest
Colorado
In
prices.
Maine
in
was
showing
in
were
Kansas,
result
the
was
was
decline occurred in
a
an
largely
of
decrease
a
both
in
income
♦
Short-Term
Totaled
Debts
$1,255,185,000
Farmers'
debts
short-term
of
account
on
and
similar
personal
„
ported
$240,787,000 to $190,518,000. The combined holdings of the
two groups of lending agencies were 28% higher than on
Dec. 31, 1937, according to the Bureau, which states that
the increases in these loans in 1938 reflected in part the
substantial volume of advances made under the Commodity
(20,000 to 59,999 dwellings and
No. 4
No. 3 and
respectively) and the increases
registered by No. 1 and No. 2 (under 5,000 dwellings and
from 5,000 to 19,999 dwellings, respectively) indicate that
lessened foreclosure activity in the more highly urbanized
Credit
Only Group No. 1 compared unfavorably
with its five-year average for the March to April period.
Mr. Fergus further reported
Twenty-five States and the District of Columbia reported declines from
March aggregating 1,005 cases, while 21 States disclosed increases totaling
518
and two
States indicated no change; hence, a net decrease from
The
foreclosures."
487
of
decline
This
year,
reflected
was
foreclosures this April were 14.6%
in each size group but was more
3 and No. 4, which contain the larger com¬
'
"
Comparing the first four months of .1938 and 1939,. the decrease from
last year in foreclosures was 12.6% for the United States and varied from
,10.0% in Group No. 4 to 16.3% in Group No. 2.
In similar comparisons
onlyr 14 scattered States showed a larger number of cases for the first
pronounced
in
Groups No.
munities.
real
which
April,
during
munities
of
decline
10.2%
The
1 ~
estate foreclosures in metropolitan
brought the index from 157 for"
this year.
of
third
•
com¬
March
substantially greater drop than the 1.3%
seasonal decline for this period.
In relation to their respective correspond¬
ing months of 1938, the decline for April (20.3%) was more pronounced
than the decreases shown for each of the earlier months of this year.
Foreclosure
activity during the first four months of this year was
14.6% below that for the same period of 1938, but was 76.1% above
to
(1926 equals 100), was a
141
that
communities reporting for April, 51 showed
indicated no change in foreclosure
metropolitan
82
the
Of
27
and
decreases
while four
increases,
activity from March.
On
totaled
The production
loan
of
slightly
agencies was
1937, but loans held by the
$146,825,000,
or
about
7% more
credit associations have shown
each
year
since
organiza¬
their
1933.
in
tion
federally-sponsored
compared with
volume
in
increase
hand, the volume, of advances made by the Federal inter¬
other
the
,
private
banks ' to
credit
mediate
institutions
financing
has
tended
to
agricultural credit corporations (in
liquidation) have been substantially reduced.
.
/
The Bureau reported that total personal and collateral loans to farmers
and
by
loans
by commercial banks
the
regional
increased from $593,614,000 at the end of 1936 to
$1,064,667,000 at the end of 1938—an increase of 79%.
Largest increases
were
in the West North Central and West South Central States.
These
regions accounted for about 47% of the increase during the
two
period.
1936
increased
North
two-ybar
/
From
in
to
all
advances
1938
by the federally-sponsored credit agencies
Mountain, West
States
in loans held by the regional Agricultural Credit Corpo¬
private financing agencies more 'than offset the increase in
Central,
regions of
major
and
West
South
the country except the
States.
Central
In
the Mountain
the rapid reduction
and
rations
held
loans
The
the
by
by the
1938-39
Credit Associations.
cofnmodity loans program of the Federal Government is held
banks and other local lending agencies.
Such loans are
commercial
reflected
in
held
stantial
volume
on
Production
explained that the bulk of the cotton and corn loans under
Bureau
farmers,
1926.
of
period
the same
for
further
Bureau
The
program.
from
as
1937.
end of
the
at
1938
associations
credit
annual
decrease,
' "
-
.
last
of
April
to
relation
In
lower.
■
than
loans
of
end
the
at
production
an
of
aggregate
lower
States'as a whole.
March
loan
Corporation
announced:
United
from March for the
brbught about the decline
areas
by commercial banks increased from
$925,705,000 to $1,064,667,000.
During the same period,
loans by federally-sponsored credit agencies decreased from
five-year average, according to an announcement
26 by Corwin A. Fergus, Director of the
Division of Research and Statistics of the Federal Home
Loan Bank Board.
The decreases from March shown for
Groups
During the last half of 1938 these short-
June 9.
on
term loans to farmers
May
60,000 dwellings and over,
held by federally-sponsored credit agencies', totaled
$1,255,185,000 as of Dec. 31 last, the Bureau of Agricultural
Economics, United States Department" of Agriculture, re¬
type
Declined 5% from
to
the
by
issued
"
on
31, Reports Bureau of Agricultural Economics
Dec.
FHLBB
real estate foreclosure
in
decline
from
..
Farmers'
non-farm
activity from March to April compares favorably with the
decline of slightly less than 2% shown for the same period
5%
crops
The reduced income
41%
collateral loans by commercial banks and loans of a
The
Cali¬
important factor.
income from
of
'
potatoes.
'
Non-Farm Real Estate Foreclosures
March to April, According
gross
from sales of wheat—smaller sales and
was
livestock, but crops showed the biggest decrease.
and
to * expanded
Colorado, Maine and Florida, where the gross income in
20% to 25% smaller than in 1937.
In California and Florida
Kansas
In
was
reported for
was
largely
being attributed
Texas,
was
marked
the
income
farm
of about 5%
gain
A
increases
5%
within
declines
Largest
fornia,
of the country indicate that participaticn
in
the 1939 program will be much larger than it was in 1938
ii all regions and will total nearly 6,000,000 fcirmers.
Estimates based
on current reports
on the percentage of all farmers who will cooperate in
the 1939 program and the percentage of cropland which will be in com¬
pliance in the various regions are as follows: Southern Region, 86% of
ali fanners and 86% of all cropland £ East Central Region, 81% of all
farmers and 85% of all cropland; Western Region, 67% of all
farmers
and 77% of all cropland; Northeast Region, 42% of all farmers and 69%
of
in
income
1938
Arizona
1937.
than
1937.
the
items of
Income from all
1937.
lower in 1938.
Dakota—the gross
In all of the New' England States except Maine, and
gross farm income in
1938 was about 5% smaller
the
Jersey,
New
was
South
and
in
States,
these
farm
from other sections
state reports
'
than
1938
in
of
feeding operations.
continued:
•v
States—Iowa
two
higher
both
than in
products
livestock
and
1938
in
income
gross
livestock
in
than in
1938
and this increase partially offset the decline in gross income from
products.
Corn, peanuts, sugar beets, maple sugar and syrup, and
of the legume seeds were the only crops which returned farmers a
farm
1939 AAA Program
Adujstment Administration
Agricultural
The
livestock products declined less than 9%.
from Government payments was 31% larger in
and
Income
1937,
Participate in
was' 18% less than in 1937, whereas income from
in 1938
crops
livestock
♦
1,620,424
June 24, 1939
Chronicle
Financial
3754
the
reported
increase
by commercial banks
that date.
of
1937-38
cotton
in
on
personal
Dec*
loans
and
collateral
loans
to
31 last.
In addition, a sub¬
held by commercial banks
was
'
'
■
-♦
Petroleum and Its Products—Possible Crude Cut Seen
Agricultural Economics—Com¬
pares with $10,350,000,000 for 1937*
Farmers in 1938 had a gross income of $9,220,000,000
from farm production and Government payments, it was
reported June 5 by the Bureau of Agricultural Economics,
United States Department of Agriculture.
The estimate
includes cash income from marketings, Government pay¬
ments under conservation programs, and the value at farm
prices of products retained for consumption on the farms
The 1938 total of $9,220,000,000 compares with $10,350,000,000 in 1937, and with $5,532,000,000 in 1932. The 1937 income
wTas
the largest for the depression and recovery period
000
by
1929.
since
The
1932
the
1938
the
consisted
for
farm
$7,538,000,000
of
from
marketings
$367,000,000,
sumption
Ihe
and
The
released
value
the
.
today
estimates
for each year
of
$8,621,000,000,
was
$1,362,000,000.
was
figures
1925.
raised
.
for
products retained
method
of
income
production
Bureau
from
particularly
said
1937
from
farm
con¬
revisions
income from
of
estimates
dating
back
farm production have been
during this period by approximately 4% to 7%.
estimating income
estimated
The
payments
.
include
gross
of
Government
increases, the Bureau explained, are the result largely of a
in
farm
and products
In 1937 the
from
cash
consumption
income
totaled
record
of
smallest
payments totaling $482,000,000,
valued at $1,200,000,000.
Government
marketings,
retained
cash
income
gross
was
The Bureau further reported:
depression low point.
The
to
income
The gain from 1932 to 1937 was 86%,
1938 represented a gain of 66% over
dating back to 1925.
and the income for
that
to
grains,
from meat
animals and an
was
due
fruits,
to
the
decrease
vegetables
and
in
in
income
cotton.
The
change in the
upward revision
and sales of chickens and eggs.
(he greater portion of the decline
1938
as
Higher,
of
Bureau
gross
from
Gross
farm
crops,
income
Gasoline Prices
Slip—Daily Average Production
Hitting
New
High-^-Week-End
Shutdowns
Continued
in
Texas—Oil
Company
Heads Hit Harrington Bill—California Passes New
Control Bill—Cardenas to Review Richberg's Pro¬
posals
0
'
$9,220,000,-
Farmers' Gross Income for 1938 Reported at
Illinois
f
_
Failure of the recent almost nation-wide
upswing in gaso¬
hold for more than a few days after major oil
companies had followed the lead of the Sinclair Refining Co.
in advancing motor fuel prices
cent a gallon in 42 States
has renewed fears of a possible general cut in crude oil
prices.
Oil men point out that the continued high rate of refinery
operations have so weakened the statistical position of gaso¬
line that stocks as of this week are only a million or so barrels
below last year while only a short while ago, stocks were
line prices to
more than 5,000,000 barrels under the levels for the com¬
parable period in 1938.
With these heavy stocks overhang¬
ing the markets, refiners find it difficult to raise prices and
this in turn
depresses the crude oil market.
production of crude oil during the June 17 week
climbed more than 70,000 barrels as compared with the
previous period, output was still below the June market
WTiile
demand estimate of the United States Bureau of Mines of
3,491,000 barrels.
The consistent high rate of refinery
operations means that further drains upon inventories of
domestic and foreign crude oil held in this country are
inevitable.
The
American Petroleum Institute report for the June
period disclosed that daily average production was
3,447,050 barrels.
All major oil-producing States showed
17
Volume
148
substantial
Financial
mcreases
in
their
Chronicle
3755
output.
Sharpest gain was
shown by Kansas where production climbed
16,950 barrels
to
168,550 barrels.
California showed a gain of 14,000
barrels lifting the daily average to 617,100 barrels.
A rise
would
of
would continue until the law's fate is
settled.
A United Press
14,250 barrels
daily
was
recorded for
Oklahoma which hit
a
of
453,500 barrels.
Texas was up 13,450
daily total of 1,294,450 barrels, with Illinois
hitting a new high at 234,000 barrels, up 13,000 barrels.
Smallest gain was shown by Louisiana which rose
2,750
barrels to 270,550 barrels.
average
barrels
to
a
Chairman Lon A. Smith and Commissioner E. O.
Thomp¬
son of the Texas Railroad
Commission,
signed the
new pro¬
ration orders for the Lone Star State for
July, August and
September which were issued early this week.
In opposition
to
Commissioner Jerry Sadler, the new orders called for the
closing of all oil wells in the State for eight days a month for
these three months.
The fifth Saturday and Sunday of
July and the fifth Sunday of September
order.
are
exempt from the
Mr.
Sadler had urged that the shutdowns
made effective for July and
August.
Under the
only be
which
orders
new
are
for
the
Yates
field
boosted 6,298 barrels to 35 barrels per well daily.
Incidentally, it is the strict control that Texas is exerting
over its production that is
playing a major role in
was
maintaining
crude oil
prices at their current levels.
The United States Bureau of Mines on June 23 estimated
the July market demand for domestic crude oil at
3,513,200
barrels daily, an increase of 22,200 barrels, or
June
estimate
1% above the
2% above the actual demand for the
and
corresponding month a year ago.
Testimony of the heads of four major oil companies and
one head of a Mid-Continent association
of independent oil
marketers before the House judiciary sub-committee
holding
hearings on the proposed Harrington bill which would divorce
marketing from other petroleum operations disclosed their
bitter opposition to the proposed measure.
Arguments ad¬
vanced by proponents of the bill were characterized
by
J. Howard Pew, head of the Sun Oil
Co., as ''contradictory,
illogical and inconsistent," in his comment.
"I do not recall an instance," he
continued, "in which so
much legislative dynamite, industrial disaster and economic
perversity have been .so packed into so few words of a
legislative proposal.
Nor do I recall a case in which the
proponents
of
a
measure
have
so
sedulously
sought to
This bill comes to
your committee as a means to help the oil jobber, but it
would in fact deprive the refining
company of the right to
use any
transportation whatever, or to make any deliveries
of its products.
That meanfe that the refining companies
conceal
its real
meaning and
purpose.
would have to get rid of, not
only their gasoline pipe lines,
all the other transportation facilities that are used in
but
connection
with
marketing.
bill," he continued in his testimony, "pe¬
troleum products must be sold at the
refinery but the re¬
finery is prohibited from delivering them, and a marketer is
prohibited from transporting them even after he establishes
his ownership;
Thus the refineries would have to dispose of
all their marketing facilities they now
possess, which means
not only gasoline pipe lines but railroad
fank cars, tank ships
and barges, tank trucks and plants.
There are 150,000 tank
cars.
Some companies, like ours, own these tank cars and
would have to get rid of them, the
industry would also have
to get rid of the 100,000 tank trucks it used.
But that is not
all.
The companies would have to divest themselves of a
large part of their fleet of ocean-going tank ships, because
"Under
these
are
this
used for
transporting refined products
crude oil.
.
as
well
as
'
"Altogether, these marketing facilities—transportation
plus terminal properties, bulk stations, " &c.—involve an
investment of nearly $2,000,000,000.
Somebody would have
to take all that over;
but this bill's mandate takes
no
account
of that.".
The Standard Oil Co. of Ohio has always made a profit on
marketing operations, W. T. Holliday, President, told
the House judiciary subcommittee.
"It has only been the
,
its
profits from its marketing operations which have enabled it
to survive during the last 10
years," he added.
Passage of
the Harrington bill, John A. Brown, head of
Socony-Vacuum
Oil Co., told the subcommittee would not serve to restrain
monopoly but would, on the contrary, restrain competition
and make increase monopolostic possibilities.
Eric Y. Weber,
President of the Eureka Oil Co. of Cincinnati,
representing
the Ohio Petroleum Marketers'
Association, held the bill to
be "undesirable."
W.
S.
Farrish, President of Standard Oil Co. of New
held that the Harrington bill would increase oil
costs by destroying the distributive
system that
has been developed by the
industry out of many years of
experience in his testimony before the subcommittee on
Friday.
As the week ended, the industry was
awaiting news from
the West Coast as to the probable fate of the new oil control
bill signed there on June 19.
The California Senate late
Monday passed the Atkinson bill to set up State control of oil
production and sent to Governor Olson for his signature.
Since he has backed the bill, there is little doubt that he
Jersey,
However, independent oil
who have opposed the
bill, plan to issue early referendum
petitions as soon as it becomes law. Should this
develop, it is
likely that voluntary production control such as now exists
dispatch from Mexico City, dated June 21,
reported that "President Lazaro Cardenas, enroute
tonight
to lower California on his tour
of Northern Mexico, was
expected to confer within the next few days with his closest
advisers regarding the
proposal of Donald R. Richberg,
representing foreign oil companies, to settle the 15-month old
expropriation dispute." Earlier in the week, it was
reported
from
Washington that President Roosevelt
Ambassador
Najera that
the
American
had told Mexican
Government
nothing unreasonable in the companies' demand for
in the
management of the seized properties.
The following price
change
was
a
saw
voice
posted.
June 22—Imperial
Refining restored the 10-cent a barrel cut made in
Kent County, Michigan, crude oil
prices late in April, with the price back
at 88 cents a barrel.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
52.00
are not
shown)
Lima (Ohio Oil Co.)...
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and
Corning, Pa
1.02
Darst Creek
1.02
Michigan crude
7.89
Sunburst, Mont..
1.22
Huntington, Calif., 30 and over...
Kettleman Hills, 39 and over
Petrolla. Canada
i
1.24
Illinois
.95
Western
Kentucky
1.20
Mid-Cont't, Okla., 40 and above... 1.10
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and
1.25
.75
over
$1.05
1.05
over
1.22
2.15
refined products—gas price advance
fails to holdmany
companies
rescind
boosts—motor
Stocks
fail
to
show
appreciable
fuel
declines-sus¬
tained high refinery rates seen
responsible
weakened
for
markets
The price advances which were
posted for the entire
marketing area east of the Rocky Mountains for motor fuel
during mid-June failed to hold as a result of the refusal of
several of the major companies to follow the lead of the Sin¬
clair Refining Co. which posted the
original advance of lA
cent
a
gallon in the 42 States in which it operates.
Steady resistance of companies such as Standard of New
Jersey and Atlantic Refining led to a. semi-collapse of the
general price advance but behind this was a story of steadily
increasing weakness in the statistical position of the refined
products branch of the industry.
Not only has gasoline
been affected adversely by the unfavorable maintainance of
high refining operations, which has completely offset the
rise in demand over 1938, but gas and fuel stocks are
rising
to extremely high levels.
Behind the entire market picture is
one unpalatable fact.
going down only half as fast
as
they did a year ago, as a result of the heavy runs" of crude
to stills.
Stocks of finished and unfinished
gasoline, accord¬
ing to American Petroleum Institute figures, were 82,657,000
barrels on June 17.
This represents a decline of
only 59,000
barrels from the previous week in
striking contrast to a
"normal" weekly decline of 1,000,000 barrels for this period
of the year.
Stocks are now only slightly more than 1,000,000 barrels under the comparable period last
year whereas a
few weeks ago, they were more than 5,000,000 less than at
That gasoline inventories
the
same
are
time in 1938.
Withdrawals
of
gasoline from inventories during the
period have been approximately 4,500,000
barrels, while a year ago the same period showed a decline
of 8,489,000 barrels.
The weekly decline for this year has
been only slightly better than 400,000 barrels a week
against
a decline of nearly 775,000 barrels
weekly duiring the like
,1938 period.
Surplus stocks of gasoline at present are around
8,000,000 barrels which must be liquidated before the pressure
they exert on the markets in the country can be lifted.
Consumption is running ahead of last year, and if refinery
operaiions can be materially reduced, there is some hope of
cutting down these topheavy stocks.
A slight decline was shown in refinery operations
during
the week ended June 17 during which period a fractional
decline brought the total down to 85.7% of capacity, against
86.5% a week earlier.
Average daily runs of crude oil to
stills during this period were off 30,000 barrels to 3,480,000
barrels.
Is'ot only have gasoline stocks been lifted to unwiedly levels by the continued excessive refinery operations
but stocks of gas and fuel oil have grown some 3,500,000
barrels during the two-week period ended June 17.
March 1-June 15
The United States domestic demand for motor fuel
during
set at 56,200,000 barrels for July by the Bureau of
Mines in its regular monthly forecast issued on June 23.
This total represents an increase of 11% over the abnormally
July
was
low demand for the
same
month last year.
Price changes were general
during the week with
many
of
the major companies which earlier this month had posted
advances of H-cent a gallon in gasoline prices rescinding
their advances.
U. s- Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New YorkOther Cities—
consumer
measure.
men
new
allotted in the
new
.
proration setup, which becomes effective
July 1 for the following three months, the basic allowable
will be 1,362,158 barrels
daily, which is about 30,000 barrels
daily above the current daily production.
One of the in¬
creases
sign the
New York—
Std.Oll N.J.S.06 J^-.07
Socony-Vac
T.Wat.Oil.
.06
-.06 H
.08X-.08H
Texas
Gulf
$.07^-,08
1
Shell East'n
Chicago
.08X-.08H
New
Gulf
$.05
Orleans.
.07>*-.08
ports...
-.05)^
.06>$-.07
.05^
Tulsa
RichOil(Cal) .08X-.08X
Warner-Q.. .07 H-.08
04^.-05^
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
_$.04J^
|North Texas
| Los Angeles._
-$.04
.03}^-.05
(New Orleans.$.05K-.05H
I Tulsa..
.04
-.04)^
Fuel Oil, F.O.B. Refinery or Terminal
(Bayonne)—
Bunker C
—$1.05
N.
Y.
Diesel..*.
:
1.65
California 24 plus D
$1.00-1.25
i
New Orleans C
Phila., Bunker C
^.$0.90
1.45
Financial
3756
P.O.B. Refinery or
Gat Oil,
I
f .04
27 plus
I
1.053
28-30 D
Gasoline, Service
FUEL
—$.02J+ 03
ITulsa
$.17
.176
$.1591 Buffalo
1951
1851 Chicago
Stock of
70,100 Barrels
oil production for the week ended
June 17, 1939, was 3,447,0.50 barrels. ■ This was a rise of
70,100 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
daily average gross crude
Refineries
restrictions imposed by the various
oil-producing States during June. Daily average production
for the four weeks ended June 17, 1939, is estimated at
3,492,000 barrels.
The daily average output for the week
ended June 18, 1938, totaled 3,137,300 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
week ended June 17
States ports for the
United
a
Refineries
21,656
2,990
3,304
266
62
394
13,229
2,648
487
2,806
7.314
1,270
53
2.759
1,341
1,577
301
8.629
10,134
2,579
3,885
"""334
5,416
""240
912
25
1,485
247
16
596
Appalachian
Ind., 111., Ky
Okla., Kan., Mo—
12,478
7,024
Inland Texas
Texas Gulf
_.
i
2,230
Louisiana Gulf
No. La. A Arkansas
376
473
Rocky Mountain..
California.
—
1,593
1,688
111
14,335
15,633
77,587
5,070
daily average of
200,286 barrels, compared with a daily average of 218,714
ended June 10 and 229,679 barrels daily for the four-
17, 1939
76,415
82,657
June
10, 1939...
76,421
82,716
76.872
83,831
B. of
8.
29,294
b22,538
b21,822
June
*
24", 770
80,650
<
2,280
S.:
•Est. total U.
Mines
1938..
•June 17,
61,091
7,509
670
Est.
U.
"l",597
21,868
4,970
Reported
unreported
588
"
8,665
71,445
Bureau of Mines
Estimated
29,294
b82,268
28,971
112,245
these
b For comparability with last year
increased by stocks "At Terminals, &c." In
figures must be
b82,930
7,509
7,535
23,696
basis.,
42
1.757
271
totaled 1,444,000 barrels
3,995
3.758
4,935
3,539
and in
Pipe Lines
Pipe Lines
the total of the
be
to
At
and in
20,449
East Coast
that the
Institute estimates
Petroleum
In Transit
Unfin'd
Oil Production for Week Ended
At Terms.
In Transit
At
Finished
and
Residual
Fuel OH
At Terms.
Total
June 17 Gains
American
Stocks of
Oil
and Distillates
District
Finished
The
of 42 Gallons Each)
Slocks of Gas
Finished and
Unfinished Gasoline
Total
Daily Average Crude
GAS AND
OIL,
(Figures in Thousands of Barrels
Station, Tax Included
$.1951 Newark
.Brooklyn
Boston..
.Not Including 2% city sales tax.
New York
•
AND UNFINISHED GASOLINE AND
WEEK ENDED JUNE 17, 1939
STOCKS OF FINISHED
Terminal
|Chicago—
(Bayonne)—
Y.
N.
June 24, 1939
Chronicle
California district.
barrels for the week
June 17.
weeks ended
Receipts of California oil at
ended
Atlantic and Gulf Coast ports for the week
barrels, a daily average of 34,286 barrels
17 totaled 240,000
June
of 7,143 barrels for the week ended June 10
and 26,464 barrels daily for the four weeks ended June 13.
Reports received from refining companies owning 85.8% of the 4,268,000
barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,480,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 82,657,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all companies
is estimated to have been 11,459,000 barrels during the week.
compared with a daily average
DAILY AVERAGE
PRODUCTION
CRUDE OIL
(Figures In Barrels)
a
Four
B.ofM.
Week
Calcu¬
■
,
'
•'
■
•
State
Week
Change
Weeks
lated
Allowable
Ended
from
Ended
Require¬
June 17
Previous
June 17
June 18
1939
Week-
1939
1938
ments
{June)
Oklahoma
165,880
152,400
Kansas
446,050
159,650
159,550
70,300
64,850
84,250
69,600
31,300
223,050
—7,100
+4,150
+2,200
32,000
217,150 + 11,050
28,100
64,500
85,550
Panhandle Texas
_
West Central Texas...
West Texas
1938
.
East Texas...
Southwest Texas
Coastal Texas...
+
179,450
89,350
94,000
409,600
239,250
223,950
—350
90,100
372,550
219,700
212,900
East Central Texas
f,300
+2,200
363,500
207,250
187,650
Canada
Coastal Louisiana
Arkansas
+2,550
Europe
Australia, Ac. b
267,950
54,700
174,300
.....
Illinois..
263,023
57,813
42,950
56,450
224,050 \ 140,550
96,750
55,200
65,450
+ 650
57,550
234,650 + 12,450
106,400
95,900
+ 400
Michigan
53,400
66,800
—150
Wyoming
73,300
63,300
+ 600
60,500
Montana
17,300
14,950
—400
14,900
54,550
14,450
3,850
+ 50
3,850
3,800
105,900
—4,900
109,450
90,350
Eastern (not incl.
III.).,
5,000
Colorado
cll7,000
117,000
New Mexico
d590,000
594,600
...
3,447,050 + 70,100 3,492,000 3,137,300
Indicated above do not Include any estimate
might have been surreptitiously produced.
Note—The figures
These are Bureau of Mines calculations
a
crude oil
of the requirements of domestic
outlined In Its detailed forecast for the month of June.
from new production, con¬
templated withdrawals from crude oil Inventories must be deducted from the
Bureau's estimated requirements to determine the amount of, new crude to be
produced.
.
I" ■
requirements may be supplied either from stocks, or
dally average basic allowable for the thirty (30) day period beginning
Shutdowns are ordered for all Saturdays and Sundays during June,
b Net
June 1.
c
Export allowance of 4,000 barrels included.
d Recommendation of Central Committee
2,140,000
1,« 70,000
373,000
374,000
Belgian Congo
975,000
Other Africa
300,000
790,000
430,000
Other
.....1..^.....
Asia
South Africa
Totals
90,343,000.
a
Totals, ex Mexico
58,581,000
60,020,000
a
reported,
Not yet
RUNS
TO
STILLS AND
ENDED
b Australia and New Zealand,
where
17,
metal
the
was
recovered
United States (foreign
ore)
Reporting
1938
1939
f
16,000
74,700
10,300
49,100
40,900
227,300
238,100
57,400
Chile
437,000
372,000
83,000
Peru
Germany.
.
Production
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
73,800
20,900
el08,000
e28,000
43,400
^
46,300
2,900
13,800
Yugoslavia...
1,500
■
Italy..
Japan
'
India
..
100.0
541
88.0
Appalachian
85.9
109
85.2
e29,000
1,600
6,000
'
e2,000
7,000
.
4,600
19,200
*'
90,300
1,636,200
...
386,000
1,586,700
136,350
132,225
4.347
383,100
127,700
4,483
4.257
and matte at 95%; includes receipts from Cuba and
Philippines,
b Imports of blister into United States from Mexico,
c Partly esti¬
mated- includes Finland, Great Britain, Spain,.France. Norway. Sweden, Rumania
and Belgium ex-Katanga.
Copper from Katanga matte smelted in Belgium Is
credit to Africa,
d Comprises Belgian Congo, Rhodesia, and Union of South Africa,
a
Copper content of ore
Conjectural.
'
1,490
149
15,700
el 11,300
18,300
411,500
♦
615
900
61,300
54,800
96,600
7,600
4,500
Other Europe e
e
East Coast
9,600
72,200
el02,000
J.
...
WEEK
Gasoline
Crude Runs
'
39,200
37,500
.
_
Russia
Daily averages
at
Rate
First Quarter
Year
•
72,900
a...
Totals
District
Percent
of the current
■
Mexico b
Each)
to Stills
Capacity
blister copper (smelter
Year
■
Monthly averages
Potential
as
1937
1939
Dally Refining
Estimated.
basis) for 1937, 1938, and the first quarter
year, in short tons, follows:
Australia.
of California Oil Producers,
(Figures in Thousands of Barrels of 42 Gallons
c
Copper Production Outside United States
Other Asia
"
'
PRODUCTION OF GASOLINE,
JUNE
.
Production of copper in the world from ore originating
outside of the United States, according to the countries
Africa d
CRUDE
3,500,000
Canada
of any oil which
based upon certain premises
As
7,180,000
4,944,000
1,120,000
Burma, refined
.4
Total United States. 3,491,000
5,950,000
3,300.000
2,010,000
2,829,950 + 56,100 2,881,600 2,459,900
677,400
610,400
617,100 + 14,000
Total east of Calif.. 2,896,400
California....
"
a
6,725,000
262,700
196,750
265,000
6,077,000
\
'
Japan c
181.800
+2,750
+200
270,550
....
Total Louisiana
America
Other
20,340,000
5,881,000
5,790,000
6,505,000
4,710,000
Peru..
80,900
"73,450
194,500
73,800
North Louisiana
...
-
1939
21,101,000
6,516,000
31,762,000
...J..
Mexico
1,427,300 bl330282 1,294,450 + 13,450 1,375,700 1,189,750
Total Texas
:
United States
446,900
453,500 + 14.250
168,550 + 16,950
428,000
450,300
..I.....
North Texas
Production of refined silver for the
Ended
June 1
:
■
at Steady Rate
world in the first four
months of 1939 has been holding at about the same rate as
in 1938.
Output on a refinery basis for the Jan.-April
period, excluding Mexico, amounted to 60,020,000 oz.,
against 58,581,000 oz. in the same period last year, the
American Bureau of Metal Statistics reports.
Statistics
on Mexico's operations cover only the first two months of
the current year, in which period
11,075,000 oz. was
produced.
The United States produced 5,336,000 oz. of silver in
April, making the total for the first four months 20,340,000
oz., against 21,101,000 oz. in the same time last year.
Silver production of the world in the Jan .-April period of
both 1938 and 1930, in ounces, follows: J
Production Maintained
Silver
World
396
Indiana, Illinois, Kentucky.
574
89.5
492
95.7
419
81.6
279
81.6
a901
Tnlftnd Texas
316
50.3
135
84.9
556
1,000
89.5
838
93.6
2,669
149
97.3
132
91.0
348
Weekly Coal Production Statistics
1,972
Oklahoma, Kansas, Missouri
Texas Gulf
Louisiana Gulf.
109
100
55.0
41
74.5
Rocky Mountain
118
54.2
53
82.8
204
California
828
90.0
519
69.7
1,468
85.8
3,139
85.7
10,113
1,346
North Louisiana & Arkansas
Reported..
Estimated unreported
341
•Estimated total U.S.:
June 17,
June 10,
4,268
3,480
4,268
1939
1939
3,510
11,459
11,602
x3,129
yl0,324
The National Bituminous
report
stated that the
•U.S. B.ofM. June
*
17, '38
Estimated Bureau
of Mines basis,
x
June,
1938 dally average,
average,
a
12%
reporting capacity did not report gasoline
y
This is a
1938 daily
production.
production based on the United States Bureau of Mines June,
total production of Pennsylvania
is estimated at 828,000
138,000 tons per day for the six working
days of the week.
Compared with the daily rate obtained
in the five-day week of June 3, there was a decrease of
nearly 9%.
Production in the corresponding week of 1938
anthracite in the week ended June 10
tons, an average of
week's
Coal Commission in its current
weekly coal report stated that total production of soft coal
in the week ended June 10 is estimated at 6,306,000 net
tons.
This.is the highest weekly output since the end of
March and compares with 4,937,000 tons produced in the
corresponding week last year.
The United States Bureau of Mines in its weekly coal
Volume
Financial
148
amounted to 898,000 tons.
The 1938 figures released for
the first time in this issue are final and complete, based on
annual reports received from the operators.
ESTIMATED
UNITED
STATES
PRODUCTION
WITH
COAE
SOFT
OF
Lead
Continued
lead
prices
in London
during the last week
brought another five-point increase in the domestic quotation on June 19,
from
4.80c.
to
4.85c.,
Sales
the previous
in
(In Thousands of Net Tons)
reconciled to
New
York.
the
for
week and
Buying
week
was
well
diversified
8,948
involved
tons,
against
6,141
Producers
are
7,644 tons two weeks
period of diminished activity,
a
ago.
in
and
tons
about
following the recent excellent
buying.
Calendar Year to Date
Week Ended
of
recovery
good volume.
PETROLEUM
COMPARABLE DATA ON PRODUCTION OF CRUDE
3757
Chronicle
The
June 10
1939
1938
1929
1938
1939
St.
sold
a—
6,306
dl,085
Daily average
97,925
5,016 125,322 123,324
5,701
5,409
the
production of lignite, semi-anthracite and anthracite outside of Pennsylvania,
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Sum of
23 full weeks ending June 10, 1939, and corresponding 23 weeks of 1938 and 1929.
Includes for purposes of historical comparison and statistical convenience
PRODUCTION
ESTIMATED
OF
the
East.
,
PENNSYLVANIA
AND
ANTHRACITE
5,060
tons,
better
tone of the
buyers.
among
BEEHIVE
.
grades of zinc
common
which
London
market
Production
in
tons
the
in
weeks
recent
this
in
fair last week, sales totaling
was
7,154
with
compares
is
country
week.
previous
has
The
improved sentiment
expected
decline
to
this
Last week's shipments of the common
grades amounted to 4,751
tons, against 4,346 tons in the preceding seven-day period.
The undelivered
orders on the books of producers now total
34,298 tons, which compares
summer.
with
33,989 tons
tion
*
Zinc
.
Demand for the
Crude Petroleum b—
Coal equivalent of weekly output.
in
4,937 142,S01 136,359 231,202
1,695
823
1,052
1,000
5,860
1,051
Total, including mine fuel
a
quotation closed firm at 4.85c., New York, which was also the con¬
selling basis of the American Smelting & Refining Co., and 4.70c.,
Louis.
St. Joseph Lead Co. obtained a premium on its own brands
tract
June 11
1939
Bituminous Coal
June 3
on
COKE
Prime
week
a
and
ago
Western
29,969
continued
(In Net Tons)
at
tons
month
a
4V£c.,
St.
The quota¬
ago.
Louis,
the
with
tone
steady.
Week Ended
June 10
Calendar Year to Date
have
1939
1938c-
1939
1929d
1938 cd
the
Comm'l production
b— 787,000 719,000 853,000 23,029,000 21,073,000 29,727,000
beehive Coke—
11,400
11,900
1,983
11,300
1,900
United States total.—.
1,883
Daily average
278,400
467,900
2,909,300
2,017
3,391
21,082
Includes washery and dredge coal, and coal shipped by truck from authorized
b Excludes, colliery fuel,
operations,
of
the
promised
in
import
Final figures,
c
d Adjusted to make com¬
parable the number of working days in the three years.
arc
Tri-State
hearing
a
Washington
that
tax
tentatively set
in
The
for
zinc
before
mining
the
connection
became
Joplin correspondent.
Pa. Anthracite—
Total, incl. colliery fuela 828,000 757,000 898,000 24,241,000 22,182,000 32,033,000
238,200
180,200
138,000 151,400 149,700
164,900
Daily average
a
been
formation
June 11
June 3
1939
Representatives
effective
date
has
Jan.
not
PRODUCTION
this
1
COAL,
to revision on receipt of monthly tonnage reports
district and State sources or of final annual returns from the operators.)
from
zinc
tariff,
revive
it
that
Zinc authorities
prospects
moderate
week
was
the
in
of renewing the
quiet
except
Some
in
June 3
May 27
June 4
May 28
June 5
I939p
1938
1938
1937
1929
the
*
2
1
2
2
180
113
160
166
229
332
6
7
12
13
13
46
44
—--
43
47
—
*
Georgia and North Carolina.^—
Illinois
'.61
.
*
1
412
347
--
110
82
Western
producers
United
the
433
507
544
820
rate
of
283
157
170
194
236
26
28
43
52
26
52
44
33
60
79
74
June
643
647
527
63
56
80
27
36
17
-
in
effort
every
not
are
to
optimistic
agreement.
673
thought
for
the
is
£230
during the
Business
bought
price
to
about
the
have
to
factor
of
tending
tin.
scanty,
been
News
due to
a
about
tighter
the
400
the
growing
Tin
tension
influence
to
situation
enforcement
tons.
believe
consumers
objective
last
generally
was
close
Apprehension
Straits
Bolivia
market
here.
consumers
buying interest to indicate
future.
near
'London
the
on'
98
regarding
of
tin,
21
99%,
46,975c.';
reported continuing
censorship
is
being maintained around 72%
nominally
was
17,
June
in good volume and the
follows:
as
47.000c.;
June
June
DAILY PRICES
-
19,
35
METALS
capacity.
46.975c.;'
47.375c.;
.
OF
of
15,
June
20,
.
("E. & M. J." QUOTATIONS)
183
21
are
47.475c.; June 21, 47.500c.
814
102
557
'
*
quotations
attain
tin-plate operations
16,
83
...
make
States
foreign production
when
this
will
is
quotations
mines
Chinese
156
—
took
the
East
'
,
Kentucky—Eastern
trade
market
in
28,
Tin-plate specifications
♦
1
:—
iKansas and Missouri—_
but the hearings
fixed,
by that government..
-a—
Indiana....
Iowa
the
Far
higher
tin
Colorado--
in
prices
firmer
June
on
London
in
in
June 1
I939p
increase
reflected
Committee
State
Arkansas and Oklahoma.
our
July.
stipulated
was
the Cartel.
the
over
the
Week Ended-
Alabama
in
to
STATES *
BY
subject
Alaska
according
Preliminary conversations have taken place abroad with a view toward
reviving the Zinc Cartel that passed out of existence late in 1934, London
stute.
In
granting the recent upward revision in the British
A
are
In¬
reduction
advices
(In Thousands of Net Tons).
and
year,
been
yet
industries
Reciprocity
on
unpopular
.
OF
(The current weekly estimates are based on railroad carloadings and river ship¬
ments
smelting
the
Tin
WEEKLY
ESTIMATED
and
Committee
with
'
Maryland
—_
Michigan.-...-—...
10
7
4
3
3
32
36
38
39
39
Electrolytic Copper
42
Straits
Tin
Lead
Zinc
12
Montana.
—
New Mexico
14
12
.
23
22
,
25
44
14
14
15
16
15
326
214
258
408
357
1,515
1,679
1,040
1,179
1,630
2,393
78
80
72
82
97
100
14
14
16
16
14
19
17
bituminous
25
,17
29
25
54
Tennessee
Texas
►
Utah
—
253
Virginiau
202
184
253
217
231
,
24
27
20
23
31
New York
New York
St. Louis
48.725
4.80
4.65
9.675
48.725
4.80
4.65
4.50
9.675
48.750
4.80
4.65
4.50
4.85 "
4.70
4.501
4.85
4.70
4.50
1,610
1,098
1,223
1,584
4.50
525
316
385
431
66
70
76
79
84
June 16.
9.775
June17.
9.775
June 19.
9.775
9.675
49.000
June 20.
9.775
9.700
49.100
June 21.
9.775
9.725
9.775
9.688
598
63
9.775
1,843
445
June 15.
9.675
St. Louis
4.50
"
;
49.125
4.85
4.70
48.904
4.825
4.675
,
39
1,572
WashingtonWest Virginia—Southern a_.
Export,
Refinery
11
272
North and South Dakota
Ohio
Pennsylvania
Domestic,
Refinery
Northern b
Wyoming
,
,
•
*
1
Other Western States c
♦ •
1
r4
Average. .1
Average
prices for
calendar
"
week
ended
June
17
Domestic
are:
4.50
f.o.b:
copper
refinery, 9.775c.; export copper, 9.683c.; Straits tin, 48.600c.; New York lead,
4.783c.; St. Louis lead, 4.633c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
The above quotations are "M. <k M. M's"
Total bituminous coal
6,210
4,675
5,310
6,596
8,589
markets
757
825
1,128
1,288
969
1,219
the basis of cash. New York
6,617
Total, all coal
a
and
7,035
5,803
6,598
7,565
9,808
Copper, lead and zinc quotations are based on sales for both prompt
deliveries: tin quotations are
fqrTSrb&ptjIelivery only.
Includes operations on the N. & W., C. &
O., Virginian, K. & M., B. C. & G.;
the B. & O. In Kanawha, Mason, and Clay counties,
b Rest of State, includ¬
on
ing the Panhandle District and Grant, Mineral, and; Tucker counties,
c Includes
Idaho, Nevada, and Oregon, d Data for Pennsylvania anthra¬
Arizona, California,
cite
from
published
records
of the Bureau of Mines,
p
Preliminary,
r
Alaska,.
Georgia, North Carolina, and South Dakota included with "other Western States."
♦
Less than
appraisal of the major United States
sales reported by producers and agencies.
They are reduced to
or St. Louis, as noted.
All prices are in cents
5,860
Pennsylvania anthracite d
1,000 tons.
.
•
•
.
•
based
on
per pound.
figures shown above are
nefe ppIOes at refineries
f.o.b.
refinery
Mineral
and
Markets,"
in
and the
June
Actual
a
con¬
sumption of major metals appears to be slightly higher this
month than in May.
Lead producers were encouraged by
further
strength in London and another five-point advance
put through here.
Copper and zinc remained un¬
was
changed, but tin moved higher.
were
nervous
silver
fears
over
of
the Government's
London
the
during
little.
week
the
in
previous
Brass
it
larger
to
and
is
for
fair
than
wire
reported
June 21
report
the
interest
trade
during the
against
industry
parity
moderated
13,371
far
so
last
tons
this
a
in
month
of
regard
business
in
deliveries
of
copper
for
June,
will
be
May.
the
the
domestic
10c.
of
Representatives
extending
the
so-called
import tax on copper.
—
for
domestic
of
on
—
for
(Bid)
•
Lead
47
3M
Spot
Zinc
prices.
Spot
227
224%
3M
147i6
14%
Spot
3M
13%
14
13ui6
14
41%
47
227%
224%
41 %
42he
47
227%
2^4%
l41716
14ui«
13%
42*u
47%
228%
225
14%
14%e
14%
42*1«
42%
47%
229%
225
14%
14%
.
1313i«
14
14*16
lead and zinc
are
the official
14»i(
14»i#
14%
buyers' prices for the first session of the
London Metal Exchange: prices for copper and tin
are
the official closing buyers'
'
All are in pounds sterling per long ton (2,240 lb.).
Steel
.
Ingot Rate Rises to 65%—Heavy Steels Account
for Much of the Improvement
The "Iron Age" in its issue of June 22 reported that
despite
flattening out in new orders for steel, the rate of ingot pro¬
duction this week has risen two and
a half
points to 55%,
point of the highest weekly record this year in the
week of March 12.
The "Iron Age" further stated:
within
one
A considerable part of the improvement occurred in the
Youngs town districts, with
some
copper
"outside"
as
steady to firm,
offerings
at
con¬
nuisance
taxes,
which
includes
•
the
4c.
rise of
seven
Pittsburgh and
points to 47% in the former and
In the Pittsburgh district
a
plant
been idle pending the accumulation of sufficient orders resumed
production.
for
semi-finished
and
finished
favorably with those received during the
in heavy
out
June 19 passed and sent to the Senate
a
of four points to 55% in the latter.
that had
Orders
basis
reappearance
I
House
bill
tons,
moderate upturn
a
whether
3M
41%
417u
41%
—
Prices
one
mills
cessions.
the
by
shade below domestic
buying
domestic
9,157
involving
Sales
uncertain
those
notwithstanding
The
the
in
a
that
33,990 tons.
still
Producers
placed
volume,
week.
result
the
Prices
Tin, Std.
41 %
June 16
June 20-.
a
averaged
copper
with
business
However,
was
amounted
but
market
last week,
—
June 19-
-
Copper
The
June.15
policy after June 30, but the domestic trade did not
in this anxiety.
The publication further stated:
share
Copper
Operators in silver abroad
change in
a
Spot.
22,
tonnage sold was sufficient in
volume to impart a better tone to the market.
Copper, Std.
Electro.
reported that inquiry for non-ferrous metals continued at
fair rate last week
Deliv¬
"
Zinc
issue of
its
the Atlantic seaboard.
quotation.
Daily London
"Metal
on
EnglandUvlerafce 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.i.f.
price—Hamburg,
Havre and Liverpool.
The c.i.f. basis commands a premium of 0.325p. per pound
ered prices in New
Again Advanced Five
Points—-Steady Inquiry for Copper and
future
Is, de¬
destination, the
above
Non-Ferrous Metals—Lead Price
and
In the trade, domestic copper prices are quoted on a delivered
basis; that
livered at consumers' plantar" Us delivery charges vary with the
the
aggregate
compare
period in May, but, except
steels for construction work and in flat rolled products being taken
against
gains.
in
steel
same
recent
commitments,
the
volume is
Unless sheet and strip specifications
showing
come
in
no
more
appreiable
rapidly,
the
present rate of ingot production may not be maintained during the next
few
weeks,
although
the
prospect
still
appears
to
be good
for
a
further
Financial
3758
developments of the week is the apparent
One of the most significant
determination of some
noticeable in the wire trade, where published
which have been weak items, are to be rigidly
adhered to, it is stated.
Bar manufacturers have also signified their in¬
tention to make no change in their recent announcement which abolished
on
quotations on nails and fence,
decreased the base price $2 a ton, although large
buyers, who after July 1 must pay SI more a ton for quantity lots, had
brought considerable pressure for a concession that would give them the
same net price as before.
Now that every important buyer of sheets and
strip has been given the full benefit of the recent $8 a ton concession, the
flat rolled steel market is expected to remain on a stabliized basis, although
quantity deductions and
they
for some time to come,
that will be in effect on booked
of the weakest items in the entire list is plates, on which
published prices will have little meaning
present
as
are
$5 a ton above the shipping prices
One
tonnage.
$3
concessions of $2 or
have become more common.
a ton
average
quotation at Chicago is slightly lower,
resulting in a decline of 4c.
Basically, the
purchasing will be required to
Strength at seaboard points has been derived
from a fresh purchase of over 100,000 tons by the European scrap cartel,
which brings the total of its orders placed in this country in the past two
months to more than 500,000 tons/
Prices paid were approximately the
same as
on other recent purchases.
Renewed agitation in Washington
for a limitation on scrap exports has not yet reached the point of introduction
scrap
situation is strong, but additional mill
boost.
give prices a further
of
doubts there that any action will affect scrap
strategic materials are also included.
legislation, and there are
unless other
The steel industry and the lines
have recovered
"Iron Age" capital
of activity upon which it largely depends
goods index has risen 2.8 points this week to 68.3, highest
April 8, and this rise has been largely due to increases
since the week ended
building construction and steel output.
in automobile assemblies,
week total 23,300 tons, of which
Fabricated structural steel awards this
15,700 tons, the appearance of some
projects total only
structural
While
bridge at Ludlow Ferry, Md.
12,000 tons is for a Potomac River
new
The
May.
ground lost during April and
of the
most
year
Reinforcing steel awards are 8,000 tons,
on top of which are new projects totaling nearly
12,000 tons.
Railroad buying is showing no signs of important pickup.
Some of the
farm machinery plants are shut down for two or three weeks for vacations
All
in
all,
Tin plate production is holding steady at 70%
taking.
industry.
THE
.
Finished
demand
2.236c.j
-
rolled strips. These products represent
2.487c. t
-
One year ago.-.-——
85% of the United States output.
1939
2.286c.
2.512c.
..2.512c.
—
1937
-
8
Mar.
2.249c.
2
2.016c.
Jan.
8
1.945c.
Jan.
2
Oct.
2.062c.
2.118c.
1.953c..
1.915c.
-
1934
1933..,,.
1932....
-
Oct.
3
6
1.792c.
May
Sept.
1.870c.
Mar. 15
Jan.
7
1.962c.
Oct.
4
2.212c.
Nov.
2.402c.
1927
Jan.
prospect the
in
and
and
parts,
may
automotive
offsetting the seasonal lag in
are
equipment
farm
bars
reinforcing
concrete
Railroad
industries.
but shipyards are
few steel products.
a
cloud
a
strikes
recent
the
in
Detroit
at
automotive
Flint.
and
outlook
Steel
'•
for
model
new
developments
from
current
y
v
sales
retail
Automobile
settlement
despite
releases
while still light, are gaining gradually, but labor
delay plans for the summer changeover in production
models.
hold
the
comparative
improvement
the
noted
past few weeks, and assemblies are slow to be trimmed.
Last week's total
gain of 13,009, but resulted
78,305 units, highest in four weeks, was a
of
from
entirely
shutdown
sharp
a
rise
the
during
by
Briggs
Chrysler
strike.
to
for
compensate
General
Motors
its
recent
increased
from
30,640 units to 31,910 in the face of the attempted U. A. W.- A. F. of L.
Several
large
8,145
from
7,995.
to
Total
include
still
railroads
3,600
carriers
but
steel
fabricated
tons
lor
shape orders
Rocktlelk-r
a
bridge, Delta, Calif.
a
major programs
carloadings
and
counting
not
are
for
during July,
marked
any
on
districts.
made
dip
Pittsburgh
in
and
of
flat-rolled
Chicago.
also dropped
Cleveland
3
2%
up
73%
latter
stable
more
,
steel
former
of
next
steel,
for
little
quotations
are" being
gradually
largely
a
reduced,
lower
from
down
was
business
49^%.
5
3
schedules
points
from
Youngstown
farm
40%.
to
equipment
advanced
point
1
4 points
rose
to >73.
points
other
at Wheeling,
half
usually is confined to
points to 55^2, Birmingham
increased
opera¬
Sustained
prices
sheet and strip
slower
of
points to
was
Cincinnati
Pennsylvania,
demand
■
resulted
The
effects
Steady schedules continued at
57
in
for July and August.'
seen
steelmaking
feeling
miils,
toward
to
the second half,
revival
the
v
other products
some
on
rapid movement
week's
favorable
is continuing 70%
tapering
business provides
new
shading
Backlogs
more
71, and
seasonal
a
*
being
is
progress
Occasional
52%.
with
Fur¬
buying.
better the next several weeks.
no
indicated.
are
Some
to
headed
e
apparently will do
shipments
quarter,
to
building.
are
soon.
source
and
a
pending
and
legislation
building in
car
Tin-plate, most active of the major products,
Last
87%
was
Center
Inquiries
equipment
of
passage
conceivably might stimulate
producers
this
defer
in
improvement
the
at
17,600
from
output
tons for a New Jersey bridge.
by 9,243
Most
included in
and 2,400 tons for
New York,
tions
slipped
Ford
22,900.
to
8,820
1 '
lots are
Awards
business.
from
from
others
than a year ago.
larger
ther
all
and
15,500,
to
Chrysler
and
strike,
Mar. 10
2.056c.,
2.192c.
1935
1930-..-,....
16
Oct.
1
Apr. 24
2.249c.
1936
May
2.211c.
52.5%, compared with 27%
Machine tool builders are experiencing brisk business, to a
foreign, and Government armament work is stimulating
continues
Labor
plants,
2.236c.
"
Jan.
3
May 17
Mar. 9
Dec. 28
automotive
demand for
Chicago
Low
Hioh
1938..
the
from
extent
large
with
One month ago..
ingot
in
upturn
in output are
shapes
partially
active and
engaged.
well
few
Steel
fBased on steel bars, beams, tank plates,
2.236c.I
wire, rails, black pipe, sheets and hot
-
recent
requirements for equipment building remain slow,
steel
2.236c. a Lb.
June 20, 1939,
One week ago..—
the
arresting
structural
relatively
continue
test.
COMPOSITE PRICES
AGE"
tin-plate,
although quiet in
the last half of the year.
"IRON
in
support than currently is being received from the
This is expected the latter part of next quarter.
Meanwhile,
but there are indications of
picture is spotty,
the industrial
moderate improvement over
factor
a
Only moderate fluctuations
ago.
greater
private jobs is a, welcome sign.
and inventory
is
several weeks, but the resumption of any extended upturn will require
next
price to $14.75.
the "Iron Age" scrap composite
ton in
a
a
of
the outlook for steel production during
months/the advance in scrap prices has halted.
In fact, the
Pending the further clarification of
the summer
but a tendency for new business to taper seasonally in
Steelmaking last week was off 1 point to
This is particularly
prices.
Changes in the aggre¬
finished steel demand.
prevail in
gate are slight,
some
directions
production.
firmer position
branches of the steel trade to adopt a
trends
Mixed
production.
heavily for 1940 model
more
automobile manufacturers are ordering
several weeks hence when
step-up
June 24, 1939
Chronicle
including
centers,
37%
in
eastern
44 at Buffalo, 40 in New England, and
Detroit.
at
2
29
1
Scrap
generally
prices
the
rise
few
steel
finished
are
weeks.
past
prices
firm
despite
The composite
is unchanged
at
leveling 1 off
a
holds
at
after
$14.62.
a
steady
Composite of
$55.70.
0
:
June 20,
?lg Iron
.
.
fBased on average for basic iron at Valley
$20.61-1
furnace and foundry iron at Chicago,
20.61
Philadelphia,
Buffalo,
Valley
and
23.251
Southern Iron at Cincinnati.
1939, $20.61 a Gross Ton
One week ago
One month ago.
One year ago
-
Low
High
-
$19.61
July
6
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
Nov.
17.83
May
14
June 21
1937..
—
....
-
.
1938.
-
$23.25
23.25
19.73
Mar.
18.84
1938
1935
5
17.90
May
16.90
Jan.
27
16.90
Dec.
13.56
Jan.
3
14.81
Jan.
13.56
Dec.
6
.1-18.21
Jan.
15.90
Dec.
19.71
Jan.
17.54
Nov.
1934
1933....
I
1932
—
—
1930
«
1927..
Steel
June 20,
One year ago......
,
on
No.
1
—
-
1937
1936
.
Nov.
Mar.
Dec.
Dec.
$14.08
11.00
12.92
13.42
22
30
21
Mar. 13
13.00
1933
12.25
1932
8.50
Jan.
8
12
15.00
Feb.
18
Jan.
17
1927
Iron
American
nounced
that
Steel
and
telegraphic
tndicated that the
Aug.
15.25
——
The
steel
Institute
which
reports
Low
May 16
June
7
June
7
Nov. 10
12.67
10.33
9.50
10
1934
—
„
Mar. 28
17.75
—
1930
53.1%
one
The
year ago,
the
from
Weekly
the week beginning June
-
on
it
June
9
Apr.
29
6.75
6.43
11.25
13.08
Jan.
3
July
5
Dec.
9
June
Sept. 25
indicated
rates
of
a
1939
19,
compared
month ago and 28.0%
one
steel
operations
with
one
May
since
9,
1938, follow:
1938—
1938
~
75 34
7114
38
—1
57
4- 3
48
1933
50
+ 234
40
+2
35,
—234
66
—2
95
—1
1932
•.
1930
1929
-L—.
72 34
1927
Industrial
Pick
the
first
half
termination
of last
of
the
29.0%
Sept.
39.9% Dec. 19
51.7%
Mar. 27
56.1%
26.1%
Sept. 12
Apr.
26.2%
Sept. 19
June
13
27.1%
Sept. 26
45.3% Dec. 26
1939—
47.3%
2
46.7% Jab.
38.8%
6
50.7%
3
10
Apr. 17
54.7%
52.1%
50.9%
June 20
28.0%
Oct.
3
9
51.7%
Apr.
24
48.6%
June 27
28.7%
Oct.
10
51.4%
16
52.7%
May
1
47.8%
July
5
Oct.
17
49.4% Jan.
23....,51.2%
May
8
47.0%
touched
July
11
22.4%
32.3%
Oct.
24
53.7% Jan.
30
52.8%
May 15
45.4%
announcement continued
Oct.
31
56.8%
Feb.
6
53.4%
May 22
7——61.0%
Feb.
13
54.8%
48.5%
52.2%
,__54.2%
Aug. 15
40.4%
"Steel"
of
steel markets
Apr.
May 29
June
5
Nov. 21
June
12'
Nov. 28
60.7% Mar.
55.1%
June
19
Cleveland,
on
June
in
its
6.
summary
19, stated:
Of
the
—2 34
92
—2
—1
68
iron
53.1%
55.0%
and
was
accelerated in the latter
Mr.. Hopkins said that the
coal strike contributed to
Construction operations and allied activities moved
new contracts continuing at a
relatively favorable rate, particularly in the residential trade.
June
39.4%
62
6934
<
'■
April.
May 31
8
—2
the improvement.
He reported that aggregate production
of factories and mines in May averaged about the same as
May 23
Aug.
—1
74
month.
55.4%
62.6% Feb. 20—53.7%
61.9% Feb. 27—55.8%
•
bituminous
55.7%
Nov. 14
+3
35
—1
76
activity
Mar. 13
Nov.
—1
—5
58'
part of May, following an extension of the April decline in
Mar. 20
36.4%
■+1
Secretary of Commerce Harry L. Hopkins announced on
June 13 that industrial
57.6%
39.8%
»
Up in May Reported by Secretary of
Commerce Hopkins
59.9%
i.37.0%
71
•
5
1
7534
40
64
34
—4
99
71
12
18
35
34
—
44.0% Dec.
25
1
'
1928
42.8% Dec.
Aug.
34
+
—
Not available
1931..-
Aug. 29
July
—-
'
66
+ 1
' 35
v.
61
2734
—I
66
+1
Aug. 22
Jan.
•
•
—1
1934
30.7%
July
87
34
Independents
■
+ 1
1935
30.4%
47.9% Jan.
together with the
—134
28
—
May
9
May 16
6
U. S. Steel
n44H
34
+1
2734
•
1937
in
1939—
1938—
61%,
ago.
comparison of the percentage of production
Industry
52 ^
received
had
with
Nov. 22
19 an¬
This represents an increase of 1.9 points or 3.6%
estimate for
the week ended
June
12, 1939.
101B
following table gives
credited
are
week and 5634 % two weeks
with the nearest corresponding week of previous years,
operating rate of steel companies having
week ago, 48.5%
Leading independents
ago.
approximate changes, in points, from the week immediately proceding:
96% of the steel capacity of the industry will be 55.0% of
capacity for
weeks
1936
-
:
1935
melting
heavy
Hioh
!
two
compared with 6034% in the preceding
1
quotations at Pittsburgh, Philadelphia
and Chicago.
$15.29
15.00
21.92
1939
1938
U. S. Steel is estimated at 44J4%. against 46% in the week before and
4734%
.
Based
$14.79
14.08
11.33
One month ago
production for the week ended June 19, is placed
at 53K% of capacity, according to the "Wall Street Journal"
of June 22.
This compares with 54% in the previous week
and 523^% two weeks ago.
The "Journal" further reports:
Scrap
1939, $14.75 a Gross Ton
One week ago
16
Steel ingot
forward with the volume of
Retail
trade
volume
last
month
indicated
that
consumer
purchasing power was generally sustained with monthly sales
totals considerably above those in May, 1938, when sales
the
low
of
the
1937-38
as
recession.
Mr.
Hopkins
follows:
Output of bituminous coal, which had averaged about 2,000,000 tons in
the first two weeks of May, advanced to 6,000,000 tons in the
of the month.
the resumption
rising
The movement of freight
over
with
of mining operations, with total loadings for the month
above the reduced April figure although they did
March level.
fourth week
the railroads increased
not regain
the
Volume
\
143
•
/'
■
•
of traffic,
April and May.
classification
around
Financial
■
•.
"The volume
•
other
than
coal, held at
steady rate during
a
however,
of steel,
volume
a
of
year
distribution,
primary
were
earlier.
arrested in the latter part of
was
of the
period.
Daily
below the April figure.
covering both
for
output
average
month,
the
Large orders by leading consumers
present and future needs, were placed
around the
middle of the month when prices of
light steel products such as sheets and
strip
were reduced
substantially,
made
cars
a
relatively favorable showing, although
seasonally corrected-^were
not
a
year ago.
larger
'
nine months of active
operations in these lines.
high
so
deliveries—
Retail deliveries of
in March.
as
Silk mills have curtailed
operations
and cotton-mill activity has slowed
up.
Shoe production declined in
April and the output dropped below that
in April of last
year.
This is an exception to the general
situation
in
these industries,
however, since the aggregate output of non-durable goods
was about
15% greater in April than in the corresponding month a
year ago.
Operations
"Automobile manufacturers curtailed assemblies during May and dealers
stocks declined.
Partial reports for May indicate that sales of new pas¬
senger
were more than one-third
"Production of non-durable goods has been
reduced from the high rate
of the first
quarter.
This downward adjustment has come
after about
end
was
3759
during April and May
cars
than
the
May, ingot output rising from 46% of capacity at mid-month to about
the
passenger
Loadings of miscellaneous freight, the most significant
15% larger during May than
by
new
measuring
for
"The decline in steel-mill operations
50%
Chronicle
i
■
.
in
petroleum
refining
as
paper
v
the
and
food-processing industries
has
increased
paperboard
slackening partly
tions."
'
.
there
have
been
maintained
From
such
indications
come
and
industries
of
from the recent relatively high rate of
seasonal,
"
have
somewhat.
some
opera¬
•
Current Events and Discussions
The Week with the Federal Reserve Banks
returns of the entire
'
During the
week ended
June
balances decreased $2,000,000.
arose
from increases
with
non-member
and
Federal
bank
member
reserve
Reductions in member bank
of
reserves
deposits
21
Reserve
in Treasury$10,000,000 in
and
deposits and other Federal Reserve accounts
in part
by increases of $33,000,000 in gold stock and $5,000,Treasury currency, and a decrease of $4,000,000 in
Treasury cash. Excess reserves of member banks on June 21
000 in
estimated
were
be
to
approximately $4,230,000,000,
de¬
a
cities
A decrease of
increases
$25,000,000 in loans
to brokers and dealers in
The statement in full for the week ended June 21 will be
in
deposits credited
to domestic banks.
Commercial, industrial
and
agricultural
loans
increased
$5,000,000 in
New York
City and declined $2,000,000 at all reporting member banks.
Loans to brokers and dealers in securities
declined
000,000 in New York
Holdings of Treasury bills increased $26,000,000 in the
Chicago District
$28,000,000 at all reporting member banks.
Holdings of Treasury
and
found
3796 and 3797.
Changes in the amount of Reserve bank credit outstanding
on
pages
and related items
V
were
follows:
as
.Increase
(+)
(—)
Decrease
or
Since
',
21,
1939
June 14: t 1939
5
Bills discounted
1938
§
+2,000,000
—5,000,000
U. 8. Government securities.......
Industrial advances
(not including
2,564,000,000
$11,000,000 commitm'ts—June 21)
12,000,000
.
,
„
Other Reserve bank credit.
$29,000,000
in New York City and $32,000,000 at all
Holdings of United States Government bonds
Holdings of obligations guaranteed by the United
States Government increased
$21,000,000 in New York City and $16,000,at
all
creased
—5,000,000
3,000,000
—22,000,000
+3,000,000
v
reporting
member
banks.
Holdings of "other
being $34,000,000 in
New
in nearly all
2,584,000,000
16,060,000,000
2,873,000,000
Gold stock
Treasury
currency
Member bank
reserve
balances
—21,000.000
—7,000,000
+33,000,000
+3,103,000,000
+5,000,000
+163,000,000
.10,099,000,000
—2,000,000
+2,177,000,000
Money In circulation
6,934,000,000
2,566,000,000
—2,000,000
—4,000,000
+532.000,000
Treasury cash..
941,000,000
+13,000,000
+12,000,000
977,000,000
+10,000,000
+ 265,000,000
Treasury deposits with F. R. bank..
+273,000,000
Non-member deposits and other Federal Reserve accounts
York
City,
trict.
The
total net increase at all reporting
member banks
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS
RESERVE
CITIES
1939
Assets—
Loans and
$
investments—total..
Chicago
June 22
June 21
1939
1938
1939
$
Commercial,
Industrial
agricultural loans
June 22
1939
1938
$
8,090
7,584
2,044
2,748
Loans—total
June 14
8
8,135
2,760
2,974
"
526
borrowings
June 14.
(+)
Decrease
or
((—)
Open-market
loans
348
355
339
16
17
18
Loansto brokers and dealers..
Other loans for purchasing or
517
524
515
30
34
201
201
113
113
39
41
—127,000,000
—47,000,000
purchasing
-25,000,000
+11,000,000
+5,000,000
+2,000,000
—41,000,000
+ 3,000,000
—67,000,000
or
540,000,000
1,160,000,000
54,000,000
1
Treasury bills.....
Treasury notes
1,531,000,000
423,000,000
•
2,112,000,000
United
guaranteed
fully
5,855,000,000
+ 3,000,000
+
+ 4,000,000
28,000,0001
+ 32,000,000 {■
+ 12,000,000}
+ 358,000,000
by
Government
2,108,000,000
3,283,000,000
+ 16v000,000
+ 14,000,000
+ 261,000,000
Reserve with Fed. Res. banks
Cash In vault
8,470,000,000
+ 53,000,000
+ 2,065,000,000
448,000.000
■—8,000,000
+ 63,000,000
Balances with domestic banks
2,735,000,000
+ 65,000,000
+289,000,000
..17,212,000,000
5,225,000,000
552,000,000
+155,000,000
—4,000,000
+ 2,147,000,000
States
+ 657,000,000
26
carrying securities
Real estate loans
—264,000,000
—2,000,000
—2,000,000
674,000,000
,'
for
carrying securities..
Other securities
130
+ 1,012,000,000
—19,000,000
307,000,000
paper..
securities
Other
521
1,501
+ 83,000,000
8,097,000,000
Loans to brokers and dealers In
537
123
June 15, 1938
21,878,000,000
l
cultural loans
Obligations
1,374
1939
Commercial, industrial and agri¬
1,810
120
7,
3,831,000,000
Loans—total.....
2,054
and
June
$
Loans and investments—total
United States bonds..
$
,
on
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended June 14, 1939, follows:
Loans to banks
June 14
$
no
A summary
Other loans..
New York City
June 21
.
"Weekly reporting member banks reported
Real estate loans
(In Millions of Dollars)
.
$155,-
credited to foreign banks declined $17,000,000 in New York
City.
current
week, issued in advance of full statements of the member
banks which will not be available until the
coming Monday.
CENTRAL
was
,
Since
Below is the statement 6f the Board of Governors of the
Reserve System for the New York City member
'
San
$33,000,000 in New York
City, $11,000,000 in the Chicago district and $62,000,000 at all
reporting
member banks, and declined
$14,000,000 in the St. Louis district.
Deposits
Assets—
Chicago member banks for the
the
to domestic banks increased
June 14,1939
Federal
IN
.
Deposits credited
'
Chicago—Brokers' Loans
banks and also for the
districts, the principal
$29,000,000 in
Increase
Returns of Member Banks in New York
City and
in¬
Francisco district, $26,000,000 each in the
Chicago and St. Louis districts,
$18,000,000 in the Dallas district and $13,000,000 in the Kansas
Ctiy dis¬
000,000.
Reserve bank credit.......
securities"
$14,000,000.,
Demand deposits-adjusted increased
increases
1,000,000
_
increased
reporting member banks.
000
./arce 22,
j
5,000,000
Bills bought
notes
increased $12,000,000.
•
June
Total
securities, and
of
$28,000,000 in holdings of Treasury bills,
$32,000,000 in
Treasury notes, $155,000,000 in demand deposits-adjusted, and
$62,000,000
City and $25,000,000 at all reporting member banks.
of $30,000,000 for the week.
crease
The condition statement of
weekly reporting member banks in 101 leading
shows the following
principal changes fcr the week ended June 14:
$13,000,000
banks
decrease of $21,000,000 in Reserve bank credit, offset
a
body of reporting member banks of the
Federal Reserve System for the week ended
with the close
of business June 14:
-
Open market
'
paper
Liabilities—
'
Loans to banks.
Other loans
Treasury bills
384
__i
173
819
Treasury notes
United States bonds..
167]
816}
2,157
....
197
69
119
'
84
69
13
~
»
*
1
67
13
—
m.
•
"50
229
627
2,911
185]
235
2.150J
49
185
428
12
1
~
628 j
58
>
864
United States Government
1,065
138
337
4,870
J,219
899
876
58
63
50
28
30
33
77
71
229
228
215
376
396
490
46
51
215
7,640
7,624
6,187
1,654
1,654
1,512
623
620
659
492
485
464
60
60
110
60
60
96
2,850
521
2,836
2,394
748
748
687
528
277
12
12
6
345
"340
"303
"15
~"l5
"20
1,490
1,488
1,484
265
265
245
6,753,000,000
-
+ 62,000,000
+ 826.000,000
605,000,000
—18,000,000
+ 296,000,000
—1,000,000
—1,000,000
924
Member
Trading on New York Stock and New York
Exchanges During Week Ended June 3
Curb
During the week ended June 3, which included the Me¬
Day holiday (May 30), the percentage of trading
the account of all members of the New York Stock
morial
deposits—adjusted
Time deposits—
...
United States Govt, deposits
Inter-bank deposits:
Domestic banks
...
Foreign banks
Borrowings
...
Other liabilities
Complete
—
303
Liabilities—
Demand
Foreign banks
—2,000,000
+ 46.000,000
122
333
74
•
i.
138
1,036
4,886
Reserve with Fed. Res. banks.
Cash in vault-
Balances with domestic banks
Other assets—net
1,054
1,143
663
1,173
.......
>
Inter-bank deposits:
Domestic banks
Borrowings
Obligations fully guaranteed by
Other securities
Demand deposits—adjusted
Time deposits
United States Government deposits
Returns
Reserve
of
Member
Banks
of
the
Federal
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
for
Exchange (except odd-lot dealers) and of the New York
Curb Exchange to total transactions in each instance was
below the preceding week ended May 27, it was made known
by the Securities and Exchange Commission yesterday
(June 23), continuing a series of current figures being pub¬
lished weekly.
For the first time, the Commission said,
short sales are shown separately from other sales in the
New York Stock Exchange figures.
Trading on the Stock Exchange for the account of all
members during the week ended June 3 (in round-lot trans¬
actions) totaled 1,192,005 shares, which amount was 22.78%
of total transactions on the Exchange of 2,616,400 shares.
This compares with member trading during the previous
week ended May 27 of 2,002,940 shares, or 24.33% of total
trading of 4,115,620 shares.
On the New York Curb Ex¬
change member trading during the week" ended June 3
amounted to 152,235 shares, or 19.69% of the total volume
on that Exchange
of 386,620 shares; during the preceding
Financial
3760
ownership would be Sept. 29, 1938—the date
conference—instead of July 1, 1937.
reached last July provided that Germany assume
responsibility at reduced interest rates for the principal loans of annexed
Austria in a broad settlement of Germany's obligations to Great Britain.
that the date
Curb members of 231,300
the account of
week trading for
was
19.71% of total
These reports are
members.
received.
transactions as specialists
2.
Reports showing
initiated on the
other transactions
^
floor
'
—
Reports showing
4.
Reports showing no
floor
Note—On the New
.
which also added:
York Curb Exchange the round-lot transactions of specialists
registered are not strictly comparable with data similarly
The
in stocks in which they are
Exchange odd-lot
TOTAL
BALES ON THE NEW
ROUND-LOT STOCK
CHANGE AND
YORK STOCK EX¬
TRANSACTIONS FOR ACCOUNT
ROUND-I.OT STOCK
Week Ended
June 3, 1939
Ce nt,
Week
Impounded Gold
agreed to the early
return of $31,800,000 in impounded Spanish gold to Gen¬
eralissimo Francisco Franco after receiving Franco's assur¬
ances that Spain will remain neutral in event of a European
war.
In reporting this United Press advices from Paris
a
Premier Edouard Daladier on June 21
■
c
Total Round-lot sales-,
53,81fy.
Short sales.
;
Other sales.b..
Total sales..
B.
>
1.202,400
2.616,400
.........
further said:
account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
Transactions of specialists in stocks in which they are
Round-lot transactioa, for
1.
Other transactions initiated on
2.
decision
10.55
8.43
90,640
i.
Total sales
98.975
■«
.....
108,225
—
'
Total purchases
4.
3.80
198,865
and sales.
592,540
Total—Total purchases.*.......
Short sales. 1.
68,520
Other sales.b.
530,945
Totai sales
that
23
$57,062,000
Effective
in
Act
securities - effectively registered under the
of 1933 amounted to only $57,062,000 in
May,- 1939, according to an analysis prepared by the Re¬
search and Statistics Section of the Trading and Exchange
Division.
Of this total, only $31,228,000 was proposed for
-sale by issuers, representing a sharp decline from the total
of $235,667,000 shown for April, 1939.
The comparable
total for May, 1938, was $53,850,000.
The Commission's
announcement also stated:
•
such as have
one-half of the
proposed for sale by issuers during May consisted of the issues
of financial and investment companies, mostly investment trusts and in¬
vestment companies.
The total for this group was $16,899,000, or 54.1%
large industrial and utility issues,
In the absence of any
during recent months, more than
characterized registration
599,465
.
Fully
Became
"
Exchange Commission announced on
The Securities and
Securities
9,250
-—
Other sales b*—
Act
'
■
May
441,110
floor—Total purchases
'
Issues Totaling
New
23
of
confirmed
Foreign "
'*
Securities
Under
June
...
by Marshal Philip Henri Petain,
Jose Felix Lequerica in consultation with
Bonnet.
Georges
Registration
217,340
r
and sales.
Bhort sales.
Paris
to
♦
188,790
b-.
3. Other transactions Initiated off the
neutraility assurances from Generalissimo
on
brought
Ambassador to Nationalist Spain, and were
by Spanish Ambassador
Minister
Total sales.....
based
was
were
223,770
the floor—Total purchases
28,5.50
Total purchases
which
France's 82-year-old
552,030
Short sales....
Other sales
His
Franco
'n
273,900
and sales.....
lift the im~
pounding acts.
243.180
'•
hoarded, now held in the
Bank of France, as soon as the French courts can
vaults of the
30,720
Short sales-
'■
(
agreed to surrender the gold
Premier Daladier
278,130
'
Total purchases
Return to Spain
Agrees to
France
For
Total for
A.
agreement.
/
(SHARES)
MEMBERS*
OF
Officials of the Department of Agriculture said
the exchange would be taken from the
stocks accummulated as collateral for Government pricepegging loans to growers.
It was also stated that it would
probably be necessary to enact legislation to carry out the
(Friday).
that the cotton for
-classifications may total more
than the number of reports received because, at times, a single report may
carry entries in more than one classification.
in the various
of reports
number
The
Department confirmed the signing and said
the agreement would be released last night
State
that the text of
on the New York
(York Stock Exchange, since specialists
Curb Exehange perform! the functions of the New York Stock
dealer, as well as those of the specialist.
designated for the New
President of the Board of Trade,
Stanley,
and Oliver
for the British Government.
Kennedy signed for the United States
Ambassador Joseph P.
63
609
639
—
—
23 said Associated Press advices
signed in London on June
—*-216
■»—-
transactions-
States
42
23b
initiated off the
other transactions
3.
loo
agreement for the exchange on a barter basis of United
cotton for British rubber for use in war-time was
An
805
100
Total number of reports
Reports showing
Rubber
Curb
Exchange
Slock
Exchange
1.
and Great Britain Covers
York
New
York
New
of Barter Agreement Between United States
U. S. Cotton and British
Signing
York Curb Exchange by their respective
classified as follows:
.
agreements
The
and the New
York Stock Exchange
for determining
Munich
of the
trading of 586,710 shares.
The figures for the week ended May 27 were given in our
issue of June 17, page 3609.
In making available the data
for the week ended June 3, the Commission said:
The data published are based upon weekly reports filed with the New
shares
June 24, 1939
Chronicle
securities
Total purchases and sales
22.78
1,192,005
.... — ...
EXCHANGE
TRANSACTIONS ON THE NEW YORK CURB EXCHANGE
1
ACCOUNT OF MEMBERS* (SHARES)
STOCK
Week Ended June 3,
FOR
FOR
with
Cent
Week
a
386,620
A.
Total round-lot volume.
B.
Round-lot transactions for account of members:
1. Transactions of specialists in stocks in which they are
43,330
60,270
registered—Bought
Sold
13.40
103,600
Total..
$9,789,000,
or
2.
Other transactions initiated on the floor—Bought
stock $2,200,000, or
Total...
7.0% of the total.
which
was
registered
16,235
13,745
3. Other transactions initiated off the floor—Bought
Sold
.
.
u
$3,718,000
68,035
Total—Bought.
37,773
23,412
Odd-lot transactions for account of specialists- -Bought
C.
19.69
152,235
Total.
Sold
*
in
The
term
"members"
includes all
Exchange members,
a
these percentages the total of members' transactions is
total round-lot volume
twice the
on
volume.
compared
cent of twice total round-lot
Shares in members' transactions as per
with
the
Exchange for the reason
total of members' transactions includes both purchases and i.eles
that the
while the Exchange
volume includes only sales.
b Round-lot short sales which are exempted from
restriction by the Commission's
rules are included with "other sales."
c
Data for May 29 and 31 not available,
for period beginning June
Germany
Signs
due to fact that figures were collected
1.
Pact
with
Great
Sudetenland
Britain
be issued in
consisted
an
Assuming
Debts
Associated Press London
dispatch of June 22
we
take the following:
The Government announced today that
ments of
to
British
British-German transfer agree¬
July 1, 1938, covering Austrian external loans had been extended
medium and long term debts owned
by persons in the Sudetenland to
an
agreement signed in
London last Friday, the announcement
said, provisions of the earlier accords would apply to such debts, except
$3,777,000 (of which
of securities regis¬
A total of $22,057,000, however, was not
exchange for other securities.
of a single issue, the $5
be issued against claims
items, the remaining amount of securities
$31,228,000, of which $18,143,000 was for
going concerns and $13,085,000 was for new ventures.
The comparatively
large total shown for new ventures was entirely accounted for by the
registration of securities of two newly organized investment companies.
Compensation to underwriters and agents amounted to $2,128,000. or
6.8% of gross proceeds.
This relatively high proportion reflects the pre¬
dominance of investment company issues, for which agency commissions
underwriting spreads for industrial and
accounted for the bulk of registrations during
recent months.
Other expenses were $235,000, or 0-8% of gross proceeds.
Thus, estimated net proceeds accruing to issuers were $28,865,000.
Because of the fact that investment company registrations accounted
for more than one-half of the May total, $15,324,000, or 53-1% of net
typically
are
much higher than are
utility bonds, such as have
was
to be used for
the purchase of securities,
all but $46,000 of
for investment. Repayment of
indebtedness and retirement of securities accounted for $9,441,000, or
32.7% of net proceeds. Only $3,881,000, or 13.4%, was to be used for new
money purposes.
Miscellaneous uses accounted for less than 1% of net
which
represented purchase of securities
'
"
aggregated $20,217,000, or
64.8% of total gross proceeds, this high proportion being influenced in
large part by the predominance of investment company issues.
The amount
proceeds.
Securities
holders.
Under
and exchange issue
of $31,000,000.
Securities
proposed for sale by issuers was
proceeds,
From
amount
Giving effect to these deduction
their firms and their
partners, including special partners.
In calculating
total
of others amounted to
proposed for sale), leaving $53,285,000
and $5,000 of securities to
61,185
Total...
*
the
account
$20,310,000 alone represented secur¬
Practically all of this
cumulative preferred stock of
Pacific Lighting Corporation, of which $20,060,000 was to be offered in
exchange for other securities of the registrant. Among the other "deduction *
items" were $1,473,000 of securities reserved for conversion, $219,000 of
securities reserved for options, $50,000 of securities to be issued for assets,
to
amount
84,200
Sold__...
was
19 state¬
of effective registrations in May was
proposed for sale by issuers, of which
ities
4.
the
tered for the account of issuers.
3.88
29,980
Total
registered
for
■
of the 23 issues which were registered in
total excludes one reorganization
This
$57,062,000.
2.41/
18,655
,
,
of investment company securities
the gross amount
ments reveals that
I0,185
Sold
accounted
7.7% of the total.
registered
during May, common stocks represented the most Important type of se¬
curity registered with $16,173,000, or 51.8%' of the total.
Next in import¬
ance were fixed-interest-bearing securities with
$9,449,000, or 30.3% of
the total, consisting entirely of long-term secured bonds.
Certificates of
participation aggregated $3,406,000, or 10-9% of the total, and preferred
negligible total of $2,411,000, or
In view of the large amount
A detailed breakdown
8,i70
ranked second in importance
31.3% of the total. Manufacturing companies
for the comparatively
Per
Total for
Electric and gas utility companies
of the total.
1939
proposed for sale through agents
Volume
148
Financial
be sold through
to
underwriters
$10,549,000,
was
Chronicle
examinations
33.8% of the total,
or
leaving
only $462,000, or 1.4%, to be offered directly by issuers.
Approxi¬
mately 99% of the securities registered during May was to be offered to the
public.
and
exchange
issue
for
May
estimated
value of
Also,
the
business
and
a
is
held
safe¬
for
of
requirements
these
the
the commission
TYPES OF SECURITIES INCLUDED IN 19 REG ISTRATION STATEMENTS
THAT BECAME FULLY EFFECTIVE DURING
of member
firms
is being more
disciplinary policy with respect to infrac¬
.
public
.
applicable to
became
is
further
member
effective
to
firms
April
on
enlarge
the
doing
of
general
a
1939.
1,
cushion
The
and
of
effect
protection
brokerage business of the Exchange member firms.
Application
1939
.
requirements
with
conduct
sterner
being applied.
capital
business
$31,000,000.
MAY,
securities
year.
New
These certificates of deposit were registered by a bond¬
holders' protective committee in the principal amount of
$48,267,000, with
an
of
last
tions
for the 5% first mortgage
bonds, series A, due 1953, of the Abitibi Power &
Paper Go., Ltd.
spot-check
or
segregated securities representing excess margin.
The scope
frequency of these supervisory audits have been increased within the
rigidly supervised
exclusive of one
are
test
keeping and
by certificates of deposit
represented
3761
a
and
t
These statistics of effective registrations
reorganization
S
include
for
.
.
.
both
by
means
enforcement
of
the
Exchange's
standards
is
constant
regular and surprise reports, inquiries, examinations
hearings of varied types by the Committee on Member Firms and its
as well as by a staff of field auditors which
supplements the work
independent public accountants.
and
Gross Amount of
Securities
staff,
Type of Security
No.
of No.
Issues
of
of
Units
Face
or
Amt.
The
Amount
2
Long-term unsecured bonds
$9,448,720
9,304,000
to
'I
280,282
16
3,953,482
21,946,751
1
250,000
rights
or
Gross
Less
Amt.
of Securities,
Gross
Securities Reserved
Amt.
of
of Securities
Proposed for
for Conversion
Sale
All
May,
9138
May,
May,
17.0
$9,448,720
1939
21.4
other
firms
1938
the
33.6
30.3
$9,448,720
Short-term secured bonds*.
which
may
to
~8~8
principals
Steps
13.9
Exchange
4"0".0
20,473,179
2 7" 4
3,406,250
2",200",216
15.8
36.9
6.1
4 3" 5
7.0
51.8
16,172,269
26.0
to
*
Securities having maturity of three years or less
100.0
$31,227,455 100.0
classified
are
"short-term"
as
securities.
thus
Under
Holding Company
Act—-Designed to Simplify Reporting Requirements
for Subsidiary Holding Company
On June 19 the Securities and Exchange Commission an¬
nounced the adoption of two new rules under the Puolic
"
Ordinarily
registered holding company must file a registra¬
on
Form U-5B, and annual supplements
thereto, on Form U-5S.
However, these new rules permit
such, a sub-holding company to file a certificate instead,
adopting relevant information filed by its registered parent.
The certificate must contain express reference to each item
so adopted,
and must be accompanied by such additional
data as are necessary to make complete the statement or
report.'
■.
.
■
,
♦
A
brief
of
the
significant developments
within the New York Stock Exchange during the last 18
months was published in the Exchange's
"Bulletin" for
June
to
The
it
meet,
is
The
tions
stated,
special
a
committee
follows, in part:
Carle
of
created
C.
of
the Exchange's organization
of
the committee
tion."
One
which
this
of
'
principle
committee's
has
also
this
The
guiding principle
is
to
reflected
the
measure
the
in
to "
extent
application
the
of
recommendations.
Broadly,
the
such
reorganization
Exchange were:
provide a modern and efficient system • of. professional manage¬
(2) to enlarge the usefulness of the Exchange, and (3) to establish
definitely the public character of the institution.
In, the furtherance
these
aims
membership
various
the
The
task
was
of
member
a
these
The
and
the
of
from
Governors
it
the
reduced,
was
representative,
public
at
committees
{he Exchange's
financial
of
directions,
Exchange
large,
and
staff
to
not
and
only
of
In
and
the
policy
members
all
the
of
the
to
Exchange
partners
disciplinary
of
powers
is
firms
who
members
control
and
members
the
amended
was
member
allied
allied
as
of
qualification
.
of
Such
and
business
Exchange
partners
Exchange.
amenable
non-member
of
■
control
the
of
test
.
general
the
in
entering,
rigid
a
the Constitution
1939,
is
the
where
except
intensive
more
a
'
all
member
firms.
In
have
discipline,
has
Exchange
had
the
directly
the
Exchange
and
has
now
designed
imposed
requires
to
definite
them
the
test
to
.
capital
reply
the
new
Constitution, all
Exchange's relations
under
with
the
the
jurisdiction of
the
assistance
with
the
requirements
periodically
t
improved
upon
financial
to
adequacy of their capital
Listing Policies
Under
of
position.
arbitra¬
its
*
.
Expanded
listing and
listed
delisting matters,
corporations
Committee
Stock
on
have
and
all
been
This
List.
centralized
committee,
of
specially appointed subcommittees on Size and
Security Engraving and Bank Note Companies, and
Listing Requirements,
Securities
Legislation
and,
result,
as
a
has completed several studies of major significance,
number-of important revisions in policy and procedure
a
have been made;
,
"
...
.
Standards
of
eligibility for admission to the list have been
listing of an increased number of desirable issues.
the
eligibility, added emphasis is placed
in
company
less
its
emphasis
earnings.
.*
Revisions
field
is
.
of
industry
placed
on
and
"
'
„.
listing procedure have been
revised
As
to
tests
standing of the applicant
character
the
mathematical
any
.
in
the
on
of
its
measure
.
business,
of
and
and
assets
•
'
effected
to eliminate
unneces¬
procedural
delays and red tape, and a special study for the
simplification has been in progress for several months.
part of its general effort to improve the character pf the
sary
purpose
further
of
As
the
the Committee
Securities
stock
issues
listing.
The
and
on
.
quality
.
has
for
various
the
Exchange's listing and "delisting policies and
reasons,
relations
with
broaden
to
issuers
the.
appear
listed
of
of
scope
appropriate standards and, by the
its
.
trading
developed the policy of filing with
Commission applications for the removal of
List
unsuitable
for
continued
.
.
and
Stock
Exchange
which,
objectives of
continuing
use
securities
the. list
of
its
by
to
are
the
influence
improve
establishment
in
matters
its
the
of
within
jurisdiction,
has
to improve accounting and corporate practices toward
higher than the minima required by laws of general application.
organization,
business
of
conduct
of
members
is
questionnaires
pendent
"(2)
a
by its
at
public
least
accountants;
A so-called
summarized
own
a
'short
analysis
personnel,
the
year,
frequent
more
financial
been
condition
employed
by
the
a
firm's
The
be
provides; the
condition
year."
certified
necessary
which
at
may
least
/
enlarged questionnaire system
surprise
visits
to
firms
by
is supplemented
Exchange
New
by
auditors.
subjects of foreign securities be discouraged,
such
as
in
London, recog¬
stated by the Chancellor
are
desirous of complying with
wishes.
Furthermore, in order to implement the position taken by them, they
hereby resolve that the distribution
times
a
in
the United Kingdom of lists quoting
American security markets be discontinued
comments
clients
"In
and
to the
to
and that any communica¬
issued from time to time by them containing statistical or political
or
information
relative
to
interested in such securities,
thereon,
1
I
represented
on
prepared
audits
Exchange firms
House of Commons that the purchase by British
inde¬
by irregularly timed
Such
Stock
dollar securities, or cables, whether daily, weekly or monthly, commenting
information
be
three
York
of the Exchequer in the
tions
form,' which
of
maintaining offices in Great Britain have adopted the follow¬
must
and
but which must be answered
Saltzman, Vice-President
nizing the wishes of His Majesty's Government
to
answers
E.
and
recog¬
firm's books, accounts and records, and which
once
Exchange announced to members
Charles
ing resolution:
the
have
through
provide
to
to
15
and Secretary, that it has been informed that member firms
That
enlarged
New York Stock
June
has already been made
progress
relating
Stock
Exchange Firms Represented in
Comply with Government's Desire that
Purchase of Foreign Securities by British
Subjects
Be Discouraged
The
headed
perfecting its
York
London
indicates.
been
information
Although
a
New
its
since
answered
and
for
hereafter
or
member firm
a
securities,
or
firm.
same
this
partner. of
cash
.
administrative
executives,
improving the trading list
Substantial
the record
system
comprehensive
firms.
affairs
expanding and
process.
as
thorough analysis of
for
of
July of last year the Exchange expanded and
machinery for the benefit of the public.
tion
the
1922 in the regular examination of member firms, the
improved system, which has been in effect since April 1 last, comprises:
"(1) A so-called 'long form,' which makes possible a detailed and
be
general
in,
now
directly
of
questionnaires
on
modernizing
questionnaire
member
of
transferred
continuing
more
but
of
make
to
as
and
firms
nized
as
Board
President.
of
supervision
the
members
of
salaried
a
of
size
classified
so
types
responsibility
in
affiliates
corporate
To
more
by
in
the
of
ment;
of
1,
made
members
standards
the
of
purposes
with
or
transactions
Exchange each unsecured loan in
provide
Undei*
extending
market,
study
interest is the paramount considera¬
review
been
under
thorough-going
a
effect
liquidating nature, with
and
the
to
membership
partners
list,
Exchange and which,
and administration.
of
purposes
the
conducted
that "the public
was
the
by
Conway,
of
to
a
.
therefor.
requests
numerous
outstanding development of the period was, of course, the reorgan¬
itself, which wafe carried out in accordance with the recommenda¬
of
chairmanship
(1)
more
review, issued June 17,
ization
the
summary
own
to
past the direct disciplinary
.of the Exchange were confined to members only.
.
In order to
enlarge the usefulness of specialists and to enable them
better
to
perform their function of maintaining an orderly and close
of
Summary of Developments ip New York Stock Exchange
During Past Eighteen Months Published
of
taken
allied
as
hold
facilitate
v
•
company's
powers
a
statement
partners
t The classification
Utility Holding Company Act of 1935, designed to simplify
the reporting requirements for a registered holding company
which is itself a subsidiary of a registered holding company.
such
the
whether
more,
persons
Jan.
been
all
tion
for
firms,
•
not
effect
SEC Adopts Two New Rules
under
corporations,
carrying under¬
every year.
to
been
of
classify
do
100.0
in
once
members.
Effective
1.9
10.9
3,406,250
of
be organized.
applied.
7.1
0.6
$55,588,195 100.0
member
or
are
have
supervision
Total
positions
promptly
$2,500
Face amt. instal. certifs...
22,260,046
policy
a
separate
purpose
doing business with the public are required to have
their books, records and accounts
by independent public
report
of
Short term unsecured bds.*
Common stock
the
firms
made of
required
amount
Long-term unsecured bonds
with
Every member, member firm
Amount
May,
1939
Ctfs. of partic., ben. Int., &c.
Warrants or rights
commodity
firms,
member
audit
an
Gross
Amount
Preferred stock
and
accountants at least
Per Cent
Gross
own
member
by
Issuers
Per Cent
Long-term secured bonds..
developing
organize
for
for the public will not be
permitted
personal margin trading accounts, other than of
$57,061,767
.,
Type of Security
•
companies,
accounts
23
.
their
1
and
The
in
1
....
.
affiliated
security
hearings
be permitted to
may
purpose of this proposal is to encourage the separation of
capital devoted to the commission brokerage business from that
required
the operation of
underwriting and dealer business.
Effective
July
1,
partners
of
member
firms
which
carry
margin
3,406,250
Certifs. of participation, beneficial interest, <fcc.
holding
now
firms
as
the
22",260",046
Common stock
Total
known
writing,
Preferred stock
.
member
be
account.
__
Short-term unsecured bonds*
Face amount instalment certificates
Warrants
Exchange is
which
Long-term secured bonds
Long-term secured bonds*
reading:
particular
bear
a
dollar securities
sent
to
legend, conspicuously printed
'
view of the announcement by His Majesty's Government relative
purchase of foreign securities, the information presented above is not
as an invitation to clients to increase their holdings of dollar
be taken
securities."
Financial
3762
Expenditures Seen as Neces¬
Further Retrenchment in
of President of New York
Exchange—William McC. Martin Says Rev¬
in Annual Report
sary
Stock
Basis Must Be
enue
The New York Stock
strict economy and
of
Revised
Exchange must practice a program
must also consider a comprehensive
present basis of revenue in order to obtain
William McC. Martin, Jr., President of
the Exchange, said in his annual report to members for the
administrative year ending May 15, 1939, and made public
June 20.
The report revealed a net loss of $1,257,428 in
balanced budget,
a
with
Mr,
economies have been
period from May, 1938 to April, 1939, as compared
net loss of $1,146,635 in the preceding 12 months.
the
a
that numerous
introduced in the year since he became President, but
stressed "the fact that the policy of retrenchment which
has been followed in the last year, will go forward and that
the drive for additional economies and improved efficiency
Martin
out
pointed
be continued."
will
have been introduced
discussing economies which
After
added: "However, it
appears probable that the time is not far distant when it
will be necessary, if a balanced budget is to be attained,
to consider seriously a comprehensive revision of the basis
of the Exchange's revenue in order to increase total in¬
come, as well as the curtailment of functions or operations
which in the past have been considered essential to the
most efficient conduct of the Exchange.
To this end the
suggestions of members are cordially invited."
Total income of the Exchange during the administrative
year was $5,664,943, of which membership dues accounted "
for 24.27%,
Stock Clearing Corporation charges 19.54%
and listing fees 8.53%.
The greatest expense item was
payrolls, although these also showed the largest reduc¬
tion.
There were 2,056 employees May 15 last, receiving
$3,607,747, compared with 2,286 persons receiving $3,915,102
on May 16, 1938 and 2,422 being paid $4,231,875 on May 16,
Mr. Martin's report
recent months,
in
receipts and expenditures, Mr. Martin said:
May 16, 1939 marked the end of the first year of operation since
the reorganization of the
Exchange.
There is submitted herewith for
the information of the membership a detailed summary of improvements
and economies in the administration and operation of the Exchange which
have been effected during the past year.
It is not the purpose of this
report to discuss the policies or activities of the Exchange in its relations
with members, the public authorities or the general public.
It was recognized at the outset that the policy of the management
must be one of retrenchment.
The objective of this policy has been and
continues to be a balanced budget.
In order to approach this goal as
possible the management is constantly examining the functions
being performed to determine (1) the non-essential functions which may
be eliminated, and (2) the most efficient and economical means of per¬
rapidly
as
functions.
forming the essential
total
The
bership
committees
standing
from
sibilities
to
The change-over was
the staff.
completed without interruption to the normal flow of work.
Since then
the President has been continually examining the personnel, administra¬
tion and operation of the various departments and the affiliates in
an
effort to
this
for
the
calendar
year
1938 was
1.87%.
„
I■ •
taken
Vice-Presidents of the Ex¬
change who, together with the Treasurer, are responsible to the Presi¬
dent for all operations.
The affiliates had previously taken similar steps
to improve their staff organizations.,
During the past year the staff has
been strengthened by the addition of an office counsel.
This change
further
administrative reorganization Was
general
in the
step
April 1, 1939' with the appointment of four
on
the
reduce
should
counsel and the
outside
of
use
sidering routine legal matters.
Because of the changes in the
time involved
staff organization
in con¬
found neces¬
it was
the executive offices on the 6th floor of 11 Wall Street.
This project was completed very satisfactorily at a cost of $8,400.
This
figure is substantially below estimates made for similar work during
sary to rearrange
Martin
Mr,
$25,000 to $100,000.
1938 which ran from
1937 and
tables with
following self-explanatory
give in part herewith :
the
presented
his report which
we
ON MAY 16, 1937.
SCHEDULE A—COMPARISON OF PAYROLL TOTALS
MAY 16, 1938. AND MAY 15, 1939
May 16, 1937
No.
Dept. of floor
Payroll.
.1
May 16, 1938
Payroll
No.
■
Payroll
No.
1,189 11,643,036 1,099 $1;,502,576
36
164,939
34
161,817
Operations
984 $1,445,300
36
164,939
81
173,991
71
175,634
64
Dept. of Operations
97
212,393
104
196,392
59
145,995
105,356
Dept. of Stock List
Executive Department
38
1*4,636
42
141,539
36
92.852
38,640
5
36,624
9
46,516
17
58,144
27
84,582
57,475
20
42,411
20
44,037
Treasurer's Department
Dept. of Member Firms
,
K
__
15
Relations _____
Dept. of Floor Procedure
Dept. of Public
x
x
61
145,141
27
61,495
21
36,948
18
49,254
37,817
18
40,486
16
10
31,545
27,752
19,007
2,696
12
Institute
Committee of Replacement
Mr
1,282 $2,269,944
Total, N. Y. Stock Exchange 1,550 $2,653,244 1,449 $2,451,788
Stock Clearing Corp.—
33,146
2
27,000
4
23,649
Day Branch
227
452,579
210
366,877
102
'205,168
96
402,673
183,508
199
Night Branch
90
165,571
333
$690,894
308
$613,181
293
$556,098
4
Executive Office 1
_______
»
I
Total, Stock Clearing Corp._
Bldg. Co.—
N. Y. Stock Exch.
268
$419,777
266
$410,642
245
$386,749
20-24 Broad Street-.
95
128,700
99
132,167
91
120,029
39 Broad Street—
20
25,974
19
24,674
19
25,142
$531,926
2-18 Broad Street
Total, N. Y. S. E. Bldg.
383
$574,451
384
$567,483
145
$289,449
134
$259,574
115
$226,710
11
Co.
355
23,835
11
23,073
11
23,073
Quotation Co_^
Deposit Co...
N. Y. 8. E. Safe
Total, N. Y. Stock Exchange
$3,607,747
and affiliated companies.. 2,422 $4,231,875 2.286 $3,915,102 2,056
x
Included in Secretary's Department.
INCOME, EXPENSE, AND NET
B—CONSOLIDATED
SCHEDULE
1937, TO APRIL,
MAY,
Total
Total
Expenses
Loss
largest
single item of expense for
$628,088.07
668,809.89
647,399.77
693,096.01
635,709.41
September.._.
485,934.70
626,174.81
*57,386.60
140,240.11
October
562,180.73
636,682.21"
$529,571.90
___
June
July.
August
—
November
__^_
570,479.36
634,308.67
661,527.67
<
500,038.65
1938—January
February
507,610.70
March
464,5*3.80
April
451,823.34
74,501.48
383,329.78
470,344.69
509,998.20
580,220.30
August-.
448,107.04
452,933.27
585,720.81
September....
October.
513,030.00
-
670,439.47
623,530.78
591,518.88
606,198.24
July.
.
May.
June
•'>
40,817.60
109,702.10
633,758.31
520,702.10
609,081.24
December
•
574,015.86
u
.
602,835.52'
November
*92,435.82
554,520.31
December
470,747.93
488,505.15
528,523.95
554,087.39
February.....
400,555.71
527,489.17
March...
450,046.33
549,577.68
April
455.695.89
538.449.76
1939—January
,
totaling $99,352.16 per year or
an
average of $2,34 per week per employee receiving an
increase.
In
spite of these adjustments, the gross annual payroll .as of May 15, 1939
shows, as stated above, a net reduction for the year of $307,354.83, or
floor,
received
moderate
Additional
of
result of the unremitting
functions more efficiently
economies and improvements
the body of this report under the appropriate repartment
staff
be found in
affiliate
The
were
In
and
order
wage
force.
in
at
frozen
calendar
duties
been
perform
to
realized as a
the essential
concerning these
Details
heading.
general
remains
have
savings
the
economically.
year,
reduction of April,
As
the
even
correct
level
though
of
1938, has been maintained and
measure all office salaries
16, 1938, for the remainder of
economy
May
the staff had taken on greatly increased
result of the reorganization.
obvious inequities in individual salaries
responsibilities
to
additional
an
reduced
as
a
paid to
simplify and coordinate the cumbersome and
complicated salary scales previously in effect for both office and floor
employees, a general survey was made in November, 1938.
As a result
O1
this
survey,
new
wage
scales and an improved procedure for the
office
employees
and
to
.
.
•
...
113,056.21
*38,601.88
134,270.02
153,916.97
205,895.67
171,707.44
208,189.10
J35.853.55
70,222.10
24,936,740
18,553,190
15,160,680
26,518,040
,42,571,360
22,351,090
26,302.190
46,487,330
■
137,613.77
149,902.25
60,985.86
62,084.49
57,776.02
65,582.24
126,933.46
99,531.35
82,753.87
30.701,010
30,910,400
27,500,080
.
15,166.170
26,725,950
22,056,300
Indicates profit.
Marriner
S.
Eccles
Government
increases
7.9.%.
will
Volume
19,961,030
17,532,230
22,359,560
18,525,110
36,714,510
56,258,440
31,947,490
31,057,820
26,089,480
15,685,610
$98,516.17
627,992.29
537,697.67
1937—May.
amounting on May 15,
,,
and
Lot Share
Net
Income
non-members.
payroll,
efforts
LOSS
1938
Total Round
8.16%, was derived from miscellaneous
for members, member
the Exchange and its affiliates
1939 to $3,607,747.60, and the largest
saving during the past year has been made in this item.
Schedule "A"
of this report shows the number of employees and the gross payroll broken
down by Stock Exchange departments and the respective affiliates as of
May 16, 1937, May 16, 1938 and May 15, 1939.
The considerable de¬
crease
in gross payroll between 1937 and 1938 amounting to $316,773.45
was
largely the result of a general wage reduction of from 5% to 12%
which was effective April 16, 1938, and a reduction in the number of
employees of the Exchange and the affiliates of 136.
The greater part of
this reduction in personnel was made in the floor force (90).
During the past year the gross payroll has been reduced by $307,354.83,
or
7.9%.
This reduction has been due to (1) the discontinuance of cer¬
tain non-essential operations,
(2) improved efficiency in essential opera¬
tions, and (3) non-replacement, wherever possible, of force losses due to
normal
turnover.
As
a
result,
the. Department of
Floor Operations,
shows a reduction, of 115 out of a total reduction of 230.
The remainder
was
divided
between other departments
of, the Exchange and the respecive affiliates as indicated'in Schedule "A."
.
During the past year some adjustments in wages have been made,
most
of
which were upward,
in order to correct certain obvious dis¬
parities in the rates of pay of the floor force and the salaries paid to
office employees.
For example, 815 individuals, 659 of whom were on
The
■
May 15, 1939
Exchange—
New York Stock
provided by the Exchange or the affiliates
and
firms
remaining income,
The
services
the
body of
The results to date are discussed in the
report.
A
This income was mainly derived as follows: (1) mem¬
24.27%; (2) Stock Clearing Corporation charges 19.54%;
dues
(4) ticker service (New York Quotation Co.) 9.71%;
(5) rental of telephone booths on the floor 9.47%; (6) listing fees
8.53%; (7) bid and asked quotation service 6.62%; (8) Western Union >
Tel.
Co. ticker service 2.00%; and
(9) branch office registration fees
or
These studies have
the efficiency and reduce expense.
improve
necessarily taken time.
rents 9.83%;
the
with
responsibilities or because his responsibilities have been increased.
On May
16, 1938 the departmental reorganization became effective.
This change involved a very considerable transfer of duties and respon¬
New York
•
Exchange
the
for
income
$5,664,943.22.
is
have
parities between individuals and groups and, in some cases, salaries
been increased because the individual's pay was not commensurate
Economist's Department
In analyzing
(3)
adopted.
Certain wage adjustments were
forces on January 5, 1939 to correct dis¬
were
wages
floor and office
the
in
made
Secretary's Department
1937.
«
of
administration
his
of its
revision
June 24, 1939
Chronicle
of
Aid
Federal
for
Reserve
Housing,
System Urges
Railroads and
Utilities
Board of Governors
speaking before the Har¬
vard University Business School at Boston on June 16,
advocated a new Government spending-lending program to
aid business recovery.
He said that industries offering the
Marriner S.
of
the
Eccles, Chairman of the
Federal Reserve
System,
reemployment of labor are housing con¬
utilities, and that the Government
should encourage them to make greater capital expendi¬
tures.
A program to this end, made known by President
Roosevelt on June 21,
is referred to elsewhere in this
issue.
Mr. Eccles declared that "we must adopt a program
of undertaking increased public investments in useful enter¬
prises of a kind that private capital will not undertake but
which, nevertheless, can be in large part self-liquidating."
The Boston "Herald" of June 17 quoted Mr. Eccles further
greatest hope for
struction, railroads and
as
follows:
Volume
He
reduction
advocated
home
mortgages
1%
and
"The
is
in
with private capital.
from
and
I agree that
utility field
to go into the
recent public power devel¬
However,
'justified' by
were
financial
(the bills)
denominations
No
assured that
"ought by now to feel fairly well
public policy for the Government
arose
They
3763
will be issued in bearer form only, and in amounts or
of
$1,000,
$100,000,
$10,000,
and
$500,000,
$1,000,000
(maturity value).
be deterred from needed expansion of plant.
competition
opments
Vz of
home owners."
of potential
Chronicle
interest rate on
maximum
5%
present
strata
utilities," he said,
unwise
the
of
insured by the Federal Housing Administration by
tap another
"thus
they need not
it
Financial
14*
tender
for
an
amount
less
than
tender must be in multiples of $1,000.
Each
$1,000 will be considered.
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.,
on
99-125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
abuses."
and trust companies and from responsible and recognized dealers in invest¬
No
Chairman
understood
favor
to
should
Consumers
Plan
specific
plan
equipment
be
ment securities.
but he is
for the railroads,
Federal
on
automobiles
lowering such taxes
manufactures
which are paid
directly
by
other
the
increase
old-age
purchasing
of
power
program,"
insurance
is,, to
consumers
be
can
to
present
taken
now
our
revamp
added.
he
reasonable pension
to old people immediately, regardless of
whether or not they have con¬
tributed to the fund.
This would not only meet a great social need and
popular demand but would also be a sound economic measure at this stage
in
took
He
issue
business
with
who
men
hold
He said that some of the largest
discouraged by so-called tax deterrents.
in 1936 and 1937
spite of the undistributed profits tax and other New Deal policies.
business
Defending
that
which
greatly
ment
a
favor
in
to
seems
concluded
"Furthermore,
said
he
program,
cut
benefits
farm
increased
and
labor
upon
achieve
to
itself."
17,
that
lease
and
Press
It
it
amount
the
to
They
have to pay
funds
insured
books
nor
Federal
only
the
some
maximum
by the administering
debts would be carried on
his
officials
make
regardless
pension
would
Treasury
insured
loans
have
in
that
suggested
Eccles
Mr.
whether
the
urged revision
to
encour¬
charging
still
Reconstruction- Finance\
the
two
rates.
the Federal old-age
of
reasonable pension to ol<i people immedi¬
not they
or
mortgages
effort
an
protest of banks
the banks the difference between
to provide "a
of
4
to
home
on
Some banks already have
have contributed
(©ld-age
to the
old-age
beginning
insurance
1942,
in
Legislation
taxes.
retired
to
to
provides
program
such
start
who
workers
payments
the
for
insurance
system,
of
maximum
"for
States,
$15
existing
a
pensions
law
month,
now
on
paid
provides
in
a
cash
or
other immediately
available funds on
'
other disposition thereof will also be exempt,
or
and
estate
inheritance
No loss from the sale
shall be allowed
as
a
(Attention is
taxes.
or
are not
and any
from all
invited
to
exempt from the
other disposition of the Treasury bills
deduction, or otherwise recognized, for the puroses of
imposed by the United States or any of its pos¬
any tax now or hereafter
sessions.
Treasury Department Circular No. 418,
as
amended, and this notice pre¬
scribe the terms of the Treasury bills and govern the conditins of their issue.
Farm
Mortgage
114% Federal
Bonds
Maturing
Corporation
»
Governor Hill of the Farm Credit Administration advised
June 20 that $100,000,000
Corporation bonds which
Sept. 1, 1939, will be redeemed in cash.
the Secretary of the Treasury on
of 1 lA % Federal Farm Motgage
will mature
on
with
Returns
was
old-age
passed
In addition to
contributions
up
needy
aged.
The
for this
pending
purpose
bill
to $20
a
month.
Income
Net
Above
16.7%.
which is
the
on
Income
on
Treasury Henry Morgenthau Jr. an¬
offering last week of
thereabouts, of 91-day Treasury bills totaled
applied
for,
Total
$281,705,000
accepted
$109,938,000
Range of accepted bids:
High
„_„____100.
99.999 equivalent
Low
99.999 equivalent rate approximately 0 003%
Average price.
(78%
rate approximately 0 004%
of the amount
bid for at the low price was accepted)
Returns
net
income
Is
10.4%
the
shown on
1937 returns is $21,238,574,163
over the amount reported
10.4%,
The net income shown on taxable returns is $15,-
264,162,417, which js an increase of $1,045,308,867, or
non-taxable returns
on
is
7.4%, and the net
$5,974,411,746, which is an increase of
$953,155,652, or 19.0%.
The
liability reported
tax
represents a decrease
on
taxable returns is $1,141,618,744, which
The effective tax rates are
7-5% for taxable returns. The
of $72,398,059, or 6.0%.
5.4% for all returns with net income and
for 1936 were 6.3% for all returns with net
8.5% for taxable returns.
.
previous reference to 1937 returns appeared in our issue
March 4, page 1245.
■
•,
A
of
..
Roosevelt
President
June 19 that tenders to the
$100,000,000, or
$281,705,000, of which $100,938,000 were accepted at an
average rate of 0.003%.
The Treasury bills are dated June
21 and will mature on Sept. 20, 1939.
Reference to the
offering appeared in our issue of June 17, page 3612.
The following regarding the accepted bids to the offering
is from Secretary Morgenthau's announcement of June 19:
1937
on
increase of $1,998,464,519, or
an
1936 returns.
income
Accepted at Average Rate of 0.003%
Secretary of the
17.3%
Mr. Morgenthau's announcement continued:
r
Aggregate
income and
nounced
Increased
Secretary of the Treasury Morgenthau on June 2 made
public data from the "Statistics of Income for 1937, Part 1,"
compiled from individual income tax returns filed during
1938, prepared under the direction of Commissioner of
Internal Revenue Guy T. Helvering.
The returns with net
income for 1937 numbered 6,350,148, of which 3,371,443
were taxable and 2,978,705 non-taxable.
As compared with
the number of returns with net income for 1936, the total
number of returns increased by 936,649, or 17.3%, the num¬
ber of taxable returns increased by 510,335, or 17.8%, and
the number of non-taxable returns increased by 426,314, or
of
$281,705,000 Received to Offering of $100,000,000 of 91-Day Treasury Bills—$100,938,000
1937
1936
effective rates of tax for returns
Tenders
for
1936, Secretary of Treasury Morgenthau Re¬
ports—Net
dollar-for-dollar matching basis with
to the
maximum Federal contribution
.would raise the
paid
1940
Federal
for
of
payment
have
by the House recently and is now awaiting Senate action.
Total
in
'
except
gift tax.)
fund."
present
pensions,
to
up
address
program
insurance)
FHA
on
Boston
insurance
The
interest rate
To offset the anticipated
fiscal
Corporation
a
Banks
1939.
taxation,
lending would add
new
of the most controversial is the suggested
one
5%
present
rate
5%
to
Reserve
gain from the sale
directly
liabilities.
contingent
as
proposals
the
borrowing.
the
Those
rejection thereof.
The Treasury bills will be exempt, as to principal and interest,
debt.
direct
borrowed
be
by the Federal Housing Administration."
reduced
$300,-
them only if the agencies proved incapable of doing so.
in
age
The
deficit
would
the public, and that these agency
the various
reduction
the proposed
contended
Treasury's
Treasury's
the
or
Payments at the price offered for Treasury bills allotted must be made at the
Over
officials
the
said
agencies from
ately,
of tenders, and to allot less than the
applied for, and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance
$500,000,000.
and
neither
In
new
reported the initial cost of this project might be between
was
Administration
Of
possible thereafter, probably on the
as
or parts
said:
000,000
the
the* railroads.
to
soon
Sept. 1
Eccles mentioned was
railroad equipment
Continuing,, the Associated
buy
corporation
as
The Secretary of the Treasury expressly reserves*the
FCA To Redeem in Cash $100,000,000 of
Mr.
the proposals
of
one
Federal
a
the closing hour will be opened and public announcement of the ac¬
following morning.
be
and
to
in
must
June 26,
on
and
•
general correspond
productivity of labor," he said.
advances
wage
arma¬
"responsible
a
.
„
at the Federal Reserve Banks or branches thereof
ceptable prices will follow
According to Associated Press accounts from Washington,
June
trust company.
or
Treasury Decision 4550, ruling that Treasuty bills
>
labor
of
increased
of
out
pensions,
calling
by
expenditures
•
.
leadership
conflicting
paid
spending
Government
a
want
old-age
of
expenditures.
He
of
in
made
were
years
for everything except
he is particularly interested in.
He quoted a recent survey
majority favored reduced governmental expenditures but were
things
in
recent
advocacy
his
"everybody
the
of
investments
accompanied by an express guaranty of payment by an incorporated
1939, all tenders received
being
is
investment
that
be accompanied by a deposit
Treasury bills applied for, unless the tenders
Immediately after the closing hour for receipt of tenders
June 28,
life."
economic
our
amount of
right to reject any or all tenders
system needs to be revised so as to provide a
"This
are
up to
that
step
single
important
most
Tenders from others must
10% of the face
through
consumers.
the
"Perhaps
and
of
bank
the roads.
to
he suggested,
aided,
excises
the
almost
Specific
no
plan mentioned by the President whereby a
a
lease
would
corporation
as
outlined
Eccles
Sends
Message to Meeting of
Their Activities—
Women Democrats Commending
Says Free Discussion Is
.
racy
Essential to Keep Democ-
Alive
«.
..
the„two-day regional
conference of women ■ Democrats from 10 Northeastern
States, meeting in New York on June 15 and 16, in which
he said that it was a "great satisfaction" that the women's
division was holding this meeting to make, their leadership
more effective in their communities.
"It is absolutely es¬
President Roosevelt sent a message to
sential, if our democracy is to remain effective," the President
said, "that ways and means be devised whereby the maximum
number of women shall engage in free, full and fearless
public questions."
He added that "only
enlightened public opinion can our democratic
of
discussion
through
an
perpetuated."
principal speakers at the conference's dinner held June
15 were Mrs. Franklin D. Roosevelt and Postmaster-General
James A. Farley.
Secretary of Labor Frances Perkins spoke
at the closing day's session on "Labor and Government."
The text of the message sent by the President follows:
institutions be maintained and
New
Offering of $100,000,000, or Thereabouts, of 91Day Treasury Bills—To be Dated/ June 28, 1939
Secretary
of
the
Treasury
June 22 that tenders
are
Morgenthau
invited for
an
announced
on
offering of 91-day
Treasury bills to the amount of $100,000,000, or thereabouts,
discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve Banks, or the branches
The
to be sold on a
thereof,
ceived
up
at
to 2 p. m., (EST), June 26, but will not be re¬
the
Treasury
Department,
Washington.
The
Treasury bills will be dated June 28, 1939, and will mature
on Sept. 27, 1939, and on the maturity date the face amount
will be
payable without interest.
There is
a
maturity of
a
similar issue of bills on June 28 in amount of $100,495,000.
In his announcement of the offering Secretary Morgenthau
also said:
It is a great
of
satisfaction to know that our women's division, never weary
good work, is again
sider
means
effective in their
States, counties and communities.
practical good
much
sponsoring a series of regional conferences, to con¬
leadership more
I am convinced that
whereby Democratic women can make their
can
be accomplished through such a program of
education as you are about to launch.
absolutely essential, if our democracy is to remain effective, that
organization and
It is
ways
and
means
shall engage
be devised whereby the maximum number of women
and fearless discussion of public questions. I am
ip free, full
particularly glad that the
of such
burning issues as
forums you are organizing will afford discussion
"Our Foreign Policy and Neutrality," "Better
Financial
3764
Nation Do With Its
Housing for the American People," "What Must a
Unemployed?" and other topics of current interest.
have not
today in which our women
the men and we 6hall not reach a
of them without the counsel and cooperation
problem clamoring for solution
a
satisfactory solution of any
of American womanhood.
through
Only
June
enlightened public opinion can our democratic in¬
perpetuated.
The opportunity is a vast one
an
stitutions be maintained and
I wish you and all of your
for the party and the country.
co-workers the fullest measure of success
and promises well
soned
"isms," against
and unsea¬
minds, against those who preach and cultivate national disunity and
class
hatred
Weisenburger urged
Mr.
the
and
Sends Message to Convention of Advertising Fed¬
eration—Paul Garrett Stresses Necessity of Move-
Federation of America, meet¬
convention of the Advertising
"Only through the continuous spread
of purchasing power," the President added, "can either ad¬
vertising
or
production be justified."
Mr. Roosevelt's
New
in
ing
and
stand
fall
or
convention
tors
Corp.,
asserted
basic problem of
the
that
the
building prosperity for tomorrow will be
in
individual's belief in his
opportunity to grow, acquire and achieve by the exer¬
solved
own
cise
of his
have
the
Mr. Garrett said that we can
ingenuity.
own
prosperity except with movement of goods* and
that the chief difficulty in stimulating sales is
no
asserted
with
not
establishing
through
the
themselves,
products
"despondent
with
but
despondent customers.'*
Some of the illusions that make people afraid tp think
and to say in terms of the future were listed by 'Mr. Garrett
individuals who make
follows:
as
The
'
paralyzing illusion that we
individual
to
on
longer need incentives to spur men
no
illusion
have
materials
things
than
The
created
we
can
illusion
resources
that has stuffed
surplus
a
through a division of wealth.
of men, money and
enviable
our
of machines
individual
that
markets with
our
more
throwing
is
man
bogging
is
down
The
illusion
that
the
The
illusion
that
somehow
all
to
the
at
that
bidding
The time
youth today has
in
That
dictatorial
when
come
give individuals
institutions,
of
this
be
to
I
the
order of
we
far
But
important is it that
more
Bomehow
can
be
strengthen
products.
no
have
into
Experts
the
presented
not
the
dispel
them
we
belief
in
in
our
technique
the
institution.
So
we
rank high in public
As advertisers
damned.
are
merchandise
the organization
but left
undermining
illusion
every
A
"spending-lending"
new
advantages
benefits that
came
through
levels.
us
Let
remind
to
belief
the
that
our
worker that
every
bulb.
light
Let
came into being,
expound the customer
us
production, reducing prices to
mass
ourselves
that
working with his
man
all
accomplishments
our
hands and his
own
lower
ever
the
are
directing mind.
own
spread understanding of the truth that the processes by which
horsepower supplants muscle power in the march of technological advance
us
frees
from
man
If
I
may
limitations
say
so,
program
of $3,860,000,000
was
the Senate
Unemployment Committee.
In his letter, dated
President proposed that
$800,000,000 be added to the borrowing power of the United
States Housing Authority in providing for low cost homes
than that $3,060,000,000 be made available for projects
(1) of the Federal Works Agency, such as non-Federal public
works, express post roads and railroad equipment; (2) pro¬
jects of the Department of Agriculture, viz rural electricification, and farm tenant program, and (3) foreign loansAssociated Press accounts from Washington June 22 noted
that President Roosevelt divided his proposed self-liquidating
projects into these groups:
new
Federal Works Agency, loans would be made for
such self-liquidating projects as water works, sewage disposal plants, bridges
and hospitals.
The ceiling for this
Mr. Roosevelt said, is $350,-
program,
000,000 and the Government would put out $150,000,000 in the first year,
The program would last two
1.
years.
.
Second, under the Bureau of Public Roads would be construction pro¬
passes,
with
a
four-year ceiling of $750,000,000 and
an
outlay of $150,000,-
The President said he believed it
would be better for the Government to create
an
authority to lease equip¬
He
with the Government retaining title to it.
posed
$500,000,000 ceiling and the
a
use
pro¬
of $100,000,000 in 1940.
Fourth, under the Agriculture Department, rural electrification would
1,250,000 rural families, about
expanded to reach at least
people, not
now
which
to
is
yours
he
has
been
too
long subjected.
...
,
.
advertising opportunity unprecedented in
an
5,000,000
receiving electricity and not likely to in the near future.
A seven-year program
with
a
outlay of only $20,000,000 in
$460,000,000 ceiling
was
1940.
suggested with
an
.
Fifth, under the Farm Security Administration, expansion of the pur¬
chase of farms for tenant farmers
with
a
$500,000,000 limit and loans of
$250,000,000 in 1940.
Sixth, foreign loans to promote American foreign trade were put down
for
$500,00(j,000 for
two years with $200,000,000
£oing out in 1940.
In his letter the President said:
There
why there should not be adopted
no reason
seems
as a permanent
k revolving
fund fed from the earnings of these government investments and used to
new
projects at times when there is need of extra stimulus to em¬
1
,
.
,
The President's letter was in
reply to one from Senator
Byrnes in which the latter had asked the President's opinion
on earmarking by the House on June 16 of $125,000,000 of
relief funds for the Public Works Administration—Senator
Byrnes requested the President to advise him what effect
from WPA to PWA would have upon
employment.
The President expressed his opposition to this provision,
saying "it means simply that 165,000 men who are badly
in need of work will have to be dropped from the WPA rolls.
The President indicated that at his suggestion various de¬
partments and agencies had "canvassed the situation to
find projects which will meet genuine public needs—projects
that can be put under way quickly and, of great importance,
will be self-liquidating
.
.
.
and which hold the promise
of a great volume of productive expenditure and employ¬
this transfer of money
#
its
challenge.
make
it
have
The
that.
needed
ever
selling
need
we
bankers,
not
the
remove
the
You
and
lead
in
our
to
helping
with
with
chances
a
if
say
to
individuals
firm
their
not
with
the
an
men,
future.
to
there
men
opportunity
will
with
oppor¬
any
people.
more
states¬
more
mine
of
man,
gradually to
human
will
faith
in
themselves
they will
with
them—seeking
the
When
grow.
is theirs,
aplenty
backs.
take
must
then
of
not
longing
be
Men—millions
history
advertising.
truths
jobs
where
all
is the
but
11,000,000
on
interpret
that
in
they
time
politicians,
and
yours
hangs
is
through
offered
the
statesmanship
that
it
more
first
Yours
advertisers,
more
atmosphere
Men
that
drifted
have
we
the
ever
understanding
understand
step.
not
challenge is
responsibility
create
is
please,
you
for
principles
institution
Nation
interpret
vision, restless
and
this
which
to
sell
to
subjugated people.
a
greatest
"Work Wanted"
whose
as
in
closing I
sign
I
people
walk
men
in
so
fundamental
the
depths
opportunity
industrialists,
individual—more,
And
psychological
the
free from
more
more
men—statesmen
is
those
a
merchandise
to
What
very
Yours
distinguished
tunity
and
courage,
in
their
opportunity
unafraid, whose belief in tomorrow will make them good customers today.
To you and to me is given the task of
re-creating an America in which
the cry will not be work wanted, but men wanted.
The speakers also included Matthew
of
of
June 21 and made public June 22 the
ployment.
the
the electric
Let
the
in
form
•
policy of the government the development and maintenance of
with
products of
believes
made known by President Roosevelt this week in a letter to
Senator Byrnes (Democrat) of South Carolina, Chairman of
finance
dramatize
us
that
today
country
"Lending-Spending"
$3,860,000,000 for Self Liquidating
Housing Developments—Projects In¬
clude Public Works, Railroad Equipment, Rural
Electrification, Farm Tenant, and Foreign Loans
Let
example,
the
and has not for its objective some
Program of
Project and
system of enterprise offers the individual his best opportunity to progress.
for
in
movement
government
socialism.
be
by critics.
us
labor
only
present
ourselves that the institution
The products of' industry
personality
let
say
a
we
anomaly.
delineated
So
'
•
•
remind
must
enterprises that created
built
have
we
the
magic solu¬
a
We want, of course, to create in individuals
Plymouth, .or a Ford, or .whatever we have
will
product,
a
curious
but
eBteem
is
man
he moves in regimented groups
as
overseers.
we
Unless
there
soon
presenting
face
Departing from his prepared address, Mr. Woll said that the A. F- of L.
is
Third, railroad equipment project.
of
understanding of the economic system that makes the
an
available.
product
only
have done well.
we
processes
the Nation."
000 in the 1940 fiscal year.
chance.
no
socialization
the
is efficient
greater than the product.
the desire for a Chevrolet,
sell.
democratic
fundamentally
«
is
to
of
development
perhaps the safety of
ment to the carriers,
man
of
has
and
welfare
the
jects for post roads, toll roads, bridges, high speed highways and city by¬
longer needed as the responsible
no
problems.
The illusion
declared that the time
cooperation of
by which industry can bring about that balance which is so essential to
economy
work.
out of
men
our
pillar of his community to guide and support the civic welfare.
tion
the
for
starting July
advancing technology
use
illusion
that
use.
that
by the greater
The
illusions
of
•
stressed by Mr. Woll, who
engaged and interested in free enterprise in America
that all
now
unite
First, under the
effort.
The illusion that prosperity can come only
The
an
"
is
should
address at the convention was delivered by
Garrett, Director of Public Relations of General Mo¬
who
the
the
the confidence of
essential mechanism in
restoring
for
as
industry.
deliberations will promote
security of the greatest number.
Paul
United States
mind against its every
its successful operation is
ripe for the conscientious, organized development and
now
interdependence its
this
general prosperity and the happiness and
The keynote
necessity
advertising
stressed
and
similar theme was
A
is
power,
recognizes
time when
process.
production and advertising are interdependent
together.
I believe that in just such measure as your
purchasing
public's
the
at a
President Roosevelt Proposes New
continued:
message
Thus,
York.
the
emphasized
also
individual
"It
distribution of goods pro¬
duced, can be an immense aid in stimulating and main¬
taining production, (President Roosevelt said on June 19
in a message to the opening session of the 35th annual
professing lip allegiance to
while
who,
prejudice
most."
all
Goods for Prosperity—Other Addresses
.ment of
Advertising, by helping in the
united front against foreign
successful operation,
for
He
Advertising Can Be Immense
and Maintaining Production—
a
"those
against
system,
capitalistic
needed
Aid in Stimulating
take the following:
we
"crackpotphobnt," the remaking of America by novices, tyros,
device
President Roosevelt Says
presided.
the Federation,
of
20
Detroit, and President
From the New York "Times"
"Automotive News,"
of
of
deep and vital an interest as
as
1939
George M. Slocum,
National Association of Manufacturers.
publisher
and your purpose is most commendable.
Your goal is an ambitious one
There is not
June 24,
Chronicle
the
American
Vice-Chairman
Walter
B.
Federation
United
Weisenburger,
of
States
Woll, Vice-President
Henry F. Grady,
He
ment."
the
diversion
Executive
Commission,
Vice-President
of
and
the
a
much sounder method of dealing with the problem than
of $125,000,000
of work-reliet funds.
All
can
be financed
through the issuance of guaranteed securities by government agencies, with
good prospect of repayment of both principal and interest through earnings.
The President estimated that of the total of $3,060,000,000
involved in the program
covering
a
period of 7
years,
$870,-
000,000 would be disbursed in Federal loans during the fiscal
year 1940.
In advices from its Washington bureau June 22
the New York "Herald Tribune" said:
Labor;
Tariff
added:
I believe this is
Direct
From
a
Debt
Not
Affected
,
budgetary standpoint, the new program is a radical departure.
The bonds issued by the various
agencies will be guaranteed by the Federal
„
Volume
government
Financial
148'
They will enhance the contingent obligations of the govern¬
.
Furthermore, these expenditures will not
In
the
his
heading of "investments."
budget
vestment"
last
message
budget idea,
pointing ot
year when the surplus or
or
"in¬
that the general budget
would be
loan is made, but only in the fiscal
projected the
the President
loss is registered by
my
Representatives.
I
Appropriations,
States Housing Au
by $800,000,000.
power
I have
approval of this legislation.
If you think well of such a program as I have
outlined I shall be glad to
Members of the House of
sending copies of this letter to the Chairman of the
am
Finance and
Banking and
Currency
Committees of the
Senate and to the Chairmen of the Ways and Means, Banking and
and
particular agency.
a
already indicated
confer with you and your colleagues and with
...
January
affected, not when the investment
new
a
budget.
section of the budge-
in the regular
appear
likely that such loans will be listed in
under
pansion of the public housing program of the United
thority through extending its borrowing
ment, but will not affect the direct Federal debt.
It is
3765
Chronicle
Currency
Appropriations Committees of the House.
Sincerely,
The President's letter to
Senator Byrnes
embodying bis
proposals, follow:
June 21, 1939
-
Dear Senator Byrnes:
I have your letter of the
which
the Public Works Administration for loans and
$125,000,000 to
grants for non-Federal public works.
opposed to this provision.
am
"
It
means
simply that 165,000 men who
badly in need of work will have to be dropped from the WPA rolls;
are
who in the great
men
majority of
cases are
the sole support of families whose
subsistence depends on this slender income.
these
men
What will happen to most of
is that they will be forced onto already
I
Byrnes in
for work relief,
'
provides that of the amount appropriated one hundred and
twenty-five million dollars shall be transferred to the PWA.
You did not submit to the Congress an estimate for an
the PWA.
I wish you would advise me
transfer will have upon the number of persons to
during the next fiscal
year,
this bill.
be furnished employment
and whether or not you believe the transfer wise.
Very respectifully,
JAMES
The great majority of people of this country have come to
that there
should
be undertaken
when there is
times
at
need for
a
BYRNES'.*
realize
President Roosevelt
Discuss
House Conference to
Calls White
Loan
Government
Program—Hopes New
Securities Will not be Tax Exempt
stimulus to em¬
At such times the Federal Government should furnish funds
ployment.
F.
of
of public improvements and betterments which
certain types
are
appropriation for
what effect, in your opinion, this
for them,
better way to accomplish the laudable purposes
a
.
16th, making an appropriation
private charity.
believe there is
ROOSEVELT"
D.
response
"Dear Mr. President:
The resolution passed by the House on the
overburdened direct relief
rolls of cities, towns and counties, or, if these are insufficient to care
onto
Senator
date of June 19:
passed by the House of Representatives (H. R. Res. 326)
as
would allot
I
the
President wrote
to the
following communication he received from the Senator under
"Works Relief and Public Works Appropriation Act of
provision of the
1939"
19th in which you ask my position as to
FRANKLIN
The
"
for projects of this kind at a low rate of interest, it
being clearly understood
that the projects themselves shall be self-liquidating and of such a
nature
President Roosevelt called
White House conference late
a
policy of the Government the development and maintenance of a revolving
yesterday (June 23) of legislative leaders and administration
fiscal experts to discuss the $3,860,000,000 lending program,
said United Press advices from Washington which stated
fund fed from the earnings of these government investments
that those summoned included:
furnish
as to
There
finance
maximum of employment per dollar
a
seems
why there should not be adopted
reason
permanent
as a
and used to
projects at times when there is need of extra stimulus to em¬
new
ployment.
no
of investment.
Such times will
recur
in the feature, as they have in
the past,
and there will always be need for public facilities and improvements
natural
which
resources
be most profitably met by the use at times
can
greatest need of employment of the accumulated receipts of such a
fund.
canvassed
the
situation
public needs—projects that
of
revolving
V
"
to
find
projects
which
Government
will meet
genuine
be put under way quickly and, of great
can
importance, will be self-liquidating.
They have found a variety of such
projects which have stood the test of careful scrutiny and which hold the
promise of a
great
I believe this is
the
volume
of productive
expenditure and
employment.
much sounder method of dealing with the
a
problem than
diversion of $125,000,000 of work-relief funds.
All
can
good prospect of repayment of both principal and interest through earnings.
I have caused estimates to be made of the extent of the field for investment
revenue
competitive
way
conservative.
earning channels
with
private
on
coming fiscal
These projects
year.
The estimates
I have in mind
can
are
are,
I believe,
are
in
addition
to
programs
of the
House
gram
Amount
bursements,
of
Program
Fiscal Year
tion
lend
to
agencies to raise
be exempt from taxes,
self-liquidating projects—would
on
the President said he did not know the law on
that point but hoped they
would not.
He added he hoped Congress would
securities would be
make it clear that no mere
be charged local govern¬
Replying to a question as to the interest rate to
ments for the
loans, the President said this should be as low as
both the principal and interest; to be paid.
he expected
public
exempt from taxation.
possible and
>
spending-lOnding program of the President
Details of the
President
1940
Projects
to
be
$350,000,000 $150,000,000
of the self-financing type
financed
ulate borrowing for this purpose
The type of projects would be wa¬
worksi sewage-disposal plants,
bridges,
nicipal
Y.
N.
hospitals
and
other
mu¬
projects.
...
4 yrs.
750,000,000
150,000,000
3 yrs.
tb) Express post roads
Self-liquidating toll roads, bridges,
high-speed highways and city by¬
500,000,000
100,000,000
passes.
(c) Railroad equipment
leased to railroads at
a
a bill on June 20 extending the
completing the construction of a
bridge across the Niagara River at Niagara Falls, N. Y.,
because the act of June 16,1938, authorizing the construction
of this bridge, contained provisions exempting income and
bonds of the bridge from all Federal, State, municipal and
local taxation.
He said that in approving the act of June
16, 1938, its tax-exemption provisions were, overlooked and
that he proposed to correct this oversight by withholding
approval of the present bill.
■
The President's message said, in part:
"
President Roosevelt vetoed
,
rate which
Previous to the enactment of the act
will return the cost to the United
States over a period of years.
thereto, I have withheld my approval
Car¬
riers would have the option to- buy
the leased equipments
similar to those
Department of Agriculture:
(a) Rural electrification
Expansion of present,rural electri¬
7 yrs.
460,000,000
20,000,000
likely to receive such service in the
(b) Farm tenant program..;
Expansion of the self-liquidating
2 yrs.
500,000,000
250,000,000
..
.
the construction of the
enacted to accomplish this
without containing tax-exemption provisions, I would be glad to
not
am
purpose,
I
Security Administration for tenant
opposed
legislation authorizing
to
am
especially mindful, as I am certain
trend of public opinion
farm purchases,
ments
I propose
16,
give it my approval.
portion of the program of the Farm
loans
of June
Niagara Falls bridge, and if a bill should be
future.
gram,
bridges of such taxation.
In
1938, its tax-exemption provisions were
to correct this oversight by withholding my approval
relieving such
for
reason
of H. R. 6109.
I
the
tax-exemptiqn provisions
I could find
contained in the act of June 16, 1938, because
the act
overlooked.
of 1,250,000 rural families not
receiving electric service nor
*
near
compelling
no
approving
fication program to reach a maxi¬
of June 16, 1938, and subsequently
of a number of bills authorizing
where such bills contained
construction of bridges
now
Niagara
Exempting
Provision
Opposes
.
Authority to purchase all types of
railroad equipment which is. to be
mum
—
time for commencing and
by loans at suffi¬
ciently low rates of interest to stim
ter
Roosevelt Vetoes Bill for Bridge at
Falls,
Structure from all Taxation
2 yrs.
(a) Non-Federal public works
*
Chairman
Representative
Col.).
Asked whether the securities—to be issued by Federal
funds
Federal Works Agency:
,
Committee,
Means
and
Loan Dis¬
Dura¬
Type of the Program
2.
Ways
will be found in another item in these columns.
Total
Pro¬
1.
C.), Senator Wagner (Dem., N. Y.), House Leader Rayburn,
already
submitted.
Chairman
Smith, Senate Leater Barkley, Chair¬
Senator Byrnes (Dem.,
""While Administration leaders at the White House were
studying the huge lending proposal to decide what new
legislation may be necessary, President Roosevelt at a press
conference answered questions regarding it, according to the
Associated Press June 23 which reported:
listed below, to
be put to work to provide
and machines in diverse lines of industry within the
men
Reconstruction Finance Corporation
Harrison of the Senate Finance Committee,
Doughton
self-liquidating basis and in no
which, it is estimated,
sums
employment for
a
enterprise.
The types of projects
gether with the
S.
be financed
through the issuance of guaranteed securities by Government agencies with
of funds in
Secretary Morgenthau,
Jesse Jones, Budget Director Harold
man
Steagal (Dem., Ala.) and Representative Taylor (Dem.,
At my suggestion, various departments and agencies of the
have
in our
rehabilitation pro¬
for minor improve¬
tax exempt
and repairs, loans to reset¬
or
tlement cooperatives, and loans for
the Congress is also, that
and of legislative action is toward
features in the issuance of future
the
the ending of all
securities of any nature,
public
private.
water facilities.
3.
2 yrs.
Foreign loans
500,000,000
200,000,000
President
Extension of short and long-term loans to
foreign governments for the purpose of
promoting
foreign trade.
and
reconstruction
$3,060,000,000 $870,000,000
would stimulate a greater amount of productive expenditure
than is indicated by the total
estimated loan disbursements of $870 millions
Some parts of Its will involve additional local ex¬
penditures not financed by Federal
will be
funds, and other indirect expenditures
generated.
To give
effect to the program outlined above, some supplementary legis¬
lation will be necessary.
As a part, however, of the whole program for
stimulating productive employment, I
not
require legislation in addition to
for
Construction of
Duties in
signed a bill authorizing
appropriation of $1,425,000 for the construction of two
ships for Coast and Geodetic Survey duties in Alaska.
The
bill was passed on a voice vote in the Senate on May 19 and
by the House on May 24 by a vote of 202 to 141.
Regarding
the bill Washington Associated Press advices of June 3 had
an
Totals.
for the fiscal year 1940.
Bill
President Roosevelt on June 2
purposes
in the foreign country.
This program
Signs
Coast and Geodetic Survey
Alaska
United States and would be used for de¬
velopment
Roosevelt
Vessels for
The pro¬
ceeds of these loans would be spent in the
our
include another proposal which will
that now pending.
This is the ex-
the following to say:
Congressional committees were informed that the surveys were needed
as a matter of national defense and protection of our merchant
"both
marine."
'
'
Navy and Commerce
charts along the
Department spokesmen said the lack of adequate
Islands, which stretch from Alaska nearly to the
Aleutian
/
Financial
3766
Chronicle
Committee
Commerce
Senate
bility of
the
reported
that
"although
possi¬
the
vast
be accomplished in
cannot
area
from such
Jess than eight
Congress
told also that the "Japanese invasion" of fishing waters off
was
an
This
the
of 1,500 tons and
the
loss, if not in excess of the
excess
be carried over into the following taxable year and may be
the same treatment
is
of
case
short-term
under existing law in
individuals
accorded
capital
These
losses.
provisions
applicable
are
only with respect to taxable years beginning after Dec. 31 1939.
auxiliary of 125 tons.
Postponing Effective Date of Labeling Provisions
of Food, Drug and Cosmetic Act Sent to President
for Signature
Treasury Department.
Washington advices the
(June 19) the
day
same
"Times" said:
While
,
The bill
postponing the effective date of certain labeling
provisions of the Food, Drug and Cosmetic Act was sent to
President Roosevelt on June 19 for his signature when the
House adopted the conference report on the measure.
Thp
Senate approved the report on June 15.
Under the bill the
labeling requirements will become effective on Jan. 1, 1940,
but an additional six months' extension m$y be granted by
the Secretary of Agriculture under regulations prescribed by
him.
The provisions were originally to have become effec¬
tive on June 26, 1939.
quired when the Senate
its
In
'
made serveral administrative changes designed to relieve both
The bill
business and the
Bill
If the losses from the sale or ex¬
applied against short-term capital gains of such year.
Coast Guard.
The Act authorizes building of a main surveying ship
18 months.
short-term transactions,
net income, may
years."
the Alaskan coast made the surveys vital to the
be applied only against capital gains on
may
held not more than
assets
change of such assets held for not more than 18 months exceed the gains
not be imminent at this time, it has been estimated that
war may
charting of this
provides that they
bill
the
emergency."
The
18 months;
In the case of capital losses on assets held for not more than
Orient, would make naval operations "impractical in this entire area during
an
June 24, 1939
in
committee
of the
whole,
House rejected
the
an
amendment
by Representative Treadway designed to make repeal of the undistributed
profits tax effective as of Jan.
1939, and allow carryover of last year's
1,
losses in returns to be filed for this year.
The
Republicans, led by Mr.
now."
"
The vote
,
a
good bill, it should be put into effect
■,
But the
109 to 65.
was
Treadway and Representative Jenkins of
Ohio, took the position that "if this is
a
•'
Means
Ways and
Committee;
McCormack
Representative
Representative Cooper
of
Massachusetts,
i v
.
Democrats, led by Represenative Doughton,
.
Chairman of the
of Tennessee and
contended
that
Re¬
the
publican proposal would in effect discriminate against corporations which
had paid their taxes for last year.
A conference on the bill was re¬
May 4 passed in amended form
the
House-approved bill (voted on April 19).
Senate
passage of the bill was noted in our issue of May 6, page
-
Discrimination,
on
Says Doughton
Mr. Doughton said the Treadway amendment would benefit about 12%
of the corporations
criminate against
2674.
whose returns showed losses last year, and would dis¬
88%
that showed gains.
By voice vote, the House rejected another amendment by Mr. Treadway
repeal the nuisance taxes and preserve only the import taxes on petro¬
to
leum, coal, lumber and copper.
Congress
Passes Revenue Bill of 1939 Designed to
Corporate
Levies—Measure
Estimated
to
Yield $1,644,300,000 A Year-—Undistributed Profit
Mr.
Following the action of the House on June 19, in passing
new Revenue bill of 1939, the Senate
passed the bill on
June 22.
Yesterday (June 23) the House concurred in
is intended to
existing
law
"nuisance"
30, 1941
remove
and
The House
the
postpone
levies and the
expiration
of
present
rejected, 87 to 57,
The Senate rejected
•"
The
today
a
offered
proposal,
by Senator
The chamber acted
38
a
but
not
decrease
to
corporations
the
such
entitled
are
right
value
to
a
for
increase
those
said it
incomes.
1939, and June 30,
of value
effective
with
respect
This provision repeals
press his other
It
exemptions.
Representative
It
4.
retains
on income.
purposes
The
beginning
years
new
after
for corporations
The
5.
includes
measure
being heavily taxed by
This
"notch"
rate from 16 to
a tax
estate
rate is to be
31,
Dec.
of less
prevent
Banks
6.
Banks,
corporations
insurance
in
corporations
of
$25,000
small
or
the
are
Other
as
companies,
possessions
taxed.
are
assets
than
That
is,
Corporations
China
of the
of the increase in the
"
Trade
United
those
Act
States
with
'
and
corporations
are
taxed
normal-tax
as
'
other
incomes
net
less receive the benefit of the graduated rates applicable to
corporations,
$25,000
Taxed
while those with normal-tax net incomes in
taxed under the notch
or at a
excess
of
flat rate of 18% whichever method
results in the lesser tax.
7.
Foreign corporations engaged in
a
trade
States and mutual investment companies
are
or
business within the United
taxed at
a
flat rate of 18%,
regardless of the amount of their income.
8.
Foreign corporations not engaged in
United
States
are
10%.
may
trade
or
business
within the
taxed at the rates provided for in
existing law.
In the
case
of
a
contiguous
be reduced by treaty to
Under
country the
a rate not less than
10%
5%.
and
housing
rate on dividends
corporations
or
are
receivership, joint-stock land
treated
under
The special treatment accorded
the
bill
as
banks
other
to them under the
cor¬
existing
law, made necessary by the
10.
has
undistributed-profits tax, has been abandoned.
The $2,000 limitation applicable to the
capital losses of corporations
been repealed,
except
with respect to domestic personal holding com¬
panies and foreign personal holding companies.
the bill allows capital losses on assets held for
In lieu of this provision,
more
than
18 months to be
applied in full against ordinary net income for the taxable year in which
the lo.s£ was realized.
that
the
House accept the
,
the
in
bill
accomplished
by amendment
from the
were:
Republican/of Connecticut, to prevent
with
a
fine of $1,000 or a year in
",
»
of American
as
exists
Samoa
in
the
and
Guam
United
the
States
same
and
credit
against
territories
of closed banks taken over
by
new or
Federal
and
other
reorganized banks.
Passes
$1,735,600,000 Relief Appropriation Bill
tration—Bill Designed to Curtail Politics in
After
a
14-hour session
on
Relief
June 16, which continued into
the
early morning hours of the next day, the House of
Representatives, "at 1 a. m. on June 17, passed the $1,735,600,000 relief appropriations bill for the next fiscal year, and
sent the measure to the Senate, where the Appropriations
Committee began hearings on it June 20.
The bill is de¬
signed to divorce politics from relief and contains several re¬
strictions opposed by the Administration.
The appropria¬
tion in the House bill is $36,890,000 below budget estimates
and $804,205,000 less than was voted for relief during the
current fiscal year.
All efforts in the House to raise the
Works
Progress Administration appropriation were de¬
The vote
of the bill in the House was 373 to 21,
Republicans registered against adop¬
tion.
As to the final action op the bill in the House, Asso¬
ciated Press accounts from Washington June 17 said:
on
passage
with 9 Democrats and 12
House shouted down a
before the final vote, the
Shortly
proposal to turn administration of relief back to the States.
Corporations in bankruptcy
rental
porations fare.
recommend
to
—Increased from $1,716,000,000 Through Addition
of $19,000,000 to Fund for National Youth Adminis¬
Thus, the existing
law is continued in this bill.
9.
agreed
feated.
a
the existing law, this type of corporation is taxed
upon the fixed or determin¬
able income at a rate of 15%, except that in the case of dividends the rate
is
Ways and
of the
By Senator Prentiss M. Brown, Democrat, of Michigan, to exempt the
corporations
,
of members
possessions.
of having incomes slightly above $25,000-
reason
one
•'
changes
taxes
House
incomes
.
group
he arose and
roll call vote.
1939.
with
"jump" of $900 by
18%.
three
residents
or
for the
provision would prevent a corporation having an income of
$25,001 from having
a
a
By Senator "David I. Walsh, Democrat, of Massachusetts, to extend to
law,
provision to
"notch"
a
reason
bill,
prison, or both, for violations.
$25,000.
from
said
the sale of lists of income-tax payers,
the stump of undistributed profits tax.
existing rates
tie vote of 38 to
a
through the Senate in four hours
only three amendments from the floor; these advices
Senate floor
'
18%
ex¬
„
He offered the
amendments.
defeated without
was
Doughton
revision
tax
The
1940,
existing
1941."
taxable
to
.
Bitterly disappointed after the tie vote,
"hopeless" to
was
to reduce
with
3. Jn lieu of the undistributed profits tax on corporations with incomes
above $25,000, the bill imposes an
have cut the
From Washington June 22 the New York "Herald Tribune"
tax
(either raising
for capital-stock tax
would
shortly after it had rejected by
By Senator John A. Danaher,
capital-stock
Under
Fallotte
stated that the bill went
'
their
years.
declaration
new
lowering their capital stock value)
fiscal year ending June 30,
to
ending June 30,
La
proposal by Mr. La Follette to impose stiffer income levies on middle-
bracket
Senate changes.
the corporation tax structure:
beginning next Jan. 1.
years,
receive
the fiscal years
proposal to make 1,500,000 "little fellows"
a
Means Committee, in a conference shortly after the Senate passed the busi¬
permitted to carry over their net operating business
period of two
Corporations
was
exemption for single individuals to $800.
added in part:
2.
time
a
isting $2,500 exemption for married persons to $2,000 and the present $1,000
York "Times" said:
valuations for
amendment by Representative Harter
subject to Federal income taxes.
In place of the existing undistributed profits tax, which is
dropped under the newly drafted legislation, a flat tax of
18% on corporations earning more than $25,000* a year
is imposed.
Indicating the features of the bill as passed
by the House, a Washington account June 19 to the New
losses for
an
accomplish
to
way
closely."'
which would have extended the nuisance taxes only one year.
ness
are
and that the govern¬
best
of June 22 Associated Press advices from Washington said:
passed by the House on June 19 by a vote of
357 to 1; Representative Tinkhem of Massachusetts cast the
single negative vote, immediately after the House, by 205
to 149, had divided on party lines
by refusing to recommit,
the bill to the Ways and Means Committee with instructions
to report it back with a provision permitting corporations to
carry over their losses from last year.
In its present form
the bill provides that such carryovers will start on Jan. 1,
1940.
Representative Treadway of Massachusetts offered
T. Corporations
a year,
"the
threatened in the Senate by a
passed the Senate oh June 22
by a voice vote four hours after it was called up by Senator
Harrison, Chairman of the Finance Committee.
Under date
which
was
The bill makes the following changes in
that
filibuster of the silver bloc,
three-cent postage rate to June
the motion to recommit.
Cooper said the amendment would
$635,000,000
had stated
previously
The bill which for
measure
measure
Cooper
of Ohio,
of the "business deterrents" of
some
to
signature. The
Mr.
of about
tax relief is to watch appropriations more
the
to President Roosevelt for his
revenue
ment could stand no such reduction.
Tax Abandoned—"Nuisance""Taxes Extended
minor Senate amendments to the bill and sent the
loss in
mean a
Ease
effort
an
by
Representative
Starnes,
(Democrat),
Republican
It also defeated
of Alabama,
to
add
$375,000,000 to the total for heavy construction projects administered by
the
Public
transfer
to
Works
that
Administration.
agency
As
finally
approved,
the biU
would
$125,000,000 of the $1,477,000,000 requested by
President Roosevelt for the WPA.
The bill would substitute a three-member board for the WPA's present
single administrator
Representative
.
Ray burn of Texas, the Democrat leader, took the floor
and criticized the proposal,
measure.
but
no attempt
was
made to strike it from the
Volume
Financial
148
Later Mr. Ray burn put through the only amendment making any change
in the bill's total amount.
It added $19,000,000 to the fund for the National
Youth Administration, bringing to an even $100,000,000 the sum
for that agency.
carried
This is still $23,000,000 less than the figure recommended
by President Roosevelt.
Before the House began voting on the bill its Appropriations Committee,
which drafted the legislation, acted to head off mounting opposition to some
of the restrictive provisions
by offering
a
Chronicle
3767
Another would exempt
Farm Credit
Administration employees from lia
bility for fraud when they have exercised reasonable
items of the main conference
report are still in
care.
.
Some
.
.
dispute.
The House sent the farm bill to conference on
May 23
without instructing its conferees on Senate amendments;
this was noted in our issue of
May 27,
3146.
page
series of modifying amendments.
House approval of these was obtained without difficulty.
The first of these concession restored to the bill language permitting
allocation of relief funds to Federal projects such as post offices
Federal buildings.
tation
Another eased the proposed $25,000
Senate
be spent
000,000 of relief funds to regular Federal agencies, a practice
the original draft of the bill; limit to $7 per worker per
costs
WPA
on
projects, and require at least 25% of the labor on PWA
projects to come from relief rolls.
A proposal
prohibited in
.
by Representative Gasey, (Democrat), of Massachusetts, to
increase the total to $2,250,000,000 was howled
do^n, although it carried
the endorsement of both the Congress of Industrial Organizations
Workers Alliance.
and the
David Lasser, national President of the latter organiza¬
tion, sat in the gallery during most of the proceedings.
As
approved, the bill would require the removal from relief rolls of certain
persons
who had been continuously employed by the WPA for 18 months,
prescribe a formula for the employment of relief workers after next Oct. 1
the basis of
on
ratio between population
a
proposed Board to fix
monthly
a
them to work 130 hours
wage scale
and unemployment
require the
,
for project workers, and require
Worker
The Board would have
power to
A
last-minute
,
Washington "Post" of June 19:
provide that
132—
138 to
in
from the 18-month employ¬
were
'
exempted.
a
t
The committee submitted with its
opinion."
The bill would require supervisory WPA personnel to take an oath to
defend the
Constitution
and
would
impose drastic penalties
activity on their part.
The
The criticisms
''Incentive
On the subject of "incentive taxation," which
,
'
"We do not believe
liminary experiment," the
(eport\said.
The committee agreed, however,
"prudent experiments" could be usefully undertaken.
„
Makes
"Tax
African Republic
Department at Washington announced
17 that the United States and Liberia had reached
on
the pact is on a reciprocal basis.
In
of June 17 to the New York "Times" it
as
an
said
today,
opportunities.
Whether
The
was
was
-
.
line to Liberia, but
'
■
no
f/'
;
European countries keeping their eyes
ica, with
America and air service over the
were
not
"but
it
across
on
no
recommendations
for
payments
to
„
employees
legislation
to
were two
compel
suggestions
from accumulated profit-sharing retire¬
from all income taxes.
v
That the Federal Government issue special profit-sharing fund,
bonds,
available only for profit-sharing funds and to be used for protection of profit-
The committee contended that instability of
security values and low interest rates in recent years had made it difficult
sharing fund investments.
to invest such funds
r
safely.
The report declared that no employers could
of
hope to hand
over a
portion
profits to his workers as an alternative to unionism, and added:
"In the midst of a tendency generally to condemn private business as.
his
selfish and reactionary and unsympathetic,
;
carries potential significance
strategic position of Liberia on the South Atlantic
made
ment funds be exempt
*
stated:
committee
That
Washington advices
American company, it
contemplating at present taking advantage of the
the arrangement
panacea," the report added,
a
adoption of profit sharing, but in the survey report
American company desires to open a line to that region.
a
prove
tax and
avia¬
The agreement is considered important because it prepares the way for
France operates
not
Suggestions '
our Federal
legislation,
otherwise, should prove an immeasurable aid to the regenerating of
confidence in the minds of capital."
June
14 was reached through an exchange of notes between the
American Legation and the Liberian Government in Mon¬
rovia.
Liberia will havo the same privileges in this country
was
will
rewards
Two
together with the concurrent refining of much of
tion agreement permitting Americans to engage in service
to the African Republic.
The agreement concluded On June
At present
discussed at length
it is practical to apply 'incentive taxation' to the
profitsharing motive—at least not until the theory and principle of 'incentive
taxation' has been more deeply explored and perhaps, subjected td
pre¬
Reciprocal Pact Will Permit American Air Service
an
was
was necessary.
Under this proposal, industries would be offered certain tax
exemptions to
induce them to adopt profit-sharing.
v
that
future service if
were
during hearings, the committee held that further exploration
United States and Liberia Sign Aviation Agreement—
to
business
Taxation"
V
s.
day's developments in
the House proved a personal triumph for Representative
Woodrum, (Democrat), of Virginia, who was Chairman of
the House Deficiency Appropriations Sub-committee, which
had charge of the bill.
A reference to the bill appeared in
our June 17 issue, page 3618.
V
'
The State
of Government attitude toward
in the latter portion.
for political
advices stated that the
same
statement the report of its staff,
own
whose observations it commended "to the consideration of American
public
•'
■
the
committee.
Sen.
Johnsog (Democrat), of Colorado, the third
member, announced several days ago he would not sign the report since
he was not in agreement with all of its conclusions.
Aliens likewise would be barred from WPA
jobs, and the Board would be required to investigate the status of every
employee not less than every six months, dismissing those found not in
actual need.
group, under chairmanship of Senator Herring
(Democrat), of
a 351-page report on a ten-month study of
profit-sharing
American industry, ordered by the Senate.
The study was made under
resolution by Senator Vandenberg (Republican), of
Michigan, who served
on
eligible for Social Security benefits would
no person
be given WPA employment.
teller vote of
a
or over
World War veterans also
1940,
The
Iowa, presented
exempted heads of families 45 years old
After April 1,
investigation of the subject of
"incentive taxation" was unnecessary.
The following extracts from the report were given in the
accordingly.
amendment—adopted by
ment limitation.
asserted that
committee said that further
workers without dependents could be employed less than 130 hours a month,
and their wages reduced
Administra¬
profitsharing profits with employees is
"essential to the ultimate maintenance of the
capitalistic
system."
The report, commenting on the Administration's
attitude toward business, said that "until the
Government
adopts a more cooperative attitude toward business we can
expect to see an indefinite period of business uncertainty,
continued unemployment and semi-depression conditions."
The report argued that the wage system is
responsible for
most conflicts between employers and workers.
The sub¬
sharing,
monthly.
WPA.
Criticizes
A sub-committee of the Senate Finance Committee on
June 18, reporting on the results of a ten-month
study which
included the subjects of "incentive taxation" and
60 days and would have to be certified either by a local
welfare agency or the
Conflicts—-Group
tion Attitude Toward Business
Workers discharged under the 18-month limitation would be ineligible for
reinstatement for
Profit-
Wage System Is Responsible for Most Employer-
$50,-
month the material
Recommends
;
exclusive of sponsors' contributions, on non-Federal projects.
Other amendments wbuld permit the allocation of not more than
Sub-committee
)
projects financed entirely by the Federal Government and $40,000,
on
Finance
Sharing as Essential to Maintenance of Capital¬
istic System—Report on "Incentive Taxation"
Says
project limi¬
per
WPA building construction so that up to $50,000 could
on
the
and other
because of the
from South Amer¬
penetration of Latin
South Atlantic, was something officials
in pointing to
the committee takes pleasure
the accompanying record proving that there has been a vast,
voluntary experimentation with various types of profit sharing which de¬
the existence of widespread social-mindedness in American
monstrates
business."
'
Profit
prepared to discuss today.
Liberia grants to the nationals and aircraft of the United
States most-
Asserting
that
Sharing
profit-sharing had two major objectives, insurance of
or job security, and financial security in old age,
favored-nation treatment in respect to the establishment and operation of
employment income,
air routes and air transport service.
the
The agreement provides further that civil aircraft registered by either
party and not engaged in regular scheduled services shall be accorded liberty
of passage
above and of landing upon the territory of the other party.
committee
that
House
Agrees to $338,000,000 Increase in Farm Bill for
Payments and Surplus Crop Disposal—
Senate
Adopts Conference Report but House
Again Refers It for Other Adjustments
Parity
June 22
agreed to Senate increases of $338,budget estimates in the 1940 Agriculture
Department Appropriation Bill but objected to several other
Senate items thus sending the bill back to conference.
The
House by a vote of 180 to 175 accepted the report of its con¬
ference committee, which included $225,000,000 for farm
000,000
on
above
parity payments, and by a separate vote of 145 to 100
adopted another Senate amendment of $113,000,000 for
farm surplus removal.
The bill as passed by the Senate on
May 12 totaled approximately $1,218,000,000; this was
$383,000,000 above the House measure approved March 28.
As it emerged from a joint conference committee on June 21
about $13,000,000 was stricken from the $1,218,000,000
total approved by the Senate on May 12.
This conference
report was adopted by the Senate the same day it was
reported.
From United Press Washington advices of June 22 the
following regarding the House action is taken:
Among
Senate
amendments
increasing farm-tenant
loans
which
by
the
House rejected
$25,000,000.
The vote
was
was
an
would
employers
item
157 to 38.
a
contribute.
in periods of partial
completely
out of
under
stipulation
a
which
portion of the fund to
or complete unemployment.
changing their thinking and
attitude toward
making a profit," but
not
the
industrial
"restricted to companies
"has been employed to
the red and into the black by securing that
carry
measure of
companies
enthusiastic
co-operation and contented effiency which is the direct result of
that they will not only
have
a
both
included
was
plan, the report added, would "make capitalists of the workers,
system—an imperative national need,"
The committee held that profit sharing is
already
plan
a
A
be required to disburse
the trustee should
guarantee livable wages
Such
The House
and
workers
recommended the adoption of
material and predetermined
of both workers
a
belief
be treated fairly by their employers but that they
interest in the results of the efforts
and management."
According to Associated Press accounts from Washington
the sub-committee contended that business Would
helped if these changes were made in tax legislation:
June 18,
be
1.
are
Sjpecific tax credits for increased employment, when such employers
engaged in other than capital expenditure projects.
2.
Reasonable exemption from
pansion, new enterprises,
3.
Exemption
from
taxation
of expenditures
for
plant
and improvements to existing facilities.
capital
gains
tax
capital losses of gains and losses realized
and increase
in
deduction
ex¬
V
for
by first purchasers of securities
issued to finance new enterprises, expansions or improvements.
4.
Carry-over of losses
attendant upon operation of
new enterprises or
organizations of new products.
in deductible allowances for depreciation and obsolescence.
development by existing
5.
Increase
for capital expenditures.
6.
Carry-over of credits
7.
Carry-over of losses in connection
with guaranteed annual employment
plans.
8.
Deduction for severance payment reserves.
tion's
of profits on bonds
from funded debt accounts of rail¬
gains and income taxes
Exemption from capital
9.
purchased at a discount for retirement
roads and operating public utilities.
which
clause.
ington,
At
many
acting
without
home
diplomatic position.
He did not phrase the injunction in
he said that if war breaks o'ut it would be difficult
Congress to enact such legislation without being accused of changing
N.
Y.)
furnished by Mr. Perkins, who, in
referring to "the regular loan facilities which we offer
through our head office and domestic branches" stated that
"on June 1 our total loans of this sort amounted to $327,-
next
Affairs Committee, hopes to
the Foreign
of
week.
for
that
the
Sol Bloom (Dem.,
Mr.
their
own
"declaration
Hull's
Secretary
neutrality
of
the
Because
of
two days.'
favorable report on
•
office'
of
date
in
charge is supposed
to
Roosevelt
President
the gage of battle on
League of
According
leaders
at
to
Nations.
,
ence
branches.
well-informed legislators,, the President told congressional
wanted a vote on neutrality
about
July
of
$50,000
Authoritative
case
it
meantime
above
total
While
banks
periods
study,
term
loans,
his
conference
press
that
if
Congress
goes
he. continued,
to charges that it was favoring one side
it would
be to Congress's own advantage to
conformance
Hull, constituted
measure,
determined to have
threatened Senate
with
the
recommendations
President's
first
of
open
Secretary
of
indorsement
State
of
the
although his approval was taken for granted.
Shortly
House
after the press conference Mr. Bloom said he
Rules Committee Thursday morning [June 22]
of-way for his measure,
for
number
of
terms
of
which
loan
of
customers
of
the
in
the
included
is
be
department
intimate
it
it
be
to
Personal
felt
was
would
loan
with
whom
had
of
Today
mate
that
from
two
volume
which has been reported favorably by the Demo¬
of which he is Acting
about
pay
books more than
in
as
degree
some
debt,
outstanding
to
one
kind
amount .of
such
improvements
the
decided to set
City Bank
small
the
of
business
loan
branches
our
driven
been
of
up
special
a
the
With
borrower.
be successfully
could
and
help
a
large
circumstances
by
carried
group
into
the
on
people,
of
hands
of
of
addition
buy
to
are
to
small
to
two
has
loans
reduced
in
a
dollar
the books about 325,000,
the
business
or
three
cost
to
men.
thousand
and
increased
the
amount
our
borrower
of
$438,-
of which we esti¬
These loans range
dollars.
handling
who
now
the
As
them
of
pays
an
6%.
these
amount
of
figures
loans
on
our
personal loan department is making a
that is to enable people to
time contracts,
refrigerators,
machines,
washing
on
hundred
30,000
have
rate
substantial
have
loans
small
million
half
a
we
small
our
we
personal loan department has made in the neighbor¬
our
three
or
of
improved
In
and
one
000,000.
effective
to obtain right-
five
to
total assets.
to our
needs
to
our
believe
I
up
one
sharks.
hood
would go before
retire
to
more
called
are
people of the city given us by our 72 branches
small
for
the
the
for
the
a
good
relation
1928
on
longer
payments
from
them
of
finance
or
earnings."
of
out
in
have
think
for
received
what
amortization
now
used
equipment,
paid
if
been
have
caring
that
be
of
We
may
or
running
loans.:
term
customers
months
largely
more
with
One
so-called
our
recent
maturities
years,
part.
limited
for
10
in
much
loans.
Loans—In
contact
has
in
or
They
machinery
another
with
loans
is
lending to
been
making
cases
these
loans.
loans should
.
is,
mention
years^
practice
now
whole
majority of the Foreign Affairs Committee,
cratic
them
of
out
■
separate
many
this
some
in
Since that time
against provisions of the Bloom bill.
bill, drafted by Representative Sol Bloom (Dem.,
in
Cordell
the
or
without
home
neutrality legislation and that if a war broke out in the
would be difficult to pass any sort of a measure without
open
in
loan
capital
3.
Neutrality Act revised in the near future despite a
Y.)
in
class
second
are
that
and
the
purchase
Wash¬
Reference to the Bloom
N.
that
see
year,
a
banks
and
had urged Con¬
itself
filibuster
take
you
Exchange
Stock
to
predominate.
deserves
have
$65,000,000
'
,
against getting into such a dilemma.
His remarks bore out reports yesterday that he is
the
you
but
than
many
Therefore,
If
customers.
loaned
Loans—The
20 indorsed the
another.
insure
first of these is the
The total dollar amount of this group is approximately
less.
small loans
off
of war, United Press accounts from
leaving the United States
or
6,178
to
sources
ington that day stated:
at
Our lending experi¬
headings:
; ■*
separate
offer through our head office and domestic
our
total loans of this sort amounted to
we
1939,
1,
was
So
Term
2.
to revise the present neutrality law at this session so
that the Administration can formulate a definite policy to
new
June
which
or
relatively
gress
said
three
,
Noting that the President had on June
Bloom bill as ari influence for peace and
He
under
Head Office and Branches—The
loaned
$33,000,000.
years,
enacting
12 people in New York City docs business
firms and dealers, it
$260,000,000 loaned to just over 6,000 customers for business and
individual needs.
Of these 6,000 customers, 91% were borrowing amounts
$67,000,000
1.
follow in
amounts
leaves
Hull neutrality bill, the Administra¬
said today that the President and
his congressional advisers had agreed that the bill should be passed by the
House next week so that debate on
it could be started in the Senate
measure.-
On
$327,000,000,
Such,a repealer is contained in the
tion
in
are
especially to the small business man.
Regular Loans:
regular loan facilities which
and Senate this session, regardless of how> long
that might delay' adjournment.
\
Only a few days ago a bloc of 21 Senators, including most of the
so-called "mandatory neutrality bloc," signed a round robin declaring that
there
could be no compromise on legislation which would repeal the
present Jaw's provision for an automatic embargo on arms shipments to
at war.
97%
of
this reason that
for
another,:
or
,
legislation in both the House
nations
borrowers.
classified
be
may
1.
White House conference that he
a
is
accounts,
apiece.
We are making loans to
It is probably not far from the truth
try to tell you very simply and briefly about our experience in
me
making loans,
the neutrality
thereby opening what many legislators expect to be the most
contest' on foreign affairs since the debate over American entry
the
It
600.000
Our Loan Experience
today,
strenuous
into
down
way
operates
the manager
$300
only
in every 10 or
Press advices from
Let
threw
one
which
of
rt
Washington said:
issue
in
them.
over
or
each
In other words,
the conditions in his neighborhood and its
meet
to
average
different
one
us
try
accounts,
that
say
vith
and
less,- and
or
330,000
over
June 13 was noted in our issue
needs,
deposit
our
think
people
I suppose
branches,
72
community.
to know
of
.
19 Associated
June
City
York
its own
financial
bank
City
big business, whereas the fact is that
small.
In addition to our head
with
bank in
$5,00Q
y
New
in
have
we
Small Business
relatively
are
a
country
York
New
primarily
customers
as
the Bloom bill by the House For¬
eign Affairs Committee on
of June 17, page 3616.
Under
•
our
follows:
as
with
Contacts
large
a
are
concerned
of
most
unani¬
we
as
us
Bank's
This
-
full,
in
statement
'
mously to give the neutrality bill a preferred status on
legislative calendar and limited debate to 10 hours,
with the further restriction that the 10 hours must be con¬
A
his
giving
the
cluded within
It was
possible for us to make only a brief reference to Mr. Per¬
kins's statement a week ago (page 3618), and we are today
principles"
Committee voted
Rules
House
"While these figures alone
no great unsatisfied
is even clearer when
examines the character of the loans declined."
one
were
22
June
On
Mr.
less.
or
detailed the situation as to "term loans" and
very clearly that there is
demand for credit, that conclusion
drafted with" Mr. Roosevelt's approval.
Senator
Pittman expects only four weeks of debate when
the issue
reaches the Senate.
A filibuster has been sounded, however, by the isola-.
tionists and mandatory neutrality bloc, which announced they would fight
from now until September to keep the embargo clause intact and prevent
vesting of too much discretionary power in the President.
presumably,
$50,000
of
borrowing" amounts
"personal loans," and he said:
risk.
embodies
It
which,
loaned to 6,000 customers for business
and that of these 6,000 customers,
was
needs,
suggest
the Senate,
and
committee
individual
Perkins also
chief stumbling block in
the measure reenacts a
cash-and-carry clause, authorizes the President to define war zones, and
prohibits Americans from traveling on ships of belligerents except at
Pittman's
both
$260,000,000
91% .were
bring up for debate
the arms embargo,
repealing
to
were
000,000 loaned to 6,178 customers," outside of $67,000,000
loaned to Stock Exchange firms.
Mr. Perkins reported
that
••
addition
In
experience
loan
and
bill which Acting Chairman
House
the
indorsed
He
■
bill, which would permit
Corporation to insure 90% of
Informative facts as to the bank's
loans to small business.
middle of the game.
the
in
rules
small business were ex¬
with
his bank
of
contacts
Reconstruction Finance
the
Chief Executive warned Congress that if it goes
neutrality the United States will be placed in a
but
sense,
Business—Presents Figures
Unsatisfied Demand
Is "No Great
hearing on June 15 on the Mead
on
dangerous
Before
plained by James H. Perkins, Chairman of the Board of
Directors of the National City Bank of New York at the
legislation—and would be unable to attend daily
the
yesterday
the
pass
for Credit"
hearings.
Only
Bill
Small
with
Show There
The
to
monetary
and
relief,
House
the
that
i
Mead
on
National
to
,
recommended
'
Banking Committee James
Contacts
]
war,
is for us to be neutral, not biased;
peace
Sub-Committee of
H. Perkins, of
City Bank of New York Explains Latter's
Hearing
Senate
(Dem., Nev.) said he felt that it "would be
wait for House, action."
He also explained that
committee members are busy with other issues—taxes, social security,
practicable
bill.
deliberately provoking
President is
the
friendly, but not threatening."
The
committee majority has
Pittman
Key
Chairman
more
said in a report made public yesterday,
using the threat of our power to preserve a
group
that
believe
not
Administration
Relations Committee
of the bill for the revision of the
neutrality law until June 28 to give the House time
on
the Administration-approved Bloom program
repeals
the existing mandatory
arms embargo
We quote from United Press advices from Wash¬
June 21, which, in part, added:
act
to
do
"We
postponed consideration
present
the
but we believe that the way to
Neutrality Law Revision Until June 28—President
Roosevelt Reiterates Hope Measure Will Be Ap¬
proved at This Session
•On June 21 the
Senate Foreign
opposed,"
of power in Europe.
balance
Consideration of
Further
Defers
war.
are
the President's policy of
"to
testimony of business and labor leaders
before the sub-committee of the Senate Finance Committee
last November and December on the question of an "incen¬
tive tax" designed to stimulate profit-sharing in industry
appeared in our issues of Nov. 26, page 3241; Dec. 3, page
3287, and Dec. 10, page 3695.
Committee
at
"'We
to
repealing the present ban on arms shipments
pending measure,
nations
References to the
Senate
June 24, 1939
Chronicle
Financial
3768
Other
Banks
and
other household goods.
Doing Similar Service
Chairman.
I
quote from a Washington dispatch of June 17
the Associated Press:
v
We
to
also
,
The
tends
Committee con
Act at all would be better than the Administra¬
Republican minority of the House Foreign Affairs
that no Neutrality
cite
great
munity,
country
to
say
facts
these
deal
is
and
are
that
now
it
is
about
being
my
our
done
operations simply to
own
for
the
information
small
business
illustrate that
man
that other banks in all
in
our
parts
of
a
com¬
the
carrying forward somewhat similar services, so it is a mistake
the small
business
man
is
neglected.
Volume
Other
Are
But
you
whom
number
Borrowers
well
may
business
of
One
require.
Without
the
raise
and the other
we
banks
who
men
It
known
funds
making
which
Executive
our
the
week
which
these
to
facilities they
receiving the credit
loans
banks
been
have
staff
has
asked
the officers
declined
in
officers
the
have
the
posed
loans they could
them every
I have had an analysis
report
to
loans
the
declined.
were
point where
the
cases
from the middle of
total
27
In
of
these
definite amounts
of
loans
the
mentioned,
were
rejected
but
bait.
the
For
all
;
total
which
amount
than
of comparison
purpose
loans
the
of
loans
our
unsatisfied
the
into
demand
for
credit,
character
following
still
were
would
be
clearly
outstanding,
that
is
groups:
there
is
less
that
that,
prior
consultation'
one
classified
be
may
•
•
the
which
in which bor¬
rower could obtain financing elsewhere.
Group 2. Speculative or promotion loans......
Group 3. Poor character or poor financial condition...
47
$7,589,000
15
the
as
proposed
permit
2,377,000
■107
of
Panama;
.the
the
to
dollar
U.
obligations...
dollar
also
treaty
of
trade
the
than
and
is
23
which
would
bill
Mead
he
be
considered
under
or
the
were
suitable
suggested
by
In fact, I
may
have made currently of these loans
we
ing to
the
to meet
indicating that
as
me
included in this list
under the terms of* the
peril
any
cases
either
loans
arrangement
appeared before your committee.
that
few
very
Chairman
when
Eccles
that the analysis
say
social obligation
legitimate credit needs of the community in which
have
We
taken
institution
We
have
still
is
neglecting
recently
formed
number
a
businesses
of
facilities
our
these
could
but
surveys,
special
It
is
far
so
to
ers
constantly
of
but
visiting
they
find
to
little
a
the
independent
usual
the
of
whether
out
whom
to
early
have
to
not
draw
there
have
we
final
uncovered
officers
of
their
in
men
be of
can
exists
now
In
Additional evidence
and
each
are
and
the
on
considerable
all
of
doing- in
that in
do,
taking,
but
credit
for
in
regions
to seek to
are
discover
not
policy
had
final
good
a
results
covered
leads
to
me
borrow
satisfied
appeals
to
that
number of
and
these people
like, for the result
they
are
business
his
is
able
never
failures
of
many
make
their
at
Congress
to
the
been
the
loan
to
and
who
of
for
the
do
facilities.
in
would-be
the
borrower
most
of
and that experience
most
it,
and
likely
to
Government,
in
It
debt
is
if
make
to
they
vigorous
people
favor
no
to
who
large
a
unbusiness¬
are
to their necks,
up
They simply add
Every
anxious
who,
are
freely to those who
bankruptcies.
borrower
to
and
submit
in
idea
that
debt
relation
does
the
the
to
and
long list
business
man
of
knows
stand
business
case
to
a
community
test
to
compel
the
thoroughly experienced lending
capacity of the borrower to
the
is
matters, and who has the judgment to make
to prosperity
way
not
the
to
the
his
officer who is trained in these
loans
The
the loan.
repay
The
is to make it easy for people to get. into
experience.
of
Make Territorial and Fiscal Concessions
Senate
ratification
of
of
Panama,
ritorial
State
of
the
under
and
Cordell
Foreign
treaty
a
of
Sumner
ernments,
After
mittee
said
proval
of
the
with
United
in
the
14
the
States
the
makes
ter¬
of
the
Secretary of
Committee
between
urge
Republic
intereest
Under
to
the
an
account
berg
I
the
we
do
may
Government
think,
rests
we
what
deem
Panama.
of
upon
rather not
Senate
especially
American
ratify
emphasized
the
under
us
the
weaken
in
view
the
The
the
new
which
treaty
of
the
y
neighbor"
relations
vital
"
both
treaty,
"good
consider
to
defense.
President
angle
with
that
link
'
and
all
the
the
canal
'
.
Department
his administration of the present
In
It
of
is
total
for
each
an
unfair
individual
stocks
sugar
division ,of
because
In
their
have
expressed
although
allotments
processor
others
year;
action
them
left
unfairly treated under
the
on
tons,
value,
in
while
he
as
It
which
will
large proportion
a
obvious
seems
have
get
can
base* its
must
factors
upon
not.
would
with
that
had
resulted
relatively heavy
in Michigan,
those
the three
letter marketed
large
allotments
Western
for
stocks.
reserve
whom
1936-38, inclusive,
they received marketing
171,421 tons,
to
referred
share
a
however,
contend
you
the allotment order recently issued,
for the three-year period,
average
raw
'
the market last year been given individual prefer¬
fact, although the processors operating
were
':y
disposed of
did
available .quota
the
large
as
Department,
Some processors
last
who withheld sugar from
ence
The
quota.
processors.
all
to
their
to seek
processor
marketing
of
of
-:V''
'
Vandenberg the Secretary said,
V:Y./y-vy
(
natural
the
Department's methods
;/•
Senator
to
The
in the continental beet industry this
:/"V;
letter
his
in part:
the
prices,
sugar
&c.
year,
law.
sugar
reply to complaints by Senator Vanden¬
a
against low
in making allotments
marketed
111,758 short
1939' amounting
whom
to
processors
you
818,235' tons
during the same three-year
period and received marketing allotments of 825,546 tons.
It is worthy of note that although any beet sugar processor who felt
himself
your
aggrieved
for
the courts
to
tion,
beet
no
this,
of
and
to
the
in
full
a
respect
the
to
necessity
there
that
you
to
turn
now
the
or
other
any
a
for
storage
could
State
availed
appeal
himself
second
question
will
excess
sugars
glad
am
raised in
recall
letter, viz., the level
your
that
President,
the
in
his
Sugar, Siarch 1, 1937, recommended that:"
on
of
allotment
excess
administrative regulations
sugars.
consumers
possible restriction of the supply of
in
consumers
recently
probably
safeguard for the protection of
to prevent any
of
the Great Lakes region, I
issued
were
handling of such
You
prices.
sugar
to
marketing allotment
a
in. Michigan
processor
which will facilitate the
"As
of
impartial review of the allotment determina¬
difficulties which may arise in
the
infcrm
I
matter
and
opportunity.
With
those
reasonably
I suggest that provision be made
sugar that would result in
prices
with conditional
together
necessary,
payments to producers, to maintain the domestic Industry as a whole and to make
the production sugar beets and sugar cane as profitable as the production of the
two
Gov¬
almost
Senator
unanimous
Johnson
ap¬
objected
bill
The
but
Section
201
before
for
changes
the
House
for
follow
in
provision for the protection of
necessary
not
to
approximately equal to
had
Act
view
your
maintenance
Jones-Costigan
Congress
the
or
intended
of
the
a
consumers
to
the
definite
average
during
6ome
final
The
the
recom¬
language
houses
two
just
This clause contains definite standards
estimating
that
President's
the
Senate.
between
needs,
consumer
against prices
maintain the domestic industry
understand
guarantee
in
conference
adjournment.
Secretary to
incorporated
made
were
left
was
congressional
the
by
passed
as
mendation,
of
do
hearing Mr. Hull, members of the Com¬
treaty,
don't
of Agriculture on- June 9 made public
Secretary of Agriculture Wallace to Senator
Arthur H. Vandenberg of Michigan, in which Mr. Wallace
appeared
Committee
1936
correspondence
to
I
negotiated
now
principal other agricultural crops."
June
on
Mr. Hull and
Welles also gave
supplementary
are
the
concessions
"good neighbor" policy.
State
Hull
Relations
signed in
which
money
treaty
emergency
important
was
Message to the Congress
Secretary Hull Urges Ratification of 1936 Treaty with
Panama—Senate
Foreign
Relations
Committee
Appears to Favor Approval of Pact, Which Would
before
in
letter from
a
of
Secretary
the
with
the
Hull
it
be fair
,
to
said
nationals.
event, if it be possible.
determination
costs.
both
and
Zone
Secretary Wallace Defends Department of Agriculture's
Administration of Sugar Control Law—In answer¬
ing Criticisms of Senator Vandenberg
pains¬
demand
comes
from an incompetent rival who does not
Subsidizing that kind of competition makes things harder
business man who is doing a good job.
The best favor you can
his
Canal
Nothing is
nations
will
country
the
Objections
conditions I'd
that
Mr;
republics,
constitutes
are
hesitate
vigorous,
a
are
about
inexperienced.
get. out.
Some
agencies
would
legitimate
every
the
of
toughest competition
know
in
provisions of any character."
any
that
out
of
case
any
letter constituted
Lending
people
are
money
personal
loans.
these
they
lending
noise
most
simply to get them
and
interests,' with
this
.
consult
•
make oh lending policy.
I have
making loans and in watching the
agencies
or
:
experience
following
meet
with
banks,
own
other
to
what
perhaps
of all kinds of lending,
visionary and impractical
are
like
experience in
years
who
and
with
as
to
Experience
the
in
making business
ordinary bank
should
years'
believe
money
not
are
I
period of
a
seeking
by the
comment
many
over
in
tesify,
can
in
Personal
One
be found
to
banks
we
^
.
business needs for credit and working
whether
judgment they have
our
liberal
in
recommending
defended
Experience
pretty close touch
and
district,
pur
the
our
branches
our
e
Reserve
I believe,
Reserve
people have been
our
to
Federal
the
any
made
not
conclusions
any
of
service.
Federal
to
as
capital are being met is,
RFC
that
businesses
other
on
In
obligation*
with
a
RFC
on
account
into
commercial
agreement
private
canal.
legal
present-day
American
credit.
extend
to
that
sure
You will understand that in
active
business
the
they
"Under
the
should
the
treaty to consult in
pointed
practice to sit back and wait for prospective borrow¬
our
us,
which
in
ways
to
come
make
to
opportunity
credit
use
neglected field for making loans.
branches it is not
desire
our
take
absolute.,, >
that
but
not
Roosevelt
committee
districts
properly
available.
in
agrees
balboas,
circulate
form
to
States
430,000
comprehensive sample survey of the ■businesses
a
branch
our
which
step
reasonable
no
a
operating officers to make
in
further
one
is
certain
the
restrictions
similar
powers
provide
necessary,
moral,
operate.
we
Survey of Districts
our
rental of
existing at the time of the treaty.
threatened
our
"We
declined has been very reassur¬
bank is performing its
our
on
making his objections to the proposed treaty Senator Johnson said:
"In the original treaty of 1903, our powers are absolute if we deemed
4,589,000
$16,979,000
.......
'..,7
judgment that there
my
be
The last objection to the
silver
in
This
affects
and
areas
establishment
those
treaty about
consider
It
act
could
consultation
In
192
to retire long-term
>'
had
United States could
involved, the United
Panama.
in
Johnson's
collateral or credit standing for
requested, or poor earnings available
committee
governments
by the reading of the correspondence
Group 4. Insufficient
amount
two
the
that
the increased annual
pay
2,424,000
y-
...
neces¬
gold content of the dollar after the devaluation of 1934.
defining
other
an
and Panama
the
after
the
the
emergency,
the territorial matters
equivalent
basis
the
Amount
to
treaty to
are
same
of
event
States
permit the taking over
questions
between
of necessary territory.
over
the
in
by Mr. Hull.
new
not
cases
event of
had been removed
The
Number of
or
in
exchanged
taking
decreased
Applicants
letters
now
■
Objection Removed
had after the
in
would
answering specific
clear
'pro¬
protection that .may be considered
This
pro¬
the
not
In
lands
to
proper.
Last
it
that
provide
canal.
Panama
in
canal.
'V..
does
of
construction,
the
the
claims
aggression the United
or
the
of
in
Pittman,
this point
great
no
when
clearer
They
,
Group 1. Refinancing proposals*
lands
for
of
its
V
bill, he said,
the
by
increased
even
declined.
loans
the protection
In addition
conclusion
reported the proceed¬
convenient
renounces
treaty
war
measures
made
had made
we
proposed
the
meeting,. said
V".11
very
that
the
of
all
outstanding
figures alone suggest
the
examines
and
■
for
States
proper.
threat of
on
additional
without
that if
Zone
the
or
consult
Senator
•'
might mention
\
,
these
I
declined
were
5%.
While
v;
of June 14
dispatch
Tribune"
and
necessary
United
Canal
sary
ranged in size from participations in term loans to large national concerns
down
to
$200 loan to an individual who wished to market artificial
fish
the
However,
of
waters
192
the other
in
the
will
reach
not
and
treaty
within
These applications
$16,979,000.
was
"Herald
operation, maintenance and sanitation
emergency
May,
did
the conversations
cases
lands
any
1938,
of May, 1939.
These figures are exclusive of the personal
department and loans by foreign branches.
In this whole year 219
loan
Washington
proposed treaty would modify the existing treaty of 1903 by which
granted to the United States outside of the Canal Zone proper
tection,
As one way of
the
to
declined.
year
York
held by the United States at
now
A
follows:
as
The
of
amounts
large
holding
making all
were
New
time.
Panama
extremely anxious to employ.
our
powers
particular
the
ings
Declined
Have
3769
relinquishing
this
people
these
serving there may not be a large
middle
the
to
We
all
are
Committee
loans
made of
that
they
that all of
sure
to
of testing this question is to examine the loans declined.
way
well
is
not
are
besides
whether
question
Facilitiest
Credit
Needed
have been
Loans
excess
Chronicle
Financial
148
as
a
Congress
minimum
price level
in
whole.
and
excess
which
this
purpose
it
of those
in effect,
price
for
I
to
sugar
prevailed under the
other specified period of
accomplish
makes
Consequently,
intended,
retail
it
would
time.
If
hardly
the
have
Financial
3770
formulated standards embodied in Section
the carefully
enacted
The
201.
that the Secretary of Agriculture should
so
limit supplies to consumers as to maintain the desired minimum price
level.
In fact, you may recall that the Senate Finance Committee did
consider a
special provision intended to bring about a definite ratio
between the price of sugar and that of other foods, but that this provision
merely have provided
would
Act
stricken
was
the bill.
from
has recently paid less for
his sugar than in any recent year except 1932.
In that year, however,
when the national retail price of sugar averaged 5.10c. per pound, sugar
beet producers averaged only $5.26 per ton of beets.
Today, under the
Administration's sugar program providing for a sugar excise tax and for
direct payments to growers, the price paid by consumers, at the present
time, is at approximately the same level but growers are expected to
average about $1 per ton more than in 1932, and the mainland production
It
is
is
States
but believe the Secretary of Agriculture to possess,
administration of the Act rather
discriminatory "to facilitate
made
were
;,
than to be used as a means
the
Act
to
the contrary
per
first
were
acre
two
is the case.
Government payments averaging about
made to producers, without limitation of production on
beet crops produced after enactment of the present
sugar
were
Moreover, no marketing allotments to sugar beet processors
made either in 1937 or 1938.
Since, ho\Vever, the 1938 beet sugar
crop
turned
Sugar Act.
,
tons,
to be the greatest in history, amounting to 1,803,000
marketing allotments for processors and limitation of
out
value,
raw
for growers became mandatory.
acreage
.
Wallace to Represen¬
in the "Chronicle" of
A somewhat similar letter from Mr.
tative
Feb.
Marvin
4,
page
National
Jones
quoted
was
G65.
/
•
Labor
Relations
Amends
Board
and
Rules
Regulations to Aid Employer
general counsel of. the National Labor
said on June 21 that the Board had made
changes in its rules, as a result of which employers would
have the right to petition for a collective bargaining election
among their workers in certain cases.
Associated Press dis¬
patches from Washington June 21, reporting this added:
Charles
Fahy,
Relations. Board,
Mr.
Fahy said that the Board decided officially yesterday to make the
change and would include it in a whole set of revisions in the
tions
to
No. 19, em¬
Guard troops have been
on duty more than a month since six operators refused to sign agreements,
announced the signing.
He said it affected 350 men who would return to
Board's regula¬
under governing provisions of Section 9 of the Act for certification of
tions are claiming a majority
but neither petitions the Board for certification.
Extending from five to ten days the present minimum waiting period
6,000 of the county's 14,000 miners, still were unsigned.
Approximately half of the 1,250 militiamen ordered here by Gov. A. B.
May 14 still are on duty.
There has been no violence in
"several days," it was reported.
.
panies, employing
Chandler last
the Reconstruction
bill for the insurance by
the. Mead
indi¬
week ago
(page 3618) in which it was stated that the spokesmen for
the Advisory Council were Walter W. Smith, President of
the Council and of the First National Bank of St. Louis ;
Howard A. Loeb, Vice-President of the Council and Chair¬
man of the Tradesman National Bank & Trust Co. of Phila¬
delphia, and Edward E. Brown, President of the First
National Bank of Chicago.
It was also noted that in their
Corporation of loans to small "business was
Finance
in
cated
item appearing in these columns
an
bill
the
of
discussion
bankers attacked
the
a
only the
not
specific provisions of the measure, but also its underlying
assumptions; according to advices to the "Wall Street
Journal" of June 14, their criticism centered on the follow¬
ing main points:
There
1.
for
is
.
.
of unsatisfied demand
evidence of any significant amount
no
bank credit.
of the agitation for enlarged credit facilities for small business
of. a confusion of bank credit with risk capital.
The witnesses
justifiable
Much
2.
out
arises
capital, particularly on the part
agreed that difficulties of securing risk
of small enterprises, are greater than in
past years.
pressure of large amounts of
intensifying their efforts to secure
loans, a factor guaranteeing that all legitimate demands for credit
being satisfied.
"
•
:
*
new
arc
banks
funds,
and
competition
of
Because
the
of
constantly
are
,
Reasonable
Want
4.
Regardless
of the underlying principles of the Mead
should contain a requirement that insurance be granted
the measure
only
on
10%
first
loans
of
the bill
of
loss
be
would
each
on
can
Reserve
be deter¬
rediscount
requiring the lending bank
insured loan, no substantial
banks.
by
made
existing provisions
the
under
loans
of
Insurance
6.
provision
present
the
of
Federal
permitting
provisiop
by all banks should be eliminated.
new
assume
volume
existing
the
Under
5.
to
the
loans
insured
of
merits
loans for which reasonable prospects of repayment
and
mined
the
of
bill,
Repayment
for
Prospect
of
the bill
would
uniair competition for the large number of concerns which are
obtaining their credit on a normal banking basis._
now
a copy
proceed¬
the Senate and House Labor Committees
on proposed changes in National Industrial Labor Act, was
referred to in these columns June 10, page 3453.
Allis-Chalmers. Workers
the
Vote
Allis-Chalmers
End
to
Manufacturing
Strike
Co.
plant
definitely ended June 17 when the workers, members
United Auto Workers (Congress of Industrial Organ¬
izations) voted to accept the agreement with the company,
reached two days before, by their representatives.
Accord¬
ing to the union, 95% of the 5,500 Who cast ballots approved
of the
the agreement.
,
United Press, Milwaukee advices of June 17, relating
conclusion of the strike, also said:
.
Production at the company's West
resumed
Monday,
The
company
the
Allis plant, closed since May 24, will
executives
announced.
Max
W.
Babb,
however, to restore the
President, said that it would take several days,
of
The agreement
the outcome of
was
a
The Governor rejected
Coal Strike Step
injuries.
as
The Harlan
ment this week when
on
June 20 it
was
settle¬
announced that the
United Mine Workers Union (Congress of
Industrial Organ¬
izations) had signed the first union shop agreement with a
member of the Harlan County Coal Operators' Assn., the
Creech Coal Co. of Twiler, Ky.
On June 15, the Operators'
Association
had
authorized
its
21
members,
to
contract
individually, if they chose, with the U. M. W. A., after
negotiations between the group and the union had become
deadlocked June 9.
As noted in
our
The
County operators
were
May 20,
the only
ones
2996, the Harlan
which did not sign on
page
the
witnesses yesterday
-
'
did. not,
witnesses
\
Mr.
endorse
however,
Eccles's
supplementary
loan corporation as an
integral part of the Federal Reserve System which would insure loans
up to" $25,000 each and
would grant long-term loans or preferred stock
commitments
up
to $1,000,000 each.
Mr. Smith, as President of the
Council, expressed the opinion that if studies showed the existence of any"
actual need for additional credit or capital facilities on the part of small
business, private agencies could be formed to meet that demand in a
proposal
similar
the
meet
establishment
the
for
manner
need
undertaking
the
of
bank
the
to
for
While
credit,
as
In
their
and
under
of
of
the
business
the supply
yet
companies
finance
Reserve
banks
are
is
no
large
unfulfilled
demand
Confusion
Over
the
Risk
bankers
Capital
laid
great
stress
evidently existing between bank credit and risk
firms
for
risk capital.
to
difficulty
to
currently
the credit facilities in each Federal
completed, the preliminary indications
there
yesterday
present conditions.
small
that
testimony
instalment
of
Federal
the
that
contrasted
confusion
conceded
not
are
industrial
an
credit.
that
also
investigation
an
district.
investigation
of
establishment
consumer
disclosed
was
Reserve
of
securing such
the
capital
on
capital for small enterprise
Mr. Loeb declared that the capital requirements
formerly supplied by local individuals, but
were
of such capital has practically
disappeared.
He suggested
be made to determine the causes of this disap¬
pearance.
Mr. Smith attributed the shortage of "partnership capital"
of this type in part to higher taxes and to labor difficulties.
Mr. Brown expressed the opinion that the supply of capital funds for
small and
medium business could be facilitated by raising the present
that
a
study
$100,000
On
issue of
bill
the
bill.
present
popular
nearer
.
confirmed the
criticism
advanced
by Chairman Marriner S.
Eccles of the Board of
Governors of the Federal Reserve System last week as to the restrictive
nature of the 10% loss requirement of the bill and his declaration that the
existing powers of the Reconstruction Finance Corporation to insure bank
loans by participation are considerably broader than those proposed in the
One Operator
County soft coal strike moved
the members
,
Criticism Advanced by Mr. Eccles
op
Cite
Nearer End
Reaches Agreement
resolution
a
.
.
testimony
conference between company and
by Governor Julius P. Heil.
National Guard after rioting in which 20 persons received minor
Harlan
.
Confirm
their
In
It
plea by Sheriff Edward J. Mitten, of Milwaukee County, to call out the
points of their criticism of the
adopted by the Federal
major
in
June 6 and represented the views of all
on
Council.
the
the
embodied
been
had
that
disclosed
witnesses
bill
Mead
entire 6,500 production employees to their jobs.
union officials called
follows:
as
Advisory Council
The hearings of
at
further
of the complaint and notice of hear¬
iuent opportunity to apply for intervention in the
*
Strike
Street Journal" we quote
From the advices to-the "Wall
Requiring that labor organizations which are alleged to be company-
ings if they desire to do so.
a
System to the provisions
Federal Reserve
the
of
Council
of
Federal Advisory
opposition of those representing the
alleged to be made in violation of the law must be made parties to the
ing, with con3
be
Small Business
by RFC of Loans to
The
represent
Requiring that bona fide labor organizations which are parties to con¬
dominated must be served with
was
Mead Bill for Insurance
Federal Reserve System to
proceedings affecting the contracts.
4.
of Advisory Council of
Objections by Representatives
labor practice and the begin¬
between the issuance of a complaint of unfair
ning of hearings, unless the parties waive notice.
tracts
this strong anti-labor sector
sistance in
representatives of employes, where two or more bona fide labor organiza¬
3.
meant that the "first pillar of re¬
has been pulled down," said 18 com¬
Turnblazer, who said the agreement
be announced soon.
Permitting employers to petition the Board for investigation and hear¬
2.
being idle since April 1.
work tomorrow after
3.
The changes will become effective as soon as put in final
legal form and published as required by law.
J. Warren
Madden, Chairman of the Board, indicated the changes in a
letter to Mary T. Norton of the House Labor Committee.
The principal changes as given in United Press of June 21
dispatches follow:
•
»'
ing
President of the U. M. W.'s district
Harlan County where National
bracing "bloody"
unused
1.
said:
Company's agreement, further
William Turnblazer,
The impression which
industry."
is that this Department has used a discretionary power in the
burden growers with unnecessary restrictions.
The facts show that
$23
from Harlan, reporting
United Press dispatches of June 20
the Creech
convey
the
in effect
April 1.
since
for exerting a stifling control which jeopardizes
the domestic sugar
of
maintenance
you
quite
John L.
your
do not specify
you
increased.
May 13, the "union shop" contract demanded by
Lewis' union, in order to end the nation-wide strike
statement that the production of sugar in the United
"being restricted and reduced," and that certain powers, which
note
We
state, that the consumer
you
as
substantially
been
has
.
true,
June 24, 1939
Chronicle
bankers
Securities Act for security issues
filed.
yesterday produced considerable evidence to prove that
supplying all legitimate credit demands from small business.
exemption
which
The
might well
n*
are
established
by the
registration statement" is required tp be
witnesses
Volume
148
Financial
Evidence
As
evidence
small
of
the
business, Mr.
banks.
One has
between
each.
Jan.
extent
which
to
Bank
of
bank
Smith cited the recent
made
and
1
second
A
of Extent
testified
is
being supplied
records
of
Brown
3,088
loans
this
between
that
declared
trend
commercial
Jan.
during
that
Federal
increasingly
not
bank has
in
$84,000,000
are
funds
firms
and June
1
recent
1.
generally
can
loans,
June
not
that
said.
also
at
becoming
are
long-term
such
During
the
loans
five
years
past
for
term
and
concerns
loans,
Long-term
credit
supplied
through
satisfactorily
than
partly
such
because
assurance
facilities
six
$100,000
for
of
such
months'
He said that he did not take
the position that the Mead bill would
not
making of loans but he was doubtful that it would be
con¬
encourage, the
firms
effective.
renewable
views
referred
were
to
in
issue
our
.
Outlines Course of Rates
A.
Opposes Mead Bill for Government-Insured
to Business—Says Government
Could Re¬
Long-term interest
At the present time,
>
he
the two chief deterrents to
remove
getting the kind of capital most needed for
expansion, recovery and greater employment of labor with¬
out the necessity of Government-guaranteed
loans, invest¬
Francisco
a
statement made
exist
Reconstruction
profits," Col. Ayres said.
to
account said:
modification of its
A summary of the views
presented by Messrs. Witter and Stark¬
on
"inferior credits"
2..
involving
a
as
is
on
3.
to
Such
or
high
loans
are
"bound
to
mean
Government in private business as it becomes
some
necessary
for the Govern¬
we
nature
of the
ratings
rates
applicable to large incomes
so
'
Tobey
answer to a
single economic question."
Ayres
suggested that the SEC experiment by exempting stock
$250,000 from registration requirements.
(At present only
those up to $100,000 are exempt.) ' If that
encouraged investment, he said,
the limit should be raised to $500,000 and
$1,000,000.
At the same time
issues
:
Despite the informal
tax
as
haven't found the
Col.
says,
explained.
*
of New Hampshire asked what Congress should
do,
saying: "After five years in the wilderness and spehding of
$25,000,000;000
eligibility of securities for purchase by
"are both within the power of Government to correct
entirely or in large
was
of equity
stock transactions than upon
make industry investments without
profit is made the Government will take the most of it but
reported
Senator
Banks are prevented by an informal policy of the
Comptroller of the
Currency from purchasing securities that do not carry a sufficiently high
a
continued:
banks and the high expense for small issues in
registering them under the
Securities Act are the two chief .deterrents which, the statement
"rating," it
encourage issuance
Washington Col. Ayres
saying "we must encourage citizens to risk
funds in venturesome enterprises, because
by these America
has become a great nation."
In part the Associated Press
of the present system pf private enterprise."
part."
common
In Associated Press advices from
was
increasing intervention of
loans in danger," the statement continued, warning sharply
that it would mark "a long step toward state socialism and the elimination
•
policies to
if the investment goes "sour" the investor
must take the loss.
serious flaw in its
ment to protect
Use of "ratings" to establish the
tax
lower tax upon
permit wealthy individuals to
fear that if
its record."
risk
a
Congress should also lower
to
as
large element of risk in the
contemplated in this bill, unless there is
operations
by placing
the sale of bonds.
main, the bankers stated, adding that, "we cannot conceive of any company
being unable to secure funds at reasonable rates on a one to ten-year basis,
such
Congress should revise
issues
follows:
as
Under the insured-loan plan, the Government would only be called
make loans
Urges Three Steps
He told the committee that three
steps should be undertaken:
1. The Securities and Exchange
Commission should conduct experi¬
ments into the flow of
security issues by raising the limits upon the amount
of securities which may be issued without
the requirement that
they first
be registered with the commission.
business loans.
made available
was
«
policies toward business, upon
broadening the opportunities for private
investment by wealthy persons and the sale of
equity securities to the public.
by
Starkweather of Starkweather & Co., New York,
Chairman of the Association's Federal Legislation Committee
to Senator Robert F. Wagner of New York with a
request
that it be incorporated in the record of the sub-committee
of the Senate Banking and
Currency Committee that is
holding hearings on the Mead bill that would provide for
as
to be to make a business earn
.
statements of New Deal
experts of lack of
ample credit facilities for small business
enterprises, Col. Ayres urged that
the Government
concentrate, through legislation and a
John K.
on
been before."
ever
greater demand for additional
Taking sharp issue with past
President of the Investment Bankers Association of America,
has submitted the statement, in which he was joined
RFC insurance
on commercial
In reporting three
suggestions by Col Ayres to aid in
bringing about business recovery, the "Journal of Commerce"
$1,000,000 to business concerns. In behalf of the investment
bankers, Jean C. Witter of Dean Witter & Co., San Francisco,
of the association
a
business credit is that It is harder than it used
public in San
by
June 20 regarding proposals for insurance
Finance Corporation on loans up
on
he pointed out, the prevailing rate
three-quarters of 1%, the lowest rate in
history which indicates,
added, that "there is now less demand for
additional business credit
compared with the available
supply than there has
"The reason why there does not now
small businesses
bankers declared in
rates on notes, call
paper is
Amending Securities Act
The Government could
bonds, and intermediate
Exchange, and rates charged customers by banks, have
always moved in general agreement with commercial
paper rates, he stated.
Chief Deterrents to Small Business Securing
Loans by Setting Standards for Bank Investment
and
rates on
rates on the Stock
move
weather
more liberal than is
In his statement to the
committee, Col. Ayres said that the
best guide for
making judgments about the balance between
existing
demand for business credit and the
available supply of business credit is the
interest rates charged on commercial
paper, not mere expansion of credit.
of
Loans
the
very
He added that he felt the RFC Act
to be
the Mead bill.
10, page 3454.
ment
June 20
are
less
offer
connot
to
Mead bill would
encourage banks to make loans which they
not now
making to small industries.
In part these
advices continued:
Brown testified.
borrowers requiring
suitable
one-man
Eecles's
B.
loans
10
normal
of
collateral
declared.
he
Mr.
Such
to
up
one
as
Bill
Banking and Currency Committee
by Col. Leonard P. Ayres, Vice President of the
of the Cleveland Trust
Co., during hearings on the Mead
bill for insurance
by the Reconstruction Finance Corp. of
bank loans to small and
medium-sized business.
According
to advices on that date from
Washington to the New York
"Journal of Commerce" from which the
foregoing is taken,
Col. Ayres was
extremely skeptical that enactment of the
going
been
Mead
Its
to
laid before the Senate
was
on
scarcity
loans
such
partly because
he
outstanding, Mr.
management.
be
relative
of
rejected
has
have
maturity of
a
the
need.
borrowers,
registration,
are
generally
effective
by
of
banks
years
eligibility
case
however,
generally
are
$1,000,000
to
capital into small business,
Expresses Doubt
Effectiveness—Makes Three Suggestions
A three-point
program of little business assistance
revolving
around the
principle of stimulated venture capital investment
approximately $200,000,000 term loans, of which about
now
pointed out,
tinuous
I.
made
the
in
with
SEC
require
$100,000
to free the flow of
Leonard P. Ayres at
Hearing on
Provide Loans for Small Business
as
institution, has made 696 loans
recent period his bank has made 2,916
a
stimulated
by
banks
popular
do
of
and
Reserve
his
He
being
loans
thereabouts would do much
Col.
between
$13,357,000
aggregating
extensively into the field of term loans with
years,
or
an aggregate amount of $23,713,000
7, with 2,435 of these loans being under $2,500
made
unsecured
commercial
loans
aggregating
$19,914,000, and
only 34 applications for such loans aggregating $381,000.
Mr.
to
Louis
St.
three
3771
A simple amendment to
the Securities Act of 1933,
raising the present
exemption from the requirements of the Act from
2,612 loans for
June
bank
aggregating $1,583,000
Loeb
credit
loan
Jan. 31 and May 31, and a third, a smaller
Mr.
Chronicle
Credit
.
up
to
he urged that Federal taxes be revised
so that investors would not
complain:
"If I win, the Government takes mo^t of
it, and if I lose, I stand all the
policy, the bankers said, they find in personal experience in dealing with
losses."
banks throughout the country that it is being
literally and rigidly enforced
by examiners and that it "is undoubtedly preventing the purchase by local
banks of many sound and desirable local securities and
thereby making
their underwriting impossible."
Vice
The bankers,have "no quarrel" with the
theory of establishing reasonable
standards for bank investment, in fact recommend that standards
should
be set, but by the Government itself.
And the Government should
have
in mind solely the needs of the business
community and the requirements
of sound
banking, it was said.
"To allow these standards to be set
by
private agencies, influenced by the necessity of ratings for all
types of
investors—widows and orphans as well as banks—is unsound
public
they declared.
It
was
pointed out that the ratings
the usual elements of security
are
policy,"
based not only upon
but involve the element of size
to
a
large
President Hanes of ABA Indicates
Opposition of
Association to Mead Bill
at
Hearing Before Senate
Banking Committee
At the. hearing on June 15 before the Senate
Banking and
Currency Committee on the Mead bill which would authorize
the RFC to insure 90% of long term low interest loans to
small business, Robert M. Hanes, Vice President of the
American
Bankers'
Asson.
summarized
position in opposition to the Mead bill
to the New York "Journal of
extent, so that a very large proportion of the smaller industries which
would
be the normal borrowers of amounts of $1,000,000 or less
cannot obtain
since
ratings from these private agencies sufficiently high
the
as
Association's
follows according
Commerce":
banks,
to permit
banks
to
invest in them.
We believe that it will
serve
no
purpose that is not
now
being served,
RFC, which is now insuring loans, and Federal
machinery now exists for the making of such loans as
templated under the bill.
through
Reserve
are
con¬
"A
carefully worked out system of standards designed
solely for the
banking system would undoubtedly open up to many small industries
the
vast reservoir of investable funds in the
are now
debarred,"
was
banking system from which they
the specific suggestion for removing this "deterrent."
The cost and difficulty of the smaller issues has risen to
a point where it
prohibitive for most small companies and this is due partly to the lia¬
bilities raised by the law and particularly to the
complicated
is
procedure
necessary
for registration, the statement declared.
It cited
an
analysis by
the Securities and Exchange Commission of securities issues in
1937
that the cost of registering and publicly
From
indicated
the
Washington advices
we
also quote:
Views of the association in opposition to the bill
of
the
board
of
President of the
Emphasizing that the investment banking machinery is eager to
handle
financing of small industry,
the
bankers offered the
the
following
'
the
were
Paper
voiced before the
,
distributing bonds, mortgages and
recommendation:
to
National City Bank, New York;
Henry W.
Security Bank of Ponca City, Okla
and H.
President of the Second National Bank of
Koeneke,
E.
Cook
Bucyrus, Ohio.
Charges Not Borne Out
debentures was 9.2%
indenture bill it recently passed.
15)
Committee by R. M. Hanes, brother of Treasury
Undersecretary John W.
Hanes, and Vice President of the association; James H. Perkins, Chairman
showing
for issues under $250,000 and 4.8% for issues from
$1,000,000 to $10,000,000.
It pointed out that the Senate itself
recognized
the difficulties by exempting issues of less than
$1,000,000 in a trust
(June
-
Giving a
to
picture of increasingly
the public,
wide banking service being rendered
Mr. Hanes told the committee that the assertion that the
banking organism is not performing its credit service to the public is not
borne out by the facts.
"Our
nation's
today," he said.
banks
were
never
"They never had
In
a
more
ing borrowers and they have never been
stronger position
than
loanable funds available
more anxious to
lend."
they
are
to deserv¬
Financial
3772
banks to make loans he stated that
To indicate the efforts being made by
recent
a
study
by the association showed that 86 out of every
mercial banks are
74 and 63 out
making definite efforts to stimulate loans.
The Associated
Press
with a New York trustee
trust
will assert:
-
A property tax during his lifetime:
A personal income tax on his interest,
1.
make Individual solicitation for loans.
credit offered by banks to customers is being
2.
dividend or other income
th3^°death
used.
reported Mr. Hanes
saying that
the proposaed Government insurance of bank loans
to
business "would encourage bankers to put deposited funds
into speculative ventures at Government expense."
The
statement on the bill presented to the Committee by Mr.
Perkins of the National City Bank is referred to elsewhere in
this issue.
' •
as
Governor Lehman of New York Signs Bill for
Saturday
Bank Closing
During July and August—New York
Clearing House to Close on Unanimous Action by
Members—Upstate Cities Oppose Measure
The
Quinn bill providing for permissive closings of banks
on Saturdays during July and August
was signed by Governor Herbert H.
Lehman on June 19.
Such action must be decided by a majority vote of a bank's
in New York State
board of directors.
Pursuant to the following resolution, which was unani¬
mously adopted by the New York Clearing House Associa¬
tion yesterday (June 23), the New York Clearing House will
remain closed on each Saturday during July and August,
tax when he shall die, even though his administrator, executor
New York resident or corporation; or
personal income tax against a trust created by a nonresident or a
nonresident beneficiary of any such trust.
trustee is a
or
A
4
Commission also observes:
The letter of the Tax
and services of its financial insti¬
constitutional guarantee, assures the
nonresident that during his life his securties will not be taxed, that his
interest and dividend income will not be taxed, and that no death tax will
be imposed when he dies.
Since no other State has a similar constitutional
provision, the protection assured by New York to nonresidents is excep¬
the unparalleled facilities
In addition to
New York State, through a
tutions,
tional.
,
previous item in which the Bank of New York took
occasion to point out that the New York State Constitution
A
provides protection against double death taxes appeared in
our issue of June 10, page 3459.
A similar notice was issued
June 9 by Joseph E. Hughes, President of the New York
State Bankers Association and President of the Washington
Irving Trust Co., of Tarry town, N. Y.
for Insurance Term
Seeks
New
Economic
Theodore Prince Suggests Agency
Deal
New
Loans—Says
"Siphon" After Failing in Expenditure of $20,000,-
1939:
000,000
Whereas, the General Construction
Law has
been
amended by the
so
Quinn bill as to permit each bank and trust company by resolution of its
directors
to
observe
holiday and to remain closed on each Saturday of
a
July and August; and
Whereas, all the member banks, as follows, have advised the Clearing
House Committee of their decision to remain
closed on such Saturdays:
11, urged the creation of an agency for
term loans, to offset what he termed New Deal
June
of
insurance
contemplation of the erection of a "New Siphon" intended
as a means of loaning money to small business men under
Bank of New York
Continental Bank & Trust Co.
Chase National Bank
Fifth Avenue Bank
He
Title Guarantee & Trust Co.
Marine Midland Trust
Central Hanover Bank & Trust Co.
Corn Exchange Bank Trust
First National Bank
'
Co.
•
Trust Co.
Clearing House remain
Be It Resolved, that the New York
each
on
New York Trust Co.
Public National Bank &
Irving Trust Co.
Therefore,
said that the "old New Deal
Co.
Commercial National Bank & Trust
Co.
Saturday during July and August,
1939, subject to such
regulations as the Clearing House Committee may consider necessary, due
notice of which will be given
of
Officers
by the Manager,
savings
from the Association.
that its
House
member
Association
banks
close
June 22
Saturdays.
on
on
However, it is reported that banks in Rochester, Buffalo,
Syracuse and Utica are not expected to close on Saturdays,
That
the
affords
basis
the
is
has
It
tion.
old
the
Wickersham & Taft
"Despite the recent decisions of the United States Supreme
Court in the cases of Curry y. McCanless and Graves v.
Elliott, which apparently permit double taxation, there can
be no duplicate taxation of the intangibles of the estates of
nonresident decedents by the State of New York," says the
New York State Tax Commission, in a letter June 15 to the
law firm of Cadwalader, Wickersham & Taft, in New York
City
The letter, signed by Mark Graves, President of the Com¬
mission, and the other members of the Commission, John P.
Hennessey and Ogden J. Ross, goes on to say:
.
.
and
production
more
believe
that
of
satisfaction
more
leaves
six.
except
Trend Seen
Bureaucratic
•
-
author¬
the Mead bill, now introduced in Congress,
siphon is
new
principle that two from
the
on
.
.
.
founded
State is
Utopian
to our modern pyramided civilzaunder the learned economists who
caveman
changed
never
a
the
story from
to be loaned to the small business men and guaran¬
izing $1,000,000,000
Intangibles of Estates of Non¬
New York State According
to
State Department of Taxation—Advices Con¬
tained in Letter by Mark Graves to Cadwalader,
resident Decedents by
for
payment alone
needs.
human
four
production aftefc
investment capital
surplus and
That
consumption.
of
means
forms
again
must first beget.
one
That- such
work.
their
for
producers
the
to
payment
is the parent of con-
that production
That to consume,
capital and surplus are what are left of
investment
The
No Duplicate Taxation of
.
Prince follow:
known
offspring.
the
not
be
to
beginning
gumption,
taken and opinions expressed.
surveys
is
It
It
Clearing
Albany
recommended
according to
posal for a $3,860,000,000 program to finance self-liquidat¬
ing projects "for stimulating productive employment."
In
part, the comments of Mr.
banks which are members of the
Savings Banks Association of the State of New York met at
a meeting yesterday
(June 23) in New York City on The
question of Saturday closing during the summer months but
aid not reach any unanimous decision.
Hence, the savings
banks will act independently without any recommendation
The
$1,000,000,000 to small business men.
Mr. Prince
siphon" put some $20,000,000,000 of productive wealth into unproductive channels, and is
now "beginning to show signs of wear and strain."
The
strictures of Mr. Prince are of particular moment with this
week's announcement by President Roosevelt of his pro¬
of
loan
Bankers Trust Co.
Guaranty Trust Co.
Corporation.
Finance
bill, which would authorize the
the Mead
to
referred
Reconstruction
the
by
guarantees
Bank of the Manhattan Co.
Manufacturers Trust Co.
"Herald Tri¬
Prince, writing in the New York
Theodore
bune"
National City Bank
Chemical Bank & Trust Co.
closed
safekeeping, custodial or trustee accounts, or establish a
without the fear that the State of New York
deposit box or in
But with all this effort,
stated, the study showed that less than one-third of the open lines of
of every 100
he
100 com¬
June 24, 1939
Chronicle
which plans will be shortly drawn
public works in some form or other as
so simple.
No increase of debt
(watch closely; the sleeves are well rolled up), as the assets will always
appear equal to
the debts and liabilities.
That our whole banking system will be drawn in the lime snare of this
teed
be
new
projects.
our
which
the
facts
the New
of
is here
It is a
Deal
and
liable.
be
will
in each
rights
will apportion
business men the money
Congress,
of
public projects and
Government
the
instead
bureaus,
producers,
deserving
for
and
individuals
eventually
among
weakness
fatal
It is not our system of government.
individuals that eventually gather to themselves
or
another legislative, judicial and executive power, against
basic
principles are set.
For in the contemplated plan
and
bureaus
form
one
simple,
The
in startling array.
of
which
is
It
obvious.
is
panacea
apparent
system
financing of
the
in
self-liquidating
in
The other siphon,
by the RFC.
will
up,
The
appointees
same
decide
Its trend it totalitarian and bureau¬
case.
.
The decision in the Elliott case hinged on the fact that
a
cratic
..
in
such
Public
consumes
the decedent
held logically, that the State of New York could impose an estate tax.
Had
perity
York but
viewed,
York would not and could not have asserted
a
New
tax.
For present purposes,
over,
More¬
while it taxed the income from tangibles owned by its residents, it
refrained from imposing an income tax on the intangibles
of nonresidents
unless the intangibles were employed in a business carried on in this State.
Furthermore, when enacting its present estate tax, it levied
shares of stock, notes and other intangibles of nonresident decedents-kept
This sound economic policy
morrow
was
finally crystalized by
electors and became effective Jan.
1, 1939.
It reads
was
as
a
provision pro¬
approved by the
For
.
.
standing
The
the
and newspapers in other States endeavor to persuade nonresidents
risky both to maintain bank
information.
accounts
Such misinformation
in New
can
York and
to
that it
keep their
only be corrected by accurate
The truth always prevails.
This Commission therefore rules that a nonresident may maintain a bank
account and
keep his bonds, shares of stock, and other intangibles in a safe
for
what
of
Deal
debt
the
it
to
to
man
is
of
result
a
our
if $10,000,000,000 v?ere loaned out to¬
position we are in today within a
to
make
functioning
organic
when
doesn't,
it
function.
it
.
requires
.
is
in.
the
now
so
does
that
under¬
help is in
The country wants pros¬
business man.
Increasing
have
may
purpose
an
the
puerile result
same
increasing the Government debt has had.
as
modern
of
.
forget that the business it seeks to
country
income;
of
accomplish
business
that
same
indispensable
function
it
that
increase
the
in
an
needs
seems
position
and
be
is
make
To
New
same
his
To
Accordingly,
stimulate
and
Not only
.
It is, of course, regrettable that for selfish reasons financial institutions
is
agencies,
cause.
a
not
business
civilization.
it
...
.
follows:
Moneys, credits, securities and other intangible personal property within
the State not employed in carrying on any business therein by the owner
shall be deemed to be located at the domicile of the owner for purposes of taxation,
and, if held in trust, shall not be deemed to be located in this State for purposes
of taxation because of the trustee being domiciled in this State.
intangibles here.
not
would
we
year!
because
any
governmental
the
on
illness,
depression,
major
a
productivity.
Self-liquidating
a sham, because judgment is fallible and pros¬
costly public works pay.
Even optimistically
without
There is nothing to indicate that
perity
1938 constitutional convention which
„
.
people cannot be put back to work by any such Gar¬
As to the 40,000,000 of our people dependent directly
concept.
in this State.
posed by the
are
aside
turn
never
capital
make
can
10,000,000
indirectly
or
bonds,
no tax on
alone
investing
economic
it is sufficient to say that 20 years ago the State abandoned the property
taxation of intangibles whether owned by residents or nonresidents.
works
alone
gantuan
The history of the development of New York's present policy regarding
the taxation of intangibles is long and interesting.
*
analysis.
the basic defects, what can be accomplished by any
public works projects
the situation been reversed, and had the decedent created a trust in New
been domiciled in another State at the time of her death.
ultimate
plan?
was
The Court, therefore,
resident of New York at the time of her death.
its
But leaving aside
be
taxed
It
alone,
is
Ways
have the extraordinary wizardry of a plan which is to
retard
business
at
one
the
and
same
time.
that, but in the end the prosperous and efficient concerns will
for
not
can
we
Both
Work
the
the
benefit
money
of
that
those
we
that
need.
are
not
prosperous
It is confidence.
and
efficient.
That, and that
give business the incentive to function normally and profitably.
periods, and while this entire
which siphon actual pro¬
ducing capital ultimately to questionably productive concerns, we still
might consider the problem from an entirely different angle.
However,
scheme
i3
we
are
likely
living
in
fast
end
as
have
to
moving
all
processes
Volume
After
148
all,
Financial
method
any
of
enterprise
might be stimulated, and- which does not involve governmental agencies,
ought to be considered.
For then we would
be taking a step
in the
right direction, and let individual responsibility and judgment take the
risk
private
initiative
real
which
by
means
other
than
from
Success
and
will
governmental
then
be
complicated
a
impracticaiity,
How
is
as
the
Government,
from
flow
must
loans
long-term
with
nearly Government
and
demand?
on
not
10-year
That
by guarantees
projects.
non-liquid
would
be
unsound,
otherwise, would
or
.
There
is,
however,
these
liabilities
most
The
legal
that
group
is
life
reserve
fitted
well
peculiarly
to
the
of
companies
insurance
the
at
end of /1937 had $26,350,000,000 of assets.
Their
long-term liabilities, and they comprise the largest and
all
are
financial
a
loans.
States
important
reservoir
of
productive
and
long-term
the
in
capital
country.
From this reservoir loans to industry could be made without dislocating
of our banking functions and without calling upon any governmental
any
agencies.
If successful
(and they
advisable), the income of
the
need not
life
proceed
insurance
lack
the
appraise such
period
of
panies
the
of
proposed agency.'
association
or
composing
the
proportion
There
and
records
would
association.
the
among
'many
are
which
The
precedents
for
companies
to
properly
over
a
would
for
act
all
non¬
the
for
benefit
of
such
all
agencies,
members;
the
loan
the
highest integrity and ability would be
dous
is
matter
a
financial
and
determinable
banking
be
The
banks
could
the
join
agency
banks.
savings
•
the method
as
the
to
increase
the
velt's dollar devaluation powers and
continuing the $2,000,notice of their in¬
tention to seek enactment after meeting with other mem¬
000,000
gold
stabilization
bers of their group.
Present
in
addition
fund,
served
Continuing, the United Press said:
the
to
sponsors
(Dem.,
Senators Key Pittman
were
Nev.), Dennis Chavez (Dem., N. Mex.), Alva B. Adams ,Dem., Colo.), Carl
A.
Hatch
(Dem., N. Mex.), Carl Hayden
(Dem.,
Ariz.),
(Dem.,
Colo.),
Under
the
Curton
and
Wheeler
K.
William
E.
(Dem., Ariz.), Henry F. Ashurst
Mont.),
(Dem.,
Borah
(Rep.,
Edwin
Johnson
C.
Idaho).
proposed amendment the Treasury would pay the $1.04
rate
for all
monetary silver produced in this country and could accept foreign
silver,
paying
in
rank
may
and
of the
each
as
allocation
of
procedure.
obtain
To
afford.
Yet
the
cost
cooperative apportionment.
might
determine,
is
Mr.
may
so
ately
bonus
a
offered
for
in
exchange
above
the
said
that
metalliferous
if
the
mines
the
com¬
measure
immedi¬
adopted "it will
were
in America
than that—it
more
silver is
of which
a
by-product,
for instance, the mines of manganese, lead, zinc/and copper."
as,
The
foreign section
for American
market
Orient,
where
Treasury
silver
the
of
is
the
said,
he
measure,
surplus
in
commodities
chief
of
means
would
assure
exchange.
and
the
present
At
only the world price for foreign silver without
pays
ready
a
America
Latin
the
bonus,
a
as
proposed in the McCarran-Thomas bill.
Senator
silver
Thomas
described the plan
"major relief bill" and told the
a
as
stabilization of employment and
that real
group
.
be achieved until the Government adopts a
*
when
only
agricultural
American
for
payment
or
price,
world
silver mine in America and it will do
every
open
25%
of
export.
McCarran
open
will
of
objective that the tremen¬
an
obtain
view
in
(Dem.)
of Nevada and
Senate silver bloc an¬
McCarran
Oklahoma,
of
June 16 that
Washington, June 16, added that Senators McCarran
Thomas, authors of the measure, which was introduced
an
amendment to the bill extending President Roose¬
modities
prorated
which
among
management
could
be reasonable and modest
would
the
of
Proposed in Amendments
and
com¬
The Associated Press.
It would be the purpose of such an
only to study the entire subject but also to study the particular
applications
are
from
silver
insurance
would
expenses
suitable
a
the
prominently
agency not
McCarran
and
issue.
this
Silver
of
Senators
(Dem.)
on
measure
companies.
group
in
.
however, could be bridged by the creation of
agency
ratable
The life insurance
personnel
a
call
gap,
profit
experience,
raised,
be
situation, which the commercial banks have acquired
many years, but certainly such records and experience
the
at
This
requisite
a
they would seek the enactment of
price of domestically mined
monetary silver from its present level of 64.64c. an ounce
to $1.04 an ounce,
In noting this, United Press accounts
a
deem
they
as
would
companies
which would lower the cost of life insurance.
may
except
Price
in
by
nounced
with resulting damage to our economy.
The savings banks with
$10,365,000,000 assets as of Dec. 31, 1938, are in a somewhat similar
position to the banks, although they have a large portion of these assets
in non-liquid mortgages on real estate.
make
for
Senators Thomas
of
to elsewhere
Thomas
form or
some
other,
United
Led
ultimately
for
in
pay
producers
Extending President's Monetary Powers
.
against assets
loans
hundreds of millions of
commodity for which we have
the payment of
to
Offered by Senators McCarran and Thomas to Bill
failure or
up
cover
silver
proposals
referred
stop
a
acquire only to bury most of it in the ground.
Increase
could
accountancy
five-
foreign
and
The
put
sources
agencies.
of
done
make
practically callable
for
clearly determinable, since taxes, deficit financing
system
banks
can
need
to
need
no
3773
should
we
dollars
of
private business—where it belongs.
Accordingly, let us assume there is a real
for
deserving enterprises.
Further, that need
be
Chronicle
income could not
favorable monetary policy.
Opposition
to Government Subsidy to Silver ProducVoiced by President Lawrence of New York
tion
.
Chamber of
of
Commerce—Disapproves also Proposals
Senators
Thomas
and
McCarran
v
.
During the debate
Richard W. Lawrence, President of the Chamber of Com¬
of the State of New
merce
York, on June 17 voiced disap¬
proval of the proposal of Senators Thomas and McCarran
increase
to
the
Government
Repeal of Silver Purchase Act
Bill
Extending
President's
Monetary Powers
Continue
to
Foreign Silver Purchases
-
Senator Townsend Urges
in
Amendment
to
June 18
on
the bill extending the
on
monetary powers of the Administration,
Townsend
of
Senator John
G.
Jr.
argued for complete cessation of purchases
silver.
This proposal the Delaware Senator
foreign
subsidy to American silver
producers and to continue purchases of foreign silver on
the theory that it would help the United States to
get
rid of surplus farm products.
Declaring the silver policy
has embodied in
to
Eccles of the Federal Reserve System and
be
"one
history,"
foreign
of
the
abject
most
Lawrence
Mr.
producers
said
the
to
failures
that
extent
in
while
it
expires.
so
during
of
Senate meets on Monday [June 19] it will have an
oppor¬
decide whether the Government shall continue to spend upwards
billion
quarter
a
Purchase
but
is
is.
of
silver
that
the
from
64c.
idea
benefit to
no
producers
97%
the
of
Silyer-
in
foreign
people
the
of
to
over
an
$1.04
one
as
of the most abject failures
States
whose
on
the statute book only as a
is about 3% of that
population
Now Senators Thomas and McCarran
Government
142%
silver
of
silver
to
It has been kept
the silver-producing
to
As
perpetuate the ill-conceived
benefit
pob'cy stands out
the whole country.
of
to
year
major
absolutely
legislative history.
our
of
a
of
States.
The American
in
dollars
which
Act
countries,
United
sop
Mr. Lawrence's statement follows:
the
tunity to
should
raise
ounce.
The
an
the
price
proposed
paid
price
are
proposing
domestic
represents
producers
increase
an
the "pegged" market price of about 43c.
for
having the Government continue purchases of foreign
the mining bloc in the Senate now advances the
by offering a commodity bonus of 25%, over the world price
excuse
after
that
June
30,
silver, the Orient and South American countries will be induced to take
that
much
This
work
million
would
of
more
theory,
in
out
practice.
bushels
need
American surplus
laudable
of
to
as
its
As
farm
might
be,
would
which
country
a
commodity and
buy outright only 800,000 bushels.
bonus
The
"the
on
ears
and
purchase American
statement
of
by
Senator
reestablishment
a
world
in
which
of
farm
could
needed
in
pay
McCarran
silver
as
that
the
a
American
to
subsidy,
domestic
its natural
of
rests
recovery
money"
falls
the
on
silver
over
a
producers.
foreign,
We
see
have
the
already
long period of
elephane
on
and
mere
the
No
good
the
and
reason
sooner
exists
silver
commodity price level the better it will be
Congress must
silver.
or
silver
We
possession
of
except
have
it
is
at
no
a
than
tremendous
a
need
for
constant
it
to
continue
no
at
reason
the
why foreign
is
for
silver
any
allowed
to
find
for the
in
we
could
loss.
our
temptation
purchases of silver
inevitable expense
of
the
cited the fact
"the
that
Eccles's
Mr.
quoted
description
of
"a one-way street," because the silver
buys can never be sold again.
Senator
as
approvingly
Eccles's conclusion
Mr.
that
"from the monetary point of view there is no justification
for any
kind of silver program."
attention
the
to
fact
The Senator also called
Mr.
both
that
Eccles
Dr.
and
C.
O.
Hardy of Brookings Institution told the Senate committee
silver
that
certificates
greenbacks.
Concluding
his
just
are
fiat
much
as
money
heed
to
speech,
the
Townsend
as
the
hearings,
adding:
"Past waste cannot be made good.
But adoption
of my amendment will terminate any further waste on
foreign silver."
Senate
In
Senator
facts
during
developed
urged
his
part, Senator Townsend said:
My amendment of June 7 to H.
sole
its
not
continue
to
dispose
It
is
a
of
white
monetary system
to
American
should
inflationary
be
permitted
taxpayers.
alter
content of the
is
tion
left
3325
now
purchase
fund,
the
of
under discussion has for
completely.
silver
foreign
the House bill, whose
of the provisions of
any
stabilization
the
R.
the
terminate
to
purpose
does
It
President's
power
purpose
the
over
gold
dollar, and his power to acquire domestic silver by proclama¬
undisturbed.
opportunity to end
an
terminate
of
By all
the
waste
That
clear
to
further
all
wealth
American
we
in
the
and
acquisition
thereby to
from
abroad
have absolutely no need.
purchases
who
forthwith,
foreign silver purchases
of
metal for which
a
of
have studied
foreign
the
silver
are
entirely
unnecessary
It is evidenced,
question.
is
for example,
by the fact that the Treasury today holds almost as much silver outside
of
monetary
6,
silver
as
use
1939,
ounces
as
the
reserve
hold
it
Treasury
against
of
as
silver
silver
reserve
held
against
certificates
bullion
silver
outstanding,
absolutely
certificates.
1,200,000,000
approximately
sterile
and
and
ounces
over
frozen
On
of
1,100,-
in
the
If it used this new sterile hoard of silver for monetary
could almost double the number of silver certificates out¬
"general fund."
purposes
it
standing.
If
is
Senator
cited
Townsend
measures.
There
The
000,000
years,
Senator Townsend
Government
the
amassed
silver
testified
against
purchases
June
hands.
our
cates."
industry.
folly of continuing further purchases of foreign
more
opinions of Chairman
other witnesses
against the silver program
quoted
My purpose in introducing this amendment now is to give the Congress
policy has utterly destroyed
the value of silver as a monetary metal and made it
purely a commodity.
It
is
inconceivable that
Congress will seriously consider this extra
subsidy
unnecessary,"
big discount.
hope
legitimate
a
the American
recently
hearings
Representatives
Senate.
speech the Senator
have
stabilization fund
of
Treasury today holds almost as much silver outside of
monetary use as it holds as reserve against silver certifi¬
a
silver
The
products at
before the
House
the
the silver program during hear¬
ings before the Senate Banking and Currency Committee.
Calling the further purchase of foreign silver "entirely
not
25% bonus would
give it the other 200,000 bushels necessary to fill its requirements.
Also
there would be nothing to prevent any
non-silver-producing country from
acquiring silver at world market prices and with it take advantage of
the
passed
.
objective
illustration,
an
American
an
farm' products.
ostensible
his
who
dollars, it had been of benefit to only 3% of the Amer¬
ican people.
He urged Congress to end all purchases of
foreign silver after June 30, when the present authority to
When
In
rider to the so-called
a
recently
now
millions
of
of
do
and is
profited
had
hundreds
of
legislative
our
which
bill
the
ot
the
President,
bullion
silver
in
this
certificates
in
addition,
country,
in
our
he
fully
could
monetary
used
his
present
quadruple
system..
the
power
number
to revalue
of
dollars
,
i
Some
larger American
wealth
and
that
that
"make jobs"
may
process
here as
Asks Revision
Much of NLRB's Adminis¬
Discretion—John C. Gall Counsel Tells
Committee Board Has Perverted Law
National Association of Manufacturers
,
Wagner Act to End
trative
Senate
Labor Relations law to remove
Revision of the National
administrative discretion of the National Labor
much of the
Board
Relations
June 19 by the National
urged on
was
John C. Gall, counsel for
Manufacturers.
of
Association
the Senate Committee on Education
is considering amendments to the law,
that the NLRB had perverted the law, and said the matter
"should be specifically dealt with by Congress, particularly
as the Board
has clearly shown by its testimony that it
had no intention of modifying anything except minor pro¬
Association, told
the
Labor, which
and
directors determine general credit
the policies officers who presumably
are
of their knowledge of credits, their
ability to judge risks, and their knowledge of the bank's trade area and
the assets the bank possesses.
Every time a banker blames on the super¬
visor his refusal of a loan application he indicts and disavows the very
powers of judgment and decision which are supposed to fit him for the
job he holds.
It is true that supervisors influence in a general way the
loan policies of each bank, but the banker—if he knows his business—
knows whether the examiner's criticisms and suggestions are justified and
retains responsibility for decision on the merits of each loan application.
If this is true, the Board should not object to a clear pro¬
the Act preserving that right against possibility of abuse by
speech.
vision
in
future
boards.
Board
"The
the
by
no
in
not
any
Norris-LaGuardia
the Board
"If
does
prefer
to
see
responsibility in connection with the formulation
We
the
Mr.
outset
the
told
Gall
the Association
committee
and
to be desired."
"leave much
administration
•'
...
suggestion has been made from time to time during these hearings
that the chief fault at present lies in the administration of the Act and
"The
the
in
not
and
law
could
as
have
in
important
several
publio
importance
"So
is
there
that
position,
our
different
result,
public
approval.
discord,
that it
wish
we
justifiable ground for
no
make
to
Act,
of
any
rights which Congress intended
do
nor
addition
seek
we
to
emphasize
We
clarifying
1.
The
2.
Revised
preamble
should, be
3.
particularly
throughout the
will
employees
limitations
of
ih
our
amendments
recommendations
amendments,
for
presentation:
the
State
Legislatures
of
State
own
the
of
There has evolved since creation of
Michigan.
dispute"
labor
Act.
they
shop
under
are
Freedom
5.
of
be
withheld
enumerated
and
the
in
employees.
those
from
our
check-off
the Railway
speech
fellow
or
engaging
certain, '
in
ization
and
supervisory. practice, and
of
1934.
is
should
be
definitely
prohibited,
Labor Act.
should
be
safeguarded
by
clear and
appropriate
language.
6.
Employer petitions
such
by two
action
f
more
or
for
elections
should
be
acted
on
by
should be mandatory where the employer
each
groups,
claiming
to
represent
a
is
Board,
the
confronted
of
majority
the
Consideration
provision,
amendments
should be
but
must
if
be
the
made
given to elimination of the so-called majority
rule
to
is
retained
make
it
experience
effective
and
at
shows
the
that
other
time
same
to
protect those who do not wish to affiliate with the majority group.
8. The Board should not be permitted to make
compulsory multiple-unit
certifications,
combining
in
one
unit
the
employees
of
a
number
may
See
Future
essential
that
have
be
not
Labor
collective
against
that
was
unheard of
do all
in our power
Not Retrogression
that
insure
to
to'
preserve
these hard-won
such
that
as
and
not
through which
combat
just' have been ' passing.
them.
administer
who
beginning to meet
banks
and
Alertness
.
FDIC
the
we
to
Operating Policies
insurance
the
corporation
have
tried
from
its
our
responsibilities with a minimum of disturbance to
the
preexisting supervisory
structure.
We have asked •*
original law; we have issued a
regulations.
We have worked cooperatively with other super¬
vising agencies, both Federal and State, to evolve programs of examination
that would be grounded on a common basis and that would involve as
little disturbance as possible to the routine of banks.
On one point only
have we been insistent—that
the Corporation must
have the right t<
only
substantial
one
minimum
revision
of
our
of
to the institutions it insures.
Our
belief that the Corporation should be
only agency empowered to examine and supervise insured banks; it
does not mean that we think a good job of examination and supervision
is not being done under the existing set-up.
It follows simply from our
firm conviction that no insurer should be asked to assume risks that he
cannot control and that access to insured institutions is an indispensable
itself
protect
through
is
insistence
not
instrument
We of
long
after
the
so
occurrences
that employer^
to
which
the
of
the
complete
free
grounded
access
on
control
any
the risks
over
Corporation
our
that the FDIC has assumed.
take pride in having established frankness—full
frankness concerning our own
the condition and operations
in
in
any
proceeding before the
Board
should
of
condition and operations and
of the banking system—as the dominant tone
public and professional contacts.
substantiating its charges, the Board's function being
of determining the issues presented by the parties.
organizations desiring to exercise the privilege of acting as
bargaining
agents
should
be
required
to
place
and
keep
on
opments
banks
ing
we
in
our
fields of
disclose and
results,
general and
our
,
banking system and of the public is necessary
the interest of the whole
We
during years to come
one
of retrogression.
trend
the
improvement
In our annual reports we try to
give to the President and to Congress a full and accurate picture
complaining party
burden
merely that
11.
proceeded
provided,
relates.
The
the
More Improvements,
we
in
and
A definite statute of limitations should be
complaint
10.
authorities
will be one of
Bankers must
guard against deterioration in their institutions; bankers and supervisors
together must oppose any effort to obtain relaxation of banking laws or
of supervisory standards.
Demand for such relaxation almost invariably
occurs
as
a
by-product of the natural let-down that follows periods of
of
employers.
9.
a standard¬
spirit of cooperative consideration
the
employees.
7.
a
State
and
,
Let
•
It
Federal
between
action
for
statement,
the Federal
Deposit Insurance Corporation a unity of supervisory purpose,
Reason¬
•
right to strike should be recognized, and the
by many
well, notably the excellent job done in your
as
to
"current
and
labor organizations
should
Act
closed
The
4.
only by the Federal Legislature, but
codified not
and
conditions
of
strain
"employees"
the
the
upon
of strikes, already
types
rule
banking
notable advances.
are
Employees should be protected against unfair labor practices, whether
benefits
and
very
in
gains,
should be rewritten.
definitions
practised by employers,
able
in
that
vision
continued
procedural
in Banking Recently
sound condition.
These years have likewise seen
legislation, and improvements in bank super¬
Statutes have been adapted to modern
are
improvements
generally
repeal
advocate
deprive
them to have."
and
these
of
course
incorporated
<
to misinterpret
anyone
do not
we
which
amendments
indicated, Mr. Gall said:,
made
as
that
clear
it
the
In
contributing
silence on matters of great
which provides a ready excuse
decisions T must make.
Improvements
that has occurred in the banking business
during the past five years have not all been disturbing.
Some of them,
in fact, represent distinct advances in the sciences of banking and bank
supervision.
It can conservatively be said, I believe, .that the banks of
the
country, as a whole,
have developed during this period an asset
position that gives them a splendid foundation of strength and soundness.
Some improvement
in the steadily dwindling .ratio of capital to assets
for all banks
would still be* desirable, but with this exception
banks
before
be
can
of
lie
matter •"
firmly
a
are
is defective
its
omission
serious
- a
as
We
inequalities
creates
that
and
both
its present form,
in
just
and
wise
administration.
unfair
for
a
meriting
particulars,
industrial
to
that
question
that' the Act itself,
howtver,
but
no
is
produced
of
matter
a
convinced,
directly
There
itself.
Act
administration
of
whatever distasteful
Consequences of the transition
represents
small throughout the country—and that
they in turn represented several million workers.
The Association is "firmly convinced," he said, that the Act and its
•
meet that responsibility in the
to
Many
Ellender—which the Association is
reservations—would be merely declaratory of
manufacturers—large
7,500
public
always
try
shield for
present law and procedure.
At
will
the
Walsh and
Burke,
with/ minor
supporting
a definite
of general loan policies.
best interests of
and the banks, and I, at least, will not use the banker as a
criticized.
rule of those decisions written into the Act, so that
not give them an unwarranted interpretation."
respects, he said, the provisions of the amendments pro- 1
by Senators
posed
decisions is
the -apron-strings of supervision when any of its
I am not unmindful that supervisors, too,
have
running for
may
these
all
In
full-grown to stand on its own feet and to stop
by now be near enough
elections, it should
the
boards
believe
application for credit that comes to them and grant deserving applica¬
tions.
My remarks are intended to urge that the banking system should
fair rules of procedure, fairly applied,
rules laid down for the guidance of all con¬
cerned, including future boards.
"If the Board
accepts fully the decisions of the Supreme Court in
the Fansteel and
Columbian cases it should,»in the interest of labor,
future
not because I believe the banking system is
intended function as a supplier of credit; I am one
that most banks exhaustively consider every
vein
this
who
few
the
of
object to having those
not
"in
speak
failing to perform its
there
Act.
conducting investigations and hearings, and holding
in
I
discriminate against men because
way
complying with
is
with
that you be as honest with your customers as you are
only
yourselves.
they have exercised their right to remain unaffiliated with unions,
should be nm objection to stating the right to join or not to join, as
the
ask
I
is
'
.
does
Board
the
"If
circumstances,
those
under
Ellcndcr,_ which,
Senator
declaratory.
merely
of
Congress
Labor.
of
Federation
ican
amendment
prejudice against inedependent unions,
Industrial Organizations or the Amer¬
If this i? true, it should not object to the
lias
it
says
with
unaffiliated
The
bank.
each
of
directors
and employ to administer
chosen and paid on the basis
"it is not infringing the right of
claims," said Mr. Gall,
Board
of Bank Business
Crowley, Chairman of the
policies
ciation :
"The
Loans—Advertising
Federal Deposit Insurance Corporation, addressing the annual convention of the
Michigan Bankers Association at Detroit on June 21, de¬
clared that during a period of 75 years the losses borne
by the Nation's banking system have approximated $14,000,000,000.
These have resulted, he said, from catastro¬
phes, forced liquidation, and as a normal by-product of
credit extension.
Mr. Crowley declared that prevention of
such losses is a joint responsibility of bankers and the
Government.
He asserted that bankers, when they refuse
loan applications, have frequently been "passing the buck"
to bank supervisors, and remarked that bank examiners do
not make or decline loans.
This, he said, is an exclusive
function of bank management.
Mr. Crowley added, in part:
The lending function is. solely the privilege and duty of the officers
and
requirements."1 Extracts from Mr. Gall's testimony
follow, as contained in a statement issued by the Asso¬
cedural
free
to
Acceptance
or
Refusal of
Pointed to as Potential Source
Leo T.
of
their responsibility.
and
75 Years Totaled $14,000,000,000, Ac
Leo T. Crowley—FDIC Chairman, in
Address
Before Michigan Bankers Association,
Declares Bank Examiners Are Not Responsible for
cording
abroad. We might just
goods we now export in
imported silver does us.
for all the good that the
exchange for silver,
themselves
Losses in
Bank
Some people claim
well as abroad; but it is
most careless scattering of our wealth
just give away to foreign countries the
well
reasonable information with
subject to inspection,
Board,
the
to
respect
reexport unless at a great loss.
again
never
can
really a
as
send
to
foreigners
from
hold that the acquisition of foreign
do not need the metal, because it
we
with
file
Bilver is desirable,
tends to result in
commodity exports. I hold that it is a waste of American
out machinery, or cotton, automobiles or wheat to buy
a vast stock of metal which we cannot use, do not need,
persons
though
even
1939
24,
June
Chronicle
Financial
3774
interest.
problems,
sincere
of devel¬
In our semi-annual reports to insured
explain completely our current condition, our operat¬
and
our
policies.
I
largely to the policy of
convinced
am
confidence depositors have today
that the
in our banks is due
frankness the Corporation has pursued.
/
We pro-
Financial Chronicle
Volume 14»
continue
to
pose
entitled
the
to
that
truth
policy,
about
because
that
believe
we
banks
our
and
in
that,
view
depositors are
of the losses
3775
2. Elimination of provision which makes the vendor a trustee for the
City of New York—a provision which is held to be confusing in its meaning
and
might have the effect of placing the vendor in the position of com¬
at least eiatitled to
honest information that will let them shift for themselves if concern for
mitting
the
collect from his customer.
they have had
to
suffer
safety of their funds
Maintenance
which
upon
there
as
of
depositors
are
again is justified.
ever
public confidence
must,
of
a permanently sound banking system.
So long
there will be no panic ; so long as there is no
confidence,
panic, forced liquidation will be unnecessary and there will be no repetition
of the needless wave of failure and loss that we had so recently.
If the
banks
keep
can
its
continue
situations
themselves
present
result
that
ditions, then
clean,
policy
of
from
and only
local
the
have
we
hope to
we
the
if
to
able to
difficult
confidence will
that
losses to depositors banished
see
to collect sales taxes
that
millennium
which
for
prayed—then and only then
correct
can
we
all
we
call
have
hoped
worked and
and
job well done.
a
ours
pursuing his search for profits the banker would do well, I believe,
apply to his problem the standards and the ingenuity he expects from
his customers
ih other
operations
banks
of
business.
lines of
In
resemble the operations of
closely
the
same
those that confront
as
the
general way, at least,
a
the stock in trade is different, of course, but
businesses;
other
operating problems are much
the average business
and the means
man
to their solution differ only in degree from those that we expect merchants
and
manufacturers
The
day
banker
is
adopt.
past when
reasonably be thought undignified for a
shelves are full to overflowing of his
Today's is definitely a buyer's market for the commodity
trade.
handles.
a
order
to
First in
search
his
tages of
fails
it can
business.
out
His
banker's
any
comprehensive
come
who
to
solicit
to
in
stock
he
plan
of
potential
and
take
this
first
profits
increasing
of
and
most
That
banker
in
the
advan¬
remiss
is
indispensable step
must
goodwill,
building
buyers and acquaint them with
commodity and his services.
to
for
program
advertising
4.
indeed
.
losses
those
of
charges,
that
banks
object
long have suffered
service
a
bank
to.
Federal
should
Recent
take,
bank
a
and
have
years
from
general operations,
installation
reimburse
to
legislation,
to prohibition
The
nature.
sufficient
every
of
for
of
service
is
a
cannot
innovation,
benefited
particularly
schedule
rendered,
customers
another
seen
which has materially
fair
services
that
one
a
,
by
sponsored
banks.
most
step
properly
I
refer
of
payment of interest on demand deposits.
Many banks
able, through analysis of their internal operating systems
and substitution
of modern accounting and operating systems, to
pare
operating expenses considerably.
.
.
have
also
been
.
Having canvessed thoroughly the demand for traditional types of bank
credit, and having put services
dn
is
efficient and
as
the search
for
financing,
economical
on
a
a
stop-loss basis and general operations
as possible,
the banker's next step
basis
types of acceptable credit extension.
new
the
Insured
financing of receivables, instalment,
loans—all present profitable fields for the credit merchant.
gage
present
specialized
novelty
to
into
risk
fields.
months
problem.
calls
Term
for
loans
far
is
from
Credit record
and
financial
lying collateral, and
to
as
careful
businesses
case.
govern
The
preliminary
been
have
new
a
and
same
mort¬
a
ventures
discussed
during
should
seasonal financing of inventories.
standing of the borrower, soundness of
under¬
proper
Merchants' Association of New York Files Memorandum
with City Council Asking Taxes Be Made Less
Objectionable
'
The Merchants' Association of New York in
public
a
release made
June 18 made known that it had filed a memor¬
andum with members of the City Council
asking that when
thejtaxes are enacted for next year there be made a number
of changes which, while not
greatly reducing the revenues,
will make the imports less objectionable to the business
community.
The Association declared that although the
business
of New
York have recognized the need for
accepted the&e taxes, in principle, with
good grace, there is nevertheless, a growing resentment
against the taxes. One of the suggestions is that the Council
strike out that provision of the gross receipts tax on business
and financial houses which permits a tax on receipts from
men
activities in interstate
on
The Associations release
commerce.
to say:
"
•
It is held that if this interpretation is
20 years from now could still be held responsible:
sales tax.
Clarification of the first section of the compensating use tax to guard
5.
An amendment to provide
that the time' within which the returns may
of
compensating use tax be 30 days instead
•'
period.
a tax
;
Opposition by Merchants'Association of New York to
Bill of Representative Connery to Abolish United
States
late, the
Association
informed
the
Council,
that
business
enterprises
the
of
is
ton
follows:
as
Our Association
faced
were
commodity, It is both unnecessary and unwise to continue to impose this
tax from receipts on interstate activities.
.
The general business and financial tax is declared by the Association
to
be the most objectionable of the whole tax program because It is
Imposed
profitable basis.
The Association informs the Council that even without the allocation on
receipts from interstate activities,
million dollars.
reduction of
the tax will yield something over
It is declared, however, that when the time
comes
10
for the
unemployment taxes, this is the first tax which should be
dropped.
Other suggestions made by the Association are:
Elimination of the provision which requires vendors to pay into the
City Treasury moneys that have been collected
etermined that the particular tax has been
even
though it be judic ally
invalidly imposed.
feels strongly that it is highly undesirable to have
the
and reap¬
pointment, or any high executive Of the United States, because of the
belief that if one or more justices of such a court should, whether they
are
right or' wrong in their judgment, take a judicial position ' unsatis¬
factory to such an executive, their reappointment might he imperiled
thereby.
In our judgment the membership of such a court should be
entirely free from pressure of any character whatever, which is obviously
impoesible if reappointment is contingent upon making judicial decisions
satisfactory to the • appointing power.
v
Probably it is hardly necessary to point out the impracticable provision
members
such
of
judicial body subject to the appointment,
a
.
final
the
in
contained
section 'of
H.
6472,. which
R.
reads
"this
;
Act
shall take effect when the first member of the Board of General Appraisers
hereby established takes his oath of office." If Mr. Connery introduced this bill in order to secure the removal of
any present
result
could
enacting H.
members of the court, because of their age, for example,,such a
be brought about in a more direct method rather than by
6472.
R.
National
Foreign Trade Council Recommends Congressionaljk Enactment of
War Risk Insurance*
l._
Bills
.
.
.
.
."V'-V'vr:^0-and
marine
for
the
for
Council
Trade
National
Foreign
of Government facilities
insurance and reinsurance in
provision
risk
war
the
by
given
has.been
Endorsement
in letters addressed to the chairmen of the
House Committee on Merchant Marine and Fisheries, and
emergencies,
the Senate Commerce
Committee, it
was
announced June 15.
Early enactment of the bills introduced in the "House and
Senate is recommended by the Council, in order that Amer¬
traders and shipping companies may have
complete and satisfactory as those Great Britain
now provides for her nationals.
The Council's announce¬
ment continued:
ican
foreign
services as
It
that the Council
Government the necessiy
pointed out in a statement issued to the press
is
months
brought
ago
the
to
attention
the
of
from disruption, in the event
Shippers,' steamship owners, and underwriters have ex¬
pressed approval of the Council's action and of the bills now before both
houses.
The experiences of 1914-18 are still remembered when American
foreign commerce reached a standstill until the War Risk Insurance Act of
1914 brought relief from the chaos then existing.
The proposed legislation
for
of
adequate protection of American trade
emergency.
seeks
avoid
to
complete
writing
sound
available
all
of
The
similar
for
and
on
own
in
which
trade
foreign*nations reserve
and
facilities.
the" proposed
adequate
of
leave. American
law
would,
their
commerce
assure
private
that they will have
and means^ pf spreading their risks, and of taking
marine
ways
needs
situation
their
features
reinsurance
The
interests,
ister
a
facilities
insurance
without
and
war
reasonable
risk
insurance,
terms.
Maritime'Commission, which under the present bills would admin¬
new law
when enacted, would have power to fix rates, settle
the
claims
conduct
and
and
Commission
a
In line with the recommendation of this
Representative Dough-
Chairman. /
committee the Association wrote to
"We submit that this taxation of receipts from interstate activities
violates
the spirit of the enabling Act even if it is technically legal," the
Merchants
Association told the Council.
"In view of the fact that It is
proposed to
reenact the cigarette tax, despite the imposition of a State tax on the same
given business is operating on
The measure
Association's Committee on Customs
Service and Administration, of which Benjamin A. Levett
examined by the
was
during
a
of the Senate.
with the advice and consent
engaged
irrespective of whether
Dough-
Ways and Means Committee of the House of
Representatives of its opposition to the bill introduced by
Representative Connery to abolish the United States Cus¬
toms Court.
The measure in question would transfer the
functions of the court to a new Board of General Apprais¬
ers to be appointed by the President for a five-year term
ton
allocation.
.
of New York-announced on
June 16 that it had informed Chairman Robert L,
with the alternative of paying a tax on their interstate
receipts or going
to considerable inconvenience and expense in order to determine the
exact
.
Court
Customs
The Merchants' Association
care
This extension of the gross receipts tax to activities outside of New
York
was first enacted last year and the
regulations were published so
v.
a
be filed under the sales tax and the
on
relief taxes and have
1.
man
of 20 days after the expiration
unique bank credit
considerations
provisions for payment of interest and repay¬
ment of principal all must be weighed.
Length of maturity is only of
secondary importance.
went
Irrespective of the statute of limitations which applies
personal
paper,
But they also
handling and their
expert
require
extremely
the
extension of term loans
govern
that
though they presented
as
Such
problems
banks
most
these
recent
tax which he could
a
provision which is held to give the city the right
against double taxation of goods manufactured in the city.
fulfilling his
in
responsibility to his community and to his stockholders.
As step number two, I commend the general
tendency of the banking
profession to analyze internal operations with a view towards stopping
the
business
a
for the collection of
'Pointing to potential sources of bank profits, Mr. Crowley
said;: ■■■:'
\"V'■'
.-v'\V'/
' . .v.; V-;*
In
a
musty list of things that Used to be—then and only then will be
attained
to
misdemeanor each time he "absorbed"
a
The elimination of
to most Federal and State taxes.
specialized con¬
from
or
fear
no
is
correct
Corporation
immediately
catastrophes
then need
wane—then and only then can
to
and
moving
3.
the cornerstone
be
course,
cuild for
we
is
the past,
in
vessels,
in
an
to
business to
cover cargoes,
meet
the needs of
American and
foreign
personal effects of officers and ship crews'
foreign and domestic commerce of the United States, when
the normal channels of insurance are deemed by the
emergency
to be
inadequate.
Joseph W. Rowe, Vice President of Irving Trust Co.
Says Spain is Proceeding to Regain Its Position
in World
but addressing itself to
its
ability to regain an important position in world affairs, is
the picture of Spain and the Spanish people today, as pre¬
sented hy Joseph W. Rowe, Vice President of Irving Trust
Co., just returned from a business trip to the Iberian Penin¬
sula, said a news release from the Irving Trust Co. June 22
which quoted Mr. Rowe as follows:
A nation
badly battered by
war,
the task of rehabilitation with courage and confidence in
After 32 months of intense civil warfare, Spain is
far from exhaustion.
andfalr.
greatly weakened but
I crossed the country twice, traveling by auto, train
I talked with hundreds of people^ from the humblest to the
Financial
3776
the fingers of one
highest, and can count on
hand those in whose families
and are celebrating their victory in mourn¬
recaptured their old feeling of pride in the important role
their nation has played in history in the past.
There is evidence of a sense
of nationalism and solidarity in the manner in which they are attacking the
problems of reconstruction.
.
.
.
When the war began, it is estimated that there were
by the Red forces about five billion
It is conservatively calculated that
high as 40 billions: In
which was two billion
pesetas, is said to have been increased to eight billion.
Today there in a moratorium on debts.
All deposits of Red currency
are blocked.
There are three classes of peseta accounts in the former Red
territory.
The first consists of free balances which cannot be in excess of
the amounts existing July 18, 1936, when the war began.
Then there are
blocked balances of all amounts in excess of the July, 1936, balances, as
well as deposits made during the war.
The third class consists of deposits
the circulation on
made since the war
past-due currency claims.
whole, property damage has been comparatively
section of Madrid were shot to pieces.
The
The outskirts of one
blown up, although nearly all these have
also was heavily bombarded.
Bilbao was untouched.
I per¬
sonally visited in Bilbao the Altos Hornos, one of the great steel mills of the
world, which was undamaged and is working normally.
In the great
textile district of Cataluna, which I also visited, only about ten factories
bridges in the city of Bilbao were
The harbor of Barcelona
replaced.
fortunately, the heavy industry of
Most
One of the nation's first
New
big problems is that of transportation.
rolling stock must be acquired; old stock must be repaired.
Thousands of
trucks and buses are needed.
In his speech of a few days ago, General¬
pointed out that one of Spain's pressing tasks is that of
Franco
issimo
exportable surplus must be increased to obtain the
foreign exchange to pay for increased imports of raw materials
The
production.
necessary
and manufactured
George Backer
♦
New York Stock
Exchange, appealed for generous support for the Greater
New York Fund before a rally on June 13 on the steps of the
Sub-Treasury building, Wall and Nassau Streets, New York
City.
Declaring that business prosperity is dependent on
William McC. Martin, President of the
the state of health and welfare of the people, Mr.
Martin
pointed out that the 380 voluntary health and social better¬
ment agencies affiliated with the Fund served two out of
seven
New Yorkers in need last year regardless of color,
or
creed.
As the
principal speaker at the rally, Mr. Martin further
said:
7
'
,
it's
at
for suckers; that it begins
shearing pit for lambs and a fishing ground
a
river
a
and
ends
in
a
graveyard; that its money talks so loudly that
humanity can't be heard.
and I imagine that you are,
I'm tired of hearing these gross misstatements
I want to prove
too.
of New York
I want to
see
fortunate neighbors.
cannot
Everyone tells us we have a magnificent exposition." The
which covers the period from April 30
through June 15, shows, according to the President of the
Fair:
a
flourish
in
the midst
unhealthy and dis¬
of unhappy,
society whose general health and welfare is not maintained at a normal
For business, despite all the economic laws, is a matter of human
Its office buildings, its railroads, its ships and all the other
values.
of its existence have no meaning
whatever except in relation to
symbols
men, women
and children.
i think
business
freight
some
as a
of
We think of
inclined to forget this sometimes.
are
us
We think in terms of stock market quotations,
thing apart.
loadings
car
trade statistics, forgetting that all these are only
or
We forget that business is of, by and for people and that on no other
can
And
it exist.
sometimes overlook the fact that business can
we
the extent to which it
The financial district and every other
has
a
an
serves
responsibility
for
the
community's
basis
justify
.
Major exhibitors are reporting attendances at
2.
with one spectacle breaking all
An unusually high
4.
the free exhibits.
even
Provision
6.
Backer
It's
Acquires
Post—Becomes
health
general
our
job to
see
and
welfare.
to it that
And
everything
be authorized in near future.
per
capita—expenditure within the Fair grounds amounts to
and 6-10th cents spent on food per capita
cents—54
92
(36 cents at restaurants
and 18.6 cents at refreshment stands),
for rides,
the remainder
and
Analysis of attendance figures
Control
President
a
total paid admissions
of
The
New
Publisher
and
York
Succeed¬
May 27 to June 15 the compara¬
tive figures are:
Chicago, 1,312,152; New York, 2,711,150.
Attendanceis
following pre-Fair graphs to within 1M% of full agreement.
22.:
Philadelphia Record, Camden Courier and Camden Post,
are
he is Publisher.
Mr. Backer, Mrs.
Other members of the New
Dorothy Schiff Backer, his wife;
Green¬
field, Alvin S. Johnson and Ralph Beaver Strassburger.
o
change of management involved refinancing
basis which, assures its continued progress
of the New York metropolitan
of New York Post,
as
the liberal evening
The Iceland
dedicated
on
pavilion at the New York World's Fair was
June 17 with addresses by Mayor F. H.
Senator Gerald P. Nye, of North Dakota;
Flynn, United States Commissioner General to
Fair; Thor Thors, a member of the Icelandic Parlia¬
ment, and others.
Vilhjalmur Thor, the Commissioner
General of Iceland,
presided.
Regarding some of the
speeches made at the official opening of the Icelandic exhibit
the
New
York
"Times" of June
18 said:
LaGuardia;
Edward J.
the
Mayor
elected: Colonel Louis J. Kolb, Vice President: Thomas
Senator
preceding
LaGuarida,
the Nations around it, the North
of 40,000 square miles,
Nye
as
a
speaker, had praised
Despite the covetousness of some of
Atlantic island Nation, with its territory
and population of 120,000, "has the courage to
with
heartily
disagree
"on
contention
his
my
that
it
leads to anything
"What it took
line
with
primarily courage to refain
took
but war.
even more
than courage was plain every-day horse sense on
much removed from the possibility
United States."
Nye said later that he was prompted to make this statement in
the
policy of non-interference in European
advocated consistently during recent
He
"Senator Nye<
from
the like of which
good friend, the Mayor,
participating in this world's mad armament race—a race
never
defy
by living unarmed, the Mayor asserted.
praised
the
United
States
citizens
than
role
and
the
affairs that he has
discussions of international problems.
the speech he had prepared for the ceremony.
Icelander,
in the development of the
"America has had no better
have played
Icelanders
Canada,
declaring
no
that
migration that
has so quickly and com¬
pletely made itself American."
Death
of
Dr.
Grace
Abbott, Former Chief of
Children's Bureau
United
Dr. Grace Abbott, member of the University of Chicago
faculty and former chief of the United States Children's
Bureau, died on June 19 in the Albert Merritt Billings
Hospital, Chicago.
Dr. Abbott was 60 years old.
She was
chief of the Children's Bureau from 1921 to 1934. A brief
account
of
her
career,
as
taken from the Chicago
"Tribune" of June 20, follows:
'
,
area.
reorganization meeting last night the following officers, in addition
Mr. Backer, were
York World's Fair
Dedication Iceland Pavilion at New
Senator Nye went on with
James A. Coveney, Thomas K. Finletter, Isaac Gilman, Albert M.
a
of Progress reported
The Chicago Fair did not open until
of 1,312,152.
May 27, however, and for the period from
member of the Board of Directors, but will devote
of which three newspapers
At
shows that for the 47 days' including
of which figure 5,852,251 represented paid
admissions., As of June 15, 1933, the Chicago Century
States
Stern remains
on a
shows and souvenirs.It is
further announced:
the part of a people who were not quite so
was
4'The Post" of June
Inc.,
parking fields.
report discloses that, the average visitor spends
7 hours and 13H minutes at the Exposition, that the average
"I
elected President and Publisher of The
New York Post on June 22 succeeding J. David Stern.
Mr.
Backer, an American Labor Party member of the New
York City Council, acquired a controlling interest in the
evening newspaper from Mr. Stern.
The following is from
newspaper
.
facilities and complete absence
The
said,
ing J. David Stern
George Backer
The
and eight times without beginning to
1
been made for paying off 5% on Fair bonds
has already
with additional payments to
Senator
York Post Board
-
highways and overcrowding in Fair
of congestion on
of foreign attack as is the
his time to the
records for total admissions.
Perfect coordination of transportation
Cijby
possible is done to hlep those of our neighbors who need help.
Mr.
Area are doing a capacity busi¬
"repeat attendance" with many visitors reporting
they have been to the Fair six, seven
5.
their free attractions
one-third of the total gate.
Outstanding shows in the Amusement
It has
business district in New York
call that responsibility selfish or altruistic, the fact remains
the responsibility is there.
George
clicking twice as fast as those
successful predecessor, Chicago's Century of Progress.
of its most
the world"
people.
obligation to the community which makes business possible.
whether you
that
.
Iceland for existing without an army.
reflections of the wants and necessities of people.
its existence only to
-
Turnstiles at the World of Tomorrow are
1.
.
A normal demand for products, ok capital, cannot exist
couraged people.
level.
analyzing the results of the first 47 days' of
A report
operation of the New York World's Fair formed the basis
for a statement on June 18 by Gover A. Whalen, President
of the Fair Corporation, that the Exposition has a "highly
satisfactory" record with all signs giving assurance that it
will be an unparalleled success.
"This Fair has already gone
over
the top," Mr. Whalen declared.
"Naturally, we've
had a few kinks to iron out, a few changes to make, but all
that is done with now.
The Fair is firing on all cylinders.
firms
of the, financial center of America contribute gener¬
ously, through the Greater New York Fund, to the welfare of their less
in
to
that this financial district is interested in the welfare
City and willing to do something about it.
and employee groups
Business
Satisfactory" Record,
Grover A.
Whalen, President—
Provision Made to Payoff 5% on Fair Bonds
According
June 15 the.total was 8,087,595,
We have been told—many times—that Wall Street has no heart; that
...
—
Days' Operation of the New York
Report for First 47
exhaust
Says Business Has Obligation to Community
race
equipped to achieve the goal at which
both labor and capital. He has
to be fair to both.
In the present state of the country, no greater contribution can be made
toward its development than to be fair to both sides in the many great
controversies which must be solved if our nation is to survive.
experience and character
ness
Martin
York
is singularly well
He has the confidence of
I have aimed.
the
3.
Appeals for Support of Greater New
Fund—Head of New York Stock Exchange
McC
circulation of The Post has quadrupled, confirm¬
much as it needs a liberal, fighting
belief that New York wants, as
newspaper.
up to
products of other nations.
.
W.
eleventh hour to save The Post from
I stepped in at the
Since then
extinction.
ing my
traditions and purposes of The
Post.
report on operations,
damaged.
were
am
finally reached, this is a
Taking the country as a
been
I
World's Fair Shows "Highly
staggering problem. Most
of the banks have large balances of blocked pesetas with the Bank of Spain.
Any solution favorable to the holders must add to a currency inflation
already great.
In fact, the problem is of such proportions and has such vast
implications that the task must take precedence even over the settlement
of American and other
is a sincere liberal.
happy to have him carry on the
New York
These are free.
ended.
Whatever solution is
statement:
made the following
George Backer
Six years ago
in the area controlled
pesetas of bank notes in circulation.
the printing presses increased that
Some estimates are as
the Nationalist side,
28 billions.
amount up to
small.
Assistan
and Treasurer.
Mr. Stern
people are sorrowful
ing, they have
addition,
Secretary
and Wesley W. Garver,
Secretary and Treasurer,
K. Finletter,
deaths.
there were no
While the
June 24, 1939
Chronicle
Abbott was known for her welfare work
She was born in Grand Island, Neb., but
Throughout her lifetime Miss
among women
and children.
Volume
Financial
148
spent most of her early life in Chicago, first as a graduate
University of Chicago, later
as
Director
of
the
student at the
Immigrants' Protective
League.
While Director of the League she lived at Hull House and was a
friend of the late Jane Addams.
as
she
was
close
Her first national service for children was
Director of the Child Labor Division of the Children's Bureau, to
which
appointed in 1917.
Four years later, President
Harding named her chief of the
Bureau and she remained in the post for the next 13 years.
Children's
In this time
she became known to millions of American mothers
through guidance
character development of their adolescents by the advice
of the
contained in the
Bureau bulletins.
named in
was
America's 12 most notable
national magazine poll as one
a
for her battles against infant
women
of
and ma¬
ternity mortality, child labor, and juvenile delinquency.
Miss Abbott resigned her post as chief of the Children's Bureau in
University of Chicago
administration,
negotiations covering German short-term credits, is expected
to be admitted as a
general partner in the firm of Lazard
Freres & Co. at the end of the month.
The proposal of Mr.
Jeidels' name for admission to the firm was disclosed
by the
New York Stock
Exchange on June 17.
Mr. Jeidels ter¬
minated 20 years' service as
Managing Director of the
Berliner Handels-Gesellschaft, one of
Germany's leading
banks, to become associated with Lazard Freres & Co. early
this year.
After
An announcement in the matter further said:
being graduated from
1934
professor of public welfare
as
Berliner
international affairs of the bank.
Owen had served in the House since 1933.
York "Herald Tribune" of June 22 the
account of his
Griffin,
member
of
Georgia
Legislature from
Zebulon, Ga., City Court from 1908
to
Flint, Ga., Judicial Council from 1912
1902
to
10 years.
1906,
He
solicitor
was
a
of the
1912 and solicitor general of the
to
1923.
born in Hollonville, Ga., and was a graduate of Gordon Institute
Barnesville, Ga.
He received
a
Bachelor
of
Literature degree from
the
University of Georgia in 1900.
'
of
New
Agency and John
Chief of New Works Agency
Senate
welcome-home
luncheon
held
in
said:
I shall only try to tell you some of the
impressions, of my journey that
remain in my mind.
.
in this age of machines and
mass
production,
the strength of human feeling is still the most
potent of all forces affecting
world affairs.
'
"Over all nations," as a North American historian has written—over all
nations—is
on
hujnanity.
In
the continent
Within
its
no
part of the world is that truth
from which
I
have just
geographical limits live
and divers political faiths.
men
more
evident
returned.
Corp.
Yet first and foremost they are human beings.
a
helpful contribution
to
the
we
Confirms
Ambassador
j,
'
Nomination
of
G.
C.
Chile—Three
to
in these islands have
gradual weaving of that fabric of hu¬
manity.
ations
of
Edwin
C.
Jenkins
G.
Wilson
as'.
Bowers
Minister
nominated them
on
Ambassador
as
Minister to
as
to Chile, of
Uruguay and of Douglas
Bolivia.
to
June 5
as
June 10, page 3473.
The nomination of James W. Morris
as
of
for
the
United
Columbia
was
nomination
States
District
Court
confirjned by the Senate
also
was
noted
in
I
these
Commerce Appoints Special Com¬
Chairmanship of F. J. Lisman on
Corporate Management—New Standing Committee
on
Public Health and Welfare Also Appointed—
14
Associate Justice
on
appointment of nine members to serve on a Special Com¬
mittee on Corporate Management with Frederick J. Lisman,
head of the Lisman Corp., as Chairman.
The Committee
will study the relationship of the management of large
corporations to their security holders and if possible make
constructive recommendations on the subject.
The other
members of the committee
June 15.
columns
Clyde
8.
Baldwin; partner, Baldwin & Beach; Thomas H. Blodgett,
Chairman of the
Robert
Stilwell,
Reis
&
Co.;
Board, American Chicle Co.;
John
Vice-President,
Sloane,
National
Chairman,
Biscuit
W.
William de
Co.,
&
and
J.
Sloane;
Sidney
J.
Weinberg, partner, Goldman, Sachs & Co.
The appointment of seven members to serve on a new
standing committee—Public Health and Welfare—of which
H. Boardman Spalding, a Director of A. G. Spalding &
Bros, is Chairman, was also announced.
Otto Jeidels to Become Partner in Lazard Freres & Co—
Was German Representative in "Standstill"
ment
O.
B.
Otto
June
10,
Ryder Begins New Term
as
Member of United
by Presi¬
States Tariff Commission—Was Renamed
dent
Roosevelt
Oscar
Commissioner
B.
Ryder of Virginia, Democratic
entered on a new
term of duty on June 16 following renomination to the post
by President Roosevelt and confirmation therein by the
Senate on May 27.
The new term is for six years, expiring
June 16, 1944.
The Tariff Commission issued the following
bearing on Mr. Ryder's career:
member of the U. S. Tariff Commission,
Mr.
Ryder was originally appointed to the Commission in June,
National Recovery Administration.
1934.
Prior to holding that position, how¬
he had served on the staff of the Tariff Commission
ever,
He
was
for nearly 15
first assigned to the Textile Division because of his knowledge
of the silk manufacturing
nomics Division of the
industry but
was
later transferred to the Eco¬
Commission, of which he was assistant chief.
sultant.
Dur¬
and in subsequent
advisor and con¬
.
Fred
I.
Kent
Heads
A.
B.
A.
Delegation
Agree¬
from 1931 to 1938
Jeidels, internationally known banker and from 1931
1938 German representative in the so-called "Standstill"
to
Meeting
International Chamber of Commerce atCopenhagen
26-July 1
Fred I. Kent, Director of the
Bankers Trust Co. of New
York, is Chairman of a delegation to represent the American
Bankers Association at the 10th general meeting of the
International Chamber of Commerce which is to be held at
Copenhagen, June 26 to July 1, it is announced by Philip
A.
Benson, President of the bankers association and President
of the Dime Savings Bank of Brooklyn, N. Y.
W. L.
Hemingway, President of the Mercantile-Commerce Bank
of the delega¬
tion and other members include Eric A- Johnston, Director
of the Seattle-First National Bank, and Fred I. Kent II.
Scarsdale National Bank & Trust Co.,
Mr. Kent, who is Chairman of the Com¬
merce
and Marine Commission of the American Bankers
Association, will deliver an address June 27 at the plenary
session of the meeting which has as its topic "National
representing the
Scarsdale, N. Y.
Economy."
,,
.
„
The discussions at the meeting will coyer a
wide range ot
subjects and will be dealt with by qualified business leaders
and economists.
A part of the sessions will treat of "World
Economy: Financial and Monetary Order."
Some of the
issues to be discussed at the session
An inrernational
include:
monetary standard as the organic
change of goods and money.
to
of
of
This
and Trust Co. of St. Louis, is Vice-Chairman
are:
Krafft, Samuel T. Hubbard, partner, Good body & Co.; Arthur M. Reis,
President,
District
the
3474.
page
June
Special Committees Named
William H.
issue of
Under
Richard W. Lawrence, President of the Chamber of Com¬
merce of the State of New
York, announced on June 22 the
President and
our
'
Chamber, of
mittee
Roosevelt
President
reported in
was
ing the consideration in Congress of the Tariff Act of 1930
,
,
as
Nominees
June 19 confirmed the President's nomin¬
on
Claude
legislation relating to the tariff, Mr. Ryder served as an
State
Bowers
Other
Approved
The Senate
years.
I found inspiration, too, in the realization that
"
At the time of his appointment he was Chief of the Imports Division of the
of almost every race and creed
Over them all is humanity.
made
as
London
yesterday (June 23) the King declared that his tour had
convinced him that human feeling still is the most
potent
of all forces affecting world affairs.
Concerning further re¬
marks of his speech United Press London advices of June 23
even
Head
Administration while Mr. Jones is Chairman of the Recon¬
struction Finance
Tour of North America
Bang George VI and Queen Elizabeth arrived in London
on June 22 and were welcomed
by hundreds of thousands of
their subjects, after concluding a month's tour of Canada
and a trip to the United States.
On their way back to Eng¬
land on June 17 the royal
party paid a visit to Newfoundland,
oldest of British colonial possessions, and the
King made a
radio address expressing a desire for
peace and prosperity.
Jt was reported on June 20 in a Canadian Press dispatch
from the finer Empress of Britain that the
royal couple had
completely recovered from their strenuous trip after resting
the first two days at sea.
Reference to their departure from
Halifax, Nova Scotia, on June 15 and their visit in the
United States was made iD our issue of June
17, page 3629.
First and deepest is that
as
Carmody
President Roosevelt yesterday (June 23) sent to the Senate
effect.
official
M.
the nominations of John M. Carmody of New York as head
of the Federal Works Agency and Jesse H. Jones of Texas
as
head of the new consolidated Federal Loan Agency.
Mr. Carmody is now head of the Rural Electrification
King and Queen Welcomed on Return to Eng¬
land—King Says Human Feeling Impressed Him on
than
Loan
Both appointments would become effective July 1, when
the President's two Government reorganization orders take
British
an
,
President Roosevelt Nominates Jesse H. Jones
brief
following
Ga., and before going to Washington had been a
general for the Griffin Judicial Circuit for
the
From the New
companies,
member of the Supervisory Board of the German Railway
a
System.
is taken:
career
solicitor
At
Director in
He served also, part of the time as Chair¬
the Boards of many industrial, commercial and banking
and has been
Representative Emmett Marshall Owen, Democrat, of
the Fourth Congressional District of
Georgia, died on June
21 in Washington.
He was 62 years old.
Representative
was
became Managing
Jeidels devoted his time principally to the industrial relations and
man on
1
He
University of Berlin with the degree of
to the
1918-
Representative Emmett M. Owen of Georgia—
in
came
Handels-Gesellschaft, of which he
-
Had Served in House Since 1933
He lived
the
United States for training in business and
finance, and subsequently entered the metal and metallurgical trade with
Metallgesellschaft in
Germany,
the
Merton
Metallurgical
Company
Limited, the English affiliate of this company, and the American Metal
Company in New York and Denver.
In 1909, he joined the staff of the
Mr.
Death of
3777
Ph.D., Mr. Jeidels
In 1931, Miss Abbott
and returned to the
Chronicle
Is not some
kind of gold standard at work ?
The future of national
policies in relation to go.d.
basis for the inter¬
Financial
3778
The
importance
trade of
to
and reinforcing the
maintaining
Chronicle
Jane,24, 1939
fession and suggest practical solutions.
telative
steadiness of exchange rates.
The announcement
said:
International collaboration between exchange equalization funds.
Probably never before in the history of the profession have fundamental
Reopening of international capital and credit market.
>
objectives, techniques, and procedures been subjected to more searching
scrutiny both by the public and
fifth
The
resident
session
of
Graduate
The
School
172 bankers
are
expected to be graduated at the
commence¬
Each year approximately 200 new students enter the school
and 200 are graduated upon the completion of the course,
which consists
of
two-week resident
intensive
Rutgers University for three successive
sessions
at
and two years
of extension work at home under the supervision of the
faculty of the school. The writing of a suitable thesis is also
required for graduation. The announcement issued in the
matter also says:
years
'
by Col.
Dr.
Leonard
Everett
P.
Ayres, Vice-Piesidept of the Cleveland Trust Co.;
Dean Martin of Claremont CoUeges, Claremont, Calif.; and
Dr. Paul P. Cadman, President of t,he American Research Foundation, San
Francisco, Calif.
The work of the school
covers a broad range of practical subjects in
banking, investments, economies, business law, trusts, savings
commercial
banking, and related fields.
The courses are given by a faculty consisting
of university professors, practical bank operating
officials.
officers, and Government
Summer at Wharton
A number of bank executives and epeciali-ts from New York,
versity.
Chicago,
Detroit,
Minneapolis,
Philadelphia,
N.
Winston-Salem,
C.
Norristown, Pa., Rochester, N. Y., and^Clarksville, Tenn., are a part of
faculty as are some Government officials.
the
Bankers
Association
Meeting
Today
Park, Pa.
; * ■
for
Consumer
Credit
Tomorrow
and
Hold
to
Conneaut
at
newly-organized Bankers Association for Consumer
Credit will hold its first annual conference today and to¬
(June 24-25) in Conneaut Lake Park, Pa.
speakers at the general sessions will be:
Commerce of the
School of Finance and
Wharton
The
*
University of Pennsylvania and the American Institute of
Real Estate Appraisers jointly announce case-study and
lecture courses in real estate appraisal to be given at the
University during the summer of 1939.
Two case-study
courses, each covering two weeks, run consecutively July
10-July 22,and July 24- Aug., 5.
Two separate lecture
series follow, running forenoons and afternoons, respectively
during the week Aug., 7-Aug. ,11.
Regarding the courses
an announcement said:
The scope
of the case-study and lecture
courses
properties.
income
:
dealing with residential properties, will give practical
1,
No.
Course
in real estate appraisa
factor dealing with the valuation of residential and
every
principles and practice of appraising
such subjects as history.of value theories, valuation principles, purposes and
functions of appraisals, and principles of neighborhood analysis.
training in its coverage of fundamental
Course No. 2, deals with the
valuation of investment properties.
+.
Nominated,
Shutz
T.
B.
Mortgage
of
President
as
Bankers Association of America
Byron T. Shutz of Kansas City has been
Selected
as
the
official nominee for election to the Presidency of the Mortgage
Bankers Association of America at the
organization's 26th
S: M. Waters of
annual convention in October to succeed
Minneapolis, the Association's Nominating Committee,
A. D. Fraser, President, A. D. Fraser, Inc.,
Cleveland, announced on June 16 at the second 1939 meeting
of the Board of Governors in session in Chicago. Nomination
headed by
by the committee has always been tantamount to
election.
Mr. Shutz, not yet 40 years old, will be the second youngest
President of the Association which last year celebrated the
.
morrow
School, University of Pennsyl¬
vania
Universities represented by the faculty this year include; Rutgers
University, Washington Square College, New York University; National
University Law School at Washington, D. C.; Indiana University; Uni¬
versity of Pittsburgh; University of North Carolina; and Harvard Uni¬
The
Real Estate Appraisal to be Given During
Courses in
will embrace
In addition to classroom work the students will listen to evening lectures
of the
The sessions, comprising an hour's lecture and an hour of
discussion, are scheduled from 10 a. m., to 12 noon each day
in the School of Business.
of
ment exercises which will be held Friday evening, June 30.
purpose
consideration of the profession at the present time.
Banking which opened on June 19 at New Brunswick, N. J.,
will be attended by 649 bank officers representing banks
from 39 States, it is announced by Richard W. Hill, registrar
of the school.
The Graduate School of Bankking is an
adyance school for bank officers conducted by the American
Bankers Association at Rutgers University.
This year 227
bank officers will enter the school for their first session; 250
bank officers will attend the school for their second year; and
by the profession itself. The
Institute is to discuss some of those questions which are claiming the earnest
The Graduate School of Banking Opens Fifth Resident
Session at New Brunswick, N. J.
The
John B. Paddi, Assistant Vice-President of the Manufacturers Trust Co.,
New York City.
Arthur J. Frentz, Assistant to Assistant Administrator, Federal Housing
Administration, Washington.
He is Executive Viceof Kansas
City. He is a Director and Vice-President of Hotel President,
Inc., and a director of Crown Drug Co., the Kansas City
Chamber of Commerce, the Santa Fe Savings and Loan
Association, the Kansas City Provident Association and the
Kansas City Chapter of the Boy Scouts of America.
25th
anniversary of its founding.
President and Director of Herbert V. Jones & Co.
K. R. Cravens, Vice-President, The Cleveland Trust Co.,
Cleveland, O.
Lorenz, Author, Management Engineer and nationally known
Otto C.
consumer
A. J. Guffanti,
field, Mass.
I.
Vice-President of the Springfield National Bank, Sprlhg"
'
\
.
Sperling,
Assistant
«
.
Vice-President
Cleveland, O.
of
the
Cleveland
Trust
Co.,
*
Robert
W.
John
Watson, President of the Morris Plan Insurance Society,
City.
M.
Chapman,
National
York World's Fair Planned
•
special train from Chicago to Atlantic City, N. J. and
planned for the 47th
annual convention of the United States Building & Loan
A
then to the New York World's Fair is
League at the New Jersey seaside resort, Sept. 27-29.
To
khown as the World's Fair-Boardwalk Special, it will
transport the delegates from thrift and home financing
institutions in the West and Middle West tjo the convention
city, and will add additional delegates from 4he South and
East for the trip to the Fair over the weekend, it is announced.
be
W. F. Kelly, Pennsylvania Co., Philadelphia, Pa.
New York
&Loan
League at Atlantic City Sept. 27-29—Visit to New
In addition to the speakers at the
general sessions, the
following will also address the forum meetings:
I.
Annual Convention of United States Building
credit authority, New York City.
Bureau
of
Economic
Research,
New
York City.
Organization
May 27 issue,
of the Association was reported in our
.page 3161.
Bankers need not be members
of the Association in order to attend the conference.
T.
L.
Appointed Director of Social Research
Association of Personal Finance
Cotton
of
.York
New
Companies
Summer
Session
of
Columbia
July 5—14 Courses on
Geography and Business
Economic Structure
to Be
University to Begin
Influence
ofPolitics,
Traditions in Molding
Given
The influence of politics, geography, and business traditions
.
molding the contemporary economic structure will be
studied in 14 courses to be g^ven at the summer session, of
Columbia University beginning
July 5, it is announced by
Director Harry Morgan Ayres.
Educators from the Uni¬
versities of Illinois, North
Carolina, Nebraska, California,
Yale and Georgetown Universities, as well as from Columbia,
wiU direct the classes.
Dr. Ivan Wright, Professor of
Economics at the University of Illinois and
special executive
of the New York Stock
Exchange, will be in charge of two
courses, ope on corporation finance, and one on security
analysis, investment and speculation.
The development
m
and effects of corporations and their relation to the
govern¬
ment and the public will be
corporation finance.
stocks and bonds will
among the topics of discussion in
Government, utility and corporation
be analyzed in the course on securities.
University Summer Session to
Accountancy Institute from July 10
e
Conduct
to
An Ij^titute of Accountancy will be inaugurated
14,
University
summer
it is announced by
14
as
part
session From July 10 to
Professor Harry Morgan Ayres,
Director.
Leading accountants, through lectures and
discussions, will present questions at issue before the pro¬
announces
been
that effective June
rl
the
announcement for the
Companies
L. Cotton has
15 Thomas
appointed Director of Social Research.
has been active in
Mr. Cotton
In making the
social work field.
Association, Armand E. Robichaud,
Chairman of the Public Relations Committee, said:
Mr.
Cotton will make available to the Association studies on modern
of
investigation, of training workers, technics in inter¬
up-to-date technics and procedures in social science, such as technics
interviewing
and
pretation, administration, recording and budgeting.
Mr. Cotton will also act
as an
.
.
.
advisor to officers and committees of the
Association, bringing to the Association suggestions and advice arising
from his experience with
his field work and in his
agencies, individuals and groups encountered In
The main objective of the
professional research.
Director of Social Research will be to bring to those agencies and groups
specifically concerned with the public welfare a better understanding of the
social background of personal finance.
A.
C.
Daniels
Named
Secretary
Institute of Life
Formed to Further
of
Insurance—New Organization
Improve Service to Public
Arthur C. Daniels has been appointed Secretary of
Institute of
Columbia
of the Columbia
The New York Association of Personal Finance
Life
the
Insurance, formed by leading insurance
companies to coordinate the efforts^ of the companies and
agents to further improve their service to the public and to
act as a clearing house for information on life insurance, it
was announced June 8 by Frazar B, Wilde, Chairman of the
Institute's
Executive
Committee.^
Mr. Daniels, who will
his post on July 1* is the first permanent member of
the Institute staff to be appointed.
The Board of Managers
assume
Volume
is
Financial
148
planning to select
in the
an
executive head for the organization
future.
near
National Council of State Liquor Dealers' Associations
to Hold Mid-Year Meeting in New York, June 27-29
The mid-year meeting of the National Council of State
Liquor Dealers' Associations will be held at the Pennsylvania
Hotel, New York City, June 27, 28 and 29, it was announced
by Neil F. Deighan, National Chairman.
Dr. Wesley A.
Sturges, Executive Director of the Distilled Spirits Institute
and Hugh Harley,. Secretary of the United Brewers' In¬
dustrial Foundation, have been invited to address the dinner
to be held June 26 in conjunction with the meeting. Keynote
of the meeting, Mr. Deighan said, will be the planning of
opposition to proposals for increases in taxes on aleoholic
beverages by the various States and plans to inaugurate a
limitation
licenses in all States.
on
Chronicle
Jesse Hirschman, retired investment banker and former
partner of Speyer & Co., died at his home in the SavoyPlaza Hotel in New York on June 17 at the age of 63.
Born in
Binghampton, N. Y., Mr. Hirschman was educated
city and in Germany. He entered the banking busi¬
ness with Lincoln
Menny Oppenheim & Co. in Frankforton-Main, Germany, and later joined the firm of Brunner
& Co. in Brussels, Belgium.
Returning to New York he
in that
became
ABOUT
BANKS,
TRUST
COMPANIES,
&C.
Manufacturers Trust Co-, New York, held
a party at its
yesterday, which was attended by
Harvey D. Gibson, President, Henry C. Yon Elm, Vice
Chairman of the Board, and other administrative officers
of the bank.
At this party Grover A. Whalen, President of
Fair Corporation, inaugurated the sale of the new silver
tokens, issued in commemoration of the Fair, which will be
placed on sale by the bank for $1.
The trust company says:
World's
Fair
Office
This elliptically shaped token is made of silver 900 fine.
On the front
associated
partner
noted
and
v
of
as
that
an
with
firm
expert
investment
Speyer & Co. in 1897 and
for
was
a
Mr.
Hirschman,
railroad finance and international
on
many
years.
banking, had been retired since 1924.
Edward
Wise, a partner in the New York Stock Ex¬
S. Bache & Co., died on June 19 at the
Greenwich Hospital, Greenwich, Conn., after an illness of
one week.
He was 68 years old.
A native of Boston, Mr.
change firm of J.
Wise
ITEMS
3779
•
began his
business
and
there
career
later
the wholesale dry goods
the tobacco business with
in
in
engaged
his
brother in Providence, R. I.
His firm was absorbed
by the United Cigar Stores Co. and he served this firm ah
Treasurer, Vice-President, and, from 1917 to 1921, Presi¬
Mr. Wise originally entered the brokerage field in
1922 as a partner in J. S. Bache & Co. from which he re¬
signed in 1929.
Hq rejoined the Bache firm in 1933 as a
partner.
He was a Director of Julius Kayser & Co. and of
the Trust Co. of North America, and was a member of the
Chicago Board of Trade.
/
dent.
V
V,
■
♦
,
■
side it bears the design of the Trylon and Perisphere with the words "New
York World's Fair
the
readihg matter
same
center
1939" around the circumference.
are
the words
appears
around the circumference, while in the
"Official Token Created by
Committee—Grover A.
On the reverse side
Whalen, President."
Order of the Executive
.
The token was designed by Henry C. Kreis, sculptor and
designer of commemorative coins.
-
Roderick G. Horton, Assistant Vice President of the
Empire City Savings Bank, New York City, and Manager
of the branch office at 2 Park Ave., died on June 21 at St.
Agnes Hospital, White Plains, N. Y.
He was 58 years old;
A native of New York City, Mr. Horton had been connected
with the Empire City Savings Bank for 20 years and prior
to that was associated with the United States Mortgage and
Trust Co. and the Hamilton Bank, both of New York.
Speaking before members of the Brooklyn Home Guild
June 16, Joseph Hanson, of the Williamsburgh Savings
Bank, Brooklyn, N. Y., outlined the history of mutual in¬
on
Harold
benefit
are
of the mutual type, operated solely for the
their
of
"Because
they work for the
public, because their aim is the greatest good for the
greatest number, savings banks play a vital part in the
life of the community which they
serve," Mr. Hanson
declared.
Every savings bank dollar that is invested, for
depositors.
productive purposes helps
tinued,
no
worker,
the
Mr.
Hanson
con¬
matter what line of employment he follows, for
investment
means
employment,
and
employment
means
to the worker.
He cited a number, of examples
/to illustrate how the mutual savings banks benefit a com¬
money
munity through the investment of their funds in restricted
State, Government and certain utility bonds, and also
explained
the
Security
Fund which
safeguards every
mutual savings bank dollar.
The program was arranged
by Group V, Savings Bank Association of New York State,
of which Williamsburgh Savings Baiik is a member.
,
several
trips abroad, visiting England, France, Germany,
Italy and Czechoslovakia.
In the spring of 1936 he was
invited by the Bank of China to establish their. New York
Agency,
meeting of the Board of Trustees of Title, Guaran¬
a
tee and Trust Company of New York City held on June
20, Loren H. Rockwell, the present Treasurer of the Com¬
elected Secretary of the Company and will
tinue to serve the Company in both capacities.
pany, was
con¬
and
Joint Manager,
appointed
was
Announcement
was
made
on
June 22 by the Irving Trust
Co.
that Joseph W. Rowe, Vice-President in the
Division of the Irving Trust Co. will temporarily
Foreign
fill the
vacancy caused by the de&th of Mr. Burgess, Joint Manager
of the New Ybrk Agency of the Bank of China.
To facilitate
this step, Mr. Rowe has been granted a leave of, absence
from
the
Trust
Co.
until
permanent successor to
a
Safe Deposit Co., New York, has been
authorized by the State Banking Department to open a
branch office after Jan. 1, 1940 at 57th Street and Broad¬
Mr/
Burgess is selected. Since it was opened in 1936, the New
York Agency of the Bank of China has been in charge of
two joint managers.
One C. H. Wang, a brother of the
former Chinese Ambassador to the United States—sailed
from New York en route to China June 7, leaving his asso¬
ciate, Mr. Burgess, in charge. When apprised of the death
of Mr. Burgess the Home Office of the Bank of China in
Hongkong, requested, in the emergency, the cooperation of
the Irving Trust Co., its correspondent in New York for
Mr. Rowe has been in the Irving's Foreign
banking conditions
many years.
Division since 1919 and is familiar with
the
Far.
East.
•
He will assume his new duties
today
(June 24) with full legal power to handle the affairs of the
Agency until the arrival of a new manager.
-—«
meeting this week of the Board of Directors of the
Riverside Trust Co., Riverside, N. J., Howard G. Pancoast,
At
a
Senior Vice-President of the company was
The National City
position
the
he held at his death.
in
At
R.
Burgess, Joint Manager of the Bank of
China, New York Agency, died at his home in Scarsdale,
N. Y., on June 18, of a heart attack.
Mr. Burgess, who
was 48 years old, was born in New York City.
Mr. Bur¬
gess was well known in banking circles in the United
States, Europe and the Far East.
He began hfe banking
career in 1910 when he joined the New York Agency of the
Chartered Bank of India, Australia, and China, remain¬
ing with that bank until 1916.
From 1916 to 1927, he was
associated with The National City Bank of New York as
an
Assistant Vice-President.
Subsequently—from 1927 to
1936—he was with the Irving Trust Co., holding the office4
of Assistant Vice-President.
During that period he made
stitutions, and emphasized that all savings banks in New
York State
D.
elected President
unexpired term 6f the late Irving A. Collins.
Mr. Pancoast retired from active duty at the bank on Jan.
fill
to
the
Fridays instead of Saturdays, as in the past,
was cited
by Charles G. Edwards, President of Central
Savings Bank, New York City, as one of the chief reasons
for changing the bank's evening hours after July 1 from
Mondays to Fridays, when the bank will remain open to
elected Senior Vice-President.
extends over a period of
35 years, during which he has served as Secretary and
Treasurer, Senior Vice-President and now as President.
At this week's meeting, Stewart S. Brush, heretofore As¬
sistant
Treasurer and
Trust Officer, was advanced to
Treasurer and Trust Officer, and Howard J. Bright, for¬
merly Assistant Secretary, was promoted to Secretary.
The bank's personnel is now as follows: Howard G. Pancoast, President; Charles B. Veghte, Executive Vice-Presi¬
dent; Alexander P. Bright and William H. Rowan, VicePresident; Stewart S. Brush, Treasurer and Trust Officer,
6
and
New York City, conditioned upon the discontinuance
way,
branch
the
of
now
located
at
57th
Street
and
Seventh
Avenue, it is learned from the Department's "Weekly Bul¬
letin"
of June 16.
The
fact
being paid
p.
m.
that
more
and
more
New
Yorkers
are
now
on
The Monday evening hours have been in effect
three-quarters of a century were
convenience to wage and salary earners who
1
last, at which time he was
His connection with the company
Howard
J.
Bright, Secretary.
■
♦
since 1859 and for almost
a
great
worked
late
on
weekdays and
either all day or half
day
It is noted by the bank that an increasing
number of concerns close at 5 p. m. on weekdays and all
on
Saturdays.
day on Saturdays during all or part of the year.
Savings Bank, by remaining open until 6 p.
m. on
"Central
Fridays,"
Mr. Edwards said, "is adapting itself to the changed stand¬
ards of
working hours, thus providing an opportunity for
weekly savings to be safely deposited before the week end."
Eugene Smith, retired Philadelphia banker, died
at his home in Haverford, Pa., on June 17 of heart disease.
Horace
Mr. Smith, who was
72 years old, was born in Philadelphia.
from 'Haverford College in 1886, he
studied medicine at Harvard University for a year, and
then entered the Philadelphia banking firm of Charles
Smith & Co., founded by his father, where he remained as
After
a
graduating
partner until his
retirement in 1917. Among other in¬
Director of the Bank of North Amer-
terests, he had been a
ira
nf
PhiladelDhia.
the
Westinghouse
Machine
Co.,
the
Financial
3780
and
the Security Investment Co.
Co.
Air Brake Co.,
Westinghouse
Electric Properties
the
Vernon, Ohio, banking institutions—the First
(capital $50,000) and the Knox National
Mt.
Two
Bank
(capital $125,000)—have been consolidated under the
the First Knox National Bank, it is learned from
Bank
title of
appearing in "Money & Commerce" of
June 17.
Henry C. Devin, President for the past 19 years
of the Knox National Bank, has been made Chairman of
the Board of Directors of the new institution, and William
Vernon advices
Mt.
former Executive Vice-President of the same
A. Ackerman,
B. B. Williams
J. Gordon Bone,
Cashier; Carroll L. Benoy, Henry G. Richards, and Howard
Ogg, Assistant Cashiers, and Robert Baltzell, Teller.
bank, President, while other officers are:
C.
and
Vice-Presidents;
Colville,
F.
Harrison County
17
Grand Jury in its report of June
(Miss.)
"we have
said,
failed
to
find
testimony to
sufficient
that any guilty knowledge on the part of the person
alleged to have committed such an offense that would jus¬
tify the grand jury in returning an indictment."
prove
«
National
June 24, 1939
Chronicle
Within a short time the Federal Deposit Insurance Corp.
expected to begin payments to depositors of the Glendive
State Bank, Glendive, Montana, which closed on June 15,
last.
The bank held total deposits of approximately $125,000 at the time of suspension and practically the entire
amount is estimated as being insured according to the FDIC.
The bank had about 450 depositors at the time of the sus¬
pension.
This was the third closing of an insured bank in
the State of Montana since the beginning of deposit insurance
is
on
Jan. 1, 1934.
1
♦
its
changed
Ind.,
Lafayette,
First
the
to
name
of Lafayette.
& Trust Co.
Bank
Merchants National
May 31 the Comptroller of the Currency granted a
charter to the Citizens' National Bank of Macomb, Macomb,
which
institution,
new
represents
conversion
a
Bank of Ma¬
comb, is capitalized at $100,000.
E. T. Walker is 'Presi¬
dent and J. B. Wolfe, Cashier of the new bank.
-to the national
system of the Citizens' State
and
EXCHANGE
CURB
on
the New York Curb Exchange have
moderately strong and have generally pointed upward
There have been occasional periods of weakness
this week.
On
The
Price movements
been
♦
111.
THE
1, the First-Merchants National Bank of La¬
As of June
fayette,
profit taking, but most of the latter
some
and industrial
number of
specialties continued in the foreground and
new
at their
dividend
Detroit, Detroit, Mich.,
regular meeting on June 13, declared a semi-annual
of 50 cents on 750,000 shares of common stock,
payable Aug. 1 to stockholders of record July 14. A similar
amount was paid on Feb. 1.
At the same meeting a stock
dividend of 10%, payable Aug. 1 to stockholders of record
Oil shares have been
This dividend will be paid for
the purpose of replacing in the bank's fixed capital struc¬
ture a similar amount of preferred stock retired, in accor¬
dance with the retirement program adopted upon the or¬
ganization of the bank in 1933. Originally, preferred stock,
all held by the Reconstruction Finance Corp., was $12,500,000.
Through the operation of the retirement program,
$3,250,000 will have been retired by Aug. 1, leaving $9,250,000 of preferred stock in the bank at that date.
July 14, was also declared.
channel.
quiet, aircraft issues have been irregular
"
moved within
a narrow
.
Light trading and
price movements
narrow
were
the out¬
standing features of the dealings during the short session
The volume of transfers
Saturday.
mately 33,000 shares and
was
31,000 registered on May 20.
spots and
traders
on
tops,
new
some
was
on
down to approxi¬
close to the year's bottom of
There were occasional strong
but the absence of
numerous
the week-end holiday held most of the changes to
on
minor fractions
nent
a
tops for 1939 were registered in these groups.
and mining and metal stocks have
Directors of the National Bank of
absorbed
was
Public utilities
without serious check to the market trend.
an
d largely on the side of the decline.
the down side
were
Promi¬
General Public Service pref., 3
points to 37; Koppers Co. pref., 2K points to 59SherwinWilliams, IK points to 89; Valspar pref., IK points to 21,
and Jersey
Central Power 6% pref., 2 points to 96.
♦
Curb prices
William B. Detweiler has
purchased the stock owned by
Wayne State Bank,
Wayne, Mich., and has succeeded Mr. Little as head of
the institution, it is learned from the "Michigan Investor"
of June 10.
Mr. Little, the paper said, who had been
President of the Wayne bank for 33 years, is also Presi¬
dent of the Oakland County State Bank at Milford, Mich.,
F.
Thomas
and will
of
President
Little,
the
in that community.
direct his interests
and while
specialties
directorate
of
the
trial
State Bank, with the
John Wichers, will be added
the
Board.
bank's
The
$240,000,
with deposits of $2,700,000, and total resources of $3,000,000.
Its officers are: J. H. Den Herder, Chairman of the Board;
E. M. Den Herder, President; A. C. Vanden Bosch, Ex¬
ecutive
Vice-President
and
Cashier; H. Miller and H.
Baron, Vice-Presidents, and Wm. D. Van Loo, Assistant
to
capital
structure
is
K
Cashier.
•
-
The Federal Reserve Bank of St. Louis announced
on
June
15 that the First State Bank of St. Peter, 111., has become a
member of the Federal Reserve System.
The new member
has
a capital of $25,000,
surplus $10,000, and total resources
$425,495.
Its officers are: August Borchelt, President;
August Brauer and George J. Boye, Vice Presidents, and
O. J. Gluesenkamp, Cashier.
The addition of this bank
brings the total membership of the Federal Reserve Bank of
St. Louis to 392, of which 316 are National banks and 76
are
State
banks
and
trust
companies.
The
deposits
in
these member banks aggregate $1,477,810,000, and amount
to two-thirds of the deposits of all banks in the Eighth
Federal Reserve District.
4
Effective June 19 the Wachovia Bank & Trust Co., head
office Winston-Salem, N. C., and the Charlotte National
Bank,
Charlotte, N.
stitution
Wachovia
C., were consolidated, the latter in¬
becoming the Charlotte Branch of the enlarged
Bank
&
Trust
Co.
The
consolidated
bank
is
utilities,
profit taking, which
Charlotte, and
High
Point, Raleigh, Salisbury and Asheville. Henry F. Shaffner
is Chairman of the Board of the enlarged bank and Robert
M. Hanes, President.
4
Rudolf
Hecht,
National
Bank
onerated
on
fatal
Chairman of the
in
June
New
17
Orleans,
of
automobile accident
any
on
Board of the Hibernia
La.,
blame
in
was
completely
connection
ex¬
with
May 10 in Mississippi.
a
The
were
points to 32; Midvale Co., 2K points to 99; Pa. Salt, 2K
points to 152K; Montgomery Ward A (7), 2 points to 165,
and New Jersey
Zinc, 1 point to 53 K-
Public utilities and industrial
the advance
of
new
tops
on
Tuesday.
for
1939
specialties continued to lead
The tone was firm and
were
registered
among
a
number
the market
The volume of business showed a modest increase,
leaders.
the turnover
climbing
up
to 91,515 shares against 79,775 on
Aluminum issues were stronger and aircraft
stocks were generally irregular%
Oil. shares were quiet,
mining and metal stocks were higher and there was some
buying among the miscellaneous unclassified issues. 1 The
gains included, among others, Aluminum Co. of America, 2
points to 106; New Jersey Zinc, 2 points to 55K; NilesBement-Pond, 2 points to 52; Pittsburgh Plate Glass, 2
points to 102, and Royal Typewriter, 2 points to 52.
Profit taking was more pronounced on Wednesday, and
while price variations were comparatively small, the market
was listless with advances and declines on abou*
the same
level.
There were occasional strong spots especially in the
specialties group, Great Atlantic & Pacific ,*Tea Co. n.v.
stock moving into new high ground at 105 with a gain of
3K points, while Childs pref. climbed upward IK points to
51KPublic utilities were represented on the side of the
advance by Toledo Edison $6 pref. which reached a new peak
at 106KThe trarsfers dropped to 77,135 shares against
91,515 on Tuesday.
Curb market transactions were dull and prices were
Monday.
irregular during much of the trading on Thursday.
There
were a number of new tops registered by the preferred group
in the
public utilities, but changes were largely fractional.
these stocks
branch in
Indus¬
was a
Among the gains
243,816.
new
de¬
modest upturn
Aluminum
America, 3 points to 104; Cities Service pref., 4%
of the list.
Industrial specialties were weaker,
few strong spots in the group, most
In addition to its
limits.
narrow
speculative attention, but there
capitalized at $4,275,000, with surplus of $2,125,000, and
has deposits of $88,612,793 and total resources of
$96,the head office in Winston-Salem, it has branches at
Monday,
specialties and public utilities attracted a goodly part
of the
enlarged Zeeland
exception that one director,
and public
held most of the active stocks within
Co. of
purchase the State Commercial & Savings Bank of that
city and effective July 1, 1939,. the institution will be con¬
solidated.
No change will be made in the personnel and
on
tops were recorded among the industrial
veloped around midsession, checked the rapid advance and
in other parts
Mich., has acquired by
The Zeeland State Bank, Zeeland,
registered moderate improvement
some new
were on
and while there were a
of the major changes in
the side of the decline.
The aluminum
irregular, aviation issues were down and oil
stocks were generally off on the day. The volume of transfers
was somewhat higher, the total transactions climbing up to
86,815 shares against 77,135 on the preceding day.
Irregular price movements characterized the trading on
Friday.
Transactions were light, and while the tone
improved toward the end of the session, the changes were
generally small and without special significance.
Public
utilities preferred stocks were the most active and a number
shares
were
Volume
Financial
148
of the stronger
issues registered modest gains.
Oil shares
quiet, aircraft issues moved within a narrow channel
and there were few changes in the
mining and metal stocks.
As compared with
Friday of last week, prices were slightly
higher, Aluminum Co. of America closing last night at 104
against 1013^ on Friday a week ago, Electric Bond & Share
at 7 % against 7%, Fairchild Aviation at 11 % against 11,
Gulf Oil Corp. at 33 against 32%, International Petroleum
at 21% against 21%, Lake Shore Mines at 38 % against
38%, Lockheed Aircraft at 26 % against 25%, New Jersey
Zinc at 55% against 55, Technicolor at 16 against 15%,
United Shoe Machinery at 84 against 83, and Wright
Hargreaves at 8% against 8%.
were
DAILY
TRANSACTIONS
AT
THE
NEW
CURB
YORK
Chronicle
3781
THE ENGLISH
We
reprint
the
the weekly circular of
Montagu & Co. of London, written under date of
Samuel
June 7, 1939:
GOLD
i«n'nncBai1,L9>f E,?Bland gold
iou,ui)5 at 148s.
the previous
Wednesday.
Conditions in the
market remain quiet and only about £1,700,000 of
gold changed hands at the daily fixing during the week under review.
On
most days moderate official
offerings have augmented general selling and
buyers have been satisfied in full, the tendency of the dollar-sterling ex¬
change having rendered arbitrage operators cautious.
open
Quotations—
'
.
June 1
.
June 2
—
——
„
Stocks
Bonds (Par Value)
Week Ended
June 23.
«
Domestic
Shares)
Saturday.-.-.
Government
_
13,000
1,082,000
1,508,000
22,000
17,000
2,020,000
36,000
16,000
1,068,000
3,000
91,205
17,000
Wednesday,
77,242
77,945
1,478,000
1,981,000
1,376,000
1,589,000
446,112
$7,980,000
Thursday
86,840
...
Friday,.
$6,000
■
.
.
.
,
■
„
$502,000
11,000
$488,000
79,625
17,000
25,000
1,428,000
1,631,000
$101,000
$90,000
$8,171,000
Imports
Union of South Africa.--£2,456,916
British West Africa
80,064
Southern Rhodesia
British East Africa
British
Guiana.,
Sale
Egypt.
Week Ended Jute 23
at
Switzerland
_
Jan.
1 to June 23
_
j,..
— .
Other countries
-
New York Curb
1939
1938
1939
Exchange
1938
1,181,295
18,906,803
19,495,581
57,980,000
$7,976,000
113,000
$155,752,000
$162,373,000
Bonds
Domestic
90,000
131,000
$224,761,000
2,479,000
2,993,000
$8,171,000.
——
$8,220,000
$230,233,000
101,000
Foreign government—
Foreign corporate——.
Total
—
EXCHANGE
FOREIGN
3,174,000
RATES
Pursuant to the requirements of
of 1930, the Federal Reserve
Section 522 of the Tariff
Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
We
cable transfers in the different countries of the world.
record for the week just passed:
a
EXCHANGE
FOREIGN
CERTIFIED
RATE8
FEDERAL
BY
JUNE
17,
TARIFF ACT OF
UNDER
1939, TO JUNE 23,
Noon Buying Rate jot
Unit
June 21
tive and Continental interest has been maintained.
The following were the United Kingdom imports and exports of silver,
registered from midday on the 27th May to midday on the 5th instant.
■
>
;
rJune 23
LONDON
Cash.
¥
$
¥
$
.170016
.170011
.170030
.170016
June 2
.012075*
.012075*
.012075*
.012075*
.012075*
.012075*
June 3
krone
pound steel g 4.681944
Engl'd,
.208965
.208955
—\
4.681875
-
a
—19 15-16d.
—
19 13-16d.
19 13-16d.
_20d.
.208934
.208928
June 6
20d.
.681319
4.682569
■■
1.680694
June 7
19.15-16d.
19%d.
Average
19.969d.
i--.
.s.
May 31-------43
June
1
...»—43
June 2...----;-—.
43
June
3-43
June
5
43
June
6—*
43
19%d.
4.680902
•
.
— —
cents
cents
cents
cents
cents
19.781d.
.020537
.020564
.020578
.020541
.020541
.020533
.026490
.026491
.026495
.026490
.026483
.026486
—.
(Per Ounce .999 Fine)
19 13-16d.
.208944
.20898}.
France, franc
.
j19 15~16d.
—20d.
June 5
Finland, markka
.
June 1
NEW YORK
IN
V
Oz. Std.
2 Mas.
19%-d.
Bar Silver per
$
Denmark,
£237,497
Quotations during the week:
June 22
a
5,500
.1,786
Other countries..---
.169983
a -
10,540
£15,169
%
a
2,700
—
Germany
:
;
.169966
Czeclioslov'la, kuruna
£206,971
10,000
—
Bermuda
Europe—
—
,
£13,482
1,687
-----
British India
Belgium, Oelga
lev—s.
Exports
U. S. of America.
——
Bengal____
-
Imports
■
France-.-----Other countries
.
Bulgaria,
£8,511,520
Prices have varied only between 19 15-16d. for cash and 19%d. for
forward, at which it has repeatedly proved impossible to satisfy the very
considerable demand, and 20d. for cash and 19 13-16d. for forward at which
sellers have predominated.
Offerings have mainly comprised Indian and other resales, but some
fresh forward selling has also been in evidence.
Buying orders were received
from the Continent,and from American trade quarters, but the bulk of
American demand has been limited to the lower level at which also specula¬
Cable Transfers in New York
June 20
'
Canada
Other countries
.
IN
June 19
4,916
1,369
4,650
7,244
SILVER
,
June 17
6,750
Germany
1930
Value in United, States Money
Country and Monetary
9,452
-
Palestine.
RESERVE
1939, INCLUSIVE
-
France
Last week's shipments of gold from Bombay are reported to comprise
£66,000 on the SS. Comorin for London and about £138,000 on the
SS. President Harrison for New York.
:
BANKS TO TREASURY
Exports
America£8,477,139
about
3,447,000
Act
give below
-
-
Netherlands-
£4,207,244
446,112
Stocks—No. of shares.
U. S. of
—
142,563
16,391
7,221
1,466,200
19,740
11,355
6,794
*
Netherlands
*
148s. 4d.
148s. 4.58d.
.
'
Total
148s. 4%d.
148s. 4d.
.
The following were the United Kingdom imports and
exports of gold,
registered from midday on the 27th May to midday on the 5tn instant.
$8,000
33,255
MondayTuesday—
148s, 5d.
.
.
Average.
Total
Corporate
148s. 5d.
.
_
Ounce
148s. 5d.
.
.
;
Fine
Per
L_
June
Foreign
Foreign
of
1939
:
—
_l
June 6
(Number
£226,-
reserve against notes on May 31 was
5d. per fine ounce, showing no change as compared with
June 3
June 5
EXCHANGE
GOLDJAND SILVER MARKETS
following from
Germany, relchsmark
.401050
.401027
.401027
.401083
.401077
.401037
Greece
...
.008566*
.008564
.008564*
.008564
.008564*
.008566*
—.
.195750*
.195750*
.195750*
.195750*
.195750*
.052606
.052604
.052604
.052606
.052604
.530844
.531177
.530972
.530850
.530777
.235200
.235228
.235225
.235191
.235181
.235178
.188040
.188160
.188140
.188200
.188140
.042495
.042475
.042475
.042475
.042455
.007035*
.007035*
.007035*
.007035
1007035*
.007035*
.110225*
.110225*
.110225*
.110225*
.110225*
.241008
cents
.188100
.04253$
.
.530811
krone-..-.
.
of exchange on New York recorded during the period
7,1939, was $4.68 M and the lowest $4.68 3-16.
.052603
Netherlands, guilder.
The highest rate
from June 1 to June
—
drachma
Hungary,
pengo.
lira
Italy,
.......
.
Norway
Poland, zloty
Portugal, escudo
.
Rumania
u.
leu
.195750*
,241025
.110225*
.241059
.240978
.240984
Switzerland
franc
.225280
.225327
.225394
.225375
.225388
.225383
Yugoslavia,
dinar..
.022840
,022640
.022800
.022680
.022640
.022640
Chefoo (yuau) ool'r
.121375*
.122250*
.123500*
.122250*
.121625*
.123500*
Hankow (yuan) dol
.121375*
.121625*
.121000*
.121625*
.121625*
.123500*
Shanghai (yuan) dol
.125916*
.126083*
Spain,
peseta
Sweden, kroua
.241038
.....
COURSE
Bank clearings
with
upon
a
OF
BANK
CLEARINGS
this week will show
an
increase compared
Preliminary figures compiled by us based
year ago.
telegraphic advices from the chief cities of the country
today (Saturday, June 24)
indicate that for the week ended
Asia-
clearings from all cities of the United States from
China—
.126083*
.129000*
Tientsin (yuan) dol
.119250*
.119416*
.119625*
.115666*
.118583*
.121500*
Hongkong,
.288518
.288500
.288500
,288187
.288500
.288500
British India, rupee-
.349350
.349406
.349375
.349396
..349315
.349384
Japan,
.272871
.272771
.272771
.272757
.272757
.272757
.545000
.545000
.545000
.545250
.545312
.545875
dollar.;
yen...
8tralts Settlem'ts. dol
.122333*
.126083*
Australasia-
3.731093 3.732312 ,3.731375 3.730875 3.730562 3.730562
Australia, pound
New Zealand, pound. 3.746718* 3.746562*3.745875* 3.745375* 3.744812* 3.745062*
which
possible to obtain weekly clearings will be 10.1% above
those for the corresponding week la£t year.
Our preliminary
it is
total stands at
the
$5,454,708,586, against $4,953,077,345 for
week in 1938.
same
week ended Friday
for the
At this center there is a gain for the
of 11.2%.
Our comparative summary
week follows:
V,
;
-
Africa-
Union South Africa. £ 4.631375
4.632031
4.633750
4.631875
4.632375
4.631718
.997578
.997246
.997304
.997363
Cuba,
.999500
.999500
.997265
peso
Mexico,
.999500
.999500
.200175*
.200175*
.200175*
.200175*
.200175*
.994921
dollar
.995078
.994804
.994,804
.994843
.994648
South America—
Argentina,
Chile,
$2,518,419,437
214,602,704
+ 6.9
Philadelphia
276,000,000
+ 16.7
213,209,555
77,193,670
156,601,124
72,198,348
62,200,000
104,585,000
83,787,029
64,634,949
62,972,208
+ 36.1
—
i
.312130*
.312130*
.312095*
.312075*
.312040*
Kansas City
.060586*
.060586*
.060586*
.060586*
.060586*
St. Louis..———P——
.051060*
.051000*
.051170*
.050560*
.051000*
San Francisco————
Pittsburgh
.312130*
neso—official
.051780*
.051733*
.051733*
.051780*
.051733*
.051733*
export
.040000*
.040000*
.040000*
.040000*
.040000*
.572300*
.572300*
.572300*
.572300*
.616007*
.615992*
.616057*
.616014*
Colombia,
peso
.
.572300*
.572220*
Cleveland.
.615971*
.615942*
a
73,469,329
58,392,292
Baltimore
-
—J—
No rates available.
Other cities, five
days—.—
FINANCIAL
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Silver, per oz__
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
June 17
June 19
Junf20
June 21
June 22
June 23
19 ll-16d.
19d.
19%d.
19 7-16d.
19%d.
19%d.
Gold, p. fineoz. 148s,6d.
14Ss.6d.
148s.5%d. 14Xs.5%d. 148s.6d.
Consols. 2%%_
Holiday
£67%
£68%
£68 %
£68
£68
Holiday
£94%
£94%
£94%
£94%
£94%
Holiday
£107%
£107%
£107%
£107%
£107%
148s. 6d,
British 3%%
W. L——
British 4%
1960-90
The
price of silver per ounce (in cents) in the United
States on the same days have been:
"
*
.
BarN.Y.(for'n)
U.
S.
Closed
42%
42%
42%
42%
42%
64.64
64.64
64.46
64 64
64.64
Treasury
(newly mined)
64.64
All cities, one
day
Total all cities for
—
week
+ 6.9
+ 19.1
+ 2.6
+ 11.4
+ 18.5
+ 16.7
—
-
48,639,525
+ 20.1
+ 12.7
702,091,855
$3,410,713,782
637,381,030
$4,545,590,488
days—------- —
Total all cities, five days..
ENGLISH
i.
.355114*
Eleven cities, five
Nominal rates,
107,295,000
93,362,074
76,598,850
.356542*
.
peso, contr.
Non-controlled
*
74,100,000
—
.040000*
Uruguay,
+ 11.2
229,468,426
.050960*
_.
$2,264,492,895
Cent
322,000,000
.060586*
peso
1938
1939
Chicago-..—
Boston--.-
Brazil, mtlrels official
free
Clearings—Returns by Telegraph
Week Ending June 24
.999500
.200175*
.999500
....
pes©———'
Newfoundl'd,
Per
.997167
North America—
Canada, dollar
$4,048,094,812
+ 12.3
909,118,098
904,982,533
+0.5
$5,454,708,586
$4,953,077,345
+ 10.1
$3,843,498,633
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
+ 10.2
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
has to be estimated.
In the elaborate detailed statement, however, which we
until
of the week in all cases
present further below we are able to give final and complete
for tjie week previous—the week ended June 17.
For that week there was a decrease of 7.1%, the aggregate
of clearings for the whole country having amounted to
$5,923,519,072, against $6,379,315,916 in the same week
results
Outside of this city there was an increase
in 1938.
of 7.8%,
Week Ended June 17
this center having recorded a loss of
the bank clearings at
they
Inc. or
Seventh Feder al Reserve D istrict—C h I cago
359,986
+ 27.5
459,043
Mich.-Ann Arbor
1,326,903
+ 16.8
1,077,421
849,455
20,657,000
20,109,000
1,249,185
20,696,000
1,568,184
5,443,195
23,849,657
1,276,873
8,031,339
1,003,597
16,439,000
1,425,135
4,677,975
+26.8
+2.7
1,613,563
5,136,943
1,148,860
4,589,240
21,089,353
1,110,264
+ 40.4
8,444,300
+9.3
Lansing
__
Terre Haute—-
22,077,786
1,332,622
Wis.—Milwaukee
la.—Ced. Rapids
+ 11.9
9,233,797
3,783,582
530,551
337,146,747
Sioux City
111.—Bloomington
2,766,786
1,487,773
3,484,287
+8.6
628,624
—15.6
827.103
304,354,683
+ 10.8
20,040,481
1,196,746
7,562,191
3,358,266
324,196
314,746,170
795,198
3,905,142
1,287,936
1,286,279
+4.7
+20.0
*
Moines..
Des
and
298,612
113,373,699
3,016,306
furnish
a summary
by Federal Reserve
Peoria.
■
'
1,647,395
+ 26.3
514,590,288
469,663,111
+ 9.6
569,651,957
495,975,182
+ 10.2
105,600,000
41,606,925
+ 14.3
19,971,934
98,900,000
33,809,043
16,279,148
Decatur
„
Total (18 cities)
797,033
+ 39.8
+ 19.5
inc.or
1939
1938
Dec.
1937
S
.1939
1,476,996
3,464,550
1,236,198
1,304,156
+ 19.0
Rockford
347,496,396
1,415,463
4,447,715
1,446,071
1,428,171
Chicago
BANK CLEARINGS
'
1,114,074
4,122,814
Springfield
we
SUMMARY OF
Week End. June 17,
+ 6.1
+ 25.8
Indianapolis.
South Bend—
•
,
93,017,490
2,348,729
Ind.—Ft. Wayne
In the Kansas City Reserve District the totals are
larger by 3.6%, in the Dallas Reserve District by 6.8%
in the San Francisco Reserve District by 1.4%.
2,953,758
1,549,971
Grand Rapids
3.6%, in the Richmond Reserve District of 11.8%
and in the Atlanta Reserve District of 8.9%.
The Chicago
Reserve District enjoys a gain of 9.6%, the St. Louis Reserve
District of 8.7% and the Minneapolis Reserve District of
440,635
141,925,857
3,238,814
1,854,993
.
98,676,225
Detroit
ment of
following
1936
%
in the Philadelphia
Reserve District the totals record an increase of 22.9%.
In
the Cleveland Reserve District the totals show an improve¬
In the
1937
Dec.
are
Boston Reserve District of 7.5%, but
districts:
1938
1939
located) and from this it
appears that in the New York Reserve District (including
this city) the totals register a decrease of 15.8% and in the
10.8%.
al—
Clearings
according to the Federal
cities
16.4%.
We group the
Reserve districts in which
June 24, 1939
Chronicle
Financial
3782
S
%
*
Eighth Federa 1 Reserve Dis trict—St. Lo
97,400,000
91,100,000
34,038,262
37,515,097
1936
uis—
+ 6.9
Mo.—St. Louis..
Federal Reserve Dists.
•
—7.5
S
295,706,505
274,245,489
Ky.—Louisville—
Tenn.—Memphis
111.—Jacksonville
1st
Boston
220,314,586
238,192,535
2d
New York..13
"
.3,408,261,887
4,047,650,365
—15.8
4,448,302,722
4,721,798,415
3d
PhlladelpblalO
"
427.832,695
348,158,029
+ 22.S
416,436,328
391,486,435
4th
Cleveland..
7
"
306,363,730
295,613,283
+3.6
400,931,444
Richmond..
6
"
162,772,606
136,616,017
+ 11.8
156,436,087
139,100,946
6th
Atlanta....10
"
165,041,768
151,543,714
+ 8.9
162,613,746
142,115,689
7th
Chicago
"
514,590,288
469,663,111
+ 9.6
569,651,957
495,975,182
Rth
St
Louis.—
154,548,107
142,182,474
+8.7
187,848,859
9th
Minneapolis
113,737,246
102.606,043
112,359,344
Ninth Federal
133,950,936
+ 10.8
+3.6
117,912,605
138,013,175
158,309,538
143,881,023
Minn.—Duluth..
74,744,647
69,966,674
+6.8
81,386,387
65,374,258
Minneapolis—
246,498,437
243,172,735
+ 1.4
280,014,640
239,022,736
5,923,519,072
6,379,315,916
'—7.1
7,255,450,818
7,191,959,359
S.
2,634,470,232
2,443,032,502
+ 7.8
2,958,479,657
2.585,807,349
Mont.—Billings
313,571,579
322,626,092
—2.8
390,987,587
16,532,212
317,060,651
5th
18,896,010
408,692.482
12 cities
18
4
"
7
10th Kansas City 10
"
"
11th Dallas.....
"
6
.
'
12th San Fran...10
670,000
551,000
142,182,474
+ 8.7
167,848,859
149,539,191
St.
3,981,645
77,961,553
29,416,456
2,417,297
776,032
29,654,336
Reserve Dis trict—M i n n eapolis
3,929,890
74,541,438
28,399,477
now
add
our
3,235,984
2,669,561
102,606,043
+ 10.8
Reserve Dis trict—K
Tenth Federal
Hastings
Clearings atInc.
1938
1939
or
Reserve Dist riCt
537,741
Fall
.
181,669,901
__
736,451
River
660,192
Lowell
St.
Worcester..:.—
0
Haven..
R.I.—Providence
752,782
546,766
+ 19.7
—10.2
2/287,683
2,185,517
256,601,612
+ 5.7
738,044
+ 34.8
450,462
—7.4
804,918
3,108,774
1,909,575
10,430,314
+ 9.1
+ 14.6
+ 20.0
—1.6
12,876,300
488,944
3,743,082
11,702,800
506,806
—3.5
583,188
661,978
+ 14.4
138,813,175
133,950,936
+ 3.6
158,369,538
143,881,023
Joseph
594,244
•_
238,192,535
—7.5
295,706,505
274,245,489
+ 99.0
9,967,515
1,350,765
42,100,000
639,921
915,186
Feder al Reserve D istrict—New
Second
10,944,955
3,598,648
.
Eleventh Fede ral
'14,282,042
Blnghamton.—
1,307,597
34,300,000
533,075
7,178,213
1,213,632
34,600,000
606,818
—12.2
928,627
740,605
+ 25.4
Elmlra
Jamestown..
__
3,289,048,840 3,936,283,414
Roches ter.....
8,887,782
7,487,144
New Ylrk
Syracuse
Newark.
9,904,400
+20.4
—12.7
3,210,446
100,387,436
2,776,364
579,718
816,357
24,588,682
District—Da lias—•
+ 76.1
—3.0
1,657,604
61,127,152
9,470,112
50,299,588
7,757,807
2,731,000
Galveston
3,694,000
1,119,841
—26.1
4,059,000
3,671,000
—1.5
1,111,404
3,961,115
L006.042
3,014,582
81,386,387
65,374,258
*1,103,000
+ 9.2
La.—Snreveport.
3,797,080
3,757,515
+ 1.1
74,744,547
69,966,674
+ 6.8
686,501
681,547
+ 18.7
7,892,899
+3.3
+ 5.6
—8.9
7,002,118
3,288,676
5,870,048
463,735
+ 6.5
22,965,732
»—9.3
48,874,966
+ 8.5
7,394,705
4,137,807
2,760,428
5,063,850
Twelfth Feder al Reserve D istrict—San
Franci
45,801,244
1,095,267
38,886,308
35,694,513
+2.8
925,086
+22.6
30,744,643
14,974,817
+ 5.8
Utah—S. L. City
1,134,125
32,513,826
16,178,439
Calif.—L'g Beach
5,042,464
4,65Q,515
+ 8.3
3,951,677
3,887,372
+ 1.7
19,256,794
4,444,772
4,187,183
144,897,000
145,890,000
2,715,462
—0.7
159,402,000
—6.1
2,829,496
1,508,951
—5.7
1,580,849
Yakima
Ore.—Portland..
Pasadena
*400,000
San
Francisco
.
6,368,287
SCO—
36,696,263
Wash.—Seattle—
19,625,848
34,749,736
1,014,759
1,506,553
52,130,958
7,527,833
Worth
Fort
Reserve
2,652,699
Dallas
—16.4 4,296,971,161 4,606,152,010
386,922
18,954,980
27,098,865
5.310,961
352,455
20,187.737
Northern N. J.
—0.9
5)027,487
4,107,154
J.-—Montclalr
+ 2.0
Total (6 cities).
4,285,270
3,787,015
4,427,035
Westchester Co
Cohn.—Stamford
N.
+ 5.1
56,932,935
Texas—Austin...
York
N. Y.—Albany..
Buffalo....
+"8.6
1,096,281
34,100,000
+ 0.5
Wichita Falls..
(12 cities)
+ 36.1
4,949,702
+ 7.7
Total (10 cities)
582,482
220,314,586
1,919,120
11,949,892
4,493,206
11,512,400
N.H.—Mancbes'r
1 ctal
97,742
111,745
2,630,318
31,452,630
1,828,267
2,097,661
3,601,809
114,442,105
2,990,407
827,887
612,681
Colo.—Col.. Spgs.
717,303
3,237,055
1,700,886
108,858
234,712
2,500,360
30,887,058
—24.7
3,427,505
30,906,886
2,213,976
3,010,979
94,610,894
3,160,758
...
Pueolo
City
413,606
782,455
3,302,227
2,312,930
10,661,784
4,334,575
oprlngfleld
Conn .—Hartford
—10.0
239,764,968
648,903
202,353,567
696,421
415,501
724,522
3,393,229
New Bedford—
New
597,764
1,945,476
2,328,988
as
+ 3.9
Mo.—Kan. City.
Boston
a n s
+ 14.3
Kan.—'Topeka
"
Mass.*-Boston
112,359,344
80,749
Omaha
1936
1937
Dec.
$
_
2,699,539
117,912,605
660,083
128,669
2,518,578
28,467,510
2,107,099
3,998,094
92,766,189
2,624,470
680,730
578,848
92,308
133,647
■—
Wichita
Portland
3,174,044
72,911,145
2,229,760
683,044
622,445
3,084,570
—0.3
113,737,246
Lincoln
Me.—Bangor
+5.3
+ 12.2
+21.2
Neb.—Fremont.
Week Ended June 17
Federal
—11.8
796,979
719,475
+ 12.6
detailed statement showing last week's
figures for each city separately for the four years:
First
2.299,999
807,417
.
Total (7 cities),
We
+ 33.5
794,836
_.
D.—Aberdeen
2,943,022
66,200,286
26,976,721
2,028,204
Paul......
Helena
....32 cities
Canada
x
+ 43.9
149.539.191
N. D.—Fargo
113 cities
Total
Outside N. Y. City
x
x
512,000
154,548,107
(4cities).
Total
i
x
737,000
Quincy
+ 8.0
'
34,577,022
865,562
29,813,529
14,581,518
4,029,513
3,548,387
145,954,620
2,194,962
1,305,600
cltjles) 3,408,261,887 4,047,650,365
Reserve Dist rlct—Philad
Third Federal
386,355
Pa.—Altoona
-15.8 4.448,302,722
+ 11.6
„
643,973
476,928
346,155
363,117
+ 31.3
364,468
Chester
340,052
292,047
+ 16.4
1,215,171
414,000,000
1,538,260
1,200.084
336,000,000
1,453,994
+ 1.3
373,416
1,493,134
2,881,026
Lancaster
Philadelphia...
,
+ 5.8
399,000,000
1,613,338
+ 23.2
509,361
*350,000
328,460
1,140,704
York
2,436,846
+ 18.2
2,922,990
874,313
Scranton
WUkes-Barre
979,585
—10.7
1,388,001
—7.9
1,012,401
1,725,608
1,289,296
2,688,685
1,439,415
1,367,914
3,698,200
+ 30.9
7,287,000
348,158,029
+ 22.9
416,436,328
391,486,435
2,544,572
4,841,700
Total (10 cities)
427,832,695
.
Youngstown...
62,921,768
106,982,848
12,147.100
1,737,659
2,630,349
Pa.—Pittsburgh.
117,721,605
117,630,128
+0.1
176,950,844
1.911,806
67,194,255
92,841,359
11,289,700
1,798,856
2,478,880
139,545,795
306,363,730
295,613,283
+ 3.6
400,931,444
317,060,651
.
2,222.401
.
Cincinnati
Cleveland
Columbus.
Mansfield
Total
Fifth
(7cities).
W.Va.—Hunt'ton
Richmond
S. C.—Charleston
_
D. C.—Wash'ton
Total (6
cities).
Sixth Federal
398,164
Nashville
351,989
2,338,000
35,049,641
1,145,092
71,682,313
26,048,982
42,458,645
1,429,859
78,854,782
26,842,156
152,772,606
4,308,646
19,782,805
Ga.—Atlanta
136,616,017
Reserve Dist rlct—Atlant
Tenn.—Knoxville
59,300,000
Augusta
1,268,894
Macon
+ 44.6
+ 1.4
74,402,788
+ 7.5
126,883,668
+ 9.9
+ 9.6
+ 14.2
14,935,900
2,349,712
2,863,960
.
Moolle
3,955,952
17,768,895
55,200,000
1,145,076
+ 19.3
440,282
3,193,000
41,396,890
+24.9
1,168,946
+ 1.4
280,014,640
239,022,736
Total (10 cities)
Grand
total
(113
cities)
73,990,510
27,184,460
23,882,504
+ 11.8
164,461
38,880,926
122,305
36,344,091
156,436,087
139,100.946
a-
+ 8.9
4,363,001
+ 11.3
20,612,779
57,900,000
1,227,890
996,731
15,870,000
22,146,539
1,819,635
+ 7.4
+ 10.8
+ 6.3
x
Week Ended June 15
Clearings
atInc.
1939
Canada—
*m
117,622,305
94,396,682
29,928,513
Montreal
Winnipeg
165,041,768
151,543,714
1938
;
Vancouver.
15,825,198
Ottawa
14,757,659
4,919,848
1,841,988
5,121,233
Quebec
Halifax
Hamilton
...
4,212,891
1,488,441
1,699,493
2,480,328
3,697,117
2,610,307
St. John
or
Dec.
$
1937
1936
%
+ 5.9
144,499,778
134,366,187
—9.9
116,351,584
109,779,408
27,477,415
15,362,355
+ 8.9
16,158,710
5,904,932
2,636,843
5,608,008
4,702,170
2,016,326
1,611,056
3,157,338
4,230,125
—8.7
37,425,946
21,251,814
18,668,499
5,346,144
2,735,636
6,347,537
5,423,924
2,028,074
1,935,037
3,529,490
4,238,269
3,849,833
72,614,792
18,192,271
28,474,590
111,661,356
104,778,617
+ 3.0
—16.7
—30.1
—8.7
—10.4
—26.2
4,055,677
2,361,328
4,529,145
5,211,767
1,855,649
+ 14.4
+ 32.8
x
+ 34.5
+ 7.0
2,937,246
—11.1
Brandon
304,635
342,394
—11.0
318,262
Lethbridge
439,742
427,010
1,041,162
1,221,434
+ 3.0
—14.8
1,601,113
1,735,409
3,490,588
4,068,262
3,257,032
342,599
445,005
1,489,465
Moose Jaw
462,168
492,970
—6.2
648,192
582,446
815,711
575,364
900,020
771.921
—9.4
1,086,078
994,415
Fort William
—25.5
869,786
654,532
655,600
—0.2
713,765
202,220
,200,893
+ 0.7
222,341
934,551
577,611
234,720
696,591
Victoria
...
x
148,207
37,428,964
3,463,462
17,456,166
52,900,000
1,223,339
880,928
15,167,000
19,370,531
1,306,699
x
103,291
Edmonton
Regina
Saskatoon
Hat
+ 8.9
162,513,746
+ 5.5
—21.4
—12.6
455,395
745,054
Peterborough
703,971
648,932
+ 8.5
Sherbrooke
638,746
870,932
—26.7
785,582
670,767
959,944
1,105,745
13.2
2,633,338
3,244,962
304,738
787,994
—18.8
1,457,567
4,186,381
1,107,808
3,044,573
18.4
345,484
359,146
—17.8
909,020
784,788
674,428
—18.1
718,830
Kitchener
Windsor
Prince Albert....
248,678
Moncton
647,431
552,550
566,368
488,284
—12.0
606,496
—3.3
550,156
504,067
1,278,960
—12.5
1,126,520
941,355
313,571,579
Sarnia
Sudbury..
322,626.092
-2.8
390.987,587
408.692.482
30,244,273
142.115.689
Estimated,
-
533,660
456,810
498,482
Chatham
*
—
472,084
1,118,818
Kingston
Total (32 cities)
Total (10 cities)
2,585,807,349
New Westminster
83,052,509
+ 8.8
19,610,300
1,490,200
+ 7.8 2,958,479,657
Brantford
323,932
2,643,000
36.961,621
1,299,379
+ 3.0
918,895
x
-7.1 7,255,450,818 7,191,959,359
5,923,519,072 6,379,315,916
...
Outside New York 2,634,470,232 2,443,032,502
Calgary
+ 10.0
14,988,000
Vlcksburg
La.—New Orleans
243,172,735
Medicine
+ 13.1
15,926,000
22,431,537
1,979,162
Miss.—Jackson..
2,152,023
246-,498,437
London
+ 21.1
999.337
Fla.—Jacks'nvllle
Ala.—BIrm'ham
62,033,122
99,473,623
11,049,800
1,585,433
2,304,185
2,789,000
Va.—Norfolk
Md.—Baltimore
1,536,992
Reserve Dist rlct—Richm ond—
Federal
2,530,727
Toronto
Feder al Reserve D istrict—Clev eland
Ohio—Canton.
—2.9
2,372,600
N. J.—Ttenton..
V Fdurth
2,175,376
380,000,000
1,278,890
Reading
2,112,293
4,721,798,415
elphla
Bethlehem
2,549,411
1,422,939
Stockton
Total (13
Santa Bai bar a.
San Jose
x
No figures available.
Volume
Financial
148
PRELIMINARY DEBT
UNITED
STATEMENT
MAY
STATES
31, 1939
The
the
the
follows:
as
3783
TREASURY
The preliminary statement of the public debt of
United States May 31, 1939, as made upon the basis of
daily Treasury statement, is
Chronicle
THE
OF
MONEY
HOLDINGS
following compilation, made
up from the daily Gov¬
statements, shows the money holdings of the
Treasury at the beginning of business on the first of March,
April, May and June, 1939:
ernment
Bonds—
3% Panama Canal loan of 1961
$49,800,000.00
3% Conversion bonds of 1946-47
Holdings in U. S. Treasury
28,894,500.00
2%% Postal Savings bonds (17tb to 49th ser.)
5196,470,660.00
Treasury bonds:
4%% bonds of 1947-52
$758,945,800.00
4% bonds of 1944-54
3%% bonds of 1946-56
3%% bonds of 1943-47
3ys% bonds of 1940-43
.
2%% bonds of 1950-52
Net subsidiary silver
Minor coin, &c
'
1
j
2% bonds of 1947.
1,510,572,866
156,039,431
'
Net
cash
In
*
Includes
June
on
1, $576,751,877 silver bullion and $3,259,915 mlDor, &c., coin
(On the basis of dally Treasury statements)
Computed
503,877,500.00
204,425,400.00
15. 1942..
a
232,375,200.00
t
629,116,900.00
420,973,000.00
Gross debt.
*
fund,
May 31, 1939
$7,269,570,600.00
Gross debt less net bal.
In general
\
$34,855,407,307.69 $37,019,420,293.02 $37,357,547,637.74
fund
Gross debt per capita...
67,200,000.00
Computed
per
450,000,000.00
rate
annurft
on
of
a287.53
int.
4
b305.79
b307.28
2.604
2.604
a
interest-
bearing debt outstand¬
series
"•
ing (percent)
'
Revised,
-
.
2.576
b Subject to revision.
fund series,
1943
542,000.00
series,
maturing
"
AUCTION
.
128,000,000.00
Insurance
The
series,
fund
...
following securities
of the current week:
17,100,000.00
were
SALES
sold at auction
on
Wednesday
,
Corporation
101,000,000.00
9,134,941,600.00
Certificates of Indebtedness—
„
Stocks
1,280,000,000.00
Which Interest Has Ceased-
1927-42
$3,897,790.26
38,200.00
■_
Ctfs. of Indebtedness, at various interest rates.
-
4,384,350.00
*
117,074,390.20
.
„
$346,681,016.00
...
156,039,430.93
$190,641,585.07
By Barnes & Lofland, Philadelphia:
Deposits for retirement of National bank and
Federal Reserve bant notes
$ per Share
—
Trust Co., Woodbury, N. J., par $50
65
for Insurances on Lives & Granting Annuities, par $10.. 32%
10 Broad Street Trust Co., par $20.
7
8 Mill Creek & Mine Hill RR
35%
40 First National Bank &
20 Pennsylvania Co.
Thrift*and Treasury savings stamps, unclassi¬
fied sales, Ac
Slocks
Shares
217,806,796.50
2,031,728.28
Old demand notes and fractional currency
-
4% preferred, par $100: 10 Duluth Superior Traction Co., common,
par $100; 200 Van Sweringen Corp., common, par $1; 5 Compania Salltrera
Anglo-Chilena, class A, par 50 pesos; 11 Lauturo Nitrate Co., Ltd., class B
ordinary shares, par 5 pence.
$25 lot
100 Proprietors of Boston Pier or Long Wharf Corp., par $100......
30
200 Boston Acceptance Co., Inc
1
6%
20 Commercial Wharf Co., par $100
20
1 Boston Athenaeum, par $300
210
Co.,
223,700.00
Less gold reserve.....
23%
Co...—
3A
Corp., par $100; 3 Ballston Spa County Club, Inc, par $50.$6 lot
286 Chapman Double Ball Bearing Co., par $5; 1 General Electric Co......$33 lot
10 Towle Manufacturing Co
108*%
2 Maine Central RR., 5% preferred, par $100; 40 Duluth Superior Traction
18,292,800.00
'
3,241,782.39
413,721,892.24
Per Cent
Bond—
Total gross debt
$40,281,807,681.92
CURRENT
—A survey
CURRENT
pre¬
The major
points are summarized in the three final pages of the analysis.
—Pflugfelder,
Illinois
Eastern
—R.
E.
Swart
sales department
State of
Bampton &
Rust, 61
analysis of the approved
an
$1,000 Nos. 819-23 Wain Street 5%s 1932
NOTICES
of the financial position of the City of Detroit has been
pared by Lazard Freres & Co., 120 Broadway, N. Y. City.
pared
Broadway, N. Y. City, have
—R.
Inc.,
Murray,
W. E. Burnet <fe
pre¬
plan of reorganization of Chicago
&
that P. D. Brown has joined the
He will represent the firm in the
NOTICES
formerly with Stroud & Co., Inc., and G. L.
associated with J. L. Richmond & Co., Inc.
Co., 11 Wall Street, New York City, have prepared
booklet giving the history
Allen & Co., 30
announce
of their organization.
New Jersey.
Stanley
12 flat
Ohrstrom & Co., has become
Railway Co.
& Co.,
67%
105%
3 McGregor Realty
618,600.00
19,250,550.00
Debt Bearing No Interest—
1
12%
12%
400 Copper Range
54,521,000.00
United States notes
*
Passumpslc Rivers RR., preferred, par $100.
Power & Light Co., $6 preferred, par $100
200 Anaconda Copper Mining Co., par $50.
1,998,050.00
...
5
14 A
-
2 Cumberland County
<
......
.......
Treasury savings certificates
11
-
-
200 Southern Pacific Co., par $100
2 Connecticut &
1,267,750.00
Treasury notes, at various Interest rates
$ per Share
preferred, par $2 A
par $2%
200 Southern Pacific Co., par $100
12,581,600.00
4A % Third Liberty Loan bonds of 1928
4%% Fourth Liberty Loan bonds of 1933-38..
3% % and 4% % Victory notes of 1922-23
,53
ig%
National Bank, common,
100 New York Central RR
Old debt matured—Issued prior to Apr. 1,1917
1
Stocks
5 Waltham National Bank,
6 Waltham
4% and 4%% Second Liberty Loan bonds of
3%
34%
...
By R. L. Day & Co., Boston:
Shares
$39,751,011,399.42
01 1932-47.
.
Corp., par $26
5 Fall River Gas Works, par $25
1,300,500,000.00
1,308,069,000.00
(excluding Postal Savings bonds)
2A% Postal Savings bonds
3A %, 4% and 4% % First Liberty Loan bonds
$50.
5 Lowell Electric Light
Treasury bills (maturity value)
Total Interest-bearing debt outstanding
% per Share
par
20 Western Massachusetts Cos
$20,500,000.00
2% % Unemployment Trust Fund series, ma¬
turing June 30. 1939
By Crockett & Co., Boston:
Shares
5 Farr Alpaca Co.,
Adjusted Service Certificate Fund series,
maturing Jan. 1, 1940
Treasury bills
Last Month
ma¬
1942 and 1943
on
Year Ago
"
series, maturing Dec. 1,1939,1942 & 1943..
Matured Debt
3.750
April 30, 1939,
$37,422,327,043.23 $40,062,945,328.19 $40,281,807,681.92
2,566,919,735.54
3,043,525,035.17
2,924,260,044.18
Net bal. in gen. fund
maturing June 30, 1943
2% Federal Deposit Insurance
4%
4.196
2.395
May 31, 1938,
a
life
$129.66
bearing debt outstand¬
3,836,000.00
Government
$250.18
\
342,143,300.00
to 1943
June 30. 1940,
$12.36
.
int.
interest-
ing (percent)
3,393,000.00
System
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.62
426,349,500.00
-
Railroad retirement
Debt
net
of
rate
15.1942..
Canal Zone retirement fund, series 1940
Savings
Lowest Post-War
Was at its Peak
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05
1.118,109,534.76
306,803,319.55
Gross debt per capita...
676,707,600.00
1939 to 1943
Postal
less
15.1941..
15,1941..
15, 1941..
*
Alaska
debt
bal. In gen. fund
1,094,300,000.00
maturing June 30, 1941 to
....
per annum on
4% Civil Service retirement fund, series 1939
to 1943
2%
Gross debt
Dec. 31, 1930,
When War Debt
Mar. 31, 1917,
Pre-War Debt
Gross
738,428,400.00
737,161,600.00
15. 1949-.
Railroad retirement account series,
turing June 30. 1942 and 1943
4%
34,581,174
34,253,525
1,870,406
211,094
Aug. 31, 1919,
526,232,500.00
15,1940..
June 30, 1941 to 1943
2%
2,196,393
184,526
Included in statement "Stock of Money."
426,554,600.00
1,378,364,200.00
15, 1940..
"
retirement
34,315,216
$26,860,900.00
15,1939..
15,1939..
3%
Service
31,007,673
2,200,298
219,394
COMPARATIVE PUBLIC DEBT STATEMENT
3% Old-Age Reserve account series, maturing
Foreign
30,940,167
35,035,940
,
Net bal. in gen. fund...
1A % series B-1943, maturing Dec. 15,1943..
4%
791,688,000
970,735,362
975,380,182
3,343,424.934 3,389,478,83! 3,043,525,035 2,924,260,044
as
$28,007,500,799.42
15.1942..
l%% series A-l 943, maturing June 15,1943..
4%
858.231,000
181,632,730
,
1
♦1428592,644
156,039,431
Treasury
$287,008,150.00
500,157,956.40
15,1939..
156,039,431
and In banks
3,517,394,646 3,635,081,366 3,229,987,877 3,105,892,774
Deduct current liabilities.
173,969,712
245,602,535
186,462,842
787,166,106.40
Treasury Note*—
2*A % series A-1939, maturing June
l*A% series B-1939, maturing Dec.
1 lA % seriesD-1939, maturing Sept.
1% % series A-1940, maturing Mar.
lA % series B-1940, maturing June
1H% series C-1940, maturing Dec.
IA % series A-1941, maturing Mar.
IH% series B-1941. maturing June
1% % series C-1941, maturing Dec.
1 % % series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1% % series C-1942, maturing Dec.
156,039.431
1,526,379
265,343
Deposits In foreign depts.
1,805,541,383.02
Total bonds
1,468,571566 1,484.712,318
30,603,012
35,046,257
To credit disb. officers.-
Cash In Philippine Islands
.
.......
380,897
3,030,457
19,624,359
19,479,964
1,354,533,435 1,312,532,138 1,328,672,887 1,272,553,213
other bank deposltariesTo credit Treas. U. 8—
517,332,178.38
276,721,518.75
81,240,344.14
Adjusted Service bonds of 1945..
(Government Life Insurance Fund series)..
44,540,781
20,805,820
757,635,155
634,041,962
3,214,907
631,015,488
2,293,358
Government securities.
873,336.000
866,226,000
Dep. In Fed. Res. banks.. 1,222,484,220 1,387,927,429
Deposit In National and
426,840,280.00
,
996,262
8,768,645
226,060
3,559,050
814,444,874
tories account of sales of
$177,576,627.50
325,830,434.25
Unclassified sales............
\.
817,976
12,875,548
295,603
4,125,441
25,218,322,650.00
Series C-1938
856,916
11,778,618
20,122,158
Total cash In Treasury.
701,074,900.00
Series C-1937
1939
$
831,245,886
596,663,825
2,384,120
...
Deposit in special deposi¬
—
'
I,
379,491
value):
Series B-1936
June
13,618,888
Cash balance in Treas..
918,780,600.00
1,185,841,700.00
1,485,385,100.00
.
2%% bonds of 1960-65
Series D-1939-..i
$
875,221.622
592,888,791
3,320,367
896,108
Less gold reserve fund
450,978,400.00
Series A-1935
Mav 1, 1939
$
Net Federal Reserve notes
Net Fed Res. bant notes._
,
1,035,874,400.00
491,375,100.00
2,611,093,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,827,050.00
1,786,140,650.00
540,843,550.00
1.
V. 8. Savings bonds (current redemp.
Apr. 1, 1939
$
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net National bank notes-
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
3%% bonds of 1941-43___.._
VA% bonds of 1946-49
3% bonds of 1951-55
VA% bonds of 1941
3%% bonds of 1943-45
3%% bonds of 1944-46
3% bonds of 1946-48
3%% bonds of 1949-52
2%% bonds of 1955-602%% bonds of 1945-47
2%% bonds of 1948-51
2%% bonds of 1951-54
2% % bonds of 1956-59
2lA % bonds of 1949-53
2'4% bonds of 1945.
2'A% bonds of 1948
2%% bonds of 1958-63
Mar. 1, 1939
117,776,160.00
dum
on
a
of their firm.
Broad Street, N. Y. City, have prepared a
memoran¬
Brockway Motors, Inc.
Reynolds & Co. announce that
with them..
Garfield A. Raymond is now associated
'
.
Financial
3784
Through the courtesy of the Secretary of the Treasury,
are enabled to place before our readers today the details
of Government receipts and disbursements for May, 1939
and 1938, and the 11 months of the fiscal years 1938-39
we
and 1937-38:
July 1 to May 31
1938-39
1937-38
$
♦
—Month of May
General & Special Accounts:
1938
1939
Receipts—
118,217,563
104,822,284
627,204,375
599,551,538
26,331,471
88,181,950
150,125,121
22,335,564
294,320,346
337.236,781
'
—
Ac
Expenditures—
■
harbor work
flood control.a.w
and
5,467,713,251
5,055,301,868
6,059.180
2,090,071
658,181
1
10,000,000
306,597
Postal deficiency
—
===
515,252,115
56,710,211
140,134,196
Board..
32,274,549
169,280
Act
Authority.a..
share)
151,995,423
36,755,508
e,215,849
10,383,821
34,407,438
bi,598,265
267,562,969
132,583
5,000,000
169,931,282
44,210,768
35,356,075
9,169,286
35,139,596
2,961,343
324,146,743
2,956,071
5,000,000
b299,910
Dlst. of Col, (U. S.
National defense: a
34,002,591
52,047,236
47,999,505
59,641,817
403,934,892
575,942,683
368,827.989
520,861,166
506,987,954
533,991,731
714,073,601
23,166,547
265,891,589
3,928,431
37,986,811
668,389,291
15,567,048
36,573,618
11,135,607
425,135,183
343,958,969
4,692,639,128
■aB=====sa====== ===
4,057,886,395
106,125,089
3,339,459
22,999,739
Act—..
Civilian Conservation Corps.a
"
bl01,699,276
Administration, a
Tennessee Valley Authority—
Interest on the public debt...
2,205,625
Farm Credit
2,642,251
10,370,177
2,016,985
4,988,441
Refunds—Customs
Interna! revenue
Processing tax on farm prod.
1,081,423
.
bl39,687,804
136,516,012
1,181,010
b55,364
1,365,940
b89,327
736,258
1,809,894
bl78,910
32,195,398
2,693,425
2,441,735
b572,575,963
1,269,482
11,858,191
1,112,490
b69,809,230
950,955
b2,151,207
b9,214,099
bl75,150,829
b65,501,229
revolving
bl,070,667
bl65,000
£99
2,388
34,679
3,252,000
5.497,306
48,924,230
513,370,000
gold—Melting losses. Ac.
Payments to Fed. Res. banks
Fed.
13b,
(Sec.
Res.
Act,
125,000
amended).
as
—
National
of
retirement
Unemployment trust fund:
108,000,000
85,000,000
408,000,000
32,081,000
Investments...
34,410,000
400,642,000
152,250,000
432,000,000
379,800,000
Withdrawals by States
Old-age reserve account:
50,000,000
1,677,193
822,7p2
12,413.923
4,572,634
C10,000,000
C5.000.000
1,000,000
65,000,000
Benefit payments
Railroad retirement account:
Investments
9,203,822
7,881,046
96,750,982
71,770,386
202,177,867
b2,249,778
945,068,545
1,370,992,272
9,460,041
155,102,710
789,233,452
194,827,528
504,165,000
200,808,000
4,825,064,000
3,305,794,000
670,666,500
Benefit payments
219,035,700
664,582,900
293,513,250
642,526,480
470,280,364
....
Total.
.
credits...
Excess of receipts or
expenditures
Excess of
Public Debt Accounts
1,315,160
300,159,903
7,686,403
38,580,795
693,298,990
15,605,147
30,300,910
8,949,219
52,858,305
45,391,066
Adjust. Program
Tenant
b4,496,207
fund (Act June 21,1938)
Chargeable against increment on
313,357,134
711,181
23,883,773
3,405,541
3,162,414
8,716,783
1,033,067
2,797,675
1,238,169
37,295,063
-
Veterans' Administration.a..
Agricultural
268,019,340
Authority
Public Works Admin
.
Army
Navy.
269,665,o93
of Govt, agencies
bank notes
595,504,432
41,118,974
163,566,486
13,536,686
2,115,350
1,594,401
913,095
10,000,000
214,305
21,654,861
14,215,230
Adm.a.
Panama Canal
U. 8. Housing
14,976,673
=
Investments
•
Social Security
Expenditures—
For
and
Reclamation projects, a
Railroad Retirement
1,565,619,800
Transactions In checking acc'ts
75,611,954
42,916,688
4,022,948
8,650,793
10,331,397
-
34,195,123
===== —
3,955,502
Public buildings.a...
Rural Electrification
—
53,761,573
General—Departmental, a
19,519,228
74,702,941
.
375,395,321
395,781,389
Total receipts
344,658
63,020,187
22,908,750
2,035,459
■
9,402,085
71,649
256,177
58,053,059
22,824,496
5,693,863
2,050,937
----
73,755
174,335
2,329,865
2,106,490
3,142,158
2,190,163
-
Public hignways.a
1,734,301,997
Other—
Principal—for'n obliga'ns..
Interest—for'n obligations.
Seigniorage
Other miscellaneous—
145,764,916
152,852,932
Trust accounts
U. 8. Housing
.
Govt.-owned se¬
Panama Canal tolls,
387,000,000
107,359,993
Export-Import Bank of Wash,
Rural Electrification Admin..
RFC (see note 1).
curities:
All Other
447,000,000
117,123
(net), Ac.:
Commodity Credit Corp
6,103,403
2,200,000
1,559,382
5,039,894
84,104,351
680,593,810
211,637,908
5,443,378
81,692,264
805,995,506
359,993
432,674
6,637,330
128,457,554
50.000,000
25,318,102
Proceeds of
Farm
6,193,983
465,260
Miscellaneous receipts:
Receipts—
Market operations:
Cash—Treasury bills
Treasury notes
Treasury bonds
U.
S,
savings
....
bonds
(lncl.
35,356,582
62,105,047
unclassified sales)
42
Treasury savings securities.
for
Deposits
retirement
National bank
of
600,000
notes
,
Recovery and relief:
.
7.002,841,880
802,800
6,080,650
11,974,250
786,943,700
Adjusted service bonds
■
Agricultural aid:
Mtge. Corp.
In
—reduction
on
int.
Federal Land banks—
5,141,007
t1; 2,572,411
76,146
126,782
633,357
—
3,597,063
64,083,166
101,833
5,858,800
"
Commodity Credit Corp.
38,125,694
108,031
2,287,619
•
5,629,335
Public works (Incl. work relief)
,
3,223,305
1,846,384
.
9,828,528
132,497
732,108
*
.
flood control
Rural Electrification Adra.
81,545,447
27,730,461
3,392,436
52,574
River and harbor work and
3,741,650
350,758
Public highways
.
23,425,843
27,551,389
1,399,211
Reclamation projects
Works Progress
'
29,008,711
4,417,657
Admin, (in-
clud. Nat. Youth Adm.)
173,210,856
158,580,620
1,306,773,461
2,072,748,752
(Act June 21. 1938)
26,147,818
241,409,730
2,816,441
...
23,296,875
All Other
15,867,921
223,943,043
1,237
7
4,746,450
1,035
1,616,635
71,577
5,134,770
5,392,389
171,008,171
22,456,791
19,047,141
10,959,212
165,433,570
"
2,582
71,033
303,332
22,546,426
Emergency housing
S. Housing Authority..
Housing Admin....
Farm Security
Admin.....
%
748,168
17,197,451
Export-Import
6,000,000
*
Railroad retirem't
3,296
bi6i
87,300,000
367,000
Canal Zo. retire't fund (notes)
459,000
Alaska RR retire't fund(notes)
215,000
257,000
93,000,000
25,000,000
206,408,183
2,852,936,668
1,923,519,731
800,000
b232,33l
r
municipalities,
Loans tp
b354,886
b8,210,764
&C
*
15,836,611
92,190,537
124,201,716
railroads
Sub-total
7,450,925
15,513,610
83,979,773
108,468,767
Old-age reserve account
2,200,000'
50,000,000
Railroad retirement account..
retirement
funds (U. S. Share)
447,000,000
'
\
145,602,587
"
75,106,6Q0
,
50,093,692
387,000,000
107,093,692
'
93,692
•
Sub-total
2,200,000
73,255,000
629,200,292
605,857,587
37,011,-100
58,550,850
Debt retirements 1 sinking fund,
&0.)
530,200
Total expenditures.
10,781,535,130
6,961,513,006
508,569.000
390,811,000
4,684,387,000
4,043,789,000
41,000
11,500
653,450
Treasury notes
744,698,975
532,400 '
568,613,162
8,295,768,961
Excess Of expenditures
348,117,586
193,216,841
1,286,570,080
1,017,800
61,310,750
9,000
319,500
U. S. savings bonds
7,852,611
6,207,205
74,657,951
60,043,721
Adjusted service bonds
2,128,050
3,566,850
37,773,750
74,757,100
First Liberty bonds
Fourth
102,950
340,200
2,193,300
13,036,700
332,800
456,500
5,022,750
15,064,400
220
500
294,880
1,023,560
38,933
277,518
1,134,134
2,002,635
■3,782,750
33,720,665
56,138,630
521,712,894
405,741,338
...
Liberty bonds
Postal Savings bonds..'
•.
bank
Res.
notes
bank
Sub-total
r
30,178
Other debt items..
and
noire...
.....1
4,882,209,164
4,327,635,295
2,619,364,600
1,487,252,400
2,619,364,600
Exchanges—Treasury notes..
1,487,252,400
Treasury bonds
*
-
Sub-total
*
Special series:
=
28,300,000
1,000,000
43,800,000
.
29,500,000
51,000,000
Unemploy. trust fund (ctfs.).
10,000,000
5,000,000
10,000,000
15,000,000
1,900,000
2,300,000
20,000,000
20,100,000
„For. Serv. retirem't f'd (notes)
24,000
27,000
309,000
Canal Zo. retire't fund (notes)
34,000
Railroad retirem't acc't(notes)
Civil serv. retire't fund (notes)
2,000,000
Sub-total
Total
public debt expend's.
_
235,000
5,000,000
14,000,000
11.958,000
10,346,000
533,670,894
416,087,338
_
Excess of receipts
■
26,000,000
Govt, life lnsur. fund (notes).
Fed. Dep. Ins. Corp. (notes).
v
277,000
285,000
13,000,000
19,000
Postal Sav. System (notes)...
6,754,283,330
3,240,467,093
-
Treasury bonds
~
3o,000,000
162,894,000
148,912,000
7,664,467,764
5,963,799,695
+3,117,067,366
997,713,311
—190,003,000
+140,677,000
—11,500
—580,500
—737,995,000
—1,017,800
—540,583,750
ZZUTZ ~
Excess of receipts
580,500
43,291,850
525,900
Adjust, serv. ctf. fund (ctfs.).
Transfers to trust accounts. Ac.:
Govt, employees'
328,467,382
Certificates of Indebtedness
b3,276,580
31,885
1,173,063.000
s
Cash—Treasury bills....
\
7,683,256
25,000,000
1,153,248,000
752,533,247
Total public debt receipts..
Expenditures—
bi2,456,369
.
'■
30,000,000
91,500,000
Market operations:
Agricultural afd:
«
*'•
185,800,000
Sub-total....
Fed.
Loans and grants to States,
469,000
20,100,000
Fed. Dep. Ins. Corp. (notes).
National
Farm Credit Administration
-
27,000,000
Revolving funds (net):
Public works:
6,500,000
Postal Sav. System (notes)...
b4,470
261,688,975
Sub-total
80,000,000
acc't(notes)
374,000
2,704
35
542,870,000
379,800,000
11,000,000
53,000,000
81,100,000
7,150,825
b25
Washington
32,000,000
23,000,000
459,000,000
432,000,000
85,000,000
108,000,000
For. Serv. retirem't f'd (notes)
Bank of
Admin, for Indus. Recovery..
certificate
Civil serv.retire't fund (notes)
175,144,992
,
1,487,252,400
fund (certificates)
Miscellaneous:
Reconstruct'n Finance Corp
service
Adjusted
Unemploy. trust fund (ctfs.).
Old-age reserve acc't (notes).
Aid to home Owners:
Home Loan system
698,308,700
2,619,364,600
—-
Special series:
15,004,464
Public Works Admin., loans
(Act June 21, 1938)
Sub-total.
.
Govt, life insur. fund (notes).
Public Wks. Admin, grants
Federal
2,507,718,800
Treasury bonds...
rate
mortgages
Relief....
U.
4,289,223,356
236,164,582
463,200
Sub-total
566,270,047
111,645,800
Sub-total
Federal Farm
1,071,015
452,663
23,210
31—
1937-38
3
267,285,708
137,081,389
2,084,907,111
2,094,700,485
,
15,417,715
28,953
Seigniorage
Unemployment trust fund
Old-age reserve account
Railroad retirement account...
1,827,164,228
2,039,555,935
Customs..
"
tion In weight
3
employees
River
from reduc¬
of gold dollar..
1938-39
$
291,801,571
Increment resulting
Total
carriers and their
Taxes upon
3
17,973,590
Trust accounts
40,485,498
168,645,817
UnjUfit enrichment tax
Taxes under Social Secur. Act
1938
$
$
-
Mlscell. Internal revenue
May—— —July 1 to May
1939
Receipts—
42,924,121
186,967,597
Internal Revenue:
income tax
—Month of
Accounts, increment on Gold, &c.
Trust
EXPENDITURES
GOVERNMENT RECEIPTS AND
'
June 24, 1939
Chronicle
218,862,354
87,619,955
Summary
of expenditures
Excess
(+)
or
receipts (—).
+348,117,586
Less public debt retirements..
530,200
in Gross Public Debt—
+193,216,841 +3,240,467,093+1,286,570,080
532,400
37,011,100
58,550,850
Market operations:
Treasury bills
of
Excess
expenditures
(+)
+192,684,441 +3,203,455,993 +1,228,019,230
—41,000
+52,151,616
Bonds
National
+9,460,041
+155,102,710
+ 789,233,452
37,581,731
2,414,222,541
1,033,191,702
3,252,000
5,497,306
Fed.
+194,827,527
338,127,345
bank
Res.
bank
—525,900 —1,880,342.150
—653,450
Other debt Items..
of
expenditures
( + ) Or receipts (—)
excess
—4,404,000
Treasury notes
Trust acc'ts, increment on erold.
&c.,
...
Certificates of Indebtedness..
or
receipts (—) (excluding pub!!'*
debt retirements)
+347,587,386
—30,177
notes
+ 25,588,128 +3,900,957,199+1,309,831,582
—38,933
—277,517
—1,134,091
and
,
,
—33,720,665
—55,538,630
—168,773,955 +2,126,713.366
—26,437,689
—3,782,750
—2,002,635
notes
Less Nat. bank note retlrem'ts
48,924,229
Total
of
excess
or
Increase (+) or decrease
+338,127,345
—119,264,991
+34,329,731 +2,408.725,235
+ 984,267,473
+708,342,131
+13,445,838
—87,619,955 +3,117,067,366
+ 997,713,311
—121,949,686
+218,862,354
+218,862,354
—87,619.955 + 3,117,067,366
Total
+990,354.000+1,024,151,000
+ 997,713,311
year...
40,062,945,328
37,509,946,998
37,164,740,316
36,424,613,732
"Recovery and
be shown In the
and expenditures appearing on page 7 of the dally
expenditures on these accounts are included under
relief" and "Revolving funds (net)," the classification of which will
a
Additional
Treasury statement for the 15th of each month.
"b Excess of credits
public debt at beginning
or
+81,154,000
statement of classified receipts
(—) in
the gross public debt
Of month
+173,842,000
decrease (—) in
general fund balance
Gross
+45.020,354
expenditures
( + ) or receipts (—)
Increase (+)
Sub-total
Special series...
..
c
Excess
of
(deduct).
redemptions
(deduct).
""
account of RFC Mortgage Company,
,
Note 1—Includes transactions on
Gross public debt this date
40,281,807,682
37,422,327,043
40,281,807,682
37,'422,327,043
Loan Corporation, and Federal
National Mortgaee Association.
,
Disaster
Volume
148
Financial
Chronicle
*
COMPLETE PUBLIC DEBT OF THE UNITED STATES
3785
Includes only bonds Issued and
outstanding.
After deducting amounts of funds
deposited with the Treasurer of the United
States to meet Interest
payments.
a
This statement of the public debt and
Treasury cash hold¬
ings of the United States, as officially issued as of Feb. 28,
1939, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt
on
that date, we append a summary
making comparison with the
CASH
AVAILABLE TO
OBLIGATIONS
MATURING
38,818,967
666,700,495
3,559,535
580,408.017
Total
Balance, deficit (—) or surplus (+)..
743,320
2.613.638,868 + 2,396,099,726
+
28,
accrued Interest
1939, are not available.
The collateral security for Federal Reserve notes Issued consists of
certificates and In credits with the Treasury of the United
States payable In gold
certificates, and $3,626,000 face amount of commercial paper.
f Includes only unmatured
bonds issued and outstanding.
Funds have been de¬
posited with the Treasurer of the United States for
payment of matured bonds which
not been presented for redemption.
537,286,195
3,479,650
5,971,279
checks
of Feb.
$4,771,000,000 in gold
+1,830,383
2,976,507,743
War Savings certificates
as
In actual
circulation, exclusive of $10,258,729.33 redemption fund deposited in
Treasury and $282,558,140.00 of their own Federal Reserve notes held by the
e
2,974,677,360
721,966.8<!!l
on
on warrant
31, 1938—figures
Offset by cash In
designated depository banks amounting to $86,385,276.16, which
te secured by the
pledge of collateral as provided in the Regulations of the Postal
the
45,815.397
Disbursing officers' checks
Discount accrued
Dec.
of
as
issuing banks.
3,335,605,689
Deduct outstanding obligations:
Matured Interest obligations..
Figures
Feb. 28, 1938
$
Feb. 28, 1939
$
Balance end of month by dally statements
3,343,424,934
Add or Deduct—Excess or deficiency of
receipts over
or under disbursements on belated Items
-7,819,245
Settlement
d
Savings System, having a face value of
$85,726,538.29, cash in possession of System
amounting to $66,025,067.51, Government and Government-guaranteed securities
with a face value of
$1,124,249,050 held as investments, and other assets.
date in 1938:
same
PAY
thereof,
Does not include $382,722,554.17 face amount of notes and
thereon held by the
Treasury and reflected In the public debt.
c
have
6 Held by the Reconstruction Finance Corporation.
i Does not include
$10,000,000 face amount of First Series notes and
interest thereon, held by the Treasury and reflected
In the public debt.
j Bonds In the face amount of $272,500
in the public debt.
accrued
held by the Treasury and reflected
are
INTEREST BEARING DEBT OUTSTANDING
Interest Feb.
Title of Loan—
3s convertible bonds of 1946-1947
Feb. 28,
28, 1939
TREASURY CASH AND CURRENT LIABILITIES
1938
S
Payable
Q.-M.
Q.-J.
3s of 1961
49,800,000
49,800,000
28,894,500
28,894,500
Certificates of Indebtedness:
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
2Xs Unemployment Trust Fund—Series 1938..
«XS Treasury bonds of 1947-1952
A.-O.
4s Treasury bonds of 194+1964
J.-D.
3K8 Treasury bonds of 1946-1956
3Xs Treasury bonds of 1943-47
3Xs Treasury bonds of 1940-1943
3Xs Treasury bonds of 1941-1943
«m-m
3Hs Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955.
3>4s Treasury bonds of 1941
4)48-3He Treasury bonds of 1943-1945
3)4s Treasury bonds of 194+1946
3s Treasury bonds of 1946-1948.
3X8 Treasury bonds of 1949-1952
2Xs Treasury bonds of 1955-1960
2)48 Treasury bonds of 1945-1947
2)4s Treasury bonds of 1948-1951
2)4s Treasury bonds of 1951-1954
2)4s Treasury bonds of 1956-1959
2Xs Treasury bonds Of 1949-1953
2X« Treasury bonds of 1945
2X Treasury bonds of 1948.. ....
2Xs Treasury bonds of 1958-63
22,000,000
30.000,000
1,185,000,000
734,165,000
758,945,800
758,945,800
1,036,692,900
The cash
holdings of the Government as the items stood
May 31, 1939, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury May 31, 1939.
1,036,692.900
CURRENT
489,080,100
M.-8.
489,080,100
J.-D.
454,135,200
454,135,200
352,993,450
352,993.450
J.-D.,
M.-S.
544,870,050
818,627,000
755,432,000
818,627,000
834,453,200
834,453,200
1.400,528,250
AND
LIABILITIES
GOLD
455.896,970.5)
1
$15,956,393,968.04
544,870,050
J.-D.
ASSETS
Assets—
Gold (oz.
M.-S.
F.-A
A.-O.
A.-O.
J.-D.
Total
Liabilities—
755,434,500
1,400,528,250
1.518,737,650
1,035,874,400
Gold certificates—Outstanding (outside of Treasury)
Gold certificate fund—Board of Governors, Fed. Res. System..
1,518,737,650
1,035,874,400
J.-D.
491,375,100
2,611,093,650
1,214,428,950
1,223.490,350
1,626,687.650
Gold
2,611,095.150
1,214,428,950
.M.-S.
1.223,495,850
J.-D
1,626,687,150
M.-S.
981,827,050
1,786,140,650
J.-D.
J -D.
M-S
J.-D.
J. D.
$15,354,798,244.21
Balance of Increment resulting from reducduction in the weight of the gold dollar..
591,089,500
2s Treasury bonds of 1947.
1,800,000,000.00
...
866,397,200
2X8 Treasury bonds of 1960-65
......
918,780,600
2Xs Treasury bonds of 1950-52
Exchange stabilization fund
Gold in general fund:
450,978,400
J.-D.
10,502,275,119.95
8,545,844.33
156,039,430.93
reserve
Note—Reserve against $346,681,016 of United States notes
and $1,166,822 of Treasury notes of 1890 outstanding. Treas¬
ury notes of 1890 are also secured by silver dollars in Treasury.
1,786,147,050
540,843,550
540,843,550
M.-S.
981,837,550
$2,887,937,849.00
Redemption fund—Federal Reserve notes.
491,375,100
M.-S.
M.-S.
$15,956,393,968.04
...
In working balance
$142,350,468.93
459,245,254.90
...
601,595.723.83
Total
701,074,900
$15,956,393,968.04"
Assets—
U. 8. Savings bonds, series A. 1935
cl78,281,723
c328,424,340
339,644,668
c431,165,264
451.214,706
U. S. Savings bonds, series C. 1938....
c523,507,414
''
SILVER
183,119.925
U. 8. Savings bonds, series B, 1936
U. 8. Savings bonds, series C, 1937
20,663,681
U» 8. Savings bonds, series D, 1939
Unclassified sales
1
el53,523,948
336,82^.600
500,157,956
117,776,160
500,157,956
118.065,420
...10,171,001,250
1.952.372.000
39,330,596,755
420,949,862
'37,083,590,867
112.175,380
90.991,935
Aggregate of Interest-bearing debt......
....
i.
461,610,489
b37,250,083,129 35,240,093,566
Total gross debt Feb. 28,1939, on the basis of dally Treasury statements, was
$39,858,663,453.27. and the net amount of public debt redemption and receipts In
a
transit, Ac., was $5,085,544.12.
b No reduction Is made
of foreign governments or other investments,
accrued discount; amounts
Amounts Issued and retired Include
outstanding are stated at current redemption values.
LIABILITIES
CONTINGENT
c
of obligations
on account
OF
THE
UNITED
STATES.
FEB.
28,
$1,714,712,859.10
;
$601 ,595,723.83
57 ,290,085.10
3 ,930,456.70
;
Bullion—At recolnage value (oz. 291,459.8)
At cost value (oz. 1,110,670,162.0) a
Minor coin
.....
....
402,916.66
576 ,348,960.44
3 ,259,915.02
............
United 8tatee notes
3 .214,907.00
...
Federal Reserve notes
,768,645.00
.-.
.....
Federal Reserve bank notes
380,897.00
National bank notes
996,261.50
Unclassified—Collections, Ac
i
,
16 ,364,444.43
Deposits in—Federal Reserve banks
970 ,735,362.19
,
Special depositaries account of sales of Govt, securities
...
791, 688,000 00
—
34, 581.173.65
National and other bank depositaries:
1939
To credit of Treasurer United States..
s
To credit of other Government officers
of Contingent Liability
Foreign depositaries—
Interest a
57,290,085.10
FUND
Subsidiary coin (oz. 2,843,194.1)
Detail
Principal
1,166,822.00
...
.......
GENERAL
■
Gold (as above)
Compiled from Latest Reports Received by the Treasury
Amount
$1,656,255,952.00
.....
......
Silver—At monetary value (as above).
n.
1
Net debt
.
outstanding
Total..
Assets—
*39,863,721.997 37,636,193,292
Deduct Treasury surplus or add Treasury deficit ..+ 2.613.638.868 + 2.396,099,726
■
,
certificates
Silver In general fund....
11,747,544.550
1.310.365.000
J .-J.
Treasury bills..
Bearing no interest
Matured, interest ceased
Silver
Treasury notes of 1890 outstanding
Fund series 1946)-.
Treasury notes...
502,486,928.00
$1,714,712,859.10
Liabilities—
114,839,011
292,987,650
....
$1,212,225,931.10
Total...
4Xs Adjusted Servloe bonds, (Govt. Life Insurance
Total debt
937.580,993.5)
Silver dollars (oz. 388,642,233.4)..
c33,129,000
3s Adjusted Service bonds of 1945.
2Xs Postal Savings bonds
Silver (oz.
34, 253,525.44
*
To credit of other Government officers..
Total
211,093.54
Philippine Treasury—To credit of Treasurer United States
Guaranteed by
U. S.-
$
$
Total
206,174,000
3%
510,498
835,085,600
96,178,600
236,476,200
103,147,500
100,122,000
9,900,000
7,376,589
1,441,343
*1.380,909,900
11,934,867
841,8ld
4,116
3,696
1206,684,498
3% d<
2X%
824,700
1,418,278
750,915
41,250
9,941,250
1,666,510
7,785,793
5%
reserve,
$8,459,776.28
"
lawful money..
2,866,800.45
59,300,000.00
—
Other deposits
Postmasters, clerks of courts, disbursing officers, Ac...
7,505,792.84
—.
...
Deposits for:
81,878,970.78
■
Redemption of National bank notes (5% fund, lawful money)..
255,615.16
Uncollected items, exchanges. Ac...
21,365,774.08
$181,632,729.59
845,926
Balance today—Increment on
828,396
7,812
778,579,375
J*
K
1,392,844,767
.
—S3,105,892,773.77
"
Liabilities-Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department
Board of Trustees, Postal Savings 8ystem:
842,462,189
97,619,943
237,382,692
104,565,778
100,872,915
906,492
,870,406.27
$
gold (asabove)
Seigniorage (silver) (see Note 1)
1,674,322
Working balance
...
$142,350,468.93
527,731,057.82
2,254,178,517.43
.
,
.
2,924,260,044.18
—
>
#
n—
786,365,168
Total....
2X% bds., ser. B,
1939-49
2,138,303
1,219,703
935,216,153
326,474,453
850,723,825
3,190,212
853,914,037
14,334,012
150,000
211,460,000
1942-44
933,077,850
/ 325,254,750
12,887,635,800
1 X% bds.,ser.Fr,K
2X% bds., ser. G,
1,129~ 587
297,439,000
310,090,000
a
-
:.i' $3,105,892,773.77
-
The weight of this item of silver bullion Is computed on the basis of
cost per ounce at
the average
the close of the month of April. 1939.
Note 1—This Item of seigniorage represents the difference between the cost value
the
and
monetary
value of silver bullion revalued and
certificates Issued on account of silver acquired
2,901,969,812
held
to
the
secure
sliver
under the Silver Purchase Act of
1934 and under the President's proclamation dated Aug
9, 1934
Note 2—The amount to the credit of disbursing officers and certain agencies today
150,000
862,737
104,933
-
-
$2,153,108,755.03.
was
212,589,587
298,301,737
310,194,933
CURRENT
819,139,000
J
2,097,258
c821.236.258
114,146,000
130,792
114,276,792
5,409,671.210
29,015,242
—David
firm
ment
which
S.
undertakings
5,438,686.452
the formation of Roswell & Co.,
requiring
more
fundamental
Offices have been established at
For the past
gations
On Credit of U.S.:
announces
a
new
will specialize in the field of investigating and making invest¬
recommendations for clients interested in investments and speculative
available.
Total, based on
Roswell
NOTICES
information
than
is
usually
15 William Street, New York.
22 years Mr. Roswell has been in charge of economic investi¬
and security
Pomeroy & Co., Inc.
valuations
for the private investing firm of Case,
Associated with him in Roswell & Co.
are
Norris B.
Gaddess, an engineer sometime associated with John Hays Hammond and
1,252,076,218
34,240,037
dl,286,316,255
63,000,000
37,191
3,037,191
for five years
for
financing
Martin,
for
with the Guaranty Co. of New York, conducting negotiations
the capital requirements
20 years
with
Case,
of corporations; and
Pomeroy &
Co.,
Inc.,
as
J.
1,255,076,218
34,277,229
Obligations—
in
'
1.289,353,447
—James Cassidy, formerly with
Other
Lawrence
specialist
analyzing market situations.
Winthrop, Mitchell & Co., is
now asso¬
ciated with Pelz & Co. in the trading department of the firm's New York
e4,343,031,780
office.
.
June 24, 1939
Chronicle
Financial
3786
AGENCIES AS OF APRIL 30, 1939
GOVERNMENTAL CORPORATIONS AND CREDIT
MONTHLY REPORT ON
of the Treasury Department, showing assets and liabilities as of April 30, 1939, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for May 31, 1939.
.
■
.
Since the statement of July 31, 1938, the report has been made up somewhat differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed separately from those financed only partly
from Government and partly from private funds.
In the footnotes to the table below, an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of April 30, was $3,708,532,419, and that privately owned was $387,464,155.
SUMMARY OF COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE
The monthly report
LATEST REPORTS RECEIVED
STATES, COMPILED FROM
UNITED
BY THE TREASURY—APRIL 30. 1939
Assets d
Investments
Real
Securities
A ccounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
States
Other
Preferred
Cash
Capital
Loans
e
Stock, &c.
<
%
Corporation..
Commodity Credit Corporation—
Export-import Bank of Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Tennessee Valley Authority.
Public Works Administration
*673.844
1,135,634,820 528,023,575
Reconstruction Finance
378,145,335
26,090,055
_
1,801,807
4,232,866
31,765,601
6,558,040
45,349",998
.
344,669",191
300
1,260
18,821,272
122,495
11,3161308
105.014,948
157,176,229
82,078",118
11,7091452
794,648
46",754",915
82.024,723
41,900,829
20,332,381
1,350,000
k95,452,361
Farm Credit Administration
728,489,421
Federal Farm Mortgage Corporation
1,954,676,690
Federal Land banks
209,026,661
Federal Intermediate Credit banks......
61,362,961
Banks for cooperatives
22,548,841
*59,989,144
*34,997,294
12,346,693
10,708,598
233,811
10,780,094
Rural Electrification
Home Owners' Loan
Administration
Corporation
2,105.823,632 <214063,810
Corp..
Savings <fc Loan associations.....
Federal
Federal Housing Administration.
176,159",881
143,99l",700
Federal Home Loan banks
6,550,955
—
United States Housing Authority
..
Production credit corporations
10,304*777
Regional agricultural credit corporations..
48,523,301
8,031,631
3,784,204
277,538
467,410,864
242,106,107
38,051,529 141,953,090
1,752,626
11,873,759
2,287.818
Federal Savings & Loan Insurance
1,775,898.424
393,619,611
21,900
45,391,488
8,092,529
50,628,707
111,299,692
United States Maritime Commission...
41,130
37*741
p45 310,795
3,839,945 231,708,122
45,391*488
—
$
442,527 *35,907,790
3,000,000 *24,195,668
hl5 065,478
h20 608,279
14,558
48.020,200
367,368
Total
Other f
Property
72,602,647.
74,399,510
70,822,878
16,390,850
5,944,985
559,5621183
257,547,127
113,052.218
3,073,428,2.50
12,186
118,753,755
147~,849
43,991,700
293,807,125
41,693,535
1,666,072
1,024,261
777,519 129,931,695
5,2621866
446,921
16,882,489
766,787,105 45,219,171
5,830,256 110,784,892
21,714 154,370,709
65,312
2,335,933
195,951
441804
1,151,602
23,737 ,453 11,529*112
10.454
40,290
558,950
3,561 .726 101,486,325
156,761
650,506
12,119,866
260,838,852
123,710,989
1,617,367,330
2,333,284,202
298,174,109
179,553,359
122,282,400
21,892,138
agencies
War emergency corporations and
(in liquidation):
Navy Department (sale of surplus war
632,240
United States Spruce
524,427
1,935,964
115,583
104,476
""ll630
h2,702,759
46^757
War Finance
54,312
50,926
60,592
4,065
United States Railroad Administration.
4,651,687
4,651,687
1,144,936
supplies).
United States Housing Corporation
4,550
696,492
17,267
Production Corp.
Corporation
123,678
.
Other:
Electric Home and Farm Authority..
Farm
1,000
12,193,462
8,461,051
240,792,176
116,292,938
Disaster Loan Corporation
Security Administration
Federal National Mortgage Association
*
'
2~, 296/982
Rican Reconstruction Admin..
5,216,064
8~43~230
475,971
Inland Waterways Corporation
Puerto
Valley
Associated
received
3171193
20,3271046
2981270
25,790,597
266,822
35,065,060
233,495
46,581,431
5,216,064
57,395,201
*3^59
372,643
3971750
h2,157l902
33,825
260,308
300,500
2,201
4,166
30,230,233
30,230,233
RFC
the
1938
from
under Act of Feb. 24,
689,119
Cooper¬
atives, Inc—......
Treasury Department:
Railroad loans (Transp'n Act, 1920).
Securities
7,367
3,388,702
"
54,463,747
RFC Mortgage Co
Tennessee
.300
295,501
3,528,587
10,720,553
Panama Railroad Co,
161004
507,224
2,883,173
—
2,590,400
2,590,400
...
17,267
14,970,230
8,756,378
240,792,176
118,694,220
7,468,218
2,296,982
h2,377l9li
Federal Prison Industries, Inc
Interior Department (Indian loans)
8,295
29,749
1,345
222,476
68,459
33,462
Inter-agency items: m
Duie from governmental corporations
or
agencies
.......
corporations or
Due to governmental
agencies.
...
471,934,363 878,556,272 12,448,858,144
7,634,880,974 786,116,975 559,314,197 705,458,404 144,396,222 891,273,178 376,927,559
Total...
Excess
Liabilities and Reserves d
Proprietary Interest
Distribution of United
Slates Interests
of Assets
Guaranteed
by
Guaranteed by
United States
_
Liabilities d
Owned
United States
Stock.
Total
868,995,305
110,596,769
48,126.365
3,031,631
178.111,307
8,774,311
5,000,000
152",8751860
152",8751860
3,031,631
178,111,307
^
....
i
Public Works Administration
289,299,557
—
United States Maritime Commission.....
Rural Electrification Administration
10375701664 3",017,846*922
2,914,276,858
Home Owners' Loan Corporation.
1,165,700
1,165,700
121,1251473
121,125,473
3,388,817
117,004,713
4,527,190
1,437,888,682
1,818,299,125
192,010,512
3,901,205
Federal Savings & Loan Insurance Corp..
Federal Savings & Loan associations......
Federal Home Loan banks
Federal Housing Administration
United States Housing
.....
Authority....../..
Farm Credit Administration
A
Federal Farm Mortgage Corporation
Federal Land banks
Interagency
Capital
906,903,119
283,022,842
396,936
*85,032,254
76,079,919
396,936
Corporation
Owned by
8,774,311
Commodity, Credit Corporation
Export-Import Bank of Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance
Privately
United States
821,870,865
206,942,923
Reconstruction Finance Corporation
Tennessee Valley Authority
Over
Not
1,197,815
2,455,298
'4,527,190
*43,157,696
1,394,730,986
1,818,299,125
192,010,512
2,191,002
114,549,415
.
■
'
233,331,796
45,391,488
104,671,267
113,052,218
55,581,328
117,588,055
43,991,700
172,681,652
38.304,718
143,834,139
119,183,799
179,478,648
514,985,077
139,299,557
868,995,305
110,596,769
48,126,365
5,000,000
150,000,000
233,331,796
45,391,488
104,671,267
47,940,652
113,052,218
55,581,328
117,588,055
43,991,700
124,741,000
38,304,718
143,834,139
119,183,799
196",7551967
179,478,648
318,229,110
106,163,597
172,184,175
interests
Surplus
500,000,000 *234,764,962
100,000,000
2,126,365
46,000,000
5,000,000
150,000,000
8233,615,797
a45,391,488
8104,672,293
855,637,699
c56,418,672
200,000,000
17,688,055
100,000,000
43,991,700
124,741,000
838,304,718
142,834,139
1,000,000
8119,183,799
200,000,000
124,952,320 1186.511,346
47,532,372
70,000,000
11,815,400
149,000,000
2,020,026
120,000,000
13,666,207
5,000,000
262,380
106,163,597
175,652,154
122,020,026
3,225,931
18,666,207
122,020,026
18,666,207
4,651,687
1,935,964
4,651,687
1,935,964
84,651,687
34,159,818
United States Railroad Administration
115,583
115,583
all5,583
United States Spruce Production Corp
696,492
696,492
100,000
6,692
1,000
b284,001
F
"b"ll026
57,414,519
b88,000,000
b20,521,352
6,765,444
bll,368,775
5,692
16,000,000
10,596,769
1961492
6,692
134,230,343
cl,089,758
Federal Intermediate Credit banks
Banks for
3,901,205
262,380
cooperatives........
Production credit corporations..
...
3,225,931
Regional agricultural credit corporations..
War emergency corporations and agencies
3,467,979
11,368,775
(in liquidation):
Navy Department (sale of surplus war
supplies).
.j.
United States Housing Corporation
10,575
10,575
59,988
7,838,157
War Finance Corporation
7,838,157
C32,223,854
"
400,000
Other:
Disaster Loan Corporation.
59,988
14,910,242
14,910,242
87", 91*6", 569
;
Federal Prison Industries, Inc
87",9161569
151,889
Federal National Mortgage Association
151,889
Interior Department (Indian loans)..
918,221
68,221
850,000
240,792,176
30,777,651
7,316,329
2,296,982
8240,792,176
2,296,982
Farm Security Administration
918,221
240,792,176
Electric Home and Farm Authority...
30,777,651
7,316,329
10,000,000
a4,113,380
18,522,365
2,255,286
3,202,949
a2.296.982
Inland Waterways Corporation
809,641
"8091641
24,980,956
24,980,956
12,000,000
12",9801956
Panama Railroad Co...
775,714
775,714
45,805,717
45,805,717
5,216,064
55,858,820
7,000,000
39,350,545
i>544,828
85,216,064
25,000,000
56,733
30",8b"2",687
299,500
Puerto
Admin..
Rican Reconstruction
1,5361381
RFC Mortgage Co
Tennessee
Valley
Associated
received
5,216,064
55,858,820
Cooper¬
300,500
from
the
under Act of Feb. 24, 1938
300,500
1,000
30,230,233
30,230,233
830,230,233
2,590.400
atives, Inc.....
Treasury Department:
Railroad loans (Transp'n Act, 1920).
Securities
1,5361381
2,590,400
82,590,400
RFC
...
Inter-agency items: m
Due from governmental
or
corporations
corporations or
J
For footnotes see top
15,004,644
815,004,644
agencies
Total.,
b345,384,964
8345,384,964
agencies
Due to governmental
5,454,562,049 2,898,299,521 8,352,861,570 4,095,996,57<4
387,464,155
3,708,532,41$
3,261,989.457
627
542,9621
n
181 000,000
of folio wli« column.
"7
Financial Chronicle
Volume 14$
FOOTNOTES FOR TABLE PRECEDING
,
Non-etock (or Includes non-stock proprietary Interests),
inter-agency assets (deduct),
a
Deficit (deduct).
d Exclusive of inter-agency assets and liabilities
(except bond Investments
deposits with Reconstruction Finance Corporation),
e Excludes
unexpended balances of appropriated funds.
and
pany
News
t Also Includes real estate and other property held for sale,
Adjusted for inter-agency items and items in transit.
h Also includes
deposits with the Reconstruction Finance
accrued interest thereon.
i Shares of State building and loan associations, 142,210,010;
savings and loan associations, $171 853,800.
j Assets not classified.
States Treasury.
k Net after
Corporation
Per
which agencies are not Included in this statement.
n Represents
inter-agency holdings of capital stock and paid-in surplus items
which are not deducted from the capital stock and paid-in surplus of the Corre¬
sponding organizations,
*
which were offset by a corresponding item under
"inter-agency proprietary interest" of the Treasury, have been omitted (except for
such items as are included in the inter-agency assets and liabilities shown herein)
for the purpose of simplification in form.
>
mental corporations and agencies
Amount
From $100,000 to $50,000
PREFERRED
—
$50,000
STOCK ISSUED
SINKING
FUND
a list of bonds, notes and preferred
corporations called for redemption, together witty
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":
Below will be found
stocks of
Company and Issue—
Date
—July
..July
—.Aug.
.Aug.
July
Buffalo & Fort Erie Public Bridge Authority 1st lien
Cedar Rapids Mfg. & Power Co. 40-year 5 % bonds
Colgate-Palmolive-Peet Co. 6% pref. stock
Commercial Credit Co. 2M% debentures
*
Commonwealth Edison Co. 1st mtge. 4s
1st mtge,
3 Ms
Connecticut Ry. & Lighting
Co. 1st mtge. 4Hs
Continental Steel Corp. preferred stock
Cuban Telephone Co. 1st mtge. bonds
Empire Properties Corp. collateral trust bonds
Finance Co. of America at Baltimore 7% pref. stock.
General Motors Acceptance Corp. 3% debentures..
5s..-July
...
...—
.......
—
.
*
Announcements
1
16
17
31
1
30
16
1
30
2738
first
we
3378
.
440
3072
3073
3853
3380,
3537
3381
2596
338I
2598
3382
1176
887
3855
3079
3855
1170
3855
3855
3855
3242
3082
3388
3388
2604
3542
3243
1978
3700
3392
3247
3547
2612
3397
2921
3087
3087
3703
3860
3398
3398
*
(quar.)
25c
—
25c
-
.
.
.
.. „
——- -
7
June 20
June 24
July
July
July
July
July
July
July
July
July
July
July
July
July
June 20
June 26
June 20
June
24
June 20
June 20
June 24
1
1
1
1
June 20
June 20
June
June
19
1§
June 24 June 20
July
1 June 20
July
1 June 24
July
July
Aug.
1 June 24
1 June 15
1 July 15
Aug. 15 July 31
July 15 June 80
June 30 June 15
July 15 June 30
July
1 June 23
July' 15 July
3
July 15 June 30
Aug. .1 July
3
Aug. 15 Aug.
July
July
1
1 June 15
1 June 20
June 30 June 26
June 20 June 10
July 15 June 30
Aug.
4 July 18
3 June 30
June 30 June 15
July
—
July 20 July
(quar'.)
—
50 2-5c June
5 2-5c June
$2H
tllH
f60c
20c
$1H
SIM
$1M
37 He
$1H
- - - -
Chrungold Corp. (reduced) — .. — ——————
Cincinnati Advertising Products (quar.)
Citizens Water Co. (Washington, Pa.) 7% pref.
(quar;). _^
^
^ ~
~ . City Investing 7%. preferred (quar.).... —....
Common (interim)
.......
City Title Insurance Co. (quar.)......
Cleveland Hobbing Machine (increased).
Clinton Trust Co. (N. Y.) (quar.)
Clinton Water Works 7% preferred (quar.) . .—
Clipper Belt Lacer Co. — ——— — - — ^.
Columbus Dental Mfg. (guar A. . — . —
—Commercial Alcohols. Ltd., 8% pref. (quar.)...
Commercial Banking Corp. $1.20 pr. pref. (qu.).
7% preferred (quar.).
—
........
Commonwealth Investment Co. (quar.)
Commonwealth Wat. & Lt. $7 pref. (quar.) — —
$6 preferred (quar.). —
——...
...
Coniaurum Mines, Ltd. — — ................
ConiaurumMines, Ltd. (interim).......
Connecticut Fire Insurance (quar.) ...
.....
Conn. & Passumpsic Rivers RR. 6% pref. (s.-a.)
Consolidated Royalties 6% preferred (quar.) —.
Consolidated Traction Co. of N. J. (s.-a,).....
Continental Insurance Co. (s.-a.) — — - —
Corroon & Reynolds Corp. $6 conv. pref
Credit Utility Banking Corp. (quar.)
-
Press
Dunlop Tire & Rubber Goods
5% 1st preferred (s.-a.)
July
June 3g June 26
(quar.)
Preferred (quar.)
Davenport Hosiery Mills.
7% preferred (quar.)
Detroit Gasket & Mfg— ————— —
Detroit Manufactures RR. guar, (s.-a.) —
Detroit River Tunnel (s.-a.) — — Detroit Steel Products Co
Diamond Ginger Ale, Inc. (quar.)
, — —
Diamond Portland Cement Co. (irregular)
Discount Corp. of N. Y. (quar.) — —
July 20
July 20
June 20
June 30 June 24
July 10 June 80
j.
Chicago Title & Trust Co
Co.
1
1
1
14
June 30 June 26
— . — -
—
Clfaln Storerproduc&rC?orp ."conv. pref.
Cuneo
%2%%
25c
...
—
Carreras, Ltd.—
Am. depos. rets, for ord. reg. cl, A (interim)..
Am. depos. rets, for ord. reg. cl. B (interim) __
Case Lockwood & Brainard (quar.)
Carthage Mills, Inc., 6% preferred A.
....
6% preferred B
— —
Cebu Sugar Co.
——————
Central Elec. & Telep. Co. 6% pref. (s.-a.)—l.
Central Kansas Power Co. 7% pref. (quar.) _
Chilton
25c
16c
87 He
— .......
Carolina Clinchfield & Ohio RR.
3690
3379
1811
3535
— -.,
Canadian Silk Products Corp. A (quar.)
3377
grouped in two separate tables.
In the
bring together all the dividends announced the
Canada Life Assurance
3221
2274
$1H
Fairbanks Morse 6% pref. (quar.)..._
Canadian Malartic Gold Mines—
3375
•
this week.
are
Calloway Mill, irregular
Canadian
25c
....
—
3219
1474
3220
35.31
40c
$1H
43 Uc
Brandtjen & Kluge, Inc., 7% conv. pref. (quar.)
British Columbia Electric Ry. 5% prior pref.—
Brooklyn National Corp
Brooklyn Union Gas Co. (resumed)—
—
B.uckerfield's Ltd., 7% pref. (quar.) —
—
7% preferred (accumulations) —
Buffalo Ankerite Gold Mines.„„
Buffalo Insurance Co. (quar.)
Burdine's, Inc., $2.50 pref. (quar.):..-... — ...
Burger Brewing Co. 8% pref. (quar.)—.—....
California Water & Tel. Co. 6% pref. (quar.),..
Calaveras Cement Co. $7 pref
2892
3059
8059
DIVIDENDS
Dividends,
25c
75c
20c
„
.
—
Biltmore Hat Ltd. (semi-ann.)
Birmingham Fire Ins. Co. of Ala. (quar.)....
2892
»
—
—'—
Boston Personal Property Trust (Boston) (qu.)_
3216
3527
1
2
Beattie Gold Mines..
3525
3837
2573
1-
30
—July
1
July
3
...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 A Electric Co. coll. trust 6s
Aug.
1
♦Oklahoma Power & Water Co. 1st mtge. 5s
....—Aug.
1
Pacific Lighting Corp. $6 pref. stock.1
July 15
♦Paramount Pictures, Inc., 20-year 6% debs
:—June 29
Paris Orleans RR. 6M% bonds
.Sept. 1
♦Pekih Water Works Co. Series A bonds.,
..July 20
Series B bonds.
.July 20
♦Poll New England Theatres, Inc., 1st mtge. bonds
..July 20
Roanoke Water Works Co. 1st mtge. 5s
—July
1
Robertson Paper Box Co. 6% pref. stock
—...July 15
(Robert) Simpson Co. Ltd. 1st mtge. 5s
...Jan
1 '
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Jan. 1 *40
Servel, Inc., 1st mtge. bonds a
July
1
Shawinigan Water A Power Co., 1st mtge. 4Hs—..—July
7
Socony-Vacuum Oil Co., Inc., 15-year 3 Ms
——July 21
(A.) Stein & Co. 6M% preferred stock
July
l
Sunray Oil Corp., 5% debentures
July 31
Tide Water Associated Oil Co., 15-yr. 3M% debs
....July
1
Union Twist Drill Co. 7 % preferred stock
July
1
United States Cold Storage Co. (K. C.) 1st mtge. 6s
Aug.
1
Warner Brothers Pictures, Inc., 6% debs
June 29
West Desenfecting Co. 1st mtge. bonds
..July
1
Weston Electrical Instrument Corp. class A stock
L.July
1
Western United Gas & Electric Co. 6% pref. stock—...July
1
6 H % preferred stock
—....
July
1
West Texas Utilities Co., 1st mtge. 5s
July 13
♦Wheeling & Lake Erie Ry. ref. mtge. bonds
Sept. 1
Woodward Iron Co. 1st mtge. 5s
July
1
2nd mtge. 5s
—;
Sept
1
Mercantile Properties Inc. 5H% bonds
Montana Coal & Iron Co., 1st mtge. 5s—....
Morris Finance Co. 7% preferred stock..
25c
$1^
17 He
10c
...
Page
2414
3212
1
1
9
1
July
1
...Aug, 1
July
6
..June 27
June 27
July
1
July
1
Sept. 1
.July
5
.July 10
-Aug
1
...July
1
GeomiarCarolina Power Co, 1st mtge. 5s
(B. F.) Goodrich Qo. 6% conv. debentures.
—Aug
Hartford Times, Inc. 4>4% debentures
—July
Houston Oil Co. of Texas 10-year 5Hs. series A
.....Aug.
international Salt Co. 1st mtge. 5s
;
July
Julian & Kokenge Co. common stock———
....May
Kansas City Gas Co. 1st mtge. 5s
—Aug
Kaufmann Department Stores 7% preferred stock.
...June
Kirby Lumber Corp., 1st mtge. bonds..
—
July
Manila Gas Corp. 1st mtge. 6s
—
..July
Marchant Calculating Machine Go. 7% pref. stock
June
♦Marshall Field & Co. 7% pref. stock
Sept.
25c
—
5% cum. conv. preferred (quar.)
Beacon Associated pref. (quar.)
Beattie Bros. Ltd., 1st pref. (quar.)-
July
July
June 30 June 24
'ill?
5H % preferred (quar.)
Baldwin Co_~
Baldwin-Duckworth Chain Corp
Bausch & Lomb Optical Co
Aug.
Aug.
$3
40c
25c
37Hc
_
June 30 June 23
June 30 June 28
July
1 June 20
July
1 June 20
10c
(irregular).
r.
$1.50 conv pref. (quar.)
Baker (J. T.) Chemical (quar.).
.
NOTICES
Aluminium, Ltd, 5% debentures.
Arkansas/Louisiana Gas Co. 1st mtge. 4s—
Associates Investment Co., 10-year 3% debs..
♦Buckeye Steel Castings Co. prior pref. stock..
Bucyrus-Monlgban Co. class A shares
25c
,
July 15 July 14
July
1 June 16
Aug,
1 July 14*
June 30 June 22
June 80 June 22
July 15 June 30
June 30 June 23
t$3H
——
$30,000
AND
+15c
...
Class A common
CALLS
50c
—
Amount
REDEMPTION
25c
common
......
500,000
•
(Class B sold locally)...
12c
20c
$1.15
Anglo-National Corp. $2 cum. A—.....
Andes Copper Mining Co........
Anglo-Norwegian Holdings, Ltd.—
7% preferred (accumulations)
Apex Elec. Mfg. 7% prior pref. (quar.).
7% prior pref. (accumulations)..
Arcade Cotton Mills pref. (s.-a.)...
Arrow-Hart & Hegeman Electric
Art Metal Construction (irregular)
....—.
Arundel Corp.
(quar.)
Athey Truss Wheel (irregular)..
Atlantic Co. (Atlanta, Ga.) 6% pref. (quar.)
Atlas Thrift Plan Corp. 7% pref. (quar.).
Auto Finance Co. (S. C.) (quar.)__..•_
6% preferred (quar.)
...
—
Autoline Oil Co. 8% pref. (quar.):
—— —
Automobile Banking C6rp. (Philadelphia)—
June 15—First National Bank & Trust Co. of Beverly, Beverly,
N.J.
25c
,
—
American Thermos Bottle Co.
Common (extra)
Amt. of Reduction
June 15—First National Bank & Trust Co. of Beverly, Beverly,
N.J.
20c
$1M
7% preferred (quar.)
$50,000
July 20
July
3
3 June 26
June 28 June 23
nii
25c
7% preferred (quar.)
American Seal KapCorp.....
American Stamping Co..
VOLUNTARY LIQUIDATIONS
June 21
$1
50c
25c
37Hc
$im
American Home Products Corp. (monthly)
American Maize Products common.
Department:
June 17
June 21
50c
—.
American Dredging Co. (s.-a.)
American Furniture Co. 7% pref. (quar.)
American Hardware Co. (quar.)
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
1
1
1
1
1
1 July 16
Sept. 25 Sept.
1
Aug.
1 July 17
July 15 June 30
June 15
July
June 15
July
June 15
July
June 15
July
June 22
July
June 20
July
June 20
July
12Hc
$1M
A$1 M
...
— —
The
Holders
Aug.
25c
...
7% preferred (quar.)
American Beverage Corp. preferred.———
American Cast Iron Pipe Co. 6% pref. (s.-a.J
American Discount Co. of Georgia
NATIONAL BANKS
agent, Lyle H. Cox, Parma Branch, the Idaho First National
Bank of Boise, Parma, Idaho.
Absorbed by the Idaho First
National Bank of Boise, Boise, Idaho, Charter No. 1668.
June 13—The First National Bank of Bellingham, Wash..
Effective June 2, 1939.
Liquidating agents: A. M. Muir and
H. C. Heal, care of the liquidating bank.
Absorbed by
Seattle-First National Bank, Seattle, Wash., Charter No.
11280.
COMMON CAPITAL STOCK REDUCED
t50c
...
American Asphalt Roof Corp. 6% pref. (quar.).
American Bakeries Co., class A (quar.)
Class A (extra)...
Class B (irregular)—
,
10—The First National Bank of Parma, Idaho..
Effective as of the close of business April 8, 1939.
Liquidating
$1,75
C0J?V- Preferred (quar.)
Alpha Portland Cement
31, 1938, the proprietary interest
When
Payable of Record
July
July
July
Aug.
Aug.
July
hh
Amalgamated Sugar 5% pref. (quar.)...
.represented by the capital stoCk, paid-in surplus, and non-stock Interest in govern¬
June
7Hc
$5 preferred (quar.)
Alaska Juneau Gold Mining......
■
Alberta Wood Preserving Co., Ltd., 7%
pf.(qu.)
Allied International Investing Corp.—
and of Government agencies,
Note—Effective with the statement of July
Share
Acadia Sugar Refining Ltd., 6% pref. (qu.)
Alabama Power Co. $7 pref. (quar.).
$6 preferred (quar.)
82,213,779 due to Federal Land banks from the United States Treasury
subscriptions to paid-in surplus.
Represents inter-agency assets and liabilities of the Treasury Department
"Other Assets."
are:
Name of Company
m
as
in our "General Corporation and Investment
Department" in the week when declared.
name
United
Includes only the amount of shares held by the
deducting reserve for estimated amount of uncollectible obligations
Heretofore classified
second table in which
a
The dividends announced this week
and
I Includes
p
follow with
we
shares of Federal
held by the Farm Credit Administration.
for
Then
we
show the dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
b Excess
c
g
3787
current week.
10c
15c
July
July
June 30
June
JuneJ20
July
July
June 19
June
June 16
June^BO
July " 5
June 20
SIM
July
July
July
July
July
July
July
July
June 20
SIM
a
12^
75c
SIM
25c
25c
tlOc
30c
35c
4c
SIM
$1H
t5c
J5c
$5
$3
15c
$2
80c
t$2
25c
75c
$1M
25c
$2M
$4
25c
25c
20c
$1M
——
June|23
June 24
June j20
July
25c
Co., Ltd.—
June 23
June
June
12Hc
SIM
. — .
July
July,
July
10
May 25
May 25
June119
J62Mc
June
July
July
July
Aug.
July
July
Aug.
Aug.
July
Aug.
July
July
July
July
July
Aug.
Sept.
July
June 27
July
July
3
15
June 26
June 22
July
1
June 27
June 24
July
3
June 20
June 20
July
14
June 20
June 20
July
July
24
24
juiy'T
June 30
June
June
80
80
June 26
June 24
July 20
Sept. 1
June 23
July
July
July
July
July
June 23
June
June
June
July
June 22
July
5
June 15
July
June
June
7
30
28
10
June 30 June 20
.
Financial
3788
Per
Share
Name of Company
IlH
RK. (s.-a.)
East Pennsylvania
pref. (quar.)
--7% preferred (s.-a.)_-
Eason Oil Co. $1.50 conv.
Eastern Theatres, Ltd.,
Emerson Drug Co., class
Preferred (quar.)
37 He
t$3.50
30c
A & B (quar.)
5% preferred (quar.)
•
Equitable Investment Corp. of Mass.--European Electric Corp., cl. A & B (s.-a.) — ----
Can.) (s.-a.)--
payable in $30 common stock
F R Publishing, Corp
—
Fairmont Creamery Co. (Del.).----—-----4H% preferred (quar.)
Fidelity Phenix Fire Insurance Co. (s.-a.)-Fiscal Fund (Bank Shares)--- — - —
Florence Stove
Co
-
-
-
-
-
-
-
—
Preferred (quar.)
—
Garlock Packing Co
General Discount Corp. (Atlanta,
—
Ga.)
—
7% preferred (quar.)....
— — —
final)
General Electric, Ltd. (extra and
General Fireproofing common ...
—
—•
(quar.)—
$4H preferred
Gimble Bros., $6 pref. (quar.)
Gold & Stock Telegraph (quar.).
—
30c
•July
3 June 26
XH 20
July
July
3 June 30
til
25c
—
—
Co., common..
5H% convertible prefixed (quar.)..—----Grous Corp., 6% pref.
...
Harrisburg Railways Co. (irregular)-----Hartman Tobacco, $4 preferred (no action).
Hatfield-Campbell Creek Coal Co.—
5% prior preferred (quar.)
Haverhill Gas Light Co
—
Haverty Furniture Cos., $1.50 pref. (quar.)
Hershey Creamery, common (s.-a.— Preferred (semi-annual)
Hibbard, Spencer, Bartlett & Co. (mo.). — - —
Monthly..
----Monthly.
—
Highland Dairy, Ltd., pref. (s.-a.) accumul—
Holly Development Co. (quar.)
— - —
Holophane Co., Inc
—
______
_
_
Honolulu Finance & Thrift Co.
7% pref
6% preferred (quar.)
Household Finance Corp
Preferred (quar.).
Houston Natural Gas (quar.)
(quar.)
-
—
Preferred (quar.)
—
-
__
-
—
(quar.)
(quar.)
(quar0
Idaho
i.—
Investors Mortgage Co.
— — --
(quar.)
partic preferred (quar.)
20
July
July
July
24 July
15
$1H
$1H
June
3
June
1
$}M
July 24 June 10
Aug. T July 12
1 July 24
Aug.
June 29 June 20
July
1 June
15
$1H
July
Aug.
July
1
Tune
15
July
1 June 23
Sept.
July
July
1
9Hc
40c
M
34 He
t75c
10c
1
July
15
June 20
1
24
1 June
15
1.5c
20c
$3H
15c
15c
15c
t$2H
lc
6H% preferred B_
Iowa Power & Light, 7% pref. (quar.)
6% preferred (quar.)__
"...
I X L Mining Co. (block shares)...
J.
Jamaica Public Service, Ltd. (quar.)
7% preferred A (quar.).
Preferred B (quar.)..
Jarvis (W. B.) new (initial), —
Johnson Service Co. (quar.)
— •,
Joplin Water Works 6% preferred (quar.)_._Kalamazoo Stove & Furnace--...-
Kelley Island Lime & Transport
Kellogg Switchborard & Supply
—-------
Co..--
-
.
....
_____
.....
Kendall Refining.
...
Kentucky Utilities 6% preferred (quar.)
Kingsboro National Bank (B'klyn) (quar.
Kinney (G. R..) Co. prior preferred
Knapp-Monarch Co. $2.50 preferred (quar.)
Laclede Steel (quar.)
....
..
...
July 28 July 18
Aug. 25 Aug. 15
Sept. 29 Sept. 19
3
25 June 30
July
19
15 June 30
June 30 June
13
June 30 June 23
25c
Sept. 30 Sept. 22
June
30
June 21
June 30 June 22
Sept. 30 Sept. 22
Dec.
30 Dec.
July
July
July
21 July 11
15 June 30
15 June 30
June
30
22
June 20
July 15 June 30
July 15 June 30
July 15
Aug.
July 15 June 30
June 20
July
HH
$1H
20c
t50c
tflH
1H%
25c
25c
14
June 30
31
31
1
15
1
6
1
June 20
June
30
June
19
June 30
June
21
June 30 June 20
35c
37Hc
1 June 15
July
July
Aug.
June 30 June 20
13 June 30
Oct.
25c
35c
15
June 30
$2 H
15c
50c
_
----- -
__
________
Marion Water Co. 7% preferred (quar.)__._
Marshall Field & Co. preferred ((faar.).__
July
25
21
15
15
1
15
July
5
July 20
Aug.
1
Aug.
1
June 23
June
30
15 June 30
15 June 30
3 June 26
15 June 30
1 June 20
June 30 June
15
5c
July
1 June 17
Sept. 15 Aug. 31
5c
Dec.
40c
(M.) & Sons, Inc. (quar.)____
Maryland Fund, Inc. (quar.)...
Quarterly
Masonite Corp. (quar.)
Preferred (quar.)
25c
_
__
_
IIH
_
15 Nov. 30
Sept. 10 Aug. 20
Sept.
1 Aug. 20
lc
...
(quar.)
...
Massawippi Valley RR. Co. (s.-a.)_
Maui Agricultural, Ltd
McCrory Stores Corp. 6% pref. (quar.j.
McGraw Elec ric Co.
Metal Box Co.. Ltd. (extra and final)
June 25 June
15
19c
July 20 June
July
Aug.
June
July
July
Aug.
July
Aug.
July
Aug.
30
$3
15c
IlH
25c
McLellan Stores Co. preferred (quar.)...
Messer Oil Corp
..,
Michigan Public Service, 7% preferred..
6% preferred
Midwest Piping & Supply (quar.)..
$6
IlH
IlH
Marsh
Massachusetts Investors Trust
....
IlH
15c
1
20
20
5
11
June 28 June 22
2H%
tHH
til H
15c
HH
$3
Aug.
Aug.
July
1 July
1 July
15 July
15
15
7
June
19
Sept. 12
Aug. 31 Aug. 15
Aug.
1 July 15
July
1 June 22
July 15 June 30
July 20 July 30
July
1 June 23
June 27 June 23
June 30
July
July
July
June 20
June 24
1 July 14
1 July 14
1 June 20
20 June 30
June 30
July
June
15 July
19
6
Richmond Fredericksburg
June 30 June 21
June 24
July
July
July
July
July
July
July
June 20
June 20
June
July
July
July
July
15
June 15
June 15
1 June 21
June 22 June
June 22 June
15
15
June
15
June
15
15 July
June
v5
19
June 30 June 20
June 20
July
July
$2
10 July
1
11
t50c
I2H
IlH
17Tc
tn h
65c
$2
IlH
IlH
50c
50c
June 30 June 20
July 20
July
July
July
July
Sept
Sept.15
Sept.15
Sept.15
Aug. 15
Sept.15
50c
Oct.
15c
July
July
July
20c
20c
14
July
10
June 21
June 23
June 30
June
15
1
15
15
15
15
15
Sept. 15
Sept.
Aug.
Aug.
Aug.
July
Aug.
Tune 30
June 30
June 30
t50c
Co. (quar.)
& Potomac RR.—
>
Aug.
July
20
IlH
(C. A.) Co. pref. A__
Rhode Island Elec. Protective
July
June
15
$1
June 30 June 23
ra
8c
7c
'
25c
Rochester Button common
(resumed)
$1.50 conv. preferred (quar.)
St. Louis National Stockyards (quar.)
Sanborn Map Co. (quar.)
June 30 June 23
tl
...I
June 30 June 23
$1
(quar.).
(H. W.) & Co. (s.-a.)
37Hc
IlH
July
1
July 15
July 15
July 20
Sept.11
July
1
July
1
July
1
June 20
July
July
July
1
1
8
Aug. 19
June 21
June 23
1—
$1
Improvement Co. (monthly)
10c-
June 23 June 22
1 He
June 24 June 17
t50c
IlH
Aug.
$3
July
July
July
$1
;
San Gabriel River
...
Schumacher Wall Board Corp. $2 pref
Shasta Water Co.
Simms Petroleum
June 20
Manufacturers Life Ins. Co. (Toronto) (s.-a.)__
Marchant Calculating Machine (quar.)___
$4
(s.-a.)
(s.-a.)
Lux Clock Mfgs. Co. (irregular)
25c
Preferred.
Skinner
June
July
Macfadden Publications, Inc., preferred (quar.)
20c
Preferred
Mascot Oil Co..
...
...
(irregular).
Co., 6% pref. (s.-a.)
Peoria Water Works, 7%pref. (quar.)...
Philadelphia & Trenton RR. (quar.)..
Philips Lamp Works (final)
Pick (Albert) Co. preferred
Pittsburgh Cin. Chic. & St. Louis RR. (s.-a.)._
Plainfield Union Water Co. (quar.)..
Pneumatic Scale, Ltd., 7% preferred (quar.)
Premier Shares Inc. (s.-a.)
Provincial Paper, 7% pref. (quar.).
Public Service Corp. of N. J., com. (increased).
8% preferred (quar.)
.".
7% preferred (quar.)
5% preferred (quar.)....
6% preferred (monthly)...
a
6 % preferred (monthly)
6% preferred (monthly)
________
Putnam (George) Fund of Boston (irregular)-.
Railroad Employers Corp. class A and B com.
July 14
Sept. 14
S1H
$1H
25c
I2H
I2H
IlH
IlH
Paterson & Hudson River RR.
June 24
July
July
Aug.
Aug.
Aug.
July
July
July
July
July
July
....
15c
11
11
75c
Lion Oil Refining Co.--__
Lone Star Gas Co
10c
July
July
Lawyers Trust Co. (N. Y.) (quar.)_
Lehigh Portland Cement Co. pjuar.).
4% preferred (quar.)
;...
Lexington Union Station 4% preferred (s.-a.)__
Liberty Loan Corp., class A & B (quar.)
$2
10c
—..
Schuylkill Valley Navigation & RR. (s:-a.)
Scruggs-Vandervoort-Barney, Inc.—
6% preferred (s.-a.)_____.__
—,-_...,
7% preferred (s.-a.)
3H% preferred (s.-a.)
Seaboard Finance Corp. $2 preferred (quar.)__
$2 cony, preferred (quar.)
Securities Holding Corp., Ltd. 6% non-cum. pref
Security Storage Co. (quar.)
._.
a.
Shaffer Stores Co. 5% preferred (quar.)
Sharon Steel Corp. $5 conv. preferred (quar.)..
July
July
July
July
July
July
July
June 30
Oct.
June 21
25c
(interim).
San Mauricio Mining--
15 July
1 July
1
June 23
June 30
June 30
20c
20
15c
$1
June 21
July
June 21
IlH
Peerless Casualty
Extra
June 28
July
July
July
July
July
July
June 30
25c
1
20
Aug.
30c
5c
_
Tune 30 June
July
Lawrence Gas & Electric (quar.)
Landers, Frary & Clark (quar.)..
June 30
3
June 30
30c
Extra
15
June 23
July
June 23 June 19
15 June 30
20 June 30
IlH
—
June
July
7% preferred (s.-a.)
7% pref. (quar.)
15
S1H
t50c
62 He
,
Ohio Wax Paper Co. (quar.)
June
3 June. 23
Aug. 15
June 30
Aug.
Aug.
preferred (quar.)
Extra
Sept.
4
1
12
July
2d preferred (quar.)__
Richel
15 June 30
3 June 23
July
July
July
$2
16
July
July
July
July
July
July
July
15
$2
July
til. 31H July
July
tllH
Co. (Milw.) (quar.) —
Oahu Sugar Co., Ltd. (monthly)
...
Ohio Leather Co., common (increased).
June 30 June
.12 He
25c
IlH
__
Northwestern Nat. Ins.
Voting common (s.-a.)
Non-voting common (s.-a.)
Dividend obligations (s.-a.)
Richmond Water Works 6% preferred
June 26
June 24
$1H
37 He
(quar.)
...
16
June 30
July
17
June
July
July
July
Aug.
July
July
July
55c
:
(s.-a.)
Northern States Power (Del.), 7% pref
6% preferred-
Reed
June 30 June
30c
(interim)...
Northern Central Ry.
1st
5
1
13 July
1 June 26
1 June 20
1 June 20
IlH
IlH
5% preferred (quar.)
preferred series A & B (quar.)
Special, common ...
$6 preferred (quar.)
$5.50 preferred (quar.)
Packer Corp. (quar.)
87 He
68Hc
15c
,
Preferred
1st
2d 5%
Nicholson File (quar.)
North & Judd Mfg. Co.
15
th'ti
$1H
$3
Lafayette Fire Ins. Co. (New Orleans, La,) (s.-a.)
Mac Andrews & Forbes Co
Niagara Hudson Power Corp.—
June 30 June
June 30 June 16
July 15 June 30
-40 He
IlH
IlH
Founders, common.
June 27 June
30c
...
Louisville Henderson & St. Louis RR.
Neptune Meter Co. 8% preferred (quar.)
N. J. & Hudson River Ry. & Ferry Co. (s.-a.)_
N. J. Water Co., 7% pref. (quar.)
New York Trust Co. (quar.)
June 30 June
_
Bakeries, $5 preferred_
7% pref. A
IlH
$2
$3
(quar.)
Otter Tail Power Co.-
June 30 June 20
June 30 June 16
tlCc
7Hc
t62Hc
50c
5c
National Investors Cbrp
National Shirt Shops of Del., $6 prior pf.
15
2.5c
t50c
5Cc
25c
_
June 20
June 21
40c
ilH
25c
(quar.)
(Hartford) (quar.)
8% participating preferred (quar.).
8% participating preferred (quar.)
Orpheum Bldg., v. t. c
tU H
$1
10c
IlH
National Distillers Products
June 30 June
July
July
$2
:
IlH
June 27
July
July
July
IlH
National Biscuit Co., common..
Preferred (quar.)
...
Old Joe Distilling, common
37 He
50c
50c
75c
55c
Ohio Telephone Service,
June
1
68c
40c
June 26 June 20
June 3u June 20
iih
IlH
IlH
IlH
25c
25c
July ~i June 22
l June 22
July
l July 10
Aug.
July 25 July 10
1 June 30
July
IlH
tllH
National Battery Co., pref (quar.)...:
June 30
2Cc
July
July
50c
National Aviation Corp
June 30
87 He
10%
IlH
IlH
Mutual Investment Fund Shares
50c
June 20 June
July
July
10c
National Fire Insurance
Payable of Record
50c
IlH
Mill Creek & Mine
National Fuel Gas Co
June" 24"
25c
(quar.)..
Hill Nav. RR. (s.-a.)
Minnesota Mining & Mfg. Co. (interim)
Mississippi Power Co., $7 pref. (quar.)
$6 preferred (quar.)
Missouri Portland Cement (irregular)
Missouri Power & Light $6 pref (quar.)
Montreal Tramways (quar., reduced)
Monongahela Valley Water Co., 7% pf. (quar.)
Montana Power Co. pref. (quar.)
Montreal Telegraph—
Morrell (John) & Co.
.....
Morris (Philip) & Co., Ltd., Inc. (quar.)
5% conv. pref. A (quar.)
_
Morris Plan Bank of Hartford (Conn.) (qu.)___
Mt. Carbon & Port Carbon RR. (semi-ann.)
Murray Ohio Mfg. (irregular) _ .
Miedo Oil Corp. v. t, c.
June 30
Iowa Electric Co.,
(quar.)..
1 June
24 July 15
1 June 2.3
37Hc
t37Hc
137 He
(quar.)..
International Invest. Corp., $3 con v.'pref
International Milling Co., 5% pref. (quar.)_*._
International Securities Corp., 6% pref
International Vitamin Corp.
_
Preferred
June 30 June 26
5c
-
International Bronze Powders, Ltd.
Interstate
1
$1%
Maryland Mines Corp* (monthly)
cum.
15 June
IlH
Insurance Co. of North America (s.-a.)
Investors Fund C_.
6%
1 June 20
10 June 30
June
July
20c
a
—
5H% conv. pf. (quar.) —
Huttig Sash & Door Co. (resumed)------ —
Preferred
20
June 27 June 23
$1H
—-
Hussmann-Ligonier,
Preferred
50c
1 June
July
July
July
35c
25c
r
Hotel Statler,
Preferred
80c
5c
June 30 June 26
50c
(quar.)
6% preferred (quar.)
—
Green (H. L.) Co. (quar.)
Greenwich Water & Gas System, 6% nf. (quar.)
Griesedieck-Western Brewery (irregular)
_
IlH
'
3 June 30
50c
(quar.)
Great Lakes Engineering Works (quar.)
Great Lakes Steamship Co. (quar.) — .—
_
15c
25c
Co. (resumed)
Gotham Credit Corp., class B
Gotham Silk Hosiery, 7% pref.
June 28 June 21
Share
of Company
10.6c.
9.4c
A------
Series..
Green (D.)
1 June 23
1.5c
Fundamental Investors..
Golden Anchor Mining
July
15c
3Cc
— _ -
-
Fundamental Trust Shares, series
Preferred (quar.)
General Foods Corp.,
June 23
1 June 23
1
75c
A (quar.)
Froedtert Grain & Malting
July
July
$1H
Stock dividend
Fresnillo
June 22
June 22
1
75c
-•
---—
Forbes & Wallace, Inc., $3 class
1
July
15c
Endicott Johnson common..
Excelsior Life Ins. Co. (Toronto,
18 July
8
5 June 25
31 June 30
50c
Empire Trust Co. (N. Y.) (quar.)..
Name
Holders
When
Per
Holders
When
Payable of Record
July
July
July
July
June 24, 1939
Chronicle
...
I3H
IlH
.»i
(liquidating)
Extra.
19
50c
5c
IlH
$1
75c
6% preferred (s.-a.)
Stanley Works (irregular)
5% preferred (quar.)..Stearns (F.) & Co, common
5% partic. preferred (quar.)
Sterling Aluminum Products
Stony Brook RR. Corp. (s.-a.)
Submarine Signal Co. (irregular)
Suburban Elec. Sec. $4 2d preferred
Hi h
30c
Superheater Co. (quar.)
Supervised Shares, Inc. (quar.)
Taylor-Colquitt Co. (quar.)
Telautograph Corp
Telluride Power Co.
13
40c
31 He
25c
—
25c
$3
ic
toOc
12Hc
5
June
3
June 26
June 24 June 20
June 20 June
July
Aug.
Aug.
July
July
15
11 June 27
5
1 July
1 July 19
1 June 24
1 June 16
8c
June 30 June 20
Aug. 19 Aug. 10
1
15 July
1
15 July
June 30 June 15
July
July
Aug.
1 July
15
June
15 June 14
July
July
July
15 July
1
1
15 July
1 June 15
June 30 June 20
July
1 June 20
June 30
Tune
19
15 Aug.
3
June 30 June
20
Aug.
June 30 June 28
July
July
10 June 30
5 June 30
June 30
July
July
July
June 26
1 June 26
5
15 July
15 June 30
50c
June 30 June 22
5c
1 July 15
1 June 15
30 June 26
July
1 June 20
—
Aug.
Juiy
50c
—
(s.-a.)
HH
5
preferred (quar.)—
Textile Banking Co. (quar.)
Title Insurance Co. of Minn,
July
June 30 June 20
$1
Pref (quar.)
June 20
10c
50c
Standard Screw Co
3
10
1
1
June 30 June 20
-
Standard Fuel Co., Ltd., 6H%
July
July
July
July
15c
IlH
(quar.)
Water Co. 5% pref. (s.-a.)_._
$1
7% preferred (quar.)
IlH
6% preferred
50c
Southern Berkshire Power & Electric Co—
Southern Indiana Gas & El. Co. 4.8% pref. (qu.) $1.2%
Spicer Mfg
$3 preferred (quar.)___
June 20
19
J65c
IlH
IlH
IlH
Preferred
(quar.)—
June 20
June 30 June
South Pittsburgh
Southwestern Portland Cement
1
June 20
June 30 June
50c
Skelly Oil Co. 6% preferred (quar,
Simpsons, Ltd., 6H% preferred (accumulations)
Slattery (E. T.) Co. 7% preferred (quar.)-.:
Smyth Mfg. Co
.;
Sonoco Products (quar.)
5
50c
.
;
15 Aug.
13 July
50c
(quar.)
Organ Co
July
June 23
IlH
•June
Volume
Financial
14$
Per
Name of
Share
Company
50c
(Hartford) (quar.)
Underwriters Trust Co
(Minn.) 7% pref. A (quar.)
7% preferred B (quar.)
Union Stockyards Co. (Omaha), Ltd.
United Milk Products Co. (quar.)
July
20
June
19
June
June
16
July
July
July
July
July
June 26
SI
SI M
SIM
SI M
SI
(quar.)
50c
(quar.)
75c
(extra).
S3 partic. preferred
S3 partic. preferred
50c
United Molasses Co., Ltd.—
Amer. deposits rets, for ord.
7 2-5c
ref. (interim)
United National Corp. preferred
United Printers & Publishers, Inc.
tl5c
1
(Geo.), Ltd., pref. (quar.)
June 20
June 20
June 20
June 20
(irregular)
Woolworth (F. W.), Ltd. (interim)
Worcester Suburban Electric (irregular)
June 20
June 20
American Tobacco Co. preferred (quar.)
American Water Works & Electric Co.—
20
June 28
June 28
17 Ac
$2 A
June
June
16
Armstrong Rubber Co. class A & B
$1
SI M
July
June
26
June
June
23
Arnold Constable Corp
Asbestos Corp., Ltd. (new
July
July
July
July
July
July
June 20
Aug.
July
July
June 24
July
July
July
June 27
June
June 20
25c
July
June 29
—
June 30
June 30
15
June 27
July
10
May 16
June
June
15
8
15c
Oct.
Sept.
SIM
SIM
July
July
June 24
:
:1
_
June 24
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
we
Per
Name
■_
i
_
'
-
i
-
Share
of Company
-
-
40
■
-
-
■■
1
1
■
4 M % conv. preferred
Abercombie & Fitch, $6
40c
10c
$1M
(quar.)
$3
preferred (s.-a.)__
Express Co
(quartelv)
;
Addressograph-Multigraph (quar.)
Aero Supply Mfg., class A (quar.)
Aetna Casualty & Surety (quar.)
10c
Adams
Aetna Insurance Co.
Aetna Life Insurance
5c
July
July
July
July
July
July
July
30c
6c
(quar.)r
8Mc
'lit?
_
25c
(quarterly)
».
Alabama Great Southern RR. Co. ord. stock
Reduction
S3
$3
Preferred
Consolidated
loc
Mining Co_r
Albany & Susquehanna RR. (s.-a,).,—
Allegheny & Western Ry. (semi-annual)
Allemannia Fire Insurance
(Pittsburgh)
—
5c
2Mc
SIM
(quar.)—:
Allen-Wales Adding Machines pref. (quar.)
Allen Electric & Equipment
Allied Laboratories (quar.)
Allied Products Corp.
Ol&ss .A.
15c
—
43Mc
A (quarterly)
Allied Stores Corp., 5% pref.
Allis-Chalmers Mfg. Co
:
—
12 Mc
—
preferred (quarterly)
1 June
3
15 June 30
3 June 15
1 June 20
1
June 20
19
1 June
19
15 June 30
June 28 June
9
June 28 June
1
June
June 3u June
21
June 30 June 21
Tuly
1 June 20
June 30 June 20
July
July
July
1 June
15
1 June
19
Tune
19
1
1 June 20
3 June
1
June 24 June
10
1 June
15
1 June
15*
I
50c
I 50c
50c
SIM
'2 Sept. 15*
June 30 June 15
Oct.
Sept. 30 Sept. 15
Dec.
15
June 30 June
31
Sept. 30 Sept. 15
Dec.
7Cc
35c
75c
S3M
25c
S
A
preferred (quar.)
—.—
Corp., $3 preferred.
American Casualty Co. (Reading, Pa.).__—...
American Cigarette & Cigar pref. (quar.)
American Cities Power & 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.)
American District Telegraph of N. J—
Preferred (quarterly)
-American Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
American Express Co. (quar.)
American Factors, Ltd. (monthly)
American Felt Co., 6% preferred
American Gas & Electric Co. pref. (quar.)
American General Insurance (quar.)
American Hard Rubber, 8% preferred (quar.)..
Steamship
(monthly)
Illinois—
American Home Products Corp.
7% preferred (quarterly)
8% preferred (quarterly)
$2 series cumulative preferred (quar.)
$2 cumulative preference (quar.)
American Manufacturing, 5% preferred (quar.).
1.31 M
10c
SIM
f25c
15c
SIM
68Mc
SIM
15c
1M%
31 Dec.
15
1 July
June 30 June
12
July
1 June
12
July
1 June 23
Aug.
15
June 30 June 23
June 30 June
16
June 26 June
1 June
16*
1 June
15
1 June
1
June 30 June
15
—
Extra--
(quar.)
----6M% Pref. (quar.)
pref. (quar.)
llH
SIM
10c
July
16
June
1
July
8
tSIM
SIM
July
Aug.
25c
June
June 20
S2
June
June
15
July
July
June
15
June
14*
July
July
July
July
July
July
Sept.
June 20
25c
20c
43 Mc
5oc
50c
50c
SIM
SIM
Optical Co. pref. (quar.)
SIM
7% pref. (quar.)..
SIM
7% preferred (quar.)
175c
American Power & Light Co. $6 pref. (qu.)
t62Mc
$5 preferred (quar.)
June 20
June 20
June 20
June 15
June
17
Sept.
5
Dec.
Dec.
5
July
July
June
9
June
9
June
15
June
June
15
Aug.
June 23
S2^
72
15
15
July
July
June
12
June
15
5uc
June
June 20
SI
25c
Aug.
July
June
June
10
July
July
July
July
June
15
S2M
SIM
$2
75c
25c
12 Mc
37 Mc
37 Mc
5
June 20
June
3
June 20
June 28 June 20
June 2ft June 20
5uc
SIM
June 26 June
SIM
June 30 June
75c
June 30 June
July
SIM
12MC
12Mc
July
July
22c
15
1 June 27
15
15
15 June 30
July
July
:
62c
;
SIM
July
July
July
Aug.
3cc
60c
20c
S3M
5oc
68 Mc
t024«
tlji
25c
SIM
SIM
S3M
50c
Si
25c
SIM
10c
l"Sl M
20 July
15
Sept. 20 Sept. 15
1 June 23
1 June
7
SIM
SIM
62 Mc
10c
—
1 June
1 June
10
1 June
10
1
10
July
June 30 June
July
July
July
July
7
15
1 June 15*
1 June 23
1 June 14
1 June 26
June 30 June 22
1 June 15
July
July
1 June 15
July
July
July
July
July
1 June 13
1 June 13
15 June 30
July
July
July
July
July
July
3 June 15
,1 June 15
1 June 16
1 June lO
3 June
15
3 June
15
15 June 23
15 June 20
June 30 June
June 30
15
Jqne 15
July
July
July
July
July
July
1 June
1 June
2
2
1 June
2
July
July
1 June
1 June 20
1 June 22
1 June 22
June 28 June 20
June 28 Juen 15
1 June
14
14
25c
June 30 June
16
June 30 June
19
June 30 June
19
1 June
July
July 31 July
July 31 July
Sept. 15 Sept.
] June
July
15
—
SI
—
62 Mc
?.
(quar.)—
Bond Stores, Inc., common
2oc
(quar.)_.._
Borg-Warner Corp
Boston Acceptance Co., Inc., 7% pref. (quar.)
Boston & Albany Railroad Co
Boston Insurance Co. (quarterly).
Boston Electric Ry Co. (quar.).
jr.
Boston Herald Traveler Corp. (quar.)
Boston Wharf Co. (irregulor)
—
Brach (E. J.) & Sons (quar.)
25c
_
17 Me
S2M
.
S4
---v
■?
June 10
June
June
9
30c
July
July
July
July
July
July
June
10
June
10
June 30
June 30
June
15
June
June
16
July
July
10c
32Mc
50c
(quar.)-....
Manufacturing.
(quar.)
SIM
Newspaper—
7% 1st preferred (quarterly)
7% 2nd preferred (quarterly)
Castings Co.—
6M% preferred (quarterly) —
6% preferred (quarterly)
June 21
June 20
1
25c
June
June 23
20c
July
July
July
June
15
June
15
June
17
July
July
8 June
8 June
50c
—
Oil Co., Ltd. (quar.)
British American Tobacco Co., Ltd.—
Amer. deposit rceipts ordinary bearer shares..
American deposit receipts ordinary regis, shs.
British Columbia Elec Pow. & Gas Co., Ltd.
6% preferred (quarterly)----.
British Columbia Power, class A (quar.)
British Columbia Telep. 6% 1st pref. (quar.).-6% 2nd preferred (quar.)
Broad Street Investing Corp. (quar.)
Brooklyn Borough Gas Co., common (quar.) —
6% preferred (quarterly).
Brooklyn National Corp. (quar.)
Brooklyn Trust Co. (semi-annual)..--.;
Brunswick Balke Collender Co.—
Preferred (quar.)
Brunswick Site Co
Tune 27
June 30 May 31
1 June 20
July
July
July
20c
---j-
16
June 3'
25c
20c
Ltd, (quar.)
15
15
8
4ec
SIM
—
Brautford Cordage Co., Ltd., 1st pref; (quar.)
Brazilian Traction, Light & Power, pref. (quar.)
Brush-Moore
14
25c
15
June 30
13
15
June
37Mc
Brillo Mfg. Co., Inc.
Class A (quar.)
Aug. 25
June
25c
Briggs
Nov. 25
June
June
June
June
- —
17
June
15
June
25c
i
1 June
1 June
1 June
Dec.
15
June
June
40c
July
July
8
June
SIM
SIM
SIM
—
10
June 15
June
15
...
Jqly
July
Sept.
June 26
June
8
June
-s
Extra..
June 24
June 30
July
SIM
5% preferred (quar.)
,
June 24
15
45c
Bon Ami class A (quar.)
Bralorne Mines,
16
Tune
Bohn Aluminum & Brass
Extra
10
June
July
July
July
July
July
July
July
July
July
July
June 15
62Mc
-
Birmingham Electric, $7 preferred
$(3
^
Black & Decker Mfg. Co. common (quar.)
Class B
20
June
June
;
S2.5J preferred (quar.)
Laughlin
15
June
May 31
June
Bickford's, Inc., common,-.—
Bliss &
June
June
(quar.)
Bird & Son, Inc. (quar.)
Bird Machine Co. (quar.)
10
June
Belding-Corticelli, Ltd. (quar.)
5% preferred (quar.)...
7% preferred
B-G Foods, Inc., preferred
5
15
June
50c
(quar.)--Bankers Trust Co. (quar.)
Barker Brothers, 5M% preferred (quarterly) __
Barker's Bread, Ltd., 5% preferred (quar.)
Bastian-Blessing Co
—
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.)
Prior preferred (quar.)
Bethlehem Steel Corp. 7 %
June
June
tSIM
Bank of New York
Preferred
7
15c
15c
—
Bell Telephone of Canada
Bell Telephone of Penna.,
Beneficial Industrial Loan
,
9
120c
_
British American
SIM
-
SIM
SIM
+S1M
TSIM
SIM
SI
12 Mc
____
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine, 7% preferred
15
'
-
1 June
July
July
15c
-
15
July
July
July
July
July
July
S2M
5% preferred w. w. (quar.)
5% preferred x-w
Atchison Topeka & Santa Fe Ry. 5% pref.
Atlanta Birmingham & Coast RR.—
5% preferred (semi-annual)
Atlanta Gas Light 6% cum. pref. (quar.)
Atlantic City Fire Insurance (quar.)_
—
Atlantic Refining Co., 4% pref. A (quar.)
Atlas Corp. common (quar.)
1
Attleboro Gas Light Corp. (quarterly)
—
Autocar Co., preferred (quar.)
,-—
Automobile Insurance (Hartford) (quar.)..
Automatic Voting Machine Corp. (quarterly) _ .
Avery (B. F.) & Sons, 6% pref. w. w
6% preferred x-w
Badger Paper Mills (irregular).
1
Bakelite Corp. 6M % pref. A (quar.)—- — - —
Balaban & Katz Corp., 7% preferred (quar.) —
Common (irregular) __i
Baldwin Co., 6% pref. (quar.)
Baldwin Rubber Co., common (resumed)
Common (resumed)..
:—
BancOhio Corp. (quar.)
j
—
Bangor & Aroostook RR. Co. (quar.)
5% conv. preferred (quar.)
.--Bangor Hydro-Electric Co., 7% pref. (quar.)-6% preferred (quar.)
(Quarterly.)
Bankof AuiericaN. T. & S. A. (quar.)
Bank of the Manhattan Co. (quar.)
15
Dec,
15
initial—quar.)
Extra
8
1 June 21
June 24 June
July
July
June
30c
SIM
75c
Assoc. Breweries of Canada (quar.)_
Preferred (quar.)
Associates Investment Co. (quar.)
15
1 June 30
luly
20c
Arkansas Power & Light $7 preferred
$6 preferred
Armour & Co. of Dela. 7% preferred (quar.)
9
June 3u June 20
July
20c
American Capital
14
SI
American Can Co.
American
3
1 June
1 June
25c
American Business Credit com. class
American Paper Goods Co.,
10 June 26
1 June 16
July
SIM
American Brake Shoe & Foundry, common
American Investment Co. of
17
SIM
(quar.) —
--American Bernberg Corp., 7% preferred (s.-a.)
American Hawaiian
1'6
SIM
--
pref.
5M%
1 June 26
25c
(quar.)
(A. S.) Co., 7% preferred (quar.) — .—
Alpha Portland Cement—
---—
Altoona & Logan Valley Electric Ry. Co
Aluminum Co. of Amer. 6% pref. (quar.)
Aluminum Goods Mfg. Co. (quar.)
Quarterly
Aluminum Mfg. Co., Inc. (quar.)..,
Quarterly
—
Quarterly
:•
w
7% preferred (quar.)__
7% preferred (quar.).
—
7% preferred (quar.).
a
Amerex Holding Corp. (semi-annual)
American Agricultural Chemical
American Bank Note (no action)
Aloe
6%
25c
---
1
June 26 June
July
July
July
July
quar...
Extra
15 July
June 26 June
1 June
40c
(quarterly)
(quar.)
$7 cumul. preferred (quar.)
Alaska-Pacific
13
75c
35c
.
Air Associates, Inc.
13
June 30 June
July
July
July
...
Affiliated Fund, Inc
Agnew-Surpass Shoe Stores pref. (quar.)
Agricultural Ins. Co. Watertown, N. Y. (quar.)
Ahlberg Bearing class A (quar.) —
_
Air
June 3(. June
July
July
37Mc
Adams Oil & Gas
Holders
When
Payable of Record
■■■
Abbott Laboratories (quar.)
Extra
15
SIM
SIM
.
$6 preferred (quar.)
5
June 30
11 7-10c June
SIM
15
June
12Mc July
1M% July
Amoskeag Co, (s.-a.)..
Preferred (s.-a.)
Hocking Glass Co
Preferred (quarterly)
Appalachian Electric Power $7 pref. (quar.)
June 22
25c
June
Anchor
Aug.
July
July
July
SIM
SIM
12Mc
SIM
SIM
4
1st preferred (quar.)
June
SI
Aug.
July
75c
American Thread Co. pref. (semi-annual.)
30c
87Mc
June 29
Aug.
July
July
July
July
July
July
SIM
American Telep. &
Teleg. (quar.)
American Thermos Bottle pref. (quar.)
June 20
68 Mc
June
SIM
S2M
87 Mc
June 20
June 30
Aug. 25
June
SIM
American Superpower 1st preferred
American Surety Co. (semi-annual)
June
June 27 June 20
June 22
Sept.
June
10c
Preferred (quar.)
American Snuff Co
Preferred (quar.)
American States Insurance Co. (Indianap., Ind.)
American Sugar Refining preferred (quar.)
26
June
$2
30c
50c
July
July
July
June 26 May
Payable of Record
SIM
American Securities Shares (St. Louis)
American Smelting & Refining Co
July
SIM
1
American Potash & Chemical Corp. (increased)
Amer. Radiator & Standard Sanitary, pref. (qu.)
American Safety Razor (quar.)
25c
._
Young (J. S.) Co. (quar.)
Preferred (quar.)
15
Holders
When
Share
July
Weyenberg Shoe Mfg
White Rock Mineral Springs Co.—
7% 1st preferred (quar.)
5% 2d preferred (quar.)
Wichita Union Stock Yards 6% preferred (s.-a.)_
Common
Per
Name of Company
50c
_
Yale & Towne Mfg--
June
(Del.)—
preferred (quar.)
United States Fidelity & Guaranty (quar.)
United States Guarantee Co. (quar.)
United States Hoffman Machine pref. (quar.)..
U. S. Smelting Refining & Mining common
7% preferred (quar.
United Stockyards conv. preferred (quar.)
Utica Clinton & Binghamton RR. (s.-a.)
Van Camp Milk Co. pref. (quar.)
Vlchek Tool Co. 7% preferred (quar.)
Washington Oil;
Western N. Y. & Pennsylvania Ry. Co. (s.-a.)__
'
5% preferred (s.-a.)
Westinghouse Air Brake.
Westmoreland Water Co. S6 preferred (quar.)..
cum.
Weston
Aug.
July
sim
$6 preferred C (quar.)
S6 preferred D (quar.)
S2
June 20
$4
.
(quar.)
Twin Disc Clutch Co
Union Public Service
June
50c
Travelers Insurance Co.
June 24
June 20
15c
Shipbuilding (quar.)
Torrington Water Co. (quar.)
Trade Bank of New York
July
July
June
37Mc
$1M
Toledo
3789
Holdert
When
Payable of Record
50c
Todd-Johnson Dry Docks, Inc A and B pref
Toledo Light & Power Co. preferred (quar.)
Chronicle
J25c
lOd.
lOd.
July
July
July
June 20
June
16
Aug.
July
July
17
June
19
July
July
July
July
June 30
June 15
10c
July
July
June 20
June 20
SIM
SIM
July
July
1 June
12
1 June
12
1 June 30
SIM
Aug.
Aug.
tSIM
t50c
|S1M
tSIM
18c
75c
75c
25c
SIM
Buckeye Steel
June 30
June
30
June 23
1 June, 30
Per
Name of
Share
Company
tlX
Bucyras-ErieCo., 7% preferred (quar.)
Bucyrus Monighan, class A (final)
Called for redemption at $35 per share
July lt 1939.
Budd Wheel Co. 7%
45c
tlX
tlX
preferred (quar.)
Buffalo National Corp., 6%
preferred (s.-a.)_,
15c
40c
Common (irregular)
Buffalo,
Niagara Ac Eastern Pow., $1.60 pf. (qu.)
tlX
$5 1st preferred (quar.).
»,
Building Products Ltd. (quar.).
17 Xo
50c
Bulova Watch Co., Inc
tlX
preferred (quar.)
Bunte Bros., 5%
tlX
70c
5% preferred (quar.)
Burdine's, Inc., $2.80 pref. (quar.).
Burkhart (P.) Mfg. Co.,
Common (irregular).
Preferred
50c
15c
75c
(quar.)
40c
35C
(quar.)
California Oregon
6% preferred.
.75c
m
b7Xc
$1.55
June
July
Aug.
July
July
Sept.
July
15
7% preferred (quar.)
Canada Packers, Ltd. (quar.)
—
(Extra)
(semi-annual)
Canada Wire Ac Cable, class A (quar.)
Class A (quar.)
Canadian Canners, Ltd., 1st pref. (quar.)
2d preferred (quar.)
— —
Canadian Car & Foundry Ltd., pref. (no action)
Canadian Celanese, Ltd
(quar.).
Canadian Cottons, Ltd. (quar.)
Preferred
125c
—
Preferred (quar.)
t$l
t$th
.
Ltd., pref. (qu.).
Coupon stock (quarterly) coupon No. 44
Registered stock (quarterly) coupon No. 44..
Canadian Foreign investment,
Canadian General Electric (quar.)
Canadian Industries, Ltd.'
12Xc
12Xc
tlX
....
.....
Canadian Oil Cos.
preferred (quar.)
50c
IVi
$2
......
Canadian Wallpaper Mfrs. class A and B.
Canadian Westlnghouse,
150c
Ltd.. (quar.).
150c
(accumulation)...
—
6% preferred (initial quar.)..—
7% pref. (quar.).
Cannon Mills Co
Cannon Shoe preferred (quarterly)..—
Capital Administration Co. $3 cum. pref.
■
~
t371?
\\%
—
—
25c
50 c
'
5% preferred (quar.).. —
—-—
Carolina Power Ac Light Co.—
$7 preferred (quarterly)
$6 preferred (quarterly)....
....
Carpel Corp. (quarterly). —
Carrerras Ltd. Amer. depos. rets. A ord
Amer. deposit rets. B ordinary—...
Carriers Ac General Corp
---.— -—
tlX
l§
50c
9
June 20
June 20
June
July
July
July
July
July
July
July
July
July
9
10*
June 15
June 20
June
15
June
15
June 80
June 30
June 30
July
31
June
July
July
July
July
15
June 20
June 20
3 June 20
June 30 June 15
Aug. 15
iZ
June
15
June 15
July
June 3ft
Aug.
Sept. 15 Aug. 31
Dec.
July
July
15 Nov. 3ft
3 June 15
3 June 15
June 30 June 16
June 3ft June 16
July
July
July
July
July
July
July
16
June
16
June
3
June
15
June 30
June 30
June 15
June 30
June 30
June 26
July
July
June
17
•fuly
June
17
July
July
July
June 20
July
4
June 20
2 June 15
301 June 20
June 80 June 20
June 30 June 20
July
June
June
July
July
16
June 21
June
19
July
July
June
17
June
17
July
July
June
17
June
17
_
Connecticut Light Ac Power (quar.)—
Connecticut River Power 6% pref. (quar.)—
June 28 June 14
4X% B preferred (quar.)...
.
...
—
Continental Baking Co. 8%
pref. (quar.)..-—
(quar.)
Continental Can Co., Inc.—
$4X cumulative preferred (quar .)
—
Continental Gas Ac Electric prior pref. (quar.)...
Continental Oil (Del.)....
—
Continental Pass. Ry. (Phila.)—
$0.610313 per share..
June 30 June 15
July 15 June 30
July 15 June 30
June 26 June 15
July 15 June 15
Champion Paper Fibre & Co. 6% preferred (qu.)
Chatam Saving Ac Loan (Savannah( s.-a.).
Chemical Bank Ac Trust Co. (quar.)
Chesapeake Corp. (liquidating)
Chesapeake & Ohio Ry........
Preferred series A (quar.)..-—
-...
Chesebrough Mfg.,Co. (quar.). — i
Extra..
...
...
Chicago Daily News, common
$7 preferred (quar.)
Chicago Flexible Shaft (quar.
•
July
1 June
June 30 June
July
July
July
July
15
13
—
Craddock-Terry Shoe Corp.—
5-6% 1st preferred (initial)
4-6% 2d pref. (initial)
3-6% 3rdj>ref. (initial)
Crandall, McKenzie & Henderson
Cream-of-Wheat CorpCreameries of America, Inc. (quar.)...
—
Crowell Publishing
Crown Cork International Corp. class A—- —
Crown Zellerbach Corp
Cram & Forster
Preferred (quar.)...
—
-
1 June 19
3 June
1 June
1 June
June 26 June
June 26 June
9
8
8
2
2
July
jJuly
-
Extra..
Chicago June. Rys. Ac Union Stockyards..
6% preferred (quar.)
1 June 20
1
June 20
June 30 June 20
June 3ft June 2ft
—
.—I
Chicago Pneumatic Tool, $2.50 prior pf. (quar.)|
$3 convertible preferred (quar.).
Christiana Securities, pref. (quar.),.
—.
Cincinnati Gas & Electric preferred (quar.)..-.
•
Cincinnati New Orleans & Texas Pacific
Cincinnati Ac Suburban Bell Tel. Co. (quar.)
Cincinnati Union Stock Yards (quar.).
July
July
July
July
July
July
July
1
June
15
June
14
June
14
June 2ft
June
15
June 26 June
5
-j
July
I
July
1 June 16
June 30 June 17
Quarterly
Cincinnati union Terminal 5% pref. (quar.)
1 June 19
1 Sept. 18
5% preferred
Oct.
5%
1-1-40 Dec. 18
June 30 June 25
July
1 June 29
preferred (quar.|.
(auar.
Citizens Pass. Ry. (Phila., Pa.)
Citizens Wholesale Supply 7% pref. (quar.)
$1.|
6% preferred (quarterly)
City Baking Co. pref. (quar.)..
July
Aug.
City Ice & Fuel Co..
Clearing Machine Corp
June 30 June
Cleve. Cin. Chic. & St. Louis
common
(s.-a.)—|
5% preferred (quar.)
Cleveland Electric Illuminating (quar.)
$4.50 preferred (quar.
Cleveland Graphite Bronze (interim)..
Cleveland Union Stock Yards (quar.).
Climax Molybdenum Co
July
July
July
July
July
1 June, 29
25
1 July
15
1 June 15
31 July 21
31 July 21
1 June
16
1 June
16
June 30 June 23
July
.
1 June 21
June 3ft June
19
Clorox Chemical Co. (quar.)
June 24 Juno
14
Cluett.Peabody Ac Co., Inc. (interim)..
Preferred (quar.)
June
26 June
15
July
July
July
Coca-Cola Co.
Class A
(quar.)
—
—
Coca-Cola Bottling class A (quar.)
Coca-Cola International Corp. (s.-a.)
Class A (s.-a.)
Colgate-Palmolive-Peet pref. (quar.).
-
1
June 20
July
July
July
July
June
15
June
12
June
12
June
12
June
12
June
6
June
——
—
...—
50c
—
-
Delaware RR. (semi-ann.)__
De Long Hook Ac Eye (quar.)
12Xc
25c
$4
15
9
9
June
19*
June
16
June 10
June 15
3
15
1 June 15
1 June 15
1 June
1 June 20'
1
1
1
1 June 15
10
14
14 July
10
June 30 June
$3
5ftc
15
July
„
1 May 31
15 June 30-
July
Sept. 15 Sept.
50c
3lXc
15c
10
1 June 20
July
•
5
June 26 June 17
June 30 June 15
June 30 June 15
1 June 15
5 June 16-
20c
July
July
July
15c
July
June 24 June
June
July
M
%1X
50c
June 24
June 24
17
15
June 20-
July
June 3ft June
July
July
July
10
1
June 20
Aug. 20
S1.37H Sept.
July
5Xc
—
2X%
...
July
1 June 15
$2
July
15 June 26
Holders have the
Detroit Edison Co
'.
—i
Detroit Harvester Co.
Detroit Hillsdale & Southwestern RR, (s.-a.)—
Devoe & Raynolds 2nd preferred (quar.)..
Diamond Match Co., common
Common
—
—,—
Participating preferred (s.-a.)_—
—
Participating preferred (s.-a.)..:-.
25c
$2
tlX
25c
June 24 June
July
July
Sept.
25c
Dec.
75c
75c
Sept.
—— - .
ii_
—
—-—
-
1 Aug. 10
1 Nov. 10
1 Aug. 10
3-1-40 2-10-40
June 20
June 20
———-——
62m
30c
50c
25c
25c
Monthly.
38c
Dominion Coal Co., 6% pref. (quar.)—
i$3
Dominion Fire Insurance (Toronto) (s.-a.)
125c
Dominion Foundries Ac Steel, Ltd. (interim) —
tlX
Dominion Glass, Ltd. (quar.)..--.—•tlx
Preferred (quar.)
...
$1.37 X
Dominion Tar Ac Chem. Ltd. 5X% pref. (qu.).
it ix
Dominion Textile, Ltd. (quar.)—
itix
Preferred (quar.)
75c
Draper Corp. (quar.)
15c
Driver-Harris Co. (increased).
tlX
Preferred (quar.).
—
75c
Duke Power Co. (quar.).
SIX
Preferred (quar.)
SIX
Duneau Mills 7% pref. (quar.)
50c
Duplan Silk Corp
$2
8% preferred (quar.)
SIX
du Pont (E. I.) deNemours, $4.50 pref. (quar.).
6% debenture (quar.)
Duquesne Light Co. 5% 1st preferred (quar.)..
tlx
Eagle Picher Lead, pref. (quar.) —
SIX
Early Ac Daniel Co.. Dref. (quar.).
t50c
Eastern Steamship Lines preferred
itlX
Eastern Steel Products. Ltd., preferred (quar.).
—
tin
Eaton Ac Howard Management
Series "F"
L
15
June 20-
1 June 20
50c
July
July
$1.62X July
Aug.
it ix
Distillers Cor p.-Seagrams, Ltd. 5% pf. (quar.)
July
Dixie-Vortex Co., class A
;
Sept.
Dr. Pepper Co. (increased quar.)—
Dome Mines, Ltd. (quar.)
Dominguez Oil Fileds (mo.)
5
30c
(quar.)
6% preferred (s.-a.)
exr preferred (quar.).
_.%
-
Series B
June
June
July
15c
5X% preferred (quar.)
Deposited Bank Shares series B-l
Deposited Bank Share Of New York—
t
Sept. 19
June
June 30 June 20
June 30 June 20
$2
25c
tlX
Dentists Supply (N. Y.) 7% pref. (quar.)---.
Denver Union Stock Yards, common
Series "Al"
19
1 June 10*
July
1 June 13
July
5
July 15 July
Sept. 30 Sept. 20
25c
$1
...
Delta Electric Co. (quar.)
Quarterly
15
15
June
25c
Davidson-Boutell preferred (quar.)
Dayton Ac Michigan RR. Co. 8% pref. (quar.)-.
Dean (W. E.) & Co. (quarterly)
Preferred (quarterly)..
——...
Diamond Shoe Corp. common
15
July
July
1 June
June 29 June
June 24 June
50c
l2Xc
50c
10c
——-
15
June
June 15
July
July
July
July
July
50c
—-—
June
July
$2.19
$1.76
$1.32
%2X
—
16
15
June 30
June 30 June 16
July 15 June 30
$2
Crystal Tissue Co. (resumed)
8% preferred (s.-a.)
Cuban Atlantic Sugar Co
Cuban Telephone Co. 6% pref, (initial)
Curtis Publishing Co. preferred----.Curtiss-Wright class A
June
July
July
July
pref. (quar.).
pref. (quar.)
-I
Cottrell (C. B.) & Sons 6% preferred (quar.)..J
Series A (semi-annual)..-_±
15
Aug. 15
June 27 June
6X% preferred (quar.)
Payable in trust shares.
option of receiving cash.
17
June
June 30 June 15
1 June 15
July
Coronet Phosphate Co
Cosmos Imperial Mills 5 %
Deisel-Wemmer-Gilbert
June
July
July
-
Davega Stores, 5% preferred (quar.)
David & Frere Ltd., A (quar.)
37lr
June 15
July
July
July
July
July
(quar.)
Continental Bank Ac Trust
Extra
15
Aug. 15
July 31
Oct.
—
—
Daniels & lasher Stores Co. (quar.)—
■
15
15
July
Aug.
July
July
July
Aug.
Aug.
July
Consolidated Laundries Corp. pref. (quar.)
Consolidated Oil (quar.)
Consolidated Retail Stores, 8% pref. (quar.)—
Continental Steel Corp
<
Preferred (quar,)..
Continental Telep. Co. 7% partic.
June
June
June
Consolidated Edison Co., N. Y., Inc., $5 pref—
Consolidated Film Industries, $2 preferred.——
Consolidated Gas Elec. Light & Power (Balt.).
$4M preferred (quar.)__
June
Sept.
Consolidated Aircraft preferred (quar.)
Consolidated Bakeries of Canada fquar.)
8% preferred (quarterly).
10*
15
9
July
July
July
Sept.
Aug.
July
July
July
Concord Gas Co. 7% preferred
Connecticut Gas Ac Coke Securities pref. (qu.).
Connecticut General Life Insurance Co. (quar.).
Consumers' Gas of Toronto (quar.)
Consumers Power Co. $5 preferred
June
June 21
June 30 June
June
July
6% preferred
—.—
——•—
Commonwealth Utilities, 7% pref. A (quar.)...
6% preferred B (guar.)-——i
5X% preferred CT(quar.)—,—.,—
—
Crum Ac Forster Insurance Shares 8% pref. (qu.)
15c June 28 June 20
(J. W) Co..
•—
tlX
July
1 June 12
I.) Co. 7% preferred (quar.)
$1.05 July
5 June 2ft
Cayaga & Susquehanna RR. (irregular)..
Celanese Corp. of Amer. 7% prior pref. (quar.).
tlX July
1 June 16
$3X June 30 June 16
7% Cum. 1stpartic. preferred (quar.)
....
Central Aguirre Associates (quar.)—...
July
1 June 19
Central Hanover Bank& Trust Co. (qu.).
July
1 June 17
Central Illinois Light, 4X % pref. (quar.)
$1H July
1 June 20
Central Insurance Co. of Bait, (irregular)
25c June 28 June 27
Central Maine Power 7% preferred
1 June 10
tl $2.62X July
1 June 10
$6 preferred
$2X July
....
0% preferred—
July
1 June 10
Central Patricia Gold Mines (quar.)_
June 30 June 15
w«...
...
15
May 31
Case (J.
—
15
June
July
4X
Carter
Extra.-.-.----—
i
Central Power Co. (Del.) 6% preferred
7% preferred.....
——„i—
Central Tube.Chain Store Invest. Trust (Boston)
15
15
June
15% June 26 May 25
15% June 26 May 25
2Xo July
1 June 19
•
June
June
1 68Xc
(qu.).j
75c |July
Carnation Co
June
July
% convertible preferred (quar.)
—
Commercial Investment Trust Corp. (quar.)—
$4X convertible preference (1935) (quar.) —
Commercial Nat. Bk. & Tr. Co. (N, Y.) (qu.)—Commonwealth Petroleum (Initial).—
—
Commonwealth Ac Southern Corp preferred
Commonwealth Telep. Co. (Madison, Wis.)—
Canadian Wirebound Boxes Ltd.—
$1.50 class A
Canfield Oil Co
^
(qu.)
June
July
7% preferred (quar.).—.
-r-Canadiah Light Ac Power Co. (semi-annual)
$7 preferred (quarterly)..
..........
$0 preferred (quarterly)
July
July
July
Aug.
July
June
Nov. 15
125c
115c
June 20
Commercial Credit Co. (quar.)——
June 30
June 30
I
—-—------
16
June 29
June 30 June 15
June 15
,
—
6% preferred (quarterly).:
Aug. 26
Dec.
Canada Southern Ry.
(extra)--
June
Nov. 24
Dec.
Sept.
75c
t$l
June 30 June 23
June 13
(quar.)-..J
Columbus Ac Southern Ohio Elec. §X% PL
Holders
Payable of Record
July
July
July
July
—
(irregular)
Common
15
July
j75c
Common
June 15
June 20
37X0
(quar.)
Colonial Ice $6 preferred (quar.)
$7 preferred (quar.)
Colt's Patent Fire Arms
Columbia Baking Co. $1 partic. pref.
June 30 June 16
June 30 June 20
June 30 June 20
1939
June 30 June 23
Coleman Lamp Ac Stove.—...
—
Extra..--.-.-----------.—... ——.----Collateral Loan Co. (Boston) (quar.) ... -——.
Colonial Finance Co. (Lima, Ohio) (quar.)
37X0
130c
(quar.j.
(quar
Canada Northern Power Corp.
Share
Name of Company
June 20
June 15
tlX July
IX July
IX
July
52 Xc
Aug. 15
5% preferred B (quarterly)
5% preferred B (accumulation)..
Canada Cycle & M.otor Co. 5% 1st prior pref..
Canada & Dominion Sugar Co., Ltd.
New
July
July
When
Per
Holders
PayableI of Record
Power Co.—
6% preferred (1927
7% preferred..
California Packing 5% pref. (quar.)
Camden & Burlington County Ry. (s.-a.)
Canada Bread 5% preferred (quar.)
New
55c
$2.20 pref. (quar.)...
Burlington Steel, Ltd. (quar.)
Burry Biscuit Corp. 6% preferred
Calamba Sugar Estates (quar.)
When
June 24,
Chronicle
Financial
3790
Fund-
June 20'
July 15
June 10
1 Aug. 18
Dec.
1 Nov. 18
July
20 June 30
June 30 June
July
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
Aug.
July
July
Tuly
July
July
June 30
June
20
June
15
15
June
July
12
June
15
15 June 30
May 27
10
1
1
1
1
15
1
25
25
15
1
June 30
July
July
June 30
June
20
June
15
June
15
Aug.
4
June
15
July
July
10
1ft
June
15
lune
20
1 June 23
1 June 15
June 24 June
June 24 June
20c
June 24
10c
15
June
20c
...
16
31 July 17
3 June 15
12
12
lJune 15
Financial
Volume 148
Per
Name of
Share
Company
Eastman Kodak Co. (quar.)
Preferred (quar.)
$1H
$1)4
Economy Grocery Stores (quar.),,.
Ecquadorian Corp
Edmonton City Dairy Co., Ltd—
6H% preferred (accumulation),.
Electric Auto-Lite Co. (irregular),.
Electric Controller & Mfg
Electric & Peoples Traction
Stock trust ctfs. 4s ($4.115302 per stk. tr. ctf.)
Electrical Products Corp.,
Electric Storage Battery Co
25c
Preferred
t$lH
July
July
July
June 15
75c
50c
25c
50c
6uc
50c
10c
;—
Elgin Sweeper Co. $2 prior pref. (quar.)
40c. cum. pref. (quar.),
$2K
$2)4
$2K
$1.60
(s.-a.).,
(Quarterly.)
—
Elizabethtown Water Consolidated (s.-a.)
Eimira &
WiUiamsport KB. (s.-a.)—
El Paso Electric Co. (Del.) 7% pref. A (quar.),*
El Paso Electric Co. (Texas) $6 pref. (quar.)—
El Paso Natural Gas Co
SI H
$ih
50c
—
Ely & Walker Dry Goods 1st pref. (s.-a.),,,
2d preferred (s.-a.)
Empire Safe Deposit Co. (N. Y.) quar
Emporium Cap well Corp.—
4H% prefi A (quar.),.
.
—
4H% preferred A (quar.)
4H% preferred A (quar.)
7% preferred (semi-ann.)
Endicott Johnson Corp.; com. and 5% pref—
Amount, if declared, will be determined at
meeting to be held on June 16th.
Engineers Public Service, $6 preferred (quar.),,
$5H preferred (quar.)
$5 preferred (quar.)—
Equitable Fire Ins. Co. (Charleston, S. C.), s.-a.
$3H
$3
—
-
-
.
...
—
$1
30c
56 He
56 He
56 He
$3)4
Extra
—
.
$1H
$ih
Federal Insurance Co. (N. J.)
Quarterly
50c
15c
20c
...
1 June 23
June 30 June 21
July
1 June 20
July
July
July
July
July
15 June 30
15 June 30
1 June 16
15 July
15 July
3
3
June 29 June 22
July
1 June 17
1 June 22
Oct.
2 Sept. 21
1^2-40 Dec. 21
Sept. 23 Sept*13
July
July
July
July
JUly
July
June
15
June 16
June 16
June 30
June 30
June 30 June 15
July
1 June 10
June 30 June
t.7Hc
15c
3c
37Hc
40c
10c
.
....
July
July
1 June 23
June 30 June 21
July
1 June 26
tm
37 He
25c
10c
15
June 30 June 14
Aug. 31 Aug. 16
1 Sept. 15
Nov.
17
1 June 17
June 30 June 17
July
July
1 June
July
June 20
June
June
15
Jluy
July
July
June
15
June 20
June
13
June
June
16
35c
July
35c
Oct.
June 20
Sept. 21
T
June
Federal Services Finance Corp. (Wash., D. C.)
Common (quarterly).,
6% preferred (quarterly)
?
_ ,
,
_—.1
Extra,.
SI H
—
Federation Bank & Trust Co. (N. Y.) irregular,
Fernie Brewing Co
.
75c
—
30c
.
60c
15c
;
Fidelity & Guaranty Fire Corp
Fifth Avenue Bank (N. Y.) (quar.)
50c
$6
50c
Fifth Ave. Coach Co. (quar.)
FiJene's (Win.) Sons Co
—
—,
Preferred (quar.),.,
—U__.
Finance Co. of Amer. (Bait.), com. A & B (qu.
7% preferred class A (quar.).
July
July
July
July
July
July
July
June
25c
July
S1.18H July
;
June 30
June 30
June 20
June
14
June
14
June
9
June 30
June 15
July
July
15
21
June
June 20
8Xc
—
15c
June
June
2,0
Directors have elected to redeem all outstand¬
ing 7% class A pref. stock, par $5, at $5H
per sh. plus accrued divs., on July 10.
Finance Co. of Pennsylvania (quar.)
$2
Firemans Fund Ins. (San Fran., Calif.)(quar.).
$1
First National Bank (Jersey City) (quar.)
1%
First National Bank (Toms River, N. J.) (qu.)_ •87 He
First National Bank of N. Y. (quar,)..,
$25
First National Stores (quar.)
First State Pawners Society (quar.)
Fisher Flour Mills preferred (quar.),
$1H
$1H
Fishman(M. H.) Co., 5% com. conv.pref.(quar.)
Florida Power & Light, $7 preferred
t$1.31
$6 preferred.
t$1.13
t
—
ghl!
June 23
June 28
July
July
5
June
15
June
6
Food Machinery Corp. 4)4% (preferred)
Common
.
—
;„U.
Fruehauf Trailer Co..
"
Fuller Brush, 7% preferred (quar.),..
Fuller (Geo. A.), 4% preferred (quar.)
ode
50c
.,.
Hammermill Paper Co., 4H% cum. pref. (qu.)
Hamilton Cotton Co. Ltd., conv.pref
Hamilton United Theatres Ltd., 7 % pref, ,
Hancock Oil Co. (Calif.)
Hanes (P. H.) Knitting
A & B (stock div.)——.
7% pref. (quar.)
50c
S1H
— ...
General Electric Co
25c
75c
75c
$1H
$1H
15c
$2
2c
24c
25c
,—*
5c
...
General Machinery Corp., common (quar.)
15c
4)4% convertible preferred (quar.)
$1H
—
6% preferred (quar.)
General Motors Corp., $5 pref. (quar.)
General Paint Corp. preferred (quar.)
General Printing Ink Corp
$6 cumulative preferred (quar.)
General Public Utilities, Inc.—
$5 preferred (quar.)
General Railway Signal, preferred (quar.),....
General Telephone Allied Corp., $6 pref. (qu.)..
General Telephone Corp., $3 conv. pref. (quar.)
General Time Instruments, pref. (quar.).....
General Tire & Rubber, 6% pref. (quar.)
General Water, Gas & Electric Co
► $3 preferred (quar.)
t—
——
Georgia Power Co., $6 pref. (quar,)......—.
$5 preferred (quar.)
:
Germantown Pass. Ry.(Phila.)$0.616182 per sh.
Gibralter Corp. of Amer. 6% partic,, pref—
...
87 Ho
$1H
$1H
66c
10c
$1H
$1H
$1H
$1H
July
July
June 19
June 15
July
June 20
July
June 15
Jply
July 20 July 10
Aug.
July 20
June
1
July
June
July
1
June 20
July
June 20
July
June
July
9
June 23
July
June 13
July
June 10
July
June 30
July
June 23
July
July
July
l
June 19
July
June 19
July
Aug.
July 10*
June
9*
July
Aug.
July 10
June 17
July
June 16
July
June 16
July
$1H
July
July
Aug.
July
July
$1H
June
10c
July
July
July
July
75c
75c
$1H
$1H
June
"30c'
20
June 20
June 19
July
June 20
June 12
July
15
June 15
June 20
June 20
June 14
June 14
June 15
June 15
June 15
June 24
June 14
June 14
June 15
June 15
Harshaw Chemical Co
—
Hartford Fire Insurance (quar.)
Hawaiian Sugar Co.; common (quarterly)
Hayes Steel Products, preferred
$IK
—
Hedley Mascot Gold Mines Ltd. (quar.),.
Heller (Walter E.) & Co. (quar.)
.——
Extra
Preferred (quar.)
—
Helme (Geo. W.) Co. (quar.)
Preferred (quar.)-Hercules Powder Co,
|3c
10c
5c
■
—
_*
43 He
—
.—
$1K
—
40c
,—
———
Hibbard, Spencer. Bartlett & Co. (mo.)
15c
...—-
Hickok Oil Co., prior preferred (quar.)
UK
31 Kc
5% preferred (quar.)——
Hinde & Dauch Paper Co
5% convertible preferred (quar.)—
Hilton-Davis Chemical, preferred (quar.)
Hinde & Dauch Paper Co. (Can.) (quar.) — ...
Holland Furnace
'
$5 convertible preferred (quar.)
Holmes (D. H.) Co. Ltd. (quar.)—,———,
Home Gas & Electric Co. 6% pref. (quar.),—
Homestake Mining Co. (monthly)
Honeymead Products Co
Hoover Ball & Bearing Co—
Horn & Hardart Baking Co. (N. J.) (quar.),—
,
...
....
25c
$1H
37 He
12 He
50c
—
,..————
Houdaille-Hershey class A (quar.)
Class B (interim)
Household Finance, common (quar.)
5% preferred (quar.)
—
Houston Oil Field Material, pref. (quar.).
Houston (Tom) Peanut Co., 1st pref. (s.-a.),.
Howe Gas & Electric preferred (quar.),,
Howe Sound Co. (quar.)
Hudson Bay Mining & Smelting Co., Ltd
Humble Oil & Refining (quar.),
Huron & Erie Mtge. Corp. (quar.),
Hygrade Sylvania Corp
Ideal Cement Co. (capital)
$1
15c
37 He
l2C
30e
-
$1H
20c
62 He
25c
$1
:$ih
3/He
— ,.
$3H
15c
75c
t75c
37 He
37Hc
—
Telephone
——
Illinois Central RRv (leased lines) (s.-a.)
Quarterly
Imperial Tobacco of Canada, ordinary.
Independent Pneumatic Tool, vot. tr. ctfs
15 June 30
June 17*
June
9
15 June 36
9
1 June
June 30 June 20
1 June 15
July
July
1 June 20
June 30 June' 16
July
3 June 10
July
1 June 15
July
July
1 June 25
3 June 15
June 30 June 15
June 30 June 15
_
|60c
:
Hazel-Atlas Glass Co
July
July
July
June 20
June 21
June 21
30c
-
7% preferred (quar.),
June 15
3
1
1
1
1
June 30
$1H
10c
$1M
$1H
Harding Carpets, Ltd
Harris-8eybold-Potter, $5 preferred (quar.).—
Harrisburg Gas Co., 7% pref. (quar.)
-
July
July
July
July
July
June 30
July
June 19
July
July
6
July
June 15
July
June 20
July
June 30
July
June 23
25c
July
$1K June 30 June 26
50c July
1 June 15
15c
July
1 July 15
$1
—
June
SI
$1H
tt50c
t$lH
Hanover Fire Insurance Co. (N. Y.) quar.)
Harbison-Walker Refractories Co 6% pref.(qu.)
July
July
25c
$1H
(quar.).
$3 convertible preferred (quar.)
<c.
Gatlneau Power Co. 5% pref. (quar.)
5)4% preferred (initial quar.).
Gemmer Mfg. Co., class A
General American Investors, $6 pref. (quar.).
General American Transportation Corp
General Baking Co., common
—
$8 preferred (quarterly)
General Box Co. (s.-a.)
General Capital Corp. (Boston)
Hackensack Water pref. A (quar.),:
Halifax Fire Insurance Co. (s.-a.)
Haloid Co
Imperial Life Assurance (Can.) (quar.)—
Quarterly
25c
General Mills, inc. common—
25c
June
S2H
Corporation
f75C
U)4
43 He
June
Galveston-Houston Co. (initial)
Gannett Co., Inc., $6 conv. preferred
General Finance
Guaranty Trust Co. of N. Y. (quar.)..,
Guilford Realty Co. (Bait.), 6% preferred
Gulf Oil Corp,
Gulf Power Co. $6 preferred (quar.), —
June 15
June 15
15
tllH
—
■
June
Fulton Trust Co. (N. Y.) (quar.).,.
Galland Mercantile Laundry (quar.),
Co.
■
Illuminating & Power Secur. Corp., com. (quar.)
7 % preferred (quarterly) •. .•
: „ .;
Illuminating Shares A (quarterly).:
—
Passenger RR. $2.112622 per share
June 21
June 26
20c
13 He
June
15
15
June 15
June 23
80c
Greyhound Corp
5H % preferred (quar,),
Group No. roil—
June
Aug. 19
June 23
June 15
June
tl5c
31Uc
—
June
37 He
10
30
10
June 30 June 15
Greif Bros, Cooperage Corp., class A
Illinois Bell
June
July
July
July
July
July
shares
Hoskins Mfg. Co
June 17
June 15
10c
Greenwich Gas Co., $1.25 partic. pref. (quar.),,
_
June 17
35c
25c
Greening (B.) Wire Co., Ltd. (quar.),
June
Frankford & Southwark Phila City—
Gardner-Denver
per
3
June 16
June 20
June
$1H
t63c
July
t62Hc July
75c July
50c
June
(quar.)
June
—
July
Sept.
July
15
July
July
———
June 20
20c
$2 H
June
$1^
3K%
$1K
25c
15c
Formica Insulation Co. (quar.).,
—
Fort Wayne & Jackson RR., pref. (semi-annual)
Foster & Kleiser Co. 6% class A pref. (quar.)
June
62 He
...
June
25c
—
Foreign Lt. & Power Co. 6% 1st pref. (quar.).—
Foresight Foundation "A" (seihi-annual)
June 15
June 15
June 20
5c
—
June 20
S1H
_
June 10
June 15
UK
J25c
July
July
July
July
July
July
$1%
...
15
June 30
June 20
19
June
50c
June
June
July
56 Ac
...
July
July
July
July
July
July
July
July
July
June 20
June 19
Aug.
25c
June
5jc
25c
.
Fox (Peter) Brewing Co.
Extra
Preferred (quar.)
June 17
June
Sept. 20
June 15
40c
25c
Florsheim Shoe Co. class A
Class B
July
July
Oct.
June
$1H
——
$0.704207
June 20
July
15c
Goebel Brewing Co
Gold & Stock Telegraph Co.
(quar.)
Goldblatt Bros., pref. (quar.),—
Goodrich (B. F.) Co., $5 preferred (quar.),,,.
Goodyear Tire & Rubber (Canada) (quar.)
Preferred (quar.)
.....
,
Gorton-Pew Fisheries Co. (quar.)
Grand Rapids Varnish Corp. (increased) quar,.
Grant (W. T.) Co. (quar,).
5% pref. (quar.)
Great West Life Assurance Co
Great Western Sugar Co., preferred (quar .)
Common (quar.).,
Green & Coats Sts., Phila. Pass. Ry.—
_
Payable of Record
50c
.
15
June
75c
25c
(quar.)
—
.
60c
j,
—
,
10c
—
9
June 30 June
July
1 June 23
Quarterly,..
Gillette Safety Razor,
$5 convertiole preferred (quar.)
Gilmore Oil
Glens Falls Insurance Co. (quar.),,.
Glidden Co., 4H% conv. pref. (quar.),
Globe Wernicke Co., preferred (quar.)
Godchaux Sugar, Inc.,, class A
—;
Preferred (quar.),
*
Goderich Elev. & Transit Co., Ltd. (s.-a.)
Guarantee Co. of North Amer. (quar.)
Extra
'
—
Passenger Ry. (Phila.) $0.352102 per share.,
Falconbridge Nickel Mines
Falstaff Brewing Corp. (quar.)
—
Preferred (s.-a.)_.
...
Family Loan Society, Inc.—
Cum. conv. preferred A (quar.)
Common (increased quar.)..
Common (extra). ,
i
—
FamiseCorp. (quar.)
Famous Players Canadian (quar.)...
Fanny Farmer Candy Shops
Faultless Rubber Co. (quar.)
Fedders Mfg. Co., Inc. (irregulor)
Federal Bake Shops. Inc. (irregular)—_———
5% preferred (s.-a.)——
—
—
June 30 June 15
1 June 20
9
June 30 June
July
June 23
—
Excelsior Insurance (N. Y.)
Ex-Cell-O Corp
Fairmont Park & Haddington—
June 23
1 June 20
Share
Gibson Art Co. (quar.)
5
19
1 June 10
50c
Elizabeth town Consolidated Gas
1 June
Holders
When
Per
Name of Company
5
1 June
June 27 June
July
1
,
July
July
3791
Holders
Payable of Record
3c
—
Electric Vacuum Clearner Co. (irregular)
When
Chronicle
'
«
35c
$2
$2
$1
June 30 June 15
1 June 15"
July
July
2 June 10
June 30
June 26
June 30 June 26
June 30 June 26
June 10
July
June 10
July
June 24 June 13
June 30 June 20
June 26 June 17
June 26 June 17
June 36 Juhe 15
June 15
July
July
July
July
July
July
July
June 20
June 15
June 16
June 16
June 17
June 20
June 26 June 26
June 30 June 28
July
1 June 22
July
_
1 June 20
June 26 June 10
July
1 June 20
June 26 June 15
July
July
15 June 30
15 June 30
June 30 June 20
July
1 June 20
July
1 June, 20
June 30 June 23
Juna 26 May 26
June
1
July
June^ 15
July
July
Jund
16
June 30 June 15
June
36 June 19
l$3K
June 12
July
Aug. 10 July 31
Aug. 15 July 31
June 23
July
June 30
July
Oct.
Sept. 30
WK
tlOo
1-2-40 Dec.
June 30 June
■
$1K
50c
\%2K
36
9
25c
July
June 21
Indiana General Service Co. 6%
S1H
July
June
Indiana &
I1^
July
July
July
July
July
June
pref. (qu.),*—
Michigan Electric 7 % pref. (quar.)—
6% preferred (quar.)
Indianapolis Power & Light, 6H% Pref. (quar.)
6% preferred (quar.),—,—
Indianapolis Water Go.. 5% cum. pref. A (quar.)
Industrial Acceptance Corp. $2 class A (quar.)—
5% conv. preferred (quar.)———
■
Ingersoll Rand Co., 6% preferred (s.-a.),.
Inland Investors, Inc. (interim)
—
Install Credit Co., preferred (s-a.).,,.—_
Institutional Securities, bank group shs. A
Insurance Certificates, Inc.
Insurance Co. of Nor. Amer. (s.-a.).
Interallied Investment Corp., class A (s.-a.),—
Intercolonial Coal Co. (s.-A.),—
Preferred (semi-ann.)
Interlake Steamship Co
—
International Business Machine
International Button Hole Sew. Mach. (quar.),.
International Cellucotton Products (quar.)
_ _—
Extra,
—————————————
International Educational Publishing Co.
$3.50 preferred.
International Harvester Co. (quar.).,—,—
International Nickel Co. Canada, Ltd.,...,...
7% preferred—
—— ...—
International Ocean Telegraph Co. (quar.)
International Power, Ltd., preferred - -—International Power Secur. $6 preferred A
International Products Corp., $6% pref. (s-a.)
International Salt Co. (quar.)—
—
$1H
UK
50c
-25 c
$3
15c
$1K
2H%
10c
$1
35c
$2
2?c
$1H
30c
37 He
12 He
t30c
June
June
June
June
8
8
8
5
5
10*
June 30 June 15
June 30 June 16
July
_
June 15
June 30 June 20
July
1 June 20
July
1 May 31
June 27 June
26
July 15 June 36
July 15 July 10
3 June 22
July
3 June 22
July
1 June 12
July
July 10 June 22
1 June 20
July
1 June 20
July
1 June 20
July
May 23
40c
July
July
June 20
150c
June
May 31
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
X\Y&
$3
37 He
International Shoe Co
—
International Silver Co.. preferredInter-State Royalty Corp.-, Ltd. A (quar.),——
371°2
IntertypeCorp. (irregular). .—,,
Investment Co. of America (quar.)
—
Investment Foundation Ltd. 6% pref. (accum.).
20c
25c
28c
t$l
3
June 30
June 15
June 23
June 30
June 15*
June 15
June 13
June 15
June
36
June 15
June
36
■
When
Per
Share
Name of Company
Investors
$1
Corp. of R. I. $6 preferred (reduced)
Name
i-
30c
'2
25c
10c
—-♦
15c
50c
$1M
$6 preferred (quar.)
Jamaica Water Supply, common
June 20
June 15
June
Nov. 10
July
July
July
July
July
June
15
June
15
June
13
June
30 June
June 30 June
June 29 June
15
50c
June 29 June
June 29 June
Founder shares (irregular)
15
.
7% preferred (quarterly)—,
■
(qu.>—
-—
$1%
SIM
SIM
SIM
SIM
SIM
,
25c
Kahn's
(E.) & Sons (quarterly)
7% preferred (quarterly)
Kansas City Power & Light Co. 1st pref. B
Kansas Electric Power 7% preferred (quar.)-.
6% preferred (quar.)
Kansas Gas &Elec. Co. 7% pref. (quar.)
$6 preferred (quarterly)
Kansas Power Co., $7 preferred (quar.)
$6 preferred (quar.)
Kansas Utilities Co. 7 % pref. (quar.)
—
Kaynee Co. 7% preferred (quar.)
Kayser (Julius) & Co
Katz Drug Co., pref. (quar.)_
Kaufman Dept. Stores, common
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
30c
SIM
13c
10
June 10
June 10
June
June 22
June 20
June 14
Kearney (James R.) Corp. 6% pref.
June
15
June
14
June
14
June
20
June
20
June 21
(Quarterly)
June
15
July
(s.-a.)
10
Merchants & Miners Transportation
SIM
-
Mesta Machine Co
15
Metropolitan Edison Co., $7 prior
$6 prior preferred (quar.)
$5 prior preferred (quar.)_
Nov. 21
10
July
July
July
July
July
July
July
July
June
June
15
13
June
13
June
13
June
20
25c
—
(quar.)
—
King-Seeley Corp. 5M % conv. preferred (quar.)
Kings County Lighting 7% pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)
Kirsch Co. $1.50 preferred (quar.)
Klein (D. Einil) < o
—;
——
Kleinert (I. B.) Rubber
—
Knott Corporation, common
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.)
Extra..
---i
'
SIM
27 Mc
SIM
Lambert Co
37Mc
SIM
SIM
37 Mc
2oc
I June 20
30:June
15 June 2d
1 June 15
1 June 20
July
20
June
17
Quarterly
Langendorf United Bakeries class A (quar.)
lUC
l()c
.
SI
—
June
17
June
15
Aug.
5
4
July
SI
July
20c
July
July
50c
SIM
$3
.
14
14
1 June 20
10
1 June 15
llJune 14
7 June 23
15 July
5
Uuly 20
Aug.
1 June 16
July
July
1 June 21
1 June
30c
July
Aug.
30c
Nov.
75c
•_
SIM
Lincoln National Life insurance (quar.)—
.
Lincoln Telephone & Telegraph Co. (Del.)
Class A
1 July
l.Oct.
13
27
27
6% preferred
-
Corrected
Corp., Ltd. (quar.) — -
June 30
Morris & Essex
June
July
June
13
July
July
June
23
June
15
$1.10
$1.10
Sept.
Aug. 24
Morristown Securities Corp_
Dec.
50c
Sept.
Aug. 24
Aug. 24
50c
Dec
Nov. 24
July
June
16
06c
June 30 June
20
30c
June ,26 June
$1.05
$3M
50c
preferred (semi-ann.)-
15
Sept. 25 Sept. 25
t-—'
June 30 June 20
50c
June 30 June 20
June 30 June 17
.
Loew's (Marcus) Theatres, Ltd., 7% pref
Lone Star Cement Corp..
t$3M
75c
June 30 June
12
Long Island Safe Deposit Co.
Loomis-Sayles Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc
—
Muskegon Piston Ring—
Nov.
Dec.
Nov. 20
July
July
June
22
June
8
June
June
12
25c
Aug.
July
July
18
June
17
Oct.
Sept.18
July
July
July
June
17
National Casket Co..
June
15
June
15
June
May 31
12Mc
June
May 31
1M%
1M%
1M%
SIM
SIM
July
July
15 June 30
15 June 30
SIM
SIM
S2M
30c
Preferred
(quar )
Louisville Gas & Electric Co. class A (quar.)
Class B
Louisville Gas & Electric Co. (Ky.)—
SIM
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
5% cumulative preferred (quar.)
Lunkenheimer Co pref. (quar.)
Preferred (quar.)
(quar.)..
SIM
Lykens Valley RR. & Coal (s.-a.)
Lynn Gas & Electric (quarterly)
Lynchburg & Abingdon Telegraph (s.-a.)
MacAndrews & Forbes, common
6% preferred (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.)
McColl-Frontenac Oil, pref.(quar.)
40c
SIM
S3
:l
—_
--
---
5(jc
SIM
43 Mc
43 Mc
tSIM
|July 15
June
30
1 June 21
1 Sept. 22
1-2-40 Dec. 23
July
1 June 15
June 3d June 16
July
Oct.
1
July 15
July 15
Aug. 31
July
June
15
June 30*
June 30*
Aug. 30
Nov. 30 Nov. 29
July
15 June 30
National Battery Co. S2.20 conv.
—
pref. (quar.)
Bearing Metals Corp. 7 % pref. (quar.)
—
(quar.)
(quar.)
—- - -
National Candy 1st & 2nd
National Cash Register
—
■
preferred (quar.)
July
9
Juiie
16
3 June
3 June
8
ljJuly
1
8
1 June 12
15
15
June 30 June
15
June 30 June 20
June 30 June 24
June SUiJune
lc
35c
Sept.
July
12
June 28 June 15
Sept. 28 Sept. 21
Dec.
28 Dec
6c
July
July
15 June 30
15 June 30
75c
June 26 June
50c
21
15
July
l'June 24
93 Mc
1 June 20
lMc
July
July
55c
July
SIM
40c
t50c
J44c
SIM
llJune 15
1 June 19
Aug.
1 July 18
July 15 June 13
July 15'June 30
I July
3 June 15
July
July
July
3 June 15
1 June 12
15 June 30
SIM
|June 30 June 15
50c
June 30 June 20
75c
Aug.
Aug.
20c
July
July
SIM
June
50c
(quar.)
5% preferred (quar.)
National Fuel Gas Co.
25c
—
July
July
37 Mc
National Grocers Co., SIM pref. (quar.)-National Lead Co
1 July 15
1 July 15
II June
1
11 June
1
30 June 20
June 30 June 20
SIM
15 June 30
1 June 10
June 30 June
16
Aug.
21
•
National Oil Products (interim) - — National Power & Light Co. $6 pref. (quar.)
Standard Co
Steel Car Corp. (quar.)
Steel Corp. (quar.)
Sugar Refining Co
Natomas Co. (quar.)
Navarro Oil Co. (quar.)_
3 June 23
June 30 June
(quarterly)
Preferred B
9
1 Aug. 15
June 29 June 22
National Dairy Products (quar.)
Preferred A & B (quar.)
(quar.).
3 June 15
July
25c
50c
National
National
National
National
15
June
Sept. 30 Sept. 30
2-2-40
2-2-40
25c
preferred (quar.)
National Discount Corp.
15
June
June 30 June
15c
National Bond & Share Corp
Class A
June
SIM
(quar.)
National City Lines, common
$3 preferred (quarterly)
37 Mc
5% preferred
5% preferred (quar.)
Lord & Taylor (quar.)
Lorillard (P.) Co. (quar.)
July
July
July
Nov. 10
June 30'June
SIM
*
—;
---
—
20c
Loose-Wiles Biscuit Co
15
15
Nov. 10
SIM
SIM
II M
pref. (quar.)
—
National Breweries, Ltd.
Preferred (quar.)
June
June 15
40c
Nashville & Decatur RR. guaranteed (quar.).—
Nation-Wide Securities voting shares
—-
National Biscuit Co,
June
Dec.
I
pref. (quar.)
Myers (F. E.) & Bro. Co
Nat.
15
June 20
June 30
50c
6% preferred (quar.)
6% preferred (quar.).-
50c
.
June
10c
■ —-—
Mutual Chemical Co. of Amer., 6%
Dec.
20
10
July
July
July
July
July
,
Murphy (G. C.) Co., 5% preferred (quar.)_„ —
Sept.
25c
16
June
Dec.
—
——
50c
——
June 20
June
S2
Mother Lode Coalition Mines
25c
——-
5% refunding partic. preferred (quar.)
15
June 24
SIM
Preferred (quar.)d-- — — —
Morris Plan Bank of New Haven —
Morris Plan Bank of Virginia Richmond (s.-a.)
SIM
Extra..
Sept.
9
June
5u c
Aug. 21
Aug. 21
SIM
5% refunding partic. preferred (quar.)
June 14
June
,40c
SIM
— — — -
Nashau Gum & Coated Paper 7% pref.
Longhorn Portland Cement Co.—
15
June 14
July
July
July
July:
July
Class B common (quar.)
Mutual System, Inc.,
Common
June
19
June
SIM
SIM
SIM
SIM
S2M
(irregular)
Mt. Diablo Min. & Dev. (quar.)
Mueller Brass Co. (irregular)-- — --
.......
16
June 17
June 20
25c
Morris Finance Co., class A com. (quar.)
July
July
2uc
June
July
July
July
July
SIM
-----
July
—
16
6c
—
Co—
16
lune
S2M
S2M
.
RR".
15
June
June
July
4c
July
t3c' July
43Mc July
87 Mc
July
— --
25c
5
June 23
June
June
SIM
SIM
25c
June 20
SIM
;
—
Quarterly
37 Mc
June 20
SIM
SIM
Mc
—
Onartprlv
15
10
June
3tc
---
—
Preferred A & B (quar.) — -- —
Moore (Wm. R.) Dry Goods (quar.)
-
June 15
SIM
-
.
16
31
31
31
31
1 May 31
l,June 24
May
May
May
May
June
-
6% preferred
5% preferred
Montgomery Ward & Co-Class A (quar.)
June
|May 31
25c
—
30
Loew's, Inc. (quar.)
,
7% preferred—=
June
A
Preferred
,
-
19
SIM
SIM
SIM
SIM
— -—
SIM
(quar.|.
Extra
$5preferred (quar.)
$6 preferred
July
July
19
July
July
S3M
S3
July
50c
July
S2 ' July
50c
July
SI
July
Minneapolis Gas Light Co.—
Minnesota Power & Light Co.,
July
19*
June
June
June
Mid-West Refineries (resumed)
July
July
July
50c
25c
July
July
July
July
July
July
July'
July
5c
30
-
June 30 June
60c
l
June
Class B (quar.)
8
June 30 June 20
2c
5c
'
:
------
8% 1st preferred (quar.)
$2 non-cumulative
Midvale Co
Moore
8
June 30 June 20
SIM
SIM
SIM,
SIM
SIM
SIM
SIM
SIM
—
Mississippi River Power Co. 6% prer—-_
Mississippi Valley Utilities (liquidating).
Missouri Edison Co. $7 cum oreferred
Mitchell (J. S.) & Co.. Ltd.. 7% pref. (quar.)—
M. J. & M. M. Consolidated Oil Co. (quar.)——
Mock, Judson, Voehringer Co., Inc.7% cumulative preferred (quar.)--.
Model Oils, Ltd.--.------Moneta Porcupine Mines, Ltd----—
Monongahela West Penn Public Service, pref—
Monroe Chemical Co., preferred (quar.)------Monsanto Chemical Co., $4M pref. A (s.-a.) —
Preferred B (s.-a.)_—-—*
Montana-Dakota Utilitiesl
June 24 June
July
Iquar.)—
Special guaranteed (quar..
Little Schuylkill Navigation RR. & Coal
Lock Joint Pine Co
(monthly)
Locke Steel Chain Co. (quar.)
15
26 June 15
Mission Corp
June 30 June
62Mc
Lipton (Thos. J.), Inc., class A (quar.)
6% preferred (quarterly)..
Liquid Carbonic Corp
Little Miami RR., original capital (quar.)_
Original capital (quar.)
Special guaranteed
June
June
:
-
-
9
June 24 June 14
1c
6% preferred (quar.)
15
—
— —
9
June 24 June 14
1M%
(quar.)
$6 pref. (quar.)
$5 preferred (quar.)
12
June 24 June
75c
(quar.)
pref. (quar.). J
Lion Oil Refining Co. (quar.)
June
75c
July
July
pref. (qu.)„-
June
50c
Link Belt Co
75c
VT~~T —
r
June
5c
(quar.)
Aug. 16
25c
SIM
25c
June
30c
...
Class B (extra)
Extra
15
June 30 June 20
Nov. 15 Nov.
preferred (quar.)
Sept.
50c
Co—
Midland Steel Products---
25c
Libby, McNeil & Libby 6% preferred
*
Life Insurance Co. of Va. (quarterly).
Liggett & Myers Tobacco, preferred (quar.)
June
June
75c
10c
SIM
50c
15
25c
Lehigh Portland Cement Co. 4%
LehmanCorp
Lerner Stores Corp. (quar.).
June 21
June
50c
50c
25c
26
25c
15
15
July
July
July
SIM
SIM
SI
—
pref. (quar.)
June
June
50c
June
l'June 20
June 30'June 20
1 June 15
July
1
July lo July
l'June 15
July
July 10 June 20
l'June 16
July
1 June 15
July
l'June 20
July
Aug. 20
Sept.
Aug. 20
Sept.
SIM
June 30 June
Landis Machine Co. (quar.)
La Salle Extension UniveiKicy a^w
Lava Cap Gold Mining
°
Leath & Co. preferred (quar.)..
S5
37Mc
SIM
tSIM
v;
15
June
75c
$1
SI
-
(sarnia, Ont.) (s.-a.)
June 20
20c
June
Aug.
1
July
July
July
July
July
July
Aug. 15
—
June 26
July
July
■>
1 June
July
21
July
July
.
.June
1»
c
$7 preferred
June
15 June 30
15 June 30
!July
Meyer-Blanke Co. 7% pref. (quar.)- —
---Michigan Assoc. Telep. Co. 6% pref. (quar.)—Michigan Cities Natural Gas Co——
—
Michigan Silica Co
—
---—"7~~\
Mickeiberry's Food Products preferred (quar.) —
Middlesex Water Co. 7% pref. (s.-a.)
;
Midland Grocery 6% preferred (s.-a.)
10c
-
Lockhart Power Co., 7%
2
1 June
70c
—
'July
June
.July
55c
25c
20
8Mc
June 21
50c
Preferred (quar.)
June
Aug. 22
June 21
June
SIM
June
June 30 June
21
4
June
25c
'
June 20
ljjune 20
5
25c
Merck & Co
SIM
Preferred
...
-7 --
15
25c
Quarterly
-
10
Extra
4M%
Extra
June
75c
7% special preferred (quar.)
...
Copper Corp
Kerlyn Oil Co . class A (quar.)..
Keystone Public Service preferred (quar.)
Kimberly-Clark Corp. (quar.)
15;Nov.
-
June
Kennecott
Preferred
—
June
12 Mc
*
Nov
- -
Memphis Natural Gas_
Mengel Co. (action deferred)—
Merchants Bank of New York (quar.)
July
July
July
July
Sept.
(quar.)
(quar.)
Extra
June 30 June 20
9
June 26; June
July
July
15'Aug,
SIM
S6M
SI
SIM
Manufacturers Trust Co. (quar.)
Preferred (quar.) ....-----------
75c
Keith-Albee-Orpheum Corp., 7% conv. pref
Kemper-Thomas, 7% special pref. (quar.)__
Class B
15
1 June 20
July
Aug.
-
Mapes Consolidated Mfg. (quarterly)
Margay Oil Corp. (quar.)
Marine Midland Corp.
Marion-Reserve Power, $5 pref. (quar.)
Marlin Rockwell Corp---—Masonite Corp., common (quar.) —
—
5% preferred (quar.)-----Mass. Fire & Marine Ins. Co. (s.-a.)
Mathieson Alkali Works (quar.)
- —
Preferred (quar.)
—
May Department Stores Co. common (quar.) —
Mead Johnson & Co. (quar.) — --
16
3 June 23
'July
SIM
preferred (s.-a.)
SIM
Preferred (quar.)—;—
Lambton Loan & Invest,
i
June 20
June
5l>c
1 June 20
1 June 20
$15*
SIM
SIM
(quar.)
Mansffeikf^rheafre! Ltd." 7%~pref."(£c~cum.)..-
15
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
3 June z,6
SIM
(quar.)----
5
1 June 20
July
July
I July
75c
(extra)
Convertible preferred
1 July
1 June 20
J30C
Ltd., partic. pref. (s.-a.)
Mahoning Coal RR. 5%
Common (irregular)
Manischewitz (B.) Co
Aug.
IJuly
$2 >July
25c
July
25c
ulhon <R?c!) Co.7 $2"class A preferred
15
15
15
12 Mc
(irregular)
"Petroleum
Common
June 22
June 22
June 30 June
50c
Jersey Central Power & Light, 7% pref.
6% preferred (quar.)
—
5M % preferred (quar.)
Johns-Manville Corp. 7% pref. (quar.)
Joliet & Chicago Rli. Co. (quar.).__
---
McQuay-Norris Mfg. Co. (interim) — —
Mabbett (G. E C.) & Sons 7% 1st pref. (quar.)7% 2nd preferred (quar.)
Magnin (I.) & Co., pref. (quar.) — .
Preferred (quar.)
- - - - - Magor Car Corp., common (quar.).
Aug. 10
25c
Jenkins Brothers, non-voting
McManus
15
June 15
SIM
$5 preferred A (quar.)
Jefferson Electric
Preferred
Dec.
W'i
r! 8
Irving Trust Co. (quar.)
Island Creek Coal common (quar.)
,
July
July
July
July
July
July
Sept.
30c
June 20
June 10
Holders
{ Payable of Record
25c
(quar.)
(quar.)
g% preferred (quar.).-.-McKee (Arthur G.) class B (quar.)
McGraw Electric Co.
1 June 20
Iowa Public Service
Extra
Share
of Company
McKay Machine Co.
Co.—
$7 1st preferred (quar.)
$0.50 preferred (quar.)
$6 1st preferred (quar.)
Iowa Southern Utilities (Del.) 7 % pref
6M % preferred
6 % preferred
Iron Fireman Mfg. Co. (quar.)
Quarterly
Irving Air Chute (quar.)
—— — -
When
Per
Holders
Payable of Record
July
June 24, 1939
Chronicle
Financial
3792
25c
——
1 July
[June 30 June 20
SIM
Aug.
1 June 27
37 Mc
50c
July
July
1 June 15
15 June 30
June 30 June 20
40c
July
20c
10c
1
1 June
6
July
25c
1 June
5
June 30 June 20
Volume
Financial
148
Per
Nam*, of Company
Share
June
June
15
15
July
June
16
Aug.
Aug.
July
July
July
July
July
July
15
15
60c
81 %
81H
13c
81
t50c
33 l-3c
June
June
40c
July
June
15c
June
June
July
July
July
July
July
July
July
May 31
May 31
June 15
June 23
June 15
June 15
June 15
81H
$1X
$1X
mx
$1H
82 H
$2H
81
$1X
.
Niagara Falls Smelt. & Ref. (quar.)
Niagara Wire Weaving Co. (quar.)..
lyuu Corp., class A (quar.)
Class A (quar.)
Noblitt-Sparks Industries
North Ameri. Aviation, Inc. (irregular)
75c
$1H
81H
3Hc
HH
15
20
June
Tune
July
July
June 12
July
July
June
July
July
May 31
30
15
June
15
June
16
June
25c
June
June
15
July
Aug.
June
15
doc
Aug.
1
50c
Nov.
Nov.
1
40c
June
June
17
4< C
July
June
20
30c
...
6% preferred (quar.)
6% preferred (quar.)
5X% preferred (quar.)
July
July
July
July
July
July
July
July
July
July
July
June
10
J81.50
75c
71 He
North American Finance class A (quar.)
25c
Prior preferred
(quar.)
7% preferred (quar.)..,
North Amer. Rayon Corp. 6% prior pref. (qu.)_
North Central Texas Oil Co., Inc., com.(interim)
North Star Oil Ltd., preferred (accum.)
Northern Ontario Power Co. (quar.)
6% preferred (quar.)
;.
Northern States Power (Minn.) 5% Pref. (quar.)
Northwestern Electric, 1st preferred
Northwestern Telegraph (s.-a.)
20c
87 He
...
75c
10c
J8Hc
|60c
tiiH
•81X
t$i$*
81H
June
10
June
10
June 20
June
20
June
20
June 23
June
15
June
17
June 30
July
July
July
June 30
June
30
June 20
July
luly
June
15
June
15
June 15
81
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June 15
June
June
25c
June
June 20
81H
June
75c
June
June 20
June 20.
,
85
25c
July
July
July
June
June. 13
__
52
July
June
June
June 20
July
June
87 He
...
81H
81 H
50c
NY PA Nj Utilities Co., non-cum. pref
75c
Ogilvie Flour Mills Co., Ltd. (quar.)
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quar.)
86.60 preferred (quar.),.
$7 preferred (quar.)
87.20 preferred (quar.)
$25c
$*X
81H
81-65
...
n.so
Ohio Finance Co
40C
6% preferred (quar.)
8ih
82 H
Ohio & Mississippi Telegraph Co
Ohio Public Service Co. 5% preferred (mo.)
41 2-3c
50c
58 l-3c
6% preferred (monthly)
7 % preferred (monthly)
Ohio Service Holding Corp. 85 non-cum. pref
Ohio Water Service Co., class A
Oklahoma Natural Gas common
6% prior preferred (quarterly)
83 preferred (quarterly)
June 30
70c
Norwalk Tire & Rubber preferred (quar.)
Norwich & Worcester RR., 8% preferred
Nova Scotia Light & Power Co.
(quar.)
Novadel Agene Corp. (quar.)
*
...
.
_
.
Old Colony Insurance Co. (Boston) (quar.).
Old Colony Trust Associates (increased)
Omar, Inc. (irregular)
Omnibus Corp., 8% pref. A (quar.)^
Onomea Sugar (monthly)..
Ontario Loan & Debenture Co. (quar.)
10c
t$lH
Orange & Rockland Elec. Co.
6% preferred (quarterly)
5% preferred (quarterly)...
Ottawa Light, Heat & Power Co. (quar.)
5% preferred (quar.)
Pacific & Atlantic Telegraph (s.-a.)
81H
81X
±25c
til H
50c
Pacific Can Co., common (quar.)
Pacific Finance Corp^ of Cal. 8% pref. A (quar.)
12 He
20c
6H% Preferred C (quarterly)
5% preferred (quarterly).
Common (quarterly)
Pacific Gas & Electric Co. (quar.)
Pacific Greyhound Line conv. pref. (quar.)
Pacific Lighting Corp. 85 pref
For a periodlrom May 15 to June 30.
16Mc
81H
Pacific Public Service
81.30 1st preferred (quar.)
;
Pacific Telephone & Telegraph Co
30c
50c
87 He
62 He
».
Per
17
June 21
JOne
May 31
June
15
June
15
15
15
15
15
June
June
June
June
June
10
June
10
June
16
June 15
June 15
June
15
15
June 20
1
15
15
July
1 June 24
July
l.June 24
July
July
June
6
June
6
July
June
15
June
June 23
Aug.
Aug.
Aug.
July
July
July
July
July
July
June 19
July
June 30
15
15
15
June 20
June 30
Name of
Share
Company
10c
32 He
...
81 »A
81H
6% preferred (quar.)
25c
Page-Hersey Tubes (quar.)
Panhandle Eastern Pipe Line Co.
6% partic. preferred class A (quar.)
6% preferred class B (quar.)
Paraffine Cos., Inc
4% convertible preferred (quar.)
June 28 June 17
Aug.
1 July 15
June 30 June 20
July 15 June 30
June 27 June 16
1 June 15
t$l
July
81H
$1H
July
July
June
15
50c. June
June
12
June
15
'
1st preferred
(quar.)
Philadelphia & Darby Ry. Co.
80.194832
81H
per share
80.469471
Pickle Crow Gold Mines
(quar.)
3
June
15
June
June
15
cum. preferred (s.-a.).____
Pioneer Gold Mines of B. C.
(quar.)
Piper Aircraft Corp., 6% conv. preferred (quar.)
Pittsburgh, Bessemer & Lake Erie—
Oct.
Sept. 15
May 31
(Semi-annual)
Pittsburgh Fort Wayne & Chicago (quar.)
Oct.
June
I...
t6H%
Preferred A (quar.)..
...
Plaza Perm. Bldg. & Loan Assn.
(Bait.)
Plomb Tool 6% preferred
(quar.)
Penney (J. C.) Co
Penn Traffic Co. (s.-a.)
Pennsylvania Co. of Insurances on Lives and
Granting Annuities (Phila.) (quar.)
Pennsylvania Edison Co., 85 pref. (quar.)..
82.80 preferred (quar.)..
Pennsylvania Glass Sand Corp.—
87 conv. preferred (quar.)
Pennsylvania Power Co. 85 preferred (quar.)
Pennsylvania Power & Light 87 pref. (quar.)
86 preferred (quar.).
85 preferred (quar
••)Pennsylvania Telep. Corp. 6% preferred (quar.)
Pennsylvania Water & Power (quar.)
(quar.)
June
15
Auk.
5
75c
7 He
40c
SIX
70c
tlH
81X
*1H
81H
81H
$1H
qp
X
25c
25c
50c
Quarterly..
Public Service Co. of Colorado 7%
pref. (mo.)..
6% preferred (monthly)
5% preferred (monthly).
4
June 30 June 16
July 25 July 11
July
July
July
6% preferred (quar.)
1 June 15
June 24 June 10
July
$1X
July
.1 June
15
June 28 June
8
2C
June
15
June
15
15
15
June
15
July
July
July
July
July
July
June 15
June 15
June
15
June
June
8
8
June
21
June
_
....
82
50c
25c
40c
Peterborough RR. (s.-a.)
S1H
— ...
30c
37 He
81H
81M
81H
July
July
July
July
June
15
June 30
June
16
June
10
June
20
Oct.
Sept. 25
June
June
19
19
June
June
July
July
Tune
1
June
1
June
June
15
June
1
June
16
50c
$13*
81H
20c
87 He
81X
20c
2Cc
33 He
25c
;
,
50c
8% preferred (quar.)
Reading Co., 2d preferred (quar.)
Reece Button Hole Machine Co. (quar.).
Reed Drug Co
Class A (quar.)
Reed Roller Bit (quar.)
5oc
20c
8Hc
8 He
25c
Extra
June 20
June 20
June 30 June
1
Tune 30 June
1
June 27 June 15
June 27 June 15
1 June 20
July
July
July
July
5c
1 June
1 June
1 June
9
June 24 June
1H%
20c
...
15
July
July
July
1 M%
Class B
80c. preferred (quar.)
Rath Packing Co
Ray-O-Vac Co
15
June
$13*
81H
813*
81X
,
5X'% preferred (quar.)
6% preferred (quar.).
Quaker Oats Co. (quar.)
Preferred (quar.).^
Quarterly Income Shares Inc. (reduced) (quar.)
Radio Corp. of Amer. $3 H conv. 1st pref.
Class B preferred (quar.)
Railroad Employees Corp., class A_.
15
June
50c
:
(quar.)
1
Aug. 31 Aug.
1
Nov.
July
July
9
9
1 Oct. 15
June
9
June
9
July
July
June 30
July
July
June 30
June 30
June 30
June 30
lune
20
June
19
June
19
13 June 22
July
July
July
July
June 20
June
15
Tune
15
June 30 June
20
June 30 June 20
Reliable Stores Corp. 5% conv. pref, (quar.)
37 He
July
Reliance Elec. & Engineering
Reliance Mfg. Co. (111.)
12Hc
June 30 June 20
10c
Preferred (quar.)
1
Remington Rand, Inc.,
Preferred ww (quar.)
Rensselaer & Saratoga RR. (s.-a.)
—
%
81H
84
He
Republic Investors Fund, Inc
81H
Reynolds Metals Co. 5H% conv. pref—
10c
Rhinelander Paper..
Rice-Stix Dry Goods, 1st & 2d pref. (quar.)
813*
Rich Ice Cream pref. (quar.).
81H
75c
Richman Brothers Co. (quar.)
5uc
Rich's, Inc. (quarterly)
Ridge Avenue Pass. Ry. ($1.408415 per share)..
Risdon Mfg. Co., 7% pref. (quar.).
50c
Riverside Silk Mills, class A (quar.)
10c
Roberts Public Markets, Inc
Rochester Telep. 6H % preferred (quar.)
81K
Rolls-Royce, Ltd.. Am. dep. rec. (final)
1 17 H%
10c
Rome Cable Corp. (initial)..
25c
Roeser & Pendleton, Inc. (quar.)
—
...
...
30c
Ruberoid Co
25c
Rubinstein (H.) Inc., class A (quar.)
Russell Industries, Ltd. (quar.)
7% preferred (quar.)
813*
813*
813*
...
; 50c
813*
81H
$13*
5 % preferred (quar.)
Saguenay Power Co., Ltd.—
5H% preferred (quarterly)..,
...
5% pref. (qu.)___
pref. (S.-a.)
3% 2nd preferred (semi-annual)
Sangamo Co., Ltd. (quarterly)
Sangamo Electric Co. (quar.)
Savannah Sugar Refining (quar.)
Sayers-Scoville Co., common
6% preferred (quarterly)
Schenley Distillers, 5H % pref. (quar.)
Schwartz (B.) Cigar Corp., $2 pref. (quar.)
Scott Paoer Co., 84H cum. pref. (quar.)......
Scovill Mfg. Co
Scranton Electric Co., 86 preferred (quar.)
July
July
July
July
July
July
June 15
June 20
June 30*
June
10
June
June 30
15
lune
15
1 June 21
1 July 26
June 30 June 15
July
Aug.
1 June 20
3 June 15
July
Tuly
June 26 June
16
1 June 20
8 May 18
July
July
luly
July
1 June
10
1 June 10
June 30 June
15
1 June 19
July
June 30 June
15
June 30 June
15
June 20
July
July
July
July
July
June 19
June
19
June
19
June
19
July
14
July
June 24
Sept.
Sept.
81X
83
$1H
luly
July
July
June
15
June
15
Tune
15
8
25c
June
June 26
25c
July
June 14
June 15
50c
July
5uc
July
July
July
June 20
June
June
15
Aug.
July
July
July
20*
81H
81H
50c
81H
15c
$1H
25c
20c
5% preferred, class A (quarterly)
Corp. A (quar.)
Passenger Ry. Co.—
$1.4084 per share.
Securities Acceptance Corp. (quar.)
62 He
28c
Second Inter-State Roy
21
June 20
June 10
June
9
83
25c
Corp., com. (quar.)
Seaboard Commercial
1 June 24
Aug.
July
July
July
X 81.37 H Aug.
St. Joseph Ry., Lt. H. & P.,
St. Louis Bridge Co., 6% 1st
June
Sept.20
June
June
50c
10
July
June 20
60c
Publication Corp., common
1 June
Aug.
1 June 20
15 June 30
July
July
July
81H
37Hc
37 He
Oct.
58 l-3c July
50c
July
—
June
July
15 July 16
15 June 23
15 July
5
15c
85 preferred (quar.)
St. Croix Paper, pref. (semi-ann.)
St. Joseph Lead (quar.)
July
July
July
July
July
luly
25c
Public Service Electric & Gas, 7% pref. (quar.)
Non-voting, common.
Original preferred (quar.)
15
July 25 June 30
July 15 June 30
July 15 June 30
Public Service Co. of N. J
6% preferred (monthly)
Public Service of Oklahoma, 7% pref. (quar.)..
15
10
June
15 Dec.
Dec.
41 2-3c July
Scran ton Lace
Petroleum Corp. of America
Petroleum & Trading Corp. 81.25 partic. A
Nov.
July
Aug.
81X
Peter Paul. Inc
Philadelphia Co., 86 pref
85 preferred (quar.).
Philadelphia Bait. & Washington
Sept. 15 Sept. 15
....
Prudential Investing Corp
_•
Prudential Investors 86 preferred (quar.).
Public National Bank & Trust Co. (N. Y.) (qu.)
1 June 20
July
Preferred Accident Insurance
Premier Gold Ming Co.. (quar.)
Procter & Gamble 8% preferred (quar.)
Prosperity Co. preferred (quar.)
—,.
Providence Gas
3
Providence Washington Insurance Co._
Safeway Stores, Inc
7% preferred (quar.)
6% preferred (quar.)
Nov.
50c
—
June 30 May 29
1
July 15 June
Plymouth Rubber Co., Inc., 7% pref. (quar.)..
Pocahontas Fuel, pref. (semi-ann.)
Pollock Paper & Box, 7% pref.
(quar.)
7% preferred (quar.).
Power Corp. of Canada
(interim)
1st preferred (quar.)
2nd preferred (quar.)
*_
Pratt & Lambert, Inc
Sabins-Robbins Paper, pref. (quar.)
81 **
1 June 15
May 29
June 3b
Sept. 15
81H
i
....
(quar.)...
10
Sept. 10
June 30 June 30
July 15 June 30
(s.-a.)._
July
Oct.
15
17
4
12-10-39
July
1 June 10
June 30 June 10
Plymouth Oil Co. (quar.).-Extra (stock dividend)
June 23
June
5 June
1-4-40
Plough, Inc.
Pure oil Co., 5% preferred
June 20
1 Sept. 15
1 June 10
July
July
,
..
June
50c
Peoples Drug Stores (quar.)
Special
Peoples Gas Light & Coke Co
Peoples Pass. Ry. (Phila.)
84.694717 per stock trust certificate
PeoDles Telep. Corp. (Butler. Pa.) (quar.)
Perfect Circle Co.. (quar.)
Pet Milk Co. (quat.)
June
Oct.
,7% preferred (quar.)
Pittsburgh Plate Glass.
Pittsburgh Thrift Corp. (quar.)
July
...
July
7% pref. (quar.)
7% preferred (quar.)
June
,81H
Parke Davis & Co
Pathe Film Corp. 87 preferred (quar.)
Peninsular Telephone
15
June 15
June 15
9
July
Pilot Full Fashion
Mills, Inc.
July
June 30
June 15
15
June
June
...
Pictorial Paper Package
Corp
Piedmont Mfg. Co
July
July
July
July
81
15c
June
July
^
15
July
Philadelphia Traction Co.
80.4115302 per share
Phillips Packing 5X % preferred (quar.)
Phoenix Insurance Co.
(Hartford) (quar.)
15
June
50c
per share
15c
1st preferred (quar.)
2d preferred (quar.)
1 June 21
July
June 30 June
July
1 June
June 30 June
Philadelphia Electric Power, pref. (quar.)
Philadelphia & Gray's Ferry Pass. Ry.—
40c
.
Paramount Pictures, Inc
Holders
When
Payable of Record
Philadelphia Dairy Products Co., Inc.—
....
Paci
aciric Tin Corp.
(Quarterly)
9
15
t25c
North American Co. (quar.)
Preferred
June 23
June 2.3
Newport Electric Corp. 6% pref. (quar.)
New York & Harlem RR. (s.-a.)
Preferred (quar.)
N. Y. Honduras & Rosario Mining
New York Lackawanna & Western Ry
New York Mutual Telegraph (s.-a.)
New York Power & Light 7 % pref. (quar.)
$6 preferred (quar.)
New York State Electric & Gas pref.
(quar.)
Niagara Alkali Co., 7% Pref. (quar.)
Preferred A
June 23
July
New Idea,Inc
•'
15
June 23
June
t 16 2-3c
81H
New Jersey Power & Light Co., $6 pref. (quar.)
$5 preferred (quar.)
New London Northern RR. Co. (quar.)
New Orleans Public Service, $7 preferred
3793
Holders
Payable of Record
50c
July
81.31H July
Nehi Corp
1st preferred
(quar.)
Newberry (J. J.) Co. (quar.)
Newberry (J. J.) Realty, 6H % pref. A (quar.).
6% preferred B (quar.)
;
New England Fire Insurance (quar.)
New England Power Assn. 6% pref
6% preferred
$2 preferred
$2 preferred
New England Telep. & Teleg. (quar.)
New Hampshire Fire Insurance (quar.)
When
Chronicle
June 20
June
15
June
June
15
June
lune
June
15
8
June
June 20
June 20
July
June
15
Second & Third Sts.
June 30 June
-
6% cum. preferred (quar.)
—,
Seiberling Rubber, 5% pref. A (initial) new....
pref. (quar.)
paid allotment certificates
Full
81 X
15c
Selected American Shares, Inc
Selected Industries, $5.50 div.
20c
37 He
—.
$
15
1 June
1 June
10
July
July
10
June 26 June 20
June 30 June 22
813*
July
1 June
July
1.37H
h
16
1 June
16
Financial
3794
When
Per
Name of
Share
Company
Preferred
June 26 June
Oct.
35c
July
July
July
July
July
July
July
1 Sept. 15
1-3-40
Dec. 15
$154
Seven-Up Bottling Co., common
5*4% convertible preferred (s.-a.)
55c
—
t$3
Shamrock Oil & Gas Corp., 6% preferred
tSOc
6% convertible preferred
Shawmut Assn. (Boston) (quar.)
Sheep Creek Gold Mines, Ltd. (quar.)
10c
3c
lc
Extra
Shell Union Oil Corp., 5)4% conv. pref. (quar.)
Sherwin-Williams (Canada) 7% preferred
Sierra Pac. Power Co., 6%
Common (irregular)
$1*4
u$i 54
$1*4
pref. (quar.)—..
July
July
Aug.
1
1
1
1
1 June 23
15 June 30
15 June 30
1 June
3 June
19
15
1 June 20
June 30 June
19
June 30 June
17
June 30 June
17
June 30 June
10
June 30 June
July
10
5
June
15
June
15
$154
$134
$134
$1*4
______
-
5% preferred A (quar.)
Smith Howard Paper Mills, pref.
(quar.)
Typewr ters (omitted)
Aug.
1
July
1
July
1
July 15
South Carolina Power Co., $6, 1st
South Penn Oil Co. (quar.)
$2
25c
50c
3734c
3454c
;
_
:
Southern Natural Gas (new)
Southern
50c
July
1
53c
July
58 l-3c July
1
1
1
$2*4
7m
62*4c
37*4c
$1*4
50c
$1*4
pref
June
16
June
14
June
14
common
50c
Co. (quar.)
(quar.)
United States Sugar Corp. preferred (quar.)—
United States Trust Co. (N. Y.) (quar.)
June 30 June 20
50c
$154
15 c
$154
$134"
England Telephone.
Phosphate Corp
Southwestern Gas & El. Co. 7% cum. pf. (qu.)_
Southwestern Light tic Power $6 pref. (qu.)
Southwestern Portland Cement,
15 June 30
.
July
15 June 30
Dec.
$1*4
$15
1215
$1
$2
8% preferred (quar.)
40c
June
June
Aug.
Aug.
July
June
Upper Michigan Power & Light—
$1*4
$1*4
$1*4
t$2
"6% preferred (quar.).
r.).
6% preferred (quar
6% preferred (quar.)
Upressit Metal
1
Nov.
1
—
July
1
Oct.
Cap Corp., 8% pref
8% preferred...
Aug.
2-1-40
2
July
3 June 20
Aug.
Aag.
July
1 July
1 July
1
Warren
7
Waukesha Motor Co
16
1 June
15
July
July
1 June 20
Sept. 15 Sept. 14
Dec. 15 Dec. 14
25c
8% preferred (quarterly)
Sports Products, Inc. (irregular).
...
Springfield Gas & Electric $7 preferred (quar.)..
Sept.
July
1
1
$7 preferred
...
—$t 1.16 2-3 July
Utilities Equities Corp., $5.50 priority stock—
t$l June 26
$2*4
July
1
Valley RR. Co. (s.-a.)
Valve Bag 6% preferred (quar.)
$1*4
July
1
$1*4
Sept. 9
Vapor Car Heating Co., 7% pref. (quar.)
Dec.
9
$124
7% preferred (quar.)..
—
$2
Vermont & Boston Telegraph
July
1
*$1*4
Jqly
3
Viau, Ltd., 5% pref. (quar.)
June 30
25c
Victor Chemical Works (quar.)
July
1
$124
Victor-MonoghamCo., 7% preferred.:.
*_
June 27
$2
Virginian Ry., commtn
$1*4
Aug.
1
6% preferred (quar.)
June 30
75c
Vulcan Corp., $3 conv. prior preC-tquar
June 30
$4.50 cum. preferred
t$l*4
Vulcan Detinning Co. pref. (quar.)—
$124
July 20
Oct. 20
Preferred (quar.)
$1*4
July
1
$124
Wagner Baking, pref. (quar.)
10c
Waldorf System, Inc.
July
1
.....—
Ward Baking Co. 7% pref
■f50c July
1
June 30 June
$2
$2
8% pf. (quar.)
Dec.
July
July
July
10c
Universal-Cyclops Steel Corp.
Universal Leaf Tobacco Co., Inc. (quar.)
Common (extra)
15 July 31
15 June 20
Aug.
50c
United Stove.!
June 15*
10
5
June
60c
Quarterly..
June 30
15 June 30
June 26
July
July
July
July
July
July
July
United States Playing Card Co.
15 June 20
15 June 20
July
June
lc
lc
June
3im
(quar.)
1
June 30
.013
United States Pipe tic Foundry
July
July
June 30
$1*4
t$l
—
12
15
July
July
Aug.
*$i*4 July
(quar.)
Southern New
Voting shares
U. S. & Foreign Sec., $6 1st pref. (quar.)
June
37*4c
__
15
25c
Universal Products
6% preferred (quarterly)
Preferred A (quar.)__,
Preferred
*75c
6% preferred (quarterly)
United States Gauge Co. 7% preferred (s.-a.)
United States Gypsum Co. (quar.)
Preferred (quar.)
U. S. Electric Lt. & Power Share, Inc. (Md.)—
U. S. Petroleum,
Common
July
1
July
$1*4
k Railways 6% pr.pref. (monthly)
June 15
June 15
Southern California Gas Co.—
Southern Canada Power
July
6.36% prior preferred (monthly)
7% prior preferred (monthly)
*
United Loan Indus. Bank (quar.)
United Molasses Co., Ltd.—
Amer. dep. rets. ord. reg—...*—
United New Jersey RR. & Canal (quar.)...—
United Shoe Machinery Corp., common (qu.)..
July
July
July
July
25c
South Porto Rico Sugar Co
8% pref. (quar.)...—
South West Co. (Mass.) .preferred (quar.)
South West Pennsylvania Pipe Lines
Southern Calif. Edison Co., Ltd.—
5% original preferred (quar.)
5)4% pref. series C (quar.)
June 30
United Light
June
$1*4
3734c
pref. (quar.)
June 24
$1
July
July
July
July
15c
*
Aug. 15
10c
United Fruit Co. (quar.)
U. S. & Internat. Securities, 1st
91U
Sonotone Corp. (irregular)
Preferred (quar.)
38c
United Fuel Investments, Ltd.—
50c
_
Payable
(quar.)
6% A new preferred (quar.)
United Gas Improvement (quar.)
Preferred (quar.)
$154
$134
Skelly Oil Co., 6% cum. pref. (quar.)
Skenandoa Rayon 5% conv. pref. (qu.)
United Corporations, Ltd., $1.50 class A
United Dyewood Corp., pref. (quar.)
United Elastic Corp
When
Share
Company
June 21
15c
Ltd. (interim)
7% cumulative preferred (quar.)
Singer Mfg. Co. (quarterly)
Per
Name of
June 21
June 20
June 20
50c
Simon (H.) & Sons,
Smith (L. O.) & Corona
Preferred (quar.)
16
July
§1*4
(quar.)
Extra
15
l June
$1*4
June 24, 1939
Holders
Payable of Record
50c
Seeman Bros, (extra)
Serve!, Inc. pref. (quar.)
Preferred (quar.)
Chronicle
June 30 June 23
$154
July
1 June
15
Utah Power tic Light, $6 preferred
■
30c
Square DCo
;
Staley (A. E.) Mfg. Co. 7% pref. (semi-ann.)__
Standard Brands, Inc. (quar.)
$4.50 pref. (quar.)
Standard Chemical Co., Ltd. (resumed)
Standard Fire Insurance (Trenton, N. J.) (quar.)
Standard Oil of Ohio, 5% preferred
Standard Steel Construction, pref. A (quar.)
Starrett (L. S.) Co
334%
1234c
$134
...
Preferred
50c
75c
20
1 June
12
15 Sept.
12 June
1
12
22 July 15
15 June 30
1 June 15
19
June 30 June
19
15c
75c
*43 54 c
*43 54 c
(quar.)
Corp. (initial)
Sterchi Bros. Stores, 1st pref. (quar.)
Strawbridge & Clothier, 7% pref
Stix, Baer & Fuller Go. 7% pref. (quar.)
Sun Life Assurance of Canada (quar.)
Sunray Oil Corp., 5)4% conv. pref. (quar.)
Sunshine Mining Co
Sqperior Portland Cement, $3.30 class A
15c
15
20
$1
June 30 June
1 June
July
4354c
June 30 June
15
75c
...
July
1 June
15
6854c
Jmy
1 June
15
40c
8234c
50c
$ik
Superior Water Light & Power, pref. (quar.).
Participating class A
8234c
B
50c
Supersilk Hosiery Mills, 5% pref. (s.-a.)_
(s.-a.)
(quar.)
15
$354
1
:
June 30 June 20
3 June 20
July
1 June
.....
Class B
June 30 June
15c
Steel Products
Sussex RR.
1 June
25c
...
Preference
Steel Co. of Canada, 7% pref.
Common (quarterly)...
Swift & Co.
July
July
Sept.
July
July
July
July
$134
(quar.).
Stayton Oil Co. (quarterly).......
Stedman Bros., common
Class
June 30 June 20
$234
50c
;
15
1 June 23
15 July
5
June 30 June
July
July
July
July
July
July
July
July
1 June
15
1 June 23
15 July
3 June
1 June
1"
16
12
1 June
1
23
50c
June 30 May
June 30 June
25c
June 30 June
15
June 30 June
15
30c
5c
....
Sylvanite Gold Mines (quar.)
Tacony-Paimyra Bridge (quar.)
Extra
Class A (quar.)
Extra....
;■
Preferred (quar.)
Taggart Corp., preferred (quar.)
Talcott (James), Inc
5)4% participating preferred (quar.
Tamblyn (G.) Ltd., common (quar.)..
5% preferred (quarterly)
Taunton Gas Light
Teck Hughes Gold Mines (quar.)
Texas Corp
Texas Electric Service, $6 preferred (quar.)
50c
,
$134
6234c
IOC
6854c
*20c
_
.....
162}l?
10c
50c
$134
Texon Oil & Land
10c
Thatcher Manufacturing Co. (quar.)
25c
25c
15
9
1 June
9
1 June
15
9
June 30 June
1 June 23
July
15
July
1 June
20
.Tulv
1 June 20
conv.
July
1 June
!i£
(quar.)
$1
Extra
.
Tip-Top Tailors, Ltd. (quar.).....
7% preferred (quarterly)
5c
*15c
*$154
Title & Mtge. Guarantee Co., Ltd.—
(New Orleans, La.) (irregular)
$134
Toledo Edison Co., 7% preferred (monthly) *
58 l-3c
6% preferred (monthly)..
50c
5% preferred (monthly)
412-3c
Torrington Co
40c
Traders Finance Corp., Ltd., 7% pref. B
(quar.)
*$154
_
6% preferred A (quarterly)
Tri-Continental Corp. $6 cum. pref. (qu.)
Trico Products (quarterly)
;.
Trusts & Guarantee Co., Ltd.
(Toronto), (s-.a.j
Tubize Chatillon Corp., 7% preferred
Tuckett Tobacco Ltd., pref. (quar.)
Tunnel RR. of St. Louis
(semi-ann.)
Twentieth Century Fox Film Corp
_I__I
Preferred (quar.)
Twin States Gas & Electric,
prior lien pref. (qu.)
Underwood Elliott Fisher Co.
(quar.)
Union Carbide & Carbon Corp
Union Investment Co., preferred (quar.)~_Y"I~
Union Pacific RR. (quar.)
Union Passenger Ry. Co.
$0.963591 per share
Union Premier Food Store
*$134
$134
6234c
t$l
t$154
$i
(quar.).
1111
July
3 June ,20
July
3 June 20
July
July
July
July
'i
1 June 30
1 June
15
1 June
15
1 June
15
June 24 June
16
July
July
7% preferred (quar.)
United Bond tic Share Corp., Ltd. (quar.)
.1.1"
IIIIH
(quar.)!"_"_ "III
June 30
share
$1*4
t$l
$6 preferred
5c
July
July
July
July
July
July
Preferred
& Paper Co
+$1*4
$1.20
(semi-annual)
35c
June
—
75c
July
July
Preferred (quar.)
Western Massachusetts Cos.
Western Tablet & Stationery preferred (quar.)..
—
s.—
Weston (Geo.) Ltd. (quar.)
Wetherill Finance common (quar.)
$1
$2
*2 5c
$124
50c
25c
50c
Extra
15
Wisconsin Investment Co
10c
15
25c
1 June
16
Wiser Oil Co. (quar.)
Extra
1 June
14
17
1 June
20
15 June 30
Wolverine Tube Co., com.
Common (reserved)
15c
15
Wright-Hargreaves Mines, Ltd. (quar.)
50c
June 30 June
50c
July
July
1 June
July
1 June
5
June 30 June
July
1 June
15
2
10
15
1 June 20
1 June 20
$154
15c
15c
75c
20c
Aug.
1 July 17
July 15 June 39
Oct.
16 Sept. 36
July
1 June 15
Sept. 15 Sept. 5
-
June
10c
5c
Extra
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
;.
25c
25c
25c
Aug.
July
July
July
Aug.
Sept.
25c
Oct.
$1*4
July
July
15c
;
$124
cumulative preferred (quar.)
Yomesite Portland Cement Corp.—
7%
4% non-cumulative pref. (quar.)
Youngstown Sheet & Tube Co.. pref. (guar.)..
♦
June
$1*4
—
Wurlitzer (Rudolph) preferred (quar.)
Yale tic Towne Mfg. Co
Yellow Truck tic Coach Mfg. Co.—
June
$124
50c
1 June
1 June 24
June
50c
(quar.)
3734c
$154
12*
July
July
10c
Woodley Petroleum Co. (quar.)
Woodward & Lathrop
Preferred
July
July
July
July
10c
10c
(irregular)
15
July
July
Nov.
$124
(Formerly Securities Co. of Milw., Inc.)
June 30 June
$154
Nov.
Wisconson Co., 7% preferred (quar.)—
Worcester Salt (quar.)
Preferred (quar.)
25c
Aug..
Aug.
50c
*
Quarterly
3 June
3 June
Nov.
$1*4
$1*4
—
15
95c
15c
$124
(quar.)*.
June 30 June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
50c
50c
!
(quar.)
June
July
15c
—
...
Class B
50c
HP
25c
20c
6% preferred (quar.)
Wheeling Steel Corp., $5 prior pref.....
Whitaker Paper Co
—1
Preferred (quar.)
Will & Baumer Candle Co., Inc pref. (quar.)
Wilsil, Ltd. (quar.)
,
Winn & Lovett Groc., pref. (quar.)
Class A
$124
25c
Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
Weston Electrical Instrument class A
Westminister
Wins ted Hosiery Co. (quar.)
Extra
July
—
Western Electric Co. (increased)
Western Grocers Ltd. (quar.)
50c
25c
_IY
per
West Point Mfg. Co. (quar.)
Wast Texas Utilities, $6 pref. (quar.)
3 June
June 30 June
United Biscuit Co. of America—
Quarterly
16
June 30
July
July
July
July
July
7% preferred (quar.)
$1.015233
15
Union Traction Co. of Phila. ($17.50 paid in)
United Carbon Co. (quar.)
United-Carr Fastener Corp.
June 30 June
June 28
West Phila. Pass. Ry.
1 June
$134
$0 205683 per share
Union Twist Drill
Preferred (quar.)
June 30 June 20
50c
Tintic Standard Mining Co. (irregular)
9
June 30 June 20
1
1
15
3
30c
pref. (quar.)
July
1 June
July
July
July
July
Aug. 15
Aug. 15
Aug.
1
Aug. .1
.
West Penn Power Co. 6%
1 June 15
1 June 15
1 June
June 28
1,
6% preferred (quar.).
*.)7% preferred (quar
West Virginia Pulp
Preferred
(quar.)
Tide Water Assoc. Oil, $4.50
Time, Inc. (quarterly)
25c
Fargo Bk. tic Union Tr. Co. (S. F.) (quar.)
West Virginia Water Service, $6 preferred
Western Assurance Co. (Toronto, Ont.)—
1 June,15
3 June 16
3 June 16
1
1
1
Aug. 31
50c
$3*4
Wesson Oil tic Snowdrift Co., Inc
12*4c
West Jersey tic Seashore RR. (semi-annual)_■—
$1*4
West Kootenay Pow. & Lt., Ltd. 7% pf. ,(quar )t$124
West Michigan Steel Foundry (quar.).
12*4c
West Penn Electric Co., class A
1*3
Wells
17
July
July
July
July
July
July
July
July
July
$1*4
—
15
July
July
June 26
25c
$1*4
—
1 June
June 30 June
;
50c
(S. D.) Co. (quar.)
Wayne Knitting Mills, pref. (semi-ann.)
Wayne Pump Co..
...
Welch Grape Juice Co., preferred (quar.)
Wellington Fund, Inc
June 30 June
.13th & 15th Sts. Passenger Ry Co.—
$1.408415 per share
Thompson Products, Inc
—
...
Aug.
25c
.
15
...
10c
$124
June 30
July
July
Transfer books not closed for this dividend,
t On account of accumulated dividends.
'
X Payable in Canadian funds, and in the case of non-residents of Canada,
a tar of 5% of the amount of such dividend will be made.
deduction of
Volume
148
Financial
Chronicle
Condition of the Federal Reserve Bank of
3795
Weekly Return of the New York City
Clearing House
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 21, 1939,
in comparison with the
previous week and the corresponding
date last year:
The
weekly
issued by the New York City
Friday afternoons is given in full below:
statement
Clearing House
on
STATEMENT OF MEMBERS OF THE
ASSOCIATION AT CLOSE
June
June
21,1939
OF
♦
$
certificates
United States Treasury _x
6,387,560.000 6,355,910,000 4,436,961,000
1,085,000
1,334,000
1,473,000
98,646,000
101,728,000
99,233,000
Redemption fund—F. R. notes...
Other casht
Total
reserves..
344,000
1,075,000
377,000
234,000
1,419,000
213,000
2,838,000
611,000
bills
217,000
2,882.000
A, 271,000
256,538,000
331,160.000
134,259,000
256,538,000
331,160,000
134,259,000
discounted
Bills bought in open market
Industrial
advances
United States Government securities:
Bonds
__
Treasury notes
Treasury bills
Total U. S. Government securities..
745,855,000
753,634,000
66,000
_
Other assets
61,000
4,099,000
201,581,000
8,959,000
Totals
135,871,000
3,720,000
*
c
95,996,000
41,983,000
25,845,000
3,830,300
48,584,000
79,762,300
6960,257,000
2,424,600
9,253,300
28,268,700
360,719,000
8,369,500
90,650,000
9,497,500
85,075.000
918,777,800 11,733,229,000
631,391,000
133,379,000 d2,473,101,000
519,013,000
13,501,000
112,858.000
official reports:
National, March 29, 1929; State,
trust companies, March 29, 1939.
V March 31, 1939.
9,890,000
12,385,000
16,493,000
As
11,140,000
47,073,000
166,239,000
5,233,000
55,108,000
3,247,000
5,811,000
2,728,000
48,912,000
4,257,000
31,221,000
2,886,000
3,253,000
26,040,000
2,457,000
51,962,000
5,000,000
12,500,000
7,000,000
7,000,000
Comra'l Nat Bk & Tr Co
7,407.693,000 7,413,476,000 5,452,260,000
...........A..
Deposits,
Average
6,000,000
Public Nat Bk & Tr Co.
68,000
4,567,000
163,722,000
8,959,000
13,330,000
Uncollected Items
Total assets
Average
500,000
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
197,253,000
725,667,000
Due from foreign banks.
Federal Reserve notes of other banks
.
Time
Deposits,
25,000,000
Irving Trust Co
216,454,000
721,957,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Continental Bk & Tr Co.
Chase National Bank...
Fifth Avenue Bank.
Bankers Trust Co..!
332,148,000
726,427,000
42,243,000
Corn Exch Bank Tr Co.
First National Bank
211,000
721,957,000
Total bills and securities...
Bank premises
20,000,000
90,000,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
3,297,000
Other bills discounted
Total
Net Demand
13,746,900
173,725,000
26,257,900
480,070,000
V61,383,100 at,768,832,000
56,144,300
592,759,000
182,956,700 61,703,924,000
45,626,700
582,937,000
71,537,000
c869.233.000
19,893,500
266,321,000
109,051,700
551,609,000
53,071,900
550,417,000
4,324,900
48,757,000
77,500,000
Chem Bank & Trust Co.
2,772,000
525,000
....
HOUSE
Undivided
Guaranty Trust Co
S. Govt, obligations,
fully guaranteed
or
Surplus and
Capital
6,000,000
20,000,000
„
Natlonal City Bank
6,490,622,000 6,456,616,000 4,536,692,000
by U.
direct
CLEARING
$
Bank of New York
Bank of Manhattan Co.
Bills discounted;
Secured
♦
Members
hand and due from
on
YORK
Profits
Clearing House
Assets—
Gold
NEW
BUSINESS THURSDAY. JUNE 22, 1939
14,1939 June 22,1938
per
March 29, 1939;
Includes deposits In foreign branches as follows: a $273,144,000; 6 595,742,000;
e $34,271,000.
"
$8,329,000; d $100,812,000;
Liabilities—
F. R. notes in actual circulation..
1,091,545,000 1,091,572,000
888,820,000
5,433,932,000 5,405,327,000 3,708,180,000
299.932,000
196,903,000
209,580,000
126,457,000
53,753,000
126,569,000
281,182,000
246,523,000
275,627,000
Deposits—Member bank
reserve acc't..
U. 8. Treasurer—'General account
Foreign bank
Total deposits
each
6,038,474,000 6,017,103,000 4,308,388,000
156,450,000
....
183,634,000
1,965,000
1,857,000
Total liabilities and capital accounts..
total
reserve
to
deposit
on
bills
50,844.000
52,463,000
7,457,000
8,438,000
51,943,000
to
make
40/6
96/6
40/6
96/6
£51H
97/-
£50^
4/-
4/-
4/-
£15 K
£15 M
Beers
ImpTobof GB&I...
94/9/9
15/9
2/9
1/20/128/-
London Midland Ry_.
£14
94/3
10/3
16/3
2 /9
1/20/129/6
£14^
75/-
Co..
Ford
Ltd
Holiday
Gaumont Pictures ord.
A.....
87.3%
purchased
Metal
605,000
Box...
77/6
Rand Mines
£6^
2,253,000
t "Other cash" does not Include Federal Reserve notes
or
a
bank's
own
Federal
£14^
75/-
128/6
£WlA
75/-
£8
£11£12
15/105/-
15/105/714
15/105/-
£35H
83/3
£34 M
£34%
82/6
82/6
25/6
difference, the difference Itself having been appropriated as profit by the Ireasury
West
Vickers
84/25/6
36/3
23/3
18/7^
~ :
United Molasses
'
2/6'
1/20/-
£11M
£35
Unilever Ltd..........
under the provisions of the Gold Reserve Act of 1934.
20/129/-
10/—
£8
£34%
Swedish Match B
„
1 /-
£12 H
106/3
These are certificates given by the United States Treasury for the gold taken
over from the Reserve Danks when the dollar was, on Jan.
31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
z
2/9
15/3
106/3
SheU Transport
Reserve bank notes.
£6^
94/6
10/3
10/3
16/2/9
1/20/128/3
£14M
74/-
£8^
14/9
Rolls Royce
3,965,000
60/26/-
£6^
94/3
94/10/3
16/-
.
£15
£12
•
Roan Antelope Cop M.
Royal Dutch Co..
2,241.000
4/60/7H
26/-
£8^
RloTinto
t
Industrial ad¬
I.-
40/9
96/6
£49M
4/-
£15
60/7H
26,/-
£6»16
Distillers
9,934,000
90.8%
61/3
26/-
£6 H
Hudsons Bay Co
91.0%
£52
60/7^
25/3
Electric & Musical Ind.
and
vances
Fri.,
June 23
£15 H
De
7,744,000
for foreign correspondents
Commitments
Thurs.,
June 22
£54^
Courtaulds S & Co
50,937,000
7,407,693,000 7,413.476,000 5,452,260,000
F. R. note liabilities combined
Contingent liability
Wed.,
June 21
40 /1J^
Central Mln & Invest.
50,848,000
52,463,000
7,457,000
8,435,000
;
Tues.,
June 20
.
June 19
40/3
96/-
Cons Goldfields of S A.
Other capital accounts
received by cable
as
■
Accounts—
j
EXCHANGE
Cable & Wire ordinary.
Canadian Marconi
n
of
Mon.,
^
British Amer Tobacco.
V»
Ratio
Sat.,
Boots Pure Drugs
7,288,490,000 7,294,274,000 5,331,702,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b).
STOCK
day of the past week:
,
132,637,000
2,021,000
liabilities
Capital
LONDON
June 17
Deferred availability items.,
Other liabilities, lncl. accrued dividends.
Total
THE
Quotations of representative stocks
-
'
82/6
25/4
37/24/6
18/7H
36/3
24/18/9
£8
25/114
37/24/18/714
25/l^
32/6
24/18/714
Witwatersrand
Areas
£5
_*
£514
£514
£514
■
£5
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.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures
for the latest week appears in our department of " Current Events and Discussions, '
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and
(2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York
City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market
paper," instead of in all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans'
would each be
segregated as "on securities" and "otherwise secured arid unsecured."
described in
,
A
more
detailed
explanation of the revisions
published in the May 29,1937, issue of the "Chronicle," page 3590.
was
t
,
'
_
<*
r
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON
Federal
Reserve
Districts—
Total
Boston
New York
Phila.
S
$
$
Atlanta
Chicago
$
Cleveland Richmond
$
St. Louis
.
JUNE 14, 1939 (In Millions of Dollars)
Minneap. Kan. City
Dallas
San Fran.
$
$
'
ASSETS
$
Loans and investments—total..
$
$
$.'
$
$
21,878
1,156
8,924
1,117
1,878
677
602
3.141
679
367
649
512
Loans—total
8,097
575
3,113
414
661
240
308
864
308
158
260
253
943
Commercial, Indus, and agricul. loans
3.831
260
1,477
188
237
103
179
498
184
79
15*
166
306
307
62
131
24
7
10
3
31
3
3
17
1
15
674
27
530
23
20
3
7
38
6
1
4
4
11
540
22
261
32
26
15
12
80
12
7
10
15
48
81
200
53
170
102
50
21
384
Open market
paper
Loans to brokers and dealers In
securs.
Other loans for purchasing or carrying
securities
Real estate loans
1
.i...
Loans to hanks
*
1,160
54
2
41
1
121
473
93
197
36
31
1
1
/
75
114
7
50
25
61
*9
3
73
4
1.531
Other loans
2,176
1
40
179
423
1
167
12
1
8
191
8
5
28
2
Treasury notes
2,112
53
864
39
221
175
35
412
48
34
77
49
105
United States bonds
5,855
342
2,350
302
599
138
103
913
152
115
109
82
650
Treasury bills
Obligations fully guar, by U. S. Govt.
Other
2,108
48
.
.
57
269
63
1,130
102
3,283
securities..
Reserve with Federal Reserve Bank..
137
1,300
260
284
67
91
492
100
42
392
5,005
338
436
159
115
1,103
193
91
42
169
101
56
18
59
163
58
139
8.470
313
121
348
448
141
81
18
44
20
13
62
12
8
15
11
23
Balances with domestic banks
2.735
143
184
186
289
168
180
490
141
120
290
251
293
Other assets—net
1,312
80
513
102
106
36
49
86
24
18
23
2!
246
17,212
1,072
8,222
829
1,193
450
379
2,435
439
283
503
451
956
5,225
251
998
280
741
202
185
917
190
118
144
137
1.062
552
16
78
53
42
28
40
107
20
2
24
33
109
6,753
281
2,921
349
387
259
252
990
301
136
372
213
292
5
305
85
342:
Cash In vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
t
banks
605
25
530
13
2
1
13
liabilities
777
22
346
13
18
25
8
19
6
7
3
account
3,719
245
1,612
224
370
96
94
401
93
57
100
Foreign hanks
.......
1
2a
t
Other
Capital
"
Financial
'
3796
Chronicle
June 24, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, June 22,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between th©
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions.''*
The
following
COMBINED RESOURCES AND
Three Ciphers (000)
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 21, 1939
June
OmiUed
June
21,
May 24,
May 17,
May 10,
May 3,
Apr. 26,
1939
1939
%
$
ASSETS
May 31,
June 7,
14,
1939
1939
1939
1939
1939
1939
1939
$
$
S
$
%
June
S
$
%
22,
1938
U.S. Treas. x.
13,465,718
13,317,722
13,282,718
9,273
8,547
346,667
9,372
382,078
13.222,730
9,372
365,383
13,198,718
9,076
359,825
13,119,718
7,823
363,506
13,030,716
8,346
381,893
10,635,912
8,721
366,966
14,420,719
9,467
375,874
13,391,719
Redemption fund (Federal Reserve notes)—--
13,841,405
i3.806,060
13,750.863
13,672,936
13,674,168
13,597,485
13,567,619
13,491,047
13.420,955
11,057,374
1,668
3,454
Gold ctfs. on hand and due from
Total reserves
--
349,876
■
Bills discounted:
Secured
U.
by
S. Government obligations,
guaranteed
.1
9,900
411,562
.
•
6,054
1,081
1,808
1,659
2,084
1,974
2,207
1,848
1,946
2,114
1,958
1,773
1,690
1.717
1,410
1,628
4,793
3,137
3,467
4,058
4,055
3,614
4,072
3,490
3,038
556
Total bills discounted
1,447
3,712
direct or fully
Other bills discounted
561
561
561
561
562
562
562
562
537
12,469
12,429
12,487
12,825
12,796
12,810
12,811
13,291
16,535
911,090
911,090
911,090
1,176,109
476.816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
1,141,819
2,564,015
2,564,015
2,564,015
2,564,015
2,580,878
2,580,906
2,590,595
"""160
"""160
183
20,976
580,517
549,768
42,599
50,398
44,621
51,619
19,638
609,905
42,549
50,694
9,508
'
Industrial advances
12,377
*
911,090
1,176,109
476,816
911,090
1,176,109
476.8,16
476,816
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
2,581,741
2,580,182
2.580,472
2,581,121
2,581,456
2,580.987
2,581,459
167
""162
lei
161
161
161
"""161
20,577
19,6i2
19,494
19,450
42,427
45,723
21,684
762,610
42,452
61,182
683,343
42,552
52,171
18,991
549,526
42,549
17,173,228
16.976,149
16,811,924
16,794,871
16,696.511
14,307,574
securities—Bonds--
Treasury notes--
Treasury bills
Total U. S. Government securities
securities
r
678,091
-
Total bills and securities
-
Due from foreign banks
22,473
579.855
551,229
42,453
42,464
56,990
54,138
19,807
593,886
42,523
53,092
17,274,332
17,030,411
16,921,543
16,965,093
4,429,306
4,437,703
4,476,310
4,476,764
4,446,379
4.463,349
4,459,364
4,465.004
4,433,389
4,108,568
10,099,163
941,004
354,298
359,797
10,100,929
927,989
10,052,643
« 934,964
10,029,054
920,325
10,005,034
926,636
7,921,888
928,590
284,806
363,444
320,4,1
301,130
269,917
9,872,140
936,271
225,656
328,257
912,910
309,600
9.966,905
959,289
250,495
270.220
9,902,809
351,029
10,096,622
915,385
281,541
276,227
226,956
289,458
295,508
11,754,262
11,743,391
11,617.648
11,535,315
11,569,775
11.474,646
11,446,909
11,362,324
11,332,133
9,295,486
638,637
737,472
584,207
599,244
688,655
556,182
10,334
6,827
4,961
5,285
5,051
618,943
4,519
582,059
4,574
549,504
5,621
559,681
5,325
16,827,826
16,928,900
16,684,992
16,577.085
16,620,359
16,631,835
16,467,506
16,450,790
16,352,155
13,959,258
135,011
134,953
134,945
149,152
135,003
149,152
27,264
32,895
134,982
134,998
134,972
133,569
149,152
27,264
149,152
147,739
32,667
27,264
32,968
27,683
33,975
134,969
149,152
27,264
34,047
17,173,228
16,811,924
16,794,871
16,696,511
14,307,574
Federal Reserve notes of other banks
Uncollected Items
Bank
744,105
911,090
1,176,109
476,816
1,176,109
--
United States Government
Other
:■
641,188
. -
premises
--
All other assets..-
—
Total assets.-
•
42,560
i
LIABILITIES
Federal Reserve notes In actual circulation
.
Deposits—Member banks' reserve account---United States Treasurer—General account--
Foreign banks
Other
deposits
—
Total deposits..-
-
-
Deferred availability Items
y
Other liabilities, incl. accrued dividends
Total liabilities
CAPITAL
-
—
'
149,500
5,700
ACCOUNTS
Capital paid in
Surplus (Section 7)„_
27,264
34,050
27,264
33,097
134,948
149,152
27,264
33,370
17,274,332
17,030,411
16,921,543
16,965.093
16,976,149
85.3%
85.4%
85.4%
85.4%
85.3%
85.3%
85.2%
85.1%
82.5%
11,388
11,473
11,530
11,635
11,688
11,686
11,722
11,749
13,600
2,052
2,492
2.280
149,152
8urplus (Section 13-b)
27,264
y
'
272,959
Other capital accounts
Total liabilities and capital accounts
149,152
'
.»
149,152
27,264
33,020
»
39,325
Ratio of total reserves to deposits and Federal
'
Reserve note liabilities combined
Contingent
foreign
liabilities
bills
on
85.5%
purchased
*
for
1,686
correspondents
11,338
Commitments to make industrial advances
"
3,>
Maturity Distribution of Bills and
'
\
Short-Term Securities—
2,938
2,732
2,364
2,858
1,916
7,556
197
190
161
107
321
263
212
163
138
477
195
244
275
320
360
283
399
343
382
477
2,182
1-15 days bills discounted
150
111
129
159
255
230
355
280
403
572
501
428
564
483
449
373
349
322
595
3,467
4,058
3,614
4,072
3.490
3,038
9,508
1,647
-
16-30 days bills discounted
31-60 days bills discounted
Over 90 days bills discounted
Total bills discounted
4,793
-
3,137
."
;
4,055
'
•
1-15 days bills bought in open market
66
28
70
242
207
180
203
4
16-30 days bills bought In open market
31-60 days bills bought in open market
233
90
56
47.
202
206
107
234
443
252
"308
""190
"""166
23
28
47
298
61-90 days bills bought In open market
23
28
253
225
301
214
285
152
106
128
Over 90 days bills bought In open market
'
556
561
561
561
561
562
562
562
562
537
1,739
Total bills bought In open market
1-15 days Industrial advances
1,352
1,333
1,367
1,629
1,635
1,685
1,670
1,908
1,290
145
628
526
147
104
160
1,032
1,052
359
743
712
748
725
246
316
233
61-90 days industrial advances..
621
1,028
16-30 days Industrial advances31-60 days industrial advances
198
166
900
985
1,017
1,042
9,278
715
920
10,318
13,849
156
99
96
9,232
9,266
9,250
9,335
9„321
9,276
1,028
9,250
12.377
12,469
12,429
12,487
12,825
12,796
12,810
12,811
13,291
16,535
1-15 days U. S. Government securities
63,798
80,428
69,693
85,440
86,005
54,413
155,360
67,450
136,793
75,673
134,293
2,112,399
145,910
2,128,049
137.405
2,122,742
63,798
137,405
170,495
2,122,624
82,185
83,440
146.043
117,172
72,137
159,573
145,765
75,673
69,520
138,060
150,623
2,130,139
85,813
16-30 days U. 8. Government securities
67,450
82,553
130,468
154,145
2,129,399
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,733,260
303,954
4,727,517
289,814
4,750,019
273.709
4,738,919
262,155
4,429,306
4,437,703
4,476,310
4,865.500
4,865,500
2,701
3,064
4.868.201
4,868.564
Over 90 days Industrial advances
-
Total Industrial advances.
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U.S. Government securities
Total U. 8. Government securities
/
Total
'
161,415
85,813
128,893
173,696
127,630
192,780
2,131,204
152,680
126,468
2,113,049
2,124,717
1,951,474
2,564,015
2,564,015
2,664.015
2,564,015
2,564,615
4,746,943
300,564
4,750,545
4.750.139
290.775
4,739,164
4,740,896
4,416,044
287,196
274,160
307,507
307,476
4,476,764
4,446,379
4,463,349
4,459,364
4,465,004
4,433,389
4,108,568
4,869,500
3,367
4,872,500
3,838
4.872,500
4,872,500
3,491
4,872,500
3,846
4,872,500
3,361
4,872,500
3,941
4,531,632
8,505
4,872,867
4,876,338
4,876,441
4,875.991
4.876.346
4,875,861
4,875,393 i
.
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
By eligible
hand and due from U.S. Treas.
_
paper
2,893
United States Government securities
Total
*
collateral
4,540,137
"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
31, 1934, 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.
-
y
With the statement of Jan. 4, 1939 two
new
Items appeared, "Other liabilities, including accrued dividends," and "Other capital accounts."
The total of thee
"
The
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
statement for June 22. 1938 has been revised on the new basis and Is shown accordingly.
Volume
Chronicle
Financial
148
3797
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
Three Ciphers
Total
Boston
New York
$
$
$
Cleveland Richmond
PhUa.
ASSETS
$
certificates
BANKS AT CLOSE OF BUSINESS JUNE 21,
1939
(000) Omitted
Federal Reserve Agent at—
Gold
THE 12 FEDERAL RESERVE
hand
on
and
$
Atlanta
Chicago
St. Louis
S
$
$
$
$
San Fran
Dallas
Minneap. Kan. City
$
$
$
due
from United States Treasury
13,465,718
Redemption fund—Fed. Res. notes,.
8,721
Other cash *
366,966
Total reserves
13,841,405
844,680
680,083
743.754 6,387,560
349,763
266,033 2,280,856
1
320,932
244,367
353,549
778,404
215,737
587
1,334
1,177
795
893
550
372
562
431
233
533
1,254
25,165
101,728
28.795
26,941
21,068
20,332
48,751
19,782
9,276
18,681
14,982
11.465
769,506 6,490,622
710,055
872,416
371,724
286,915 2,329,979
373,893
254,074
339,846
231,252
811,123
2
24
85
93
68
465
280
595
70
489
365
688
2
16
16
41
211
587
944
*99,176
Bills discounted:
Secured by U. S. Govt, obligations,
direct or fully guaranteed
1.081
105
344
178
53
130
20
47
Other bills discounted
3,712
37
1,075
221
230
307
76
274
84
Total bills discounted.
4,793
142
1.419
399
283
437
96
321
84
Bills bought In open market
Industrial advances.
556
42
213
57
52
24
20
71
2
12,377
1,728
2,838
2,507
367
1,168
779
455
4
789
911,090
67,984
256,538
73,522
90,042
47,696
41,369
102,026
44,123
27,660
46,954
1,176,109
87,759
94,807
53,403
131,706
56,958
24,961
21,650
53,395
23.092
35,708
14,476
60,613
38,478
116,233
47,123
61,570
35,579
331,160
134,259
24,573
36,346
46,916
19,021
2,564,015
191,322
721,957
206,907
253,398
134,227
116,422
287,127
124,173
77,844
132,140
102,283
2,581,741
193,234
726,427
209,870
254,100
135,856
117,317
287,974
124,263
78,705
132,856
103,251
U.
....
.•
8.
Government securities—
Bonds
...
Treasury notes
Treasury bills
476,816
Total U. S. Govt, securities
Total bills and securities
76,830
40,209
216,215
-
217,888
167
12
66
16
15
7
6
20
2
2
5
5
20,577
316
4,567
1,015
1,641
1,392
2,209
2,779
1,529
1,140
1,018
361
2,610
641.188
64,028
163,722
45,337
71,051
54,821
21,194
91,680
27,416
17,728
29,921
23,493
30,797
2,055
3,917
2,272
1,512
3,183
1,238
3,191
2,043
4,479
1,921
1,413
2,104
1,738
3,903
531,296
354,574
508,933
Due from foreign banks..
11
•
Fed. Res. notes of other banks
Uncollected
Items
Bank
premises....
42,427
2,922
8,959
4,646
5,943
Other
assets.
45,723
2,887
13,330
3,930
5,047
2,589
2,928
974,869 1,210,213
569,317
431,739 2,720,828
Total assets
17,173,228 1,032.905 7,407,693
'
361,338 1,069,523
LIABILITIES
352,506
4,429,306
380,941 1,091,545
312,984
412,364
191,720
147,072
983,091
178,775
133,429
169,034
75,845
10,099,163
479,815 5,433,932
196,903
52,423
126,457
25,505
498,854
552,720
242,999
249,315
134,707
235,114
45,532
99,156
50,735
48,434
45,373
44,156
177,704
56,403
34,364
32,947
15,233
185,182 1,346,971
44,980
205,338
12,399
42,866
10,274
8.148
10,274
10,274
281,182
4,722
10,650
1,566
4,737
5,053
5,874
8,626
3,108
19,904
563,519 6,038,474
583,472
695,473
310,533
251,160 1,599,912
313,076
194,102
298,170
247,489
658,882
F. R. notes in actual circulation
Deposits:
Memoer bank reserve account....
U. S. Treasurer—General account.
Foreign
Other
941,004
bank
354,298
deposits
359,797
Total deposits.
11,754,262
5,776
8,599
561,850
51,571
,
25,557
638,637
Total liabilities..
64,061
156,450
45,587
69,327
52,101
20,681
92,610
28,792
17,779
31,410
26,808
33,031
5,621
Deferred availability items
Other liabilities, Incl. accrued dlvs
497
2,021
566
530
166
219
535
143
159
304
162
319
942,609 1,177,694
554,520
419,132 2,676,148
520,786
345,469
498,918
16,827,826 1,009,018 7,288,490
350,304 1,044,738
CAPITAL ACCOUNTS
135,011
Surplus
(Section
50.848
12,057
13,657
5,075
4,527
13,697
3,986
2,913
4,262
4,025
10,563
10,083
52,463
13,696
14,323
4,983
5,630
22,666
4,685
3,153
3,613
3,892
2,874
1,007
3,293
713
1,001
1,142
3,532
1,446
1,737
1,294
2,038
998
1,266
1,851
9,965
2,121
2,091
1,429
6,888
545
1,529
7,457
8.435
4,416
33,975
7)
Surplus (Section 13-b)_:
9,401
149,152
27,264
Capital paid in..
974,869 1,210,213
569,317
431,739 2,720,828
531,296
354,574
508,933
1,495
998
79
566
189
635
Other capital accounts..
Total liabilities and capital accounts
17,173,228 1,032,905 7,407,693
Commitments to make Indus, ad vs..
*
.
564
11,338
1,555
2,241
-
140
2.136
361,338 1,069,523
2,876
"Other cash" does not include Federal Reserve notes.
RESERVE
FEDERAL
STATEMENT
NOTE
Three Ciphers (000) Omitted
'
Total
Boston
New York
PhUa.
9
Federal Reserve Bank of—
9
$
9
Atlanta
Chicago
9
9
San Fran
Dallas
Minneap. Kan. City
St. Louis
9
Cleveland Richmond
'
Federal Reserve notes:
9
333,228
9
In actual circulation
94,763
20,244
20,236
12,477
10.881
312,984
412,364
191,720
147,072
983,091
420,000 1,210,000
345,000
435,500
210,000
169,000 1,035,000
545
178
95
340
420,122 1,210,545
345,178
435.595
210,340
21,182
9
178,892
13,233
83,311
7,466
408,119
9,858
133,429
169,034
75,845
352,506
196,000
143,500
182,000
85,500
434,000
25
19
431
306
542
196,025
143,519
182,431
85,806
434,542
192,008
33,894
380,941 1,091,545
4,865.500
Held by Federal Reserve Bank....
402,123 1,186,308
137,536
4,107
178,775
157,953 1,016,985
204,197
432,600
4,733,260
303,954
4,429,306
Issuedto F. R. Bank by F. R. Agent
$
9
$
•
55,613
Collateral held by Agent as security
for notes issued to banks:
<
Gold certificates
hand
on
from United 8tates
and due
Treasury
1.
Eligible paper.....:
122
2,701
Total collateral
4,868,201
United States Treasury
169,023 1,035,075
United
Bills—Friday, June 23
quoted
are
Transactions
Asked
Bid
Asked
16 1939
0.05%
Aug. 23 1939
6 1939
0.05%
0.05%
0.05%
Sept.13 1939
12 1939
July
19 1939
July
Aug.
26 1939
2 1939
0.05%
0.05%
Sept.
0.05%
Aug.
9 1939
at
Stock and Bond
0.05%
the
New
Averages—See
THE
Francs
Figures after decimal point represent
one
32ds of
more
or
"
—
June 19 June 20
Francs
7,800
Pays Bas
1,123
Banque de I'Union Parlsienne..
440
167
14,200
1,140
448
Canadian
Canal
Pacific
de Suez
—
cap
765
1,510
41
527
Cle Dlstr d'Electriclte
Cie Generale d'Electflclte
Cie
Int.
Int.
Bid
Asked
Bid
Rale
Maturity
Asked
Francs
7,700
Banque de Paris et Des
Transatlantique B
Generale
received by
Citroen B
\
June 21 June 22
Francs
Francs
June 23
7,800
7,700
7,600
1,126
445
1,122
444
..
J7®
,.
14,300
775
1,520
39
530
14,300
774
1,520
40
548
14,200
764
1,590
41
532
817
240
219
822
240
812
240
220
525
217
522
1,595
4 <480
346
812
250
^15
518
1,590
1,410
342
557
1,620
1,500
346
567
642
636
Orleans Ry 6%
U20
892
872
420
U30
895
895
417
1,1220
895
899
417
1,120
896
898
417
Pechfneya?.t.^""ril-!l"""
1.640
1-679
1,677
1,680
77.40
80.10
80.25
77.60
80.40
80.70
87.00
85.60
109.80
6,130
2-0l0
1.403
87.60
86.10
77.50
80.30
80.60
87.40
85.90
77.10
79.80
80.10
87.10
85.40
109.80
6,150
2,015
1,380
109.10
6,150
2,010
1,372
Comptoir Nationale d'Eecompte
Dec.
15 1939...
15 1940
Dec.
Mar. 15
June
Ccty S A
104.13
Courriere".
2%
IH%
105.18
105.20
Credit Commercial de France—
105.2
105.4
1K%
102.24
102.26
1K%
1 H%
103.1
103.3
101.2
101.4
Lyonnalse......------Lyonnaise cap
Energie Electrique du Nord
Energie Electrique du Littoral..
IH%
IM%
1H%
101.29
101.28
101.30
Sept. 15 1942...
Dec. 15 1942...
102.12
June
15 1943...
Dec.
1X%
102.19
102.21
Dec.
15 1943...
IH%
1941.._
15 1941
102.31
Mar. 15 1942...
102.10
15 1940-.-
—
102.29
104.11
101.22
101.27
ltf %
Mar. 15 1940...
June
15 1941...
101.20
100.7
Sept. 15 1939...
102.22
102.24
June
15 1944
Credit
Eaux des
HOLIDAY
^630
Kuhlraann-•
L'Alr
Liquldel
Lyon (PLM)
NordRy-.-:
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks as received by cable
Rentes Perpetual
Rentes 4%
each day
of the past week:
Rentes
June
June
17
19
June
June
June
20
21
22
June
23
AllgemeineElektrlzltaets-Gesellschaft (6%) 114
...160
Commerz-und Privat-Bank A. G. 6%
105
Deutsche Bank (6%)
111
Deutsche Relchsban (German Rys. pf. 7%).122
Dresdner Bank (6%)
105
Farbenindustrie I. G. (7%)
150
160
114
Berliner Kraft u. Llcht (8%)
Reichsbank (8%)
Siemens & Halske
--
(8%)
— ....
Vereinigte Stahlwerke (6%)._
186
100
105
HI
122
105
150
185
186
100
113
161
113
~
*
-
Rentes
4H%! 1932,
5%, 1920.:
112
Sntls
RovS Dutch
160
Saint Gobain C &
■Per Cent of Par
113
Rentes
3%....
1917
4%' 1918
4H'%, 1932^
A
B
C
105
105
111
111
111
111
Societe Franclase
122
122
122
122
Soclete Generale Fonciere
105
105
105
105
Societe Lyonnalse
105
105
Schneider &
Cie
-
81
Ford
150
150
186
185
185
Tubize Artificial
185
185
185
100
99
99
99
151
110.10
6,210
2,038
1,420
84
1,610
1,480
346
84
.
Silk preferred..
-
632
84
Wagon-Lits
i
66
66
65
1,500
635
1,485
1,484
636
85
574
65
635
84
569
65
634
84
564
6o
86
579
66
Francs
169
14,200
l'.SlO
44
"
250
1,590
1,480
560
565
65
Union d'Electriclte..
150
526
1-468
-
Societe Marseilles
185
186
cable
»
Bank of France..
June 23
Rate
3813.'
BOURSE
PARIS
June 17
Maturity
page
of the past week:
Quotations for United States Treasury Notes—Friday,
point.
New
Exchange.
Stock
York
Quotations of representative stocks as
each day
a
the
Daily, Weekly and Yearly—See page 3813.
0.05%
Aug. 30 1939
July
_t
on
0.05%
Sept. 20 1939
Aug.
0.05%
0.05%
0.05%
5 1939..
July
Securities
Exchange—See following page.
for discount at purchase.
Bid
June 28 1939
..
Government
States
York Stock
Rates
75
23
1,110
"417
77.10
80.10
80.10
87.00
85.30
109.00
6,130
84
June 24, 1939
3798
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
of the day.
day's range, unless they are the only transactions
NOTICE—Cash and deferred delivery sales are disregarded in the
of such sales in computing the range for the year.
account is taken
United States Government Securities
Below
furnish
we
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home
a
Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Corporation bonds
on
June 17 June 19 June 20 June 21
Treasury
\june 22
121.29
—-
122
122.6
122
122.4
122
122.6
....
2
1
2
116.19
116.10
116.9
116.13
116.16
116.16
116.9
116.13
116.16
116.19
1
6
107.14
107.15
10*7*22
107.25
10*7*28
107.10
107.11
107.16
107.21
107.26
107.12
107.10
107.15
107.22
107.25
107.26
1
13
12
Total sales in $1,000 units..
108.28
109
109.1
mmmm
(Low
2 Ms, 1945
108.28
109
109.1 "
mmmm
108.28
109
Close
115.27
mmmm
115.27
....
2 Mb, 1948
....
.
I
(Low.
I fU
103.17
mm wjftr
/•«» </
mmmm
mmmm
103.16
m
m
(High
(Low.
1
mm
mmmJ.
1
106.21
106.22
941-43
106.20
[Close
•
%
m
1
+•+! m
110*29
106.20
110.29
110.29
«■
110.29
110.29
1
mm
ZHB, 1941.....
1
m mm
106.22
....
^
-
m
L
ah.
mlmm
-
«.
————
105.21
105.20
....
105.20
....
'mmmm
3^8. 1943-45.
MO" 26
110.25
units'".
J,
110.25
4
...
•
101
110.25
110.26
....
110.25
Total sales in $1,000
3
'm
mmmm
3^8, 1944-40.....
111.14
111.12
111.13
111.12
111.12
111.13
,
111.12
111.12
ICIOH
_
Total sales in $1,000 units..
26
■mmmm
1
m
mmmm
3^8, 1946-49..;....
mmmm
m
•
™
.
*•> -
m
-
*
_
.....v....
*
,
111.17
111.17
111.14
111.13
111.17
5
1
m'
111.25
111.25
111.24
111.25
111.24
[Close
,
111.25
2
■
.
.
15
Total sales in $1,000 units
6
2MB, 1942-44..
109.24
109.24
1
50
102*9*
10*2*11
____
102.11
102.4
102.6
102.9
102.9
102.11
102.7
102.6
102.9
102.11
102.11
11
1
(High
Total sales in $1,000 units...
*
1
10*9*2 9
109.28
Odd lot sales,
t Deferred delivery sale,
Note—The
above
109.22
-
v
109.29
109.28
109.29
109.28
i
110
5
108.28
108.28
2
....
108.28
2
Treasury 3Ms, 1943-1945
108.28
108.28
3
Treasury 2Mb, 1955-1960
4
I Low.'
107.27
108
107.27
....
---
107.27
....
108
-
-a
bonds.
Transactions in
103.15 to 103.15
i--,
105.24 to 105.24
110.22 to 110.23
.-
109.3
--
to 109.3
108.6
'
United States Treasury Bills—See previous page.
United States Treasury Notes, &c.—See previous page,
108.6
108
1
....
.
coupon
2
9
....
....
of
includes only sales
registered bonds were:
table
Treasury 3'As, 1941-1943
108.26
......
-[low*
t Cash sale.
Treasury 3%s, 1940-1943
108.19
a.
-
109.22
108.27
-
10
2
2
----
—-
50
-
-
-----
-
102*6*
108.27
....
«
mmmm
-
,
—
102.7*
■
109.22
.......
6
....
..(Low.
1 Ms, 1945-47 wi
i
1
IIII
-----
100.7
5
1
----
[Close
109.24
1
unitsl°T(
----
Low.
4
109.24
m*mmm
100.8
100.8
1
13
53
100.7
■
High
109.15
3
109.24
100.7
mmmm
100.8
Close
109.16
1
mmmrn
100.8
100.8
100.8
Close
111.30
111.30
Total sales in $1,000 units...
.
$1,000
111.31
112
109.15
[Close
Total sales in
100.8
100.8
Low.
109.15
fHigh
2Ms, 1956-59..
100.8
.
6
2
4
1
'
2^8, series B, 1939-49
109.16
/
[Close
Total sales in $1,000
units...
_
7
units
Total sales in $1,000
109.15
Total sales in $1,000 units...
2 Ms, 1951-54.
109.7
109.15
..■(Low.
,
109.7
109.7
High
112
4
.
m
109.7
109.7
109.9
Total sales in $1,000 units.
2%B, 1948,51
109.7
,
112
111.2,9
109.7
109.7
109.7
109.2
109.16
[Close
_
111.30
111.26
*
109.24
1
109.2
109.4"
mmmm
t
(
109.2
109.4
■
1
1
109.2
109.4
Low_
«
t
1
109.2
109.6
High
2548, 1945-47..
1
\
——
109.2
109.3
2
1
%-
.m^mmm
109.2
109.3
Total sales in $1,000
units...
....
109.2
109.4
109.4
_
....
....
..
Low.
109.4
..{low.1
[ Close
2Kb, 1955-60....
mmmm
109.2
'
2
1
mm mm
....
[Close
-
'
Total sales in $1,000 units...
106.23
1
(High
1
a* w
106.22
....
....
3s, series A, 1944-52.. ..(Low.
111.19
15
{low*:
3s, 1951-55.
■
111.19
aw
106.23
....
-
106.22
....
Close
111T 9
111.13
—
106.23
3
Home Owners' Loan
10
111.13
111.14
Cl<
_
106.22
106.16
2Mb, 1942-47..
113.16
111.14
Total sales in $1,000 units...
.
Total sales in $1,000 units 1.
1
| Low.
_
5
106.16
1
113.16
113.11
3
(High
112.9
113.16
113.11
mmmm
109.14
106.16
Low.
112.9
1
109.14
109.12
IIII
109.14
109.12
i
[Close
■
.
112.8
109*12
109.8
Total sales in $1,000 units...
3s, 1942-47
112.9
112.8
1
aw
113.11
-
Total sales in $1,000 units...
3s, 1946-48
112.7
a* w
109.8*
(High
7
112.8
112.7
,
....
-
Total sales in $1,000 units.,.
111.13
24
1
-
.(Low.
111.13
----
5
-
(High
3s, 1944-49...
111.16
111.14
112.7
~
—
^mmm
b
(High
| Low.
[Close
«
<•
'
,
o,,
-
*
Low.
Total sales in $1,000 units...
3J£s, 1949-52
111.13
1
110.2
110.2
——
....
-
x4
111.14
....
109.8
110.25
....
110.2
Total sales in $1,000 units...
110.25
111.14
mmmm
| Low.
110.25
1
....
"
*2
Low.
.Close
110.25
110.26
•
,
106
High
3Ms, 1944-64
107
106
16
^
i
106
54
Low.
Federal Farm Mortgage
rnrnmm
2
110.26
107.1
1
"....
mm
106.22
mmmm
106.24
5
105.20
Total sales in $1,000 units...
■
„
106.22
m m mm
Total sales in $1,000 units
107 *
105.23
2a* 1947
modmm
107
107.1
105.23
'
Total sales in $1,000 units...
107.1
106.24
106.22
7
;
106.24
....
(High
aw
rn
1
32
11
....
5
Total sales in $1,000 units
110*29
Low.
107
106.22
106.20
(Low.
2Mb, 1950-52
105.25
'
.
Total sales in $1,000 units.
3Xb, 1943-47
(High
"
107
107.1
107
10*6*22
-
105.25
Low.
106.29
106.27
1
I
Total sales in $1,000 units...
•
3Ha,
....
107.1
106.25
106.22
106.21
10
105.25
...
.
2 Ms. 1949-53
mmmm
106*27
106*22
Close
103.17
mmmm
1 A
lv
106.21
103.17
103.16
'
mmmm
109.4
----
Total sales in $1,000 units.
103.17
103.17
'
„
103.16
mmmm
109.4
(Low.
Close
103.17
mmmm
1
109.4
.
(High
1
3^8, 1940-43.
109.1
'
1
2
Total sales In $1,000 units
-V.aw
-
2
6
32
[High
115.27
mmmm
|
107T2
107.12
12
Low.
3%B, 1940-56...
107.29
[Close
116.16
17
*2
28
107.29
mm
(High
2Ms, 1960-65..
116.16
110.9
2
.
mm
•(Low.
v
U6.9
107.18
g
107.29
107.18
107.16
Total sales in $1,000 units.
*2
116.16
110.13
116.9
116.10
.
107.18
107.16
Close
122.3
107.18
Low.
2MB, 1958-63.
122.3
121.29
Hlgh
Treasury
122.3
121.29
*m'mm
Total sales In $1,000 units,..
■■■' '
'
June 20 June 21 June 22 June 23
June 17
Daily Record of U. S. Bond Prices June 17 June 19
108.6
2'
10
New York Stock Record
LOW
AND
60
61
31
149%
'40
45
♦7%
.
PRICES—PER
Tuesday
June 20
$ per share
$ per share
*61%
7%
130
61%
61%
61%
23
50%
*34
*60%
share
NEW
132
"128
*42
45
43
43
34%
*34
35%
3478
35%
7%
7%
7%
*7%
7%
7%
*22
17
7%
22
22
51%
%
7%
%
8
*117
22
*22
23
51
*7%
23
50%
%
50%
%
778
778
*117
*34
%
%
•7%
7%
7%
*6%
6%
*6%
*9%
10%
*6%
*6%
*9%
11
16%
16%
16%
16%
7
8%
165
11%
12
11%
12%
9
7%
6%
7
*6%
10
10
16%
16%
*8%
8%
*812
8%
164% 165
*163% 166%
*11
11%
878
68%
68%
34%
34%
34%
15%
15%
*15%
1%
7
7%
*65
*1%
12
12
9%
68
34%
16
1%
11%
*1178
11%
12%
9
9%
62
132
34%
35%
7%
7%
22%
*22
*22
23
*22
778
5078
s4
*%
778
8
7%
*117
7%
7%
6%
*6%
6%
*9%
16%
*9%
*11%
Adams Express
Alaska Juneau Gold Mln
5X %
100
5*4 % pf A with $40 war. 100
5M% pf A without wai.100
100
200
$2.50 prior conv prel-iYo
Alghny Lud Stl Corp..No
Allen
1
Allied Chemical A Dye. No par
Allied Mills Co Inc
No par
Allied Stores
No par
16%
16%
8%
68%
1%
884
*66
9
69
34
34%
*16%
16%
1%
*1%
4,900
200
3,400
1,300
300
16%
*14
17
19
*14
18
*14
68%
68%
6784
67%
*67
68
*67
68
"""300
18%
19%
68%
19%
18%
18%
18%
18%
19
300
29%
29%
29%
30%
30%
31%
31
32
30%
18%
31
*17
11%
51%
12
12
12
12
12
12
12%
12%
52
*51%
55
53
53
*51%
12%
55 i
53
53
5
Corp
5% preferred
100
Allls-Chalmere Mfg
No par
Alpha Portland Cem..No par
Amalgam
18
*67%
*18%
Inc
par
par
600
68
"
Industries
100
12%
16
Bid and asked prloee; no sales on this day.
war.
12
14
•
pf A with $30
11%
15%
*17%
10
Albany A 8usq RR Co
100
Allegheny Corp
No par
Allied Kid Co
166
6%
Leather Co Inc
30%
8,800
Am Airlines Inc
12%
1,300
American
*51%
53%
60
delivery,
50
No par
Am Agrlc Chem(Del).. No par
12%
* r»et.
1
conv preferred
Amerada Corp
30
J In receivership.
April
Apr 10
120
6%
n
Bank
..10
Note
r
Cash sale,
per
share
6484 Mar 15
June
7
131
June 21
per
Highest
share ( per share
30% Feb
119% July
30% Mar
61-
Nov
12384
Oct
45
Oct
43
31% Mar 31
45
Jan
18
11
Jan
25
Mar
6% Mar
14% Mar
10.% Mar
24
Oct
30
Aug
40
May
67% Nov
% Mar
1% July
6% Apr
6% Apr 11
Apr 12
117
27% Jan
65% Jan
1% Jan
10
121
1% Jan
6% Apr 10
5
Apr 8
5% Apr 8
9
Apr 8
14
Apr 8
6% Apr J1
151% Apr 10
10
Apr 10
9% Apr 10
6
Apr 11
54% Apr 11
28
Apr 8
12% Apr 8
1% Apr 4
13% A4
50
Apr 11
16
Apr 26
28%June 14
IO84 Apr 11
50
t
Ex-dlv.
13%
125
Feb
Deo
Jan
% Jan
17% Jan
17% Jan
21% Nov
2984 Nov
Mar
5% June
784 June
14% Sept
Mar
4% Mar
11% Jan
124
Jan
Mar
7
Mar
8% Mar
4% Mar
11% Jan
38
14% Aug
197
Oct
1284 Oct
14% July
13% Nov
19% Jan
2% Jan
Mar
70%
Oct
34% Mar
11% Apr
1% Mar
Mar
48% Jan
55*4
Oct
20
Oct
3%
Oct
19
Jan 20
10
Mar
24
Jan
70
May 25
55
May
78
July
3
22
Dec
28%
10
Mar
23% July
40%
Apr
63
24% Jan
32
Ex-rights
Oct
June 21
1784 Jan
May 24
y
Jan
1284 July
% Mar
5
13% Jan 21
13% Jan 4
70
Apr
52
6% June
28% Jan
193
95
4
14% Jan
13% Mar
1284 Jan
19
June
884 Mar
Jan
May 25
a4 Apr 10
50
preferred
New stock
10
$
\
33% Apr
84 Jan 30
10
700
300
53
share
No par
Corp
Air Reduction Inc
6%
6%
3,100
per
Air Way El Appliance..No par
No par
"MOO
9%
16%
8%
$
Lowest
Highest
19% Apr 28
19% Apr
45% Apr
Adams-Minis
500
35
*15
par
1,700
34
17
No
%
7%
67%
*14
25
lla4
*66
*1%
Acme Steel Co
167%
35%
1%
8%
100
No par
1158
9%
69%
878
16%
% conv pref
12
35
1%
%
*6%
6%
10
16%
8%
8%
163
164%
3,100
—-
7%
*6%
*67
1%
400
8
Abbott Laboratories ...No par
Abraham & Straus
Addre88-Multlgr
"MOO
%
7%
%
12
100
51%
%
7%
7%
6%
6%
7
*6%
*9%
10%
16%
16%
*8%
884
162% 163%
*11%
12
11%
1178
1,000
1,400
*%
15%
1%
130
50%
51
*117
%
9
300
23
51
100-Share Lots
Lowest
Par
10
*22
34%
*7%
35
34%
*15%
61%
132
42%
68
68
61%
*128
44
42%
35%
7%
22%
%
%
*6%
7%
*42%
*117
%
$ per share
snare
23
*22
51
Week
Shares
toe
2234
*22
On Basis of
STOCK
EXCHANGE
June 23
62
*61
131% *128
*128
YORK
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
Sales
Friday
$ per
45
%
*1%
per
130
*21
22
9
CENT
PER
June 22
June 21
$
*34
35
50'4
63
NOT
Thursday
*36%
22
*8%
SHARE,
Wednesday
June 19
per share
21
SALE
Monday
June 17
34%
HIGH
for
Saturday
3
1 Called for redemption.
Nw
Volume
LOW
AND
New York Stock
148
HIGH
Record—Continued-Page
'
SALE
PRICES—PER
for
STOCKS
NEW YORK STOCK
Friday
the
EXCHANGE
June 22
June 23
Week
$ per share
$ per share
Shares
SHARE,
Monday
Tuesday
Wednesday
Thursday
June 17
June 19
June 20
June 21
$ per share
$ per share
*518
3612
132
$
5^4
92l4
176
2078
92i4
9112
21
3412
34l2
35%
1712
*1634
712
9is
7212
*858
»7234
33S
3i8
5%
23s
*478
17%
18
23s
49l2
17
4912
30
3684
*165g
38
*37
17
17
5%
*98% 110
2,900
'3", 400
800
17
1,200
*98% 110
200
124
300
124
""466
6%
300
400
3%
*3
33g
3%
3%
400
512
*47g
214
5%
♦47g
2%
2%
"lj'o'o
*18%
187g
18%
187g
1,800
7
7
*634
7%
300
*15%
16
1534
16
*1384
3'4
14
*1384
*3%
14
1612
16
163g
14
23g
19
*4l2
*1714
4%
18
*47
50
13
13
13V
*234
1734
*49
13%
*27g
133s
3
2914
334
334
31
*30
497g
50
484
17U
*1334
*684
9
2i4
-
5%
334
*30
50l4
31
50
*30
50%
50%
1,000
31
"3', 500
51
2
17g
178
*20
203s
5
2
2%
1984
20%
1934
2%
1,400
20%
500
5
1,000
1734
18
1734
I8I4
18
18%
2,400
*483g
49
49l2
50lg
53
53
500
13
13
13U
27g
13
13
1,700
*234
3
100
*434
478
18
50
13%
3
484
*13
3
*278
4 84
27g
*478
3,500
2,900
1,100
133s
13l2
*5312
1318
*123S
1312
*53%
152
137g
55%
1334
55l2
13i8
54
54
13
13
13
13
1278
*12%
127g
*28
13
2812
1278
28
28
1312
*28
42%
4134
4278
4212 43
*1375s 139
*137&8 139l8
*66% 68
*66i8
68
151
*148
235g
2414
11%
139
*66%
28%
4314
139%
*152
*152
1334
135s
*53
54
28l2
2734
28%
68
67
67
67
67
151
*149
152
*149
152
8
Amer Power <fe Light...No par
Jan 14
4Vx%
pref...
conv
100
Co.No
Amer Smelting & Refg. No
Preferred
American Snuff
400
89
*88
89
200
*167g
18
18
*17
18
*17
18
163
164
162
163
82i4
82
82
81%
83
83
83
8312
8278
151
151
*8012
82
*81i4
82
82i2
151
151
534
534
634
918
9i8
*81
9%
93g
84
90
*4
412
*4
*32
337g
*32
*4
438
3378
434
*3234
47g
47g
534
934
85
438
150i2 150i2
578
6
30i2
30
30
23i2
2334
2334
24%
83%
83%
8384
3,100
6
47g
150
6
;
9%
87
438
32%
57g.
9%
4%
33i2
5
*30
30
235g
1,000
*82%
337g
87
*4
*325g.
37
82%
4%
*82
3378
5
81%
151
93g
*82%
4%
34%
*4%
5
5
500
150
578
.1,200
934
5,300
14% Apr
8
100
148
Apr 10
Tobacco
25
73
Apr 11
Common class B
.25
Amer Telp &
American
Teleg Co
75% Apr 11
147
6% preferred
100
Am Type Foundries Inc.--.10
Jan
4
Am Water Wks & Elec.No par
8% Apr H
Apr 10
No par
78
No par
3% Apr 8
28% Apr 10
4% Apr 10
24
April
500
35
2,600
434
32
500
19.700
36i2
39
39
*37%
40
237g
23%
23%
Preferred
Amer
Zinc
—100
-
Lead
<fe Smelt—1
$5 prior conv pref
-.25
Anaconda Copper Mining..50
200
Anaconda W & Cable.-No par
2034 Apr 11
35
Apr 11
24%
7,400
AnchorHockGlass Corp No par
13% Apr
114
11434 11434 *113% 114% *112
114l2 11434
*11212 115
*9
*9
*9
*9
*9
10%
10%
10%
IOI4
10l4
*1% * 2%
*1%
2%
*1%
214
*1%
2l4
214
♦15s
2l4
26%
26%
2684
2634
26% 26%
2612 2612
*2512 26i2
*26i2 27
*119
J20
*119
12078 *119
1207g 12078 1207g *119
12078 *119
101
102
*102
104
*99
*99
10212 104
102l2 105
101l2
10H2
4%
4%
4%
4%
378
37S
378
378
414
4%
43g.
37S
40
36
41
40
*38% 40
4014
4012
*32i4
35
34l2 34l2
23
45
*34
22%
2214
*34
*36
39
2234
23ig
2234
2334
,24i8
39
36%
235g
2312
23%
*113
115
350
10
10
100
*158
r"~8bo
50
*1078
*4014
95
38i2
65
3812
1134
*82
76
778
76
*53 '
*3612
*97
*6312
1634
*6
*11%
*714
*70
59
100
*36
39
100
*97
9934
*97
9912
99l2
*97
99%
*97
99%
28
275s
2812
,
2758
28%
2784
99%
28%
*97
28
6434
6434
6434
*6434
65%
65%
x6l
173g
7U
1718
17l8
7l2
125g
2012
6512
17i4
7i2
17%
17%
1212
75g
*61#
125g
2OI4
57g
214
612
7%
*12
13„
*12%
13%
*20%
20i2
20
20%
11734
*514
*2
,
54
116
116
*116
578
25g
2i2
20
5
434
434
9
9
*2i8
*18%
412
2%
20
458
5484
5%
2
2
2%
*2%
*18%
20
4
61
173s
*17%
7%
*6%
*12%
17%
7%
13%
*46
46%
*4584
46%
*52
54
*53
54
11784
11734 *116
*478
57g
5%
*2
2
2
234
23g
23g
2%
23g
*18%
20
*18%
20
*484
4
4%
%
1134
47g
4
4%
3u
Apr
April
Jan
23
23ig
*10012 101l2 *100% 101%
*
30%
125
*119
8ig
8is
8*8
*72ig
2234
7478
2314
*5314
7478
2234
2012
5334
*48
4914
48%
2(R2
20%
53%
53U
48%
5538
55%
17
17
*107
10812
205s
21
17»4
17
,
20i2
53
8%
*8%
8%
8%
747g
23%
205g
*71%
74%
2334
*71%
8%
74%
23%
20%
2334
20%
53
8%
*72i8
23%
*53
49%
*48
55%
5634
23%
20%
48%
55%
20%
17l8
9%
934
934
934
97g
*16]8
1912
19%
*16ig
19i2
*17%
*34
40
*35
40
*34
40
*34
22is
22%
Bid and asked prices: no
22l2
22%
Mar
2
Mar
6
20
Apr
4
116
July
June 20
82
Mar
29% Jan
121% Jan
105
31% Aug
122% Oct
10378 Oct
6% Jan
Mar 15
10% Jan
5
Mar 11
85
10% Jan
4
Mar 15
78
3
z52
Mar
.
May
Jan
13
Nov
9
Dec
77%
Dec
75
Aug
73% Sept
39% Nov
June 12
48
38
June
6
27
Mar
100
June
1
72
Mar
95
Nov
99
June
6
72
Jan
95
Nov
60
Dec
Jan
10
Apr
""166
1,400
200
1,600
1,000
200
10
200
1,000
200
22", 100
....100
5% preferred
Atlantic
conv prel
—
5% conv preferred
100
6
8
Apr
584 Mar
3884 Mar
6684 Jan
3
36
Jan 11
105
116
June 15
4% Apr 10
2
par
19
June 15
2
$5 prior A.........-No par
Aviation Corp. of Del (The).3
4
»
Right3.
400
200
100
50
Conv 6% preferred—..100
Barber Asphalt Corp
10
No par
Barker Brothers
5H%
50
preferred
""166
700
5
Barnsdall Oil Co
No par
—100
Bayuk Cigars Inc
1st preferred
25
No par
50
Beech-Nut Packing Co
20
20%
2,400
Beneficial Indus Loan..No par
53
53
48
56%
55%
56«4
17%
400
600
20,400
1,100
107% 107%
200
*21
21%
300
*16%
17
900
23
*17%
10
23
*17%
934
23
40
*34
40
*34
7,600
40
22%
prlorpf$2.60dlv ser'38No par
...No par
(Del).No par
Best & Co
Bethlehem Steel
Apr 13
June
June 21
*igJune21
2,700
a Def. delivery.
• New stock,
r
Cash sale,
5
4%
4% Mar 10
126%
Dec
8
Nov
2% June
2
37g Jan
30% Jan
Mar
6%
Jan
Dec
2% Mar
5%
3684
8%
17%
Jan
4
5
Mar
17%
834
Jan
5
4
Mar
10% Jan
30% Jan
4
5% Mar
87g
Jan
12% Mar
3
Nov
Jan
Apr
Dec
Dec
7i»June 19
11
Dec
1384
July
Jan
2484
Dec
36
July
87
Jan 11
82
Dec
98
July
Jan
5
12% Mar
8
13
Jan
5
24% April
112% Apr 11
15% Apr 10
83
leb 28
6
Apr
110% Apr 11
17
Apr 10
98
Apr 10
19% Jan
4
4
177g Apr 11
48% Apr 6
46
Apr 26
51% April
14
x Ex-dlv.
Apr
8
21% July
9
Mar
21
Apr
115
102%June 22
90% Apr
Mar 23
Mar 22
Nov
11% Mar
June 12
16% Apr 11
Oct
21% Mar
10% Mar
34
109
29
70
14
Jan 16
126
Mar
87g Jan 20
73% Jan 25
2984 Jan 3
21% Mar 11
5484June 6
57% Mar 11
80
Jan
18
Jan 11
115
27
Jan
4
7
Feb 28
25
Apr
94% Apr
684 Mar
67
Sept
8% Mar
15% Mar
287g Mar
3984 May
1234 June
75
Mar
3
17% June
984 Mar
1784 Jan 4
23% Mar 11
10% Mar
13% Apr
22% Jan
44
Feb 24
34a4
Jan
y Ex-rights.
3
Oct
Mar
6
23%June 22
3
28
2384
22%May 24
11484
113% Apr 28
7% Apr 10
8% Apr 10
l7%May 31
35
Apr 18
19
April
Boeing Airplane Co
5
978 Jan
48% Aug
"68
21
No par
Bloomlngdale Brothers. No par
Blumenthal A Co pref—-100
6% Jan
Mar
8
Apr
107g Apr
15% Apr 10
99% Apr 11
157g Apr 10
Blaw-Knox Co
127
5
1017g
8% July
14% Jan
27% July
109% Aug
8
67
preferred
20
preferred
100
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
5%
7%
6% Mar
1784 Mar
110%June
87g Jan
4784 Mar
50%June
No par
XAuburn Automobile..No par
....No
4% Mar
43% Apr
Atlas Tack Corp..
Austin Nichols
Maris
18
23% Jan 10
104% Apr 12
7
April
...No par
Atlas Powder
Mar
Jan
10% Mar 14
18%May
25
Refining..—;
series A—1Q0
Atlas Corp
5
6% preferred._——...50
4%
20%
tin receivership,
10
Dec
Belding-Heminway
No par
Belgian Nat Rys part pref...
Bendix Aviation
5
217g
97
30
"9",200
47%
sfti«ioPthlfl day,
8%
56%
17%
2284
Apr
8
15% Jan 15
2% Jan 9
11434June
Oct
6434 Oct
2178 Aug
113% Oct
20% Oct
4% July
Mar
74%
53
22%
Mar
IO84 Mar
Oct
July
14
23%
49
22%
29
9%
30%
23%
9%
42%
Apr
*71%
5584
9%
May
Apr
10
53
934
43
21
6
Atl G & W I SS Lines.-No par
28%
48%
9%
*1618
2l7g
8
17%
4% Mar
25
Mar
5
7
Nov
15
1,100
4% Apr 10
5
Apr 10
19
April
54
1714
784 Jan
33
Jan
36% Jan 5
6478 Jan 4
24% June 23
Aug
7% July
72
100
8%
45
May
% 108,400
48%
*17%
17%
17%
108i2 *10712 10812 *107% 108% *107% 108%
2034
2034
2084
2034
*2012 2112
21
*16%
17
16*4
1684
17
17
17
1714
107
*20
56i2
23%
23% Mar
40
$5 preferred w w
Beech Creek RR
21%
*113
-
43% Jan 10
71
200
-
91
5178 Apr 26
Beatrice Creamery....
-
23%
16% Nov
Apr
5% preferred....
100
Atlantic Coast Line RR—100
700
-
Mar
3% Mar
4478 NOV
1,000
*23%
6
68
22% Mar
23%
23lg 23ig
*9912 10112 101% 101% 102% 102% *101% 104%
*
♦
30% *
30%
30%
*27i2 30l2
*121% 122
*121% 122
121
121
*121% 122
21%
21%
*113
14% Jan 20
93% Mar 10
634 Jan 10
4278 Jan
21%
114
Oct
Deo
9% Nov
23% Apr 11
"3",200
213s
91%
37g Mar
„89% Apr 27
1334
114
88% Aug
152
$5 pref without warrants 100
9% Apr 11
*28
Jan
Apr
Atch Topeka A Santa Fe.-lOO
10
*113l2 116
8
9
Baldwin Loco Works v t c.. 13
137g| 13%
21%' 21%
j*113
23%' 23%
130
8.7C0
1,100
28%'
5
30
13%
1334
Jan
41
67%
__
70
90
21%
*28
Jan 23
5% April
6% 1st preferred..
100
7% 2d preferred
...1Q0
Assoc Investments Co.-No par
67%
1334
Mar
26
6884 Mar
12% Nov
*20%
28%
Mar
68
Mar
73
100
69
1334
111
Nov
5% Apr 11
...No par
preferred.
Associated Dry Goods... ...1
21%
*28
12% Mar
11
19
16
Oct
117% Mar
120% Oct
150% Dec
72
Artloom Corp
*67
28l2
14
2158
Dec
Jan
Jan
13
*20%
1334
82
31
9% Apr 10
69
*28
Dec
Dec
Jan
21%
2812
1414
2l5g
19%
19
59% Deo
21%
*2712
1334
*21i4
June
24% Mar
6% Mar
2% Mar
7,400
8
8%
12
18
4
9
11%
8
II84
Jan
6%
*73g
4084
6% Mar
58
4% preferred
Bangor & Aroostook.-
8
15% Mar
33% Apr 11
Baltimore & Ohio..
*7%
Deo
4
20
July
May
113s
*13
150
Jan
13% Feb
14% Feb
22% Jan
9178 Jan
18% Jan
170% Mar
87% Jan
8934 Jan
153%May
7
1,600
13%
6I84
72
3,400
13
Jan
58% Nov
Dec
Dec
140
94%
6%
13%
130
Apr
378 Mar
434
13
41
Mar
4584
50
6%
*67
103
June 13
68
Jan
23% Nov
35% Jan
28% Mar
434
1318
8
2078
6
63g
6834
8O84 July
Dec
7% Mar
2284 Apr
28% Mar
4
6%
13%
*738
Mar
12
Jan
4
6%
21
58
15% Mar
Jan
5%
*67
72% Jan
20
Jan
6%
2034
Oct
Jan
24% Nov
52
5
2034
19%
165%
65
5
6I4
2114
41% Nov
Mar
Mar 31
5
No par
pref
5
11%
7% Oct
47% Nov
50
conv
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
6I4
%
,
1% Apr 11
21
Apr 21
117% Apr 27
Mar
Jan
334 Apr 10
3334 April
$6
478
7%
*
*59
*11%
13
20%
2O84
20%
20%
110% 110% *110% 11078
7%
7%
7%
7%
4%
*16
61#
Oct
Nov
29%
400
61
11734 *116
*478
45
122
Mar
Armour & Co of Illinois
11%
7%
2134
*6
•
27%
Mar
99% Mar
97
11%
1312
2112
17%
277g
..lOO
preferred
11%
1134
69
912
27%
7%
Jan 23
834 Apr 11
par
Nov
17% July
5% Jan
Armour &Co(Del)pf7%gtd 100
%
11%
478
14
7 it
*125S
I25"
*6
54
13is
23
*6i8
*52
*1234
...
17i4
54
*51
*67
28%
14
21%
"
1105s *109i2 110i2 *109% 110
7%
7%
7l2
712
7i2
7l2
46%
455g
4618 *4584
4534 4534
69
7
*97
*109
22
*17
60
36%
No
8
5% pref with warrants.. 100
59
36%
*67
*1678
73
73
80
Co
Archer Daniels Mldl'd.No par
7%
6,500
200'
9934
*20
5438
""566
*56
47g
20l2
8;
*97
1114
*8
*70
80
7
90
8
8%
9934
""iii's ~u%
2214
*70
*67g
*82%
634
90
8%
60
%
*7218
80
8'g
*557g
458
*118
634
*82%
77g
*97
478
23
*73
8
60
478
1378
7
95
9934
*1834
*21
11%
*82
37
*2i8
*18i2
*113l2
113s
*56
2i2
20
*2712
*77g
734
80
11734 *116
*7i2
*11%
*97
54
*614
11%
*11
~3~666
*3612
*5H8
434
39%
9934
46
*2i8
39
1,800
60
*4538
*2
39%
7
95
39%
*107g
12,400
"
37
20
*514
7
*82
40
39l2
65
*97
110
*116
11%
7
65
*48
*53
20
*7%
1134
95
*48
65
*36l2
110
,
*11
40
*48
37
9912
2714
3978
.
65
60
100
*97
*107g
*65s
65g
778
39
*48
65
3934
1,500
111
preferred.No par
conv
Copper Mlnlng_o....20
A P W Paper
—
*40i4
$6.50
Andes
2284 Jan
4% Mar 31
16 1st preferred
24
*30
100
American Woolen
23%
32
15% Apr 11
75% Mar 7
200
4%
24
*30
Refining.. 100
American Sugar
Preferred
Apr
1,200
87
2334
32
9
Am Sumatra Tobacco..No par
"7", 100
82
151
984
9i2
162% 163
Mar
9
151% Jan 18
17%
163i4
884 July
23
34% Mar 10
No par
45% Dec
2% June
20% July
148®4 July
13% Mar
Jan
53% Jan
140% June 21
8
1
Nov
79
2% Mar
1838 Jan
35% Apr 10
129% Feb 17
59% Apr 14
3
20% Apr 10
Nov
678 Nov
30% Dec
3% Mar
par
*17%
6% preferred
15
36
10
Feb
162
2078 July
June
20
Apr 13
17
*17
7
Feb
1284 July
4% Mar
Jan
z27
25
-
5% July
25%
128s Mar
.
x26
par
100
Jan
44
152
17
162
Mar
16% Mar
25
Jan
6% July
7% Nov
Mar
19
American Stove Co
18%
May
Am Rad & Stand San'y. No par
Prefen ed
....100
1,000
'
9
2
12
Jan
49«4 Mar 11
1178
15934 16H2
7
6% Feb 2
35%May 31
4484 Mar 11
*11%
*17
Mar
8
II84
*88
10
8
1134
89
5% Mar
<
Apr
8% Apr
*88
5
Apr
146%May
88
9>4 Jan
Nov
I684
2% Mar
13% Mar
3%
3% Apr 10
100
88
Jan 20
20% Mar 11
32
American Rolling Mill
15
83
Mar
28
Amer Steel Foundries..No par
American Stores
No par
89
4
No par
$5 preferred.
7,900
*88
Mar 22
Deo
978 Nov
2% Mar
..No par
$6 preferred
6,300
88
4i2
23
25%
II84
*17
412
100
No par
1134
1678
*30
No par
preferred
24%
165s
90
conv
American News Co
1134
18
9i8
Amer Metal Co Ltd
Apr
2% April
26%May 17
117% Apr 20
25%
*1678
*81
11
11%
17i2
*5i2
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
24%
*17
*14834 151
8
47
2414
12
8214
4% Apr
14% Apr 8
April
100
1158
1184
8214
Preferred
24
11
80
Amer Internat Corp...No par
American Locomotive..No par
24%
1214
11
80
4134 Apr 11
1% Jan 24
14% Jan 23
100
12
10
Dec
1% Oct
13% Nov
pref
6,000
152
5% Jan
6
Mar
8% Mar
67%
30»4 Mar
1
No par
non-cum
24
*149
9
Jan
74%June 12
June 23
6%
123s
151
11%
10% Jan
51
American Ice
42%
200
July
2%May 10
22%May 15
784 Jan
3038 Jan
79% Jan
1534 Jan
4% Jan
40% Jan
124% Mar 20
American Home Products
8
28%
67%
Oct
20
25% Apr
245g
151
*10
1812
15738 15834
*65%
125
7
Amer Ship Building
600
117
17%June
140
140
Feb
13% Sept
4% Mar
15
Apr 8
278 Mar 31
1
...60
Aug
Oct
Nov
Deo
Nov
Nov
88% Mar
.
12
preferred
Nov
105%
176%
3478
5784
23>4
Apr
8»4 Feb 24
14
10
American Hide & Leather
14% July
62
135
June 23
124
April
11U
11
*17i2
417g
140
Mar
9% Mar
89%
10
24
*148
*10
88
*27%
27
No par
1078 Apr 10
400
1234
Jan
115% Mar
$6 preferred
American Safety Razor.. 18.50
54%
1234
*12%
160% Mar
12% Mar
24% Jan
8
American Seating Co...No par
54%
13
13
Jan
Apr 10
100
3,300
13%
*1234
42l4
4234
4184
42%
14014 14014 *140
140%
Apr
7084
5
1,000
13%
13%
54
13
2812
133s
12 I8
"
1218
1712
11%
2
13
10
Jan
55
23% Mar
Apr
114
No par
10% Apr 8
May 15
12% Apr 10
50
April
11% Apr 10
21,500
*152
*12%
55
1234' 1234
*1284
1,500
35
1
12% Apr 10
684 Mar
64% Jan
May
100% Jan
178% Feb 17
434May 26
.No par
Jan
8
Highest
$ per share $ per share
17 2d preferred A
6%
30
■
152
2% Apr
No par
17 preferred
Feb 11
Lowest
134
8
61
'
178
*23%
*152
Amer & For'n Power
5
684 Apr 10
6% Apr 11
10
1st preierred
100
American Encaustic Tiling.. 1
Amer European Sees ...No par
6%
*120
*152
Corp..20
Apr
5% Apr
6%
Amer Hawaiian SS Co
""800
334
29
30
31
28l2
3H8
31i2
30%
30%
3078
33%
1245s ♦120
124%
1245s *120
1245g *120
1245g *120
1245g *120
24
24
*2312
24
*23l2
24
24
*23l2
24
24%
24%
414
4%
43s
412
458
45g
4%
434
4%
4;
43g
4%
39
39
39
3934
3934
40
*3712 3834
39%
39l2
38% 385s
34
34
35
35
34% 35%
34%
34%
34i8
34ig
3514 3514
12
1134
12
1234
1134
12
1134
12
1134
12i8
1134
12
28l2
14
American Crystal Sugar
90
2l4
20
No par
Allegh Co NJ 25
American Colortype Co.
10
884
7%
20
American Chicle
8
Apr
13% Apr 8
100 May 8
109% Apr 20
100
7
19
49%
178
2
preferred
7384
16%
*1334
2012
5%
1
32
100
8«4
*7
378
No par
Am Chain & Cable Inc.JVo par
7334
212
14
100
American Car & Fdy
Preferred
8
April
83% Apr 11
167% Mar 3
17% Apr 11
....25
7334
*3ig
*478
31
37g Apr
3ls4 Apr
125
100
9
714
*334
1
pref.
American Can..
conv
*73
193s
*30
Bosch Corp
$ per share
Am Coal Co of
15
*6
6>£ %
Preferred
387g
*2%
American
Year 1938
Highest
Am Brake Shoe & Fdy.No par
9lg
7%
50
2
50
3
1,100
Range for Previous
$ per share
Par
7334
9i8
*73
2%
31
*47
*234
100
5%
38
132
.
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
Am Comm'l Alcohol
18%
378
t
20i2
434
3i8
*478
1484
334
218
*4i2
9
7334
3i8
15i2
*29
49l2
*87g
1812
*14
20i2
173g
IOOI4 IOOI4
7334
7
4
*184
38
132
'
15l2
31
*20
9
73i2
3i8
512
23s
7
1434
*378
15
6l4
712
18
'
712
*14
37
17
17%
125
123% 12312 ♦123
*12212 124l2
*2i4
15
*2l4
15
*2l4
15
*6t4
634
6I4
6%
634
*6i4
7
7
7
7
73s
7%
123
*738
*30
*36
36
123
*8%
7212
*3i8
*478
2%
5%
534
375g
133
*98% 102
6I4
1534
*5ig
*37%
'131
*9812 110
*2l4
6I4
*738
*1434
377g
134
93
92
93i2
94
93l2
94
95%
*170
174i2 *17084 174
*171i4 173
*171% 174
21%
21%
2H4
2II4
2184
22
2114
2214
21
*6%
534
*5i4
37
*132
*1618
21
35%
16%
*9812 110
*12214 12312
*214
15
*16
6
37
134
91i2
176
*170
*3418
*6
*5i4
37
*132
134
*131
92%
*170
5%
3634
*518
36i2
36i2
132
share
per
Sales
CENT
NOT PER
Saturday
$ per share
3799
2
19%
102
Jan
Dec
Oct
30% Mar
117
Dec
9
July
83
Jan
30 %
Dec
21
Dec
56
Nov
787g Dec
18% Nov
11478 Nov
2984 Oct
24% Nov
1984 Nov
21% Oct
May
1
Nov
55
Sept
357t
1 Called for redemption.
July
Dec
June 17
*57
23%
*1%
27
*26
the
June 23
*21%
57%
2078
2334
2
27
7%
2334
58
2134
*1%
2134
2078
23%
2%
2
2
*26%
27
27
22
21
2334
2%
27
2078
2334
*1%
24
27
7%
7%
58
21%
21%
21
20a4
58
*26%
7%
9%
934
9«4
934
9%
2034
2078
20%
*38%
20%
38%
38%
*37%
49%
1%
49%
*1%
49%
50
*H4
2078
39
49%
1%
Sh
87«
*834
9%
*3712
49'2
2278
1%
*1%
9%
9%
*9%
*9%
38%
23
22%
38%
39%
22
21%
37
36
36
14%
14%
14%
15%
15
15%
1478
1478
14%
*734
8%
77g
778
8
8%
778
778
734
11
*35
4% *
4%
34%
100
800
400
9%
1,600
6,200
2,300
8,200
10
12%
40
' 41%
22%
23
200
4
2,200
4%
7% preferred
No par
No par
No par
Burlington Mills
19
19
14%
15%
5,600
13
13
1,600
*1%
1%
12%
200
7
400
27
27
27%
19%
2634
27
19
2634
19%
27
19
19%
14
14
14%
14%
14%
13%
*1%
13%
13
13
1%
13
*13s
1%
12%
67«
12%
19%
14%
13%
1%
12%
7%
67g
678
*67g
*20«4
21%
27g
834
*2034
21%
*2034
21%
234
27g
*27g
8%
*8%
3
8%
*41
45
*41
44%
43
13
13
*13
13%
20%
*13
*52
53
*52
1
1
1
7% preferred
53
1
1314
*10
13
*634
8I4
*41U
*13
678
21l2
*234
8%
*42
*52
55
1
514
20%
20%
514
IOI2
17%
414
*3034
5%
'
20%
53
*1
8%
1%
5%
5%
5%
1,600
107g
18
10%
17%
10%
18
700
4534
*37%
45%
4%
*37%
45%!
32
*31
4%
4%
4%
31%
31%
5%
31%
5%
*31
39
*35
39
82
*44
6
*29
39
4%
534
*5%
*79
8034
*79%
8034
*14%
15%
15%
15%
*14%
234
234
234
234
*234
27g
76
77
*75
79
*76
80
*75
80
*75
*115
118
*115
118
*115
118
113
115
12
11%
11%
20%
65*4
66
64
66
20%
20%
20%
20%
20%
*20
3
3
3
3
3
113
3
3
*113
113
5
*4
*64
5
*334
*4%
*4%
*4
4%
37%
*7%
4%
*4%
5
37;
_
!
36%
27
,
'
*97%
*18%
978
2034
19% i
978
2034
*85
37%
*334
6
19
4%
4%
*4%
4%
37%
37
8%
30%
29
99%
*97%
99%
*97%
20
10
*19%
20
99%
*97%
*19%
9%
20%
9%
21
32%
92%
32%
33%
3
*2%
37,
3734
8%
*93%
4%
300
734
28%
234
800
Chesapeake Corp
207g
3234
33%
327g
33
6,500
*927g
94
94
94
500
%
1178
%
%
*%
%
%
%
%
58
*%
*%
1,200
%
*%
%
*%
1%
*%
*1%
800
%
%
12
*134
2
12%
12%
*43%
*78
45
*10%
34%
*34
45%
%
*44%
%
%
78
*8
1134
9
9
*25
28
*10%
934
*25
9
H34
934
28
67%
68%
69
70
*12%
13%
13%
94%
13%
95
95
*47%
3%
*18%
60
3%
*47%
20
*18%
*3
*65
116%
110%
110
*134
94%
60
3%
20
—
110
a23
23
a23
23
*.__.
77
*75%
77
2
*1134
1%
1134
*%
12
2
1
12%"
12%
I23g
1238
34
34
35
35
45%
44%
44%
*%
%
*8
*9%
*25
69%
*12%
94%
*47%
*3
*18%
1
1
7g
*%
*11
*8
9
*11
1134
*%
9
*25
*%
*7g
11%
9%
9%
*25
28
11%
9%
28
I12
*%
-
-
9
*8
1134
9%
97g
28
*43
*7g
34
*%
134
13%
%
11%
*9%
32
300
Pr pf (52.50) cum div No par
JChlc Rock isl A Pacific
100
44% June 22
%June 1
7% preferred
-100
6% preferred—....—100
*4 Apr 10
""loo
100
97g
""loo
Chicago Yellow Cab...No par
Chlckasha Cotton OU
10
71%
46", 700
Child* Co
No par
t hile
1,000
28
*25
....25
Copper Co
6
Chrysler Corp
70%
69%
71%
6984
71%
70
13
I27g
1278
12%
1284
12%
12%
900
City Ice A Fuel
94
94
93
93
92%
60
*47%
3
*234
93
60
3%
640
*47%
'"""360
6H% preferred
City Investing Co
City Stores-
94%
60
3%
*47%
20
*1834
*3
60
3%
20
3
19
19
*65
*65
109% 110
109% 110
110% 111
...
1834
*65
I8S4
Clark Equipment
...No par
CCC A8tLoulsRyCo5% pref 100
Clev El Ilium 54.50 pf.No par
Clev Graph Bronse Co (Tbe).l
Clev A Pitts RR Co 7% gtd.50
25
25
z24%
24%
*7534
77
*7534
25%
77
1,900
77
41%
42%
31
31%
417g
31%
31%
131% 131%
127% 127%
3,300
25,800
24%
100
100
5
300
*75%
24%
75%
No par
""170
...
112
*110
10
Special gtd 4% stock.
41%
29%
*131%
*125
*60%
15%
*105%
*26%
42%
4134
423g
42%
42% 42%
3134
31%
307g
31%
30
3078
30%
*131%
*131%
*130%
128"
128" 128
128" 128
128
*12578
6078
607g
6078
*60%
6078
6078
6078
1534
15%
15%
1534
15%
15%
15%
10512 106%
105% 106%
107% *105% 107%
28
28
2884
28%
27
27% 2734
41%
*107% 109
40
*25
*1378
14%
*107%
109
*107% 109
131%
128
607g
15%
106
28%
*107% 108% *108
*25
40
*25
*26
14
14
*14
*14
14%
128"
14%
14%
607g
*60%
6078
1534
15»4
15%
106% 106%
5,100
106
28%
108%
28
28
108% 108%
200
1,700
T434 ""560
4
4
4
*334
47g
*334
478
*334
4
*384
4%
5
*47g
6
*4%
6
*4%
6
*4%
5%
*4%
478
*4
478
*4
47g
*4
47g
*4
47g
*4
50
5%
*4
47g
*1834
19%
*18%
19%
*84
8834
10
*9
28
*26
19%
19%
*88
*9
*26
19%
19%
89
934
27
19%
*19%
89
*9%
*26
19%
19%
91
9%
30
19%
19%
*90
91
9%
9%
*26
30
preferred-No par
Columbia Gas A Elec. .No par
6% preferred series A...100
79
*75%
79
76%
*75%
79
*75%
79
10
4578
46
76%
46%
457g
46
4534
46
3,500
45%
109%
109% *108
52
52
51%
*110
110%
110% *109
103s
10%
10%
10%
1%
1%
I3g
1%
61
64%
62%
61%
29
29%
29%
29%
109% *108
*108
51
51%
*110
110%
10
10%
1%
1%
60%
6078
29
29
52
•Bid and asked prices: no sales on
108
517g
108
*108
52%
52
1%
10%
1%
97g
1%
64
641
637«
29%
29%
29%
this day.
109%
51%
10%
1%
64%
29%
To%
10
1%
1%
6434
65
29%
2934
t Inreoelvershlp.
100
conv
100
5% preferred
Commercial Credit
4 H % conv
a
...—10
preferred
100
Mar
3% Mar
25
May
9
35% Mar
1478May 23
97%June 10
7% Sept
59
Mar 11
54
Mar
3
2
Mar
4% Jan
26
Mar 11
Jan
10% Mar
4
70
Nov
Feb
9
106
Apr
f0% April
4*4 Jan 23
42
Jan
3
36% April
21% Apr il
68
Jan
11% Apr 10
1
8
1017s Feb
20% Apr
Apr
3
Apr
Sou..No por
56 preferred series
No par
Commonwealth Edison Co. .25
r
Cash sale,
x
1
14
Apr 10
14
April
April
73
7% April
23% Apr 8
5% Apr 10
74% Jan 3
62% Jan 13
38*4 Apr 10
105% Apr
Apr
A
8
4% Mar 31
4
May 16
106
Commonw'lth
8
May 20
11% Apr
pfser *35.No par
Commercial Solvents..No par
conv
n New stock,
12
Feb
Apr
Del. delivery,
Mar
69
42
5,800
41,000
Jan 11
85% Mar
Dec
8
115
Comm'l Invest Trust..No par
4,100
15,700
33
Dec
Dec
%
Apr
3,300
54.25
9
6
3
1
3
Feb 10
100
51
*110
110% 110% *110
10%
86%
109% *108
52
No par
700
*75%
45%
....2.50
Class B
"MOO
79
45%
100
100
Sys Inc cl A.2.60
6%
6
*75%
45%
100
Colorado A Southern
86%
27%
*26
6%
9% Mar
14% Jan
13% Jan
%
15
18
Columbia Plct v t c
87%
5
Mar
37% June
6
I7g Jan
1% Jan
Mar
67g Mar
22
68
100
Columbian Carbon v t c No par
6%
Dec
% Dec
2
109%June 20
No par
100
*86
4534
-
800
*26
*4 Feb
58
2% Apr
100
5% conv preferred
9%
6%
May
4
20% Jan 4
387S Mar 14
48% Mar 11
3% Jan
29% Mar 10
15% Mar
78
67% July
Mar 13
45%May
2
Jan 5
3134June 21
60%
9% Apr
1% Mar
45*4 Jan
x25% Apr
Ex-dlv.
p
6
8
14
10
31
3
10
Mar 16
44
Dec
32% Mar
10% Mar
111
Jan
4
90%
87%
Jan
52
% Nov
%
4
16% Mar
*9%
6%
79
Jan
87g Mar
57% July
90%
86%
6%
7% April
Apr 5
7
Apr 8
25
Apr 8
53% April
9
Apr 8
10
1
Jan
Mar 11
Jan 3
Jan 4
% Aug
2% Sept
105% Mar
9%
27%
87
6%
8
37g
13%
%
1%
1% Mar
2
90%
*86
Apr
4
4
5
6
*87g
6%
June
70
Jan
400
86%
22
Mar
19%
6%
9
June 23
94
62
1,300
8534
6%
Dec
40% Mar
135
1934
87
6
20
133
4% 1st preferred...
4% 2d preferred..
*83
8
7
'olo Fuel A Iron Corp.No par
52.76
z25%Mar
5
19%
19%
*19
June
June
Jan
No par
Collin* A Alkman
Columb Br'd
May
6
April
19%
19%
*19%
18
Feb 25
114
90%
19%
19%
94
3
127%
Colgate-Palmollve-Peet No par
6% preferred
100
<
% Apr
17% Mar
Mar 21
—100
(The)
Class A
Colonial Beacon OU Co
1434
Apr 11
26% Mar
4% Mar
4
No par
No par
Preferred
Coca-Cola Co
100
*26
~14%
*478
4
Molyhdenum..No par
Cluett Peabody A Co.-No par
10
900
60
Climax
400
*26
40
41
1% Apr 21
10
Apr 10
Chicago Pneumat Tool-No par
$3 conv preferred.. .No par
500
9
*8
*11
% Mar 22
3% Mar
Aug
4
% Jan
5% preferred
100
tChicago A North West'n.100
Preferred
100
1,100
Jan
Mar
88
6
13
Dec
4
62"g Jan
3*4 Jan
% Apr
Apr
6%
_
47% Jan
8
19
8
5
8
% Apr
Dec
Mar
99%
6% Mar 11
Feb 24
1% Apr 10
l%May
Mar
2
96
11
9% Apr
Mar
July
18%
June 12
6% April
...100
6
9
82
46
Jan
Jan 24
9
4
72% Mar 14
22% Jan 11
5% Jan 3
30
86
2% Mar
12% Dec
102
17% Apr 10
27
April
Apr
19% Jan
Apr 20
tChic Mil 8t P A Pac—No par
200
Jan
82% Mar
98% Jan
29% Mar
100% Jan
9
3
June 23
18*g April
98
Chicago MaU Order Co
4% preferred
3
Apr 10
8
8
33
105
9% Jan
6% Jan
6% Apr
22% Apr
100
35
45%
*34%
*65
24%
75%
13
%
*44%
45
April
3% Apr 8
3% April
500
300
2
12
%
*%
13
%
*7g
9
*8
34
1
*%
1134
35%
*12%
*43%
*%
*32% '3334
1%
12
*134
2
12
*134
9
0
*11%
*%
4
%Msy
*134
■
3%
12% June
_
Mar 11
107% Jan
24% Jan
113
Mar 22
tCblcago Great Western.. 100
*11%
3
*%
*1%
*1134
109
85%June
Jan
Jan
Mar
Mar
55
1
13% Apr 10
84
Apr 14
10
Apr 8
64
Apr 17
18% Apr 8
2*g Apr 10
300
%
2
*134
38% Apr
200
1178
3%
*%
*1%
66
No par
Chesapeake A Ohio Ry
...25
Preferred series A...
100
tOhlc A East 111 Ry Co6% PflOO
*%
*2
2%
%
1
300
*207g
2%
100
6% preferred
Central Foundry Co
400
33%
*%.
7% Prior preferred.... —100
Ceiotex Corp,——....NO par
20
*1%
*11%
93%
37%
Feb 18
20%
37g
94%
122%
103% Mar 27
Awn.No par
*19
93%
2184
5% preferred..
Celanese Corp of
*97%
3234
9312
234
%
17g
32%
92%
*2%
No par
.100
Caterpillar Tractor
Certain-Teed Products.
.
Apr 20
100
100
1) Co...
Preferred.
99%
1
June 12
6% Jan
2% Apr
April
110
April
1
6% prior preferred
100
Cham Pap A Fib Co 6% pf.100
Common.........
No par
Checker Cab
—......5
9%
20% Jan 18
137g Apr
6
Cerro de Pasco Copper .No par
33
*9%
Case (J
1,900
"
Dec
4% Mar
34% Mar
63% Apr
29
99%
320
29
16% Aug
22% July
Mar
2,800
37
77g
36%
8
93
*21
21%
33%
94
234
4%
Jan
Oct
July
May
1
Central 111 Lt 4H% pref...l00
Central RR of New Jersey .100
Central Violets Sugar Co—19
Century Ribbon Mills.No par
Preferred
...100
9%
2078
19%
97g
5
21
110
1934
10
2134
*9%
3
34% Mar U
No par
Central Aguirre Assoc .No par
29
77g
47
25
Canadian Pacific Ry—
600
95
547S
6*4
39
8% May
12% Mar
8
8
2,800
*86
Oct
5% Mar
4
3%
220
Oct
13%
100% Nov
7% Dec
Mar
2% Jan 17
8% Jan 5
17*4 Jan 4
Jan
20%
""206
Jan
14%
Mar
1
1
% Feb 16
Apr 8
Apr 11
68%
4%
5
.
95
30
8%
30%
*9%
21%
*4%
*86
37%
3734
734
2934
7%
27
4%
5
45
6
3% Apr
29*4 Apr
160
5
Oct
41
Mar
62%June
12
3
♦334
23%
Mar
Carpenter Steel Co
Carriers A General Corp
112% 113
Jan
15% Mar
7% Jan 9
42% Feb 17
4,400
Dec
Nov
Mar
44
*20
*4
6
13
anadaSon Ry Co...—.100
*65
5
*334
*4
4% Mar
13% Jan
9% Apr 11
12%
4%
5
95
*86
95
19
7%
7%
4%
4%
5
95
*85
95
*85
*334
105
23*4 Mar
85
1,900
2*4
6% May
16% Mar
2% Mar
4%May 19
40,800
400
43
June
9% Jan
20
6
12
*27g
3
112
11234
112
112
*111% 112%
105
12%
68%
20%
*65
20
65
*20
*112
12
12%
*63
*61
*234
12%
12%
1% Mar
2% Jan
13
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
6
100
23%
2034
_
77
105
105
13% Mar
6*4 Mar
14% Mar
Jan
38% Mar 31
44%
43%
4334
44
44%
44%
43%
4334
43%
43%
4278
4278
*104
105%
105% *104
*104% 105% *104% 105% *10478 105%
20
213s
I97g
207g
19%
1978
187g
19%
18%
1878
103
103
102% 102%
99% 101%
*98
100
99%
99%
15% Feb 28
1
,
Mar
18*4 Jan
30
S3 preferred A
10
Casollna Clinch A Ohio Ry 100
78
118
..
Mar
3
15% Mar
17% Jan 6
20%June 20
48% Mar
1
A Hecla Cons Cop..6
Capital Admin class A
200
3% Mar
62
55% Jan
5% Jan
34% Mar
""400
284
77
115
,
8
13% Apr 10
—60
100
15%
*115
76
115
Jan
Apr
45%June13
Callahan Zinc Lead
Cannon Mills....
39
80%
*14%
2%
15%
*2%
*14%
*2%
*79%
*14%
8034
15%
2%
57S Mar
75
Mar
""loo
5%
*5%
9
8
11% Apr
No par
CaUfornia Packing
10% Mar
27*4 May
5% Mar
Apr 29
,
April
25% April
.
200
80%
8034
"3",600
Feb
13% Jan
7
Byers Co
i
32
*35
*77
11,400
4%
4%
preferred
30
A Zinc
6
(A M).
No par
Participating preferred. 100
Byron Jackson Co
No par
conv
Butte Copper
Calumet
28
100
21% Apr 10
16
April
11% Apr 10
11% Apr 10
1
Apr 10
6% Mar 31
67g Apr 10
18% April
2% Apr 10
10
Butler Bros
Apr
29% April
3
Apr 8
Corp
1
Burroughs Add Macb__No par
Bush Terminal
1
JBush Term Bldgdep7% pflOO
5% preferred—
"3~666
5%
*14%
..
3,900
I07g
17%
*79%
2%
10
500
13%
20%
53s
4%
*5%
500
43
20
Bullard Co
5 °r,
""300
10%
18%
10%
17%
*36
80
5%
46%
31%
39
12
10%
17%
10%
17%
6
*5%
*28
1%
20%
*52
1%
5%
13
*12
*4434
10%
17%
46%
4%
32
4%
*3034
39
1
5%
10%
1684
6
*5%
*28
1%
*44%
20
55
*52
55
1%
5%
4612
412
32%
17%
*44i2
13%
20%
13%
*52
*814
45
*41
13%
1
*234
834
13
19
*10's
*8
8%
44%
19%
19
21%
27«
*20%
234
67«
*634
2»4
2H2
27g
814
44%
I3i4
*234
*11
1434
*2034
7
*6%
*2034
1%
1%,
1%
*1%
*10
9
"
94*4 Apr 11
4
Apr 8
No par
100
Budd (E G) Mfg
Bulova Watch
26%
June
8
Budd Wheel..
1378
13%
40% Aug
7
140
19
Mar
2
1% Apr
5% Apr
73g Apr
6
100
4
2634
37% Aug
18
15%June
37
13%
13%
5% Mar
12*4 Mar
2
60
41*4 Apr 14
5
June
8
4
19
Dec
4
40
9% Apr
37
Z2634
16
157g Jan
317g Jan
46% Nov
4%
14
8% Aug
x16*4 Mar
3634
19
Mar
36
*4
27
Mar
4
3
36
14
Jan
Oct
14
7*4 Feb 27
31% Jan
4
27
4*4
28
27*4 Mar 30
14% Nov
4%
1,500
1,500
1,000
Apr
Apr
1% Dec
5% Mar
Bucyrus-Erle Co—
4%
Apr
Apr
Apr
31
Bruna-Balke-C0Uender.N0 par
*1814
*13%
19%
5%
8%
16%
8
137g Mar 1
43% Mar 1
24%May 25
2,300
434
May
2*4 Mar
8
10
10
8
10
12
1% Apr
16% Mar
12
2,700
4%
June
32
1% Mar
35%
4
9
15
22
Oct
Dec
52% Dec
14% July
19% Jan
36% Oct
3% Mar
4%
36
4
June 21
12% Jan 30
3012
107
No par
Brown Shoe Co
10
Jan
Jan 20
8%
98
Apr
10% Apr 11
14%
*94
16% Mar
40
1
1
8
27
Apr 8
13% Apr 10
7?g
98
Jan 24
16% Jan 12
1834 Apr 11
1
(The)—.......15
5
100
Bower Roller Bearing Co—17
Brewing Corp of Amsrlca—3
Bridgeport Bras* Co...No par
Brlggs Manufacturing.No par
Brlggs A Stratton
No par
Bristol-Myers Co.—6
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit. .No par
56 preferred series A.No pa
Brooklyn Union Gas...No par
Borden Co
14%
8
36
Jan 23
51
82
21*s Mar 10
Jan 3
104
Bond Stores Inc
36
*
per
'
Borg-Warner Corp—
Boston A Maine RR
*34%
4%
35
4
4
4'4
*4
4%
4%
34%
4*2
36
36
38
Class B
14%
*94
97
*94
97
*94
98
x98
10478
*98
4,900
A
Bon Ami class
36
*35%
36
*34%
36
*35
2,400
1134
1134
11%
40
22%
11%
38%
21%
10*8
21%
500
49%
1%
49%
1%
39
233s
11%
39
11%
40
23
11
3978
2134
10%
*38
7%
*37
9%
11%
100
1,000
10
20%
20%
49«4
1%
5,200
4,700
2%
9%
1%
4934
3,100
27
*7
38%
*37
3834
49%
1%
9%
49%
1%
21%
207g
23%
& Brass
5
No par
No par
Bohn Aluminum
70
*1%
2034
*20%
50
27
10
10
934
21
500
59
58%
21%
2034
2284
7
7
7%
*7
714
934
20%
39
*7
*9%
20%
2034
Shares
21%
*109
110
f per share f per share
share
28% Jan 3
110%June 6
5934May 13
5
share
16% Apr 8
per
Highest
Lowest
Highest
Lowest
9
Par
110%
21%
21%
110
*57%
58
*57%
20%
207S
21%
22
110
110
110
% per share
$ per share
S per share
21%
21%
100-Share Lots
On Basis of
Week
23%
*1%
♦26%
20>2
2078
2312
2
20*4
Friday
June 22
20%
2034
*57
57%
*1912
Thursday
June 21
*109
110
*109
110
Wednesday
% per share
21%
21%
21%
*2034
exchange
June 20
$ per share
$ per share
*109
Range for Previous
Year 1938
Ranye Since Jan. 1
stocks
new york 8tock
Tuesday
Monday
June 19
Saturday
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
Sales
for
AND
LOW
June 24, 1939
New York Stock Record—Continued—Page 3
3800
106% June 13
36% Jan
6
108%June
3
29
June 16
23*4 Jan
7% Mar
May
13% Mar
78
87*4 June
20
June
5
9% Mar
3% Mar
7
Jan
4
9%
Jan
3
4% Mar
7% Jan 4
20%May 27
20%May 25
13% Mar
Jan
3
15% Jan
4
30% Mar
6
93
9
Feb
9
4
13
Apr
Mar
63*4
Apr
9
Mar
25% Dec
5% Mar
Mar 14
57
May
Feb
8
50
May
Jan
3
23
Mar
109% Mar 20
84
Mar
91
83
57
60
Jan
3
110% June 21
13*4 Feb 25
90
Jan
578 Mar
6
1
Mar
June 23
25
Mar
2% Feb
65
31% Mar
9Q3* Tuna 93
Ex-rights.
22% Mar
If Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
148
HIGH
SALE
PRICES—PER
3801
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100Share Lots
the
SHARE, NOT PER CENT
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 17
June 19
June 20
June 21
June 22
June 23
Week
$ per share
$ per share
$ per share
$ per share
Shares
% per share
*6
$ per share
634
*22%
*6
*6%
*2234
*19%
9
20
20
712
*5
9
23
*6
23
7i2
*5%
634
23
*6%
6io
*6%
6%
6%
6%
*6%
6%
100
23%
7%
23%
23%
23%
23%
7%
23%
*6
23%
7%
1,400
*6
*5
9
*5
9
2018
19%
7
*6%
7
*6%
*73%
81
*73%
*84%
88
*84%
88
*85%
*1%
*9%
30%
107
138
*1%
1034
7
712
7%
5
5
20%
197g
20%
197g
20%
*6%
7
*6%
7
*6%
7
*6
81
*75
81
*75
81
87
88
*86
87%
*86%
*1%
87%
30
1%
300
*984
10%
31%
2l", 500
1%
*93s
10%
1%*9»4
31
31%
315g
107% 107%
*65g
67g
8
77g
1%
1%
1%
10%
*9«4
10a4
31%
30%
31
*8%
10
100
99
99%
*9878
99%
400
103g
1034
10%
16%
1584
16%
10%
16%
2,100
1,500
5% preferred v t c
100
Consumers P Co54.50 ptNo par
Container Corp of America.20
Continental Bak Co cl A No par
9
Apr 11
93% Apr 27
9% Apr 10
11% Apr 10
1%
95
1%
*94%
1%
1,300
10
10
10
*9
10
*9
10
9934
99%
99
*99
9934
10%
10S4
99%
1084
1584
99
10l2
lC5g
10%
*10%
15%
1034
37
16
37
*111% 11484 *113
*6%
7
*658
3534
3534
36
2i8
2314
20%
*55i4
2I8
23%
2012
2%
23%
*63
65
21%
*56
56%
64%
37%
11434
7
36%
2%
23%
21%
5634
64%
16
i%
1%
37%
'
•-
1%
95
*94%
37%
134
.
184
*2
*8%
16%
1%
1%
95
83
29
29
*65
69
*78
5%
*334
10,000
5%
5%
227g
2334
103% 103%
*29%
30
"~7~4o6
82
*78
*11«4
*438
*43%
*78
80
3%
56
12
*54%
*11%
12%
4%
4%
4%
4%
4434
*4334
5%
4434
*4334
5%
25%
5%
25%
4434
5%
25%
44%
5%
5%
25%
*80
*55
1614
*16
*634
7%
4%
44%
5%
25%
90
1634
*63s
19
*16%
18
6
534
19
193g
26
26
15l2
*15%
18%
1
120
*6
*934
*1012
12l2
*110
18
10I2
143s
16
*1%
5
478
1
*%
1
*%
1
6
18%
33
14%
32%
.6
6
18%
10%
19
85
*978
,
33%
33%
33%
*42%
43
6
10%
33
33%
67%
33
33%
67
68%
*118
119
Dixie-Vortex Co
*110
115
*112
115
7%
*10%
11%
*4%
412
I66I2 167%
180
22%
19
*120
123
120
116
116
*116
16%
16%
4%
167% 16734
4%
16%
*4%
180
175
*22%
22%
13
13
*112
115
600
Dow Chemical Co.
No par
200
119
43g
16984
177%
*175
176
23
23%
Dresser MfgCo
No par
1
116%
16
16%
""906
149% 149%
"8",000
139
.
4438
70
94% Jan
13% Feb
6% July
6
Jan 21
5
May
3
40
16%
8,300
500
167% J69
*4%
4%
167% 168
175
176% 176%
4%1
4%
175
23
23
23%
19%
19
19
23
23%
*1884
19%
1%
3,700
87
12
May
21% July
4% Mar
8% Aug
Jan
6% Jan
Jan
35
7% Jan
May
June 20
17% Mar 10
4% Mar
13% Mar
Jan
3
6% June
lll%June
9
102% Jan
1384 May
1984 Mar
24
Mar
9
26%June 16
16%June
6
9
25%
Jan
4
7% Mar
8%
Jan
4
1% Jan
4
7
Jan 16
44
9%
Mar 11
12% Jan 9
35% Jan 16
22% Jan 3
33% Mar 29
78% Jan
135
Jan
Eastman Kodak (N J).No par
6% cum preferred
100
Eaton Manufacturing Co
100
4
2
%
34
.3
8% Apr 10
2%
2%
2%
700
Elec AMus Ind Am shares...
7%
734
8%
27
734
6,500
Electric Power A Light.No par
2534
3,600
700
34
39%
*105%. 10678
*34
34%
*387g
1
34%
39%
106% 106%
7%
7%
26%
26%
23
23
22%
26%
23%
26%
26%
26
26%
100
No
56 preferred
No
Elec Storage Battery..No
Elk Horn Coal Corp—No
*34
35
3478
*38
38% 39%
106% 1067g *105% 106%
35
35
900
El Paso Natural Gas...
38%
38%
300
End 1 cott-Johnson
106% 106%
10%
10%
32,900
1
*34
♦34
103g
10%
10%
10%
11%
10 7g
11%
10%
79%
79
—
79%
79
79
80%
80%
79%
11
79%
85%
85
85
*84
85%
85%
85%
*84
86%
*88
91
*88%
90%
89%
91
*89
91%
.1%
1%
2%
*2%
3
1%
1%
1%
*1%
*434
47g
734
*434
734
5
*7%
734
18%
18%
1%
'1%
18%
1%
1%'
*434
4%
*434
47g
*7%
8
7%
7%
*17%
18
*17%
18
*4
434
27%
27
*24%
27%
24%
1478
25%
147g
*90%
947?
*91
1478
147g
947g
400
1%
*1%
*24%
400
91
1
1*8
*27
86
*88%
2%
*1%
1%
*84
01
1
*2%
*1%
*1%
85%
1%
278
1%
234
18
80
1%
7,
8
1%
2%
*1%
*4
434
1
*89
*4
2734
28%
24%
434
28
28
24%
*24%
1
1
15%
15%
*91%
94%
1,000
900
300
1%
1%
100
*484
5
*484
5
*784
8
*7%
8
18%
18%
18%
*1%
*4%
28
*15
15%
92%
1%
1%
3
*24%
*91
*%
1%
1%
800
*234
*1%
25%
*15
310
*78
*7g
78
1%
278
7g
*
10%
*138
Electric Boat
2584
793g.
*2%
Edison Bros Stores Inc
2%
7%
&4%
91%
1%'
484'
28
25%
1584
91 %|
*1%
4%
*28%
18%:
$7 preferred
^
par
par
par
par
3
56 preferred..
No par
Equitable Office Bldg..No par
{Erie Railroad
...100
4% 1st preferred
100
4% 2d preferred
....100
—
1,100
Jan
Apr 11
Ex-Cell-O Corp
3
*15
91%
300
Federated Dept Stores.No par
89%
200
Fed
21
*18
*18
21
21
*18
♦18
21
*18
Bid and asked prices; no sales on this day
3684
36%
19
24%
*88
3634
*18
J In receivership,
37
2,900
19
a Def. delivery,
Dept Stores \ M%
pf.100
Fidel Phen Fire Isn N Y..2.50
Fllene's tWm) Sons Co. No par
rt
New stock,
r
Cash sale
t
284 Nov
29% Nov
45% Nov
111% Dec
10% Oct
94% Apr
2% Mar
38% Mar
71
Oct
40
Mar
72%
Dec
June 14
46
Mar
79%
Oct
184 Jan
2% Jan
1%
Dec
2%
1%
Dec
6%
Jan
284 Mar
3
884
Jan
6%
Jan
5% Jan
3
1%
Jan
Dec
2% Mar
5% Mar
13
Jan
5%
10%
1%
3%
19%
2734 Apr 11
I684 Apr 11
Ex-div
y
6
Jan
Oct
Mar
16
Oct
Apr
25
Dec
67
7
24%
*87
Nov
June 13
6
24%
89%
88%
36%
Oct
4184 July
35
Feb
Mar
Mar
May
22% May
6% Mar
8
Oct
Apr
24% Jan
2% Jan 20
6% Feb 27
June
Jan
14
46%
% Mar
14% Apr 11
1
April
284 Apr 10
«4May 25
1884 A pr 11
83
Apr
1
Dec
Dec
4
92
Jan
Water Serv A.No par
Mar
5% July
36%
16%
87
3% Jan
*2334
24%
89%
Jan 30
117,8 Mar 10
80%June 21
6
24%
88%
36%
24%
36%
111
1
Federal
Dec
17
2% Apr 10
{Federal Screw Works.No par
17%
33
Maris
600
24%
6
36%June
4384 Jan
110
300
22% Mar
18
6
900
2% Sept
6% Mar
2184 Mar
Apr
1
Mar
3
85
1%
Mar
6
6
200
3%
2
13% Mar
Feb
38
93
*%
Jan
10% Mar
30% Mar
184 Jan
Jan 24
3%
36%
3% Mar 6
12% Jan 19
41 % Jan 20
Apr 11
*1%
*87%
38g Jan 4
38% Mar 10
15% Jan 4
11
%
25%
Dec
81
1%
138% Nov
120% Dec
118% Dec
Dec
150
3%
Jan
Dec
,25%
93
%
Oct
15484
173
5
4
4
June 23
*1%
Dec
157
43% Jan
29% Jan
16% Mar
*3%
Jan
12
115
19%June10
Apr 10
1%
Apr
Dec
8
27% Mar 10
April
3%
88%
36%
3
8% Mar
19%
Dec
183% Feb
20
3%
88%
184 May
8O84
141
8% Nov
187
Nov
24
*1%
36%
Jan
Oct
34% Aug
121% Mar
Fajardo Bug Co of Pr Rico..20
Federal Light A Traction—15
1
*23%
Mar
5
Fairbanks Morse A Co.No par
1%
24
90
27% July
186% Jan
30
33g
36
Dec
25%
Mar
3% Mar
200
1%
36
Jan
35
12
1384 Nov
1,500
*78
*88%
17
2884 June
4
24%
1534
*3%
1
11
23% Nov
91% Nov
Jan
8
2 884
%
*100
Mar
Mar
2
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
300
Oct
5
11
87%
104
24%
Dec
65% June
8% Sept
5
1%
4%
1%
*%
April
% Apr 10
1% Apr 13
2
Apr 10
1% Apr 10
6
3%
104
69
4
%
*100
Jan 25
38
5
1%
101
28
5
*3%
101
6% Apr 10
20% Apr 11
1834 Apr 8
23% Apr 11
% Apr
Evans Products Co
1
%
101
Jan 23
Eureka Vacuum Cleaner
""206
3
101
*97% 104
2
Apr 13
5% preferred..
..lfif *103% Mar 22
7
Engineers Public Service
1
Apr 8
55 conv pref erred....No par
62% Apr 8
65% Apr 8
55H preferred w w..No par
Corp.-_.50
56 preferred..
100
Federal Min A Smelting Co 100
Federal Motor Truck..No par
105
3
Eltlngon Schild
No par
Electric Auto-Lite (The)
5
2%
8%
2634
23%j
26%
*38%
May
15% Apr 11
18% June 13
1% Apr 8
22% Apr 11
*2%
1,200
Oct
Oct
42
175
5
2%
27
Jan
II 1*4
Eastern Rolling Mills
18% Mar
Jan
Jan
109% Apr
2%
23%
Dec
40%
30%
118% Feb 27
2%
~
22%
*26%
Nov
123%June 13
10%
26%
%
8'4
31
5
Nov
2%
115%
115% Jan 4
12% Apr 11
4
Apr 1
138% Apr 26
1%
31%
2284
MarlO
Jan
17
Mar
117% Jan 26
255g
26%
10
25
% Nov
4
3
11% Jan 5
19% Jan 13
8»4 July
17% Dec
11% July
111% Dec
25% Feb
Dec
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc
1
10%
*22
Mar 31
29% Nov
25%
MarlO
31
265}
Mar
142
10%
23%
Oct
Nov
13% Mar
136% Jan 26
31%
*26%
83
60
4
7
Aug
7% Dec
28% Nov
Jan
18
24% Jan
8%
56
Jan
Mar
48%
55%June 17
.100
No par
6% non-voting deb
54.50 preferred
10%
734
June
3% Mar
12% Mar
28% Jan
90% Mar
13084 Mar
1%
*30%
»26%
233g
26%
*34
Mar
58% May
16
Jan
13g
1%
3
Jan
65%May
15684
1034
193g
5% Mar
102
32%
19%
Apr
1
6
92% Nov
19% Mar
6
4
30% Jan 26
56
April
101% Apr 11
Nov<
4
Jan 18
100
116
16%
Mar
40
Jan
June 19
800
122
116
58
4384 Nov
4784 Jan
14
13s
*22
•
15% Nov
4
Jan 10
115
1034
25
*23%
7% Mar
14% Jan
Apr 14
Apr 12
126% April
317g
*2%
7%
1%
37% Nov
4
10
11
2%
7%
25%
3
37% Mar
108
Duplan Silk
..No par
8% preferred
100
Du P de Nem (E I) A Co...20
1%
32%
*2%
434
13%
115
11
10%
1%
13%
*112
Dunhlll International
11%
1%
3178
1%
30%
1
*10%
1%
31%
1034
1%
1034
1
43g
176
2234
19%
116% *116
167g
169
7%
2,700
700
1,600
21,700
3,000
19
19
30%
3334
39
106% 106%
4%
149% 149%
*7
al39
*137% 141
*120
122% *120
16%
169
30
3334
116% *116
17
11%
14
168
*10%
*38%
122
*10%
115
122
16%
7%
*13
*120
122
11634
155s
*7
*112
139
*97
29% Nov
10% July
22% Mar
29
Apr
25% Apr
Apr 29
41% Jan 3
40% Feb 28
Jan
Douglas Aircraft
Oct
6% Nov
42% Oct
117% Nov
87
5,400
Jan
Dec
13
20% Mar
2,200
56
7084
177
Deo
Mar
2084
31%
984May 18
3%
21% Apr
6% Mar
'
*7%
Apr
Apr
Apr
34%June
Apr 10
..No par
40
*53
Mar
Mar 31
33%
Mar
25
10
68%
35«4 July
29% Nov
10
32% Jan 11
30
6734
21% Mar
Mar
No par
33%
118
No par
Class A
500
36% Nov
76
Doehler Die Casting Co No par
Dome Mines Ltd
No par
1484
Nov
21% Mar
78 May
123% Feb 25
7984 Jan 23
25
June
11% July
Apr 13
5% pref with warrants.. 100
6% partic preferred
49
116
Jan
Apr 8
% Apr 28
Distil Corp-Seagr's Ltd. No par
Diamond Match—...No par
300
33
119
No par
234 July
103% July
June
4
Diamond T Motor Car Co.j.2
14%
139
*4
Devoe A Raynolds A
Jan
107
103
100
900
*32
119
10
100
Edison
April
10
18
10
11
1584 Apr
Apr
11% Apr
12% Apr
23
...20
Delaware Lack A Western..50
Detroit
8
2,000
*10%
67%
107
No par
Dlesel-Wemmer-Ollbert
95% Nov
1784 Oct
26% July
284 Mar
3l84 Mar
84
Delaware & Hudson
22
162
6% Mar
13% Apr 10
4% Apr 12
16
Apr 11
4% Apr 8
5%
10%
Jan 16
17684 Jan
73% Apr
Jan 24
Jan
Jan
6
31% Jan 3
29% JaD 4
5784May3l
66% Mar 10
96
6
8
5
11
1
7%
5%
Apr
1% Mar
65% Mar
36% Mar
May 31
91
May 17
Oct
IO84 July
'
Mar
8% Mar
36% June
45
85
145g
■
8
18%
*83%
33
3234
Apr
Oct
Nov
10
984 May
108g Jan
4
7%
78
Jan
5%
18%
85
2,000
Jan 10
116
No par
Preferred
Jan
100%June
16% Jan
22% Mar
19
17%
6
18
*83%
33%
43
384
15
34%
104
Mar
86
18% Apr 10
28
Apr 3
39
Apr 12
5% Apr 1
15% Apr 10
*32
137% 139
*1%
200
*14
137% 138%
*7S
I
*10%
32% 33
67
6734
675g
*116% 119
*118% 119
120
*7
8
7%
7%
7%
113s *10%
11% *10% .11%
13
14
14
14
12i2
140
*7g
25
25
14%
139
73g
25%
"""466
33
14934
*1%
1
2434
7
2% Sept
2% Mar
No par
Deere & Co.
Mar
3% Jan
Dec
12% Deo
4% Mar
17
887g Apr
2% Mar
Jan
{Denv A R G West 6% pf.100
34
125
24%
*42
1,000
5
*%
*934
149
22%
*47g
*120
*32
14834 14934
*1812
478|
34»
*14%
14634 148
*175
400
3,500
14%
14612 14678
122
16%
1634
Mar 10
9% Jan
58 preferred
Cutler-Hammer Inc
300
125
35
107% Mar
7% Mar 10
48
Dayton Pow <fc Lt 4^ % pf 100
5,100
10 %
*32
14%
24%
33%
42%
6
18%
85
10%
33%
42%
*578
18%
*83%
*83%
85
6634
33%
42%
484
86% Aug
238 Oct
Apr 14
4% Apr 11
19% Apr 11
1
]
110
19%
26%
16%
*122
Mar
Jan
38
...
Class A
Davega Stores Corp...
6
Conv 5% preferred
25
Davison Chemical Co (The).l
100
19%
16%
76
Jan
1
38
3
Apr
Apr
10% Apr
3% Apr
60
300
26%' *26%
16
| *15%
*%
121% 122
300
600
584
1*110% 112
19%'
16%
5
1634
47g
111
16
16%
32%
115
*116
6
111
*1534
33
'
584
1634
67
*11612
*7i4
*15%
5%'
15%
*14
85
*32
67
k57g
16%'
5%
Apr
71
Mar
110
49
100
Curtlss-Wright
55
1
Cushman's Sons 7% pref... 100
"""16
16%
16%
18%
*83%
*934
6%
*135g
3214
*578
1,800
3,300
90
"1*684
6
15%
42%
14,300
5%
25%
6
16%
6
4434
5%
2584
44
Feb 27
2% Jan 5
12% Mar 10
8
Apr
3% Apr
Curtis Pub Co (The)...No par
Preferred
...No par
5%
85
88
65
preferred...100
Cuban-American Sugar
10
Preferred
4% Mar
75
Apr 14
24% Apr 8
Cuba RR 6%
20
Jan 26
9% Aug
2984 Deo
884 Oct
14% July
26% Nov
10% Nov
10% Sept
Jan
9
100
600
25%
19
33
100
4%
*80
15%
Preferred
4%
6%
24%
55 conv preferred
No par
Crucible Steel of America.. 100
Cadahy Packing
,
*26%
24%
""400
300
*16
19%
21%
33%
42%
conv pref w vr..No par
Pref ex-warrants
No par
Crown Zellerbach Corp
5
|
3
7% Apr 11
20% Apr 8
35 May
4
28
April
No par
""166
*55
112
Crown Cork & Seal
"""206
1634
26%
25%
2,100
5
93
Apr 12
26% Jan 3
No par
384
90
19
Crosley Corp (The)
Dec
Jao
8% Feb 28
44
21
100
(The).2
1,200
4
3% Apr
25% Jan
Jan
54% Apr 19
Apr 21
3% Jan 26
25
preferred
597g
12%
60
*26%
conv
*3%
*80
19%
5%
Cream of Wheat Corp.
Mar
Mar
Apr
171
1
Crane Co
100
800
25
Coty Inc
Mar
6
2
49
100
*1184
*1584
26%
42%
18is
*8378
5%
19%
24%
7,100
Corn Products Refining.
Preferred
*55%
3%
25
*2534
*32
*42
♦111
4,100
66%
5%
18
*5%
Corn Fxch Bank Trust Co.20
12%
4%
4484
16%
*16
6
120% 120% *120% 121%
26
32l2
42i2
*384
1
6
Continental Steel Corp. No par
56
3%
56
*1134
4%
*43%
*58
5
*%
5%
*384
4%
16
66%
*55
18
112
90
16%
6%
7
*5%
♦111
19
26%
478
*2512
3212
*16
*80
1634
634
534
*110l2 llli2 *111
120
90
25%
.:.
1634
7
*5
15'4
*80
*55
...
*3%
67
No par
Continental Oil of Del
15
32% April
111
Apr 1
5
Apr 8
29% Apr 11
1% A pr 10
21% April
16% April
Continental Diamond Fibre.5
Continental Insurance
52.50
Continental Motors
8
Highest
\ per share % per share
1
5
100
88
20
1,100
83
*64
Continental Can Inc
54.50 preferred
Lowest
June 16
7
8
1% Apr 10
100
50
29%
1134
*4%
90
*14l4
*3%
♦78
*29%
No par
300
10
80
*54%
3%
,
29%
12
5512
18%
*334
1,500
5,700
37%
*78
56
16i4
26%
5%
4,200
37
*32
10
Class B
8% preferred
52.25
*33
*29%
67
56
55l2
*16%
*334
i>
22%
83
*65
100
100
10%
23
29%
29%
68
5%
3%
56*
25 I8
*80
2934
*1134
5978
12
4%
5%
25
29%
*65
68%
10%
Consol Oil
100
38
38%
38
3884
38%
114
114
*111% 114% *111% 114% *111% 114%
*6%
7
*6%
7
6%
6%
*6%
684
36
36
35%
36%
35»4
36%
36%
36%
*2%
23g
2%
2%
2%
2%
2%
2%
23
23%
22%
23
22% 23
22%
2234
21% 213g
*20% 22%
*20% 217g
*2084
21%
56
56
*55%
56%
*55
56%
56%
56%
64
6434
64%
65
64%
64%
65
65%
*171% 176
*171% 177
*171% 175
*171% 175
29%
*334
*3%
35f,
*3%
*56
29%
*65
8,200
96
*95.
*17112 176
*171% 176
*5
5i4
•5%
5%
5%
5%
5
5%
5%
5%
22l2 2234
22% 23%
233g 24
23
23% 2334
23%
*102% 104% *102% 104% *102% 104% *103
105
*1027g 104%
3018
*30%
30%
30
303g
30% 30%
30%
30
30%
*103s
*103s
10%
10%
10%
105s
10%
10%
*10% 10%
23
22%
23
23
22%
22%
2234
23%
22S4
2234
*35
37
*35
*3438 37
37
*343g
37
*33
37
*31%
33%
*31%
33% *33% 33%
*33%
33%
33%
33%
*10
10%
10%
10%
*9%
10%
*10%
10%
97g
10
*78
77g
3634
'
Consol Edison of NY ..No par
55 preferred
....No par
Consol Laundries Corp
5
Corp
No par
Consol RR of Cuba
6% pf. 100
*8%
*9834
*94
500
100
% prior pref w w
100
Consol Film Industries
1
52 partic pref
..No par
Consol Coal Co (Del) v 10..25
2%
13s
]
No par
400
1%
*2
94%
Corp
30% Jan
Apr 6
April
5%June 1
484 Apr 17
18% April
5% Apr 10
73
Apr 4
79% Apr 18
1% Apr 1
8% Apr 11
27
Apr 11
IOI84 Jan 4
400
*1%
2%
1%
Consol Aircraft
8% Feb
19
par
Congress Cigar
No par
Conn Ry & Ltg 4H
% pref.100
2
1%
*2
155s
Congoleum-Nairn Inc.-No
5 per share
5
2%
*1%
2
94%
37%
No par
784
*1%
2
2
13s
1,300
107% 107%
*6%
634
5 per share
Par
^
*2
*158
I5l2
.
2%
10
1%
95%
_
Conde Nast Pub Inc
Year 1938
Highest
434 Apr 11
7
Apr 11
1% Apr 8
I84 Apr 11
218
*1%
30%
107% 107% *107% 108
634
634
684
634
734
77g
7%
734
Lowest
Consolidated Cigar
7% preferred
88
l8®
*94
4,200
81
2%
*155s
10
*75
1%
*93g
10%
30%
31%
107% 107%
6%
6%
778
8
30%
107
*6%
138
9
20%
7
81
7%
*5
20
*6%
*73%
*6
Range for Precious
Apr
52% Apr
2% Nov
11%
Jan
43
Dec
3584
Oct
16%
Oct
84% Nov
133
Nov
5% Aug
4% July
26% Mar 11
8984 Feb 6
2% Mar
1% Mar
1
Sept
12% Mar
677g Jan
90%
37
June 23
22% Mar
36% Nov
19
Mar 17
15
25
1%
Ex-rlghts
Jan 19
June
2% July
29
"| Called for redemption
Oct
Oct
Oct
New York Stock Record—Continued—Page 5
3802
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 17
June 19
June 20
June 21
June 22
June 23
Week
♦20%
$ per share
20% 20*2
$ per share
$ per share
20*2
20%
20*2
*10414 105*4 ♦104*4 105% *104% 105%
46%
47*4
40%
47
46%
40%
20%
20%
20%
»31l2
33
20%
2
*19%
*1%
*31
*20
10%
17*4
17
♦60
74
*66
*2*4
*30%
♦20%
2%
2%
*8%
£10%
•
33%
*33%
*19%
*1%
20%
2
*19%
*31
31%
2
31
♦105% 107
17%
17%
*67
74
20%
*1%
21
2*4
20%
*1%
2%
2%
*2%
*8%
10*4
2%
8%
10*4
9
♦8.4
*10*4
10%
*95
*30*2
40
10%
4%
4*8
*14
1434
14%
*48%
60
7%
*14
*48%
*4*4
4%
*4%
♦6%
9%
50
*97
103
46
46
9
*9
140
*144
♦114
119
*114
34%
*20%
%
*58
*84%
*122
43%
*33%
*8
109
*108
1%
*1
.
*16%
*86
.
63%
80*2
122% 122%
44%
44%
17
89
*86
%
4%
89
17
24
24*2
25
25
*19*4
19*8
19%
19%
*11*2
*12%
11%
13%,
97%
....
12*2
11*2
*12%
13%
97%
*
22%
6*2
*51%
52%
9%
*50%
52%
*9
9%
9
58
*56
58%
*55
*17%
17%
45%
3%
2*2
*33s
*2%
17%
*38
3%
17%
*67*2
6834
27%
27%
*101
102%
17%
*2%
3*4
*3
72
*69
%
5%
*1*4
15
*12*4
*31%
*23%
'•
21
*25%
17%
45%
3%
2%
,
17%
*38
300
4*4
z9
11%
*50%
20%
%
%
%
61
63%
*61
86
122
44*4
15%
13
31%
24*2
14%
*11%
6*4
*32
100
33
33
%
17%
25
19%
*16%
24%
19
*15%
11%
12%
12%
97*2
23*4
6%
52%
17%
45*4
22
6%
58%
17%
*38
12%
*
*51%
8%
9
57*2
17%
*38
*2%
2%
%
%
1%
*1%
15%
*12%
6
31
14%
21%
25%
*25%
75
*69
75
15%
13
31%
24%
14*2
22
25%
5%
3334
34%
%
5%
1%
16%
300
24%
1912
16
1238
12%
19%
*15%
*11*2
16%
11%
19%
97%
22%
6%
5?%
12%
►
97*?
9
8%
57%
*57
3%
2%
*24
24%
24
24
14%
22
14%
14%
14%
21%
25%
34
25%
140
61
34%
30
*27
18%
*18%
18%
12*2
*12%
12%
30
21%
25%
*42
34
22
25%
138
138
61
-
*25%
*138
*42
33%
34%
29
?9
18%' 18%
*12%
31%
*23%
*14%
21%
12%
*2S
1
13%
*%
*10%
4%
1
*3%
13%
4*2
*%
*10*4
*4
17
32
*31
32
*31
*34*4
3514
13
16%
*34%
35*4
*34*4
103
►10034 101
21
147
6%
85
3%
109
13
13%
17%
13%
1
*%
1
13
100
16%
103
6%
6*2
30
*10
*3%
4*2
*4
18%
18%
18
32
*31%
35%
*34%
32
35*4
*31%
*34%
13*2
12
*81
85
3%
3%
109
109
*81*4
*3
109
3%
109
*6%
*82
3%
7
85
3*4
*107% 109
*83
3%
Jan
May
28
Apr
110
28
15
20
No par
50
—1
1
5% Apr 10
Jan 26
44
7% Apr 11
52
Apr 17
11,800
600
70
~4~406
10
10,300
A,100
3%
11%
1178
11%
11%
11%
11%
*11%
11%
11%
11%
11%
114*2
114% ♦110
114% *110
*109
114% *108*2 114% ♦110
114% *110
♦164
*104
*166%
*166*2
*166%
*166%
12
12
*12%
12%
12
12
*12
12%
12% *12
12% *12%
7178
72%
71
72
71%
72%
71%
71%
71%
*69%
71% *70%
*133% 134
*132
134% 134*2 ♦133*2 134
133*2 133*2 134
133
133
11%
41
13% Jan
pref—,.—100
Western Sugar..No par
Great
100
Preferred..
Jan
4
53
4% Apr 8
% Apr 10
Apr 10
Mar
1'4 Mar
2% Jan
2*8 Sept
82
4
June 22
May 24
14*2 Apr 11
10
Apr 8
% Apr
No par
100
9
3
100
preferred...
11
Water
Hall
—
—
Jan 26
June 14
1
8
„xpr 10
Apr 8
Apr
May
2
Jan
5
64
110
*108
*60
65
108% 110
*60
65
*108% 110
*60
65
*108% 110
*15%
17%
*15*4
17*2
*15*4
17*2
17%
39
39
*39%
40
39%
38% *38%
*10712 109
*107*2 108% ♦107% 108%
♦107% 110
*7%
8
*7%
8
*7%
7%
*7%
8
12
11%
11%
*11%
12
*11%
*11%
12
*15%
38*2
*93
...
63
63
35
*34
*93
*63
*34
34%
63*2
*34
11
11
11
11
11%
*69%
70
*69%
70
*69%
*108*2 HO
PM 5%
5%
47
*46
*110
5%
47
5%
47*2
*1
1%
*1
1%
*1
*4%
5%
*4*4
5
*4*4
32%
63*2
63%
34%
34*8
34
11%
70
11%
12
69%
70
111% *110% 112
5%
47
64
5%
48
1%
4%
♦110% 112
5%
5%
48%
10
Mar
32
June
Jan
38% Jan
3
50%
5
Jan
2% Mar
80
Mar
1% Jan
52% Mar
34 Mar
7% Jan
2% Mar
1%
1
Jan
31% Jan
28
4
Mar 11
122
4
35
34%June
7
13% Mar
Jan
5
34*4 Mar
21% M ar
9
40
1%
Jan
12
3
Mar
8
Mar
32%May
3 5% June
24
30
14*4 June 20
8
Apr 11
15
Apr 19
17% Mar 10
99
103% Mar 28
103
Mar 17
32
*7*2
*11%
63%
June
4
15
Mar
May 29
120
Apr
Jan
80%June 15
4% Jan 6
50% Mar
June 19
76*4 June
5*2 Mar
100
2
2
Apr 10
Hazel-Atlas Glass Co.
25
93
April
Hecker Prod Corp
1
25
110
8% Apr 10
109
13%May 29
Feb 20
117
Mar 24
81
100
159
Jan 21
167
June
5
140
Jan
Hercules Motors
No par
10
Apr 10
17
Jan
5
10
Mar
2,000
Hercules Powder
No par
63
Apr
8
80
Jan
3
4234 Mar
0% cum preferred
Hershey Chocolate
135% Mar
0
No par
Helme (G W)
Preferred
1%
*1
1%
*1
5%
*414
4%
*4%
5
4%
5
478
4%
1%
1%
1%
1*8
1*8
1%
11*4
►19%
11%
21
11%
*19%
11%
21
*40
41%
*41
41*2
6*2
♦6
6*2
*6
♦
12
21
6
6
11%
*20
41%
♦6
W.bbb
5
Homestake Mining
No par
100
33
5
100
5
5%
preferred
33*4
3,500
5
3,000
Hudson Motor Car
1%
1*4
6.200
100
4.200
Illinois
..100
Ltd 100
Hupp Motor Car Corp
11%
11%
20*2
*19*2
20*?
41%
*40*2
41%
70
6
*6
6*2
220
X In receivership,
a
Apr 27
14% Apr 17
1
105% Mar 18
7*8 Apr 10
10% Apr 1
31%May
95
May 10
38% Apr 10
v
Hudson A Manhattan
12
6
t C—25
Howe Sound Co
41
6*2
104
100
2,600
*19%
12
100
preferred
Houston Oil of Texas
12
41%
6%
1,500
5
1*8
Jan 28
54
60% Mar 31
27
Apr 8
8% Apr 10
61
Apr 8
103
Apr 21
4% Apr 10
40
Apr 10
1% Apr 3
3
Apr 6
25% Apr 11
4% Apr 8
1
Apr 8
9% Apr 10
16% Apr 8
12.50
Hudson Bay Mln A Sm
33
128*2 Apr 10
6% preferred series A...100
300
21
Bid and asked prices: no sales on this day.
conv
Holly Sugar Corp
7% preferred
5%
32%
$5
"166
138
*4*4
1%
41*2
30
$4 conv preferred
Household Fin com stk.No par
113s
*1
32%
100
300
1*4
11%
170
200
3,400
11%
1% June
300
11%
34%
Mar
83
Jan 19
6H% preferred w w
Hayes Body Corp
*68
69%
6978
110% 110*2 *110% 112
534
584
5%
5%
z49
49
4884 49*2
11%
35
*68
4%
41*2
63%
12
8834 June
4*8 June
400
...
63%
*34
Mar
7% Mar 10
TOOO
Houdaille-Hershey cl A.No par
Class B
No par
*34
1*4
*20
*95
63%
8
12
Apr
Apr
5
-
3
4% Feb
71
98
8
Mar
Jan
144
preferred
Hollander A Sons (A)
12
Feb
'% Mar
9
5% Jan
22
Apr 20
10
♦7*2
7% Mar
18% Feb
Apr 10
No par
Co.-10
*11%
July
7*2
12%June 13
17
Holland Furnace (Del)
110
23% Apr
Apr
3
Apr
90
Hlnde A Dauch Paper
108% 108% ♦108
Jan
9% Mar
12% Mar
June
130
100
39
20
50
6% preferred..
—100
Hat Corp of Amer class A— 1
100
39*4
Mar
10% May
19
Apr
140
Harbison-Walk Refrac.No par
1,000
4%
32%
64
Mar
8
Jan
z31%Mar 13
24%May 31
16% Jan 5
30
39%
39
323*
478
32%
60%
15% Mar
69% June
109% Jan
100
109% 109% *108% HO
15%
15*4
*15%
17%
32%
4%
32%
*32
64
*95
*95
*93
64
*60%
Apr
60%
4
74% Mar 16
24%
...
63%
Mar
3% Mar 14
Apr 12
May 19
7,700
Dec
5
Apr
24%
preferred
Def. delivery,
No par
1
100
Central
Leased lines 4%
RR Sec ctfs series A... 1000
n New stock,
r
Cash gale,
r
July
2% July
26*2 Oct
Mar
28
6%
95
37*2 June
13
100
6%
100
46*8
37
—1
Copper..100
—10
Nov
2% July
27% Nov
Mar
5
Greene Cananea
preferred
110
June
7
Green (H L) Co lnc
5H%
July
9% July
12% July
0*2 June
47
42
Greyhound Corp (The).No par
Mar
9
3
66% Mar 11
22% Jan 23
12% Apr 8
16% Apr * 8
24
Apr 10
133
Apr 14
—
Mar
98
3
Mar 14
20
8%
M00
54
Apr 8
24% Jan 27
Gulf Mobile A Northern.. 100
1,200
8% Jan
No var
-10
preferred..
45
8% Mar
14*8 May
16% Jan
20
5%
53% Nov
124% Nov
17%May
10
Guaatanamo Sugar
90
108
1
1% Jan
16%June
Green Bay A West RR
"
*100% 101
3*8
6% Mar
1% Dec
12«4 Mar
z85
Sept
11
Great Northern
Mar
4
2412 Jan
May 17
2*8 Jan 23
1% Apr 10
preferred—
100
Hanna (M A) Co $5 pf.No par
108
21*2 Mar
101% Apr
S3 conv pref series...No par
Gt Nor Iron Ore Prop-No par
Aug
14% Mar 31
2
1
100
125
25% Mar
111% Apr
34
09*2J vine
% Apr
700
Dec
Jan
118
Nov
79
41% Nov
8
8
Grant (W T)
Oct
50
Jan
34
Apr
Granite City Steel
1%
Mar
25
50%
13
Apr
1
40% Nov
117% Nov
15*8 Mar
Apr 28
3
101
*83
% Mar
-
Feb
Jan
32
3*8
Nov
3212 Jan
15
25
90
48
19% Apr 11
16
Apr 8
7% preferred class A.....25
Printing.
10
Hamilton Watch Co
No par
*107*2 109
Nov
27% Mar
22% Mar
108% June
13% Mar
90
Granby-Conso 1M S & P
Nov
28
92*2 Apr
par
100
87
20% Jan
par
Motors
Oct
38% Nov
5
June
Gotham Silk Hose—..No par
Graham-Paige
Oct
5% July
19*2
138
5
3
5
.
Apr
6
Jan
136
20% Mar
1% Jan 20
Mar
Dec
Dec
11% July
% Apr 19
Apr 27
300
Grand Union (The) Co
6%
38
Apr 15
89
9
8
Feb 28
%May 29
Apr 8
Hackensaok
*6%
Jan 27
51% Mar
105
No par
7
126%June
..1
32
6%
127
par
700
20%
June
6% Jan
000
144
4
87
10% Jan
35*4
13%
16
191-.
9
8
44% Jan
Mar 31
*34*4
144
3
36% Apr 11
121% Apr
*31%
♦
3
72% Jan 26
117
35%
13%
13%
6
Jan
32
*15%
25% Jan
700
4%
*100
Mar
7
500
19
Mar
35
April
29
*15%
*6%
*4
19
11
4
13*2 Apr 11
Apr 10
21% Apr 11
12
.*10
4%
19
3
Jan
Co
No
No
Goodyear Tire & Rubb.No
$5 conv pref erred ....No
1
*%
Jan
75
4% Apr 10
1
5
18%
12*2
5% Mar
5
45%June 19
117% April
1% Jan 5
61% June 22
39
par
Preferred
30
18*2
*10%
6%
85
*28
2i2 Mar
4
108%
70
61
^
4*2 Jan
35
% Apr 10
100
34%
Mar 13
6% Mar
115
Apr
8
36% Jan 27
par
9
130% Mar 31
114
par
140
33%
Mar
June 20
31
par
23%
14%
21%
25%
*42
69%
Jan
19% May 12
5% preferred
200
2534
102%
Mar
Apr 10
114
Goodrich Co (B F)
1,400
21%
Mar
29
18
17% Apr
43
Gold & Stock Telegraph
12
140
1
Mar 31
9
Sept
9% Nov
4% Mar
82
148
2% Apr
3
5
Jan 18
134
100
'31
*14%
Jan
60% Jan
11
100
1
preferred
Utilities
9
103% Mar 28
8% Apr 10
14
Gen Realty A
8
52
par
16%
*23%
1
No
General Printing Ink.....
$6 preferred
No
Gen Public Service
No
Gen Railway Signal
No
.
1%
*12%
*%
Jan 26
Apr
Goebel Brewing Co...*.
3%
Oct
52
200
9U0
Dec
June
40
Gobel (Adolf)..
July
8*8
48
96
Glldden Co (The)
Mar
4% Mar
Jan 17
Transportation
4H% conv preferred
12
12*2
*100
*6*4
2,300
18
97
9% Mar
July
19% Nov
~Y,306
75
18%
4*2
14%
200
3.700
31
34
*15%
16
*15%
16*4
16%
100
101
101*2
101% *100
*100% 101
*100% 101
*100% 101
*100% 101
*19% 21
*19*2
21
20*2 20*2
*19% 20*2
*144
147
*144
147
144
144
144
147
*15%
100
1,300
18
Mar
85
Mar 27
Oct
6% July
2% Mar
10
27% Mar 10
14,500
18%
18*2
14
61
3
14
100
15% Apr 11
28%
27%
102% 102%
♦12%
13*2
14*4
140
Jan
Apr 22
General Tire & Rubber Co...5
Gillette Safety Razor..No par
$5 conv preferred
No par
Glmbel Brothers
No par
$6 preferred
No par
5%
*12
3
15% Jan
584
1%
*15%
,12%
31%
3
Jan
99% Feb
1%
*12%
31%
Jan
3%
1% Mar
5
4
9% Apr 11
5%
31
2% Jan
13
10%May 11
98*2 Mar 28
"3" 600
16%
12%
31%
24 14%
21%
26
Sept
Corp. No par
78
16%
Nov
32
June 23
9% Apr 11
Jan
58
2% June 19
94
Oct
Noy
5%
19% Mar
Gen Theatre Eq
5,000
3%
91
3
,Gen Time Instru Corp. No par
6% preferred
.100
s'eoo
82
29%
Mar
Sept
investors..-No par
$0 preferred...
109% Nov
Mar
Jan 13
Jan
5
General Baking
5
S8 1st preferred..—No par
General Bronze...
6
General Cable..—
No par
Class A
No par
7% cum preferred
100
General Cigar lnc
No par
7% preferred
100
General Electric
No par
General Foods..—
No par
$4.50 preferred
No par
Gen Gas & Elec A —...No par
$6 conv pref series A.No par
General Mills
No par
8% preferred
100
General Motors Corp
10
$5 preferred
No par
Gen Outdoor hdv A...No par
6%
37% Nov
Mar
2% Mar
25
Apr
55
1*2 Apr 10
Mar
50
9
30
No par
Gen Am
3% Jan
18*4 Apr 26
8
Oct
11
5
6
700
.17%
68%
68*2
2
Jan
4%
18
29% Jan
90% Jan
1% Apr 10
32
May 29
2*2
*2*4
May
67
Oct
21
85
35% Jan
ill
108% Jan
300
%
*15%
1% Mar
Dec
39%
13
Corp
1%
1%
3% Jan
8
21
Apr 14
103% Apr 5
14% Apr 11
1% Apr
31%
3
pref. No par
5%
'5%
June
18% Jan
General Telephone
%
15%
13
31%
12*2
*27
*5%
*1%
Jan
21
3%
*70
75
36
Apr
17
13% Apr 10
47% Mar 22
5%May 17
Gen Steel Cast $6
44
*38
*3%
6
May 12
43% Nov
5
General Refractories...No par
~
177S
17%
17%
25
Oct
Nov
100
24*2 Mar
10% Mar
19%June
15
Apr
5
50
preferred
6H % conv
49% June! 23
31% Jan
3
Industries lnc
Gaylord Container Corp
Gen Aroer
Apr
8
8
7*8 Jan
180
58-%
6%
52%
Gar Wood
20%
16% Mar
76
38% Apr
16% Apr
3% A or 10
400
22%
6*4
52%
9
21%
10
preferred
300
%
%
*15
18%
12%
%
20
4,700
*23%
24%
19%
27%
102% 102%
3%
3%
*70
75
*69
2:68*2
2,000
%
28%
68%
28% '■ 28%
102% 102*2
3*8
3%
68%
""260
%
17
44
3%
3%
2%
-
140
16%
%
S3
GameweU Co (The)
No par
Gannet Co conv $0 pref No par
Common
89
*86
89
89
%
.
36
4%
52%
8%
3%
200
80%
44
27%
10
3%
8634
30
700
16%
10
800
126% 126%
•
19%
5C0
125% 125*2
89
%
0,700
41,100
*4%
*80
30,500
44%
*57%
17%
102% 102%
*3
3*4
16
*80%
611?
68*2
27%
102*4 102%
*3
3*4
*24
150
%
02%
%
69
15%
*12%
""600
122% 122%
36
*33
%
91*2
69
%
300
56
.21
17%
*30%
'
*20%
3,500
86*2 *86*2
87%
122% ♦112% 123
44%
44%
44%
•
*107
*50*2
21
82
►1*4
30
♦6*4
22
17%
68%
28%
1%
18*4
*19%
10%
22
82
*42
►144
10%
17*2
%
5%
70
200
11*4
82
*09
1,200
3
23%
56
18
61
*15%
9
*2%
81
*42
*12%
9
"1,100
*141*2 145
3
17%
61
►100
40%
81
27%
600
6% preferred
16 preferred
46%
9
143
*2%
10%
1,800
103
18%
34
*3%
45^4
100
50
7%
*98
80
34
*1434
7%
"366
14%
*49%
*7%
50
Z142
3
4%
*14%
17%
*42
*10%
*4%
4%
14%
30
10
101
80
138
*%
10
♦98
103
45*2
46%
9%
8
87g
10%
101
18
138
*12*4
8%
*8%
*10
-98
6*2
52%
9*4
45%
3*2
2%
138
*27
12%
3%
*2%
140
*138
200
200
80
21*4
14%
1%
2%'
17%
08
"1,660
20%
80
80
•79
"loo
38
*2*4
56
20%
13*4
12*2
97*2 ►v
22%
23%
*57
*5034
9%
6%
*2
1,000
20%
1%
*50%
—
23*4
6*2
22%
*37%
16
10
10
22%
6*4
22%
*6*4
17%
73%
2%
1%
*22
*24%
17
24%
20
*15%
*11%
*12%
*30*2
17*8
20*2
10
2%
23%
*16%
♦16*4
*23%
16
*07
38
400
*1%
*22
%
16%
%
16%
*18%
*15%
17*4
73%
2%
400
106
*4«4
4%
*4%
4%
*8%
8%
8*4
8-4
8%
8%
*8*4
8%
♦108% 109
*108% 109
*108% 109
108% 109
*7,
1
'8
*%
1
*%
1
*%
1*4
17
17
17%
17
16%
17% *17
17%
17
*86
30
*4%
*34
*16*4
%
1%
30%
1%
30%
106
*2%
125% 125% *125% 126*2
*8
'
*49l4
7*8
147
10%
1%
31%
107
2%
6%
*33
5
8%
*108% 109
*1
1*4
16%
89
*34
9%
%
*•%
38
*434
100
50
125% 125%
5
8*2
21
*98
*32
37%
*4^4
*20
*30 *«
103
20%
*60*2
*85%
*84% 86%
86
122%
122% *122
44
44*2
43*2
125%
*125
%
63%
*%
*61
400
20* *
*114% 110
116
*114*4 116
114% ♦114
34%
35%
35*4
35% 234% 35*2
35%
36
44%
45
44% 4434
44% 45*8
44%
45%
*116*2 118
*116% 118
110% 116% *116% 118
35%
35%
35
4434
45*8
45
110*2
116% *116
%
63%
3,500
3,200
114
118
'
44%
*116
21
49%
*14%
6%
8
33%
14
50
9
105%June
20%
*20
4%
14
25% Mar
99% Jan 16
48*;
17*4
10%
4%
17% Apr 10
series A... 100
First National Stores...No par
Fllntkote Co (The)
No par
Florence Stove Co
No par
Florsheim Shoe class A. No par
t Follansbee Brothers..No par
Food Machinery Corp
100
4H% conv pref—
100
Foster-Wheeler
10
$7 conv preferred
No par
Francisco Sugar Co
No par
F'k'n Slmon&Co lnc 7% pf-100
Free port Sulphur Co..
10
Gabriel Co (The) cl A.-No par
Gair Co lnc (Robert)
1
20*4
z33%
*67
101
*2%
*50*2
57
20%
*8*4
*144
11%
23%
56
20%
•50
56
20%
9%
147
*22
,
*10
Tire & Rubber—10
48*2
1%
1%
2%
8%
*1%
*2%
Firestone
34*2
31*2
S per share S per share
share
700
20%
►106
per
600
20*'
2%
20%
Shares
20%
105
48*4
40
20%
*45%
11*4
11*4
22%
11%
22
*2%
20%
105
31%
17%
*30%
20%
105%
20%
73%
*97
3
2%
11%
6%
*2%
2%
22%
"
45%
0
'
11
20%
50%
*6%
146
9%
3
♦21
*45
14%
50
45%
147
*2%
4*2'
7
*6%
~ 103
*97
*98% 103
*45*8
46
♦144
*14
17*8
♦67
*98
101
*95
100
*1%
31%
I per share
share
105
47%
20%
34
20*2
2
31%
♦105% 107
17%
74
2%
38
20*4
2
*31
*2%
2%
*2*4
2%
40
21
2%
2*4
8%
100
*95
21
33
'10.5% 107
....
47*2
20*2
20%
per
20%
20*2
105
33
*1%
*30
31
*30
*105%
20%
105
21%
20*2
$
$ per share
S
S per share
Highest
Lowest
Highest
Lowest
Par
Previous
Year 1938
On Basis of 100--Share Lois
STOCK
NEW YORK
for
Range for
Range Since Jan. 1
STOCKS
Sales
PER CENT
SALE PRICES—PER SHARE, NOT
AND HIGH
June 24, 1939
5
Apr 11
Ex-dlv.
y
May
126«i
Jan
June 17
40
Mar
109%June 13
80
Mar
64
19
Jan
15
Sept
51
Jan
17
Jan
110
Jan
98
Jan
7
11% Mar
534 Mar
15*4 Jan
11%June
104% Jan 12
102
Mar
66%May 11
48*8 Apr
9
3
70% Jan 3
110*2June 22
17% Mar
36% Mar
17*4 Jan
8% Jan
65% Mar
0
9
1% Jan 20
5*2 Jan 9
35% Jan 10
8% Jan
2% Jan
20% Jan
5
35
3
49
Jan
3
4
Mar 13
11% Jan
Ex-rlghta.
4
Mar
6
46*2
Jan
83%
Jan
5
Mar
23% Mar
1
May
3
Mar
20% Mar
5
Mar
% June
6% Mar
12
Apr
23
Mar
3% Apr
<[ Called for redemption
Nov
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued-Page
Sales
NOT PER CENT
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 17
June 19
June 20
June 21
June 22
June 23
$ per share
$ per share
$ per share
% per share
*6
7
Range Since Jan. 1
7
*6
7
*20%
20
21
21
203s
*102
I02i2 102% *1001$ 103
*151
153
*151
7634
10%
5'%
6
7734
10i2
11
152
181
*57%
162% 162%
478
181
5812
5
5
*234
3
234
278
7
7
*152
76
*105s
11
10%
10%
5
*27g
5i8
234
7
7
678
67g
1,800
1
477g 48%
4734
48%
135
135
*133% 137% *133% 137%
8%
83g
8%
8%
8% 1 8%
31
3134
32
3134
32
32®4
*4%
434
5i2
434
*4%
5%
55
55
*55
56
55i2
55%
*32ig
33
*32%
33
*32%
33
33
33
3234 33
*32%
33
12,100
Int Nickel of Canada..No par
200
Preferred
.......100
Inter Paper A Power Co
15
135
85s
f
325s
5i8
5514
33
33
33
33
25
*25
26
933s
*90
93%
6i2
63s
6i2
6%
678
634
684
1012
*1014
11
*1012
634
11
*82
87
*82
87
79
19
...
814
*11914
8I4
*7l2
19
*17
,
7
32*4
11
25
2*8
1578
*1434
*86
98
10
*914
*6i2
*78i2
32i2
*1012
*2434
1734
2434
5
.
*9
79
3212
33
1084
*10l2
*25
214
33i8
11
26i2
6i2
*25
23g
*25
14%
98
*86
98
*9%
*6%
10
25%
*4i2
5
27
*26%
*4U
*9
16
27
*26
26%
263g
9i2
9i2
17
17
*18
17
5
*4%
5
26%
26%
26%
10
26%
*9
10
*1534
*1618
*1614
1012
16%
5
5
5
5
5
5
33U
3334
2212
33%
3412
3334
34%
23
24%
24
24
33U
3414
22
41S.
%
*15s
*2134
134
22
IH4
2934
4334
*4
5i2
3812
105
—
22
43g
38
%
ll2
2134
112
2212
IU4
2934
*11
*29l8
4434
*5is
*38
4%
*%
%
*134
2234
.
178
23
Ills
1H8
*29
4534
4534
5i2
38i2
*4
38
*134
2984
47
46
25
32
32
*3218
14i2
*14
5U
5U
38i2
14i2
15
*14%
15
45
4558
*10712
2:44%
*107i2
934
978
4712
47*2
934
38i2
47
*2514
3212
1434
*130
2034
3334
*14
2034
3334
*27i2
1434
28
*Ha
1%
*5i2
634
18U
IO84
♦12U
*138
I9i2
1034
125g
158
412
21
3334
*14
28
*1%
*534
20U
11
*12U
*H4
334
334
4i2
334
1314
1314
13%
32l2
32%
43s
32 14
44
134
2334
11%
30
*1%
23%
11%
1%
2334
11%
7,800
4034
*101
105
1234
1234
14
14
*10278 107
*
26
100
Preferred
100
16
,16
16
*1534
1634
300
Lily Tulip Cup Corp...No par
25%
25%
*25
500
Lima Locomotive Wks.No par
32%
33
33
*32%
26%
33%
14%
15
14%
14%
1434
*14
*14%
44
44
43
*108
43%
*108
....
*14%
*43%
*108
1434
15%
44
400
Link Belt Co
No par
300
Lion Oil Refining Co...No par
100
Liquid Carbonic Corp.-No par
2,300
48
2l2
48
48
47
47%
2%
47%
4734
2,000
*2%
2%
*18%
19
107% 10734
2334
2334
159% 159%
*1778
18
700
Long Bell Lumber A
600
Loose-Wiles
...
*130
*130
21
21
3334
34
1434
*14
28
28U
*H8
22U
34i8
1434
*14
*28
H4
634
21i2
H78
I25g
H2
4i2
4i2
634
*584
20%
lli2
125a
H2
4i2
20i2
11%
♦I23g
4
4
4
13U
I3i2
1334
3314
23g
4034
2234
33
33%
1434
*14
29
1%
634
1%
*5%
6%
2034
20%
11%
1134
117g
12%
♦12%
1%
12%
4%
4%
12%
*1%
4%
*4%
13%
13%
1384
33%
2%
4034
*2
25
25
26
26
175
175
175
175
51
51
*4
4%
2978
105
*102
105
51%
5I84
*4
*102
4%
297g
105
434
327g
*3934
25
*27%
1%
5134
*5%
*3%
13%
34%
-
34%
2%
4034
3934
26%
175
*2
2534
*175
5134
4%
51%
*4
297g
297g
105
Bid and asked prices; no sales on this day.
*4
""916
1234
12%
1%
4%
Mar
19
26
Apr
4% Apr
5% Jan 15
24
.
Jan 26
Apr 10
36% Apr 10
4% Apr 11
3484 Apr 6
97% Apr 11
99% Apr 11
1717gMay 10
15
Apr 10
21
Apr 10
31% April
14% June 21
1334May 17
Apr 10
41% April
2% Apr 10
100
6% Jan
40
Jan 10
107
June 23
107*4 Mar 14
180 May 26
17*4 Jan 20
40% Jan
47
6
Mar 13
16
10
1
Co
No par
Bros
Market St Ry 0%
Martin (Glenn L)
V*
5
pref. 100
Co
Martin-Parry Corp
Masonlte Corp
7% preferred
100
May Department Stores—10
10
164
4
9
2% Mar
14*4 Mar
1
92
June
Jan
Jan
3
6
Mar 29
30*4 Jan
43% Feb
19% Jan
38% Jan
1% Jan
7% Mar
4
""900
5,300
Def. delivery.
2% Mar
9
9
7
5% Jan
6
1% Mar
4% Sept
5% Dec
5% Mar
8% Mar
15% Feb 17
39% Feb 24
5% Jan 3
57% Jan 3
36
Jan
4
Feb 14
Mar 11
107g April
984 Jan 26
New Stock,
r
Cash sale.
*
Ex-dlv.
Mar
1*4 Jan
1
preferred...... 100
»
Mar
Mar
June 23
No par
101
Jan 13
16
13% Mar
McCall Corp
88
22
116% Mar
l2*4June 23
24
62
6% conv
Apr
12% Mar
297g Apr
«4 Mar
4% Mar
684 Mar
175
Jan
June
13*4 Mar
125
10
6% Mar 10
30% Maf 10
93
Mar
18% Mar
40*4 Apr
McCrory Stores Corp...
20
247g Mar
4
Apr 10
28% Jan 30
S3 preferred w w
Dec
4% Jan
22% Mar
110
No par
No par
pref.....No par
Maytag Co
Mar
84 Mar
5
$6 1st cum
1.300
""160
12% Mar
Jan
62
33
Jan
Mar
33
131
2078 Mar 17
2
May 12
29
99
2
Apr
Apr
Apr
14% Mar
20% Mar
4
Apr 25
31% April
13
Apr 10
25% Apr 11
1
Apr 4
5
Apr
9
Apr
5
Apr
157
Mar 20
58
Magma Copper...
Mar
11% June 22
20% Mar 13
Feb
Mar
81
64% Jan
108
8
Mar 31
25
81% Mar
5
4
20
07g Mar
19*4 Mar
23% Mar
6% Dec
Jan
Jan
28
19% Mar
May 29
19
Apr
34% Apr 10
23
April
1,500
6684 Mar 13
24% Feb 25
1
No par
No par
Mathleson Alkali Wks.No par
300
Jan
159% June 23
Marshall Field A Co...No par
300
3
27% Jan
12% Mar 10
32*4 Mar 13
8
4% Apr 10
384June 7
934 Apr 10
17,800
Mar
% Dec
178 Mar
3
Marine Midland Corp
34%
2%
3934
2534
Jan
3
Apr
Jan
124
Mar
8% Mar
3% May
10% Mar
13% Mar
19%
147%
1534
36%
10
16
95
6% Jan
% Jan
-
Mar
Mar
118
0
Apr 10
1
300
Jan
Mar
8
Mar 16
25
Maracaibo Oil Exploration.. 1
2,500
12% Mar
35% Mar 10
Jan 24
200
2,800
22
5%
Apr
No par
No par
preferred
Manatl Sugar
June 12
June
13% Jan 20
23% Jan 20
18% Mar
Jan 27
17
15% Mar
2% Mar
27
3% Apr
25 *
Feb
1% Mar
28
Apr 27
20% April
7
Apr
113
Mar
June 15
Jan
Macy (R H) Co Inc...No par
Madison 8q Garden
No par
105
s
Jan
9
1278 Apr 10
20
100
434
297g
12%
6% Mar
17
MacAndrews A Forbes
Mack Trucks Inc
Man del
13%
-51%
19
t Manhattan By 7% guar.100
Modified 5% guar
100
Manhattan Shirt
26
15,800
4%
*102
J In receivership,
4,100
"""366
634
24
13
13
13%
13%
1212
13%
13%
1234
1334
1334
14
14%
14%
1378
14U
I4I4
1434
14%
I37g
14%
*103% 108
*10314 108
*1027g 108
♦1027s 106
*10278 108
100
~2~ 900
100
177
*27%
*102
22%
33%
2778May 26
2*4 Mar 24
June 12
Mar
105
Louisville Gas A El A..No par
Jan
40% Mar
J3
100
....10
100
Louisville A Nashville.—100
Mar
25
Apr 10
500
3
80
26% May
..25
(P) Co
preferred
10% May
63
Apr
4*4 Mar
8'4 Apr 11
20
Apr
I84 Apr 11
Mar 31
1,400
1%
*20
*172
*27U
*1
1%
20«4
1134
1%
7%
8
8
Jan 11
44% Jan
6
No par
Dec
Jan 18
92
Apr
35
Biscuit
preferred
Lorlllard
40
1434
*28
25
4%
2,800
5%
0%
29
33%
177
51
32
*28
25
30
22
*14
2%
*40
*31
140
*130
21%
1434
34
.
4%
1334
45%
*21%
32%
*1%
*584
11%
*12%
*1%
4%
*44
29
3334
20
*130
...
22%
2814
*U4
H4
.
Dec
14*4 Mar
10% Mar
June 21
105
Lone Star Cement Corp No par
Mar
11
100
95
Apr 25
7% Apr 10
6% Apr 10
No par
Inc
Mar
Mar 13
12
85
No par
preferred
56.60
Loft
118
5% Mar
16% Jan 20
28
Jan
Apr
12% Mar
12
Jan
12% April
79
Mar
997s Jan 17
Feb
No par
Loew's Inc
....
4612
*172
*101
Series B
4,300
48
3234
*4
Llbby McNeill A Llbby No par
Life Savers Corp
5
Liggett A Myers Tobacco..25
lbb", 800
*2l8
*40%
5084
400
11%
23g
*27U
200
June
49*4
11% Jan
23
8% Apr 24
23
26
32%
UI4
6% April
April
6% conv preferred
..50
Lehman Corp (The)
....1
Lehn A Fink Prod Corp
6
11
325g
50%
1,700
Mar
10
113% Apr
44% Mar
.
11
97
Mar
19% Jan
121*4 Jan 20
117% Jan 27
%May 3
1% Apr 10
20% Mar 31
9% Apr 10
16
*14i2
13
Feb
8
June 20
58
3% Apr 10
11%
40i2
45s
30
"MOO
Feb
6% Mar
122
14
No par
Llbbey Owens Ford Gl.No par
Feb
6
63
793gjunp
13% Apr 11
5
June
6%
Jan
60
10%
*2ig
50
47
87
Apr
Apr 10
No par
1034
3934
*418
*2714
30
97g Feb 28
14% Jan
1084 Jan
par
100
Lehigh Valley RR
Lehigh Valley Coal
9% Jan 19
June
par
No par
Mar 24
21
100
(The).....No
Bryant...
10
2
25l2
47
4634
5%
preferred....
4
Lerner Stores Corp
200
400
28% Mar
19% Mar
64
No par
4% conv preferred
134
*28%
Kress (S H) A Co
Lee Rubber A lire
2,800
Feb 10
133
10
Lehigh Portland Cement...25
""406
*28%
Kresge (S S) Co
Kresge Dept Stores....No
6,500
%
Jan
35
$8 preferred
...No par
S5 prior preferred
No par
2,400
4%
6%May 29
Jan
1
Laclede Gas Lt Co St Louis 100
38
34
Jan
4% Mar
18% Mar
2% Mar
105
6
Class B
5%
60%June
Jan 12
132
125
1
Kay ser (J) A Co
Lane
3
i
2
Jan 27
100
Lambert Co
3678 Mar
68
Apr 14
65% Apr 8
122% Apr
100
preferred
Kaufmann Dept Stores
80
*3%
11%
No par
4%
700
6*4 Mar
3
1484 Jan
734June
Apr
Kansas City 8outhern.No par
300
6
6134 Jan
18
Kroger Grocery A Bak .No par
%
X23
No par
Preferred....
100
Jones A Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
103g
40
177
16%
5%
3334
34%
*24
24%
*113% 116
4
preferred
Jewel Tea Inc......
Johns-Manvllle
*25U
4418
....
100
Mar
Jan
Jan 11
120
10
2
*24
1
10%
*39
*172
No par
5,300
%
4
*2l2
234
*2i2
2%
25s
2i2
*2%
2%
*19
18i2
1912
*18%
18i2 *18i2
19U
19U *18%
19%
*10634 108i2 108i2 108i2 *107i2 108i2 *107% 108% ♦10734 108
23k 23i2
23i2 23i2
23i2 23i2
23% 23%
23%
23%
159
*159
158i2 158i2 *158i2 I59i2 *159
159i2 159
159%
18
18
1778
*1778
18
*1778
18
177s
I77g 18
*42
44
45
44
*43
44
45
45
4412
45%
*29
*29
*29
31
30i2
*29%
31
30l2
30i4
30%
*130
Corp..
10
17
514
5%
5.12
5%
6
*38
38% *37% 38% *38
38%
106
105% 105% *104% 106
107
105% 10534
104% 105%
106% 107%
17434 17434 *17434 176
*17434 176
1434
15
*10712
16%
*5
5
-
26U
32i2
*1412
44i2
....
17
26%
*8%
*13%
16%
'
25U
3234
15
4%
3g
I7g
23U
11%
2934
47%
IH4
*28i2
105i2 *103
10512
105
10478 10478
105U
105U 105U
*17414 177
*17414 1765s *17414 176 '
16
16
"*15%
16
*1512
16
25
,
23
*103
*24
*13%
*11H4 H6i2 *111% 116% *113% 116
*4
6,300
27
26%
No par
Island Creek Coal
""170
87*
2
Mar
Kimberly-Clark.......No par)
Kinney (G R) Co
1
18%
Mar
3% Mar
5% Apr 11
6% Apr 11
8% Apr 10
77% Jan
200
25
May
8% Jan 5
484 Jan 12
No par
27
18%
48
141
66% Mar
June
Keystone Steel A W Co .No par
800
9
1627g Mar 23
12
400
2%
Mar
28
1034
2434
I6I4
*2134
2%
Mar
40% Mar
10,700
19
I6I4
16i2
10%
*25%
Mar
15
xl30
96
Kendall Co ffl pt pf A ..No par
Kennecott Copper.
.No par
33
10
2
84
Interstate Dept Stores .No par
Prelerred
100
100
07| Mar
35% Jan 21
3 l7g Mar
Kelsey Hayes Wh'l eonv ct A
10
6%
79
Mar
4
3% Jan 23
39% Jan 9
Kelth-Albee-Orpheum pf..lOO
2478
*4%
2634
10
32%
""360
Mar
June
2
31%May 19
19
Apr 10
5% conv preferred..
100
15
80
4
...100
Inter Telep A Teleg
Foreign share ctfs
*25
...
24%
26l8
*76%
2%
*2%
*25
27
*9%
*6%
634
79,
33
1034
25%
32%
1034
1834
*9%
1
8
29
60
preferred
Intertype
7% Mar
3% Apr
27g Mar
684 Apr 11
26% April
No par
Kan City P A L pf ser B No par
100
300
*14
25
*26
10
8
14
1834
*11114.
7%
98
2412
5
2,700
17%
1034
*85
1834
2612
10
""766
18%
98
*76%
2612
214
2U
*7%
*4i2
38
*1334
10
1034
*25
*14
International Shoe..
International Silver
5
6584 Jan
138 May
134
5% conv pref
100
Internat Rys of Cent Am..100
5% preferred
100
International Salt...
No par
$6
200
*86
98
6i2
*17%
*119%
8
300
100
14
1434
*86
...
5
378
*3778
I484
79
325g
218
*834
"""400
45
45
I6I4
3378
87
*16%
25
5
I0i2
177s
22
600
18
1034
1734
*8&8
22
1,600
*85
17%
*9%
98
10
26
26i8
3384
6%
10%
*85
1034
*912
*85
634
80
33U
11
*434
*26
*llli4
7,700
6%
46
*7%
*16%
24'g
26
*103
8i8
17
1734
27
*5
—
*612
*78l2
*43%
17%
*119%
25
26
4334
46ig
19
1734
2478
*26
*283S
87
*9
634
80
*25
_
*85
17
15U
98
10%
2i8
*25
*11
87
6%
10%
6%
10%
*7i2
*86
10
*414
6%
8I4
1712
*14
80
*1312
I6I4
6
Internat'l Mining Corp
100
*10%
—-
10
1578
*4i2
90
10l2
*1812
*11914
98
98
245s
19
10
*86
*1012
90
6%
6%
*44
4618
*85
*14
"""600
93%
812
98
*9i2
730
500
21
19
*17
200
25
684
*85
7,400
4,200
*23%
1012
87
700
No par
100
Int Hydro-Elec Sys class A .26
Int Mercantile Marine.No
par
124
*18%
*11914
*85
*2
*90
6I4
1012
8i2
*44
11
25
25
634
21
46
98
*1012
*24
9338
*90
61
*123
2012
124
*44
8i2
18
*9
25
8i2
8%
8%
8%
8%
8%
20
*l97g 2034 *20
20
20%
*12H2 1237g *121% 1237g *121% 12378
79
7914
*77%
7878
787g
787g *77% 79
*77%
79
72
73
74
75
74
75i2
75i2
75%
73%
75
*128
*127l2 12934 *127i2 130
130
12912 *127% 129% 130
20i2
*123
—
*6J2
*78i2
*82
10
*814
25
700
Feb
56% June
3% Jan 4
27% Jan 4
19584 Mar 13
4284 Apr 11
25
6*8
Internat'l Harvester
Preferred.
10
135
1584 jan
8
Apr 8
April
155
9
4
4% Jan
1% Apr
234
24
*65s
......
27g
33
*90
No par
Iron..
Mar
June
10334June 22
2% Apr
1
734 Apr 10
27g
67g
5i2
5,100
1,500
48i2
83g
100
400
Interlace
Internat Agrlcultural__Ntf par
Prior preferred
..100
Int Business Machlnes.No
par
Mar
60
9% Mar
28% Jan
8
3
24
32is
300
No par
Apr
27g
55
*85
1,200
17g
20%
90
4
14% Mar
3
5% June 15
4% Apr 10
17% Apr 8
No par
100
48
Apr 11
157% Apr 8
334 Apr 10
2% Apr 8
5% Apr 11
*32i8
*7i2
9%
134
8
8
5
55
*1534
*1012
*8 34
1%
20%
9% Apr
4% Apr
0
Highest
share
94% J&.n
17% Jan
8
5
33
*11914
87g
67g
32
30
100
834
134
48ig
*5i8
71
*127*2 130
*4434 47
•183s
19
IO384 10334
Interchemlcal Corp
0% preferred
Intercont'l Rubber
Apr
5
33
7034
800
67
5
55
*77
700
2,700
9
7is
*133
100
5ig
*32i8
124
5%
28
3
4834
8;
152
No par
Jan
per
29% Jan 16
86
Inspiration Cons Copper
20
Iasuransbares Ctfs Inc
1
t Interboro Rap Transit..Il00
*2%
7i8
3214
Jan
3.400
234
48%
135
8
119
10%
234
1
4-% Apr 10
1634 Apr 10
Apr 3
147%May 11
Inland Steel
Lowest
5 per share
5
55
*123
6
share
per
10
No par
1.800
6%
*5%
*2034
5
No par
Ingersoil Rand....
6% preferred
76%
3
718
8U
3178
400
Par
,
Indian Refining....
Industrial Rayon
5
33
*20
...
48i2
135
10
20%
6
Year 1938
Highest
3
:
55
*8%
5%
534
26%
26%
10334 10334
*678
9338
5%
76%
10%
59
*32l8
*32%
*90
5l2
534
27
~3~806
20
*152
7534
48i8
47.5s 48%
*133% 137*2
8*4
8*4
*31
31*2
*45a
5i8
Lowest
Shares
7
181,
5834
16212 162%
47g
7
1912 *1914
*19%
*178
181
181
181
*175% 181
58
58
5712
58%
57%
58%
I62i2 I62i2 *160
16212 162% 162% *160
162%
181
*178
56*4
shate
per
21% 2178
217g
24%
106
103% 104% *101
76
24i2
181
56%
$
*6
76
5i2
5U '■ 5U
*514
6
6
5i2
584
25
24l2
2578
25i2
*100
102
*102
*100U 102
♦lOOU 103
*2 %
3%
*25s
3
*25g
3
*234
87g
87g
*9
9?8
9i8
918
87g
*134
17«
*134
17S
*134
178
*134
*18
19% *1814
20
I9i2 *19
19i2
*24
*6
*152
*5i8
*55s
25%
77
1078
1058
152
77
*75i2
10%
7
21
21
2134
103U *ion210334
153
763*
5%
*5i2
*6
Range for Previous
EXCHANGE
„
*6
3803
On Basis of I WhShare Lots
Week
$ per share
6
Feb 14
17% Jan 20
I47gjun« 9
102%June
Ex-rights.
2
Mar
14% Mar
2% May
25
Mar
19*4 Mar
Aug
28% Mar
3% Mar
16% June
156
75
Apr
884 Mar
6
Mar
61
Mar
Called for redemption.
AND
LOW
June 17
NEW YORK
-
7%
57%
♦6%
*5734
57%
9
♦58
59
♦13
♦26
2734
738
59%
59%
*45
59%
59%
60
60%
*60%
61
*60
61
334
17%
*334
*18
4
18%
17%
7%
13%
13%
22%
2734
7%
7%
13%
23
*23
110
111
61
61
61
23
*110
111
•
4
♦3%
*42
47
*42
47
*10%
11%
*10%
11%
*1%
1%
1%
484
434
i58
1
*1
1%
*13
14
*13
4%
98
99
117
117%
*121% 122% *121% 122
50% 51%
49% 50%
*11534 117%
100
117
1%
1%
14
13% *13
9834 99
9834
118
117% *117
200
121
121
%
1%
14
13%
*98
99
98%
117
121%
30
13%
29%
1234
13%
1234
1234
12%
12%
14
14%
14%
14
14
14
14%
37%
24
4%
:r2334
*62%
38%
12
"
62%
*34
*109%
5%
5%
_
*109%
.
.
5%
5%
45%
45%
6%
6%
6%
18%
18%
*17%
*17
11%
5
5%
*45
36
62%
"""560
Zl09% 109% *108% 109%
5
5
5
5%
3,900
638
18
18%
11%
10
170
170
*13
14
*13
14
*1234
*93
170
*166
*93
97
*93
*19%
20%
20%
20%
400
17%
173a
1,800
9%
9%
17%
9%
97
*93
97
97
*93
97
*18%
*1734
*9%
15%
19%
18%
9%
15%
*18%
19%
19%
19%
*1734
9%
15%
18%
18%
18%
*19%
17%
20%
18
17%
9%
9%
16
*9
113% *111
*111°
*5
5%
25%
*11%
11%
*90
25%
2534
13
11%
*11%
*5
20%
20
.
*12%
11%
13
*97
115
25-%
1134
11%
20%
2034
7,000
115
40
*112
113
50
15%
534
5%
5%
5%
5%
2534
*11%
11
11%
100
*97
100
25%
13
16
*113
15%
584
<
98%
20%
21%
13
11%
26%
13
*11%
98%
20%
*94
113s
11%
17%
734
7%
60
7%
17
17%
7%
7%
7%
*35
40
3%
10%
3%
10%
3%
10%
27%
10%
*26%
90
*85
41
41
*11
*32
40
*33%
45
*33%
10%
26%
*26%
27%
*85
90
*85
90
*85"
41
*108%
♦108%
11%
34
14%
14
11%
34
11
*32
14t4
13%
22%
*3512
*13%
22%
*13
21%
36%
2%
*2
584
534
35%
*108%
11%
11%
34
*33%
14%
1334
22%
*2
35%
2%
5
5%
113% *111
*111
41
41
113%
*5184
*51%
54
*%
*2%
%
%
234
*2%
*'%
%
53
734
45
28
*85
*40
41%
20
112% 112% *110% 112%
11
11
1034
11
36
36%
35
35
2,300
14%
14,800
1334
1334
*13%
2234
35%
2%
*35%
14%
14%
800
14%
1,200
6% preferred series A—100
35%
600
NYC Omnibus Corp..NO par
*5
5%
*2
6
New
2%
*5
""166
40
*110% 113% *110% 113%
*115
52%
%
%
%
%
*%
' %
2,100
200
%
2%
%
2%
234
234
*2%
2%
*2%
234
%
*%
%
*%
%
*%
%
*%
%
""560
10
434
*31
33
*31
33
484
4-%
4%
4%
*37%
*15%
*37%
41%
*37%
7
7
7
7
20%
*19%
20%
*19%
41%
7%
20%
15%
*37%
15%
15%
1534
1534
42
7
*19%
15%
*109
110
534
*5%
18%
18%
*138
140
834
109
*5%
*18%
138
8%
110
6
*109
*5%
45
19
19
139
139
9
8%
*32
40
*36
*24
25
24
45
*116
...
*6434
66
*42%
45%
*42%
*116
64
65%
4%
4%
4%
*4%
*3
3%
3
3
*3
*11%
1234
*11%
*4%
4%
11%
31%
*4%
*10%
32
47%
47
31%
47%
*11%
11%
9%
37%
25
45%
*116
65
*4%
*11
6
19
24%
24%
110
140
8',
38%
*33
32
434
11%
12
12
6434
4%
3%
12
*109
*5%
19%
138
8%
484
41%
7%
1934
16
110
6
19%
138
9
*31
4%
32
32
*31
4%
37%
434
37%
7
7
7
19%
19%
19%
15%
15%
15%
*109
*5%
19
139
*834
110
6
19%
139
*5%
19%
19%
139
139
8%
8%
3,400
110
2,100
36
300
25
200
64
4%
3%
6134
4%
3
*11%
4%
*42%
151
151
*18
20
$ In receivership,
a
8
May 23
32
Apr
8% Apr
Apr
30
8
28
8
10
8
Apr
8
134May 20
7% Mar
29%June
14% June
26
July
85
June
58
Apr
71
Nov
41
June 19
28
Mar
40
Jan
99%
Apr
IO884 Nov
9% Mar
112%June 22
17% Jan 4
47% Jan 5
22% Jan 4
23% Jan 4
38
Jan
20
Jan
Mar
7
Mar
23
Dec
38%
Jan
12% Mar
4
18
Mar
2
43% Feb 25
384 Feb 28
9
Mar
10
19% July
48% Nov
21 a4 Nov
Mar
5% Mar
6
118% Mar
120
Mar
62
Mar
54
2% Apr 10
%May 23
884 Apr 8
Apr
8
111
Dec
2% Mar
Jan
1
%
Jan
434 Mar
16% Jan
89% Mar
195% Mar 10
113 June 14
Jan
1134 Mar
Apr
120
June
%
1% Jan
4% Jan
484
Aug
110
Apr 28
3784 July
Mar
101
May 16
% Mar 27
4% Jan
12% Aug
Apr
63% Nov
234
Jan
7% July
1% Jan
16% Dec
Dec
38
Mar
90
133
June
198
Jan
100
Mar
110
Dec
18% Apr 11
5484 Apr 17
26% Feb 27
1334 Mar
26%
59% June 13
4584
Apr
57%
Oct
Dec
53%May
56*4June 10
20
Dec
102% Jan
30
4
Feb 24
104
5
Jan 23
Apr
1
16% Apr 11
135
May 26
7% Apr 10
June 23
35
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
1934 Jan 3
88% Mar 27
1434 Jan 4
111% June 20
"33 June 12
5% Mar
"
75
June
6% Mar
92% Sept
25
May
9384
Jan
14% July
103
Dec
35
Sept
5% June 10
June 10
138 Mar
5
Nov
1234 Mar
41
Sept
10% Jan
5
8% Sept
14%
Jan
30
Jan
6
19% May
32%
Feb
20% Mar
3
7% Mar
19«4 Nov
83%
Apr
111% Sept
4
Mar
42
113%May 25
8% Jan
27% Jan
144
1384 Mar
122
Apr
15
4
Jan
6% Mar
30%
54% Jan
24%June
10
Apr
Mar
39% Apr
Jan
45
Jan
10
Nov
29% Nov
147
Nov
15% Nov
60
Nov
22% Aug
52
Oct
115
Apr
4
384 Mar
9% July
100
200
Pacific
Class
C..$2.50
Coast
1st preferred.
2d preferred
Apr
40
Mar
5%
Dec
2% Mar
984 Apr 8
27% Apr 10
1284 Mar 14
9% Mar
3484 Mar 10
Mar 10
z22*4 Mar
41
49
14% Mar 11
132 June 9
9% Mar
No par
No par
Pacific Mills.
140
Pacific Telep & Teleg
Def. delivery,
7% Mar
115
Pacific Ltg Corp
500
10
116% Mar 25
70
Jan 3
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
—
11
♦150% 152
*150% 152
*150% 152
*18
20%
*18
20%
20%
20% *18
Bid and asked prices; no sales on this day.
Feb
5
127
*150% 152
75
2% May
4% Jan
11% Feb
Jan
800
156
Feb
43%May'25
2% Apr 11
9%May 8
18% Apr 11
73% Mar 14
6
4,700
*151
70
40
37a Apr 10
47%
125
July
21% Nov
10%
31%
*10%
59% Jan
50% Apr
82
10% Mar
31
11%
Feb
July
Dec
8184 Nov
5
*47
125
23
65
'
Mar
5
2
3
31%
10%
Oct
Jan
170
*4
145% Sept
2884 Nov
C% Oct
3% Jan
1334
4%
*11%
178%
30
...No par
Outlet Co
June
June
16
47%
11%
...No par
$5.50 conv 1st pref..No par
Outboard Marine & Mfg
154
6
3% Apr 11
20
47%
125
Otis Steel
Feb
July
127
l72%June 17
145
31
2% Apr 10
1138 Apr 8
100
31%
130
100
17% Mar
3
Dec
15% Apr 8
12% Apr 10
6% preferred
27% Jan
18
Oliver Farm Equip....No par
100
Oct
Mar 10
106
Jan
8
May 22
Apr
6% Apr 10
No par
16«4
20
10
50
Otis Elevator
20% July
Mar
12% Sept
par
..No
Nov
Apr
4
4484 Mar
234 Apr 10
32% Apr
1
Preferred
30
11%
10
3%
*10%
*126
50
Telegraph
Norwalk Tire & Rubber No par
28% Jan 4
18% Jan 10
16% Jan 4
Oct
Oct
684 July
Pacific Amer Fisheries Inc—5
*2%
47%
11%
11%
Northwestern
10%
3% Mar
17% Mar
1,000
4%
3
1034
31%
129
North'n States Pow Co $5 pf. 1
3% Mar
Jan
15% Jan
7% Apr 10
1
Pacific
4
6% Feb 17
115% Nov
81% Jan
100
Northern
16% July
113%
8
6% Apr
Northern Central Ry Co...50
North Arner Aviation
Oct
25%
30% July
'14% Apr 11
634 Apr 8
59
Apr 25
8
12% Apr 11
82
Jan 3
5*4% pref series
Preferred
31%
*125
50
50
6% preferred series
Oct
Nov
13% Mar
100
10
Sept
12% Mar
19
94% Nov
Jan
9% Mar
Apr 12
—
20
Dec
Nov
27%
106
American Co.
Mar
14%
28
11% Sept
8
Jan 25
Adjust 4% preferred.
10% May
65
Jan
Nov
168%
106% Mar
105% Mar
4% Apr 11
70
North
Jan
5
114
18% Mar 31
Mar
6
15% Mar
150
9
Jan 20
9% Apr 10
86
Apr 21
14% Nov
12%
Mar 27
Feb
Jan 13
23% Apr 10
11% Apr 4
29
8% Mar
7
31
9
5
3
1684 June
117% Jan
111
109
4%
July
54
Owens-Illlnols
1084
129
2
95%May
23% Mar
26% Jan
12»4 Mar
Mar
7% Mar
Jan 17
15% Mar
Apr
4
37% Mar
684 Mar
4~500
62%
4%
11%
10% Apr 26
90%May 4
17% Apr 25
16% Apr 10
8% Mar 31
12% Jan 13
15% July
62% Oct
110% Dec
10% July
95
5
5
9% Jan 20
25% Jan 4
15% Mar 15
14% Jan 3
28% Mar 11
175
Jan
Apr
9%
45%
*116
62%
4%
4%
Apr 24
160
Jan
Jan
9%
Oct
8% July
64%
10
6134
13
9% Apr 10
7% Apr 11
23% Jan 24
168
Oppenhelm Coll & Co..No par
6
35
4
5% Apr 10
14% Apr 8
100
:
6% preferred A
110
*109
*24
*3
51
61
Omnibus Corp (The)vtc No par
25
6234
111
Mar 31
45
119
1,900
36
45%
106% Apr 14
4% Apr 8
2234 July
17% Nov
32
3484 Mar
6
3
May 29
14% Mar
50
15%
*24
....
64% Mar
100
Conv preferred
100
JN Y Ontario & Western._100
N Y Shipbldg Corp part stk.
7% preferred
100
20
*35
*42%
984 Apr 12
Apr 8
50
Co-100
Ohio Oil Co
25
*116
Mar
Jan 17
10
36
45%
Mar
June 19
6,800
1,000
36
...
4
26
5
42
*24
*42%
3
44% Mar 13
111
Western
Mar
8
4% Apr 10
Apr 8
50
1NYNH & Hartford
Norfolk &
11% Mar
7% Jan
Oct
64%
40% Nov
10% Mar
30
30
Dec
110
117% Sept
38% Aug
Mar
5
Jan
11% July
2% Jan
3% Jan
20% Nov
22% May
16% Mar 11
Jan 3
19
Oct
Jan
Jan
25
9
Mar
37% Mar 13
No par
7
*37%
*47%
*11%
47
10
2,300
47%
*10%
3134
*125
•
200
12
31%
11%
47
=EE3fSE
10
4,500
4%
32
*18
600
1,900
9,100
1334
129
19%
10
24,300
4%
4%
129
*18
484
'
*11%
*4%
11%
1984
*116
434
11%
7
32
Dock
preferred
N Y Lack & West Ry
52%
*51%
234
No par
York
5%
N Y & Harlem...
10% preferred
—
*
52%
400
33
4%
39
16% Apr 11
10% Apr
18% Apr
22%
*10
10%
10%
10%
10%
1038
10-%
10% *10-%
11
*71
77
75
75
*73%
77
*73% 77
*73%
77
190
190
*187% 190
*187% 190
*186% 190
186% 186%
112%
*112
112
112% *112
*112
112% *112
112% 112
112% *112
21
2I84
22%
21%
22
21% 22
21%
2O84 20%
21%
21%
59
59
*58%
59
59%
59%
5834
*58%
59%
58%
58% *58%
5584
55%
55%
5534
56
55%
5534
56
5534
55%
55%
55%
15%
16
15%
15%
15-%
1534
15%
15%
15%
15%
15%
15%
*84
86
86%
*8334
86% *8334
85
85
*77
87
*83% 85
8%
8%
8%
8%
8%
8%
8%
*8%
8%
8%
8%
8%
111
*110% 111% *110% 111% 111% 111% *110% 111% *11034 111% 111
*31
Mar
123a Apr
22%
77
185
25
122%May 24
54% Mar 10
Apr 10
27
Central
*35%
52%
Jan
No par
York
*13%
♦
May
111
No par
New
35%
2%
*115
Mar
67
5
N. Y. Chic & St LoulB Co—100
N. Y. Air Brake
*2
5%
10
3
107
14
22%
22%
J2
*3,
1
conv
Newberry Co (J J)
100
187
*73%
.
""366
Dec
Dec
Jan
serial pref.--100
No par
5% pref series A
..100
Newport Industries
1
4M%
10.%
1038
Nelsner Bros Inc
90
41
2234
35%
....
No par
100
*26
90
*40
112
Natomas Co..
10%
26
23%
3534
35%
*2
2%
*5%
534
*112
113%
112
600
*10
26
14
preferred
40
5H% Prior preferred..-100
6% prior preferred
.100
$2
No par
1,200
*85
14%
25
National Supply 6The) Pa.-10
National Steel Corp
National Tea Co
3%
3%
10%
34%
*115
500
40
14%
*51%
3,600
*36
34%
*5%
8%
*33%
3%
10%
110
*2
8
45
3%
11%
*13
National Pow & Lt....No par
4,600
*36
34%
14%
1334
*22%
Nat Mall & St'l Cast Co No par
11,500
*33%
11%
'14%
1,300
8%
60%
11%
1%
May
Jan 14
*10»4
%
5
6
121
Mar 25
8
8%
3
111
165
18
4% Mar
Jan
1
135
18
8%
61
1% Mar
2% Jan
17% Jan
100
142
1134
40
*1034
11%
115
115%
*115
110
60%
No par
Co
$4.50 conv. preferred-No par
National Lead...
10
60
18%
7%
90
41
18
10%
27%
11%
*10%
*25%
41
8
*11
,10%
*26%
*40
8
*31%
*31
3%
*3%
17%
8
3%
734
45
*31
1034
17%
61%
*314
734
1034
40
IO84
18
8%
62
8%
62
8%
11%
40
45
3%
60%
40
10%
*17%
734
8
60%
160
60
72%
1784
3%
-100
142
July
Mar
preferred A
*165
145
Oct
Nov
10% May
5
4
5
9% Apr 10
Apr 10
Gpysum
July
92
35
14% Jan
2% Jan
984 Jan
preferred B
172
*142
111
Jan
Apr xll7
49%
8
7%
172
145
Apr
76
Mar
6%
173
*142
Jan
30% Nov
4
40
169
145
22%
15% June
6% Jan 3
54
MarlO
200
174
*142
12% Mar
4
8
8
10
8
10
14
1
171%
*165
Oct
3
Jan
85% Jan
4,500
145
1434
115%Mar 14
10
Louis..-100
National Acme
1
Nat Aviation Corp
5
National Biscuit..10
7% cum pref
100
Nat Bond & Invest Co .No par
5% pref series A w w
100
Nat Bond & Share Corp newNo
Nat Cash Register—.-lVh par
National Cylinder Gas Co
1
Nat Dairy Products—No par
7% pref class A
—100
7% pref class B
100
Nat Dept 8tore
No par
6% preferred
10
4,200
100
12% Jan
584 Mar
Mar 22
118
Nashv Chatt <fc St
Dec
47% July
16% Jan
10% Apr 11
Myers (F & E) Bros ...No par
Nash-Kelvinator Corp
5
Dec
I684
2634 Mar
8534 Apr 10
1
1
$7 conv preferred—No par
Munsingwear Inc
No par
Murphy Co (G C)—-—No par
5% preferred
100
Murray Corp of America—10
7% Nov
30
112%June 22
Apr
115
Co
Mulllns Mfg Co class B
Nov
100
% Apr
Apr
1
Brass
Oct
73
57% July
Jan 16
4
Nat Eharn & Stamping.No par
100
June
15«4 July
80
29
27%June 23
Nat Distillers Prod
3% Mar
May
Nov
95
4
5
Jan
39%
8
50
Nat
Apr
14
11
Mar 13
17
40% Apr 11
33
Apr 28
3,300
"
28% Jan
21%
174
*16%
400
32%
20
*143
145
2,300
6%
538
2534
26
172% 172% *169
145
500
113
112
,
97
115
15%
*113
112% 112%
*5%
6
*5
5%
*11%
13
20%
2034
6
5%
25%
25%
25%
15%
*113
113%
*5%
11%
11%
*92% 100
100
20
5%
5%
*5
9%
1534
113
112
113%
5%
534
*5%
*9%
15.%
113
14
*1234
*93
9%
170
1384
1334 ^1234
1334
15%
4,000
934
170
*166
*13
115
1,000
27
27%
11%
600
11%
10
27
10
26%
'166
93
50
*166
10
27%
170
*113
*10%
*9%
27%
*166
113
11%
*11%
11%
9%
27
3,500
18
18
11%
934
10%
27
113
18%
100
6
63s
6%
27%
27
10%
27
47
*46
47
10
50
9
3
9
40% Apr
10% Apr
1% Apr
1,800
12
6
3% Apr
Mueller
70
Feb
Apr
110
Motor Products Corp..No par
Motor Wheel—
5
300
Jan
58
Co. Inc.No par
Co
No par
Essex
Apr
55
6l%June
6% Jan
6% Apr 10
11% Apr 10
18% Apr 8
101
April
55
April
1,800
1,000
62%
*4434
<fe
5
June 16
25
Montg Ward &
Morris
Apr
684 Mar
April
zl3
$4.50 preferred..—.No par
Preferred series B
No par
130
Mar
70
7034 Jan
3% Apr 10
17 June 22
10
Chemical Co
5
1
Jan 19
46
Power lmpt.-.l
preferred
No par
10
Mo-Kan-Texas RR
No par
7% preferred series A-.-100
J Missouri Pacific
100
12% July
53% Oct
26% Jan
11% Nov
7
13% May
MarlO
12
6
June
51
Minn Mollne
MorreP (J) &
36
62
58
Mission Corp
200
43
*4%
*11%
12
*62
6%
18
24
*11%
47
6%
18
11
9%
27%
62%
46%
6%
6%
*1734
*11%
No par
series A .No par
$5.50 pref ser B w vr.No par
Melville Siioe
...No par
Mengel Co (The)
-1
5% conv 1st pref
---60
Mercb & M*n Trans Co No par
Mesta Machine Co
5
Miami Copper
—5
Mid-Continent Petroleum.. 10
Midland Steel Prod
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4% conv pref series B—100
$6 preferred
Mar
35% Mar
MarlO
10
9984June
8
7% Apr
Monsanto
260
14
4%
38%
preferred
6% conv
Mead Corp
5% conv preferred
100
Mohawk Carpet Mills—-.20
130
24
2334
Stores
McLelian
18,7C0
14
4%
*34
10
1
100
McKeesport Tin Plate
28%
12%
27%
12%
.
1034 Jan 5
59% June 15
18% Jan 3
52%
35%
*34
22%
2334
4%
3734
12
62%
*109%
*45
46%
6%
4%
_
*11%
12
62%
5%
_
*34%
"
'
62
51
22% Jan 21
6% Apr 10
800
121
121
29
23%
*4%
50%
51%
15% Apr 28
49% Apr 11
884 Apr 11
7
Apr 8
88
Jan 27
Highest
$ per share $ per share
10
Jan
20% Nov
Mines. .6
Mclntyre Porcupine
300
'
29
51%
800
*1
*1
29
*11%
62%
♦166
%
434
*%
%
30
12
*45
4%
♦%
4%
5
1%
*29
35
5%
1,400
*1%
4%
1%
51%
35%
35
62
1%
1%
*34
*11%
*109%
"_300
$ per share
Elec Co
1
McGraw-Hill Pub Co..No par
McGraw
J6.50
11%
37
22%
4%
37%
700
49
*11
*%
5134
4
*42-
11%
*13
51
110
112%
4
3%
3%
*34
*4%
4%
*4%
112% 112% *112
37
22%
23
"
*22
400
14
13%
14
*13%
40
61
13
30
*13%
111
*59
*34
*2834
*28%
*110
61
35
34
35
*34
600
23%
111
49
*1
13%
99%
1,200
*69
117% 117% 117
121% 121% *121
99
*2234
1,100
*11
*434
%
13%
99%
14
*97
7%
13%
13%
*42
1%
1
""600
*110
4
1%
%
22%
7%
680
11
%
434
*%
*7%
300
48%
11
11
1%
4%
•;i%
4%
*%
*28
*13%
28%
7%
13%
22%
61%
*42
48%
11
*13%
4
4
4
3%
3%
♦40
15
111% 111%
112% *111% 112% ♦111% 112%
♦111
*13%
800
3%
17
113
61%
61%
18
120
17%
15
28%
3%
17
28%
""360
59%
6034
60%
3%
*3%
13%
23%
7%
13%
23%
7%
58
15
28%
7%
*27%
13%
23
6134
384
18
*13%
15
28%
*13%
110
111
7%
*45
*50
1334
27%
7%
13%
400
58
59%
*13%
27%
7%
13%
*59%
8%
*50
334
9%
9%
59%
59%
17%
18
1534
9%
1,200
3,500
*58
60
334
4
58%
♦95
9934
*7%
8%
*58
100
*8%
9
9
59
59%
•22%
9%
♦95
400
7%
Year 1938
Lowest
Highest
$ per share
Par
Shares
20
68%
58%
9%
68%
*50
58
♦50
♦110
*7%
9%
8%
8%
60
*19%
734
*57
58
♦57
♦3%
*17%
*8%
8%
8%
8%
♦7%
19%
9934
9%
*95
100
19%
♦6%
10%
10
9%
*95
100
♦95
10%
*9
9%
♦834
9
100
10
10
10
934
934
♦95
*6%
58%
1939
Rangejor Previous
1
Lots
Lowest
Week
$ per share
$ per share
1934
734
5834
1984
19%
684
5734
19%
634
57%
19%
7%
58%
♦19%
June 22
On Basis of 100-Share
STOCK
EXCHANGE
the
Fridaj
June 23
Thursday
$ per share
$ per share
$ per share
$ per share
♦19
19%
Wednesday
June 21
Tuesday
June 20
Monday
June 19
Saturday
Range Since Jan.
STOCKS
Sales
HIGH SALE PRICES—PER SHARE, NOT PER CENT
for
*6%
June 24,
New York Stock Record—Continued—Page 7
3804
—
146
Pac Tin Corp (sp stk). No par
17
preferred
n New stock,
r Cash
sale.
%
8
9% Apr 8
114
April
100
100
6%
Apr
Jan 30
Apr 10
Ex-dlv.
155
May 22
25%,
v Ex-rtghts.
Jan
7
32% Mar
76% Nov
11%
Jan
5%
Jan
15% July
30
43%
Nov
Dec
19% July
Apr!
121
zl32% Mar
17% Dec
149
Nov
30
June
87
^Called for redemption.
Dec
Volume
LOW
AND
New York Stock 1
148
HIGH
SALE
PRICES—PER
3805
Sales
CENT
for
Saturday
Monday
Tuesday
SHARE,
Wednesday
June 17
June 19
June 20
June 21
$ per share
$ per share
9 per share
9 per share
9%
3%
9i«
314
*1418
*518
*'4
9%
3%
1434
6%
3%
14%
145ft
6%
*5
7g
78
46
*43
"
9%
9%
9%
3%
14%
3%
1414
14
6%
*5
*5
78
*43
78
46
45%
78
46
*10214 105
*102% 105
*102% 105
9
834
87g
834
87g
87ft
93
93
*913ft 100
93% 93%
97ft
10
97g
*934
10%
97ft
*17
*17
*17
19%
19%
19%
*112
1%
*1%
15s
lh
1%
43
*42i4
42%
4234 43%
43%
1734
1734
1734
1734
1734
1734
1?8
*15s
1%
1%
*1%
178
97ft
10
95ft
9%
10%
95ft
77g
8
77g
734
734
734
53
53
5234 5234 *5234
54%
*86
87
87
87%
8684
87%
134
1*4
1%
1%
1%
1%
*3lg
35ft
*3%
*2214
1234
*11934
2514
*22%
1234
175g
175ft
*12%
*11934
17%
*33%
*33
35
*112
34
*33ig
*22%
3%
25%
35
112
112
*111
35
*9
*33%
*2%
3
x34%
*2%
34%
3
10%
*2i8
*9
107g
*9
107ft
25%
25%
19%
203ft
83ft
*25
28
*2434
*19
20
*1914
20%
*8
18%
*1834
*8
8%
27
8%
-7%
85
h
%
%
90%
90
90
90
*130
136
*133
36
3514
*2i2
^
3%
35
*
45
*21
347ft
2%
*42%
»634
7
*634
27,
2%
*42%
*90
45
/%
27
50*2
*265g
*4512
*45%
27%
50%
*90
115
*3%
-
35%
2.%
*4212
115
*7
27
*45%
*90
136
3%
31
35%
2%
45
'
*7%
8
28
*26
62
*27
1,800
Parke Davis & Co
700
Parker Rust Proof Co
1%
*134
*1%
Parmelee Transporta'n. No par
9%
734
9%
5,000
7%
7%
7%
1%
934
7%
300
9%
734
1%
9%
Pathe Film Corp..
No par
Patlno Mines & Enterpr.Vo par
Penn Coal A Coke
3%
3%
3%
3%
300
Penn-Dlxle
25%
25%
25%
*12%
25%
500
17 conv pre! ser A ...No par
Penn G1 Sand Corp v 10 No par
25
13
14
*12%
-
*121
-
17%
35
357ft
357ft
*111
*834
8%
*2%
45
45
*79%
85
2%
37ft
*3%
*%
90%
%
91
*3%
♦21
90%
136
*133
3%
31
*21
28
400
50
10
115
5%
*4%
5%
*4%
27%
5%
8%
60 "
64
*60
27
5%
5%
5%
1,000
8%
27
*7%
8%
*7%
8%
300
*23%
*12%
15
*13
21%
21%
*18
8%
8%
1%
1%
1984
20
1934
9
*7%
*93g
9%
*9%
9%
*li8
*i4
1%
♦1%
1%
*8
8*4
9%
9%
1%
%
9%
*1%
*%
1%
*1%
*3g
1%
3g
8%
8%
8%
6,200
8%
8%
8%
25%
25%
59%
59
59%
.68 %
118
118% *117
37
377ft
37%
117
*2334
59
118
36-%
%
8
8
*8
*23%
59%
„
8%
9%
118
*1%
111
111
1107ft 111
111% 111%
125% 126
1257ft 1257ft *1247S 127
*141% 141%
141% 141%
141% 141%
163
*162% 165
161*2 161% 161% 163
*162% 165
119
*11578 119
♦1157ft 119
*1157ft 119
♦1157ft 119
26
26%
27%
26% 2634
263ft
267ft
257ft
26%
7%
73ft
7%
75ft
7%
7%
7%
7%
7%
85
81
81
*81
85%
81%
81% 81%
81%
37%
3,600
26'4
714
*81*4
75
*73i2
17
127ft
73%
17%
*12
6
578
*7834 100
64
64
17g
17«
19
*18
9
*812
73%
.73%
17
16%
*12
127ft
57g
6
*7834 100
64%
65
17%
12
12%
57ft
17ft
178
18%
8%
18%
8%
*18%
15
15
*14
15
*11%
123ft
*12
12%
2134
6
*78% 100
64% 64%
*134
*14
735ft
173ft
♦
1%
19
73%
17%
*12
17%
6
57ft
*78% 100
1%
17ft
19
*64
64%
8%
19
8%
15%
*14
12
12
*11%
2134
*21%
2134
*21%
22
*21
*17
177ft
*17%
18%
*17%
3%
177ft
3%
*17%
*3
49
*40
49
*40
8%
*7
*734
#8-3ft
*812
95ft
11
1034
*65
66%
*59
*3
*40
1%
1*8
153ft
15%
*47%
49
*45i2
50
*1112
115s
49
*21%
177ft
*17
177ft
*3
3%
*3
487ft
*40
*7
8%
*7
8%
8%
*734
8%
,.*734'
8%
8
9%
*9%
95s
*9%
9%
49
*7
83ft
*9%
11
11
1
Pittsburgh A West Va
Plttston Co (Tbe)
Plymouth Oil Co
6% pf (ser of Feb 1 *29). 100
Corp of N J—No par
Pub Serv
<5
No par
100
100
8%
100
Pub Ser El A Gas pf 96. Nc par
preferred
preferred.
6%
7%
preferred
preferred
4,900
8
No par
1st pref..No par
$3.50 conv
preferred
$2
Silk
Hosiery...
6
100
Preferred
Rels (Robt) A Co 1st pref.
200
'9%
10
1
Reliance MfgCo
11
"e'ioo
100
Preferred with warrants.. 25
20
Rensselaer A Sara RR Co.. 100
1
15%
15%
15
15%
*46%
15%
51%
15%
4978
*46%
49%
-100
47%
11%
47%
*45%
47%
♦45%
50
11%
*11%
11%
11%
11%
100
1,400
25
Remington-Rand
—
*62
66%
30
7%
42
10
5)i% preferred
6%
6%
39
39%
¥"
~~8~
7%
*7
13*4
*21i4
*7g
34%
15%
778
*7
*1334
22
22
134
34%
%
*14
*1
1%
*1
3434
6%
40%
55
3%
*25ft
*35ft
6
42%
*35ft
42%
101% 101%
8
*8%
80%
65g
3934
38%
*53
22
1%
35%
6
427ft
101% 102
110
110
115
11334 11384
12%
8%
6%
55
39%
*53
21%
*1
12%
1%
35%
3634
%
*1
*25ft
%
1%
3l->
*35ft
6
42%
4234
21%
21%
3%
*3%
6
102
102%
110
110
109
109
13
*2%
3%
35%
6" 900
%
1%
200
3%
*3%
6
42%
103
103
260
110
110
110
250
111
112
90
14
14
1,400
a
Del. d
Mfg
No par
No par
Mines
No par
Francisco—100
preferred........—100
ISt Louis South western.. .100
5% pieferred—
100
JSt Louis-San
6%
41%
X In receivership,
Dental
JRutland RR 7% pref-..100
St Joseph Lead
—10
6
110% 110%
13%
13%
Rich fie d Oil Corp
Ruberold Co 'The)
*%
*2%
10
Westphalia Eleo A Pow.
1,300
1%
*1
1
Spring
Roan Antelope Copper
42
41%
102% 103
109
13%
Bid and asked prloee; no sales on this day.
1%
Reynolds
Reynolds (R J) Tob class B.10
Rltter
35%
%
*%
*3%
*2%
11234 11234 *110% 112%
127ft
*1
*1
4,300
22
—No par
6H% conv preferred ...100
Common
7%
*20
35%
417ft
500
6,600
14%
21%
35
%
77ft
21%
Reynolds Metals Co
400
Rhine
14
♦
37%
1%
1,300
55
*7
7%
14%
1%
427ft
102% 103
12%
~8~~
14
*1
♦%
8%
80%
634
39%
*3%
"
lh
*1
39
*53
55
*7
♦
15
*1
35%
8
8%
7%
*7
*14
*6
6%
387ft
6%
3934
8%
7%
15%
*7
38
1%
3%
110
12
8
*137g
21%
7%
147ft
110
*
8%
80%
55
*53
*110%
12
8%
*78%
*3%
*%
*1
41%
*2%
.
8%
80 %
*3%
"
*
*6%J
3934
*53
55
*53
8%
*78%
6%
..100
100
preferred
6,300
Safeway
No par
Stores
preferred......
preferred..
preferred..
Savage Arms Corp
No
5%
6%
7%
n
New stock,
r
Cash sale.
100
100
100
par
*
443ft July
4
Nov
Jan
43
July
Mar
9
July
Jan
26'4 Nov
Oct
52
May
July
314 Mar
90
July
7*2
18*2 Deo
37g Mar
35
Jan
Jan
914 Nov
41
Mar
75
Nov
145
June
174
Mar
478 May
7*2 Mar
9*4 July
1634 Jan
42
Jan 14
Aug
5
20i2 Apr
11*2 Apr
52
2484 Jan
30
July
3
36*2 Jan
6
23
45
Jan
April
1534 Jan
3
6
May
7
% Apr 28
17U Apr 11
6i2 Apr 14
8
Apr
8
li8 Apr 10
i4May 1
6I4 Apr 10
7% Apr 1
Apr 10
SOts Apr 14
June 10
2
9
Mar
£J8j July
Mar
11
4
2% Jan 6
34 Jan 17
1458 Jan 6
Jan
126
Apr 25
148
Apr
4
8
7
116% Mar
23
April
Apr
1084 Jan
11*2 Apr
5*4 Apr
85i4June
63*4 Apr
8
86I4 Mar
8
9% Apr 11
22
April
65
May 10
41
May 11
Jan
Oct
lODg Apr
Apr
11884 Nov
112
163
June 20
132
Mar
1521ft Deo
II714 Jan 19
112
Jan
134
117
Nov
Sept
901ft Mar 29
81
215S May
814 May
Apr
3912 Nov
13i2 July
98U Jan
8H2 Jan
74i2 June
88i2 July
393ft Jan
11U Jan
1778June 10
7
Mar
Mar 11
9
June
13
4«4 Mar
8i2 Jan
Jan
15*8 Nov
I6I4
9i8
Jan
Oct
80
Oct
667ft
Deo
Jan
I84 Sept
1434 June
818 May
24
24i2
Jan
231& Jan
18
29 lg
Jan
183ft Jan
10% June
22
Jan
25i2 Jan
21*2 Mar 13
5i» Feb II
18
301ft
Jan
17
Jan
54
,
Mar
July
.27% Jan
618 July
5i2 Mar
Mar 20
17is Jan 5
75i2 Mar 15
72
Mar
13U June
284 Mar
34U Mar
6
Apr
113ft July
9
13i2 July
175ft July
Hag Jan 12
Apr
1034 Apr 10
65iftMay
60
April
Maris
June
9»8 Mar
49i2 May
40
Apr
1
6
Dec
11% May
39i2 Mar
38
20% Jan
4018 Jan
.
May
778 Mar
1714 Mar
58
July
11
Jan
78
Deo
69
Nov
Oct
255ft Nov
358
78i4 Nov
77*2 Nov
195« Oct
38%
Dec
77i2Mar 15
54
Jan 18
65
Apr
85
45
Deo
64*2
Jan
1434 Jan
10
Sept
17«4
Jan
Sept
7% Apr 10
7834 Jan 4
85
5% Apr 10
35>8 Apr 11
llSg Jan
6
45
Jan
4
June 14
68
Jan 31
63
351ft
105i2
141%June 20
9% Jan
934 Jan
Apr
6ift Apr
1
12214 May
Mar
27ft Jan
2214 Jan
April
47*8 Feb
Oct
Nov
37% Mar
Apr 11
59
Jan
Dec
Jan
Jan
Dec
Dec
Dec
25
677ft Jan
8
I6I4
3%
Ha
I4i2
1412
42i2
114
10
3
9
June 22
4i2 Mar
1384 Mar
3912 Mar
6014
2l34Mar 31
7
5
6
21
27
11
23
85%June
June 15
17
61s Mar
li2 Mar
i2 Oct
484 Mar
26
29
10
1
814 Apr 10
10% Apr
171ft Nov
84 Jan
8
I6S4 Jan
129
103
Dec
15
115
MarlS
31*8 Apr
Mar
la
3
8
Apr 10
112
May
Feb 27
22f2 Jan
14i2 Jan
43i2 Jan
69l2June
11984 Feb
383ft Mar
1121ft June
18
6
Jan
*38
Oct
814 July
20
71
66%
Oct
144U
Jan
April
42
Mar
14334
Mar
2012
5
42
*21%
8%
6
1
50*2 Mar
4
Jan 12
Apr
9% Jan
Jan
*37%
June
2
7i2 Jan 11
70
*62
Nov
538 Nov
2714 Mar
5
253ft Jan
24%
80%
20f2 Jan
Apr
66%
Nov
3
3014
4
1278 Apr 10
437ft
Nov
74
9
Jan
43
*62
8%
797ft
65g
395ft
5
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Co pper A Brass ...... 5
Class A
10
*37%
83ft
June
Republic Steei Corp...No par
66
43
418 Mar
32
Sept
451ft Mar 15
86ft Mar 14
27f2June 19
50
Jan
Mar
114
321ft Mar 23
4334 Jan 3
3U Mar 29
I84 Jan
6
;
41
80%
4
Mar 31
JReo Motor Cat
65
8%
100
Reliable Scores Corp.—No par
41
a:80%
Jan
13ifi
14
Apr 12
70
8%
7
July
Jan
1734 Nov
71s Apr 10
22
Apr 4
12%May 22
72
42
81
1
67
100
No par
5% conv preferred..
Puilty Bakeries—
Quaker Stato Oil Ref Corp.. 10
Radio Corp of Amer...No par
*66
8*4
Mar
173
June 21
*41
*7978
3
154
5
Jan
Apr 11
7
67
*22%
%June 12
Apr 27
5
81
65
25
Mar 31
4
—100
70
*21%
6
Apr
No par
43
*21%
12
8
No par
preferred
6%
*41
26
2i2 Apr
Pullman Inc
Real
8%
11
Mar 27
1031ft Mar
Oct
614 July
8*2 Oct
47*2 Nov
90
Pure Oil (The)—
*66
*22%
...5
,.60
No par
Procter A Gamble
i"§o6
3,100
10,400
*21
25
5% conv 1st pref..
6% conv 2d pref
96 preferred B
*4$%
11%
No par
Pressed Stem Car Co Inc.——1
49
1
483ft
No par
*66
1
11%
Poor A Co class B
*60
1
*47%
100
No par
—5
11%
1
11*8
24%
11%
100
65
1
15.%
..100
5% pref class A.
66%
*60
50
No par
11
11%
66%
65
153ft
preferred
66%'
*65%
*46%
conv
7% pref class B
"
3%
*9%
*60
.
3
6I4 Apr 11
23
Apr 18
35t4 Mar 27
100
66%
48
15*
47%
*45%
26
Jan
900
65
1%
Mills
3H4 Apr 10
2% Jan 9
36
11%
*65%
1
100
82f2May 19
May 19
15
*60
,1%
1534
47%
No par
!
2%June 22
4
Feb
II584 Deo
Apr
1*4 Apr
2i4 Mar
*4 Mar
75U Mar
6
3
% Jan
Jan
31
484 Jan
17&8 Mar
8ift Mar 14
4
Dec
24ift
43
60
Feb 27
157g Nov
121
88*8
Mar
8*2 Mar
784 Mar
9
Mar lO
10
July
17»4 July
30
25
ReadlDg
—60
4% 1st preferred........60
4% 2d preferred...
60
8
20i2June
Jan
55g July
42
Feb 16
100
*7
7
Feb 17
15
*40
Jan
Mar
2ift
30
2218 Mar
134 Mar
6
314 Jan 24
17
86
U2 Apr
16*4 Apr
66%
11%
M500
177ft
9%
8
47
X Kadlo-Keith-OrpheumNo par
Kaybestos Manhattan.No par
Inc
.
1
8
110
8
Bayonler
21%
8%
Deo
7
500
17ft
'
Mar
1418 Mar
19i4 Mar
8
800
*3
357sJune 22
1161ft Mar 14
408ft Feb
10
12018
4
Jan
8%
*17%
9
Mar 15
24% Jan
U2 Apr
No par
Plttsi.urgh Steel Co
900
6
*21
16i2Mar
124
50
19%
11%
8
15
8%
*14
Mar
MarlO
1%
19%
61
*65
-
11
6,100
4,900
12%
*78% 100
64
64%
3%
*40
3%
11%
21%
11%
*734
*9%
107g
"
,
15
*14
*7
61
61
*3
17%
57ft
19%
8%
8%
15%
167ft
17ft
1%
19
8%
12%
21%
*
64%
*
8%
72%
*12
33
2*2 Mar
1012 Mar
6
MarlO
50
300
6
57ft.
*7834 100
64%
12%
"5", 166
85%
727ft
7%
17
16%
*12
12%
40
27%
7%
26%
73
73
73%
700
300
*1157ft 119
*81
85*2 July
5i8 Jan
Deo
41
166
230
5,600
1,000
112% 112%
*11578
May 10
7% Apr
No par
$5
100
*125
126%
*140% 141%
*162% 165
141
2
585ft Aug
Mar
50
Class B
38%
125% 1257g
141
3012 Apr 11
Mar
1%
34
Porto Rlc-Am Tob cl A.No par
118
*117
110% 11078
*160l2
i
2,100
59%
110% 110i2
141
Apr 17
13*2 July
55
8
Pond Creek Pocahontas No par
26
*12412 125%
*139
1,600
1%
♦
38
37%
4
10%
h
8
Feb
111
Pitts Ft W A Ch 7% gtd pf 100
Pitts Screw & Bolt
No par
200
25
*8%
"*24%
8%
8%
25%
59%
,
9 7
*8
10
24
145ft Nov
41
134 June 17
8
Pirelli Co of Italy "Am shares"
%
8
8
118%
36%
20
9%
*8
59
36%
*19%
9
*1%
*%
8%
118
3,280
1,300
1%
93ft
h
59
8%
20%
9
April
19
Apr 11
12
Apr 8
120%June 20
15*4 Apr 10
July
57i2 Jan
Jan 18
6*4 1st ser conv prior pref 100
*7%
19%
3
30
89i2June 23
Apr
Hosiery
Plllsbary Flour
•
197ft
8%
2434
20
8%
*1
-
9
*8
Oct
Apr
22
1%
Oct
284
75
30
18
*18
834
*7%
27
26
18
*8%
1U
9
50
----
5%
1%
Oct
1% Mar
3*2 Mar
884 Mar
26ft Feb 25
IDs June
11*4 Mar
36
50
64
*60
*169%
5%
26
Oct
21*2
Apr
Pittsburgh Coal of PAr
100
6% preferred
...
_10d
Pitts Coke A Iron Corp No par
5%
60
33ft
423ft
Mar
4484 Jan
Petroleum
Dec
131ft July
13
Jan
7%May 19
584 Apr 10
Phlla & Read C & I
Deo
135ft Dec
1*2 Mar
31*4 Mar
238 Jan
Mar
15
pieferred..
Feb
2
Aug
6U8 Nov
914
19
16
17
No par
Oct
Deo
43i2June 13
Apr 11
1178 Apr 10
1% Jan 26
634 Apr 10
7f4June 12
48
Apr 10
74
Apr 10
*4 A pr 3
28'8 Apr 11
preferred
Jan
18U
103
6% Mar
share
6
102
21
tPMla Rapid Trans Co
157ft
Mar
65
100
100
.
Phoenix
Mar
per
8884 June
584 Mar
Jan
Phelps-Dodge Corp
25
Philadelphia Co 6% pref.—60
Phillips
4
Puts C C & 8t L RR Co.—100
*4%
17034 17034 *169%
29
Jan
Feb 14
141ft Jan
107i2 Jan
1358 Jan
No par
Pierce Oil 8% conv pref—.100
50
*27
60 f2
104
Mar
3U Mar
I684 Dec
6i4 Nov
1
Sept
6i2 Mar
173s Mar
prior preferred
pieferred
Preferred'
*90
10
434 Jan
36
Apr 20
7%
*7
5
3
163s Jan 4
634 Jan 20
lf2 Jan 6
1178 Jan
Highest
,
share 9
26
25
31
5%
53ft
734
734 April
Apr 14
11* Apr 4
Lowest
per
18
Mar 23
50
28
*45%
*90
Apr 10
3
115
*27
50
80
Phillips Jones Corp. —No par
7% preferred
1
100
3%
200
28
May 10
678 Apr 10
126
5,000
115
% Apr 1
4H2 Apr 14
100
5% conv prof series A—100
3
*90
lOt* Apr
5% Apr
8
1
1
Philip Morris A Co Ltd— M0
35
*45%
Apr
Petroleum Corp of Amer
.6
Pfeiffer Brewing Co.—No par
45
7%
3
100
34%
*2%
*7
9%June 17
2,600
*42%
7%
J00
9 per share
91
3
9
20
36
*3%
35
..100
Highest
9 per share
138
90%
'*133
45
1%
*7i2
""800
*2%
834
*1934
11734 11734
%
*42%
7s
*23%
5%
7%
3
8%
24%
6%
37ft
45
3434
50
Marquette
$6
35
78
*778
600
""50
2%
*21
31
No par
Peonies G L & C (Chic) —100
85
%
3%
*3%
8%
59
44%
6,000
343ft
*1234
8%
500
7
*2%
*42%
*19
*%
'"206
8%
*2%
*3%
90%
138
No par
Pet Milk
44%
37ft
h
Cement
10
Peoples Drug Stores..-No par
6M% conv preferred
100
50
34%
*79%
2%
No par
Corp
97 conv pref
Pennsylvania RR
210
16%
60
734
2%
*•%
15
8
27
*13%
171
53ft
*2%
*3%
No par
Penney (J C).„.
Pere
7
45
85
Penlck & Ford.
Peoria A Eastern
34%
34
45
22
%
300
3
10
*8
-
7
33%
*80
*13%
20
50
*9
8%
7
7%
347ft
*1834
78
•
34%
34%
3
10%
*8
8%
*7
343ft
15
9
500
112
34%
*34%
11,000
3534
*111
112
*2%
22
7g
20
17%
17%
35%
17%
112
200
14
*121
1734
3
*13%
36
600
107ft
*18
587g
5,900
1%
34%
14%
*23%
50
89%
*1%
*9
22
*8
56
89
lh
34%
*2%
*18
834
56
88%
1%
16%
60
♦27
28
56
3%
*3%
136
1
2.50
88%
88%
'
1%
*111
No par
1,400
1,000
55
87%
25
1
1%'
55
*12*2
,
9%
*13%
171
5%
734
5%
*75g
~i~,566
17%
*1%
43
16%
*4%
*59%
1%
43%
*17%
1%
16%
*4%
10
17%
3%
*1334
*167
1,600
100
43%
1%
*2%
16%
5%
5%
1st preferred
6% 2d preferred.:.
17%
3%
*1334
"
*5%
6%
500
19%
*2%
3%
1
43
*17
19%
3%
*2%
100
Paramount Pictures Inc
17%
*17
*25ft
*1334
3%
new.
.No pat
preferred
43
lh
♦27
*25g
62
*59i2
*163
10%
conv
17%
*134
27%
50%
115
5%
*412
4%
43
*7
15%
*14
Paraltlne Co Inc
Park & Tdford Inc
Park Utah CM
*17
7%
3%
*2l2
Panhandle Prod & Ret
"
*7934
378
'
10%
10%
97ft
.
19%
*3%
31
94%
20
378
*21
94%
*18
*3%
*%
31
951ft
7,600
10
No Par
Airways Corp
..5
Pan-Amer Petrol & Transp..5
20
9
*19%
37g
*21
8%
*24
45%
334
9~~
87ft
93%
19%
*3i2
%
*3%
200
—
27
2%
3%
10%
"moo
•
20
*2%
*3
*93%
*102
*18
2%
89%
9%
97%
10%
19%
1%
*46
48%
"
*24
8%
85
135
9
%
48%
%
7ft
*84
*46
*19%
*2%
89i2
34
46%
102% *102
6%
19%
2%
*130
*5%
Pan Amer
20
"*214
%
6%
6%
1,400
14
27
45
*79%
137ft
*18
45
♦443ft
137ft
900
9,200
*25%
19%
3434
84
1334
*5%
9%
3%
9%
3%
19%
7
45
3%
10
20%
343ft
*44-%
*67g
34
3%
Range for Previous
Year 1938
Lowest
Par
Pac Western Oil Corp
Packard Motor Car
19
7
7
34
Week
*9%
14
Range Since Jan. 1
On Basis of lOWShare Lots
Shares
*1834
34%
*634
33is
♦
3
share
3%
34
463ft
13
125ft 13
120% 120% *11934
17% 1734
17%
35
3334 3334
18
per
EXCHANGE
$ per share
June 22
$
STOCKS
NEW YORK STOCK
the
Friday
June 23
934
102
*
13
112
112%
3%
33ft
25%
934
3%
PER
NOT
Thursday
4
Mar 13
77i2
Dec
4% Mar
3334 Mar
6U4 Jan
6
Aug
5
Mar
94
Jan
12i4 July
46i2
Jan
58i 2
jan
8i2 Jan
97g Nov
6% Apr 11
0%May 2
1314 Mar 31
IOI4 Jan
9i2 Jan
16*8 Jan
7*2 Apr
14% Mar
2084
Jan
18i2 Apr 11
84 Apr 8
2714 Apr 11
«8 Apr 6
34
13
Mar
33i2
Dec
Dec
2i2
4914
Jan
1
Apr
4
134May
3
33gMay 6
27«4 Apr 11
82i2 Jan 4
96
Jan
3
104i2 Jan 11
1034 Apr
Ex-dlv.
y
11,
Jan
84
1*4 Jan
25ift May
463i Jan
84 Jan
2
«8
1»4
314 Jan
4
Dec
lift Mar
Jan
Apr 28
37ft
Deo
Dec
453gJune 10
103 June 21
12
Mar
58
Mar
111
13*2 July
Oct
13g July
33ft July
5% Jan
7*4 July
29»4 Nov
83ift Dec
June
9
68
Mar
99
Nov
110%June
7
79
Mar
108
Nov
I8I4 Jan
3
884 Mar
19
Jan
Ex-rlghts.
1 Called tor redemption.
Monday
$
Wednesday
Thursday
Friday
the
June 20
June 21
June 22
June 23
Week
13%
73
%
*5%
6
5078
*115% 117%
%
%
1%
1%
6%
51%
51
110
*5%
share
116
75
8S
*1%
18%
*2%
3
*2%
75%
15%
12%
*51%
76
757S
76%
1584
*43%
75%
15%
117g
65%
4%
46%
9%
9%
15%
1178
♦51%
♦4
4%
1234
*4
h
3
1278
*51%
60%
*50%
4%
4%
45%
4
4%
*44
45%
*44
5%
5%
23%
5%
*22%
23%
23%
*3%
*17%
3%
3%
18%
*17
18
21%
*20
2078
3%
*17
♦3%
95
20
*17
18
*17
20%
*20
21
*94
96
93
*82%
100% 106%
14%
14%
11%
,*10%
19% 20%
107% *105% 107% *105% 107%
107% *105
14%
14%
14%
1434
1434
*13%
14%
*13%
11
11
11
10%
10%
*10%
10%
10%
20%
2078
20% 20%
19% 20%
1984
19%
1178
11%
1178
11%
1134
11%
11%
11%
1%
"178
1*4
1%
178
178
1%
1%
21%
*35
37%
39
39
4
4%
72%
68%
66%
66%
2
*178
7%
7%
*7%
42
42%
1678
4234
14%
21%
2
19%
19%
20
20
20
1978
48%
*47%
48%
47%
48%
48
11%
1178
1178
12%
12
12%
11%
68
69
69%
68%
0°
69%
23
23%
23
6%
:t22%
23%
*107
6%
*13%
*17%
14%"
17%
24%
24%
47
~42%
18
18
26
26%
25
2478
*
47
"42%
*23%
43%
24%
*24
43%
2484
76%
76%
77
77%
7%
*4%
7%
778
4%
*4%
10%
6%
1078
6%
52
*50
*24
77%
778
778
11
10%
634
6%
*51
*24
25
24
2
2
2
13%
13%
14
28
28
107g
878
25%
2
2%
684
684
52
*50%
*127%
878
26
25%
2%
*2
16,400,
*13%
14%
13
13
*13
*27%
28%
*27%
28
*27%
*7%
8%
1778
1734
26%
2578
I77g
26%
26%
*5%
5%
484
6%
42
42
*484
5
5
5%
5%
*5%
*4%
6%
*5%
43
*41%
5
*4%
700
1,800
5
*434
6
*18
60%
4
*58
4
*3%
4
*384
4
34%
*34
34%
34%
34%
34%
34%
3%
18%
*3
3%
3
3
3%
17%
134
18
3%
*18%
3%
*3
*58
*3%
*33%
*3
*17
*184
*3
23%
*178
*9
2%
3%
23%
5
*434
6%
38%
4%
28%
4%
28%
4%
283,}
4%
28%
778
28%
28%
8
8
8
8
8
15
*13
15
14
19%
*1734
19
*1734
60%
60
60
*58
.
6
57g
38%
28%
*3%
17%
1%
*3
*24
24%
7%
7%
18
7%
15
*14
*17%
2,100
1,300
4Q0
*58
60%
*58
200
1984
00%
19%
2
*3
3%
23%
300
8,900
13,900
3,400
15
1984
*1%
24
*178
6% preferred.
Sunshine Mining Co
2378
V
384
3»4
*384
34%
3
'J
„
100
34%
3
m
5
34%
3
3
100
^..10
Swift & Co
2
*1%
17
Symington-Gould Corp w w_ 1
Without warrants
__..l
(James)
by % preferred
'
9
50
.
Telautograph Corp
Tennessee Corp
Texas Corp
*3
3%
23%
23%
Texas Pacific Coal & Oil
$3.60
conv
pref
The Fair
14
3
Thompson Prods Inc..No par
17
700
*9%
10
200
2,300
Tide Water Associated Oil.. 10
*90%
93%
*90%
93
*90
*1278
13
13
13
13
93%
13
*40
41
40%,
40%
4034
41%
578
578
8%
8%
578
9%
1,600
2,100
Timken Roller
578
578
8%
8%
*6
6%
*6
884
*6
6%
6%
2%
2%
2%
2%
2%
*75%
7678
*75%
7678
75%
*3
3%
*7
19%
JSt
31
*3
•
V
19%
30%
*29%
*2%
*25%
884
*2%
3
*29%
*2%
27%
26
*44%
46
8
884
2%
8%
77%
*115%
16%
78%
93%
8778
*217g
3584
10%
♦17%
*116%
*56%
*16
♦
*7
1984
8%
*2%
46%
*8
79
30
*2%
31
30a4
3034
*30
3
*2%
2%
*30
3
*2%
26
48%
4834
48%
8%
8%
8%
79
7984 80%
116% 116%
16%
1634
95%
96%
94%
8734
22%
87%
36
22%
3578
36%
10%
10%
10%
3684
IO84
18
18
Bid and asked
19
22%
18%
9%
284
48%
8%
7984
37
11%
18%
♦117
$1.50 preferred
96
'
78%
79
Union Carbide & Carb-No par
7,300
17,100
700
58
58"
*5634
58%
*1584
16%
*1578
16%
57%
16
*56%
16
{ In receivership,
a
"""loo
500
Def. delivery,
Apr
11
No par
13% Apr 11
100
United Carbon
New stock,
Jan
13% Nov
1% Mar
r
Cash sale,
x
Ex-div
y
65% Mar 10
Mar 13
Ex-rights.
Oct
70% Nov
15% Aug
Mar
907g Nov
57
119%June 16
20
6
7% Mar
41
Jan
12% Jan
90% Jan
23% Jan 5
42% Feb 25
13% Mar 4
18%June 21
33
United Carr Fast Corp. No par
n
Jan
Mar
20*8 Mar 28
No par
Jan
6
06
778 Apr 11
1578 Feb 24
112% Mar 13
52
Apr 8
Preferred
6%
6
100
United Biscuit
47g July
91
Nov
44
116%June 20
19«4 Jan fi
104
Mar 4
89
Mar 8
5
5
Oct
12% Nov
Mar
113i8May 17
16%May 2
8U2 April
78
Apr 13
-
10%
16
No par
United Aircraft Corp
Un Air Lines Transport
Jan
Mar
Jan
484 Jan
Union El Co of Mo $5 p' vo par
Union OH of California
..25
100
12%
4
12% Jan
40
4% preferred
Dec
July
684 Apr 10
65% Apr 8
Union Pacific
5%
38
44
*117
1634
1
Union Tank Car
55% Nov
15% July
July
98
25% Mar
2% Mar
Union Bag & Paper....No par
900
19% Nov
31% Mar
3% Mar
3% Jan
30
Under Elliott Fisher Co No par
900
Mar
34% Jan
700
1,700
8
6% July
287g Nov
4
July
19
July
Apr 11
15s Apr 8
17% Apr 11
7% April
100
.
Mar
Mar
Mar
Mar
Mar
Apr
15% Nov
1,900
8,500
2,900
Jan
Mar
28% Nov
Apr 27
79%
2%
1,
5% Mar
*2%
787«
Jan
6% July
18«4 Nov
16% Mar
Mar 28
8%
Oct
Oct
57g July
26% Jan
2
49
July
3%
8%
1%
534
10%
77%
Apr
2% Mar
77
June
Jan
No par
8%
Mar
47b
1078 J n
47b Jan
Ulen & Co
*4734
Apr
2% Mar
15
Oct
Feb
1384 Jan
700
8%
9
3
3
784 Jan 10
10% Jan 3
88
1,900
2%
4734
Feb
18% Jan
54% Jan
Apr
28
No par
Twin Coach Co
3
Jan 4
Jan 3
Mar 10
Jan
Apr 10
234
2%
4734
8%
11%
Deo
3
10
165s April
Twin City Rap Trans..No par
Preferred
2
Jan 10
Apr
9%
.
Jan 10
Mar
6
9%
*117
this day.
200
3
378
28%
384
15%
14%
Jan
9%
9%
5878
2%
35
3
10
20th Cen Fox Film CorpNo par
200
31
7
4
27%
*1584
on
2,800
19%
74
No par
Truscon Steel
Jan
Mar 31
25% 25%
*5034
sales
Truax Traer Coal
2
9
63% June
278 Apr
21
8
300
16
no
300
'
Apr
2%
*23%
587S
prices:
300
116% 116% *116% 117% *116% 117%
16%
16%
16%
16%
16%
16%
95% 96%
95%
9534
94%
95%
87
87
87% 87%
8734
8678
22% 2284
22%
22%
*22% 2234
37
36% 37
36%
37%
36%
11
11
11%
11%
11%
11%
18%
18%
18%
*17%
18%
18%
87%
22%
*117
26
2
Tri-Continental Corp..No par
$6 preferred
..No par
8%
19%
par
4,100
*6%
19%
Bearing. No
TransamericaCorp...
Transue & Williams SflNo par
3%
8%
10
Transcont'l & West Air Inc..6
*3
2%
No par
300
*75
19%
"
pref
5,300
3%
8%
75
1
*7
2%
94
2%
75
conv
Timken Detroit Axle
6%
9
«
2%
7678
3%
*6%
9
8734
2%
7678
3
2%
22%
16
6
9
88
*5634
*878
6%
2%
2%
93%
17
9%
*6
19%
27%
17
5878
9
6%
878
834
2%
46%
8%
7934
*117
6
3
8%
16%
18
42%
*534
*2%
19%
*26
116% 116%
16 84
41%
57g
*74
30
3
4I84
584
2%
75%
19%
20
41%
578
9%
3%
*3
3%
8%
1278
41%
584
878
6%
"
12% Aug
4% Feb
U2 Jan 17
Thompson-Starrett Co.No par
$3.50 cum preferred.No par
12%
57g
38
Mar
6*4 Mar
484 Jan 10
1'4 Apr 10
7% Apr 10
IU4 April
87
April
1034 Apr 10
34% Apr 11
5%May 10
6% Apr 10
5% Apr 10
10
$4.50
Mar
7
40
Apr 10
900
26
Jan
9
Mar 22
Ry
Thompson (J R)
Jan
32% Jan
10% Jan
578
56
1
preferred
conv
Third Avenue
300
8
49% Aug
.
3% Apr 11
32i2 Apr 11
2% Apr 10
100
,12%
12%
6% June
32% Mar
2% Mar
6034
„
Jan
Oct
48% Jan
5>4 Jan
May 17
12%
91%
378 Mar
9%
60
10
93%
13%
4% Mar
Oct
49% Nov
Jan 28
12%
93
Apr
56
10%
*1284
*41%
Mar
8%
26
12%
93%
5
34
Nov
10% Nov
25%
*9%
1278
378 May
2934
Mar
1278
*90
434 Mar
July
15% Aug
21
Mar
1,600
2%
22% Mar
32
13
10
$3 dlv
3
Mar
Oct
4% Aug
23% Nov
15
100
.25
_
12%
91%
1234
8% Jan
6% June
15
Oct
14% Mar
Marl6
10
2%
6% Mar 11
1778 Mar
Oct
43%
21
12%
,
42% Jan 24
I84 Mar
884 Mar
9%
66% Dec
128
22% Jan
10
2%
10% Jan 4
8% Jan 4
7% Mar 11
Feb
8% Dec
17% Mar
3
12%
*2
1978 Jan
28% Mar
6
4
14
13
19
27
Mar
I684 Apr
Preferred
60
3
3
3% Mar
45
119%
658 Apr 11
1134 Apr 10
Co....100
Mfg
j
10
2
Jan
17% Nov
No par
No par
Texas <fc Pacific Ry
12%
2
Dec
11
6% Mar
50% Nov
No par
Texas Pacific Land Trust...
Tatch
Apr 10
7i2 Apr 10
10
*9
2%
12%
10% Jan
3% Apr 10
26*4 Apr 10
Texas Gulf Sulphur....No par
12%
17g
71% Nov
30% Mar
35
Texas Gulf Produc'g Co No par
10%
'2
58% July
34% Nov
Mar
22% Jan
4% Jan 26
4
Apr 8
Apr 8
5
25
Thermoid Co
400
"
23%
23%
17% Mar
38% Jun
3% Jan
5i2May 23
35% Apr 26
5
(The)
400
134
3%
3934 Mar
3
Jan
11% Jan
2534 Apr 11
45s Apr 10
4
Apr 8
12%
•.
75s April
Apr 8
2
Apr
1
10
Apr 10
25
Apr 8
8
Apr 4
25
Swift International Ltd
300
19
19
19%
*3
347g July
35% Jan
66
22
"
*18%
*1%
28
Mar
25% Mar
2484 Mar
32% Apr
128%J.une 17
120% Jan 27
100
10
Superior Oil
"100
60%
34%
46
par
Superheater Co (The)..No par
Talcott Inc
7%
*7
*13%
*17%
Apr 28
5% Apr 10
Apr 8
1
No
Sun Oil
20
8
15
134
23%
4%
28%
8
7%
7%
38%
19%
3%
134
2
.
38%
No par
Sweets Co of Arner (The)...50
434
434
578
38%
584
38%
4%
*7%
Stone & Webster
1
Sutherland Paper Co
6%
5%
7%
Stokely Bros & Co Inc
500
43%
3834
4%
28%
..5
Stewart-W arner...
300
*5%
5%
13
Jan 19
Mar 14
Jan 5
Mar 9
63% Jan 3
8
April
7
Apr 8
35s Apr 8
85S Apr 8
10
Superior Steel
*41%
15
7%
4U8May 22
23
4
43%
38%
Jan
July
July
4% Mar
10% Sept
4
43%
*5
Jan
11%
Jan 20
Feb 6
10%
20%
24%
30%
29%
50%
Jan
*5%
*41%
'
438
25
600
3878
4%
8
Standard Oil of N J
Feb
5%
8% Mar
534
19
8
46
Jan
107%
Mar
Studebaker Corp (The)
434
*7%
*13
4%
2878
23% Apr 11
10
9%
Mar
6
534
5
*484
5%
25
$7 cum
No par
prior pref....No par
Dec
2
6% Mar
17% Jan
434
*18
4
2878
*778
38%
Standard Oil of Indiana
No par
Dec
1578
70% July
31
July
94
3
May
6
5%
38%
4%
28%
*778
7%
*13
5%
38%
Standard Oil of Calif..No par
$4 preferred
$6 cum prior pref
45%
June 17
7% Jan
108
June
484
6%
*41%
4
5
4%
6%
4% July
5% Jan 20
8
Jan
2i2 Apr 1
434 Apr 11
10
April
13% Apr 10
25U April
0
5%
43
*41%
Apr
98
5
6%
*5%
5
*4%
6
No par
{Stand Gas <fe El Co...No par
6% Mar
48% May
12% Mar
12% Jan
6% Jan
4,100
'
*5%
*4%
30% Mar 10
No par
$4.50 preferred
ft
8
1812 April
1
Standard Brands
June 22
16% Mar
75% Mar
49
534
18
27
9% April
Apr 4
79% June 23
484
1778
26%
4
65
*5%
*4%
I784
27%
Mar
20% Apr
584
484
17%
27
Oct
Jan
2
Sterling Products Inc
2,000
3,100
1,200
17%
27
4
46
Mar
3,900
1,000
26%
17%
40% Nov
«
Starrett Co (The) L S-.No par
100
28%
8%
1734
*7%
Dec
17*2 June
2% Sept
3384
26%
2%
13%
8%
8%
Dec
3334
29
3,100
2,500
1,100
7,900
ft"
14%
1778
Square D Co class B
8% Feb
60
2
No par
Standard Oil of Kansas
60
28%
26%
$3 conv preferred A .No par
Spiegel Inc
Conv $4.50 pref
1,400
678
*7%
*7%
17%
4
4% Mar 14
72% June 19
3% Jan 5
Jan
23%
50
6,100
7,200
52
87g
39% Mar
22%
Apr 17
12,900
11%
128
4
4
42
1,600
478
128
33% Jan
Mar
820
8
25%
2
27
,
778
*13%
*27%
8%
*7%
.
-
23% Jan
Apr 11
Mar 22
784 Mar
29
Mar
280
79%
4%
"8%
25
2%
-
5% Mar
8% Mar
Apr 11
227aJune 23
25
5
684
52
678
52
M
884
2484
2
28
8%
8%
2434
14
28
634
*51
43
8
11%
July
April
13,800
25%
*4%
11%
25
11
10,100
18
*7%
11%
Nov
July
'
778
478
*128
*»
884
24
2
*784
7
51%
51%
*128
8%
778
4%
11%
Jan
141
11
47
79%
27% Mar 11
215s Jan 4
8
Jan
Jan
128
4
49% Dec
17% Nov
'
*2334
Feb
28
19% Mar
9% Mar
1
24
26
79
141
Jan
3%
Mar
2584
24
1% Mar
15% Dec
20%May
Jan 24
Nov
15
16%
Jan 10
3
Apr 17
19% Aug
10*4 Mar
15% Mar
100
78
Mar
8% Mar
4
19% Dec
2,000
24
10
June 10
1334 Jan
9
3
6%
79
17% Mar 11
21
Oct
477g Feb 18
278
2434
-78%
Aug
21% Jan
14%
4234
Oct
24
4
6%
43%
105
Apr
Apr
14%
1734
*24
11%
6%
52
128% 128% *128
8%
8%
8%
"43"
May
13
2i2 Jan 25
35i2 Jan 17
134 Apr 10
1
& Sons No par
Corp (The) vtc,
1
Spicer Mfg Co..
No par
300
2378
91
36
107%
47
106%June 7
17% Mar 11
434 Apr*l
14i2 Apr 8
*234
25
122
Sperry
234
634
43%
4%
11
2478
*
47
8
*4%
'
25
Nov
98
Mar
Spencer Kellogg
14%
1734
26%
"42%
78
4%
1734
2578
Jan
3484
Apr
45
Jan 18
34
Spalding (A G) & Bros .No par
1st preferred
100
3% Jan
24% Nov
Feb 21
101
Apr
Mar
Mar
Jan
9%
35% Nov
x84
1% Apr 6
14
April
5% preferred.
100
Mobile & Ohio stk tr ctfs 100
Jan
Jan
95% Jan 19
Mar
Apr
Spear & Co
800
6%
Mar
183s July
Oct
Sparks Withlngton....No par
6,400
63s
6%
6%
234
14%
18%
22
107% *107
*14
26%
2434
43%
2484
42%
69
22%
69%
2234
7
+
47
•
69
18%
25
2434
*
11%
434
12%
2%
1478
18%
Jan
Jan
Oct
283s
106%
200
4234
2278
4934
117g
69%
2234
*49
Jar
8
113s April
No par
Southern Ry
7
10% June 13
12is Apr 8
10i2 April
-..25
100
Southern Pacific Co..
49% Nov
12% Nov
Mar
April
23%
10%
IDs
15i2
Nov
70% Nov
Aug
684 Mar
20% Apr
Mar
Apr
127
23
9% Nov
10
101
Co Inc. 15
South Am Gold <fc Platinum.. 1
So Porto Rico Sugar-_.No par
8% preferred..
...100
Oct
July
Mar
93
70
Socony Vacuum Oil
Jan
18
36
June 22
3234
3%
2134
29%
5%
80%
3
Feb
92
.
Mar
Jan
3
July
27% Feb
7f
500
•
734
17„
22
1178
—No par
10
Sirnonds Saw & Steel..No par
Skelly Oil Co
25
6% preferred
100
Sloss Sheffield Steel & Iron. 100
$6 preferred
No par
Smith (A O) Corp
10
Smith & Cor Typewr..No par
Snider Packing Corp. .No par
Mar
45% Mar
15% Jan
434 Apr 11
I7i2 Apr 10
2i2 Apr 10
16i2 Apr 11
18i2 Apr 8
Coalition Mines. .5
Mar
Mar
Dec
107
1
May
Oct
Dec
Jan
10
5
II84 Feb 24
38
507«
H384
9% Mar
5
50% Feb 16
5
Dec
47
7% J*n
6
10% Nov
Mar
■
Jun 11
69
105gMay 17
Simmons Co
Southern Calif Edison
2134 Ji.n
8
Jan
3
3434 Mar
112%
%
1%
15%
284
18% Jan 10
April
Jan
Feb
184 Nov
600
2
42%
50
2534
1834
20%
,26
26%
42%
22%
278
840
*7%
*16%
6%
5,800
*178
734
17
Sliver Pfing
100
4%
11%
6%
1,600
7,600
7,500
5,500
68%
4
68%
2
40
.
39
*34
4%
4984
107% *107
300
1278
l47g
2134
23
678
*1378
15
*14%
900
2678
1434
21%
20
*2«4
684
6%
6%
15
19,800
2
69%
107
27g
234
278
278
6%
2%
23%
0%
0%
6%
*107
108
108
6%
6%
11%
72
*16%
4134
12%
68
300
4,000
20%
1134
12%
17$
4078
19%
*47%
400
14%
11
20
39
*7%
734
17
42%
*14
*10%
2634
4%
69
427g
20%
49%
41%
80
21%
*34
17
100% 106%
1478
12%
4%
2
140
2634
13
2634
70%
1678
400
9934
2
178
19
18%' 18% *18
14034
14034 14034 *140
39
4%
70%
4%
7%
2
7%
*16%
41
*34
71
1678
2
2
6%
16%
4%
95%
93
2
22
21%
2178
400
95%
1178
11%
18
1734
*17% 1784
1734
1734
*17%
*17%
141
141
*140
*140
*140
14034
*138% 141
27
20%
2678
*26%
26%
20%
2078
*26%
13
1284
12%
12%
1278
13%
12%
12%
15
15
15
14%
1478
14%
1478
14%
37%
4
June
,
101
100
preferred
Slmms Petroleum
18
*19%
*105
2134
3%
300
3%
3%
5 y, % conv
2,000
1,600
534
93
*82%
*
37gMay
43
No par
Shell Union Oil
200
23%
534
23
18
*94
93
21%
57g
96
95
21%
*37%
23%
*234
3%
,
9%
20
*82%
20%
38
*5%
*23%
57s
2334
5%
534
23%
93
26%
-
Apr 10
April
1014 Apr 11
54%May 22
4,100
95
*13%
17%
1,500
4.
8
Feb 21
Apr
28
*83
6%
600
1618
2%
6OI4
1U>8
Sheaffer (W A) Pen Co.No par
9%
9%
38
38
*9278
278
1534
12%
% Apr 25
1
Apr 8
30
*9%
984
*37
93
108
16
4
27%
85
June
% Sept
10% Jan 25
6l%June21
117%May 29
84 Jan 5
2% Jan 5
223g Jan 5
3% Jan 6
77% Mar 13
8
Jan
39
38
*37
37
95
6%
17,700
4,100
Apr
1384 Sept
62
Jan 20
1
334 Apr 10
45
113
No par
No par
J Seaboard Air Line
No par
4-2 % preferred
100
Seaboard Oil Co of Del.No par
Seagrave Corp..
No par
Sears Roebuck & Co—No par
Servel Inc...
1
Sharon Steel Corp... r.No par
$5 conv pref
.No par
Sharpe & Dohme
No par
$3.50 conv pref ser A.No par
8
*83
108
60%
15%
*12%
4%
*927g
♦22%
77%
100
1778 Mar 9
751* Mar 15
®8 Apr 10
Shattuck (Frank G)...No par
3%
*178
76%
1234
46
18%
6%
*1584
3
I534
984
20%
4
700
*2%
60
*44
984
*17
65
1,900
per share
1134 Apr 10
Apr 14
Highest
$ per share $ per share
$ per share
67
1,200
9%
*1934
*34
%
1%
19%
70%
1534
12%
4
4%
46%
*%
*1%
*18%
3
75%
70%
*51%
60
%
5
100
1
100
tSchulte Retail Stores
8% preferred
Scott Paper Co
$4.50 preferred
900
1%
*1%
*18%
*2%
1834
*%
$
11
11
11
11
107«
11
11%
11%
11%
11%
105% 105% *10478 105% *10478 105% *10478 105% *10484 105
5%
2034
400
19
%
1%
*1%
18%
*2%
7534
15%
1284
60
*44
9%
37
22%
3%
1234
*51%
40%
9%
105%
5%
22%
12%
4
11
11
*105
15%
1584
05%
*44
38
*37
%
1%
%
*%
%
*%
3
.
Sciienley Distillers Corp
by, % preferred
300
200
18%
3
*2%
%
1%
19
%
*1%
Shares
1234
71
6
6%
*0%
6%
6%
51%
51%
51% 51%
51%
51%
116% *114
116%
116% 116% *114
6%
*18%
share
1234
*70
200
%
*5«4
51%
51%
*114
116%
19
♦18
per
1278
71
Par
Year 1938
Lowest
Highest
Lowest
%
%
*584
1234
71
71
*70
S
$ per share
$ per share
12 78
13
13
72
*%
%
%
507«
per
1234
*70
73
*70
*%
$
$ per share
13%
13%
share
per
*12%
*70
Tuesday
Jure 19
Saturday
June 17
Range for Previous
100-Share Lolt
On BatU of
YORK STOCK
EXCHANGE
NEW
for
1
Range Since Jan.
STOCKS
Sales
NOT PER CENT
SALE PR1CES-PER SHARE,
HIGH
AND
LOW
June 24, 1939
New York Stock Record—Continued—Page 9
3806
Mar
17% Mar
55% Mar
59% Apr
20
Mar
19% Mar
5
Mar
14
Sept
110%
Jan
39
Jan
12%
Apr
1 Called for redemption.
New York Stock
Volume 148
WW
AND
HIGH
SALE PRICES—PER
Record—Concluded—Page
10
3807
Tuesday
Wednesday
June 17
June 19
June 20
June 21
$ per share
$ per shaie
$ per share
$ per share
2%
2%
35%
5%
63,
5%
*4«4
*58%
*3%
214
*5
*59
4
37,
29
*5
55,
63,
60%
37,
28
:
23,
3634
5i2
6i,
60
35
5%
60i2
*28
23,
35
2i4
35i2
5%
60
*334
28
23,
*27
29
$ per share
Shares
23,
353,
5%
5%
5%
60%
37,
334
WeeJc
$ per share
2%
*5
2%
*27
29
80
127,
*75
*75
*75
84%
*%
34
83,
*3,
*75
84
116
8%
4%
,4%
7%
,4
*%
4%
7%
*%
*0%
*6%
*29
31
16
16
4
4
6%
6%
*29
*16
*43l2
62
*3934
40%
2
.
31
I6I4
*3*4
*6%
♦43l2
40%
41,
61
55
*29
4Q7,
415,
106
41%
*45%
41
40%
,2
42%
218
4214 4234
107
IO784
42%
107
107
50
*497,
*661#
457,
67%
46l2
6712 67i2
47
477,
1061, 1061,
367, 367,
45i2 45l2
10'3% 10612
*33% 367,
*45
50
41
2
453,
50
50
677,
36
36l2
45i2
21,
*67,
2i4
4512
21,
7
2U
607,
2i4
*2
*67,
7
*67,
2U
671,
*9%
2%
57l2
10%
214
*5712
*95,
2I4
607,
10%
*58
82
82
*82
83
*82
163
163
*2%
*16212
....
68
72
21,
7
*9%
%
12
5,'
*18% 227,
*20
*2014 203,
*30l4
31
*303, 31l2
*11512 116
*115l2 116
*42
42l2 *42.
423,
*
80
♦54l2 58
25
25
*2434 25
3
3
*23,
3
*22
23
*21% 23
*18i2
203,
*303,
71
227jj
201,
*61,
7
122
*116
*71
75»4
*120
122
*71
*814
191,
*921,
*1
6%
191,
*1
*19.
95
*73
484
*63,
*2l2
*9l4
*53,
15
27
*26
*17%
26*4
2%
*26
**1
13,
193,
193,
69
*671,
*96
98
109
109
*102i2 103
*1197, 120%
114% 114U
29
29
2i2
2i2
6
*4*4
U
li
*7.'"
20
1
20
203,
96i2
207,
97i2
*133
135
*14
15
*37i2
39
*211,
2ll2
* 325,
*32
20%
*10%
I84
11
*32%
4%
48
*46
3
5%
5%
.
'121,
184
35
434
48
*284
27,
12%
*10
*53,
14
27
*26
27
18
*17
18
26i4
2i2
*34
183,
*671,
70
*5%
14
2612
2i2
20%
20%
2%
13,
19
68
.
*84
187,
2%
1%
187,
68
68
98
98
9712 9784
97% 97%
109% 10914 109
109% 109% 109%
102
102% 103
103i2 *102% 103%
1197, 1197, *1197, 120% 120
120%
11414 114l2 114% 114%
IH84 114%
29
29
29l2
2934
29% 30 1
27,
27,
*4%
6
%
%
:
1
207,
97i2
1
1
20%
21%
9984
*133
*1414
*37%
21%
3134
*2%
6
201,
20%
27,
57,
*%
*84,
%
1
19
20%
21% 21%
99% 101
21
100i2
134
134
*126
133
15
15
15
15
37%
15
39
2m
213,
100
135
•
*2%
*434
37%
21%
21%
*37%
♦21%
6%
197,
*94
27
191,
*212
*434
U
*7,
*1934
2
*58
*9%
20
60
2.800
%
1,100
200
300
5%
44
*197,
*10%
*134
*33
45,
*46%
27,
12%
*53,
2034
*17%
26%
*2%
*84
*18%
*67%
97
*94
T,o66
300
V
10
102
500
11
11
300
*134
17,
34%
434
48
2
4,600
13%
200
3334
4%
*46%
27,
*10
*5%
*20
*17%
207,
*2%
*34
18%
14
27
3
13,
19
15%
*37%
2I84
3
1%
I884
70
*68
1,100
1,800
"260
T.400
300
j 117
115
100
120
217,
2134
22%
39
321,
*32
.32
32
60
*50
60
*50
60
*50
60
*50
58
"*50
58
*78
110
*80
110
*77
110
*80
110
*81
110
*81
20
110
*
181*2
19
19i2
19l2
19%
90
*60
46i2
*43
*10%
884
434
11%
1%
1%
46i4
*43
*107«
111,
20%
27,
*15,
1*4
*31,
33,
*3434
3U
*11012
*1684
467,
*13i4
*47%
33,
37
...
♦19
*25,
P
1*8
20U
3
*34%
*11012
17l2
471,
1334
47
14
47
*40
*22
26
*22
35
35
*32
5
21
175,
212
•
22
,2%
2%
1%
1%
1%
3
3
384
334
!
1%
3
33,
37
37
...
17%
47l2
*110%
*17%
473,
384
37%
..
37
37
111% 111%
18
47%
14%
*17%
47%
13%
*47%
18%
47%
47
*41
46
27
*23%
384
*35%
*1107,
I684
47%
*13%
*47%
384
37
...
I684
477,
1%
2%
3%
35%
112
1%
3
3%
35%
112
*1634
47%
1.000
*22
27
*24
700
4,000
1,700
800
100
27
*33
38
*33
38
*33
38
*33
137
*97
101
*95
100
*93
100
98
*80
80
*80%
*23
24%
*23%
147,
81
24%
*24
27
80
80%
23%
13%
*47%
*40
...
98%
24
367,
80% 80%
80%
24
*23% 247,
147,
15
14%
15%
111
111
*110
111
*10984 111
*10934 111
11%
11%
11% 11% *11% 12
1134
II84
36% 307,
3534 36%
36% 367,
35% 36%
15%
*75
80
*75
80
20
20
18i2
25,
1812
2i2
185,
*19%
18%
*2%
20
1834
234
212
15%
*75
80
*75
20
20
20
18%
19
18%
*2%
Bid and asked prices; no sales on this day.
284
*2%
80
20%
18%
284
*75
18
t In receivership,
100
30
800
400
8,400
80
1,100
13,500
80
20
284
20%
18%
234
% Jan 16
17
84 Jan
20
Feb 23
16
Apr 10
25
Apr 10
110% Apr 2.6
34?, April
3
Mat 24
30% Jan
85% Mar
5
6
11% Mar
14% Mar
June
2
97
June
113
Nov
43
June
5
30% Mar
42
Jan
57
"T660
3,300
500
a Def. delivery,
18% Apr 10
Oct
257, Feb 18
47,, Jan 4
317, Jan 4
H7%June 9
27, Mar 8
1% Apr 12
5% Apr
116 May
8
9
13*2 Sept
234 Mar
1584 Mar
105
Feb 14
5% Jan
32% Jan
116% Nov
4*2 Jan
Mar
Jan 11
100
'
37
Mar
Mar 15
15% Jan
1207, Feb
77*t Dec
119% Oct
2% Jan
4®, July
3», Feb
Mar
Mat 16
131
Mar
25% Dec
1% Apr
5% Mar
120
77
64% Apr 12
•
Jan
June
1»4 Jan
3% Jan
3
4
2
3
116% July
Jan
Jan
1
Mar
7% Feb 16
3
1% Mar
1% Dec
534 Mar
8% July
20% Jan
87% Dec
10% July
Mar
3
1
4
17*4 May
44
Mar
8
07, Jan
4
..No par
...100
31
May 22
5
4
$3.85 conv pref——No par
36
Apr 10
Feb 3
fWarren Bros....
,
No par
$3 convertible pref.-No par
$1 1st preferred ....No par
———
1
.
Wesson Oil A Snowdrift No par
$4
oonv
preferred....No par
West penn
El class A ...No par
7% preferred
...100
6% preferred
...100
West Penn Power
7% pref.100
preferred—
100
Western Auto Supply Co.—Id
8%
...
160
Western Mary lard
6% preferred
Westvaco Chlor Prod—No par
5% conv preferred
30
100
.
Co
Willys-Overland Motors.... 1
0% conv preferred..
10
Wilson A Co fnc—No par
$6 preferred
100
Wlsconslp Elec Pr 6% pref-100
Woodward Iron Co—
10
Woolworth (F W) Co
10
Worthlngton PAM(Del)No par
Preferred A /%
.100
6% preferred B
,100
Prior pref 4H % series— 10
Prior pf 4fc» % conv series 10
Wright Aeronautical..-No par
Wrfgley (Wtn) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred....
100
Young Spring A Wire—No par
Youngstown 8 A T.—No par
5(4 % preferred
—.100
Youngst'wn Steel Door. No par
Zenith Radio Corp
No par
Zonlte Products Corp—
1
r
Cash sale.
*
June
8
3
Mar
15% Apr
*29
Apr
8
6
Mar 27
Apr
Jan 27
457, Apr 20
9% Apr 25
7
Apr 10
3% Apr 8
l%May 1
14
Apr 10
2% Apr 1
1% June 23
2%June 23
3% Apr 10
35
June 15
105% Apr 20
15
Apr 10
4I84 Apr 11
Jan
Jan
Jan
6
4
3
Mar
4
3
79
4
Jan
4% Mar
Mar
2
Mar
4
July
23
Mar
61
July
384 Mar
8
July
45
Aug
20
Mar
H4 Mar
47, July
Mar
16>4 July
6
6% Deo
16% Mar
8
Dec
31
Nov
11
Mar
25
Oct
17
Mar
34% Nov
1% Mar
84 Sept
June 15
74
Mar
116
Mar
126
111% Jan
1284 May
June 23
317gJune
,
6
120
% Mar
84 Dec
16% Mar
1584 Mar
6I84 Mar
Jan
145
Mar
103
20% Jan
38%May 16
22% Jan 4
*32% Jan 13
21
Oct
39
Deo
20% July
31% Dec
20
Mar
60
Jan 12
60
Mar
60
Mar
75
Feb 20
65
Apr
90
Jan
14% Mar
32% Nov
Jan 27
76
Mar
05
Jan
*00
Jan
4
12% Mar 10
42
May
61
Nov
3134 Jan
80
1384 Jan
7
4
23
Mar
15*2 July
8>4 Mar
4
Jan
I84 Jan
10«4 Dec
6% Mar
5
Sept
1% Mar
24% Oct
3% Aug
384 Mar
1% June
33, June
5
3
Mar
32
Mar
15% July
11
Jan
49% Jan
112
June 23
25% Jan
50% Jan
23% Jan
103
Oci
10% Mar
4
6
4
36
42
Jan
11% Mar
38
4
27
53
Jan
5
Jan
3
28% Mar
65% Mar
61% Mar
2O84 Jan
8% Jan
82
Jan
June 12
33% Mar 13
2184 Jan 6
114% Feb 17
21% Jan
557, Jan
5
Oct
Mar
Mar
9% Mar
24
02*4 Mar
11% Mar
May
5
85
Jan
6
17
Apr
8
31%, Jan
4
12
Apr 11
22% Jan
Ex-rlghts.
71
Mar
4
74
3% Jan
70»4
9
8
2«4
Mar
Mar
Jan
Jan
3
1% Mar
3% Feb
6% Feb
120
y
July
Nov
Nov
Oct
Mar
Apr 26
31% Apr 19
Apr 10
Ex-dlv.
Jan
July
10
85
8
Jan
3%
34%
33%
1247,
114
24
2% Apr
Jan
1%
Mar
Jan 18
April
9
9% Mar
31% Mar
MarlO
984 Apr 10
30
April
4*2
Mar
3
Nov
119% Nov
267, Deo
2% Mar
4% Jan
Jan
34 Jan
1% Jan
24% Jan
3184 Jan
8
65
98
Jan
July
124*4 Mar 10
June 15
06
Mar 31
Oct
1%
39
117
June 15
110
105
May 25
22%May 16
11% April
4%
25% Mar
*71
Apr
70
Apr
82% May
10% April
May 17
75
Nov
Mar
43
50
54
20% Dec
19% July
8
82% July
102% Jan
103% Dec
97% Jan
100
5
2% Apr 10
3% Apr 10
% Apr21
34 Apr 8
167, Apr 8
18% Apr 8
82% Apr 11
126 May 20
Apr 27
Mar 14
28% Jan
20% Apr 11
80
— -
2
7
0
15% Apr 10
—
New stock,
114
74
White Dent'l Mfg (The 8 S)20
White Motor Co.
1
n
Jan
8%
31*4
24%
3284
3%
8
April
Apr 11
Apr 10
177, Apr 10
68% Apr 25
85
Apr 11
95
Apr 8
88
Apr 10
11884June 13
50
5H% conv preferred.... 100
Wheeling Steel Corp—.No par
Preferred
-100
...
Apr
Mar 21
37, Jan 3
1334May 24
Mar 13
5
37
No par
Class A
8
10% Apr
Weston Elec Instrum'i.No par
56
6% Apr 11
1
1
Webster Elsenlo.hr.——No par
Co
134 Apr
19%
1484
20%
17,
Warren Fdy A Pipe..—No par
Wauke«ha Motor Co—
—5
Wayne Pump Co
Dec
1% Jan
28*4 Oct
287, Nov
36% Nov
116
147, Mar
27, Jan
7% preferred
Dec
83
Mar
8% Apr 11
184 April
Warner Bros Pictures..
Nov
159% Dec
% June
16
19% Apr 28
Co ol A.No par
..
46
80%
23%
147,
14
46
May
27% Mar
30
$4 conv preferred
No par
Wilcox Oil A Gas
—.....5
500
36l2
*40
134
Feb 25
bee
15
Feb
5
1,200
13%
27
13%
June 19
78
52
80
Mar
7% June
3
White Rook Mln Spr C0N0 par
12,800
14
*47%
48
9% Jan
White Sewing Mach...No par
477,
*40
3
163
45% Apr 10
37
8384 Jan
Apr 10
Jan
6O84 Jan
20% Jan
800
13,100
47*a Sept
584 July
10% July
3% July
1384 June
200
200
14
677, June 10
1284 Jan 21
Apr 0
May 11
74
$5 conv prior pref—No par
""loo
70% Mar
71% Nov
Dec
Apr 10
Ward Baking
Class B
Nov
Oot
July
601, Nov
1091, Nov
72% Oct
7
7% Nov
1% Mar
3
Apr 10
—.
18%
47
8
4
Wheel ALE Ry
90
46%
*10%' 12%
*834
9
484
484
*1%
1%
21
21%
*2%
3
3
8% Mar
2% Mar
37
700
700
71
49%
Mar
No par
Walworth Co....
*43
22%
3
2flj
20
22%
234
1%
80
361,
21%
284
19%
*60
9
484
3%
101
36l4
80
884
5
I84
1%
147, 15l4
1434
1434
111
1093, H012 *109
*107,
ni4
11U
11%
3512
*747,
1%
3
2412
80
*23
3
834
*484
1%
*97
*97l2 10012
1%
318
»4712
*40
9
2034
*2%
5
33,
17l2
...
9
*4%
*13,
87,
32
19
46%
*10%
40%
12%
*43
*10%
45%
123,
*43
107,
*43
*18i2
2*4
*19
*60
90
1*8
19%
90
*60
5
32
*60
90
85,
*45,
*13,
19%
32
19%
90
*60
107,
884
*45,
*1%
19%
32
Jan
30% Nov
7% Oct
13% Nov
Mar
38
June 19
4% 2d preferred—.—...100
1,200
20
2,100
*55
June 22
ICO
Western UnlOD Telegraph. 100
Westlngb'se Air Brake.No par
Wcstlnghouse El A Mfg.—.50
tst preferred
,..60
15%
4
94
100
15%
*37%
Jan
20
Western Pacific——...—100
15%
39
Mar
85
200
7,000
8,400
21
45% Jan
*4434 Mar
par
par
2" 100
133
5
100
100
%
98
35%
Mar
21% Mar
27, Mar
1% Apr 14
l%May 31
5% Apr 11
15% Apr 10
27,
57,
*127
60
3% Jan 20
1
*%
133
Nov
10% July
June
24
1% Apr 10
125
100
*2%
1,900
Nov
173
Apr 10
6%May 2
.....IOC
*484
197,
217,
99%
115
WaiKHJGood A W Ltd No par
Preferred!
...No par
280
520
2,800
Mar
Oct
Railway........ 100
5% preferred A......*.
6% preferred B.—
Waldorf System.......No
Walgreen Co
No
4J4 % pref with warrants
%
*50
32%
tWabash
57,
*19%
21%
70
65
Jan
9% July
12% Nov
162% Mar
4% Mar
2
June 21
69
3% Mar
684 Mar
4
Mar 13
65% Jan
1%
13% Mar
3% Mar
03, Mar
6% Mar 10
5234 Jan 3
111% Mar 8
Apr 21
5% preferred..
100
Virginia Ry Co 6% pref... 100
Vulcan Detinnlng
...100
2%
20
217,
99%
3
49
Apr 10
440
„
r
0
67, Jan
10% Jan
6134 Feb
Dec
June
17
29%
*34
25®4 Mar
2% Apr
298,
1
Jan 18
3,
Nov
87% Dec
May
36
113
100
117
32
13
4% Apr
29% Mar
40
Apr
100
Wells Fargo A
I;7O5
96'
102
4
Mar
3
62
Nov
10% Aug
8% Oot
37%June 13
46
Apr 13
pref. ..No par
Virginia Iron Coal A Coke. 100
10
109% 109%
102»2 103
121% 122
5
Va Carolina Chem.....No par
200
70
*95
2%
*484
*%
21%
98%
500
18
27
6
Victor Chem Works.......
14
27
97
29%
*19%
200
1,300
29%
*84
1,000
|
5%
120% 120%
ll434
600
43%
20%
18
Vlck Chemical Co
9
Sept
Aug
Nov
40
pot
6
Preferred
""loo
""200
6%
197,
98
Corp of Am.No
6
114
121
9
7% 1st preferred.......100
6% preferred
53,
2684'
,
Mar
7% Jan
Mar
July
Jan
July
Oot
9184 May
157
Van Raalte Co Tnc
180
Jan 23
69
Va El A Pow $6
*433,
20%
12%'
Vandlum
May 20
7®4June 12
10% Jan 3
113
Jan
4
Apr 10
46
No par
100
...
60
Jan
107,
80%
87,
39%
67*,
127,
217, Mar
Oot
73,
Mar
884 Mar
100
Mar
Oct
4%
38
12084 Mar 11
100
Preferred..
210
5%
17,
34%
484
48
3
Vadsco Sales
4
8
3
1
13% Apr 11
884 Apr 11
6
Apr 11
46
Apr 25
35
Apr 10
l%June
31% April
8634 Apr 11
48% Apr 11
No par
pr ferred
Jan
Mar
Mar
4% June
4% Mar'
60
Apr
2
1
No par
400
44%
20%
11
26
Universal Pictures 1st pref. 100
.—!
6%
197,
98
109% 109%
*127
39
21%
6%
20 '
8%
11
87% Mar
Vlcksb'g 8brev A Par Ry Co 100
7534
*120
....
16 conv pref
Universal Leaf Tob
60
rj
*71
...No par
.
June 21
*13% Feb 27
117% June 23
10% Mar 6
7% Jan 5
2
22
33
Api*10
43% Feb 16
100
7% preferred
*80
Highest
43%May 18
98%May 19
..No par
U S Tobacco....
5
Feb 11
6% Jan 4
33% Jan 12
Apr
60
±—60
i—
—
50
......
10
*120% 122
74
Preferred
U S Steel Corp
Preferred
50
20
*0
...100
Universal-Cyclops Steel Corp 1
300
22% 22%
116% 116%
*134
2
7
,...10
....
8% 1st preferred
U S Smelting Ref A Mm
100
10%
%
h
20
U S Rubber..
No par
United Stockyards Corp
160
71
160
JUS Realty A Imp
Conv pref (70c >
No par
United Stores class A new...5
1,300
83
* *67
20
500
2%
007,
| *81
.....100
400
7
7
*2
cl A ...No par
Prior preferred
.190
184
*17l2
1%
19
36
4584
2%
conv
U S Pipe A Foundryi.
400
30,300
2,400
2,100
*1
201,
10l2
17,
35
434
*11
21,
*68
69
4734
*1
44%
234
2Q
21,
*34
69
46%
134
*197,
4%
18l2
26*4
*21,
600
1%
21 |
*44
*32l2
27
I8I4
52
*1
514
1012
I84
27,
12l2
15
*1714
427,
*134
447,
*46
*26
3,200
08,500
4,000
1%
514
46
234
121,
*10
46
2
2
134
447,
*197,
5U
48
800
36
70
Partic A
100
41
10634 106«4
160%'
U S Industrial Alcohol-No par
U S Leather.—1,
No par
300
7
60
*1
634
197,
45
1%
200
*1%
96
45,
700
4%
1
*6%
*19%
*32i2
15%
184
*1
,
74
*120
...
*92
201,
10%
1*4
35
5U
23
1
65,
1934
*438,
50i
1%
93
*197,
10%
5M% oonv pref....
52
*120% 122
7584
1914
51,
*2%
*75
*6'4
20
*46
*119
*6
93
425,
434
7
122
94
*61,
94
51,
*1»4
*32l2
45,
*6
*120
11,
134
184
*1
.
-.100
300
41%
23
23
*2234 23%
117
116% 110% *116
*134
2
*1®4
2
1*4
612
191,
425,
10»4
171
35
7534
*1
P
*1«4
20
*1014
122
*119
*120
*1
H,
2
17,
7
20
7% preferred
Mar 31
534 Apr 10
77
Apr 10
167
Apr29
34
23
*61,
5
4
23
U5l2 116
*184
2
U S Gypsum......
884 Jan
74
684 Mar 31
%May 15
Lowest
$ per share $ per share
3% Feb 6
39% Mar 14
7% Ma. 10
76% Apr 17
5
2434
*234
7534
*120
*1
*1*4
**18%
U S Dlstrlb Corp......No par
Conv preferred
100
U S Freight
.....No par
100
Apr 11
4
No par
100
10
10
26
31
12
3% Apr 11
2584 Apr 11
62% Apr 8
11
Apr 8
111% Jan 6
0% Apr 8
U S Hoffman Mach Corp
4584
%,
»
3,100
20
20
20
203, 20%
20%
*31
3134
31%
3184 *3084 32
*115% 116% *115% 116% *115% 116%
42
42
42% 42%
423,
*40-% 42
57.
*54% 57
*54% 58
*54% 58
247, *24% 247,
2484 2434
24% 2434
3
284
234
*284
3
*234
3
423,
' 7
*116
%
227,
10
200
108% 110%
83
*67%
*%
%
7%
7%
91%
116
*54
115% 116
*184
2
*61,
72
.
USA Foreign Secur
16 first preferred
36
*67,
2%
*18%
]
227,
20%
31i2
116
"
115l2 115*2
*134
2
*68
71
800
4%
7
4584
2%
7%
2%
607,
10%
*2
7
200
1,500
*6%
69%
46% 47%
106% 107
2
Preferred
..100
United Electric Coal Cos....5
United Eng & Fdy
-.5
United Fruit.
Ne par
2
Apr
30% Apr
484 Jan
4% Mar
69%June
200
41
*69
3534
...
United Cfbs Improv't. _2Vo par
$5 preferred
...No par
United Mer & Manu Ino vto
United Paperboard
10
500
*45%
♦51% .52%
*58% 607, *58
*9%
10%
*9%
8234 8234. *81
*160
160% 161
10i2
*16012 162i2
71*4
■-
7
60
41
*45
Corp
No par
S3 preferred........No par
Highest
*334
37,
7
42
42%
107% 108
69
2
83
*6814
h
*18l2
69
*%
2
47
" 475,
10684 107%
*357, 36
45
45%
2%
2%
107
United
United Drug Inc
........5
United Dyewood Corp.....10
Range for Previous
Year 1938
$ per share
15%
40%
60
Lowest
$ per share
Par
83
*31
37,
*6%
*45%
40%
2%
427,
1077,
52%
*51
677,
48
47l2
106
4
107
51
*4%
67,
16
7
50
4012
*49l2
16
157,
7
100
3,600
8,500
79
*75
32
*15%
*334
20
*6%
7%
*6%
67,
89%
92%
176% *176
176%
6
1
*584
6
31
I6I4
4
67,
200
900
127,
'116% 117%
8%
9
%
31
16%
*384
67,
2
106
31
31
11,000
4,200
2,000
2%
3534
5%
53,
61
37,
28%
1234
83
7%
*6%
714
7
6%
6%
7%
6%
61,
67,
*6%
67,
92%
92l2 92i2
92
93
92% 93
*17434 176i2 *175
176% *175
176% *176
176% *170
*634
6
534
534
*584
6
6
*584
6
92
79
8%
4%
7%
*75
%
*27
13
116%
*8%
83
*5
*3%
79
*116
884
*7
82
*3,
*6%
*614
92l2
*6%
*6%
116
*58%
384
28%
79
13
5%
5%
60%
*27
*79
35%
5%
5
23,
35%
60%
334
*7714 78%
78% 783,
78% 79
12%
125,
12l2
1234
12i2 127,
116% 116% *116
1171, *116
1171,
*9
9%
9%
914
91,
91,
*4%
47,
*4l2
47,
*412
434
7
7
7
*65,
*684
7%
1234
On Basis of 100-Share Lots
EXCHANGE
Friday
June 23
Thursday
t
363,
*5%
*59
Range Since Jan, 1
NEW YORK STOCK
the
June 22
36
37,
STOCKS
for
Monday
35
Sales
SHARE, NOT PER CENT
Saturday
Jan
3*,
1
Oct
67,
Jan
57,. July
60% <feu
IO684 Dec
27% Nov
63% Nov
27%
72%
76%
48%
65%
121%
Nov
July
Nov
Nov
Nov
Dec
78
Dec
39
July
2I84
100
257,
57%
Ffl%
31%
25%
Oct
Oct
Aug
Nov
Nov
Dec
July
584 Mar
^Called for redemption.
June 24, 1939
3808
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
disregarded! n the
shown In a footnote
Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are
unless they are the only transactions of the week, and when selling outside of the regular weekly range are
which they occur.
No account is taken of such sales in computing the range for the year.
NOTICE—Prices are "and
week's
range
in the week in
Friday
Friday
Range or
Range
Friday's
<fc
Asked
Jan. 1
Sale
N. Y. STOCK EXCHANGE
Week Ended June 23
Price
No.
High
Loto
1947-1952 A O
1944-1964 J D
Treasury 3Xs
1946-1966 M 8
Treasury 3Xs
i
1940-1943 J D
Treasury 3X8
1941-1943 M 8
Treasury 3Xs
1943-1947 J D
Treasury 3X>----1941
Treasury 3X0---—..—1943-1945
Treasury 3X0-1944-1940
Treasury 3Xs
1946-1949
Treasury 3 Xs
1949-1952
Treasury 3s
1946-1948
Treasury 3s
1951-1955 M S
Treasury 2X8-.
1955-1960 M 8
Treasury 2Xb
.1945-1947 M S
Treasury 2Mb
1948-1951 M S
Treasury 2X8
1951-1964 J D
Treasury 2Hs
1956-1959 M S
Treasury 2X8
1958-1963 J D
J
D
Treasury 254s...-—.—1960-1965
Treasury 2X8-—
1045 J D
Treasury 2Mb
1948 M S
Treasury 2 mb
.—...1949-1963 J D
Treasury 2 Xs
.....1950-1952 M S
Treasury 2s
-.1947 J D
7
118. 26122.13
116.19
66
114. 17116.19
115.27
1
103.16
103.17
12
105.25
121.29
122.3
122.6
116.16 116.9
Corp—
—Mar 15 1944-1964
May 15 1944-1949
—Jan
15 1942-1947
Mar
1 1942-1947
115.27
3s
3s
2Mb..
105.8
105.25
1
105, 22 106.27
110.29
2
109 30111.10
106.22
2
110.25 110.25
110.26
112
111.13 111.12
111.16
59
106. 19107 12
109 22111.9
109, 22111.27
109 11112.21
3
112.7
112.9
113.11
113.16
11
109 2
111.13
111.19
22
108 19111.31
111.30 111.24
112
29
107 ,4
109.15 109.3
109.24
109.16
109.24
2
109.28 109.22
109.29
161
108.28 108.19
125
114.5
112.26
104 ,12110.9
110.6
107
105 .19109.31
108.28
15
104
109.21
107.27
108.6
13
103 4
109
107.16
107.29
107.26 107.10
107.28
11
102 .20108.23
f^Cordbba (City) 7s unstamped 1967
i*7s stamped
1957
Cordoba (Prov) Argentina 7s. .1942
106 .6
109.10
♦Costa Rica (Rep of)
10
105 ,1
109.8
106.21
107.1
46
102 .13107.21
Cuba (Republic) 6s of 1904
External 6a of 1914 ser A
106.20
107.1
13
102 .16107.22
External loan 4mb ser C
105.20
106
72
102
110.2
110.2
5
107.9
109.8
109.14
9
106.26109.21
J
J
106.16
106.23
4
106
106.27
M 8
*106.2
106.5
105.3
F
16X
12
14X
8X
20
12
19 X
16
26 X
26-X
27
19X
28
28
26X
27X
27
96 X
94 X
27
26 X
19 X
19X
26 X
*26 X
*26 X
*27"
25
23X
*26 X
82 X
82 %
~85X
82 X
82 X
84 X
24X
76X
73 X
63
*50
53
55 X
47
X
67 X
75X
76
40
65 X
65X
"53"
80X
X
26 X
22 X
M N
*102
M
*103 X
1949 F
S
A
102
68 X
101X
*22
102X
62 X
60
100 X 103 X
73 X
66 X
18
28X
*22
106
99
3
30
70
108
105
10
27
55
53 X
101X
"76"
30X
100
102 X
102
55
1949
external debt
1977
Sinking fund 5Xs
Jan 15 1953
♦Public wks 5Xa
June 30 1945
Czechoslovak (Rep of) 8a
1951
4 mb
28
75
28
1952
Sinking fund 8a ser B
7
12X
J
1951
1944
7s
14X
16X
14X
8X
11X
8X
12
12
A
J
8X
*11X
A
F
106.15
110.6
High
12 m
102 .20108.31
62
MN
Low
10
12
26
109.4
106
Since
11
12
*8X
12*
O
1961 A O
♦Gua&Blnk fund 6s
1962 MN
♦6s assented
—.—1962 MN
♦Chilean Cons Munic 7s
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
M S
♦Cologne (City) Germany 6X8-1950
Colombia (Republic of)—
♦6s of 1928
Oct 1961 A O
J
J
♦6s extl sf gold of 1927.Jan 1961
A O
♦Colombia Mtge Bank 6X8---1947
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
25 year gold 4Mb
1953 MN
♦6s assented
109.1
107
No.
12
Chile Mtge Bank (Concluded)
•/
♦Guar Blnk fund 6s
—.-1961 A
109.4
107
High
Low
Range
Jan. 1
(Con.)
108.28
MS
76
98
..1942
External gold 5Xa
1956
External g 4Xs
Apr 15 1962
Dominican Rep Cust Ad 6 Mb.-1942
1st ser 5Xs of 1926
1940
2d series sink fund 6Xs
1940
98
98 X
J
92 X
92 X
94X
93
105
F
A
85
92 X
A
101
97 X
j
Denmark 20-year extl 6s
Corp—
1 1944-1952
Home Owners' Loan
103. 16
106.22
Federal Farm Mortgage
3 Ws
113. 10116.5
110.29
112.9
5
CQCQ
Price
High
Low
Foreign Govt. & Mun.
Treasury 4s.........
Friday's
Bid
&
Asked
sr
N. Y. STOCK EXCHANGE
Week Ended June 23
U. S. Government
Treasury 4 H>
Range or
Sale
BONDS
Since
Bid
Week's
Last
Week's
Last
~
BONDS
1 1939-1949
B—Aug
1942-1944
1945-1947
2Mb series O
1Mb series M
Foreign
MN
109.7
109.2
109.7
21
106.26109.17
F
100.7
100.7
100.8
13
100.7
J
J
J
D
*105.5
102.11 102.4
Agricultural Mtge Bank
4a.1968
♦Antloqula (Dept) coll 7s A—1945
F
A
A
O
M
8
J
6)48—-.1945
1949
Belgium 25-yr extl 6 Mb
F
*26 X
26 X
1966 J
External 30-year s f 7s
23
28
3
10m
6
9m
low
— — m
14 X
14X
12
10 m
13X
13X
13X
10
13X
13X
6
13X
13X
2
90 X
_
_
90 X
3
„
9m
9m
,
■
15%
14m
14m
9m
s5m
14m
96m
38
75m
95 m
99 X
98 X
98 X
99 X
26
79%
103 M
95m 103 m
93 X
93
94 X
54
89%
....—
*11X
80 X
79 X
■
28
10W
12 X
99
17H
20 X
5
106
106 X
4
103
103
4
H2X
112X
20 X
^
_
J
20
21
X
21
32
21
9
13
•
31
17X
29
17X
46
15
14 X
15X
47,
8
A
92
D
J
D
11m
9m
9m
9m
92 X
X
93 X
7
89
92 X
93
F
92 X
6
89
8
97
100 x
wrnmme
9X
9X
116 W
14
4
18X
J
102
101
9X
2
8X
19m
22W
21M
98 m
98 m
102
8% external s f S bonds.....1984 J
54
55
*54
A
55X
57
J
*42
J
23 X
32 X
43 m
23 X
13 m
MN
13
29
2
110X
111
53
111
111
111X
41
111W
108 m 111H
21
A
1961 J
1944 J
1967 J
J
30-year 3s
J
1954 J
1950 M S
J
15 1960 J
1960
♦Carlsbad (City) 8s
♦Cent Agrlo Bank( Ger) 7s
♦Farm Loan st 6s..July
♦6s
July
♦Farm Loan
coupon on
s
f 6s
.
15 1960 A
.Oct
♦6s Oct coupon on
7X
11
12X
7X
MN
9X
9X
8X
11
10
MN
29X
30X
F
A
24X
24X
8X
22 X
33'
F
A
18 X
30
♦Hungary (Kingdom of) 7X8—1944
Extended at 4Xs to..—
1979
♦Ry ref extl
s
f 6s
♦6s assented
J
|*Treas 6s of '13 assent (large) *33
J
| ♦Small
13
9X
13 X
2
9X
18
-
12
8m
12
8m
12
-
9
12m
9X
9X
14
8m
13X
2
12 m
9X
9X
2
8m
18H
18W
16W
18m
16 W
18 H
16W
18m
mm
13X
13X
12
11m
see page
1961 J
D
3813.
10X
15X
64
71
72 X
X
X
X
X
IX
IX
X
ix
IX
1
IX
X
1
♦IX
13
13
9X
9X
1
8m
11X
*8X
12X
24
11m
12
12
*8X
12
♦Sec extl s f 6Xa
-
♦Montevideo (City) 7s
External
s
IX
48
J
51
39
55
7X
11
55
1
D
54
54
1
N
93 X
98 X
8
45 x
97X
104 X
104X
97 X
10
104X
2
104 X
10
F
A
Apr 1968 A
O
F
A
F
A
103
103
104
8
101
100 X
101X
10
99X
110
External sink fund 4Xs
External a I 4mb
16
4s
14m
Municipal Bank extl s f 5a
11m
mm
7m
14m
f ext loan
1943
1944
1956
1966
M
A
7 X
48
O
1963
F
A
1970
J
D
97 m
99 X
99 X
*101X
IX
56 X
lix
*10
S
IX
68
O
M 8
M
IX
IX
X
X
2X
J
*10
(State) extl 5s..1957
f 6s
Norway 20-year extl 6a
20-year external 6s
s
A
1959 M
♦6s series A
New So Wales
—1962
1958
1959
1952
♦Sec extl a f 6 Xa
8m
1
*1X
1
X
48
Milan (City, Italy) extl 6 Xa
Mlnas Geraes (State)—
IX
X
20
♦Assenting 4a of 1910 small
16
1963 MN
_
14X
*X
*x
X
♦Assenting 4s of 1910 large
23 m
18 m
_
*69
11
J
24 m
27 m
18
18
29
mm
mm
mm
_
38 X
X
21
23X
8m
For footnotes
D
3
30
23 X
12m
Dj
25
D
1
1961 J
21X
14X
D
J
J
2
♦Sink fund 6 Ha of 1926
♦6 He assented
*21X
(Prov) 4s read)
1954
♦Mexican Irrlgat'oh gtd 4X8—1943 M N
M N
♦4 Xs stmp assented
1943
J
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 6s of 1899
1946 Q J
1954
9X
12
21X
23"
♦Assenting 4s of 1904..
9X
D
65 X
25
27
13X
D
55
16X
6Xs—-1954 J
Mendoza
55
85 X
32
21X
32
O
1957 J
X
D
21
2
1957 J
*28
75
38
75
A
2
13X
1963 MN
56
54 X
48
158
O
2
O
♦6s assented
77 X
55
101X 103
52
76 X
F
23 X
1962 A
*6 mb assented
77
19
A
27 X
13X
13
77 H
210
5
D
Jan 1961
9X
47 X
J
1954 J
8
9X
45
MN
♦4s of 1904
♦External sinking fund 6s.—1962 A
4
A
26
*13
Jan 1961
65
"45"
♦Assenting 5s large
6
9X
65 X
64
♦Assenting 5s small
2
Sept 1961 M S
♦Chile Mtge Bank 6 Mb
J
F
19 m
9X
♦External sinking fund 6s
J
15m
9X
♦6s assented
B '47 M S
7a...1952
Japanese Govt 30-yr s f 6 Xb
1954
Extl sinking fund 6Xs
1965
♦Jugoslavia (State Mtge Bk) 7s 1967
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7 Xs 1950
61X
64
D
98 m 102 %
9X
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented
1951
ser
J
100m 103 X
Feb 1961
♦6s assented
1960 M N
f 5s
10
113
*103
s
3
13 X
13
10
10
32
9X
.1960
♦68 assented
«
18
105
*9X
18X
13 X
♦Extl sinking fund 6s_.Feb 1961
102
10
33
1942 MN
♦External sinking fund 6s... 1960
102 X
102
18X
10X
J
102 X
105
1942 M N
O
15
17
J
103 X
*
23X
16X
J
f g
23 X
O
81
J
1946
1946
♦Hungarian Land M Inst 7X8-1961
♦Sinking fund 7Xs ser B
1961
s
■27 X
27X
24
16X
10
105X
*
A
102"
102 X
*15
1960
♦Chile (Rep)—Extl 8 f 7s
♦7s assented
81
104 X
102 X
24 X
30 X
*._—
101m 104m
101m 105 m
*104 X
104H
18X
25X
103 X
Aug 15 1945 F
10-year 2Mb
25-year 3Xa
7-year 2mb
23X
♦7s secured
♦Medellln (Colombia)
108 X
22'
23X
♦7Xs secured s f g
32 m
21
111
Canada (Dom of) 30-7T 4s-...I960 A O
6s
1952 MN
18
17 X
27
16X
16X
A.—1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7Xs '60
Helslngfors (City) ext 6X8
.1960
Italian Public Utility extl
44
18X
71
FA
Haiti (Republic) s f 6s ser
57 m
60
22
17X
81
44 m
58 m
21X
17X
37 X
58
47
21X
17 X
30
27 X
64
1
23 X
15
22 X
44 m
Bulgaria (Kingdom of)—
J
D
16 X
*22 X
23
22
O
18 X
16 X
20 X
hm
44 m
58 X
22
A
18
25 X
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
60
N
—1—
*26X
3
52 X
55 x
113X 125
103 X 105
*103X
1958
7s..1964 MN
♦7s part paid
64
*65
....
118
1964
1968
1968
(Cons Agric Loan) 6X8
♦Greek Government s f ser
Irish Free State extl
1961
4m-4mb
1977
Refunding s f 4X»-4Xb-,—1976 F
External re-adj 4mb-4mb
1976 A
External s f 4Xs-4Xa
1975 M
106
118
16X
19 X
105
110X
104
106
110
106
Hungarian Cons Municipal Loan—
23
Buenos Aires (Prov of)
External s f
110
105X 107
*25X
*26 X
♦6s part paid
16
100X 108
99 M 108
18X
21X
100
96
105X
18X
16
D
J
♦Sink fund secured 6s
A
18X
1967
1968
♦
20X
14X
96
14X
J
German Prov A Communal Bks
98 X
71
19 X
105X
18X
Gorman Govt International—
60
98 X
79 X
20 X
19 X
t
'
80 M
71
65
16
1948 J
1967 J
M S
Finland (Republic) ext 6s
.1945
♦Frankfort (City of) s f 6X8—1953 MN
French Republic 7Xs stamped.1941 J D
7Xe unstamped
—1941
External 7s stamped
1949 J D
7s unstamped
...1949
88
88
95
,66 X
75
*69
20 X
M N
dep
76
87.X
79 X
79 X
20
♦Stabilisation loan 7 ms
O
66
74 X
19 X
74
87 X
79 X
-
69
16X
♦Secured s f 7s
A
b
'
89m
83 m
94 X
18X
M
15m
15m
15 %
94 X
1958
1952
..1967
1958
1960
1962
27
94 X
16
♦6s stamped
1969
1969
7s—1945
1965
♦5X8 unstamped
1965
♦5Xa stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949
♦7s unstamped
1949
18X
...
71X
71
71H
♦5Xs of 1930 stamped
16X
20-year s f 6s
*69
Estonia (Republic of) 7s
4
16
♦Budapest (City of) 6s
65
♦EI Salvador 8s ctfs of
14 X
14 X
18X
Sinking fund gold 5s
65
*70
27
14X
1941
Brisbane (City) s f 6s
*69
O
94 M
14X
14 X
14X
♦External 9 ( 9 Mb of 1927—.1967
♦7s (Central Ry)
O
A
90
....
♦External s f 6 Xs of 1926—1957
external 8s
m
14X
J
1955
1JJ50 A
—
72
A
25
3
26 X
90 X
*89
M S
External 8 f 6s
♦External sinking fund6a
65
*
B—..1946
1945
♦External s f 7s series D
1946
♦External s f7s 1st series....1967
♦External see s f 7s 2d series. 1957
♦External sec a f 7s 3d series. 1957
Antwerp (City) external 6s
1968
Argentine (National Government)—
S f external 4mb
1948 M N
8 f external 4 Mb
——1971 M N
8 f extl conv loaB 4s Feb
1972 F a
8 f extl conv loan 4s Apr
1972 A O
Australia 30-year 5s
1955 J J
External 6s of 1927—
1957 M S
External g 4X8 of 1928
1956 MIS
♦Austrian (Govt's) s f 7s
.1957 J J
f 6 Mb
78 X
73
'
f 7s series C
♦Berlin (Germany) s
72
5Xa let series
♦External s f 7s series
♦Bavaria (Free State)
86
70
*69
6Xa 2d series
1947
1948
♦Gtd sink fund 6s
♦Brazil (U 8 of)
105.18
101.30102.12
85
O
♦Dresden (City) externa!
Akersbus (King of Norway)
s
25
102.11
(Colombia)
♦Gtd sink fund 6s
♦External
104.1
105.11
102.22
Municipal—
&
Govt
A
M S
Customs Admins 6 Xb 2d ser.1961 M S
A O
_
May
3s series A
f 2Mb series
7
16
15X
55
54
94 x 101X
93
101X
100X 104X
100 X
106 X
98 X 105
94 X 103 X
94
101X
99 X
104
Volume
148
New York Bond Record—Continued—Page 2
Friday
BONDS
Price
Range or
Friday's
&
Asked
Sale
1952
Oriental Devel fuar 6a
Extl deb 5Ms
1953 M
Oslo (City) 814 Ms
1956 A
♦Panama (Rep) extl 5M8
♦Extl b 16a ser A
1953
♦Nat Loan extl
s
s
4Ms assented
....1958 A
♦Stabilization loans f 7s
1947 A
4 Ms assented-1968 A
48 M
52M
97M 103
100 M
71M
73 X
5M
8M
8M
8M
13 M
69
2
76
41
12M
22
36M
45
1
34
50
38
4
25M
43
48 M
3
30M
54
41
7
40
11
"19"
19
1
14M
19
19
103 H
103 M
103 M
104
10
-~*m
51
l/i
Ol 7*
11
9M
10M
9
4
65
21
♦Roumanla (Kingdom of) 7s.—1959 F
11M
61
"64"
1952 A
31
.
10
21
♦February 1937 coupon paid—
♦Saarbruecken (City) 6s_._
1953
Sao Paulo (City of,
Brazil)—
10
1957
*10
—1936 J
——1950 J
12M
1956 M
•„
14
13M
10 M
10M
9M
♦Secured b f 7s
♦Saxon State Mtge Inst 7s....1945 J
♦Sinking fund g 6Ms.1946 J
Serbs Croats A Slovenes
"~9H
9M
9M
10
23M
25
20
2
15M
15M
14M
14 M
1962
21
21M
*31
*23
♦Sllesian Landowners Assn 6s..1947
Sydney (City)
s f 5
Ms
27M
*,
35
loo""
.—1955
s f 6
Ms
1971
Boston A Maine 1st 5s A C
HM
32
28
25M
33
25
28
29
103
External
f 5 Ms guar.
s
♦Uruguay (Republic) extl 8s... 1946
♦External
s
f 6s.
♦External
s
f 6s
55
*50 M
*46
53
.
41M
41M
41
41
41M
44 M
3 Ms extl readjustment
1984
38 H
*48
2
35M
37 M
14 M
1
22
84
3
56
16M
31
54 M
60
51
ISM
RAILROAD
AND INDUSTRIAL
COMPANIES
{(♦Abltlbi Pow A Paper 1st 58.1953
Adams Express coll tr g 4s
1948
Coll trust 4s of 1907
—1947
—i—.
"l05k
46'*
100
10-year deb 4Mb stamped...1946
105 M
46
44M
Adriatic Elec Co extl 7s
1962
Ala Gt Sou 1st cons A 5s..——1943
1st cons 4s series B_—
1943
conv
5s
99 M 104
100M 107M
49M
,
106 M
38
1stM5sseriesII
conv
5e
—....1956 MN
1961 A O
1st g 4Mb series JJ
{♦Boston ANY Air line 1st 4s 1956 JF A
Brooklyn City RR 1st 5s.
1941 J
J
Bklyn Edison cons mtge 8MS—1966 M N
Bklyn Manhat Transit 4Ms...1966
Bklyn Qu Co A Sub con gtd 58.1941
1st 5s stamped
"27"
-
-
....
108 M
.1947 M N
......1950 J D
1st lien A ref 5s series B
1957
Buffalo Gen Elec 4 Ms series B.1981
Buff Niag Elec 3Ms series C...1967
♦Buff Roch A Pitts consol 4 Ms. 1957
♦Certificates of deposit
1955
J
1957 J
July 1969 J
Canadian Nat gold 4 Ms
Guaranteed gold 5s
Guaranteed gold 5s..—.Oct 1969 A
Guaranteed gold 5s
...1970 F
Guar gold 4Mb
June 15 1955 J
Guaranteed gold 4 Ms
1956 F
Guaranteed gold 4 Ms—Sept 1951 M
Canadian Northern deb 6 Ms—.1946 J
Canadian Pac Ry 4%
Coll trust 4Mb
deb stk perpet J
22 M
41H
1
49 M
60
106 M
103 M 108
9
100
93
15
94
5
88 M
100 M
95
106M 112
56
30
32 M
"III
66
104
13
40
48M
65 M
103 M
100M 103M
98 M 104M
Foundry mtge 6s..—..1941 M
...1941 M
Gen mortgage 5s—
111»»m112M
105M 110M
Central N Y Power 3Ms
no
109M
106M
110
41
100
106 %
5
106 M
80
'
3
106 M
105 M HO M
102 M 111M
99 M 107
1Q4M 107
26-
80 M
42
*94 M
100 M
99 %
HIM
110M
*93 M
1995 MN
93 M
O
.1955 J
D
...1955 J
Conv gold 4s of 1910-.——1960 J
Conv neb 4 Ms
..—1948 J
D
D
D
...1965 J
Guaranteed
"162 M
102
1952
1964
J
D
10-year coll tr 5s.....May 11946 MN
Oct 1952 MN
170
105M 111M
86 M
16
95M
87 M
96
91
98
Champion Paper A Fibre—
S f deb 4Ms (1935 Issue)
S f deb 4Mb (1938 Issue)
Ches A Ohio gen g 4 Ms
1950
1950
1992
Ref A imp mtge 3 Ms ser D..1996
Ref A lmpt M 3 Ms ser E
1996
Craig Valley 1st 6s
May 1940
4
18
91M
99
89
96
J
J
53
99
102 M
103
102
102 M
8
111M
112M
1
33
-
-
103M
98 M 102 M
108
1UM
107
110
-
-
61
26 M
27 M
105
108 M
106 M 107 M
39 M
24
32 M
32
32
33
24
25
40M
31
■8
23
37M
7
1
30
30
M
"58 M
M
56
109M
109 M
58 M
16
79 M
37
38
*40
95
85 M
85 M
6
110
76
79
317
112
111M
112
94 M
61
103 M
103
54
110M
109 M
109 M
103M
110M
109 M
♦47
1
32 H
32
8
37
1
5
H
5M
92
104 M
93
109M 113M
109 M 109 M
26 M
40 M
25M ,40
m
5
67
67
37
37 M
55
45
40
103 M 112
72 M
95
93
*5
35
80 H
106 H H2M
94 M
*61
,SM
57
112M
U2
5M
47
107 H 111
68
82 M
12
112
32
BH
40
4
"ii
88
10
8M
•
35
75
41
37 M
55 M
17
3
47
56
102 M
201
92
103
94 M
29
55
100 H
93 M
101M
93 M
116M
116M
116M
120 M
*120
•
118M
116M
115M
""3
,115M
123 M
92
86 M
*37 M
*107
85
112M
110M
94 M
96 M
82
96 M
83 M
5
89M
97
24
76 M
89 M
57 M
60
52
54
71M
73 M
64 M
60 H
61
55
113M 110M
113M H6M
117M 121
117M120M
116M 119
114
112M 115M
121M 124M
74 M
37
65
96 M
31
113M
92 H
86M
3
110M
90
112
96
30
105
107 M
82 M
100M
114M
89
100M
81M 94M
40
00
45
107 M
"5
10
4
34
1.
3
3
•3M
*4M
4M
*92 M
68 M
70
6
3
6
3
12M
6M
0M
7M
10
"l
2M
4
3M
5
2
70
"49
"32"
16M
17
J
12M
106M
107
,
"19
7
14M
47 M
"64
51M
74M
77M
M S
104 M
M S
*102 M
125
M S
MN
99 M
99
F
A
99 M
J
J
99 M
*...:.
3s..—1949 A O
Q—111 Dlv 3 Ms—-1949 J J
Illinois Division 4s
1949 J J
General 4s
1958 M S
let A ref 4 Ms series B
...1977 F A
1st A ref 6s series A..
.1971 F A
116M
*107M
116M
52
100 X
103
98M
77M
.
3
72 M
40M
63M
51M
115
3
115
78
18
70
35
115M
80
104M
103
100 M 104M
100 M 104 M
125 M
118M 125 M
05M 100M
95 M 100 M
103 M 105
99 M
99 M
109 M
109 M
114" U7M
116M
104M 111
108
100
8M
8M
K0M
103
103 M
8M
♦Chio A Alton RR ref g
110M 111M
24
39 M
15M 28
12 M '24
64
*109
*
109 M HIM
102 M 105
106 M 110
37
115
76
,64M
08 M
75
.45 M
.
107
42
23
66 M
*
8
91
100
*29 M
4M
5M
7
7M
104k
"46"
19M
3M
3M
J
A
32
7M
4M
•
104 M
*112M
08
97
9M
31M
6M
"16
*108 M
"I647«2
04
62
82
7M
7M
i
J
J
4s...1946 J
J
1989 J
J
J
2d consol gold 4s.........1989
Warm Spring V 1st
s
1941 M S
Chic Burl A
89
10
S
S
48
87 M
85
43
11
92 H
91M
*43
98 M
14M
97 M 101.
100 M 104 M
94
100
98M
72
23
90 M
10
79
2
89 M
15
22
124
73M
95M
113M
8
13
120 M
118M
116M
123 M
74 M
12
120 M
80 M
"94M
87 M
85 M
94 H
92 M
94 M
90M
99M
Forf ootnotes see page 3813.
28
31M
J
R A A Dlv 1st con g 4s
-
19
31H
Potts Creek Branch 1st
2
95 M
21M
21
28
32
S
1942.—.. MN
...1941 MN
Certain-teed Prod 6 Ms A.....1948 M S
95
70 H
83 M
60
'
5
108
5s extended to May 1
99
*93
96M
M S
96
-
"20M _30""
10
26M
24
101M
Central Steel 1st g s f 8s
98
111M
*109M
"28~~ "~2
A.Bkg of Ga—
98 M
111M
1944 J
1st 30-year 5s series B
191
111M
96 M
94M
129 M 134 M
100 H
1962 A O
5s...........I960 F
95
Atl Knox A Nor 1st g 5s......1946 J
Atl A Chart A L 1st 4 Ms A.
1944 J
Atl Coast line 1st cons 4s July
General unified 4 Ms A
98
101
101
92 M
98
96 M 101
96
101
g
97 M
99
1958 J
1962 M
Trans-Con Short L 1st 4b
Cal-Arls 1st & el 4 Ms A
gold 4s
19
1
100
Conv 4s of 1905...
L A N coll
2
36
1995 Nov
... •
Rocky Mtn Dlv 1st 4s
24 M
100M
Atchison Top A Santa Fe—
General 4s———
.——1995 A
Adjustment gold 4s.
Stamped 4s
Conv gold 4s of 1909...
24 M
36
24M
J
116M
17
*107 M
A
Cent Pacific 1st ref gu gold 4s..1949 F A
Through Short L 1st gu 4s...1954 A O
Central RR
♦Anglo-Chilean Nitrate—
1995 Q
119"
31
134M
100 M 105 M
96 M 102 M
A
Cent 111 Elec A Gas 1st 6s
73
1967 Jan
101M
141
D
Cent Hud G A E 1st A ref 3 Ms. 1965 M 8
1951 F A
Cent Illinois Light 3 Ms
1966 A O
102
130
4s
98M
.
118
*7
111M
g
47 M
86
5
110M
8 f income deb
108 M
80
105 M
♦Mid Ga A At Dlv pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946
109 M
{Ann Arbor 1st
78
M
104 M
J
1959 A O
1959
♦Chatt Dlv pur money g 4s.. 1961
♦Mac A Nor Dlv 1st g 6s..—1946
111M
Ark A Mem Bridge A Term 58.1964 M S
Armour A Co (Del) 4s series B.1955 F A
1st m s f 4s ser C (Del)
J
1957 J
52 M
"85
..—1945 MN
110M
M
106M
44
87
J
♦Ref A gen 6 Ms series B
♦Ref A gen 5b Series C
"102M
106 M
34M
38
107M
O
1948 J D
{♦Central of Ga 1st g 5s—Nov 1945 F A
"l7
93 M
1
44
ioek
D
ser
♦Consol gold 58
51M
103
55 M
52 M
M
87 M
24
A1952 J
{♦Car Cent 1st guar 4s.
Caro Clinch A Ohio 1st 6s
48 M
109
1
14M
133 M
92 M
'
64 M
106 M
102
86 M
111M
Amer Wat Wks A Elec 6s ser A.1975 MN
Anaconda Cop Min s f deb 4 Ms 1950 A O
12
J
33
103 M
103
J
105M
D
1961 AO
..—1966 J D
deb.. 1950 J
12
1960 J
1949 J
Collateral trust 4Mb
20-year sinking fund 5 Ms.:—1943 MN
conv
44 M
Dec 11954 J
Coll trust gold 5s
J
{♦Cent New Eng 1st gu 4s...—1961
♦Central of N J gen g 5s.——1987 J
♦General 4s
.....1987 J
....
44
J
75 M
34M
108M
38
Amer Telep A Teleg—
8Mb debentures
8Mb debentures
Am Type Founders
32
1946 M S
,
"6§k
104
43
5s equip trust ctfS...—..—1944 J
57
*102 M
102 M
D
8
19
31M
—1955 J
68
"64M
2030
Amer IG Chem conv 5 Ms.
1949 MN
Am Internat Corp conv 6Ms...1949 J
J
52
M
14 M
9M
44 M
40 M
40
MN
♦Cent Branch U P 1st g 4s
*
10
6
50
—1952 A O
25
28
52
36
11M
40 M
J 1>
J
Bush Term BIdgs 6s gu
—1960 A O
Calif-Oregon Power 4g
1966 A O
Canada Sou cons gu 5s A—...1962 A O
Central
5s...,.—1953
MN
F A
85 M
M
"
67 H
16
114
12
23
106 %
32
99 H
-
"l08M
1962
American Ice s f deb
J
1950 * A
1945 M N
1st lien A ref 6s series A
"'75
77
6
23 M
23 M
40 M
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Adlr 1st gu gold 4s...—1981 F A
Celotex Corp deb 4Mb w w.
1947 J D
"26M.
"loo"
"52"
...—....1941 J
Bklyn Union El 1st g 6s
Bklyn Un Gas 1st cons g 5s
80
51M
105M
♦5s stamped
i960
Allegh A West 1st gu 4s—...1998
Allegh Val gen guar g 4s.
1942
Allied Stores Corp deb 4 Ms
1950
4 Mb debentures.
...1951
Allls-Chalmers Mfg conv 4s
MN
MN
39M
*
1950
♦Alplne-Montan Steel 7s
Am A Foreign Pow deb 6s—
06 M
104
■
■
♦Coll A
D
1967 M S
72
75M
23 M
16 X
104M
101
32
66M
16 M
1
100 M
78
66M
5
19M
19M
*_■
45
"75 M
...—.1949
19M
26M
*70 H
...1946
Alleghany Corp coll trust 5s...1944
Coll A
2
17
107
37M
16
"28~"
*37
.1948
Alb A Susq 1st guar 3 Ms
100
60
*108 M
*106
Albany Perfor Wrap Pap 6s—.1948
6b with warr assented
07
104
2
.
100
105 M
*52
42 M
4
<
100
99 M
17M. 24 M
12
38M
24 M
55 M
"55 M
43
42 M
30 M
24M
...
18 M
30
117M
Bush Terminal 1st 4s
Consol 6s
47
... _
50 M
30 M
32
20 H
20 M
*
44
37M
38 M
"38 k
24 M
'20M
52
10 H
{|*Burl C R A Nor 1st A coll5s 1934 A O
♦Certificates of deposit.:
35
45 M
Venetian Prov Mtge Bank 7s—1952
♦Vienna (City of) 6a
1952
♦Warsaw (City) external 7s
1968
23 M
*30
49
17
*38 M
1978
63 M
24
16M
*82
4m
36
1
...1978
10M
62 M
63 M
19 M
19M
19M
19M
19 H
10 ft
10 M
19
.1944 J
....
conv
47 M
9
*86
37
12
17
21
105
42 M
41H
21
57 M
40
40
4-4M-4M% extl readj
4Mb assented
1958
Yokohama (City) extl 68—1961
51
43
51
external conversion.—. 1979
3M-4M-4'i«s extl
49
"52
*46
3M-4-4Ms ($ bonds of *37)
external readjustment
.1979 MN
3«-4-4M% (8 bonds of '37)
.
37 M
60M
5
_
.1960
..1964
.
-
6
40
51M
52
1961
54M
34
39
Tokyo City 5s loan of 1912—1952
49 M
51M
58 M
20 M
20 M
"44~"
—1952
16M
25M
94
51
72
102
48 H
49
50
J
1966
Big Sandy 1st 4s...
Debenture gold 5s
Taiwan Elec Pow
60
100
60
19M
19 M
24
debs
102 M 106 M
25
20
"1
55
1951
15
25M
....
100
A
44
59
19M
"19M
High
101
54 M
55
134
3 Ms conv
59 M
Low
18
15M
25
.
♦45
101
Bell Telep of Pa 5a series
B....1948
1st A ref 58 series C
1960
Cons mtge 3 Ms series E
6
21M
54 M
55
...
Ms
6
105
20 M
1951
4s stamped
——.1951
Battle Creek A Stur 1st gu 3s—1989
Beech Creek ext 1st g 8
6M
M
18
40 M
1958
Con ref 4a
14M
0M
17M
6
105
"2 Ik"
55
*>
Toledo Cin Dlv ref 4s A.... 1959
Bangor A Aroostook 1st 6s—_ 1943
14
25 M
18
22 M
,.1958
♦Silesia (Prov of) extl 7s
4 Ms assented...
22 H
63 M
♦Berlin Elec EI A Undergr 6
Ms 1956
Beth Steel cons M 4Ms ser D..1960
20M
22M
1962
52
"
Certificates of deposit
♦S'western Dlv 1st mtge 5s—1950 J
19W
(Kingdom)
♦8s secured extl.
♦7b series B sec extl.—
1
.1941 M N
20 M
7
27
37 M
62 M
Belvldere Delaware cons 3 Ms—1943
♦Berlin City Elec Co deb 6
Ms—1951
♦Deb sinking fund 6 Ms
1959
♦Debenture 6b
.—1955
7H
16
23 H
J
P L E A W Va
Sys ref 4s
09 M
22 M
11
4
33M
26M
J
M S
♦Convertible 4Ms
..I960 F
♦Certificates of deposit..
6M
2
2
deposit
♦Ref A gen 6s series C.w...1995 J D
♦Certificates of deposit...--..
♦Ref A gen 5s series D
2000 M S
♦Certificates of deposit.
15
10
14
33 H
62 M
of
15
2
....
No.
41M
33 M
62 M
A O
July 1948 A O
19
"351
20
1952
13M
7M
6M
7M
7M
43M
3
*9
14 M
6M
"23
9M
11
1
6M
UM
9
molt
40
Low
♦Certificates of deposit..—...
107
101
8
ou
9
.19M
14
19M
102M 106M
13
102 H
17M
70
23
..—
Jan. 1
Asked
33 H
.
15
dt
40M
Bait & Ohio 1st mtge
g 4s.July 1948
♦
1st mtge g 6s
•Ref A gen 5s series F.
....1996
♦Certificates of deposit
44
9M
9M
4
10 H
29 M
19 M
103
.
,
11M
10M
"l9M
"
Since
Friday's
Bid
J
J
Atlant'c Refln'ng deb 3s
1953 M S
t (♦Auburn Auto conv deb 4 M81939 J
J
Austin A N W 1st gu
g 5a
...1941 J
J
Baldwin Loco Works 6s
stmpd.1940 M N
♦Certificates of deposit-..—-.
♦Ref & gen 5s series A
1995 J
Range
Range or
Sale
Price
Atl de Dan 1st g 4s
1
1948 J
Second mortgage 4s
....1948 J
Atl Gulf A WISS coll tr 5s
1959 J
♦Certificates
46M
1966 M
1968 J
1940 A
13M
12 M
41
26
3
35 M
*
—
1967 J
9M
9M
9M
40
40
Rio Grande do Sul (State of)—
♦8s extl loan of 1921,
1946 A
♦6a extl 8 f g
——1968 j :
loan......
50
43M
9
45
""46M
1966 J
1952 MM
♦6s extl dollar loan......
10
204
37 M
J
1947 F
__
99M 106 %
9M
9
„
♦Rhlne-Maln-Danube 7s A
1950 M
♦Rio de Janeiro (City
of) 8a.—1946 A
♦Extl sec 6 Ms
1953 F
|*8s extl loan of 1921
♦8s external
♦7s extl water
20
73 H
*32 M
<
♦Prussia (Free State) extl 6MS-1951 M
♦External s f 6s
—1952 A
Queensland (State) extl s f 78—1941 A i
♦8s extl secured 8 f
♦6 Ms extl secured • f
San Paulo (State
of)—
2
106M
71M
9
1961 J
♦78 municipal loan
Rome (City) extl 6 Ms
1
41
—.1963 J
♦7s extl loan of 1926
48 M
9M
9M
9M
1940 A
25-year external 6s
19M
67
65M
1959 M
f 6s 2d ser..1901 A
♦Extl loan 7 Ms
:
Prague (Greater City) 7 Ms
16
52M
9
f 6s 1st ser„ 1960 J
1950
2
31
70
"72M
1947
♦External sink fund g 8s
4Ms assented
♦Porto Alegre (City of) 8s
18M
54 M
100 M
104
^
Last
Week Ended June 23
48 M
106
1963
1
High
Low
No.
.
18M
1963
♦Poland (Rep of) gold 6s. ^
High
BONDS
N, Y. STOCK EXCHANGE
Since
Jan
53 M
53 M
1958 MN
♦Stamped
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 78
♦Nat Loan extl
A
J
Range
|2
Bid
Low
F
♦Nuremburg (City) extl 6s
Week's
Friday
«0
Last
N. Y. STOCK EXCHANGE
Week Ended June 23
3809
Week's
I
Friday
Range or
Range
bonds
Sale
EXCHANGE
Week's
Last
bonds
N. Y. STOCK
Friday's
Bid
A
Asked
Since
N. Y. STOCK EXCHANGE
Week Ended June 23
Price
Week Ended June 23
110
18
1
J
j
12%
J
j
*8
11%
3%
J
j
*3 K
J
63 x
*112
♦Gen 4
mn
3h
D
24 h
1 1989
1 1989
May 1 1989
23 h
"24"
F
May 1 1989
{♦Chic Mllw St P A Pac 6fl A—1976
♦Conv adj 6s.;
Jan 1 2000
{♦Chic A No West gen g 3%s~1987
"~6%
f
a
a
O
2
m n
13
1987
28%
I ♦Sec tired
♦Conv 4%s series A
194'
D
21
19%
19%
28%
12
Dow Chemical deb 3s
*40
2%
98
♦
6%
2
3%
13
6
13
1
10%
10%
13
4
10
13
1
10
16%
14%
10%
19
11
11
12
20
16
9%
13
16%
M%
"l
8 X
8%
11
Dul
f
J
8%
28
5%
11
8%
9
6%
11
3
3%
52
3
57
*52 h
67
11
47
*9K
♦Certificates of depoelt
|♦Secured 4%s eerlee A
1962
m"s
♦Certificates of deposit
♦Conv g 4 Ha
...I960 mn
Es4t Ry Minn
.
Cb St L A New Orleans^s
1951 j
Gold 3 He
June 15 1951 j
Memphis Dlv let g 4s
1951 J
D
Chlo TH4 So'eaatern 1st 6s. .I960 J
18%
16%
10%
--
"*8
5
9
4%
8%
♦Gen
5
9%
♦Re;
A Imp.
5%
5
4
8
♦Ref A lmpt
2%
d
*55
35
78%
2h
78%
6
1951 M
105 %
>107%
108 h
105h
,105 k
91h
♦Series B
4%
2%
conv
1960 F
a
,1967
D
j
Cleve Cln Cblc A 8t L gen 4s... 1993 j
Genera 15s series b
1993 j
Ref A lmpt 4 %s series E_._. 1977 J
D
j
1st
5s.!
f
105%
♦6s Income mtge..
Colo A South 4 Ha series A
Columbus A H V 1st
ext g
108% 111
110% 111%
100% 103
100
110%
109
111%
69
63%
68
70
90
,100
93%
107%
107
108%
84
83%
77%
1943
*105%
*103%
103%
49
49
34%
35%
102%
102%
102%
103%
103
103%
1
82%
90%
84%
78
89%
'
85
44
24
.
159
12
104»u
104*'ii
10
118%
524
118%
246
{♦Consol Ry
nou-conv deb
4s." 1954
♦Debenture 4s
s
f 5s
cony
2%s_
f deb 3 Hs
s
f 4s
Cuba Nor Ry 1st 5Hs
Cuba RR 1st 6s g_
47
92% 103%
94
103%
92% 103%
109% 114%
..1948
104«»108%
104
110%
107% 111%
105% 118%
104% 118%
89%
89%
110% 112%
108
109
107
110%
105%
103% 107
,106%
106%
105%
108
106%
108%
106%
109%
104% 108
A
F
J
104%
Grays Point Term 1st
gu 5s...1947
For footnotes sne nave 3813.
1
...
1
..
=::::=
43
58
65%
10
•
5%
5%
9%
5
....
5
2
3%
3%
3%
I'A
3%
100% 102
39
41%
18
105%
71
8
10%
9
13%
106%
106
54
107
"*50
J
110% "16
104%
99%
46%
-
-
--
102**11 102**32
"63%
~60"
*
*12%
*
103"»
84%
99% 101%
58
15
104%
—
■
79%
J
s
-----
-----
73%
80%
78
04%
10
94
30
88
"88%
18
81
94
74%
82
J
J
82%
81%
82%
1946
J
J
97%
95
97%
1946
J
J
87%
87
88%
J
J
73%
73
74
60
100% 107%
130
....
93
Feb
*53%
4
...
74
89%
89%
80
88
103 %
44
78%
1900
1949
1999
1937
A
J
*73%
1951
1951
1951
1951
'1952
111
74%
70%
85
85
"76%
"95"
O
106%
53
J
A
MN
J
"33"
D
A
O
_
.
14%
79
110%
11
J
*92
J
*85%
O
*85%
A
*
S
O
"52"
MN
MN
"51%
52
*
"50"
83%
.....
*50"
51
*58%
F
A
J
D
*80
105
6
96
J
J
*60
F
A
108
108%
38
103
103%
105%
23
34
105% 109%
102% 106%
Litchfield Dlv 1st gold 3s
1951
Loulsv Dlv A Term g 3%s--1953 J
Omaha Dlv 1st gold 3s
1951
*.
J
47%
64%
*45"
62
44%
00%
52
27
90
45%
46%
62
42%
__
61
100
.
"
63
47
28
53%
.....
40%
6
52
46
85
_____
...
75
52
J
J
91
87
....
-
61%
11%
15%
110% 112%
94%
.,....
36%
128%
43%
78
13%
A
M
124
...
"49"
.77%
39
28%
110%
14
110%
J
J
25%
29
34%
48
07
5
34%
*128
O
~8
92
96%
108% 110
38
39%
117% 122%
29
33
"*48%
91'
v__
33
34%
79
85
4
42
•
09
13
122%
76%
74
81
7
106%
122%
122%
7%
103%
73
95
94
O
105% 109%
105%
100%
55
5%
103
1
106%
*
J
J
A
our
"si"
J
O
...
.
9
28
94
81%
66
5
6%
M N
108%
104%
100%
101%
48
,
•
.1944
Illinois Central 1st gold 4s
1st gold 3 %a
,
90%
108% 100%
2
82
t Be ser A...1902
<3 no
"3
....
82
A
xciu
83
J
MN
«oii
12
87%
1st ref A Term M 6e stampedl952 J
A
Gulf States Steel s t 4%s
1961
tf*Hou8atonlo Ry eons g 5e
105
107
106
6
Hudson Coal 1st
104
"79%
*103
Hoe (R) A Co 1st mtge
45
98
.
69
*60
Feb
♦Harpen Mining 6s..
Hocking Val 1st cons g 4%a
37
98
.
88%
..1907
.18
68
.
104%
*60 %
"79%
M N
Greenbrier Ry 1st gu 4s
1940
Gulf Mob A Nor 1st 5%s B...1950 A O
A O
1st mtge 5s series C.
1950
Gulf A Ship Island RR—
Gulf States Utll 4s series C
12%
13
106
.
103%
104%
84%
"94"
1977
71%
10
48%
....
J
1976
Green Bay A West deb ctft A__
♦Debentures ctfs B
102",»107%
104
107%
...
J
,
59%
If Ad
J
A
84%
02%
45
....
40%
io.v'w
104
104
106
59
48
44
102*5,2
104%
49%
-
.
....
105
—
'
.
-
101%
63%
15%
H
—
95
1
57%
104%
104%
1
11
101
107% 111%
103% 109%
103%
35
-
123% 125%
102% 105
■
108%
105%
33%
36%
40%
106
-
-——
D
107% 110%
106%
6
-is-
J
22%
100% 105%
1
126%
104%
71
39
83%
83
-.11
56%
81%
73
....
63
65
63
52%
46%
46%
■
10
104% 106%
12
29%
37
Gold 3%s
37%
4
34%
40%
Springfield Dlv 1st
41
5
39
45%
Western Lines 1st g 4s
35
1
32%
J
J
*56%
..1951 J
St Louis Dlv A Term g 3s
75
J
*60
64%
1951
J
J
—
—
—
—
—
60
— — — — —
63
38
108%
109
3
56%
59
60
g
3%8—_ 1951
1951 F
A
....
*60"
"76"
-----
60
-----
61
107% 110%
52%
70%
.
At"
101
87% 100
102% 105%
----
1973 J
J
105% 109%
*109%
110%
110%
108%
108%
57%
t
,100% 102%
101
103%
18
10*
*101
-
*33
n
IJ
Great Northern 4%s series A..1901 J
J
General 5%s series B
1952
Collateral trust gold 4s.
1943 mn
*2%
-
O
Gt Cons El Pow (Japan) 7s...1944 F
J
1st A gen s f 0%b
.1950
55%
36%
I
107
35
17%
J
Gouv A Oewegatchie 1st 5s
1942
Grand R A I ext 1st gu g 4 %S—1941 J
10%
*52
40%
«•
J
1
J
12
..
«
•
-----
J
A
9%
44%
1952 J
•
104
5
S
*2
A
sec 7s.. 1945
Goodrich (B F) conv deb 0s.. 1945 J D
J
D
1st mtge4%s
1950
Gotham Silk Hosiery deb 5s w w *46 M S
9
to 1940___ J
0s series B extended to 1940
J
Dayton Pow A Lt 1st A ref 3 Hb 1960 A
1
86
150
8%
*
MN
J
Gen Pub Serv deb 5 Hs
1939
Gen 8*eel Cast 5%s with warr.1949 J
{♦Oa A Ala Ry 1st cons 6s Oct 1 *45 J
{|*Ga Caro A Nor 1st ext 0s.. 1934 J
10%
7Hs series A extended
Del A Hudson 1st A ref la
1945
1940
General 5s series C
General 4%s series D
General 4 Hs series E__
105%
103%
J
J Gen Motors Accept Corp deb3s_'40
F
15-year 3%s deb...
1951
Extended 1st gold 3%s
1st gold 3s sterling
"33%
3
100
60
10%
mn
1
?%.
♦56
10%
1942 j
....
60
1
f
1
100% 102%
58-s
58
"8%
90
t
07
.
*56
2
1948 J
...
D
3
11951
11950
10
105%
*44
—
J
♦Sinking fund deb 0%s
♦20-year s f deb 0s
10%
1943 j
45%
«
...
102%
J
A
1947
10%
1940 j
40%
98
J
%« A
♦Gen Elec (Germany) 7s.,
10
i960 m n
16-year deb 6s
77%
106%
102%
125%
104%
99%
57%
10%
107
87
1
D
10
1970 m n
Container Corp 1st 6s
s
33%
65%
107%
25
J
37
....
Gas A EI of Berg Co cons g 5s..1949 J
Gen Amer Investors deb 5s A.. 1952 F
J
Gen Cable 1st s t 5
10
__I""l960
1st mtge 3 Hs
1st mtgeSHs
Crown Cork A Seal
79%
105
j
1950 j
3»
4
14
1952
F
Consumers Power 3%s.May 1~1905 m Is
1st mtge 3 Hb
May 1 1905 mn
1st mtge 3 Hs
1967 m n
Crane Co
85
*107
a
14
'
----
J
IIIl955
♦Debenture 4s
Continental Oil
91%
-
98
...
*109
105
14
7%
99
99
105
105%
«
S
M
'Certificates of deposit
;
J
J
Fort St U D Co 1st g 4 %s
1941
Francisco Sugar coll trust 6s...I960 M N
1955 j
♦Debenture 4a
Consolidation Coal
'
*112%
1951 j
"99
tl*Proof of claim tiled by owner
(Amended) 1st cons 2-4s
1982
if*Proof of claim filed by owner M N
Gen mtge 4 8series H
Gen mtge 3%s series I
115%
deb 3 Hb
7%
74
4
7%
General mtge 4s series G
115
conv
18%
31
103
103
...
M N
103
118%'
Consol Oil
Fonda Johns A Olov 4%s
107% 110%
109
*102%
m
.
>f deposit
101
6
118%
J
195°
.1974
14
j
j
♦Certificates
A
38
1958 J
" 1958
....
9%
9%
*98%
w
D
J
*102
D
ser es
109
105%
106%
106%
S
J
1st A ref 5s
101»«
1901 f
..
M
J
104%
1951
S
M
106%
S
M
O
109
*22
A
♦
M
J
1943
101
110
..1948 a
1954
104%
1951 j
22%
22
21%
11%
11%
.13
1
13%
14
J
Tire A Rubber 3Hs. 1948 A
109
109%
3%s_1946 a
30-year deb 08 series B
109% 113
89
*103.30
...
48
45
O
Il956
89%
,
68
2
D
8 Hb debentures
107%
106% 106%
102% 104
1908 j
♦Consolidated Hydro-EIeo Works
of Upper
Wuertemberg 7s__ 1956
108%
75
1905 a
8 Hs debentures.
3 Hs debentures
111%
79%
22
1st mtge 3 Hs series 1
Conv debs 3%s._
3H8 (lnt waived to and Including
" May
15. 1939)
1958 J
Conn A Passump Riyer 1st 4a..1943 a
1942
..1942
104 x
m 8
.
f 5e stamped
1942
♦Good Hope Steel A Ir
82%
fist mtge 3%s series H
4 Hs
90
108"
.....
guar
100%
90
*106
D
*
"
48""
15
6
85
46%
60%
03%
*113
Stamped
77
77
50
Columbus A To! 1st ext 4s.H_.1955 F A
Columbus Ry Pow A Lt 4s
1965 M n
Commercial Credit deb 3H8—1951 A O
Conn Rlv Powsf 3%s A
Consol Edison (N Y) deb
03
63
75
.....
Conn Ry A L 1st A ref
4Hs
111%
90
82 %
89 %
1981
s
1st Hen 0s stamped
{Florida East Coast 1st 4%s
*113
ll 1st mtge g 4s series F
1st lien
15
1972
1942 )
13%
103%
40"
15
14
L
79
105
103%
O
102"
26
ie%
J
1950
series
12%
4s.. 1948 A o
T2%s debentures
Commonwealth Edison Co¬
5s Internationa
64
108%
102 K
13%
43
*42
14%
*105
ColumbiaG A E deb 5s...May 1952 m N
Debenture 5s......Apr 15 1952 a O
Debenture 5s......Jan
15 1901 j
J
O
05
,
•
16%
13%
13%
A
1954
74
63%
35
-
2
41%
F
Ernesto Breda 7s
t*Fla Cent A Pennln 6s
A
1980 MN
---
p.
"16%
107%
05
*60%
Firestone
67
77%
J
148%
105% 109 H
106
I
102%
S
109%
100% 100%
1945
s
-
9o %
102 %
------
106%
92%
139
64%
*50
-
J
.1938 M
§♦3(3 mtge 4 %s
96%
107
1977
Coal River Ry 1st gu 4s
Colo Fuel A Iron Co gen
*50
— —
— —
87
107
1970
series b guar
1st s f 4 hb series C_
w
38%
105% 109%
100% 106%
s
97
1973
s f
19
103
■l'
40
109
*90%
1961
—
-
107%
87
109
1st
86%
*99%
1981
12
12%
85%
40
107
69
1977
10
107%
108%
108%
108% 112%
....
.
38%
104
Cleve A Pgh gen gu 4 %s ser b. 1942
Series B 3Hs guar....
1942
Gen 4 Hs series A
Gen A ref mtge 4 Hs series b.
Cleve Short Line 1st gu 4 Hb...
Cleve Union Term gu 6%s._..
108
107%
1
19
89"
J
J
f 0s. .1957
MN
♦Erie A Jersey 1st s f 6s
105%
49%
Series A 4 Hs guar......... 1942
Series C 3 %s guar......... 1948 mn
Series D 3 Hs guar....
1950 f a
-
—
9%
54
60
3%s... 1965
108
-
„
148%
9%
88
j
1940 J
-
O
93%
1940 M s
4s..
148%
O
98% 103
65%
*83
Cln Wabash A M Dlv 1st 4s. 1991 J
j
St L Dlv 1st coll tr g 4s..... 1990 M n
106%
*87%
148%
25
105
.1975 A
.1955 J
49
111%
60
16
5s of 1930
43
MlK
"49 H
25
12%
109%
"9%
52%
*42
D
42
40
....
107
"9%
92
110%
J
112%
109
110% 112%
.....
106 %
-
O
63%
*110%
A
23
110%
32
110% 113
104
MN
03%
*100
.
1st mtge gu 3He ser E
1969 f
Clearfield A Mat 1st ^u 6s_... 1943 j
10
45
6%
3%
32
5
.1907
55
*62"
109%
!
5
1
.
105%,
♦N Y A Erie RR ext 1st 4«. .1947
109K
109%
22
3%
10
109
— — — — -
♦Geneesee River
*10
gu 4s... 1942 M n
Cln Un Term i*t gu 3 H eer D
1971 mn
g
A
3%
2%
102%
105%
5s of 1927
73 k
74
con
W W Val Dlv 1st g 4s
Cleve Eleo Ilium 1st M
J
44
1
6
15%
14%
6%
6%
10%
7%
9%
1
35
,
102
J
J
2
12%
108%
O
J
— —
65
"
Spr A Col Dlv 1st
A
106% 107%
105% 107%
18
111%
4s series D____. .1963
91
6s... 1952 mn
cons
Cincinnati Gas £,Elec 3%s
1st mtge 3 He
Cln Leb A Nor la*
D
.1953 A
.1953 A
A
92 %
93 h
*18
*
O
83%
63%
mvs
4s... 1952 J
con
-
-
O
70
*35
105 %
1st A ref M 4 %s series D.... 1962 M
Chllds Co deb 6s.._.
1943 a
{♦Choc Okla A Gulf
J
Federal Light A Traction lflt 5s 1942
1944 A
-
102%
105%
.1965 A
65
*63
1st mtge 4s «He« D
1963 J
1st mtge 3H-> series E...... 1963 J
3Hs guaranteed
Chlo A West Indiana
MN
106%
106% 108%
7
-----
110%
*112%
*42%
—
D
Fairbanks Morse deb 4s
............
•
J
♦Conv 4s series A.
12
5%
Chicago Union Station—
Guaranteed 4s
---
J
43
d
111%
...1995
.1940 J
J
5%
Dec 1 190U M S
*30%
111%
------
High
109
104 H
-
2%
5%
3%
S
M
{♦Erie RR 1st oons g 4s prior. .j.1990
J
♦1st consol gen Hen g 4s... .1996
6%
,
2%
5%
J
J
5%
5%
.
O
J
Erie A Pitts g gu 3%8 ser B.. .1940
6X
2H
A
A
.1905 A
5%
78%
F
Elgin Jollet A East 1st g 5s...
6
D
....
3%
Nor Dlt 1st 4s. .1948
"Ik
5h
A
{|*Dul 8ou Shore A Atl g 5s..1937
Duuueene Light 1st M 3%s._.1905
5h
1934 ao
|*Refundlng gold 4s
Low
108
— — —
9%
9%
3%
9%
3%
2%
------
6s stamped
6%
45
35
12%
UK
deposit
F
-
El Paso A 8 W 1st 6s
7%
"12"
9%
M N
E JtT Va4Ga Dlv 1st 5s... .1950
J
J
Ed El 111 (N Y) 1st cons g 5s. .1995
.1952 F A
Electric Auto Lite conv 4s._.
.1941 MN
8K
a
j
Jan. 1
-----
9
J
D
1951
MlssabeAIr Range Ry 3 %Bl902
Since
No.
—
106%
106%
106%
J
J
J
Series C 3%s...
tPChlcago Railways 1st 5s stpd
Aug 19 <8 25% part paid
{♦Chic R I A Pac Ry gen 4s.„ 1988
MN
J
12%
5%
"*3%
100%
5s... 1995
Second gold 4s—
Range
0
16
14
7h
*108%
Detroit Term A Tunnel 4Ha.. 1961
29
13
D
MN
♦Detroit A Mac 1st UeD g
*11K
14h
D
J
MN
1966
Gen A ret mtge 3 Hs ser
29
12%
1936 mn
6%s
♦1st ref g 5s
..May 1 2037 J
♦lBt A ref 4%s stpd-May 1 2037 J
♦1st A ref 4%s eer C.May 1 2037 J
G
27
18%
13
1»
J
B...Apr 1978
18
IK
2
m n
♦4 %s stamped
6s
19%
27
6%
*106%
{♦Dea M A Ft Dodge 4s ctfs_..1935
M S
{♦Des Plains Val 1st gu 4 %s.._1947
F A
Detroit F iison Co 4 Hs ser D..1961
Gen A ref M 4s serF
1965 A O
8
24%
12%
1987 m n
4s
♦Gen 4%s stpd Fed lnc tax..1987 m n
♦Gen 6s stpd Fed lnc tax
1987 m n
gu
112%
25
23 x
♦Stpd 4s non-p Fed lnc tax 1987 mn
lnc
1??*
25
*22
♦Gen 4He series
♦Certificates of
75
0
cq OQ
*108%
J
♦Assented (sub] to plan)
♦Ref A Imp* 5s ser
0
24%
*20 K
24
24h
'
Lovo
J
J
1st Aref4%s
5%
5
63%
A
Asked
High
Bid
J
16
-
May 1 1989
series E
11%
*102
11h
1950 j
1909 j
♦Gen 4s series A
11%
20 %
11x
Chic Ind A Sou 50-year 4s
♦Gen g 3 %s series B_.May
♦Gen 4 %» series C
May
85%
24%
13%
18 %
"ISH
1947
{Cblo Milwaukee A St Paul—
21
*9
J
{♦Chic Ind A Loulsv ref 6fl
♦Refunding g 5b series B
♦Refunding 4s series C
♦1st A gen 6» series A
♦1st A gen 0s series B.-May
Chlo L 8 A Eaat 1st 4 He
22%
j
{♦Chicago Great West 1st 4s—1959 m s
1947
1947
1966
1900
12%
12%
81%
15%
9%
9%
Friday's
Sale
J
Light 1st 4 %s
5
c2
Range or
Last
0
Price
1971
1909
1st mortgage 4 %b
1969
Den Gas A El 1st A ref s f 5s...1951
Stamped as to Penna tax
1951
{l*Den A R G 1st cons ? 4s
1930
f*Consol gold 4 %r——....1930
{♦Den A R G Wee* ,'en 5s.Aug 1955
Del Power A
110
9
94
•»
? fe
High
97
102
19 h
18
Chicago A Erie let gold fie..—.1982
Low
9
20 K
*85
mn
No.
110
17h
♦Certificate* of depoelt
Jan. 1
Week's
Friday
5
High
Low
{§*Chlcago A East 111 I«t 0B...1934 a o
{♦C A E 111 Ry gen fie
1951 mn
♦General
June 24, 1939
New York Bond Record—Continued—Page 3
3810
'
Volume
New York Bond
148
BONDS
3 6
Range
Friday'*
&
Asked
Sale
Price
Jan. 1
High
No.
51X
64
46H
27
103 X
Low
BQNDS
N. Y
Since
Bid
D
1st A ret 4 He aeries C
.1963
1040
1948
D
Ind Bloom A West 1st ext 4a__1940
O
Illinois Steel deb 4HS
♦Ilaeder Steel Corp 6a
O
A
Ind 111 A Iowa 1st g 4s
.1950
{♦Ind A Louisville 1st gu 4a
1956 J
Ind Union Ry 3Hs series B..1986 M
Induatr'ai Rayon 4Hs.......1948 J
Inland Steel 394s series D
1961 F
tlnterboro Rap Tran 1st 5S...1966 J
Certificates of deposit
(♦10-year 6s
...........1932 A
(♦10-year conv 7% notes...1932 M
conv
5
1952 J
A. .July 1952 A
►
J
95
"64H
8
10H
41
90
104 H
97 X
108H
27
106
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60 H
318
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70
54 X
17
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68
~33H
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34
54
27
43
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50
59H
289
50
68
51
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66
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J
O
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80
103 H
B...1947
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46
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11
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99
99
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93
91
91
92
38
82 H
56
J
1955 M 8
Int Rys Cent Amer 1st 5s B...1972 WIN
1st lien A ref 6 Ha
1947 F A
J
Int Telep A Teleg.deb g 4 Ha—1952 J
1955 F A
{♦Iowa Central Ry 1st A ref 48.1951 Wl 8
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100
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*81X
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93 X
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46
53
66 X
64 H
67 X
78
87H
60 H
66
94 X
83 H
88 H 1C0
-1951 M
Jones A Laughlin Steel
4HsA_.1961
Kanawha A Mich 1st gu g 4s..1990
{(♦K C Ft 8 A M Ry ref g 4S..1936
♦Certificates of deposit
Kan City Sou 1st gold 3s
1950
Ref Almpt5a_.
Apr 1950
Kansas City Term 1st 4s
1960
M 8
A O
A O
"68X
J
J
D
M N
108 X
1980 J
Kansas Gas A Electric 4 Ha
90
H
96 H
90
79
27
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85 X
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68
65
109
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*
•
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*107H
J
J
*72X
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J
*60
J
unguaranteed
.....1961!J
Kings County El L A P 6s....l997)A o
Kings County Elev 1st g 4s... 1949,F A
J
Kings Co Lighting 1st 5S......1954
*81
4 Ha
J
1954
1st A ref 6
Kinney (G R) 5 Ha ext to
1941 J D
Koppers Co 4a series A
1951 MN
J
Kresge Foundation coll tr 4s._1945 J
8 He collateral trust notes
1947 F A
{♦Kreuger A Toll secured 5*
Uniform ctfs of deposit
1959 Wl 8
(♦Laclede Gas Light,ref Aext6sl939
Ref A ext mtge 5s
Coll A ref 5Hs series C
Col) A ref 5 Ha series D
A
O
F
102 H
102H
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50
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17
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2
95
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89
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8
►
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90
45
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41
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14
45^
3
42
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51
3
41
50H
67
75
45H
45H
2d gold 6s
3% to..1947 J
1941 J
*64
"66"
D
1975 Deb
f 4Hs A
.1954 J J
J
C...1954 J
♦1st mtge Income reg...
72 X
66
66
"86 X
25H
58
Cons sink fund 4 Ha ser
1965
1945
Lehigh A New Eng RR 4s A
Lehigh A N Y 1st gU g 4s
Lehigh Val Coal Co—
6s
2
63
67
86X
1
84
90
1954
♦1st A ref s f 58..
♦5s
stamped
♦5s stamped
O
*88
89
-
M S
*32
92
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F
A
91
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.......
-2003 WIN
99X
88
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73
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15
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v
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2
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15
204
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J
17
.
20
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26
27
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29
30
38
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106
106
3
102 H 106 H
109H
106H
109H
17
108
100
108 X
100 X
65
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107
110H
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96X 101X
26
M S
M S
MN
A
*98 H
94
67H
Gen A ref
a
f 4 Ha soles C
1955 A
66H
Gen A ref s f 5s series D.....1955 A Ol"
42 H
Morris A Essex 1st gu $H—2000 J D
Constr M 5a series A.......1965 MN
41H
34 X
Conatr M 4Ha aeries B.....1955 MN
Mountain States TAT 8HS..1968 J D
Mutual Fuel Gas 1st gu g 6a...1947 MN
Mut Un Tel gtd 6s ext at 5%..1941 MNL...-.
Nash Chatt A 8t L 4s ser A
Nassau Elec gu g 4s
24H
24 H
16H
D
25 X i Nat Acme 4 Ha extended to....1946 J
22 H i Nat Dairy Prod deb 8X w W..1951 MN
49 H
Nat Gypsum 4 Ha s f debs_...1950 MN
National Rya of Mexico—.
38
J
♦4 Ha Jan 1914 coupon on...1957
66
J
_
38
43
22
_
"55
30
4
38
45X
16
40
46 X
2
44
60
16X
16X
18 X
-
53
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-
H
52
17H
17H
18X
26
13H
13
21H
16
13H
22
19
14
21
1
16
22 H
15H
22 H
19H
20
20
21 X
14
55
2
1
57
5
112
14
127
A
130
129H
130 H
18
127X 130H
96 H
99 X
107
uox
97
108
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3
163""
103H
22
56 X
3
49
56 X
3
104
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■
1
97
107
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56
A
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O
*61
4s....... -1949 Wl
108 X
75
-
-
8
-1949 M 8
*82 H
-1949 Wl 8
*86 H
86 X
—
.1944 A O
128H
128X
8
128
128
2
85
45
86
91H
.
98 X
62
107
103H
68
81H
88 H
5
84
80 H
5s
1951 F
Louisiana A Ark 1st 5s ser A..1969 J
A
J
84H
84 X
1966 M S
109X
Louis A Jeff Bridge Co gu 4s_.1946 Wl 8
108H
Louisiana Gas A Elec 3 Ha
87
127 H 129H
122H 128
75 H 90 X
109X
1
108
108H
4
105 H 108 H
110H
Louisville A Nashville RR—
Unified gold 4s
100 X
.1940
2003
1st A ref 5a amies B
1st A ref 4Hs series C
2003
.....2003 A
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Paducab A Mem Dlv 4a
100H
1
91
26
*83 H
A
O
79H
A
*99 X
St Louis Dlv 2d gold 3s.....1980 Wl 8
Mob A Montg 1st g 4H8-—-1945 M S
86 H
1952 J
1966 WIN
106 H
A
*22 X
71
71
99
91
101
99X
84 H
93X
80
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9
71
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82 H
88
,r.
80
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85
*110
South Ry joint Monon 4s
Vtir rootnoten see nw 3813.
J
85
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Lower Austria Hydro El 6 Hs.1944 F
40
96
1946 F
...2003
100 X
96
90
96
A
41
39
37
34
109H
110
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*
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X
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114
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115H
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97
72
69
--
-
40 H
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106
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22
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77
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102
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m
m
•
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-
.
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J
National Steel 1st mtge 3s
1965
{♦Naugatuck RR la' g 4s——1954
A
J
*H
O
H
IX
H
1H
*H
O
*H
*H
"lX
102H
103H
O
O
103H
MN
*54
J
125X
D
Newark Consol Gas Coiia 5s...1948
J
J
{♦New England RR < ar 6a... 1946
♦Consol guar 4s
....
1945 J J
New England Tel A Tel 6a A..1952 J D
lat g 4Hs aeries B—...
1961 MN
N J Junction RR guar lat 4s—1986 F A
N J Pow A Light 1st 4H»
-I960 A O
J
New Orl Great Nor 5a A
1983 J
24
IX
"~H """X
X
80
NOANElatref Almp4H«A 1952 J
122 X 125H
20
27H
24 H
127H
128
20
27 H
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128H
128H
123 X 128H
107H
107 H
106H 109 X
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69H
*21
73
65
J
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60
19
102
69 X
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106 X
70
11
102
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13
58
2
23
74H
34 H
56 H
O
1st A ref 6a series B—...... 1965
J
D
New Orleans Term lat gu 4a...1953 J
J
68
68
AO
29
29
29
30
33
20
30
106H
105H
24H
87
4
30
35
2
24 H
36 H
85 H
A
O
♦Certificates of deposit...
♦1st 6a series C———..1956 F
A
30
31H
32 H
D
1956 A F
A———1954 O A
♦Certificates of deposit.......
30
33
7
24
31X
32 X
3
24H
*25
♦1st 6a series B—_
♦1st 4 Ha series
♦1st 5 Ha aeries
1954
73
75
106
A
{(♦N O Tex A Mex n-c mo 58—1936
65
125H
24
A..1952
/
102 X. 103 H
60
■70
86 H
80
42H
J
(♦Aaaent warr A rcta
4 on '26
♦4s April 1914 coupon on —.1951 A
♦4s April 1914 cqupo
off.-.1951 A
♦
Asaent warr A re
No 4 on *61 A
New Orl Pub Serv 1st 5s aer
Lortllard (P) Co deb 7s.
44 H
43
34 H
Nat RR of Mex prior lien 4 Ha—
61
118H
129 H
Liquid Carbonic 4s conv debs. -1947 J D
Little Miami gen 4s series A.. -1962 MN
103
"75"
42H
40 H
*69
♦4s April 1914 coupon off— 1977 AO
♦Assent warr A rcta No 5 on *77 A O
58
129 X
57H
*4 Ha July 1914 coupon on..l957
*4 Ha July 1914 coupon off..l957
♦Assent warr A rcta No 4 on '57 J
♦4a April 1914 coupon on..-.1977 A
21X
22
Lion Oil Ref Conv deb 4Ha- -1952 A O
Lone Star Gas 3 Ha debs..... -1953 F
♦Long Dock Co 3Hs ext to.. -1950 A
J*
5
3
128 X,
D
1951 J
24 H
•118H
A
A'
25 H
129
O
Loews Inc a f deb 3 Ha.--—- -1946 F
Lombard Elec 7a series A.... -1952 J
stpd
1978 F
24 H
55
O
...
72 H
99H
30
O
-1941 A
stamped
98X
70
67H
28 H
55H
57.H
118H
Lex A East 1st 60-yr 5e gu. -1966 A
Llgget A Myers Tobacco 7s.. -1944 A
6s
-1951 F
....
93X
75
16H
18X
21X
Leb Val Term Ry 1st gu g 5s.. ..1941 A O
89X
99H
30
73
23
20
...
♦
99X
¥_
X
m.
30
1955 A O
3
♦42
..2003 WIN
4 Ha.
1st A ref 4s series D
mm
33
..1965 A O
3
38
♦4 He assented.......... ..2003 WIN
-2003 WIN
♦General cons 58....
4s
-----
.
f 5s series B
30
*38
..2003 WIN
♦4a assented...
Long Island unified
Guar ref gold 4a
X
s
Gen A ref s 15a series A
28H
46H
♦Lehigh Val (Pa) cons g 4s... ..2003 WIN
6s assented....
8H
H
,
8H
28H
25H
*23 H
24H
..1940 J
♦6e assented.
H
*H
102
7
22
1978 MN
28 H
4Hs.. .i»1940 J
4 Ha assented
cons
H
95
8H
12X
-
,
♦General
100
8H
J
1978 J
Jan 1967 A O
29
J
♦Sec 6% notes extend to....1943 J
♦6s stamped
—;
1943
Leb Val Harbor Term gu 5S...1964 FA
■
39
54 H
101H 104 X
110H 1HH
111
99.
......
—
♦26 H
1974
♦5s stamped.
64 X
84 H
—
64
52
-
A
1964
Leh Yal N Y 1st gu
"72" ~87_"
104H
22
{Mobile A Ohio RR—
♦Montgomery Dlv lat g 6a..1947
♦Ref A lmpt 4 H«1977
(♦Secured 5% notes....
.1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
1st mtge 4 Ha
..I960
-
21H
51X
7
-
.1974 FA
•1st A ref s f 5a
14
59H
*
..1964 FA
...
25H
58
59 X
.11954
...I..
♦1st A ref s f 58
24H
*56 X
....1944
8 tamped
100
♦Certificates of deposit
Lautaro Nitrate Co Ltd—
s
uox
103H
lion
Gen A ref
1997 J
Lake Sh A Mich So g 3Hs
Lehigh C A Nav
74
50
49
76 X
14H
50
6s debentures........
...1965 A
Montana Power 1st A ref 3Hi-1966 J D
J
Montreal Tram 1st A ref 6s....1941 J
Lake Erie A Western RR—
5s 1937 extended at
14
*8H
*70
(♦Mo Pao 3d 7a ext at 4%.July 1938 MN
104
57
55H
55 H
45 X
83H
9X
♦Certificates of deposit...
♦1st A ref 5a series I
..1981 FA
98
99
4
......
82 H
81
42 H
♦Certificates of deposit...
♦Conv gold 5 Ha
......1949 MN
♦1st A ref g 5s series H.
.1980 A O
102H 105 H
11X-
11H
A
—...1942 FA
Coll tr 6s series B
108 H
107
*104
103H
A
F
88 H
104 H
103
-
32H
81
J
1946 J
...1949 Wl 8
♦1st A ref 5s series G
98
79
-
*98H
O
A
......1942 F
Coll tr 6s series A
.
....1942
.1953
1960
163"" 1(59
~86H
105H
133
95
88 X
13
♦Certificates of deposit
107
102 X
77
72
--
*167
*85 H
*105H
32 H
*63 H
♦Certificates of deposit..
95
1961
30H
52 H
*89
J
♦General 4a
..........1975 m's
♦1st A ref 5s aeries F.......1977 Wl 9
90
Plain........
70
75
{♦Mo Pao 1st A ret 5s aer A....1965
"92 H
*
52 H
O
1962 Q
Prior lien 4 Ha series D
♦Cum adjust 6a aer A
93H 100
108 H
106
11
46
51H
70
Mo Kan A Tex 1st gold 4a
1990 J
M-K-T RR pr lien 5a ser A.... 1962 J
40-year 4s series B
1962 J
20
*16
M 8
J
J
52 H
32
X
24H
17H
*42 H
♦26-year 5 Ha—.
♦1st A ref 5 Ha series B
1978 J
{♦ Mo-Ill RR 1st 5a series A... 1959 J
71H
107 H 109 H
20
33 H
55 H
1949 Wl 8
♦1st A ref 6s series A
*16
♦16H
M N
23
26
39H
*68
*11
{(♦M St P A S3 M con g4s Int gu *38 J
(♦1st cons 5a.......
...1938 J
(♦1st cons 6s gu as to int...1938 J
56
36H
8
6
65H 1200
95
♦Con ext 4 H«—
{♦Mil Spar A N W let gu 4s.
J
{♦Milw A State Line 1st 3Ha..1941 J
{♦Minn A St Louis 6a ctfs
.1934 MN
72 H
69
43H
30 X
*94~"
.1939 J D
1939 J D
.1947 Wl 8
{♦Ml!A No 1st ext 4 Ha..
35
67H
67 H
108H
High
105 H 107
67
72 X
48
S
♦1st A ref gold 4s
25
104H
1st 6s...1943
♦Ctfs w w stmp (par $645).. 1943
♦Ctfs w w stmp (par $925)..1943
♦Ctfll with warr (par $926)—1943
Keith (B F) Corp 1st 6a
1946
Kentucky Central gold 4s_....1987
Kentucky A Ind Term 4 Ha—1961
Stamped..
—1961
93H
Low
1979 J
1940 A
Ref A lmpt 4 Ha aerlea O
{♦Mid of N J 1st ext 5a.—
5
2
58 X
25X
J
♦Karstadt (Rudolph)
46
*85H
A O
J
2
49
Q9
92 X
25
-
1X
3
1H
*47 H
D
5
71
43H
30K
J
♦Ref A ext 50-yr 6s aer A
James Frankl A Clear 1st 4s..1959 J
No.
Since
Jan. 1
1962 WIN
.
71X
75 X
High
107
71
♦Mlag Mill Mach 1st a f 7a
1956 J D
Michigan Centra) Detroit A Bay
J
City Air Line 4s_....
1940 J
Jack Lans A Sag 3 Ha
1st gold 3 Ha
tt)
55 X
♦Mex Internat 1st 4s asstd
.1977 M S
♦4a (Sept 1914 coupon).....1977 M S
20
2
♦9H
85H
55H
97 H
85H
{♦Man G B A N W 1st 3Hs.— 1941 J
Marlon Steam Shovel a f 6a
1947 A
Metrop Wat Sew A D 5 Ha— 1950 A O
{(♦Met West Side El (Chic) 4s. 1938 F A
4
12
*10
♦Second 4s
............. 2013 J*D
Manila Elec RR A Lt s f 5s
1953 Wl s
Manila RR (South Lines) 4s... 1959 WIN
Range
Is
Asked
<fe
107
71
Feb 1 1957 MN
f
O
Market St Ry 7a ser A—.April 1940 Q J
Mead Corp 1st 6s with warr— 1945 WIN
Metrop Ed 1st 4 Ha series D... 1968 Wl 8
89 H
79
99H 103 X
9
20H
2
80
103 X
1X
♦1st g 5s series C
.....1956 J
Internat Hydro El deb 6S.....1944 A
Int Merc Marine a f 6a
..1941 A
Ret a t 6a aeries A
"97""
94H
108
a
{♦Manhat Ry (N Y) cons 4s.. 1990 A O
♦Certificates of deposit...
70H
104
12
*7H
Manatt Sugar 4s
99
64 H
100 x
64 H
*104 X
..1956 J
♦1st 5a series B.i
Interbat Paper 5s ser A A
40 H
56 X
103 H 105
32
41H
3
39
J
deb 4s....1947 A O
1942 MN
ser
103 H
Bid
Low
MoCrory Stores Corp a f deb 5s. 1951 WIN
Maine Central RR 4s ser A... 1945 J
D
Gen mtge 4 Ha series A—. 1960 J D
60 H
43
Range or
Friday'*
Sale
Price
High
Low
56H
{♦Int-Grt Nor 1st 6a ser A
♦Adjustment 6s
i03H
8
Int Agrlc Corp 5a stamped
,
48 X
45
J
♦Certificates of deposit
Interlake Iron
51H
Last
STOCK EXCHANGE
Week Ended June 23
111 Cent and Chic St L A N O—
Joint let ret 5a series A..... 1063
3811
Week'*
Friday
Range or
Last
N. Y. STOCK EXCHANGE
Week Ended June 23
Record—Continued—Page 4
Week'*
Friday
34
/
'
23
39 H
34H
June 24,
New Yor* Bond Record—Continued—Page 5
3812
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Week Ended June 23
Sale
Friday's
Price
Bid
A
N Y Cent RB 4s series
110
3 Ha
High
109% 110
56
71
O
75 H
74
76
82
O
48%
47H
49
108
O
53 H
53
1952 MN
58H
58H
54%
59%
79
J
78
4Hs ser A
gold 3%s—
gold 3 Ha—.
77
51
42
66
73%
82%
62%
69%
77%
4%s series B
Pennsylvania PAL 1st 4
79%
16
76
84%
74
74 H
2013
Shore coll
45%
76
21
73%
49
85
45%
85%
62%
1998
"62"
02
62%
50
59%
70
1998
61
58
01
12
58
68%
71%
59%
A—..—1965
General 6s series B
—1968
Debenture g 4%s
1970
General 4%s series D
1981
Gen mtge 4%s series E
1984
Conv deb 3%s
1952
1974 A
Ref
Ha
extended to...
55
56%
23
47%
S
48
47
49
64
39
72 H
72%
1
65
.1947 A
81%
81%
1
77%
59
60
3
50
86%
72%
3-year 6% notes
41
104
107
B
4s
—
104 %
1953 F
N Y A Erie—See Erie
51
...
1
109%
110%
8
110%
1900
110H
110%
31
♦Income
107% 110%
107% 112%
gold 5s
126%
120%
3
123% 126%
118%
126 H
1949
gold 4s
118%
14
116% 118%
12
12
101
101
1973
MN
♦58
ARRSHa *42
5s 1943
MN
B
•
NYLE4W Coal
♦
N Y L E A W Dock A Imp
...
April
4s
A
4s....1955
4s
1950
♦Conv debenture 3 Ha
1950
♦Conv debenture 6s........1948
♦Collateral trust 6s
.1940
♦Debenture 4s
1957
♦1st A ref 4 Ha ser of 1927 -.1967
{♦Harlem R A Pt Ches 1st 4s 1954
♦Non-conv debenture
J
J
J
J
A
O
D
N Y A Putnam 1st con gu
13H
13 H
14
57
10%
20%
21
29
16
*5
5%
14
14%
14%
4%
10%
79
45
*53
7
6%
"48%
109
109
5%
*65
*46
21
107 H
3%
3%
*3%
62
4
7
28
J
{{♦N Y Susq A West 1st ref 5s 1937
{♦2d gold 4 Ha
1937 F A
♦General gold 5s
1940 F A
♦Terminal 1st gold 5s
1943 MN
*6H
7%
"7%
*5 H
*35
101"32
1967
111%
80
1946 J D "so"
84 H
82 H
1946
2H
{{♦N Y Westch A Bost 1st 4 Ha *46 j"j
*109%
Niagara Falls Power 3 Ha
1960 M S
108%
Nlag Lock A O Pow 1st 5s A..1955 A O
99%
Niagara Share (Mo) deb 5 Ha. 1950 MN 100 H
INord Ry ext sink fund 6Ha..1950 A O 103 H 103 H
10%
10%
{ {♦Norfolk South 1st A ref 58.1961 F A
6s stamped
♦Certificates of deposit
*9%
{{♦Norfolk A South 1st g 6s...1941
Norf A W Ry 1st cons g 4s
1996
North Amer Co deb 3Hs.---.1949
debenture 3Hs
....1954
..1959
1974
1974
debenture 4s
North Cent gen A ref 5s
Gen A ref 4 Ha series A
MN
O
A
50
111%
4
80
84%
2%
5
22
5
12
59
76
54%
4
52
67%
60
9
54
71
108
109
83
109
13
.100%
14
103%
11%
16
50
50
....
.1949
conv
Series
Series
Series
Series
19
9
Series J cons guar 4%s.
108% 111%
"97%
J
100% 105'»»i
9
17%
97%
1959 A
1960 A
93%
106%
36%
"36%
"36"
36%
36%
51%
35%
O
35%
52
O
D
37
51%
104
*106
100
*110
*98%
"72%
73%
275
107%
73
;1950 J
107%
1
*
6s__1942
1942
"75
14%
110%
72%
75
44%
35
39%
"14%
107%
34
*109 %
1951
75%
58%
106
38
*"
14%
3%s.l960
Pressed Steel Car deb 5s
98%
*34%
D
J
1902 F A
1974 J D
1977 J D
1960 M
6s stamped
108%
107%
116%
118%
107%
100%
98%
107%
112%
102%
101%
117%
*107
MN
A—1948 J
Potomac Elec Pow 1st M
42
10%
16%
108% 110%
'72 n
88
.
,
15%
{♦Providence Sec guar deb 4S..1957 MN
{♦Providence Term 1st 4a
1956 M S
60
Purity Bakeries
100%
18
104% 106 '
103% 100%
105% 107%
s f
*2
3%s."
4
40
*42%
9
49%
109
109
109
1968 A
1948 J
deb 5s.,
2
3%
J
J
D
103
104%
47
95% 104%
D
J
'104%
109
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd)_—
{♦Debenture gold 6s
1941
45
50
50
*52%
55%
62%
26
55
63
63
63
10
63
63
56%.
57%
16
54
-61%
J
57%
71%
70%
73
56
68
80
J
J
72
71%
72
23
69%
S
103%
104
81
99
{Deb 6s stamped
..1.1941 J
Reading Co Jersey Cent coil 4s.1951 A
Gen A ref 4%s series A
..1997 J
107
391
62
D
O
M
112% 114%
106
*106%
{♦ Northern Ohio Ry 1st guar 5s—
*37
guar...1943
.1958
conv
105
108%
106
117%
{{♦Postal Teleg A Cable coll 5s. 1953
101
118% 124
♦Apr 1 1936 A sub coupons._1945
♦Oct 1938 A sub coupons....1945
108%
105%
1st 4%s series D
109%
106% 106%
*108%
105
B
Porto Rico Am Tob
108%
*108
106
Port Gen Elec 1st 4%s
1st 5s 1935 extended to
111%
94%
104% 105%
107
109%
108% 108%
106
i09
O
1975 A
1977 J
1st gen 5s series C
4
95
90
D
—.1970 J
ser
1st gen 5s series
90
89%
105
...
Pitts Y A Ash 1st 4s
108%
112%
112
1st mtge 4%s series C
82%
5
*108%
108%
4%
14
7
106
*116%
Pitts A W Va 1st 4 %s ser A.
1st mtge 4 %s series B
45
3
7
35
*107
Gen mtge 6s series B
31
8
c90 %
9
109%
94%
1960 F A
-.1963 F A
1964 MN
Gen mtge 5s series A
48
26
M
1957 M N
"
101'«m103%
50
108%
109%
109% 112%
14
10%
16
105%
Gen 4%s series C
8%
8%
J
107%
98% 105
6
105
Pitta Va A Char 1st 4s
94"
3%
3%
A—..1940 A O
B 4%s guar
1942 AO
C 4%s guar
1942 M N
D 4s guar
1945 M N
E 3%s guar gold
1949 F A
F 4s guar gold
1953 J D
5
108
36
12
109%
104
91%
106%
2
110%
11%
*90
Series I cons 4%s
70%
110
......
S
Series H cons guar 4s.
12%
9
8%
110%
108% 114%
75
Pitts C C C A St L 4%s
Series
108
""I
104%
.1952 MN
7s
9%
62
107%
104
110%
11%
S
Phillips Petrol conv 3s^
123%
A
M
13%
77
106% 115
104
107%
104%
.1948 M S
105%
105%
104 H
104%
F
'108%
D
.1937 J
109
110
13%
122%
104%
104%
105 %
105%
*112%
A
A
8
63%
59
D
Pub Serv.of Nor 111
F
M
20
58%
53%
62%
D
122 %
F
M
101%
48
J
J
.1967 J
108%
40
37%
101»32
J
'
3%
6%
103% 106%
1
106
106
"63%
24
"~~5
.1981 J
93
5%
3%
49
1
104
5%
116%
3%
A
{{♦Philippine Ry 1st s f 4s
101% 106%
6%
*2%
115%
*41%
2
54
110%
44%
106%
J
116
""3%
Apr
90%
115% 117%
112% 116%
109%
109-
1
117
S
10
9%
116%
O
A
1990
2
117
.1947 M S
10
108
B
6s
O
11%
104%
Ref mtge 3Ha ser
37
Pitts Coke A Iron conv 4 %s A. .1952
104 H
N Y Trap Rock 1st
81%
Pirelli Co (Italy)
O
M N
80%
16
O
J
81%
15%
15%
17%
27%
8%
17%
57%
107H
f 4 Ha—.1939
97
O
15%
105%
N Y Telep 1st A gen s
97
A
89%
74%
10%
A
J
90%
39
10
21
8
J
39
96%
2
D
J
90%
96%
14
J
N Y
79
95%
95%
3%s_.. .1907 M S
J
{♦Phlla A Reading C AI ref 5s. .1973 J
"II" "13"
5
95% 100%
103% 107%
95%
84
114%
♦Conv deb 6s
MN
N Y
N Y
37
96%
12
11
A
Lt A Pow 3 Ha 1966
Rys prior lien 0s stamp... 1958
A Rlchm Gas 1st 6s A
1951
Steam Corp 3Ha
1963
26
J
11
MN
1942
4s. .1993
{♦N Y Providence A Boston 4s
106%
84%
O
10%.
11H
.
N Y Queens El
106%
84%
106%
O
A
12
J
1955
4s
♦General
M
4s—-1992
D
A
110%
Series G 4s guar
{♦N Y Ont A West ref g
J
General 4%s series D_.
■
94
11
90%
115% 120
148
J
10%
MN
100%
Phila Electric 1st A ref
MN
J
99%
114%
58%
11
118%
84%
16
120
119
99%
110%
50%
76%
.....
"35
General g 4 %s series C
61
10
'10
109% 112%
88%
*108%
60
12%
87%
J
33
♦10H
11
113
*112
119
7
A
70
11%
112%
93
95%
104% 106 H
107% 109%
82
.1977 J
70
11%
112%
112 %
100%
105% 107%
99%
93%
-J5
.1974 F
60
*50%
108%
"88%
.1943 M N
Phlla Bait A Wash 1st g 4s
60
MN
J
108%
99%
D
J
1st g 4%s series C
Phelps Dodge conv 3%s deb.. .1952 J
Phlla Co sec 5s series A
K
O
J
♦Non-conv debenture
54
68
63
105"
High
Low
93
General 5s series B
17%
48%
10
.1980 M
99% 102
3
31
.1960 J
*48
M S
{ J*N Y A N E (Boat Term) 4S.1939
{♦N Y N H A H n-C deb 4s
1947 M S
♦Non-conv debenture 3H8--1947 M S
♦Non-conv debenture 3H8--1954 A O
12
2
No.
99%
104%
104%
MN
Peoria A Pekln Un 1st 6%s... .1974 F
Pere Marquette 1st ser A 6s... .1956 J
*40
J
J
1941
Branch gen 4s
52%
52%
3
.
High
J
O
4s... 1940
Peoria A Eastern 1st cons
1st 4s series B
Lake 5s._ 1940 MN
3 Ha
2000 MN
Lack A West 4s ser A
1973 MN
N Y A Long
58
RR
N Y A Harlem gold
4 Ha series
59%
49
Refunding
107%
49
"109%
1965 A
♦N Y A Greenwood
N Y
106
7
52%
Jan. 1
.1943 A
6a
Peop Gas L A C 1st cons
11
52
51%
Pow g 58.. 1948
N Y Gas El Lt H A
50 H
1947 A
notes
N Y Edison 3%s ser D
1st lien A ref 3Ha ser E
105%
107%
107 H
1951 F
Conv 6%
Purchase money
59
1953 F
4 Ha A
©
106%
"98%
O
A
General 4 %s series
83%
.1941 A
N Y Connect 1st gu
1st guar 6s series
N Y Dock 1st gold
56
1946 F
4s collateral trust
1st mtge 3
O
1978 M
A
4 Ha series C
©
99%
99%
D
J
1981
%s—1981
4a
1943
1948
Since
0Q&3
106%
M S
Pennsylvania RR cons g
MN
Consol gold 4s
4s sterl stpd dollar.May 1 1948 MN
Gen mtge 3%s series C
1970 A O
Consol sinking fund 4%s
1960 F A
N Y Chic A St Louis—
Ref 5 Ha series
A...1941
Sand 1st M 4%s._1960 J
A
Pa Ohio A Det 1st A ref 4 %s A.1977
Range
e2
Friday's
dc
Asked
Bid
Low
Penn-Dixle Cement 1st 6s
Penn Glass
47 H
1942
Debenture 4s
Sale
Low
1
68
57%
50
1997 J
—
N Y Cent A Hud River
Mlch Cent coll
No.
110
110
56 %
2013 A
Conr secured 3%s
like
A
1946 A
4 Ha series A
Ref A impt 6s series C
Ref A impt
Ref A Impt
*
1998 F
Price
Range or
Last
N. Y. STOCK EXCHANGE
Week Ended June 23
Jan. 1
2013 A
f
10-year 3%s sec s
1945 J
BONDS
Since
©
03 62
High
Low
4 Ha.
Newport A C Bdge gen gu
Range
e2
<3
Asked
dc
1939
Week's
Friday
,
Gen A ref 4%s series B.i._.1997
79
80
Ctfs of deposit stamped
♦Apr '33 to Oct '34 coups.1945
♦Apr '33 to Apr'38 coups. 1945
North Pacific prior Hen 4s
1997
Gen Hen ry A Id g 3s Jan
2047
Ref A Impt 4 Ha
*35
40
65%
68%
177
41
43%
82
41
53%
44%
19
41
60%
146
50%
74%
11
42%
65
44 H
42%
Ref A Impt 6s series B
57
56
Ref A Impt 5s series C
48H
46%
2047
2047
Ref A Impt 5s series D
2047
Northern States Power 3 Ha
1957
Northwestern Teleg 4Ha ext.. 1944
48
109 H
♦Stamped.....
Ohio Connecting Ry lBt 4s
1943
J
J
1907 M
1st mtge 4s
1st mtge 3Ha
109%
23
15
J
J
D
1946 J
108%
D
F
6%
A
23
4
8%
1
105
108%
100
6
106
109%
18
108%
108%
108%
108%
2
107
105%
112%
8
103% 105%
112% 113%
112% 115%
107% 111
113% 117%
116% 118%
114
114
1946 J
D
110%
111%
Ore Short Line 1st cons g 5s
1946 J
....1946 J
J
all7
Guar stpd cons 5s
Ore-Wasb RR A Nav 4s
J
*118%
1961
J
J
1902
J
J
112%
107
57
76
15
111%
1st A ref mtge 3Ha ser H... 1901
111
110%
1st A ref mtge 3 Ha ser I
109
108%
58%
g 4s_. 1938
s
109%
63
3
110%
"4
111%
5
'
103%
103%
"l3
6
Pictures deb 6s... 1955 J
100
100
102
42
tParis-Orleans RR ext 6%s_.. 1968
M
cons
5a.
87%
S alOO"32
1944 A
Parmelee Trans deb 6s
Pat A Passaic G A E
S
O
1949 M
S
53%
88%
al00%al0017jj
53%
53%
*45%
*103
*103
104
104
104
.1963 F
103%
103%
104%
E trust ctfs
A
108% 112%
101% 101%
103% 105%
50
A
"54
91
92%
106
106%
7
93
93
93%
14
100
100
101%
25
91
M N
85%
94%
102% 107%
85%
94%
95
101%
51
45
37
23%
18% ,22
30
21%
27%
—.
Service 6s.1953
♦Rhine-Westphalia El Pr 7s...1950 MN
♦Direct mtge 0s
!
1952 MN
23%
23%
21
28
1953 F
A
23%
23%
23%
28
1955 A
♦Cons mtge 6s of 1928
♦Cona mtge 6s of 1930..
Richfield Oil Corp—
48 s f conv debentures
O
23%
23%
23%
27%
1952 M S
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
1952
D
gu 6s_.
{♦Rio Grande West 1st gold 4s. 1939
♦1st con A coll trust 4s A—. 1949
J
A
106
106%
100% 107%
103
A
1939
106
J
1955
{♦Rio Grande June 1st
103%
103
10%
*9% / 16%
*43
32%
O
31
Roch G A E 4 %s series D
1977 M S
*16%
*123%
Gen mtge 5s series E
1962 M S
104»M
Gen mtge
"43
...
105%
13%
46
32%
31
44
18%
15%
20
1967 M S
3%s series H
Gen mtge 3%s series I
1967 M S
{{♦R I Ark A Louis 1st 4%s_. 1934 M
1
1948 A
{♦Rut-Canadian 4s stmp
.1949 J
{♦Rutland RR 1st con 4%s_. .1941 J
♦Ruhr Chemical s f 6s
J
99% 102
89
82%
45
45
68
61
101% 103
101% 103%
99% 103%
...
5
40
♦Stamped
*108%
S
9%
...—
104^32
19
J
*8%
J
.8
20.
9%
*8
13%
26
4
8
4%
9
8%
5%
9
*6
J
I64»MUI%
——
30
O
Safeway Stores s f deb 4s
1947 J D
Saguenay Pow Ltd 1st M 4%s.l966 A O
J
St Jos A Grand Island 1st 4s...1947 J
1996 J
...1966 A
St Lawr A Adir 1st g 5s
2d gold 6s
106%
106%
106%
8%
106%
104% 107
105% 107%
106% 107%
106%
106%
*107%
J
*60
O
85
84%
*r
St Louis Iron Mtn A Southern—
MN
65%
64
51%
64
*13%
60%
52
*60
1933
♦{Riv A G Div 1st g 4s
♦Certificates of deposit
98% 104%
98% 104%
1948 J
1955 J
Hen 4s A..1950 J
{♦8t L Peor A N W 1st gu 5s
St L Rocky Mt A P 5s sptd
{♦St L-San Fran pr
♦Certificates of deposit
♦Prior Hen 5s Berles B
♦Certificates of deposit
♦Con M 4%s series A
J
J
16
12%
17%
62%
57%
61
32
8%
98
7%
14
7%
8%
23
8%
8%
21
7%
7%
13%
14%
8
8
18
8
8%
7%
1950 J
52%
8%
8
~
4
8%
8%
59%
61%
32
17
10%
56
J
1978 M S
♦Ctfs of deposit stamped
.1989 M N
Nov 1989 J
{St L SW 1st 4s bond ctfs.
♦2d 4s lnc bond ctfs
{♦1st terminal A unifying 5s.1952 J
♦Gen A ref g 5s series A
For footnotes see page 3813.
'54
57%
98% 102%
104%
.1952 MN
ser
72
6
103%
Guar 4s
*103%
83
8
—
.1944 J
D
67
107% 112
123% 125%
Guar 3 Hb trust ctfs D
28 year 4a
54
*126
♦Paulista Ry 1st s f 7s._n
1942 M S
Penn Co gu 3 Ha coll tr ser B_. .1941 F A
Guar 3 Ha trust ctfs C
D
.1942 J
112%
105% 110%
65%
74%
54
M
Purch money 1st M conv 5%s
Gen mtge 4%s series C_
1950 MN
J
Revere Cop A Br 1st mtge 4 %s. 1956 J
J
♦Rbelnelbe Union 8 f 7s.
1946 J
J
J
♦Rhine-Ruhr Water
104%
109
54
1947
60
25
54
3Ha conv debentures
53
81%
111
*102
103%
64%
112%
111
110%
1955
103% 107%
111% 113%
1955 F
f g 3s loan ctfs
Paramount
5
110
20
*66
Panhandle Eastern Pipe L 4s.. 1952 M S
Paramount Broadway Corp—
1st M
60
111"
74%
1938
f g 4 Ha
118%
106%
74%
106%
112
a
4
C117
Pacific Coast Co 1st g 6s
1940
Paclflo Gas A EI 4s series G... 1964
Pacific Tel A Tel 3 Ha ser B_. 1966
Ref mtge 3 Ha series C
1966
101H 109
23
105
108%
108 H
Republic Steel Corp 4%s ser B.1961 F
103%
J
109
108%
108%
1945 MN
1906
7%
108%
8
1943
Paducah A III 1st
110%
108%
107%
Oregon RR A Nav con g 4s
{♦Pac RR of Mo 1st ext
{♦2d ext gold 5s
107
64
14%
8%
Ontario Power N F 1st g 5s
Ontario Transmission 1st 6s
Otis Steel 1st mtge A 4 Ha
42%
108
8H
S
J
..1972
1986
Oklahoma Gas A Elec 3 Ha
4s debentures
47%
*6
M S
1965 M N
Ohio Edison 1st mtge 4s
58
48%
48%
109%
65%
100
J
J
{♦Og A L Cham 1st gu g 4s...1948
85
68 H
42 H
2047
aeries A
Remington Rand deb 4%s w w_1956
Rensselaer A Saratoga 6s gu
1941 MN
*49%
1990 J
J
J
*26%
16%
16%
9%
56
14
90
7%
7%
83
7%
13%
14
54%
65
26
35%
23%
"8
5
16
8%
14
15%
Volume
New York Bond
148
Friday
BONDS
N. Y.
STOCK
5
K
EXCHANGE
Bid
A
-
J
No.
High
-
—
1940 J
J
8 A A Ar Pass 1st gu g 4s
San Antonio Pub Serv 4s
1943 J
J
..1963 A
San Diego Consol G A E 4s
Santa Fe Pres A Pben 1st 5a
Low
28
20
9%
*2
♦Certificates of deposit
{ |*AtI A Blrm 1st gu 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs...l935 F A
13
♦Series B certificates..
1935 F
,1952 J
103
D
1951 J
IfSocony-Vacuum Oil 3 Ha
1960 A
L
-
•
58
75%
5
20
23%
71
2
59
82
41
99%
10
104
25
....
-----
109%
14
106%
109%
106%
106%
22
108%
108%
108%
5
104%
104%
2
91%
93%
51
------
93
J
—
So Pac RR 1st ref guar 4s
1st 4a 8 tamped
101
105%
40
58%
45
42%
74
44%
43%
57%
37%
37%
57%
51
68
52%
43%
55%
83
83%
11
63%
112
63%
61%
211
40%
5.5
62
40%
39
206
42%
83
.1994
"83%
83
.1950
53%
69%
.1956
74
1 .1956
64
82
67%
93
55%
♦{8pokane Internat 1st g 6s... .1955 J
Staley (A E) Mfg 1st M 4s
.1940 F
Standard Oil N J deb 3s——. .1901 J
2%s
1953 J
76%
58
80%
75
----
72
80
*69
76
84%
11
105
107%
14
125
130
*103
103%
100
100%
100
86%
•
118%
Gen A ref 5a series B—...... 1977
Gen A ref 5s series C
1979
84%
114
97
1980
Tex Pao Mo Pac Ter 6 Ha A... 1964 M S
84%
9
84%
83%
25
84%
83
84%
■
17
28
2
102
102
79%
89
90% 102
94
93%
1940 MN
95%
103
*100%
Wilson A Co 1st M 4s series A.1955 J
J
104 %
Conv deb 3%s
1947 A
Winston-Salem S B 1st 4a
1900 J
{♦Wis Cent 50-yr 1st gen 4s___l949 J
O
93
J
*111%
8%
7%
gu 5S.1942 J
J
♦Certificates of deposit...
{♦Sup A Dul dlv A term 1st 4s *36 MN
♦Certificates of deposit
•
105
104%
93%
110
"~8%
113
7
7%
5%
1
*5
11%
9%
6%
4%
6V5
109
109%
7
5%
4%
106% 110%
107% 110%
6
9%
'
109
109%
101% 101%
6
10%
100% 105
88% 97%
9%
9%
*5
Wisconsin Elec Power 3Hs—.1968 A O
Wisconsin Public Service 4s_..1901 J D
{♦Wor A Conn East 1st 4HS—1943 J
J
109%
*9
Youngstown Sheet A Tube—
Conv
deb 4s
1st mtge s f 4s
Cash
sales
1948 M
ser
104
1901
C.—
transacted
105 %
during
MN
Cash sale: only transaction
transaction
during
Ex-Interest.
x
the
100
106%
103% 107%
'
„
r
110
104%
103%
105%
the current week and not Included ,ln the yearly
/.
„
No sales.
current
,
during current week,
week,
Odd
n
lot
sale,
Deferred delivery saie; only
Included In year's range.
t The price represented la
Accrued Interest payable at
a
not
{ NegotlabUlty Impaired by maturity,
dollar
quotation per 200-pound unit of bonds.
exchange rate of 34.8484.
t The following is a list of the New York Stock Exchange bond Issues which have
been called In their entirety:
Commercial Credit 2%s 1942. July 6 at 101.
Commonwealth Edison 4s 1981, June 27 at 105.
.
3%s series H 1905, Jupe 27 at 104.
General Motors Accept. 3s 1946, Aug. 1 at 102%.
Goodrich (B F) 6s 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
113% 119
78%
89
89
104% 104%
114
A
'"*9%
108%
103% 105
78%
F
D
104
102
*105
1949 M S
{{♦Wllkes-Barre A East
O4/B
119
118%
83%
84%
Gen A ref 6a series D
219
105
104%
J
67%
22%
90%
D...1900 M S
White Sew Mach deb 0s
95
105%
104%
J 05
79
57
109%
ser
RR 1st consol 4s
109
3
64
114
Wheeling A L E Ry 4a
Wheeling Steel 4Ha series A...1966
115%
103
109
86%
104%
100«i»I02%
113%
86%
.
2000
3
101% 103%
94% 101
17
116%
*115%
108%
108%
O
59
1002»32 1002»32
i.-.
„
----
86
64
59
0.8
130
S
i960 M
52%
56
106%
65
42%
106%
81%
61
48
106
130
15%
59 %
63%
62%
95
.....
.88
106
15
01
89%
82%
J
106%
57
76%
65
8
107
104% 107%
14% 23%
13%
23%
55%
60%
57% 68
16
.
122
110% 112%
84
D
1951 J
119%
2301 J
110
12%
18%
104% 106
103% 106%
103
100%
M
89%
107%
15
Teleg g 4Ha..1950 MN
Registered
106%
84%
'
1940
105
83%
89%
107%
83 H
89 %
107
17%
105%
4
107
J
109%
120%
110%
105% 109%
120%
110%
O
range:
16%
109
S
45
105% 109%
2
D
109
107
1007» 101%
123% 128
127%
52
106
J
*109%
J
D
22
105%
D
A
50%
6
—
F
J
106% 108%
22
106
—
109
J
106
—
40
A
*108"
67
F
J
*15%
105%
-
—
40
67
2301 J
e
---
47
35
67
West Shore 1st 4s guar
60%
74
112%
104% 109
-
80
♦Westphalia Un El Power 6s—1953 J
13
—-
73
89% 101%
88
90%
~8S%
39%
1977 J
25-year gold 5s
30-year 6s
106
-
.
1943 J
61%
57
37
13
43'
H
*30
1952 A
♦5s assented
108
—
—
44
56
75
91%
6
104% 107%
50
66%
*.•...
West N Y A Pa gen
gold 4s
1943 A O
{♦Western Pao 1st 6s ser A...1940 M S
110%
-
J
Tenn Coal Iron A RR gen 6s... .1951 J
J
Tenn Cop A Chem deb 6s B__. 1944 M S
Tenn Elec Pow 1st 08 ser A.... .1947 J D
Texas A N O con gold 5s
Texas A Pacific 1st gold 6s
134
70%
77
40
8
A
E.1903 M
ser
Western Maryland 1st 4a
lat A ref 5 Ha series A
107%
—
108
Studebaker Corp conv deb 6s.. .1945 J
J
Swift A Co 1st M 3Ha
.1950 MN
Gen refund b f g 4s
.1953
Texarkana A Ft S gu 6 Ha A— 1950
Texas Corp deb 3 Ha
1951
3s debentures..
.1959 A
54%
68%
*65
M
F
D
110%
-
A
Term Assn of St L 1st g 4 Ha... 1939
lat cone gold 5s
,1944
71
53
—
St Louis Dlv 1st g 4s
.1951
So'western Bell Tel 3 H8 ser B.. .1964
1st A ref 38 series C
.1908
So*western Gas A El 4s ser D_. .1900 M N
"84%
12%
Q M
West Va Pulp A
Paper 4Ha...1952 J
72%
72%
.1990
;
1941
J
Western Union
5
73
~88~~
88
14
13
6%
6%
105%
%
73
O
1906 J
.1955
Southern Ry 1st cons g 6s
Devel A gen 4s series A
Devel A gen 0a
Devel A gen 0 Ha
Mem Dlv 1st g 5s._
104%
95
71
42%
.1955
90%
23
1940 J
J
O
100
117
41
1950 A
108.
106
108% 110%
44%
46%
43%
1956 A
43
6
1939 M S
...1948 M S
Warren RR 1st ref
gu g 3H8-2000
Washington Cent 1st gold 4s._ 1948
Wash Term 1st gu 3
Ha
1945
1st 40-year guar 4s
1945
Wash Water Power s f 5s
1939
117%
115
6
106%
59
.
40%
6%
'
If Warner Bros Plct deb 6a
6s debentures...
{♦Warren Bros Co deb 0s
106% 110
105%
46%
8
100%
102% 105
102i'16107%
43
'
^
91
105
105
D
S
.
1981 M N
....
62
11
6%
0%
105%
52%
17%
17%
13
.....
6
......
D
48
0%
O
1st mtge 3Ha Berlea
I__
55
*42
6
O
Walker (Hiram) GAW deb
4Ha 1945 J
Walworth Co 1st M 4s
1955 A
25
6%
O
West Penn Power 1st 5s
102% 106
16H
A
6
75
*118
-
109%
11%
2%
23
104
"l4"
11%
Westchester Ltg 6s stpd gtd_._1950 J
Gen mtge 3 Ha
1907 J
2
High
5% 109%
5
49%
15
28%
28
24%
14
*49 %
*12 H
1976 F
debentures.
Low
43
17
*16
J
1978 A
6s
Jan. 1
39
J
6
58
No.
40
A
2%
16
O 102"i« 102ui« 102
...1969 IVIN
10-year secured 3
17
12
103
99
104
1st mtge A ref 4s
......1965 F A
Southern Colo Power 6s A
1947 J
J
Southern Kraft Corp 4Ha
1'946 J D
Southern Natural Gas—
1st mtge pipe line 4 Ha
1951 A O
San Fraa Term 1st 4s
5
.
2
23
99%
South A North Ala RR gu 58—1963 A O
South Bell Tel A Tel 3Ha
1962 A O
Southern Calif Gas 4 Ha
.1961 M S
Gold 4Ha.—
Gold 4 Ha
11
10%
71
J
So Pac coll 4s (Cent Pac coll)..1949 J
1st 4 Ha (Oregon Lines) A—1977 M
Gold 4 Ha
1968 M
6%
5%
*68
23
O
1952 A
8
2%
2%
102%
57%
57%
♦Siemens A Halske deb 6%s---1951 M S
♦Silesia Elec Corp 6%8_____„_1940 F A
Sileelan-Am Corp coll tr 7s
1941 F A
Simmons Co deb 4a...
Skelly Oil deb 4s
48
14%
*2%
8
72
5%
5%
2%
4
3%
2%
6%
13
A
1951 M S
2
2
•
5%
32%
4
6
2%
31
----
4%
*3%
.
14
2%
4%
6
Shell Union Oil deb 3 Ha
Shlnyetsu El Pow 1st 8%a.
14%
10
20
116% 119%
10%
19%
8%
17%
-----
*10%
1945 MS
15
25
High
108%
1941 J
1980 A
20
25
6
09 &a
1954 J
5Ha A.1975 M S
gen
Since
©
Asked
1939 F
♦Ref A gen 5s series B
♦Ref A gen 4 Ha series C
♦Ref A gen 5s series D
110%
15%
----
{♦Wabash Ry ref A
112%
109
----
*120%
O
♦Certificates of deposit
♦lat cons 6s series A
110
S
{♦Des Moines Dlr 1st g 4s..1939 J
J
♦Omaha Dlv 1st g 3 Ha
1941 A O
♦Toledo A Chic Dlv g 4s
1941 M S
68%
105% 107%
----
32%
{♦2d gold 5s
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
98%
k2
o
&
JOSH
39%
16H
1939 MN
49%
5
109%
*30
1960 M
{{♦Wabash RR 1st gold 5s
114% 118
5
*30
A
1959 A
11
20
J
Oct 1949 F
110%
109%
s f 6 Ha series B
1946 A O
A O
♦Stamped
Scioto V A N E 1st gu 4s
1989 M N
{{♦Seaboard Air Line 1st g 4S--1950 AO
{♦Gold 4s stamped
1950 A O
{♦Refunding 4s
12
*20
♦Guar
♦Adjustment 6a
51%
107%
110
J
116%
107
------
Virginian Ry 3Ha series A
6%
9
or
Friday'sl
Bid
Low
87%
96
2
Ranoe
Sale
3%
99%
50%
Last
JPrice
1Q-,
3%
-
-
13
116%
S
J
--
Week's
High
87
----
_
5
5%
*98
—
—
O
1946 J
{♦Schulco Co guar 0%s
♦Stamped-.
——'4*
-
1965 MN
1942 M
-
5%
J
1972 J
—
*4
St Paul Minn A Man—
tPacific ext gu 4s (large)
3813
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 23
Since
Jan. 1
D
St Paul Un Dep 6s guar
*
Asked
<k
Low
{♦St Paul A K C 8b L gu 4 %S._1941 F
Bonds Sold
Friday's
Price
St Paul A Duluth 1st cos
g 4a__1908 J
{♦St Paul E Or Trk 1st 4 %s
1947 J
6
Friday
Range
Range or
Sale
si
Week Ended June 23
Record—Concluded—Page
Week's
Last
102%
Warner Bras. Plct 6s 1939, June 29 at 100.
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted during current week.
Bonds selling flat.
•.
Deferred delivery sales transacted during the current week and not included in
the yearly range:
,
♦
>1.
Third Ave Ry 1st ref 4a
♦AdJ Income 6s..
1960 J
Jan 1900 A
O
{{♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Ha
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1937 J
9%
D
Tol A Ohio Cent ref A Imp 3He 1960 J
Tol St Louis A West 1st 4s.... 1950 A
53%
#
98%
*125%
106%
106%
*22%
J
♦Tyrol Hydro-Elec Pow 7%s._ 1965 MN
♦Guar
sec e
f 7s
1952 F
—
—
A
*
.1945 M 8
Ujlgawa Elec Power s f 7s
Union Electric (Mo) 3%s
J
1962 J
{{♦Union Elev Ry (Chic) 5s... 1945
---
74
98
63
85
90 %
64H
65H
2
....
107
6
~97% lOO"
123 H
104% 109
"20
23%
25
74%
4
107%
24
'
71H
85
12
114%
00
111 H 115
34-year 3 Ha deb
1970 A O
35-year 3 Ha debenture
1971 M N
United Biscuit of Am deb 5s... 1950 A O
108%
United Clgar-Whelan Sts 6s
United Drug Co (Del) 6s
1953 M
S
U N J RR A Canal gen 4s
1944
M
{{♦United Rys St L 1st g 4s... 1934 J
U 8 Steel Corp 3Hs debs
1948
♦Un Steel Works Corp 6 Ha A.. 1951
♦Sec s f 6H8 series C
1951
O
J
•22
Ill
,33
99%
99%
99%
108%
-
S
1952 A
109
111
100
-
6
73
73%
77
79
109%
29%
29%
105%
105%
99%
26
94
*
United Stockyards 4%s w w_. 1951
88%
88%
99%
99%
36
69
5
109
12
105%
44
37%
y
81
110H
24 H
30 H
104
106
36
50
50
50 H
14
35 %
83 H
34
88%
100
93
93 %
26
66
69 %
69%
69%
69%
14
65%
69%
A
4s series A
1955
Va Elec A Pow 3 Ha ser B
1908 M
Va Iron Coal A Coke 1st g 5...1949 M
Va A Southwest 1st gu 5s
1st cons 6s
*108%
1957 M N
109%
109%
109%
*
J
1
100
----
5
96
103 H
108%
110
1958 A
*30
35
*55
------
2003 J
80
55
55%
....
3
107,387,873
$961,000
3,809,000
21,875,000
$2,694,000
4,094,000
35,422,000
$44,761,000
124,101,000
637,773,000
$75,866,000
118,384,000
633,897,000
$26,645,000
$42,210,000
$806,635,000
$828,147,000
Railroad and Industrial
Total
Stock and Bond Averages
Below
are
the
daily closing
averages
as
72
Bonds
Stocks
10
10
30
20
15
Total
10
First
Second
10
Indus
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
72
54
Exchange
compiled by Dow, Jones & Co.:
1H
H
107 H 111
27 H
35
of representative
stocks and bonds listed on the New York Stock
106% 108 H
%
9
105,636,475
Bonds
106 H 109 H
%
H
108%
9,054,970
Government
101
95
69%
2,395,730
State and foreign
90
100%
1938
1939
1938
1939
100 H
69%
cons g
New York Stock
79
30
100%
f 4s series B
$26,645,000
5,183,000
Jan. 1 to June 23
Week Ended June 23
Exchange
69%
s
$961,000
Stocks—No. of shares.
100%
Cons
$3,809,000
74
1959
{♦Vera Crux A P 1st gu 4Ha... 1934 J
J
{♦July coupon off
209,000
$21,875,000
100%
1947
Vandalla
653,000
5,518,000
4,380,000
5,290,000
70
1944
100
158,000
9
{{♦Utll Pow A Light 5 Ha
{♦Debenture 5s
O
568,000
109 H
83 H
Utah Power A Light 1st 5s
Vanadium Corp of Am conv 5s. 1941
282,000
68,000
176,000
93
40
Utah Lt A Trac 1st A ref 5s... 1944
1,073,000
107
37
37%
♦Sink fund deb 6 Ha ser A... 1947
-
646,000
4,269,000
3,654,000
4,428,000
1
109%
4,170,000
3,366,000
4,469,000
Sales at
100%
$2,104,000
484,930
33
100
108%
Sales
$68,000
$347,000
522,000
2,395,730
;.
TotaL...
I04H 110%
116H
Bond
*£
0
344,820
Friday
110
$1,689,000
Total
kca a 111
466,150
450,780
477,610
'
Thursday
108%
____
For'n Bonds
Wednesday
1042,m
11
Municipal dk
Bonds
Tuesday
113%
_
Exchange,
S5
Stale,
Miscell.
171,440
106 H 110
108%
108%
Stock
Railroad dk
Saturday
Monday
114%
S
York
New
Stocks,
June 23, 1939
20
13
9H
114H 116H
106H 109 H
*10%
the
at
Number of
Shares
Weed Ended
125H
113%
8
Transactions
--
98 %
------
108%
Union Oil of Calif 6s series A... 1942
3 Ha debentures
1952
No sales.
60 H
1
....
'
Union Pac RR 1st A Id gr 4s... 1947
1st lien A ref 4s
June 2008 M
1st lien A ref 6s
June 2008 M
e
107 H
70
65%
.
87H
46%
13 H
105
34
30
107%
107%
2
89%
*106%
-
7 H
54
*60
1942 M S
Ohio 48 series C__
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton GAEllstgSs
1949 M S
155
107%
53%
89%
O
37%
97
97
106%
D
24
9H
8H
97
Tol W V A
Trl-Cont Corp 5s conv deb A.. 1953
43%
42%
.J
1953 J
42
J
1952 J
.
■
J
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
63
June 23.
■
137,42
27.75
24.10
40.02
107.61
93.07
48.11
108.63
89.35
June 22.
136.88
27.56
24.00
45.82
107.64
93.22
48.10
108.62
89.39
June 21.
137.61
27.66
24.08
46.04
107.54
93.39
48.12
108.72
89.44
June 20.
137.57
27.68
24.12
46.04
107.55
93.22
48.14
108.66
89.39
June 19.
136.40
27.33
23.55
45.53
107.42
93.02
47.70
108.71
89.21
June 17.
135.31
27.25
23.40
45.22
107.41
92.91
47.63
108.73
89.17
Exchange—Weekly and Yearly Record
New York Curb
3814
NOTICE—Cash and deterred delivery sales are disregarded In the week's range
weekly range are shown In a footnote In the week In which they occur.
of the regular
June 24, 1939
transactions of the week and when selling outside
unless they are the only
such sales In computing the range for the year.
No account is taken of
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (June 17, 1939) and ending the present Friday (June 23, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
In the
which any
dealings occurred during the week covered.
Week's Range
Last
Sale
STOCKS
Par
High
Low
Price
Low
Shares
1
New class B
1
Alnswortb Mfg common.5
Air Associates Inc com_._l
21
June
Blckfords Inc com
Apr
6
Jan
Apr
Apr
1% June
8%
Jan
11
3%
700
3%
6%
900
6%
6%
"106
"i% "i%
14%
""%
"366
"oik "92k
"210
*
com-—*
com*
$3 conv pref
—*
Allied Products com
10
Class A conv com
26
Aluminum Co common—*
6% preference
100
Aluminum Goods Mfg— *
•u
02%
1%
300
%
Jan
14
Apr
100
3
Mar
0
June
104
Mar
141
Jan
110% 110%
100
108
Jan
111
May
1%
200
'""5% "0%
""500
129%
1%
American Beverage com.. 1
May
2
60
64%
*
Amer Centrifugal Corp_.l
1
'200
900
1%
Jan
Feb
64% June
75
Mar
1
2%
Jan
Jan
Jan
35
Mar
34
Mar
1%
22
24 %
"24%
25%
WOO
Amer Foreign Pow warr.
*
34 %
...»
114%
com
preferred-.
American General Corp 10c
35%
33%
114% 115
4
4%
4,000
25%
60
25%
$2 preferred...—.—..1
200
10
10
Fork A Hoe com..*
Apr
May
24
Jan
June
Apr
15
Jan
June
66
Jan
100
%
20%
Apr
1% Mar
29% May
70
125
55
Feb
70
Apr
7
500
6%
Apr
9
Jan
6%
6%
200
4%
Jan
7
June
he
3,700
%
Apr
1
Feb
•77%
Jan
74
100
67
Jan
16%
17%
800
13
Apr
3%
1,000
1%
1,300
1%
Jan
Jan
3%
1%
1%
Jan
2%
11%
111%
200
2%
Apr
3%
Feb
11%
2%
11%
2%
%
2%
100
1,800
1%
2%
2%
1,200
2
111
111
Appalachian El Pow pref *
SArcuturus Radio Tube.
—*
Preferred
•
%
Arkansas Nat Gas com,..*
100
100
200
"260
""'5% "5%
4%
OIlARefCo...
5
3%
Apr
14
Jan
Jan
10
108%
112
Mar
%
Feb
3%
Apr
3%
7%
Apr
he June
'
7
7
10
Arkansas P A L $7 pref..*
Art Metal Works com
6
■
900
Assoc Breweries of Can. _.*
.
Apr
Apr
6%
Jan
78%
Apr
6
Apr
4%
Apr
10%
8%
700
9
8
June
Jan
%
%
%
100
%
....1
"16
%
3,000
%
•
9%
10%
3,400
6%
$5 preferred
Option warrants
Mar
Jan
Jan
Jan
1%
11
hi
Jar
%
Jar
May
2%
May
1
3%
3%
11
Atlas Corp warrants
Atlas Drop Forge com....6
Atlas Plywood Corp.....*
t Austin Silver Mines
16
3%
19%
3%
11
100
10
Class
June
2%
2%
600
2% June
Mar
25%
Jan
43
43
17%
preferred
30
18%
5
4%
16%
Feb
15
Feb
Jan
May
1%
Jan
4
Jan
48%
2%
44%
210
35%
Mar
18
19
1,800
350
100
14
Apr
4
15%
Apr
$7 dly preferred
1st preferred
7%
29%
May
Jan
*
preferred
preferred
Conv preferred
Centrifugal
PIpe
*
Chamberlin Metal Weather
Strip Co—
Charts Corp
13%
Chesebrougb
Mfg
4
Jan
Jan
Mar
Chief Consol Mining.—..1
Chllds Co preferred
100
Cities Service
common
Preferred...
10
——•
6%
6%
600
3
Mar
Controller Co
Cleveland Elec Dlum
com
Jan
Cockshutt Plow Co
7% 1st pref
100
30
Apr
40
Feb
Beech Aircraft Corp
Bell Aircraft Corp com
1
Bellanca Aircraft
l
com
Bell Tel of Canada
0%
6%
21
1
"6%
0%
174
7
22%
6%
pref
6%
Jan
11%
Feb
1,700
20%
Apr
36%
Jan
Apr
10%
Jan
800
174
10
Jan
175% June
Apr
123
Mar
Jan
35
Mar
41%
41%
41%
25
27
Jan
42%
Mar
164
118%
For footnotes see page 3819.
5%
10
100
...»
Jan
Jan
2,200
Bell Tel of Pa 0 % % pf.100
Benson A Hedges com...*
r~Conv
5
Jan
1,200
700
9f
May
Jan
4%
33% June
Jan
Apr
Feb
99%
May
Jan
90
May
10
Apr
21%
7
May
Apr
15
Jan
May
23%
Jan
Apr
4%
2%
18
56
14%
100
13%
Jan
June
96
Apr
70
94
"94"
"95%
"166
5%
Mar
Apr
27%
MM
Feb
61%
Jan
Apr
14%
90
14%
June
101
June
85
Apr
97
June
3
'
Mar
Jan
100
"600
7%
700
Apr
9%
Feb
85
7%
"1% "T%~
Jan
105%
June
1
May
1%
6%
3
200
3%
"300
"3% ""3%
"900
3
Apr
Apr
Apr
14
300
3%
6%
5%
Apr
4%
Jan
May
4%
Jan
Feb
7%
Jan
Jan
*6%
Apr
Apr
15
Jan
"250
110
Apr
130
Jan
750
62
Jan
79
Feb
6%
6%
100
5%
Apr
8
48%
51%
225
%
34%
Apr
•74
54
Mar
75%
113% 114
6%
.
Apr
5%
zl2
50
Mar
June
3
4
6
6
Jan
5
2%
3%
Jan
he
%
2%
7%
%
%
3
5%
46%
6%
54%
4%
48%
66%
Jan
%
Apr
58
.
Jan
Jan
"
Feb
Mar
2.300
5%
June
9%
8,500
43%
3%
Mar
55%
Feb
5
Mar
40
37
Mar
51
Mar
30
55
Jan
84
Feb
400
4%
Feb
53%
Jan
81
300
4%
May
7
4%
65
4%
140
Jan
5%
Mar
Jan
20%
1%
Mar
16
900
»ie
"4% "*4%
"166
%
Apr
1%
34%
%
Apr
4
1%
2%
5
7%
warr.
80
67
67
Jan
Mar
Apr
2
Mar
Jan
3%
Mar
Apr
7%
Mar
Jan
8%
Mar
Jan
Apr
Feb
4%
Apr
5
1,300
4
Apr
9
Jan
80
500
70
Apr
94%
Jan
69%
375
55%
Jan
74%
May
100
4%
6%
Jan
June
1%
4%
78
'Apr
3%
*42
4%
2%
600
4%
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
Jan
Jan
4
2%
£1
preferred—100
Jan
Feb
48
5
Conv 6%
Jan
Mar
22
•11
60
com.
0% conv preferred
Colorado Fuel A Iron
Jan
1%
Apr
2S
Cohn A Rosen berger Inc
Colon Development ord.
13
8
Feb
Club Alum Utensil Co..
Feb
1% June
Apr
May
Clinchfleld Coal Corp.. 100
Jan
3% May
Jan
Apr
%
100
*
Jan
2
11
2%
%
19% ' 19%
55%
56
66%
8%
50
20
June
20%
275
*
May
pref
8%
100
1
35
conv
3%
3
64
100
Beaunlt Mills Inc com..10
May
Apr
93%
preferred
Cleveland Tractor
Mar
4%
1%
96
City Auto Stamping
*
City A Suburban Homes 10
7% 1st preferred
v t o
21%
13%
13
4%
47%
Jan
4%
17%
33%
17
Preferred BB
Cities Serv P A L $7 pref
2
0%
May
4%
Feb
9
25
Mar
Mar
Mar
Feb
2,100
1
6
May
Mar
%
7%
May
June
2,100
Claude Neon Lights Inc
1
Clayton A Lambert Mfg..*
*»!•
Jan
1
5%
10
Jan
300
Jan
1%
Jan
%
100
Conv pref opt ser '29.100
Clark
1,200
1
T% "1%
100
Feb
%
%
3%
100
Mar
%
(L) Co com...*
4,700
21%
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States Elec com
1
7%
1%
1%
10%
6%
"i#
1
Jan
2%
»he May
10
8%
7%
»ie
♦
com
22%
6%
5
9
A pr
Jan
15%
2%
'Apr
5
*
Apr
6%
Seellg Mfg A...5
com
...
Apr
1
Stainless Steel
i«xe
*
Chicago Flexible Shaft Co 5
Chicago Rivet A Macb...4
1
com.
Bardstown Distill Inc
Products..
Castle (A M) common..10
Catalln Corp of Amer
Celanese Corp of America
Jan
May
Apr
5%
400
1
Jan
107
Apr
May
1%
1 %
78
Jan
Apr
Apr
Apr
"166
Jan
85
Carrier Corp common....1
Carter (J W) Co common. 1
$0
5..
11
1
com
%
Locomotive—
com
102
400
24%
8%
2,200
300
200
12%
»
3
2%
17%
21%
106%
11%
common..
Jan
14%
*
Mar
17
19%
Preferred B
10
23%
Apr
May
3%
16%
"l"%
Apr
h# June
%
Babcock A Wilcox Co
Apr
ltu
1 %
2%
2%
19%
600
Cherry-Burrell commons.5
15
2%
Mar
1
6%
2%
34%
Carolina P A L $7 pref—
$0 preferred....
Jan
13
Jan
""T% "1%
1
B
Carnegie Metals
May
8,300
27%
21
12%
50c
Marconi
Carnation Co
4%
Warrants
Bath Iron Works Corp
Canadian
31%
3
"406
%
2%
15C
106
106
Cndn Colonial Airways..
Canadian Indus Alcohol A*
Jan
Jan
Jan
6
1,100
Am dep 6 % % pref shs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
Apr
Jan
May
Cables A Wireless Ltd—
Apr
1
42
3%
3%
Burma
2%
17
May
May
9
$5 1st preferred......
Vot trust ctfs
Jan
4%
"32% "33"
3%
6
50
7%
4%
14%
Co com
Line
Buckeye Pipe
Jan
23%
Apr
1%
40
preferred
Feb
Feb
.26
1
$0
98
Apr
he
200
7%
Apr
Apr
_
Brown Forman Distillery. 1
0%
%
6
Aviation A Trans Corp
Axton-Fisher Tobacco—
Jan
4%
20
Class A pref
Apr
3%
26
w w
June
jBrown Co 0% pref...100
Brown Fence A Wire com.l
20
68
300
Automatic Voting Mach_.»
Avery (B F)—
28
M ar
Apr
600
14%
1
Products..1—6
Feb
7%
96%
3%
19%
1% May
Feb
«u
23%
Jan
Mar
300
*
Cent Maine Pow 7% p; 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod_...l
Jan
2%
19%
1%
ord rea.-lOs
Cent Hud G A E
Jan
68
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Corp
Am dep rets
British Col Powercl A...
Jan
Birmingham A
Coast RR Co pref... 100
Atlantlo Coast Line Co-.60
British Celanese Ltd—
16% June
10
%
Assoc Tel A Tel class A..*
Baldwin Rubber Co
Feb
7% 1st partlc pref... 100
Celluloid Corp common.15
>64
Assoc laundries of Amer.*
Purch warrants for
24
Casco
—
Common.....———..i
Class A common
Jan
dep rets ord bearer£l
Apr
95% June
7% Mar
5% Feb
Industries
Amer deposit rets..—£1
xw
Jan
21
Mar
Amer Tobacco—
British
Apr
3%
*
Class A
22%
Carman A Co class A—*
3%
6
pref
Jan
32%
22%
Capital City Products..
C&rtb Syndicate.
25c
Mar
4%
Apr
Feb
27
1%
Apr
Apr
Cable Elec Prod com.—50c
29
Apr
Apr
Jan
%
17%
Jan
Mar
1
2
20%
Corp Am dep rets..
Burry Biscuit Corp..12 %c
6%
0%
2
Wupperman.
Apex Elec Mfg Co com..
$1.60
""166
20%
Mar
Apr
27%
%
Apr
29%
18
Apr
1,500
Jan
Mar
77
May
*
Registered
Apr
13
%
Jan
Jan
7%
Apr
♦
A
Class
Bunker Hill A Sullivan 2.50
74
Basic Dolomite Inc
~1% ~"i%
Buff Nlag A East Pr pref 25
25%
9%
25
12%
32
Jan
3%
•il
Mar
100
9%
Corp oom*
Angostura
Baumann
1,500
""800
68
Jan
10%
34% June
Mar
16%
27%
Republics..—10
Barlow A
May
8%
Jan
British Amer Oil coupon..*
Bruce (E L)
29
70
Anchor Post Fence
Barium
7
7%
100
Jan
Jan
6%
26%
15%
64
1st $0 preferred
7%
Feb
32
Brown Rubber Co com...1
18
%
*
0% preferred
0% preferred
8%
*
Jan
Mar
700
..100
$0 series preferred
Baldwin
4%
28%
31%
000
9%
Amer Potash A Chemical
Automatic
11%
Bridgeport Gas Light Co.*
Jan
116
"16% ~16%
Amer Maracalbo Co..—.1
Common class A
Feb
Mar
15%
26
preferred
26
Amer Mfg Co common 100
Amer Seal-Kap com
11
29
10%
0%
Amer Meter Co
Jan
40%
3%
27
Macy—20
Preferred
Jan
1%
Apr
112%
Amer Invest of Li com...*
Amer Lt A Trac com
28%
Apr
31
Jan
Mar
26
Mr
May
18%
%
8%
475
1
$2 60 preferred.;
2%
Apr
300
Amer Hard Rubber Co..60
Atlantic Rayon
May
-4%
Mar
%
23
Apr
Atlanta
3%
700
4%
"4% "4%
4%
Corp
1
Brewster Aeronautical—1
Mar
2%
Jan
Apr
Apr
Assoc Gas A Elec
Mar
Jan
June
1%
Elec
Jan
5%
12%
June
25%
Associated
June
400
13%
27
Ashland
Jan
2%
7%
2%
2%
32
100
Thread
24%
Jan
400
American
Apr
Apr
200
Am Superpower
Mar
3
9%
33
American
May
4%
Apr
21%
31
Amer Laundry
14%
Jan
1%
preferred
100
Brlllo Mfg Co common...*
1 %
$6
Jan
3%
50
Jan
30%
Elec
50
200
15%
15%
Jan
30%
33
—26
Feb
June
9%
1
Amer Cyanamld class A. 10
Class B n-v
10
Amer
2%
Breeze
Am
...
4
26
60%
Qass A with warrants.26
Class A
Jan
Jan
Apr
Bright Star Elec class B_.•
Brill Corp class B—.*
Class A
*
Am Cities Power A Lt—
Amer Gas A
15%
7%
Preferred
9
Apr
17%
10
Jan
Apr
%
$5.60 prior pref
.
Apr
Jan
Jan
Jan
Mar
Apr
18
m
———
...
34
7%
common..—10c
—10c
Class B.
200
1%
39%
Apr
5%
Common class B
$3 preferred
Apr
3%
American Capital—
Class A
200
4
4
4
—
Bridgeport Machine
Jan
17%
Mar
1%
46
100
Co oom.l
American Book Co
16%
8
Apr
8
12%
1st preferred
100
2d preferred
*
Brazilian Tr Lt A Pow...*
Mar
June
13
13
Co——26
Jan
115%
40
20 %
1st preferred..—100
7%
131
Mar
2%
Bowman-BUtmore com.., *
Jan
Mar
4%
Bourjols Inc..
1,050
...100
Amer Box Board
10
38%
Borne Scrymser
10%
6%
126
pref
*
A Co....*
Bohaek (H C) Co com.—*
Jan
Apr
90
110%
Corp com.—.1
$3 opt conv
Jan
129%
10%
6%
Ltd common.*
preferred
6%
900
112
Aluminum Industries com*
Aluminum
700
99% 100
112%
104
17
Apr
100
Blumenthal (8)
Mar
18% June
Jan
Jarj
Apr
1,000
%
38%
%
7%
Jan
%
13
13%
%
10
17%
9%
,17
1%
May
550
5%
9%
,*
May
Jan
17
Mar
2
■
8%
7%
Mar
86%
June
Jan
%
Allied Internet Invest
1
Bliss A Laughlln com..—5
Blue Ridge
%
Apr
Mar
%
%
500
1,100
16
*
Bliss (E W) common
Jan
High
Low
z34
Birdsboro Steel Foundry
A Machine Co com
71% May
94%. Mar
Jan
Mar
1
%
Invest
100
%
%
14%
Jan
%
Jan
$2.60 conv pref..
Shares
%
he
%
•
•
Jan
2%
Apr
Apr
71
2
2
Alles A Fisher Inc com,
60
84%
*82%
Week
Price
Jan
18
May
00
1
Southern,,60
pref
*
preferred,.,,,——.*
Alliance
Feb
for
of Prices
Low
High
Berkey A Gay Furniture. 1
Purchase warrants..—.
0
Warrants
S6
May
3%"
3%
J Air Investors common.,*
Conv preferred
—-*
Ala Power $7
16
18%
New class A
Alabama Gt
(Continued)
High
May
zl5
Co common, 10
Supply Mfg—
Acme Wire
Aero
Par
Week's Range
Sale
STOCKS
1, 1939
Range Since Jan.
Last
Range Since Jan. 1, 1939
for
Week
of Prices
Sous
Friday
Sales
Friday
Volume
New York Curb
148
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
Price
Columbia CHI £ Gas
l
of Prices
High
Low
3)4
3%
Columbia Pictures Corp..*
Commonwealth £ Southern
Warrants
Commonw Dlstrlbut
Range Since Jan. 1, 1939
for
2%
3,500
>i.
*«
Jan
4%
Jan
Jan
14
*•1
Jan
Florida P £ L $7 pref
375
"n
26
27)4
27%
150
24
•11
%
500
29%
%
June
Ford Hotels Co Inc
Ford Motor Co Ltd—
Am dtp rets ord reg
1
May
'11 June
Jan
£1
Ford Motor of Can cl A..*
Jan
15
13%
Apr
37
100
13 preferred
Consol Biscuit Co
*
1
Consol Copper Mines.
6
Consol G E L P Bait com *
4% % series B pref
Consol Gas Utilities
4%
5%
Jan
Jan
10
3)4
100
42
3%
500
92
1
8% preferred
Consol Royalty OH
92
'""4% "Hi
4%
5
Jan
Jan
9
Jan
15%
15%
300
Jan
20
Mar
Apr
300
10%
Apr
5%
14%
1 %
1%
3%
14%
1%
100
13%
3%
13%
15%
3%
1,600
1%
June
1%
June
1%
2
400
Preferred
1)4
9%
"Hi "Hi 26*300
10
*19%
*
Mar
Apr
10
Apr
Mar
Apr
6%
23%
4%
4%
%
5%
%
4%
Mar
9%
%
Jan
2,200
,
700
"
.
4%
4%
16%
500
100
5%
6%
2,000
5
5
100
Feb
Apr
46%
Jan
25
26
40
Jan
2%
2%
200
8
8
100
1
1%
ttoo
1%
1%
200
1%
1%
600
Apr
5
Jan
Mar
Apr
27
Mar
26%
50
7
Jan
Feb
6%
Feb
Feb
1%
35%
June
30
Apr
9
Apr
7
1
Jan
June
1%
1%
18%
May
56
67
16%
1%
70%
17
1%
71
71
Class
29%
Jan
Mar
Jan
Inc class A
Non-vot
com
•
stock
7% 1st preferred
Paper
25
Greenfield Tap £ Die.—_*
Grocery Sts Prod com..25c
Grumman Aircraft Engr.l
Guardian Investors
Gull
Jan
Gulf States Utll $5.50 pref
$6 preferred
*
Hall Lamp Co
Apr
Oil
Corp....
25
10
Mar
June
Hamilton Bridge Co
Hartford Elec Ught
Mar
21%
Feb
Apr
5%
Apr
9%
x30
Jan
Haverty Furniture
Haxeitlne Corp
cv
12%
64
100
62
Apr
200
10
Apr
Apr
73%
20%
1%
Jan
72
Mar
2
Jan
Heller Co
5%
Jan
Preferred
w
7
Jan
Preferred
pfd.*
•
ex-war
50
1%
64
.
Mar
Jan
Mar
.
Hearn Dept Store com
29
Jan
43
Apr
83
Mar
12%
Apr
Jan
16
86%
Apr
89%
%
200
%
June
2
Jan
18%
1,000
16%
Jan
19
Mar
%
18
12%
12%
12%
62%
60
63
6u
100
11
Jan
60
%
Mar
42%
300
%
52%
14%
Jan
Jan
63
Jan
Jan
52%
60
Jan
75
Apr
52
Apr
%
Feb
2%
80%
52%
Feb
lu
%
%
100
33%
%
1%
100
1%
36%
40
37
72%
72%
1%
74
70
02%
Apr
Apr
51
51
51
100
46%
Apr
99%
99% 100
40
95%
!(«
Jan
4
.
102
Apr
91%
93%
225
6%
"4%
37% June
Jan
96
Mar
Jan
"20C
65
82
May
Apr
7
Jan
Feb
37
5%
3%
Apr
6
Apr
5%
21%
"T
Apr
3%
28
4%
4%
8
4%
700
"l"66
8
6
Feb
Jan
33
Mar
11
Jan
94%
be
%
%
Feb
98%
Feb
Jj»
Mar
*n
Feb
2,000
1%
"le"
23%
~i~6
23%
"160
400
Apr
i!H
23%
June
Jan
Feb
15
"~8% "9%
107%
101
107%
129% 129%
"36%
36%
5
36%
5
"l5% *16%
33
107%
111%
"33"
"34
107% 108%
110% 111%
1%
2
Apr
'"20C
8%
Apr
7%
12%
1,125
69%
124%
Jan
107%
June
Mar
132
May
50
33
Apr
39
Feb
100
5
Apr
25
'"600
T,706
150
390
1%
14%
%
29%
95%
103%
1%
Jan
Apr
7%
2%
Apr
22%
Jan
Jan
%
Feb
Apr
40
Apr
Apr
Jan
14
June
Apr
4
Mar
Jan
65
Mar
63
%
500
Mar
■
Jan
1%
6%
Apr
1,600
1%
%
Helena Rubensteln...
4
Jan
23
28
"28*
Mar
23
Mar
""166
*28
21
Apr
36
Mar
"*6%
6%
1,900
3%
*
6%
3%
200
"7% "7%
IOC
Apr
Feb
Feb
June
6%
Apr
6%
23%
Apr
9%
Jan
Apr
Jan
24
Jan
26%
26%
14%
Jan
Hewitt Rubber common..5
JO
30
Apr
Jan
Mar
18%
575
16
June
Hires (Chas E) Co d A.—*
Hoe (R) £ Co cJas» A
10
45
18%
7%
8%
350
6
Apr
1%
25%
12%
5%
Apr
10
Jan
%
'June
1%
Feb
10%
10%
Apr
Apr
Apr
Apr
19%
Jan
Border's Ino
11%
Jan
12
19%
3%
Jan
23%
Apr
24%
Jan
Hormel (Geo A) £ Co com*
Horn (A C) Co com
1
17%
Mar
2
common..
8%
58
16,000
6%
50%
65%
66%
1,100
1
500
Jan
69
2
Apr
Apr
Apr
12%
Jan
65
Feb
zl%
25
17%
3%
5%
17%
3%
5%
zl%
Horn £ Hard&rt
6%
»
preferred.
*
72%
Mar
May
May
29%
Jan
Common
5%
Jan
June
Feb
71
Mar
52
Feb
73
Mar
Imperial
54%
Feb
74
Mar
23
23
50
21%
Feb
24%
Mar
Imperial Oil (Can) coup—•
Registered
Apr
10%
Jan
70
Empire Power part stock. *
■
Emsco Derrick £
Equip..6
Equity Corp common.. 10c
8
62
62
63%
3
Jan
Jan
Mar
Hydrade Food Prod
6
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co—*
.-50
Dlv arrear ctfs
5
Illuminating 8hares A
Chem
%
14%
%
Jan
Apr
28%
Mar
5%
1,200
8%
Jan
Indiana Pipe Line
Jan
Indiana Service 6% pi. 100
"H"
7% preferred
100
Indpls P £ L 6 % % pf-100
14%
Jan
Feb
Indian Ter
%
2,600
*i«
May
11%
2,800
Jan
22%
22%
200
9%
7%
19%
Fanny Farmer Candy coml
*
6%
6%
200
4%
6
6%
6%
300
5
Fed Com press £ W'house25
Ferro Enamel Corp
1
16%
"17%
""600
14%
7
%
""% ""%
3~l66
•i«
10
Apr
8%
Jan
23%
Mar
Jan
8%
Mar
June
Britain £
Jan
Mar
39%
Jan
110%
Mar
3
Jan
100
3
May
5%
Mar
Feb
30
30
6%
10
7
3%
22%
5
14%
14%
30
""106
12
Apr
5%
8%
Mar
Jan
9
JaD
9
Apr
1%
Apr
%
Jan
Mar
Jan
Jan
Apr
4%
2%
29%
1,000
2%
Apr
4%
2,200
14%
Apr
800
1,300
500
3% Mar
51% May
5%
Apr
14% June
14% June
6%
1C0
300
Feb
Feb
Apr
32
5% May
5% May
14%
15
90
5%
75
100%
100
»«U
Apr
Mar
7% June
17
28
80
Jan
Feb
0%
54%
16%
16%
14
Jan
Mar
25
Apr
12%
107% 107%
1%
New non-voting class A. 1
New class
Apr
Mar
Feb
Feb
7
Jan
14%
June
Apr
15
June
Apr
108
Jan
Ilium Oil—
B
1
1%
1%
1%
1%
200
%
Mar
•i«
Apr
8%
1%
Apr
1% May
Industrial Finance—
7
Jan
35
May
Apr
22
Mar
Insurance Co of No Am. 10
V tc common—
7% preferred
1
June
%
May
71
Mar
10
Apr
June
200
20%
Apr
71%
24%
17%
400
12
Apr
21%
Mar
"2% "3%
T.700
2
9
25
69%
71%
1,050
21%
International Cigar Mach *
Jan
%
Apr
59
9
100
9%
21%
17
Jan
Internat Hydro Elec—
Pref
60
purch warrants
1
$3.50 series
A stock
Iotl Industries Inc
For footnotes see page 3819.
£1
Ireland
May
*i«
Jan
3
12
Imperial Tobacco of Can
Imperial Tobacco 01 Great
Apr
May
35
Flat Amer dep rights
Mar
15
Apr
%
10%
4%
14%
%
1
11%
20
14%
23%
20
3
14%
100
Mar
8
69%
—
700
May
Jan
Apr
Indus. _£l
%
5
8%
15% June
13% June
53
20
3%
22%
25%
15%
2% May
34%
Apr
108%
Apr
Feb
2,700
200
600
5
Mar
4
ht
5%
Apr
Jan
Feb
50.
»u
25%
1
225
7% pref unstamped.. 100
Hydro Electric Securities
8%
6
Apr
10
41%
Apr
6%
56
June
Apr
.....1
120
1
3%
13%
9%
600
*70 "
36
7% pre! stamped—100
Jan
"25
Mar
Jan
IHuylers of Del Ino—
Apr
Mar
6% conv preferred
69%
35%
Hussmann-Llgonler Co..
May
"*400
600
15 %1,600
35%
Hummel-Ross Fibre Corp 6
3
Jan
6
6
...
15
1%
6
14%
100
Hubbell (Harvey) Inc
Humble OH £ Ref
1,725
1%
"6
7
8
70
1
"200
Holt (Henry) £ Co cl A.
50
100
100
26
.....
6
1,300
10
"l"
26
9%
Holllnger Consol G M
Holophane Co common.
3%
3%
"Hi "Hi ""400
3%
May
Mar
"~7%
...25
w
Heyden Chemical
7%
56%
Jan
Jan
4
Apr
7%
Jan
8
1
Apr
14%
Feb
100
1
16%
Jan
1% May
6% Mar
7%
2%
Jan
8%
600
800
50
Jan
108% June
111% June
Jan
2%
Jan
1%
300
Jan
5
1%
16%
2%
Jan
May
22% June
5
2%
16%-
May
Feb
800
"466
Jan
Jan
79%
800
""% ""%
Jan
31
"92%
6%
9%
Jan
Feb
June
T"
Jan
Jan
Jan
May
Mar
1
Mar
Mar
June
2%
May
May
June
22%
9%
70
Jan
Mar
100
'
Apr
83
May
67%
1
17%
Mar
34
15%
6%
3%
62%
Fldeilo Brewery
Mar
800
100
Metallurgical
26
conv
60
Fansteel
Jan
preferred...50
Hecla Mining Co
..25c
6%
60
Fedders Mfg Co
15%
5%
Mar
Falstaff Brewing
June
Apr
71
1
20
2%
Feb
European Electric Corp—
Option warrants
Feb
6
61%
Falrchlld Aviation
Jan
10
Class A
Mar
600
Jan
May
410
Esquire-Coronet
1
Eureka Pipe Line com..60
17
6%
69%
$3 conv pref
200
1,800
Hat Corp 01 Am cl B com.
58%
100
Mar
Mar
18%
Mar
June
.'..100
15
6%
18%
1%
71
preferred
Jan
200
18%
Mar
Jan
preferred..
May
Jan
18%
Hart man Tobacco Co....*
Harvard Brewing Co
Apr
preferred
2
50
14
1
c
18%
7%
Mar
26
53
6)4%
Jan
1%
10%
5
200
8%
23
com
70%
100
23
Apr
100
1%
Haloid Co
20%
1%
67
preferred
Apr
18
1,100
18%
1
Empire Diet El 6% pf 100
Empire G«q £ Fuel Co—
6%
Mar
18%
100
lit Northern
20
.1
4%
9%
18%
Gray Manufacturing Co. 10
20
t c
Jan
7%
Great At! £ Pac Tea—
16
v
Jan
3%
16%
500
■7%
*
Jan
1
Elgin Nat Watch Co
14
3%
19%
19%
*
13 preiened
Jan
Jan
Apr
Jan
♦
5%
10%
1%
21%
Electrol Inc
Feb
9%
1
Elee Shovel Coal 54 pref..*
Electrographlc Corp
73
3
*
....
Apr
Apr
1
1
warrants
19%
Gorham Mfg new com
10
Grand Rapids Varnish...*
Apr
1
A
Option
50%
2%
6%
8%
2%
._*
Elec P £ L 2d pref A
15%
1%
Jan
8%
»
com
19%
»
60
......*
preferred
Mar
Mar
Apr
May
Apr
-
14
1*30
Easy Washing Mach B
Economy Grocery Stores.*
Eleler Electric Corp
1
dec Power Assoc
May
2%
2%
2%
31%
7
100
preferred
27
Apr
Apr
20%
3%
Mar
*
Class B
Hartford Rayon v t
Eastern Malleable Iron..26
Eastern States Corp
..*
57 preferred series A
*
55
Mar
Apr
4%
20%
J%
*
Elec Bond £ Share com..6
7%
10
*
56 preferred series B
19%
«
Gorham
7%
East Gas £ Fuel Assoc—
-
3%
17 preferred
*
Goldfield Consol Mines.. 1
18%
17%
24
26%
"Hi
3%
*
Feb
Jan
9
Mar
..*
Preferred
Apr
110
June
13%
Durham Hosiery cl B com *
preferred
10
Apr
4%
14%
23%
100
Common
15 preferred
GUbert (A C) common
May
3
Apr
2%
600
10
4 % % prior preferred. 100
Feb
56%
1,350
12%
90
..*
Georgia Power S0 pref...*
Mar
Apr
Apr
8%
Godchaux Sugars class A.*
53
6%
1
com
preferred
Jan
Jan
*
10
S3
100
Jan
Dominion Bridge Co
*
Dominion Steel £ Coal B 26
Duval Texas Sulphur
Eagle Richer Lead..
preferred A
Gen Water G £ E
4%
Dobeekmun Co common.1
1
Q%
%
Am dep rets ord reg__£l
Dlvoo-Twln Truck oom..l
Duro-Teet Corp com
*
ww.__
Gilchrist Co
Glen Alden Coal....
Corp...6
Corp.l
prof
conv
Jan
Ltd—
DubUler Condenser
$6
Gen Telephone S3 pref
*
General Tire £ Rubber—
Feb
14%
70%
550
1
17%
10
Driver Harris Co..
Common.
Jan
13%
7% preferred...
10
Diamond Shoe Corp com.*
72
Gen Rayon Co A stock
*
General Shareholders Corp-
Feb
*14%
1%
68
High
68
Apr
71
Warrants
Gen Outdoor Adv 6% pi 100
Gen Pub Serv $6 pref....*
Mar
4%
"26"
200
1,200
»
1%
*
Corp
preferred
10%
16
8
Dominion TextUe Co.
$6
Apr
63
6% pref w w
20
Detroit Gray Iron Fdy...l
Det Mich Stove Co oom..l
com..
Gen Gas A El 6% pref B._*
General Investment oom.l
Apr
*
1
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
Apr
7
53
10%
85
5% preferred
—100
Genera! Alloys Co
*
Gen Electric Co Ltd—
1%
200
Low
56
10%
*
9%
6%
Detroit Paper Prod
Detroit Steel Products
conv stock
200
36
A oonv preferred
Detroit Gasket £ Mfg..
S3
200
3
60
4% conv preferred
100
Gamewell Co $6 c v pref.*
Gatlneau Power Co com.*
600
3
...1
7% pref 100
Ref Corp com*
Mar
Fuller (Geo A) Co eom___l
%
6
Dennison Mfg
Jan
......1
partlo pref
15
Fruebauf Trailer Co
1
1%
•1.
65
Shares
84.
Common...
Com
9%
14
High
10%
»
9%
%
108
com..
June
3
Mar
June
B
1%
9)4
5
5
A
Stores
1%
Apr
2*
100
Davenport Hosiery MUls
Dayton Rubber Mfg new.l
Mar
17%
"19% "20" ""706
t c.*
0%% preferred
Curtis Mfg Co (Mo)
Darby Petroleum com
Mar
%
10
r
3%
90
4
2,300
*
preferred
Jan
Feb
1% June
4%
7%
26
com
Feb
74
60
Crown Cent Petrol (Md).6
Crown Cork Internat A..*
Crown Drug Co com
25c
6%
Jan
10
£1
Duke Power Co
9%
Apr
55%
Crowley, MUner £ Co...*
Draper
Mar
Mar
Jan
1
com
Creole Petroleum
..5
Crocker Wheeler Elec
*
Croft Brewing Co
...1
Distilled Liquors
Mar
Apr
._.*
6% conv preferred
Courtaulds Ltd
Distillers Co
Jan
92%
Apr
1
De Vllbiss Co
Feb
1%
6%
Jan
4%
*
Common
Derby OH £
Jan
8%
52%
Corroon £ Reynolds—
Class
Jan
300
Cornucopia Gold Mines.5c
Decca Records
6
92
5%
*
Copper Range Co
Copperweld Steel...
Delay
Jan
Jan
%
com
Cuban Tobacco com
Cuneo Press Inc
60
Apr
5
200
Feb
1%
Apr
lH
'"800
121% June
Mar
2%
84
.__*
6%
Apr
May
Jan
5)4
preferred
$3 prior preference
Crystal OH Ref
May
86
Varnish...*
$6 preferred A
Cos den Petroleum
Feb
Mar
38%
300
10
Cont Roll £ Steel Fdy_—*
54
6%
8%
80%
Jan
10
Consol Steel Corp com
*
Cont G £ E 7% prior pf 100
Continental Oil of Mex__l.
Cooper Bessemer
Apr
Apr
116%
%
1,100
41%
3%
41%
%
Range Since Jan. 1, 1939
for
Week
of Prices
84%
Amer dep rets
100 Ires
Fox (Peter) Brew Co
6
Froedtert Grain £ Malt-
4%
71
170
%
"37"
4%
100
2,300
900
120% 121)4
1
Consol Retail Stores
80
79
100
Consol Mln £ Smelt Ltd.5
4%
6
5%
79%
Week's Range
Low
64%
Ford Motor of France—
Class
15
3815
Sales
*
Mar
Price
»
Feb
36%
Apr
33
Conn Gas £ Coke Secur..*
Cook Paint £
Fire Association
(PhUa.)_i
Fl8k Rubber Corp
10
16 preferred
100
Apr
Apr
5.200
32%
1
1946
Sale
Par
Compo Shoe Mach—
V t c ext to
Last
High
Apr
11
32%
STOCKS
(Continued)
Low
2
Friday
Week
Shares
1
Community P £ L $6 pre! *
Community Pub Service 25
Community Water Serv__l
Exchange—Continued—page
Sales
17
iji
.
Mar
Mar
%
Jan
Mar
4%
Jan
New York Curb
3816
Last
Wert's Range
for
Sale
o/ Prim
Week
Low
Shares
High
Low
Price
Par
High
Mar
Apr
4%
June
27%
Jan
Jan
Molybdenum Corp..
June
27
Jan
5
May
2%
3% May
%
Feb
Apr
%
Mar
Razor B_*
-—1
Class
B
$1.76
International
17%
18%
Feb
200
2%
Apr
4%
10%
Apr
14%
3%
Apr
7%
Feb
%
Feb
%
Mar
Apr
Mar
19%
21%
Mar
14%
""166
15
t c..*
1
Irving Air Chute
Italian Superpower
Jacobs (F L) Co
17%
17
17%
200
7
June
Mar
Jan
*
Jersey Central Pow A Lt—
6%% preferred
100
0% preferred
100
7% preferred
100
Jones A Laughlln Steel. 100
Julian A Kokenge com...*
Kansas G A E 7% pref.lflO
Keith (Geo E)7% IstprflOO
Kennedy 's Inc
6
Ken-Rad Tube A Lamp A ♦
Kimberly-Clark 0% pf.100
93
95
95%
370
78
Jan
102% June
100
101%
150
86%
Jan
107%
37%
96
22%
22%
200
23
115% 115%
10
"~5~% "~5%
"l"66
Loudon
Jan
20
Jan
National Fuel Gas.
4
118% May
Jan
National P A L $6 pref...*
9
Mar
108%
May
%
Jan
Jan
88
67
June
Apr
2%
Jan
3%
Feb
Jan
1%
Mar
Apr
13%
Mar
Apr
8%
Apr
"59% "59%
"166
9%
Apr
15%
Apr
10
Jan
54
Feb
73
Jan
45
Mar
Mar
45
Mar
12%
June
11%
5%
100
"38% "38%
T20G
Jan
4%
Apr
May
61%
Mar
50%
Mar
Jan
Apr
3%
Mar
39
1,000
'3
•3
32%
2
7
Jan
2%
%
2%
%
100
200
Jan
6%
Mar
8%
1,000
7%
Jan
8%
Feb
*
1%
1%
300
1 %
Apr
Nat Union Radio Corp.—l
%
%
600
%
Apr
2%
,1%
15%
Feb
National
12.60
Transit
Nat Tunnel A Mines
8
12
*
Navarro Oh Co
Jan
Jan
Mar
Jan
114*
June
39%
Apr
60%
Feb
Jan
Apr
78%
5%
Jan
2%
4
Apr
5%
Mar
102
42%
41%
1,700
48
78%
Neptune Meter class A—.*
Nestle Le Mur Co cl A
*
4%
4%
"loo
,
3%
Mar
3%
Mar
Feb
40
Mar
May
36%
.100
Jan
June
Jan
%
Nevada Calif Elec com. 100
preferred.
Jan
%
{Nebel (Oscar) Co com...*
Nebraska Pow 7% pref. 100
Nehl Corp common...
*
1st preferred
*
Nelson (Herman) Corp...6
7%
Apr
15
Mar
,
11%
Apr
17%
May
Apr
11
common...*
New Jersey Zinc
26
New Mex A Aria Land...l
Newmont Mining Corp. 10
11
11%
300
53%
55%
700
1%
1%
1 %
Jan
70%
1%
72
300
70%
400
57 %
Apr
80
Jan
Mar
27
Jan
Apr
2
Jan
15%
9%
%
May
*
%
Feb
8%
Jan
2
Apr
3%
Jan
%
Jan
34
May
Jan
Feb
N Y City Omnibus
300
11%
Mar
17
18%
June
23
18%
150
"166
,
Feb
1%
Feb
13
8%
1%
6%
10
Apr
13%
Mar
22%
Apr
30%
Feb
700
7%
Apr
9%
Jan
3,100
%
Apr
1%
Jan
1%
32%
1%
33
125
26
Jan
35
29
29%
550
1%
5%
19%
1%
4%
89%
Jan
Apr
Apr
30% June
300
1%
5%
2,100
Apr
1
Apr
100
»*ii
100
21
21
£1
10
Massey Harris common..*
Master Electric Co
1
5
17%
,
'
1
Dredging...*
Mead Johnson A Co
*
143%
4%
4%
800
3%
Apr
6%
Mar
Mar
90%
Mar
"52"
"""600
Apr
64%
Mar
Jan
2%
%
Mar
Mar
2% June
Niagara Share—
6
Class B common
Class A
6% May
17
v
Mar
5
Jan
87
100
preferred
"Si"
NIles-Bement-Pond ...... *
Nineteen HundredCorp B
1
Nlplsslng Mines..
6
1%
1
600
Noma Electric
1
4%
4%
100
4
1 %
600
$6
1
,
Jan
64%
Apr
Nor European
Jan
Nor Ind Pub 8er 0%
Memphis Nat Gas com...6
4%
141
4%
Apr
Jan
4%
400
10
101
101
Memphis P A L $7 pref..*
Mercantile Stores com...*
Apr
9
19%
19%
100
1
4
4
100
Participating preferred.*
27
27
25
3%
Jan
Feb
80
14
Apr
3%
25
(Apr
Apr
2%
17
Jan
150%
June
4% June
20%
5%
16%
16%
700
44%
60
42%
May
%
Apr
100
2%
44
50
Oil com. —1
93%
pf.100
Jan
Ohio Brass Co cl B com
8%
17%
•
Northwest
"35%
4%
4%
300
3%
Apr
6%
Jan
%
100
%
May
%
Jan
Ohio Power 6%
'""%""%
2~300
58
6%% A preferred... 100
1
Mesabl Iron Co
%
Apr
preferred ..16
Jan
77
32%
Jan
%
May
Apr
*!•
1
26c
2%
May
Apr
Ohio P S 7% 1st
93%
Apr
%
•
*
Bumper Corp..l
Gas A Oil.
1
Steel Tube.-2.60
Sugar Co
18
%
500
%
Mar
%
,516
500
%
June
5%
100
5%
Apr
ht
ht
%
100
3%
Middle West Corp oom..6
6%
»u
3%
11
7
100
80C
2,000
99
125
Apr
Pacific Public
Apr
8%
7%
7%
300
1%
1%
58
100
56%
53%
1,258
7
Apr
12
10
Mining Corp o ICanada
Minnesota Mln A Mfg...*
Midwest Piping A Sup.
Mar
1%
37
Minnesota P A L 7% pf 100
80
Miss River Power pref. 100
115
Missouri Pub Serv com
3%
Apr
600
3%
Feb
15%
109
1%
8%
12
1%
Apr
90
Mar
Jan
116
May
Feb
4
Mar
96%
Apr
112
June
1
Apr
Jan
Jan
1%
9% June
4%
9%
Mar
June
30%
600
28%
Jan
25
104%
Apr
33%
30%
108%
30
68%
Jan
Apr
85%
86
5%
6
5,200
86
Mar
June
Jan
June
7%
Mar
21%
Mar
101%
Mar
Apr
7%
3%
Jan
Mar
4%
3%
"46"
10
40
600
Mar
Apr
16
Jan
Apr
14
Mar
15
9%
Mar
20
Mar
"50
35
Apr
50
29
8%
7%
34%
34%
35
Peninsular Telephone com*
35
60
62%
Penn Edison Co—
$2.80 pref erred
*
Jan
Jan
11
Class B
preferred
June
Apr
10
Reel__l
Patcbogue-PlymouthMllls*
Pender (D) Grocery A
*
$5
47
99
Parkers burg Rig A
June
Apr
106% 106%
"86"
5%
Jan
58
35
20
Parker Pen Co
Jan
June
Apr
Apr
Paramount Motors Corp.l
Jan
Jan
16
8
$1.30 1st preferred
Jan
Jan
Mar
Apr
31%
Page-Hershey Tubes com. *
Pantepeo Oil of Venezuela-
Jan
Mar
Mar
2,200
Serv
Penn Gas A Elec class A._*
For footnotes see page 3819
1%
9%
Jan
June
5%
fPaclflc Ltg $0 pref
*
Pacific P A L 7% pref.. 100
Feb
Apr
112%
33%
30%
Mar
Apr
1%
33%
Mar
%
105
30%
1
60c
Apr
pf.26
6%
Jan
111%
5%% 1st preferred ...2 6
Apr
Jan
115
Jan
2%
3%
93
Feb
104%
33%
4
12
97%
111%
10
Pacific Can Co common..*
Pacific G A E 0% 1st
Jan
Jppe
240
Overseas Securities
Jan
Jan
May
26
108
June
5
1%
Feb
Mar
June
Apr
114%
8%
8%
June
Apr
114
Omar. Inc..
Jan
%
16
97%
Apr
100
450
American shares
*
100
Jan
'
12%
20%
35%
600
108% 112
Midland Steel Products
*
100
Apr
101
,900
Jan
Apr
15
24
16
Mar
2%
100
900
47
Midland Oil Corp—
*
May
l~20(j
15%
»ti
%
5%
June
6
44%
Middle States Petrol-
*
*
98
81
97
112
Feb
105
16
Jan
%
Feb
46%
8
Jan
Feb
Apr
50
0% conv prior pref..100
Oldetyme Distillers
1
%
2%
Jan
1%
Apr
Oklahoma Nat Gas com. 15
preferred
Jan
4
111% 111%
114%
pref—100
2%
10
19
May
Jan
*11
47
4%
6%
3,500
May
15
»87%
Feb
95
Jan
5%
35%
Jan
10
0% 1st preferred
100
Ollstocks Ltd common
6
$3
Metropolitan Edison—
$0 preferred
Mexico-Ohio Oil
""210
May
36
13%
100
Ohio Oil 0% pref
%
9%
17%
£34%
105% 106%
100
pref... 100
4%
103
.....
*
Ohio Edison $6 pref
93%
93
103
100
10
Northern Sts Pow cl A--25
%
•
Warrants
Feb
Feb
16%
Feb
Mar
28
Mar
21%
600
preferred
1%
5%
Feb
50
17%
Northern Pipe Line
7% June
Apr
Mar
60%
16%
Engineering._*
Novadel-Agene Corp
*
June
101
63
60%
17%
0% prior preferred
Jan
1%
05%
22%
60%
No Am Utility Securities. *
7%
Apr
*
Class B common
Feb
Apr
%
A—♦
*
preferred
North Amer Rayon cl
Jan
125
May
*11
-
1
Common.....
7%
500
41%
6%
Apr
1% June
18%
200
Jan
Mar
May
11%
Mar
*u
2%
143%
10%
McWllllama
82
1%
34
Nor Central Texas Oil—.6
McCord Rad A Mfg B_..*
9%
91%
Apr
2
Apr
53
Apr
66
Apr
May Hosiery Mills Ino—
*
Apr
x77%
1%
Apr
14%
5%
200
100
Feb
4%
600
Mar
2,200
1%
May
200
Feb
1%
Apr
5
17%
17
6%
85
Mar
Class B opt warrants
June
Feb
6%
83%
Jan
4%
22%
Feb
•
21
2
6%
85
100
100
13%
Jan
Apr
Mar
Feb
100
Apr
4
ht
19
2%
2%
6
June
"I06
Mar
May
106
'is
31
2%
Mar
Apr
'15
Apr
15
*
June
9
113% June
Class A opt warrants
Mar
5%
29
Jan
16
Niagara Hudson Power6% 1st pref
6% 2d preferred
Jan
99
104% 105
105
....
Common
Jan
x7 %
pf.100
Nor Amer Lt A Power—
Shovel....*
Utll Assoc v t o
1
23%
27% May
107
112% 113%
pre!-.100
$6 preferred...
*
N Y Shipbuilding Corp—
Founders shares
1
New York Transit Co.
5
N Y Water Serv 0%
Apr
June
Jan
1%
Jan
100%
Jan
%
'
Jan
1%
Jan
Feb
23%
Jan
62%
7%
Mar
100
Mar
1%
Jan
Mar
Apr
—
N Y Pr A Lt 7%
4,400
13
27
9
12%
25%
22
June
8
14
1%
Roearlo 10
10
Jan
116
Apr
Apr
25
N Y Merchandise
22
26%
55%
Warrants
N Y A Honduras
24% June
350
Apr
10%
46%
15
1%
Apr
23% May
Jan
Apr
75% June
20% fy!ay
4%
_....*
New Process Co
Apr
18
N Y Auction Co com....*
%
55
104
New Idea Ino
Apr
12
Marion Steam
Jan
Mar
300
15
18%
Co...*
Midwest Oil Co
4%
Jan
13
14
Marconi Intl Marine
Mid-West Abrasive
Apr
72
25
Co
10%
14
Apr
1
$2 non-cum div she
"266
Jan
1%
60%
71%
8
$6 conv preferred
Mldvale
Apr
„' May
0% preferred
.100
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
*
22
2
$2 conv prel!
%
New Engl Pow Assoo
50
2
Class B v t o
Jan
ht
Feb
900
*24% "24%
"29%
Class A \ t c
Jan
5%
Jan
Apr
12
100
.100
Preferred
5%
Apr
11%
400
28
Michigan
Michigan
Michigan
May
2%
100
Jan
Mar
65
Sugar opt warr.
Michigan
June
6
Jan
32%
10%
Tel._..l
•
88%
June
Feb
Apr
Lynch Corp common....6
Partlcl pat
40
Apr
25
32%
10%
%
1%
Metal Textile Corp
"11%' 12~
7% June
%
%
*
Merrltt Chapman A Scott
Apr
9
9
Merchants A Mfg cl A
May
57
*
$4 preferred
2%
National Tea 5% % pref. 10
100
Jan
69
44
National Sugar Refining.*
Apr
11%
June
7% May
13% Mar
28%
"l"66
preferred...*
1H
1,000
14
43
100
National Steel Car Ltd...*
2%
1%
5%
*
A..*
Communlca'ns ord reg
3%
Jan
Feb
hi
300
28
.
Conv part
3%
1,100
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co...*
Mass
Nat Service common
%
9%
100
1,075
88
Jan
9%
Jan
May
3
...»
1
Nat Rubber Mach
June
Jan
86
88
Jan
8
•
Apr
National Refining com... *
Apr
Apr
Mar
11%
5,000
5
A—1
26
Margay Oil Corp
11%
3%
3%
£35% x35%
4
National Oil Products
11%
11%
June
9
*
6
1
Mapes Consol Mfg
.*
6%
Feb
Mar
Jan
10
5
com...*
Nat Mfg A Stores
Feb
33%
21%
Apr
Mar
%
»u June
600
"300
14
13%
13%
2Va
1%
2%
1%
11%
6
Mangel Stores
%
60
$3 conv pref
"i'% "iVa
Louisiana P A U $0 prel.
Manatl
9%
9%
7%
*
Land A Explor.l
Majestic Radio A
400
%
11%
Packing
Louisiana
1
,*
National City Llnea com.l
39
56
Lehigh Coal A Nav
Leonard Oil Develop—26
Le Tourneau (R G) Inc .1
7% preferred
0% pref class B
12%
12
National Candy Co
June
38
1
*
Long Island Lighting—
Common
10
Apr
Apr
17
%
........
Corp
Apr
1
Apr
22% Mar
112% Mar
21% June
6%
1
Chain
130
6%
8%
8%
National Container (Del).l
105
Class A
Lone Star Gas
6% pref
Nat Bellas Hess com
I,angendorf Utd Bakeries-
Locke Steel
8%
5%
98% June
38%
Lockheed Aircraft
Jan
Mar
Apr
%
7
Jan
Ltd..l
B
Apr
4%
*
67%
Foundry A Mach.l
Lane Bryant 7% pref.-lOO
Class
3%
900
Nat Auto Fibre com.....)
Lakey
preferred..
5%
100
Nachroan-Sprlngf Hied
Feb
59%
0%
4
Mar
Jan
Co Ltd 1
Co oom..*
Klelnert (I B) Rubber Co 10
Knott Corp common:
1
Kobacker Stores Inc
*
Koppers Co 0% pref...100
Kresge Dept Stores
4% conv 1st pref
100
Kress (8 H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
Loblaw Groceterias ol
3%
5%
.900
122%
3%
Jan
May
Mar
100%
June
%
Jan
5%
Jan
6%
5% June
70%
hi
Klein (D Emll)
Lit Brothers common
Apr
Mar
2%
Klrki'd Lake G M
Llpton (Thos J) class
30
June
69
4%
1%
Material Co
Apr
%
June
Apr
2%
preferred...
24%
1,000
9%
Apr
Kir by
Conv
33% June
5%
%
Jan
14%
June
125
Mar
May
Apr
1%
Kingston
Class B
75
Mar
6%
172%
May
2%
Breweries...
Kings Co Ltd 7% pf B 100
6% preferred D_.—100
Lefcourt Realty common.
30
Jan
7
100
Kingsbury
Co com
29%
%
10
"966
1%
1%
Products——.1
Petroleum
..1
200
30
{Mountain States Pw com*
Mountain Sts Tel 4 Tel 100
Murray Ohio Mfg. Co
*
Muskegon Piston Ring.2%
Muskogee Co oom..
*
1%
*i«
——
90
33%
%
Dlstlllery.l
Mountain Producers
Apr
165%
33%
165
Mtge Bank of Col Am shs..
Mountain Cltj Cop com 6c
"H% "~3~% "3%
*
A
Co
Lake Shores Mines
4%
Apr
§ Moore (Tom)
152
Mar
3%
2%
Mar
Jan
1%
Moody Investors part pf.*
Mar
3,000
"4% "1%
$7 pref—f
Iron Fireman Mfg v
Lane Wells
June
7
6
Investors Royalty
Jeannette Glass
18%
»»» May
1%
5%
38%
Feb
3
x2%
-
1%
Jan
5%
23
Apr
1% June
Utll—10
Montgomery Ward A...*
Montreal Lt Ht A Pow..*
•w
-1
1
Mills..*
Vitamin.
Interstate Hosiery
Pictures com.l
Loan Soc A....1
Jan
Mar
10
Mar
14%
100
Feb
14%
Apr
3%
100
Monogram
Monroe
9%
200
3%
Jan
11
34
Interstate Home Equip..
Interstate Power
150
11%
3%
Apr
%
*
$3.60 prior pref
Warrants series of 1940
11%
1
%
Apr
Apr
6%
600
%
18%
%
preferred
200
9
8%
A
1939
High
Low
Shares
—$2,60
Common
Montana Dakota
International Utility—
Class
Range Since Jan. 1,
for
Wert
High
Monarch Machine Tool..*
100
3%
5%
Low
Mock. Jud, Voehrlnger—
6%
1%
20%
25
22
21%
Range
of Prices
Price
1,400
2%
2
2%
International Products—*
Internal riafety
Salt
3,300
5
5
5
21%
Week's
Last
21
Indus A—*
Internal Paper A Pow warr
International Petroleum.
Res later ed
Internat Metal
Line
STOCKS
(Continued)
Range Since Jan. 1, 1939
STOCKS
(Continued)
Par
Sale1
Friday
CAiit-a
truiay
June 24, 1939
Exchange—Continued—Page 3
62%
3
3
25
31
50
53
300
3
40
June
Apr
12
Feb
Jan
34% June
Apr
37%
June
Jan
62%
June
June
5%
Jan
Volume
New York Curb
148
Friday
SfOCKS
last
0Continued)
Sale
Par
Penn Mex Fuel Co
Ranoe
of Prices
High
law
%
1%
9%
1%
1X
9%
106% 106%
125
Penn Salt Mfg Co
60
152X 152%
106 %
Pennsylvania Sugar com 20
Pa Water 4 Power Co
103
67
1
29 %
J..50
June
Simplicity Pattern
104%
June
135
Apr
167
Singer Mfg Co
Singer Mfg Co Ltd—
15
16
Jan
84%
Mar
Apr
75
Mar
Feb
Feb
Apr
27
600
7
Apr
100
5
Apr
10%
7%
25
118
Jan
6% original preferred.25
6% preferred B
25
2%
Apr
Apr
Jan
29
Jan
Apr
18%
Feb
Apr
2%
Jan
11
11
300
10
1,800
2,000
2%
..
6%
Southern Pipe Line.!
5%
Forglngs
41
1
7%
4 Lake Erie.50
53
""206
6%
250
7%
54
47%
Metallurgical 10
Plate Glass..26
100
102%
500
1
1
8%
800
Polaris Mining Co
25c
Potrero Sugar common...5
Powdrell 4 Alexander
"~i% "in
5
4%
Corp of Canada...*
1st preferred
100
Pratt 4 Lambert Co_____*
X
4%
4%
10%
100
100
Mar
1
9%
Feb
May
hi
Apr
1%
700
"5%
Apr
May
23
1%
Apr
Mar
42
Apr
Mar
2%
Jan
June
Standard Oil (Ky)
Standard Oil (Neb)
%
Feb
Standard Oil (Ohio) com 25
5%
8%
Jan
Mar
5% preferredStandard Pow & Lt
5
Apr
7*
100%
Apr
105%
107
Feb
110
Mar
Mar
Mar
Apr
June
25
Common class B
Standard Steel Spring
Standard Tube cl B
5
63%
1,450
44%
Jan
63% Juno
Standard
37%
39%
1,100
26
Apr
39%
93
Jan
101
«Jan
no
hi
Jan
54%
54%
55
350
34%
Jan
_*
20%
18%
20%
500
14
Jan
4
May
5
Jan
Apr
Feb
12
Jan
7
June
123
Mar
%
Jan
58%
25%
Mar
♦
'"T% "6%
100
'150% ill"
6%
"76
108-
100
17%
9%
17%
9%
Railway 4 Utll Invest A._l
%
Apr
148% May
16
17%
50
9%
50
9%
Apr
%
57
'11
Feb
.
Common
Mar
preferred
50c
13%
13%
50
12
Apr
21
Jan
35%
13%
*
Raytheon Mfg coin
Apr
41
Mar
1
Apr
800
2
June
100
25
Apr
5
Jan
.....
Red Bank Oil Co
*
2
Reed Roller Bit Co
♦
27
2%
27
Reeves (Daniel) common.*
50c
%
9%
2 %
5
I Reynolds Investing
1
ltlce Stix Dry Goods
♦
1
2%
1,900
3
Jan
1%
Voting trust ctfe
1
RochesterG4E16% pf C100
%
"I6i"
101
101
25
100% 100%
100
Root Petroleum Co
51.20
conv
10%
21
Rustless Iron 4 Steel
1
pref
Corp
com
1
Scovill Mfg
2.5
Scranton
Service
pref
2,200
50
'300
"2%
"l,700
11
1%
""700
12%
20%
20%
1,700
1
"17"
104
Jan
Thew Shovel Co com
112
Apr
Tilo
Jan
Tobacco Prod Exports.—*
Apr
Jan
Mar
43
Jan
45
Apr
71
Jan
Apr
6%
12%
44%
7
Apr
35%
2
Apr
June
9
Mar
Jan
Mar
Apr
Jan
Apr
Mar
Feb
Jan
2
Mar
May
Jan
59%
Feb
17
Jan
1
Apr
Jan
Jan
Jan
9%
Jan
18% May
Apr
12% June
27% Mar
114%
22%
17
May
Jan
28
Apr
%
Apr
100
%
May
13%
1%
1%
*
%
300
8
12%
3,100
Apr
Jan
he
300
Mar
in May
4%
Jan
Mar
12
55.50 prior stock
%
300
5
"59"
25
"59"
'"""so
Allotment certificates—
2
74
74
|
10
"300
"3% '"3%
32%
1
Common
6%
Jan
Apr
3
Feb
3%
5%
600
2%
Mar
4
Jan
200
5
7%
Feb
1
Jan
600
% May
8
Apr
6%
Apr
7
800
"44%
"400
1%
"43"
9%
9%
Jan
12
Feb
Mar
June
31
Apr
2%
38%
30
Apr
45%
Feb
1%
Jan
Apr
Apr
.
Jan
42
Mar
Apr
14%
Mar
Apr
5%
Jan
Mar
4%
3
3
31%
%
%
102%
500
500
31%
%
%
5%
36%
Jan
Mar
3
3
500
11%
12%
11%
63
63
63
,11%
400
Jan
May
%
%
May
Apr
%
'hi
Mar
22%
Jan
99
Feb
300
1,200
11%
3
28%
400
,
14
Feb
103% June
4
Jan
May
Apr
15%
Mar
Apr
2%
8%'
15%
Jan
900
10
2
Jan
2
Jan
25
»
60
Feb
63
May
4%
300
51%
106% 106%
4%
250
4%
15
1
Jan
May
9%
Jan
May
69%
Mar
May
70
Mar
Apr
%
%
1%
Feb
1%
1%
10
700
Union Gas of Canada
Union
Investment
1,100
450
2%
100
*
1st %7
100
14%
14%
15%
16%
1^500
«
*
83
Am
4%
45
4%
rets ord
%
%
3%
5%
19%
19%
100
88%
88%
89%
450
83
112%
40
22%
Mar
113%
H5%
Mar
108%
Apr
10%
Apr
9
14
Jan
Mar
Jan
Feb
Jan
%
1%
85
2
85
38
3,400
%
%
10
Apr
Jan
2%
Jan
5%
Jan
'hi
Jan
8% June
13% Mar
38% Mar
Jan
Jan
Jan
Mar
Mar
14%
3
June
Mar
Apr
16% June
Jan
2%
Jan
4%
45
Jan
June
June
1%
Apr
hi
Mar
7
Jan
Jan
Mar
%
80
Apr
3%
Jan
Apr
1%
74
200
Jan
Apr
Feb
100
2,100
92%
Mar
June
Jan
'hi
86%
Feb
Feb
25
1%
1%
'moo
1%
Apr
3
1%
1%
1%
25%
3,700
1%
Apr
2%
Jan
Apr
Feb
36%
Mar
23
Mar
Jan
73%
Mar
Apr
6%
Mar
24
1,700
19
20%
09%
5
reg.
3%
5%
Apr
Mar
Jan
Molasses Co—
dep
3%
Apr
Apr
Apr
Apr
Apr
Apr
100
4%
45
45
preferred
6
Apr
Mar
Jan
1%
2
12%
2%
3%
Milk Products..
100
5%
15
81
1 %
11
1%
15%
pref non-voting.*
7
18%
5%
3%
7%
5%
3%
7
80 1st preferred
Apr
Apr
May
May
Apr
2
warrants-
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A_*
Common class B
♦
United
7
19%
6
300
Un Cigar-Whelan Sts. _10c
Corp
%
7%
2
Co.—-50
$3 cum A part pref
1%
100
1%
1%
*
7
Mar
14% M ar
1%
Feb
47% June
100
com..*
Union Premier Foods Sts. 1
Union Traction
2%
6%
*
10
Series B pref
•
2%
Apr
2% June
Tung-Sol Lamp Works
-1
80c dlv. preferred- — *
Ulen & Co ser A pref
*
Unexcelled Mfg Co
8%
?5%
2%
6%
2%
8%
22
Umted Profit Sharing.-25c
Apr
4%
2%
United Gas Corp com. —_1
Jan
Apr
52
49
United N J RR A Canal 100
10
100
11%
2
Jan
.13
8%
*i« May
Fn» footnotes see paee 3819
Feb
Apr
2%
:
"43"
25%
1% June
9%
Jan
5% Jan
109
8%
4%
100
11%
1
Jan
109
Jan
Feb
Mar
400
5%
..1
Class A
1% June
6% cum pref ser AAA 100
4%
2%
♦
Tublze Chatlllon Corp—
100
Sherwin-Williams of Can.*
Jan
11%
35
5%
"266
500
600
Jan
5%
Transwestern Oil Co—. 10
%
1%
com..25
Apr
111
United
Mining..5
Jan
June
106% June
%
1%
Denn
May
2%
74
Apr
Feb
Feb
'hi
8%
June
%
Shawlnlgan Wat 4 Pow..*
June
Apr
1
Shattuck
Apr
4%
H
1
Sherwin-Williams
74
100
United Elastic Corp
%
12
54
1,900
14
98%
Feb
Mar
Apr
£1
Seversky Aircraft Corp.__l
May
Jan
Jan
105%
Sentry Safety Control
Seton Leather common
Apr
1%
400
*11
2%
100
7% preferred A
Serrick
Corp
41% June
Apr
Jan
Tonopah Mining of Nev.l
Trans Lux Plot Screen—
United
Selfridge Prov Stores—
Amer dep rets reg
Apr
Apr
1
'2%
*
Toledo Edison 0% pref-100
Jan
Jan
4%
12%
1
Mar
%
M00
—£1
Ordinary reg
Trunz Pork Stores Inc.
%
100
%
10%
1%
"36% "39%
Tri-Contlnental warrants
Selected Industries Ino—
stock
*
Jan
3
700
7%
Feb
Apr
15%
1,800
37%
6%
50
10
Tobacco Secur Ti^—
9
31
Segal Lock 4 Hardware..1
21
Jan
21%
106% June
Feb
1%
%
26
X9%
Tlshman Realty A Constr*
United Chemicals com.—*
%
Jan
Apr
Apr
May
7%
5%
3
Apr
5%
%
Apr
28
12
15
100
Common
"3%
2
24%
21
Securities Corp general.—*
Seeman Bros Inc
.*
Convertible
Roofing Inc
Apr
Apr
•
17
400
'"766
%,
14
5
—1
Texon Oil A Land Co._
Mar
9%
"~30
June
Jan
102
114%
"l7"
11
94
Apr
49
54
Feb
100
Jan
9%
6
2,200
102% 102%
%
2%
Jan
Mar
hi May
"50
42
Jan
18%
Jan
"166
Warrants
Selby Shoe Co
21
12
Apr
69%
1
7%
20%
May
175
"52"
*
Selberllng Rubber com...*
11
Def registered 5s
8%
Jan
Jan
June
95%
Feb
23%
7
17%
94
Spring Brook
Water
Scullln Steel Co com
8%
1%
Todd Shipyards Corp
12%
"20%
900
95%
37
Lace common..*
'""360
Jan
2%
12%
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref.—100
Mar
*
Scran ton
8%
18%
May
1%
100
16
6%
5
Scranton Elec $6 pref
20
1%
.15%
Apr
10%
1
50
23
1%
16
4%
%
"2
*
Mar
14
*
Feb
preferred-______ 100
Savoy Oil Co
Schiff Co common
17%
200
16%
Technicolor Inc common.*
3%
I
Apr
Apr
16%
15
Apr
-----
5
Mar
*
com
Mar
54
St Regis Paper com
%
83.30 A part--
Class B
2%
2%
*
Salt Dome Oil Co
Jan
Mar
40%
6%% conv pref
50
Superior Oil Co (Calif)__25
13%
Ryerson 4 Haynes com.
St Lawrence Corp Ltd
3%
3
Superior Port Cement
Feb
3%
Safety Car Heat 4 Lt
Apr
Mar
—T
2
Apr
2
Mar
he
2%
6
Oil
Apr
42
hi
Jan
Jan
100
Jan
37
8%
Mar
800
7
Apr
♦
Mar
19%
.
"37"
*
1%
»
Ryan Consol Petrol
6%
34%
%
26
9%
._*
Sunray Drug Co.—
200
2%
Apr
Feb
102
Sullivan Machinery
"566
"52"
May
2%
Stroock (S) Co.—
""% ""%
*
Russeks Fifth Ave
Samson United
Stetson (J B) Co com
Stlnnes (Hugo) Corp
96
100
Feb
Mar
Mar
3%
1%
*
300
Jan
May
4
2%
14
5%
27%
100
5%
30
%
Inc
10%
10
20
pref
Royal Typewriter.,
7%
Sterling
"l% "1%
10
1
Roseia International
conv
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
13%
Royallte OH Co Ltd.___.*
52.50
*
Tobacco Allied Stocks.
Rome Cable Corp com...5
Roosevelt Field Ino
5
5%
29%
common..
24%
£1
Apr
Mar
5
Rolls Roiyce Ltd—
Am dep rets ord reg._,
Jan
1%
0% 1st preferred.——50
5% 2d preferred
20
112
100
Rochester Tel 6% % prf 100
Roeser 4 Pendleton Inc..*
Mar
4
Jan
Jan
June
Apr
Rio Grande Valley Gas Co-
6% pref D
Stein (A) & Co
Jan
%
1%
56
152
Taggart Corp com
1
Tampa Electric Co com—*
Tasty east Inc class A
1
Taylor Distilling Co
Feb
Jan
44% June
29% June
29% June
9%
74
—
Swan Finch Oil Corp
Mar
Jan
Jan
100
1%
7
Phos
Ordinary shares.
Jan
%
12%
Jan
Mar
Jan
Mar
%
4
3
Jan
*
7
Apr
Richmond
Jan
33%
Jan
Reliance Elec 4 Eng'g_..5
May
3%
1%
5%
2%
Steel Co of Canada—
Sunray
*
Radiator
Mar
Jan
158%
18% Mar
12% Mar
% June
Raymond Concrete Pile—
Relter-Foster Oil
Wholesale
Sterchl Bros Stores
Ry 4 Light Secur com..I*
conv
June
*
6% preferred
Quebec Power Co
53
June
103% June
Puget Sound P 4 L—
Pyrene Manufacturing-.10
Quaker Oats common
*
1%
17%
phate & Acid Wks Inc 20
Starrett (The) Corp v t o.l
6%
4%
Jan
1%
1
60
Puget Sound Pulp 4 Tim.*
Pyle-Natlonal Co com
5
27%
1
39
Jan
28%
100
100
1%
23
____•
,1
Apr
1,300
X29
•
Preferred
Standard Products Co
Standard Sliver Lead
63
preferred
29%
1
*
56
Apr
Apr
40
60
44%
29%
100
56 preferred
,.*
Public Service of Okla—
;
Mar
%
10
Jan
104
preferred
Apr
1%
3%
1%
11.60 conv preferred..20
Standard Invest J5% pref*
Jan
10%
100
55
1%
1,100
hi
1%
Feb
Mar
Apr
30
100
1%
Apr
June
% June
2%
Conv
preferred
.10
Standard Dredging Corp—
Common
__1
4%
12
3
109
2%
4%
18%
16%
Jan
"166
109
96
10
Am dep rets ord reg._.£l
Spencer Shoe Co
*
7
6% prior lien pref.__ 100
7% prior Hen pref.100
|Pub UtU Secur 57 pt pf._*
Jan
Jan
June
3%
1%
Standard Brewing Co
*
Standard Cap & Seal oom.l
102
,
84%
100
148
Jan
Apr
Jan
Jan
*
Apr
94%
219
Feb
42
Stahl-Meyer Inc.
7% 1st preferred
100
Public Service of Indiana—
57 prior preferred
5
"3% "3%
*
Jan
June
164
Southwest Pa Pipe Line. 10
Spanish A Gen Corp—
7
56 preferred
*
Public Service of Colorado-
3
20
94%
1%
Feb
9
hi
Apr
1%
X29
25
»
"400
*
1%
25
Southland Royalty Co
South Penn Oil...
29%
8
»n
Apr
94%
44%
2%
•
1%
3
Mar
June
Feb
10
Southern Union Gas.
Preferred A.
Tx "s%
*
1st preferred
117
Jan
36
1
Prudential Investors
Jan
Apr
25c
Gas
Jan
8
16%
1%
*
Pro
Jan
64%
101%
10%
1
Prosperity Co class B
12%
Apr
%
7%
400
0%
Pressed Metals of Am
•
"166
hi
Power
Premier Gold Mining
Prentlce-Hali Inc com
Apr
8
8%
10
com
Feb
Apr
90
100
8%
43
Apr
6
Pleasant Valley Wine Co. 1
Plough Ino new com
7.50
8% June
Apr
Apr
Jan
2%
300
170
hi
13%
Apr
1%
6% % pref series C
25
Southern Colo Pow ol A.25
7% preferred
100
South New Engl Tel.—100
16
170
Feb
Apr
1%
2%
1%
June
1,350
High
|
600
1%
1%
3%
,1
5%
6,000
1%
1%
Boss Mfg com.
1
South Coast Corp com___l
Southern Calif Edison—
30%
5%
8%
Corp
Mfg. Co
Sonotone Corp
118%
Postage
Pneumatic Scale
""94%
Solar
Jan
25%
8%
Amer dep rets ord reg.£l
Sioux City G & E 7% pf 100
Skinner Organ
*
Apr
4%
8
"l7o"~
May
22%
2%
Feb
Low
%
100
•
5
2%
Jan
Range Since Jan. 1, 1939
fm
Week
Shares
he
1%
com.__l
29%
2%
100
4,600
25
"*2%
Jan
Feb
58
Range
of Prices
High
9%
109
Jan
Week's
Low
25
Jan
74
5%
4
Price
Simmons H'ware A Paint. »
350
29%
29%
We
Meter
6%
Line stamped
Sllex Co common
Jan
Jan
Pitts Bess 4 L E RR.__.50
ldence
Feb
50
69
8%
8%
6%
6%
116X 116%
Phillips Packing Co
Phoenix Securities—
Common
Producers
Apr
2%
9%
23%
Philadelphia Co common.*
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
2
Apr
Apr
•
3817
Sales
Shreveport El Dorado Pipe
92%
*
Pioneer Gold Mlnet Ltd..I
Mar
"ii
98
40
"77% "78%
.
100
Conv 53 pref series A.. 10
Pierce Governor common. *
Apr
Apr
3,300
102
Phlla Elec Co SS pref
*
Phil a Elec Pow 8% pref 26
Sale
Par
1%
5%
4,400
9
.*
Peppered Mfg Co
Periect Circle Co
Pbarls Tire 4 Rubber
Last
High
2
Corp com.....1
Pa Pr A Lt 57 pref
50 preferred
*
STOCKS
(Continued)
Low
2.60
Penn Cent Airlines com—1
Pltney-Bowes
Range Since Jan. 1, 1939
for
4
Friday
Week
Shares
1
Penn Trade Co
Pennroad
Price
Exchange—Continued—Page
Sales
Week's
237
United Shipyards cl A—
Class B
Jan
%
9%
1%
1%
700
Mar
1%
Jan
Mar
242
Feb
hi
Jan
10% May
1%
Apr
New York Curb Exchange—Continued—Page
3818
Week's Range
for
(Concluded)
Sale
of Priest
Low
High
Week
Par
United Shoe Macb com.25
Preferred
26
Price
84
83 H
45 H
44 H
3H
1
U 8 Foil Co class B
1
U 8 and Infl Securities— •
1st pref with warr
1*
United Specialties com...
3%
%
85
45 H
3H
3%
H
64
54
35%
36H
Low
Shares
10
U 8 Playing Card
72
20
—1
Reclaiming..*
U 8 Stores Corp com
•
$7 cody 1st pref
*
$1% conv pref--
24%
23%
24%
140
42
Jan
2%
100
Yi
1%
28%
10%
Apr
1
1H
W
4%
Jan
2%
Jan
Jan
%
Jan
6%
Mar
Feb
>u
Feb
Mar
uie
Apr
June
1%
Apr
2%
Jan
Jan
15%
May
'
1,100
"260
3
Apr
100
25
"in "Th
44%
Apr
Mar
Apr
%
10%
Apr
Apr
Vo*
20
Mar
77
Mar
83 4
87,000
72%
80
Mar
83%
27,000
72%
Jan
Jan
83%' 84%
128% 129%
24,000
74%
82%
82%
84
—
95%
♦6%s
Aug 1 1952
♦Certificates of deposit
90
4%
65
5s.2030
Empire Dist El 6s
1952
Eroole Marelil Elec Mfg—
*
%
%
Finland Residential
Florida Power 4s ser C 1900
Florida Power A Lt 60.1954
200
1
Wayns Knitting Mills—6
-.1
1.26
2%
95%
4%
Jan
2%
95%
General Pub Serv 5S..1953
Gen Pub Utll 0%a A. 1956
♦General Rayon 0s A. 1948
6%
Feb
Gen Wat Wks A El 5s. 1943
"93%
Apr
5
Jan
Georgia Power ret 6s..1907
104%
May
Mar
Georgia Pow A Lt 5a„1978
6s
1953
Jan
%
4,000
Feb
64%
95,000
53 %
Apr
66%
Jan
3,000
109%
60%
Apr
112%
May
65,000
Apr
81%
Mar
2,000
107%
Jan
112%
June
6,000
102
Apr
99%
Jan
103
39%
Apr
50%
1,000
107%
Jan
108%
15,000
99%
6
Apr
101%
June
95
Jan
99%
Mar
86%
1,000
81
Apr
90
96
2,000
90
Apr
97%
92
54,000
76
Apr
92
73
Feb
77
'
94
%
73
72
Hall Print fls stpd—.1947
102% 103
8%
6
100
Jan
♦Hamburg Eleo 7s....1936
*20
Jan
Jan
'94% '94%
"To
June
Apr
Apr
Apr
Mar
82%
Apr
100
1
pf 100
5%
7%
7%
7%
_.*
7
2%
Wolverine Port! Cement. 10
"5H "~5%
Y.ioo
Apr
7%
7%
6%
3
Jan
10
Jan
Gt Nor Pow 5s stpd. .1950
8%s
8%
6%
8%
%
'8%
1
2,500
1,400
Apr
15%
:
0%i ex-warrants—.1943
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A...1949
0» series B
1949
*66
1st A ret 5s
1951
1st A raf 6s
1956
1st A ref 5s
1968
1st A ret 4%s
1967
Aluminium
104%
103
5s..1948
Ltd
Amer O A El debt 5s..2028
107%
Am Pow A Lt deb 68—2016
96
Amer Radiator 4Ha-. 1947
104
104%
102%
102%
103
$10,000
7%
.
Apr
% May
8%
1%
Jan
26
May
29
Mav
18%
Jan
26%
Mar
94%
101%
Jan
102%
jYxne
Apr
103%
Jan
101 %
Jan
103
Apr
108%
Apr
111% June
13,000
40
■
59
67%
103%
49,000
1956
100%
92%
102% 103%
100% 101%
92
92%
104%
18,000
1st mtge 4s
104
Ark-Loulslana Gas 4s.1951
1953
104%
6s series C
1951
100
105%
May
Indiana Hydro Eleo 5s 1958
105
June
Indiana A Mich Eleo 5s '55
103%
May
81%
Jan
98% June
106%
Jan
109%
Jan
106%
Jan
99%
Apr
104
June
109% 109%
106% 106%
4,000
107%
Apr
111
Mar
6s
1957
106%
125
103%
125
103% 104%
24,000
1,000
Apr
102
118%
107%
Jan
125
June
May
106
48,000
105
Feb
Mar
104% 105%
97
100
June
100
June
104%
•97% 98
104% 104%
108%
108% 108%
98
2,000
1,000
12,000
104
Apr
June
1st lien A ref 5s
1903
65
61%
65
55,000
49.
Apr
65
June
68
Apr
81% 83%
109% 109%
Indpls Pow A Lt 3%8.1968
20,000
44
44%
5,000
*45
♦Indianapolis Gas 5s A 1962
47%
,4,000
0 %s series O
1955
44%
—1957
7s series F
1952
Interstate Power 68—1957
Debenture 0s
1962
Interstate Publl
c
67%
47
*46 50
66%
68%
47%
46%
Apr
Apr
52%
54
Mar
41 %
Apr
55%
Mar
86,000
55
Apr
70%
June
40,000
38 %
Jan
49
82
Jan
99% June
99
99% 156,000
167%
106
106
198*
44
42
44% 117,000
29%
Jan
44%
Mar
Isarco Hydro Eleo 78.1952
Conv deb 5%s
1977
40
Jan
59
Mar
72%
Jan
83
May
May
Atlanta Gas Lt 4%s._1956
105% 105%
2,000
102%
Jan
Atlantis City Eleo 3 Ha '64
109% 109%
3,000
104
Apr
*93%
*93
5s without warrantsl947
Locom
89
Apr
94% June
85
95
95
Feb
95% June
1950
96%
93%
97
82,000
116%
Jan
107% June
110%
Jan
120
Apr
125%
June
123
Mar
128
June
82%
Apr
Bell Tele p of Canada-
lst M 6a series A...1966
107%
1st M 5s series B...1967
5s series C
...I960
Bstblsbem Steel 6a
1998
Birmingham Eleo 4 Hal 968
Birmingham Gas 5s... 1969
I27"
142
•
99
91H
Broad River Pow 5s.. 1954
Canada Northern Pr 5a '53
Toi"
Canadian Pac Ry 6s.. 1942
101%
105 H
Carolina Pr A L* 5s... 1956
Cent Ohio Lt A Pr 5s_.1950
Cent Power 6s ser D—1957
Gent Pow A Lt 1st 6s. 1956
Cent States Elec 6»—.1948
5%s ex-warrants... 1964
Cent States P A L 6 Vis
53
io4%
92
104%
40%
40%
68%
1940
103
1927
Cincinnati St Ry 6 Ms A '62
53
6s series B
1956
For footnotes see page 3819.
127
128
141% 142
97% 99
90
92
97%
97%
103% 104
101
101%
105% 106
15,000
5,CO
4,000
148%
Jan
12,000
140
June
69,000
86
Jan
99% June
69%
Jan
92% June
81
Jan
98
70,000
6,000
.
1958
97
103%
1901
6s series B
195*
44%
106%
9,000
46%
3,000
1942
*65
38
40
43%
44%
Isotta Fr&schlnl 7s
97
June
77
Jan
98%
Jan
103%
June
98
Jan
103
June
105%
Jan
108
Mar
103%
39%
Apr
106% June
Apr
52%
Jan
59%
75
Italian Superpower 6s. 1963
Jacksonville
Mar
"l7~666
Feb
80
Jan
31
Apr
44
Mar
Mar
Gas—
68 stamped
6s series B
1942
..1947
43%
4%s series C
1961
103%
103% 104
8.000
38
Jan
47
6,000
102
May
107
106
105%
106%
106
106
105%
Jan
108%
Mar
3,000
103%
Jan
108
Mar
126
1,000
119
Apr
126
June
102%
3,000
101%
Apr
103%
May
98% 99%
104% 105
102
102%
42,000
89%
Apr
100
June
Apr
106
May
Jan
102%
June
99%
34,000
107% 107%
110% 110%
16,000
100
Jan
107%
June
14,000
107
Jan
110%
June
126
102
Kentucky Utilities Co—
1st mtge 5s ser H
1901
8 %s series D
99%
6%s series F
1948
1955
102%
5s series I
1969
99%
98%
4,000
6,000
101
93%
88%
Apr
99% June
Lake Sup Dlst Pow 3 %s *60
107%
Lebtgb Pow Secur 0S-.2O20
110%
May
♦Leonard Tlets 7%s__1940
*26
105
Mar
103% 103%
"moo
107
May
Lexington Utilities 5s. 1952
Llbby McN A Llbby 6s '42
103%
103% 103%
2,000
Mar
Long Island Ltg 8s.-.1945
100%
100% 100%
18,000
June
Louisiana Pow A Lt 5s 1957
107%
107
107%
21,000
105%
*28
30
105% 105%
28%
103%
Jan
30%
May
10,000
Jan
105%
May
102%
Jan
105%
20,000
97%
Apr
96%
Jan
45,000
126"
102
1947
Feb
39,000
Kansas Elec Pow 3 %a. 1966
Kansas Gas A Eleo 06.2022
June
3,000
115%
110
3,000
110
June
104% 105
17,000
101
Apr
105
92%
23,000
81
Apr
103% 104%
74,000
72,000
98%
Apr
93% June
104% June
35
Jan
46
Mar
Marlon Res Pow 4%s.l954
32
Jan
46%
Mar
Mar
6s stamped
1943
Memphis Comml Appeal
Deb 4%s
1952
Memphis P A L 5s A..1948
Mengel Co conv 4%s_1947
Metropolitan Ed 4s E.1971
40
22%
95
102%
91
Jan
Mar
30
Mar
103% June
105
Feb
Jan
101
June
Jan
107% June
Jan
McCord Rad A Mfg
92
40
40%
40%
41
68%
107,000
76,000
69%
55%
Jan
104
Chicago A Illinois Midland
Ry 4%s A
1966
Chlo Jet Ry A Union Stock
i*Chlc Ry« 6s ctfs
107% 108%
124% 125
110
•JCedar Rapids M AP 5s '63
Yards 5s
..—I960
4%s series F
Kansas Power 5s
Works—
♦Convertible 6s
6s series D
Jersey Central Pow A Lt—
Avery A Sons (B F)—
6s with warrants...1947
Baldwin
106%
109% June
Jan
Service—
Debenture 6s.
2,000
88% June
May
110
36%
36%
Iowa Pub Serv 5s
23,000
108% June
International Power Sec—
Iowa Pow A Lt 4%s—1958
51
Jan
66
42% June
47% Mar
80%
Jan
Apr
44
79%
110%
50%
Jan
50
107
49,000
Jan
80%
108% June
98% June
66
Feb
T A T deb 6 Hi.A'56
June
62'
30
Assoc
94%
66
27%
June
101% June
Jan
105%
31
6,000
Apr
1950
Iowa-Neb LAP 6s—1957
Conv deb 4 Ha O—.1948
94%
85%
Feb
Jan
42% 166,000
60,000
46%
Mar
June
Apr
44
63%
104
Apr
44%
106% June
May
Apr
86
42%
Jan
105%
85
3,000
40%
Jan
41%
June
Jan
173,000
40%
101%
June
104% June
42
59%
'
68
110%
Apr
I960
54,000
62% 252,000
105% 106
68
Apr
96%
99%
1949
61%
Associated Gas A El Co—
Apr
86,000
Conv deb 4%s
Conv deb 5s
105%
Associated Eleo 4%8..195?
Jan
..
24,000
56,000
97%
97
367,000
94%
102% 103% 41,000
3,000
102% 103
9,000
107% 107%
Arkansas Pr A Lt 6s..1966
60
107%
101%
95%
Indiana Service 5s
7s series E
1963
Debentures 4%s
1948
Appalao Power Deb 6s 2024
1947
Jan
103% June
67%
Electric Corp—
Jan
2,000
Jan
Jan
1st A ref 5%aser B.1954
Appalachian Elec Power—
52%
Mar
June
Jan
Mar
109%
103
Mar
Jan
96%
Apr
Apr
105
87
June
Mar
98
104
98
103
91
Feb
104%
90
106% May
83%
Apr
Jan
50
111 Pr A Lt 1st 0s ser A. 1953
107% May
Jan
87
53
8,000
67%
6s series A-—
102
72
Apr
2,000
Indiana
Jan
Jan
Apr
67%
103% 103%
Amer Seating 6s stp—1946
Mar
72%
Mar
108%
5,000
28,000
18,000
107% 108%
96"
137,000
94%
6,000
103% 104
74% June
29
36
108
39,000
170,000
1,000
Jan
Apr
May
45
108%
3%s
0%a series B
106
May
47
.1967
Sold
105%
103%
102%
101%
May
1,000
Idaho Power
Alabama Power Co—
106
Jan
94
65%
58
107%
Mar
Bonds
1st A ret 6s.......1946
75
105%
26%
*8
Jan
s
BONDS
Jan
13,000
17,000
39
*23
102% 102%
*103% 103%
103
*102
*109% 110%
1938
Jan
,
"moo
1st A ref 6s ser C
1
Jan
95%
60
B f deb 5%s—May 1967
8%
87
Jan
Jan
June
28
Houston Lt A Pr 3%s_190fl
Apr
"B'ooo
1
Houston Gulf Gas 6S..1943
May
4%
Woodley
A St Ry
Jan
9
12
5%
•
25%
12,000
....—
Heller (W E) 4a w w ..1946
95% June
Feb
2%
5
2
Petroleum.
1
Wool worth (F W) Ltd-:
Amer dep rets
5c
Wright Bargreaves Ltd..*
Yukon-Pacific Mining Co.5
.
♦Hamburg El Underground
5%
1,000
1 %
5%
36"66o
103% 104% 103,000
Mar
4%
5%
Mar
20
92
8% May
1906
(Adolf) 4%s—1941
Grooery Store Prod 08.1945
•
Williams OU-O-Mat HI..*
Feb
104%
16,000
37
Gobel
Western Tablet & Statlony
1
Apr
Mar
99%
Guantanamo A West 6s '68
Glen Alden Coal 4s
Jan
Williams (R C) A Co
99
June
Guardian Investors 6s. 1948
Jan
4%
Western Maryland Ry—
Wichita River Oil Corp. .10
4T666
97%
Jan
1%
Mar
V
Jan
Apr
June
89
Jan
10
Apr
2%
*
Apr
May
89%
97%
Jan
%
600
50
81
15
1,000
50
-
Feb
400
13
Jan
104%
9,000
15
♦Gesfurel
1
13
Feb
1%
50%
June
Grand Trunk West 48.1950
.*
Jan
Feb
10
1%
Apr
100
3H
7% 1st preferred....100
Apr
Jan
9%
Apr
Jan
1
.1
4%
4%
50
*24
68%
68% 69%
67%
*66
89%
89% 90
110
*108
54
*52%
n50% n50% n50%
86
3%
West Va Ccal A Coke—*
108%
Apr
91%
*73
92%
91%
Apr
3%
Jan
June
Apr
10
30
106%
Jan
97
95
2%
"366
106%
15,000
32
West Texas Utll $0 pref—*
Jan
Apr
98%
86%
1940
General Bronze 0s
Feb
12
104%
100% 101% 177,000
97%
101
2%
4%
Bros-Brower..1
2,000
Apr
99%.
5s ex-warr stamped. 1944
Jan
1%
27~666
Gary Electric A Gas—
Mar
1
Mar
68%
Mtge
Feb
Apr
Mar
108%
May
*40% 46
107% 107%
88%
89
1953
1907
0%s series A
Feb
Feb
91%
an
56%
92%
102% 102%
102%
Federal Wat Serv 5%s 1964
9
%
8%
3 %
A pr
96%
109% 110
78%
76%
112% 112%
104
104%
*77%
60
7%
He
79 %
5,000
%
97
300
128.000
63%
*63%
1950
Erie Lighting 5s
74% May
Apr
1%
6% Mar
June
70% June
%
*19
Apr
129
1,000
Apr
Apr
Jan
Apr
10,000
Banks 0s- 5s stpd—1901
May
June
%
•First Bohemian Glass7s'57
5%
74%
113
4%
Mar
4
400
Apr
%
%
•**7*
Edison El Ili (Bost) 3 %s
El Paso Elec 5s A
Jan
•
5
4%
4%
Aug 1
♦Deb 7s
Jan
"11
Feb
109%
Detroit Internat Bridge—
Elmira Wat Lt A RR 5s
Jan
87
131
58%
106% 106%
*106% 107%
Pow5%s_1959
Denver Gas A Elec 5s. 1949
Mar
Mar
Apr
128% June
125
106% 106%
*64
66
94%
95%
Delaware El
86%
17,000
70%
89%
89%
Mar
6,000
69
1944
Cndahy Packing 3%s.l966
Feb
28
71 %
5,000
*128% 130%
70%
7 %s_*41
1 Cuban Telephone
Cuban Tobacco 6s
Elec Power A Light
Jan
17,000
113
112
Mar
Apr
Wolverine Tube com
Apr
9
4%
Wisconsin P A L 7%
67%
74%
82%
53
*
Will son Products Inc
17,000
73%
Jan
Waltt A Bond class A
Wilson Jones Co.
77
Apr
Apr
Weyenberg Shoe Mfg
Apr
•u
6
1 %
Westmoreland Coal Co
Mar
73% .74
74%
73%
66
38%
300
*
Common
stamped—.1943
Gas A El 68
196*
6s ser A
Jan
,6*
1%
100
Mar
Apr
20
50
200
78%
45.000
1964
Gen mtge 4%«
Jan
%
1%
Mar
66
Jan
Apr
84
75% 210,000
Consol Gas Utll Co—
Feb
1%
Mar
14 H
80
Consol Gas (Bait City)—
Feb
He
Wahl Co common
Western Air Express
2%
54
Jan
»i«
22
79%
74
128%
Cont'l
1, 1939
High
Lots
79%
..1951
Consol Gas El Lt A Power
(Bvlt) 3%s ser N—1971
Conn Lt A Pr 7s A
%
75
82%
Eastern Gas A Fuel 4s. 1956
1%
1%
Price
6%«
1949
Community Pr A Lt 6s '67
June
400
14%
5s——1960
Debenture 5s
1958
Debenture 6s
1969
Cities Berv P A L 5 %•-1952
Conv deb
2% June
Too
21
6
Van Norman Macb Tool.5
Venesuelan Petroleum... 1
Va Pub Berv 7% pref-100
Vogt Manufacturing.,
*
Waoo Aircraft Co...——*
Wagner Baking v t o
*
7% preferred..
100
Wentwortb Mfg
Feb
1j«
he
100
—1
Wellington OH Co-
June
"'ili ""ili
—1
Welsbaum
Feb
1
1966
Cities Service 5s
May
42
%
—7
Walker Mining Co
19
60
'
Range Since Jan.
Week
Jan
1%
150
46
f*r
of Prices
Tjow
High
1952
♦Certificates of deposit
Apr
1%
44 H
May
9% June
Apr
Jan
%
47%
200
15
Jan
13%
"is
57
ute
57
Jan
4%
Apr
6
common..1
Class B
Mar
Apr
12
Utah Pow A Li 17
7% preferred
Feb
Jan
Apr
600
"3 % "3 %
Utab-Idaho Sugar..
Valspar Corp com
14 conv pref
16%
27%
June
14%
1
2
Oil....10
Universal Corp ▼ t c
1
Universal Insurance.....8
Universal Pictures com—1
Universal Products Co—*
Class B.
38
Apr
21
May
1%
Jan
3%
200
50c
Universal Consol
Conv preferred
Jan
%
United Wall Paper..
fUtll Pow A Lt
Feb
2%
1%
60c
6
pref.—*
Utah Radio Products....1
Utility Equities Corp
•
$6.60 priority stock
*
Utility A Ind Corp oom..5
%
68
Apr
U 8 Rubber
Verde Exten
Jan
Apr
50
"266
Jan
6%
Apr
300
150
4%
Apr
3
500
U 8 Radiator oom
United Stores new com
Week's Range
Sale
Par
Jan
85%
45% June
Apr
50
US Ply wood
Last
High
825
U 8 Lines pref
United
bonds
(Continued)
Range Since Jan. 1, 1939
Last
Sales
Friday
Salet
Friday
stocks
June 24, 1939
5
105
4,000
98
Apr
105
103
103
6,000
103
Apr
104%
Jan
Apr
55 %
70%
Jan
78%
J an
Feb
72%
Jan
81%
Apr
67%
52%
*75
79%
53
78%
80
2,000
"2~666
44%
June
Mansfield Mln A Smelt—
♦7s without warrts.1941
4s series G
1965
*48%
51%
45
*96%
97%
95%
102
102
10,000
84
84
2,000
*106% 109
109% 109%
109%
24,000
May
Apr
60
96%
102
Feb
May
92
Jan
82
Apr
91%
Mar
Apr
109%
May
Jan
110%
May
105%
107%
May
Volume
New York Curb
148
Friday
Last
BONDS
Sale
(Continued)
Par
Middle States Pet CHs *45
Midland Valley RE 6s 1943
Mllw Gas Light 4
Minn PA L4Hs
Price
for
of Prices
Week
Htoh
62
bonds
58 H
983*
66 H
93 H
97 H
Apr
Apr
101H
Mar
102 H
June
102J*
Apr
Jan
106 3*
99 3*
May
Mar
99 3* 100 %
38,000
1015*
102 H
1955
105
105
1053*
38,000
19,000
94
94 H
46,000
82 H
52,000
88 H
108 3*
Jan
1023*
June
3,000
Apr
110
May
44,000
73 H
Jan
91
June
♦United Industrial 6 Ha '41
94 5*
101
Pub 8erv 58.1960
Nat Pow A Lt 68 A...2026
100 5* 101
1085* 1083*
"87 H
94
86 H
94
87 H
94 H
2,000
77
Jan
94 H
June
57,000
98
Jan
1103*
June
83,000
92 H
33
Jan
105
June
Apr
26I666
107 H
Jan
111 H
May
1153*
Jan
123H
June
Un Lt A Rye
Jan
109
June
2030
1043*
104 5* 105
|*Nat Pub Serv 5a ctfa 1978
Nebraska Power 4 Hi-1981
"108 H
2022
Neisner Bros Realty 6a '48
Nevada-Calif Elec 5a. 1956
"io5"
82 5*
New Amsterdam Gas 6s *48
N B Gas A El Aaan 5a 1947
5s
1948
Conv deb 5a
65,000
3c"66o
68 H
67 J*
683*
68H
12,000
51,000
1093*
96
38
66H
1093* 109 5*
4,000
753*
May
89 H
120 3*
Jan
723*
Mar
Jan
72
54
'
54 H
107 H
96
95H
96
64,000
87
98
97 H
98 H
45,000
90
3*
Jan
72 H
Jan
1093*
5e stamped
1942
♦Inoome 6a series A. 1949
N Y state E A G 4 Ha 1980
N Y A Westch'r Ltg 4a 2004
Debenture 5s
$112
$54
May
983* June
99 )*
983*
993*
12,000
89 H
Apr
96 3*
97
22.000
87
Jan
98
June
94
95
8,000
82
Jan
98
June
.18
June
6s..
.1966
105H
June
1123*
Jan
113H
May
J*York Rys Co 5s
Jan
58
953*
Apr
101
104
107 H
Jan
573*
108 H
Jan
1043*
1043*
Apr
107
Jan
3,000
Apr
106 3*
FOREIGN
Mar
Mar
Jan
May
1023*
Pacific Coast Power 5s '40
AND
Apr
108
893*
May
♦7s ctfs of
.1971
1962
1083*
20,000
108
June
1053* 1053*
109 H
108
1013* 102 3*
18,000
1043*
71,000
Mar
Antloqula
June
♦7s
1023*
June
Jan
104
Mar
♦7s ser B ctfs of dep. 1945
♦7s ser C ctfs of dep. 1945
19,000
1123*
June
Apr
114
May
89*
103
109H
Jan
94
Apr
♦78 2d
ser
1123*
June
1133*
Jan
♦7s 3d
ser ctfs of
92
1123* 1123*
"2I000
873*
90
146,000
$38
39
76
Jan
90
41,000
97
Jan
105
June
♦Cauca
1063*
1063* '1063*
14,000
1063*. May
107
May
107
Jan
108
Jan
1063* June
13,000
1003*
91H
2,000
106 H
Jan
1093*
Mar
Jan
108
Mar
1023* 1023*
31666
105H
1023*
105
Jan
106
1063*
2,00C
106
108 H
Jan
993*
41,000
993*
72,000
108
1053* 1063*
108
3,000
1083*
$1063* 108
"
983*
112
793*
463*
$102
113
79 3*
473*
10,000
June
Mar
June
913*
923*
1113*
14,000
103
"8~66O
♦6s series A
June
87
Apr
94
Jan
863*
Apr
943*
Feb
253*
Feb
28 3*
Jan
26
'
1,000
Jan
27
Apr
Jan
76
Apr
Apr
80
51
Jan
108
Mar
♦German Con Munlo 7a '47
Jan
99
Feb
22
June
80
May
Jan
1093*
110
June
45
May
♦Maranhao
Mar
154
155
203*
25,000
Jan
Feb
23
Feb
Apr
155
June
146
1053*
6,000
84
85
20,000
•1063* June
753*
Jan
1083* May
923*
June
15
10
113*
18
16^* June
163*
$21
30
22
Jan
253*
Feb
$21
30
213*
Apr
253*
Mar
195*
Feb
22
853*
Apr
100
85
Apr
11,000
Jan
Mar
June
Mar
163*
Mar
12
Jan
June
193*
$183*
$18
$17
♦Hanover (City) 7a... 1939
♦Hanover (Prov) 6 Hs. 1949
'
1,000
88 3*
$283*
193*
.1947
,
Mar
Jan
963*
Jan
35 H
Feb
243*
193*
5,000
May
16 3*
Apr
20
Mar
163*
35
20
Mar
22
Apr
20
Mar
25
17
Apr
Jan
25
14
Apr
10
May
20
Lima
(City) Peru
63*8 stamped
»
7s
1958
$93*
123*
...1958
103*
103*
153*
$13
♦6 Hs ctfs of dep
1954
Mtge Bk of Bogota 78.1947
♦7s ctfs of dep. May '47
♦Issue of Oct 1927---...
72
Jan
90H
Mar
Jan
86
Mar
♦Mtge Bk of Chile 6s. 1931
June
Feb
15
June
Jan
13
June
63*
Jan
263*
Mar
Jan
263*
Mar
32
30
$24
♦7s ctfs of dep.Oct *47
70 H
$24
$263*
$24
113*
•
Mar
16
253*
18
28
15
Jan
9
3,000
Jan
113*
1,000
18
$123*
Mar
13
65*
10
15H
$'263*
♦Issue of May 1927
1063* 106H
193*
Mar
19
♦Medellln 7s stamped. 1951
*78 ctfs of dep
1951
Jan
Jan
♦Secured 6a
Feb
108 H
May
Mar
163*
a92
Apr
39 H
100 H
173*
11
$13
$85
Jan
3,000
133* June
Mar
$14
a92
64
110
Jnne
11.
20
1963
107
110
133*
1,000
$14
$15
1955
5 Ha
5a
Feb
16.000
$43 H 49
$1043* 1053*
30
$18
June
15
193*
Danish
Mar
Jan
June
14
19
38
17 H
133*
20
$14
31,000
5,000
Jan
June
19
Danzig Port A Waterways
♦External 6 Ha
1952
963*
8H
30
1133* .Feb
Apr
*243* "Mar
$11
30
783*
873*
32
26
Apr
26
Apr
2,000
11H
Apr
16
Jan
89
26
113*
Mtge Bank of Columbia—
92 3*
♦Ruhr Gas Corp 6 Ha. 1953
91
$30
♦Ruhr
93
18,000
20
Joaquin L A P 8a B '62
633*
Jan
2,000
20
193*
$1353* 137
9,000
1937
1948
973*
Southeast PAL 6s. -.2025
1073*
89
2,000
12 H
13
15,000
June
♦Parana
June
♦Rio
ds Janeiro 6HS.1959
93*
93*
Mar
♦Russian Govt 6 Hs... 1919
10,000
♦5Hs
—.1921
♦Santa Fe 7a stamped.1945
3*
H
H
Jan
3*
30,000
Feb
Feb
Apr
22
June
101
101 3*
16,000
533*
9,000
48
May
May
105
1023*
.
27
313*
1033*
Mar
Jan
June
107
Apr
May
106
(State) 7a._.1958
123*
-
$48
103*
18,000
June
Mar
Mar
143*
Mar
Jan
Jan
3*
3*
Jan
3*
Jan
Apr
5*
47
56
96 H
15
8H
53*
52
Feb
Jan
Mar
Feb
1053*
1053*
Apr
104"
"llloOO
2,000
102
1043* 104 3*
80 3*
80 H
98 3*
963*
6,000
1033*
Mar
76 3*
Jan
94,000
83
Jan
3,000
1373*
65
102 3* 102 3*
1st 4 Ha series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
32
32
89
20
163*
100
103 H
$24
$24
Jan
Feb
1,000
$1043*
104
1947
35
110
53
1951
♦7s ctfs of dep
♦6Hs ctfs of dep...1947
Mtge Bk of Denmark 5s '72
Apr
20 H
"22"
1946
June
134
$22
22
♦7s ctfs of dep
108
25
108
♦Schulte Real Est 6S..1951
1013*
93H June
28
50
$20
108
Housing 6Hs_.1958
Safe Harbor Water 4Hs '79
Shawlnlgan W A P 4Ha '67
% 1st 4Hs series B...1968
106
18
$22
21
843*
fServel Inc 5s
Jan
14
133*
18
$22
773*
893*
Scullln Steel 3s
1023*
18
♦6s ctfs of dep..July '61
♦68 ctfs of dep..Oct '61
Cundinamarca (Dept of)
♦6Hs ctfs of dep
195°
21
1950
Sqrlpp (E W) Co 5 Ha. 1943
3,000
Mar
H
1952
1073* 1073*
lat A ref 4Hs ser D.1960
Queens Boro Gas A Elec—
♦Saxon Pub Wks 6s
May
193*
♦Prov Banks 6s B..1951
97
913* 111,000
47,000
893*
|*St L Gas A Coke 6s. 1947
1063*
18
$11
7a....1948
965*
903*
Ban
Jan
Columbia (Republic of)—
993* June
1003* June
Apr
Valley
103
6.00C
913*
1952
1003*
18
133*
$11
♦7s ctfs of dep
1948
♦7Ha ctfs of dep...1946
Cent Bk of German State &
Pub Serv of Oklahoma—
5Hs series A__
dep.'67
.1951
105
1543*
Jan
32,000
243*
$11
♦Caldas 7Hs ctfs of dep. '46
♦Prussian Electrlo 6s..1954
Public Servloe of N J—
C
of dep. 1945
Mar
*69
106 3*
18
$12H
ctfs of dep. *57
♦Baden 7a
June
$12 H
$12H
ctfs of dep.'57
ser
Jan
4 Ha series F
1961
Potrero Bug 7s stmpd.1947
ser
ser D ctfs
♦7s 1st
98
Pomeranian Elec 6a.. 1953
1st A ref 5s
A ctfs of dep. 1945
4,000
Potomac Edison 5s E.1956
4a series A
1966
Puget Bound P A L 6 Hs '49
aer
1033* 1033*
103 3* 105
Portland Gas A Coke 5s '40
June
Jan
lumbia—
Apr
913*
101H
98
♦Bogota (City) 8s ctfs. 1945
Bogota (see Mtge Bank or;
Pledm't Hydro El 6 Ha '60
Pittsburgh Coal 6e_.1949
Pittsburgh Steel 6s... 1948
June
63
Co
of)
12,000
1,000
1123* 1123*
1981
6% perpetual certificates
(Dept
Feb
4sserlea D
1961
Phlla Elec Pow 5Ha..1972
106 3*
1153*
106
30
May
Pblla Rapid Transit 6a 1962
Jan
Jan
Apr
30
37 3*
4Hs series B.......1968
Mar
30
$24
$24
Peoples Gas L A Coke—
PowerCorp(Can)4HsB
$24
Aug '47
Apr '48
993*
1043*
Penn Water A Pow 6a. 1940
♦
*47
♦6s ctfs of dep
Jan
1063*
108
30
♦6sctfsofdep
Jan
1954
Feb
313*
1093* June
50
27 H
26H
June
91
Deb 5Ha series B..1959
Penn Pub 8erv 6a C..1947
4s aeries B.
dep. Jan
263*
104
32
107 H
5a series D
$24
1093* May
109 3* May
1063*
Jan
98
1950
104
110 3*
4I606
93
Jan
973*
Penn Ohio Edison—
6a series A.
$263*
'46
loslooo
Penn E'ectrlc 4s F
6s series H
93
[Jan 1947
993*
1033*
3,000
6,000
105 H 1053*
1143* 115H
$57 H
58 3*
$1053* 107 H
1043* 105 H
1053* 1053*
$91
92H
1073*
Jan
1041*!! May
8,000
GOVERNMENT
♦20-year 7s
-
♦7s
1964
4,000
Apr
$91
Penn Cent L A P 4 Ha. 1977
lat 6a
1979
June
MUNICIPALITIES—
♦78ctfsof dep.Apr
1053* May
Feb
1947
Agricultural Mtge Bk (Coll
♦20-year 7s
Apr 1946
Pacific Gas A Elec Co—
1123*
80,000
108
103
A.1948
203*
108 H 108 3*
104i»3jl04*i3i
3,000
108
1053*
102
104
36I606
"1053*
1937
Stamped 5s
May
47
107
6,000
Mar
100
June
1,000
$1053* 1053*
1053* 1053*
1043* 1043*
108H
Newspaper Un 6s '44
Wheeling Elec Co 5s..1941
Mar
4,000
108
$106H
1023* 104
1093* 1093*
1093*
"1143*
106 3*
107
1945
Lexington 3a
18
104l9ji
West
Indiana P S—
4 Ha series E
1970
N'weatern Elec 6a stmpd'45
N*western Pub Serv 5a 1957
Park
1954
Wash Ry A Elec 4s... 1951
Wash Water Power 5s 1980
West Penn Eleo 5s...2030
Mar
112
'
Inoome deb
Jan
15,000
Pacific Ltg A Pow 5a..1942
Pacific Pow A Ltg 5a
1955
...1946
Waldorf-Astoria Hotel—
June
50
21,000
Mar
Apr
104 H
113H
56
June
91
Wiao Pow A Lt 4s....1966
Yadkin River Power 5a *41
3,000
913*
25,000
June
99
1163*
Apr
June
983*
104J*
108
...1941
116
June
78 H
131*666
Apr
973*
Jan
106
106
913*
1073*
72
983*
Feb
1043* 105H
533*
54
aer
90
Mar
68
Va Pub Serv 6Hs A..1946
1st ref 5s series B...1950
Mar
1045*
let 6s series B
"9l"
Apr
1043*
$1073* 108 3*
June
86 H
109
106
19.000
June
283*
80 3*
82H
943*
105 3*
1033* 1043* 122,000
21,000
80
Jan
Jan
27
813*
June
1053* May
79
78 H
Apr
1163*
Jan
Nor Cont'l Utll 6r»a-.l948
Pacific Invest 6s
773*
23
1944
Jan
49,000
"slooc
Jan
1023*
79
28
28
Apr
5,000
No Indiana G A E 6a..1962
5a conv debs
1946
Okla Power A Water 5a '48
June
52
Apr
May
No Boston Ltg Prop3 Hs'47
Ohio Public Serv 4a_..1962
Okla Nat Gas 4 Ha
1951
118H
Apr
Mar
68 H
June
23,000
Osrden Om 6s
Jan
403*
263*
813*
102
1003* 1003*
1969
1163*
1,000
3,000
1003*
100 3*
D
Jan
6,000
32,000
Feb
1956
5a aeries
52 3*
94
Apr
104
1954
6a Berles C
643*
Apr
78 3*
893*
1053*
Nippon El Pow 6 Hi—1953
No Amer Lt A Power—
.....
Jan
31
77J*
995*
$77
80
105H 106
June
50 H
1973
4Hs
New York Peon A Ohio—
♦Ext 4Ha stamped. 1950
N Y P A L Corp 1st 4Hs'67
June
14,000
79
(Del)'5 Ms *62
26,000
14,000
101H 1013*
99
993*
103 H 103 H
June
993*
32,000
West Penn Traction 5a '60
99
112
93
♦6s
1015*
an
Jan
94
New Orleans Pub Serv—
N If Central Elec 5 Ha 1950
993*
86 H
633*
1959
6s aeries A
May
963*
993*
27,000
1183* 118H
46 3*
46 3*
35
$26
Utah Pow A Lt 6a A..2022
Mar
Apr
Apr
16,000
983*
107H June
40 H
80
Mar
55
112
High
Jan
61
28
May
97H
Low
103
8,000
40
1945
5Hs
Mar
Jan
f 6s
a
1063* 1063*
633*
United Lt A Pow 6s.—1975
8Hs
........1974
Apr
118>*
68 5*
Eng Power 3 Ha 1961
1954
51666
109
81 H
833*
*1195* 120 3*
663*
68 H
Debenture 5 Hs
109
"
"68 H
1950
New Eng Pow Aaan 5a_1948
39 H
$36 H
1083* 109
J123H 125H
♦1st
%
40
United Lt A Rys (Me)—
6b series A
1952
110
6a series A
Feb
1103*
110H
Deb 6a aeries B
"983*
Range Since Jan. 1, 1939
for
Week
High
111
Conv 6a 4th stamp. 1950
United Eleo N J 4a
1949
United El Serv 7s
1956
Nassau A Suffolk Ltg 5a '45
Northern
Low
106 H
Twin City Rap Tr 5 Ha '52
Ulen Co—
Range
of Prices
Price
Texas Power 6 Lt 5a..1956
6s series a
...2022
Tide Water Power 5a..l979
Tleta (L) see Leonard
Mar
Jan
May
933*
102
Mies Power A Lt 5s...1957
3819
Sales
Week's
Sale
Par
100
Mississippi Power 5a..1955
6 Ha series A
Last
(Concluded)
1,000
8,000
63
1939
High
Low
1978
Miss River Pow let 5a. 1951
New
Ranoe Since Jan. 1,
3
98
6
Friday
-1967
lit A ref 6s.
Missouri
Week's Ranae
Low
98
62 3*
Exchange—Concluded—Page
Sales
Apr
1073* 1083* 101,000
943*
Jan
103 H 1033*
19,000
1033*
Apr
1093* 1093*
1093* 110
28,000
1083*
Jan
83
♦Santiago 7s
1949
♦7a
103*
1961
$10 3*
103*
14 H
83*
May
14 H
Jan
8K
"11666
May
143*
JaD
Feb
Mar
993* June
1083* June
Sou Calif Edison Ltd—
Debenture 3 Ha
1945
Ref M 3 Ha.May 1 1960
Ref M 33*s B.July 1 *60
1st A ref mtge 4s._.1960
Sou Counties Gas 4 Ha 1968
Sou Indiana Ry 4s
1951
B'western Assoc Tel 5s 1961
1093*
1043*
44
1093* 111
104
1043*
44
44
So'west Pow A Lt 6s.-2022
103 3* 104
1033* 1033*
94
943*
So'west Pub Serv 6s..1945
107
S'western Lt A Pow 6a 1957
11,000
*
106 3*
1113*
1113*
1123*
Mar
May
May
36,000
1083*
Jan
1093* June
20,000
103 H
11,000
18,000
393* May
1023* Feb
104
8,000
102
Apr
1043* June
14,000
81
Apr
1073*
8,000
663*
28,000
55
653*
643*
653*
67
653*
66
653*
663*
663*
663*
17,000
23,000
16,000
54
54
104 H
Feb
1053*
52 H
95
Feb
June
June
(stpd).._
Conv 68 (stpd)
Debenture
6s
1948
66
1951
$643*
1957
Standard Invest# 5 Ha 1939
Standard Pow A Lt 6a.l957
No sales
were
transacted during current week.
Bonds being traded flat.
5 Reported in receivership.
ifThe 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.
'
Jan
108
May
70
Mar
543*
Apr
703*
Mar
55
Apr
703*
Mar
Servel 5s 1948, July 1 at 105.
Apr
70
Mar
Shawlnlgan Water A Power 4Hs 1968, July 7 at 102H.
Apr
69H
Mar
t
653*
96H
70 3*
Mar
Corp—
4s.....1940
2d stamped 4s
1946
95
95
"l,66o
87
Jan
643*
66
40,000
533*
Apr
213*
"95"
♦Starrett Corp Inc 5s_1960
Stlnnes
Ex-dividend.
Cedar Rapids 5s 1953, July 1 at 110.
..1948
Debenture 6s. Deo 11966
6s gold debs
x
$ Friday's bid and asked prlw.
Apr
Standard Gas A Elec—
6s
cluded In year's range,
Jan
Mar
No par value,
a Deferred delivery sales not included in year's range,
d Exn Under the rule sales not Included In year's range,
r Cash sales not In¬
Interest.
22 3*
5,000
19
May
35
Jan
54
56
5,000
50
Apr
64
Mar
34
Apr
50
56
Ternl Hydro-El 6 Ha—1953
44
Texas Elec Service 58.1960
103
40
993* 100
44
453*
$37
Tennessee Elec Pow 5s 1956
1 at 105.
Pacific Ltg. $6 pref., July 15 at 1105, and dividends.
Cash sales transacted during the current week and not Included In weekly
or
Jan
Mar
(Hugo)
2d stamped
Cuban Telep 73*8 1941, Sept.
1023* 1033*
12I606
88 H
Jan
38 H
Apr
1003*
533*
Apr
1043* May
97
No Sales.
y
Under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
16,000
54,000
yearly range:
Feb
Jan
No sales;
z
Deferred delivery sales transacted during the current week and not Included
in weekly or yearly range:
No sales.
without warrants.
Exchange
Baltimore Stock
Sales
Friday
Week's Ranye
for
Hale
of Prices
bow
High
Week
Price
Par
25c
127
--.20
Fidelity & Guar Fire Cor 10
Finance Co of Am A com .5
Houston Oil preferred..100
Mar Tex Oil
1
Fidelity
& Deposit-.
25c
June
1.20
2
81
71
Jan
May
loo
4
Apr
112
36
Apr
128%
Apr
35%
10%
Jan
74
9%
June
440
16%
Apr
70c
400
65c
300
27%
65
1.10
100
33
22
Mar
1.40
50c June
35
Jan
27%
2.00
Feb
45
June
13%
215
10%
Apr
14%
1.45
1,225
1.00
Feb
1.45
May
20c
20c
525
20c
Jan
30c
Apr
37%
21%
33%
10
36%
16%
Mar
Jan
Apr
38%
23%
Mar
Jan
33%
Mar
Service pref. 100
Amer Tel & Tel Co cap. 100
Armour & Co common—5
Amer Pub
Aro Equipment
37%
__
20%
21%
33%
2,412
10
31
Bait Transit 4s
A 6s flat
B 5s
Read Dr A-
flat...1075
1976
1975
Chem 5%s.1945
24
22%
23%
22%
25
27%
4,650
86
86
86
5,000
1,000
102
102
Apr
25%
28%
Mar
102
A pr
Bendix
Mar
Par
Stocks—
Co
*
Common......;
6%
non-cum
50
50
pref
1st pref
.100
Amer Tel & Tel
1%
12%
430
1,907
%
Low
300
%
Blgelow-Sanf'd Carp pf 100
"83"
100
72%
Boston & Albany..
100
..100
Boston Edison Co
Elevated
Boston
Boston Herald Traveler..*
Boston & Maine—
Prior
Burd Piston
Jan
60c
Class A 1st pref std.. 100
100
Class D 1st pref..... 100
Boston Personal Prop Tr. *
2
Jan
1%
Calumet & Hecla
25
Range......—25
%
Mar
7
6
Jan
11%
16%
17%
250
13%
Apr
20%
24
540
20
Apr
32
Jan
June
19%
Jan
3%
1%
15
May
3%
Mar
1%
25
May
2%
Mar
150% June
10% May
9
May
4%
Apr
3%
Apr
Jan
22
20%
Apr
23%
5%
10%
100
5
Apr
7%
Jan
40
9
Feb
11%
May
2%
200
2
June
2%
Apr
7
600
6
Apr
21
50
5%
10
Ring com___l
10%
10%
2%
2
6%
6%
30
21
......
9
Jan
Jan
18%
,
Apr
23%
Mar
16
Apr
23%
Jan
64%
50
680
%
%
300
5%
5%
Apr
75%
Feb
%
May
300
;
4
%
Apr
6
Jan
Feb
1
*
Prior lien preferred 1
*
Chain Belt Co com
52%
106
45
Jan
55
Mar
70
100
Jan
108
Mar
15%
16%
650
1%
33
74%
Cblc Flexible Shaft com. .5
Chic & N W Ry com:.. 100
June
Jan
Chic Rivet & Mach cap. ..4
8%
Jan
Chi To we) Co conv pref..*
5%
Jan
Chrysler Corp common..6
1%
Jan
—
«,
75
%
«.
-
6
4.
-»'
.
-
M
„
«.
.
W M
6%
Mar
16% June
Apr
2%
Jan
33
June
38%
Mar
62
Jan
78%
Mar
Apr
1
Apr
8%
Jan
107% June
53%
Apr
110%
Feb
84%
Mar
%
100
6
6
30
108% 108%
71
68%
W
*
Apr
Jan
i%
Jan
500
V.
%
•
1%
200
33%
74%
*
2%
15
1,950
1%
1%
140
4%
"
_.
_
*
Preferred
Apr
450
1,500
1%
4
4
*
Chicago Corp common
1
54
106
1%
1%
Common
Preferred
23
28
1
Apr
16
17%
64
16
June
7%
7
7%
26
7
1
1
50
1
140
60
Jan
77
Mar
20
15
Feb
26
Mar
90
3
1
1
71
72%
19
19
19
(New)
10
833
Jan
5
*
._*
*
21%
Jan
29%
29%
Jan
1%
Mar
Apr
4%
4%
Jan
18%
Apr
27%
Apr
32%
7%
Mar
28%
29%
12,550
25%
Apr
29% June
11
11%
100
9
Apr
15%
Jan
100
4%
June
7
6%
9%
Mar
258
Jar
1%
Jan
4% Maj
9%
Api
7%,.
Jan
16%
Jan
A pi
29%
Jan
,4%
Mar
1%
1%
325
1
6%
160
5%
Mar
%
300
25c
Jan
60c June
175
%
Apr
2%
Apr
*
*
-
m
M
•»
Common.-
7%
-
m.
m
%
4%
4%
%
40
10%
Apr
10
15
i.
Jan
.
20%
*
1%
Feb
Crane Co
Jan
Cudahy Packing Co pref 100
......
Dayton Rubber Mfg com.*
14%
22%
25
com.
8
%
—
8
.
,4%
10%
x
V t c pref pt shs.
...50
Container Corp of Amer.20
Continental Steel—
Tan
6%
1%
*
Mar
«.
Consolidated Oil Corp
Consumers—
.
20
Feb
3%
•
..25
Compressed Ind Gases cap5
Consol Biscuit com.._...l
May
24
23
29%
9%
Jan
Commonwealth Edison-
75
22
6%
2%
June
200
11%
12%
147
5%
21%
150
2%
Club Aluminum Utensil..*
Apr
'
3%
6%
29%
Jan
Com pt shs v t c B
3%
5%
2%
6%
10
common
25
Eastern SS Lines—
Gillette Safety Razor
17
100
A
.
14
,
17%
71
100
100
Georgian Inc (The)
Class A pref...
130
23
*
Mar
1%
1%
1%
1%
100
Common
21
22%
Central 8 W—
Mar
17
Preferred B
Employers Group
General Capital Corp
Mar
Jan
22%
Convertible preferred..*
Feb
1%
1st pref erred ....... 100
Adjustment
Jan
17%
New capital
.
5%
23%
Common...
June
Eastern Mass St Ry—
Common
Apr
Cities Service Co—
100
100
preferred...
6%
2%
1
89 %
6%
*
4%% prior pref.
50
83
East Gas & Fuel Assn—
Common
4
4
Apr
6%
1%
1%
297
10% May
May
6%
3%
JaD
%
67
70% May
Jan
3%
7%
17%
Mar
3%
450
50
72-
19
5%
Jan
10
17%
56
5%
Jan
6%
29%
71%
Jan
•
11%
Apr
17%
Apr
"5%
Apr
Apr
71%
Apr
15
6%
4%
Castle & Co (A M) com.. 10
16
75
10%
16% June
Central Illinois Secur—
38%
75
Jan
Mar
Jan
16%
Cent 111 Pub Ser $6 pref..*
155
.
Jan
% June
4
Apr
300
Mar
119
14
Tune
1,300
Mar
447 *127
15%
Jan
Apr
10
700
8%
May
17%
14
8%
5%
22%
15
45
15%
Jan
Jan
23%
5
•
170
17%
"u"
"
Jan
44
Boston & Providence... .100
16
2%
7%
100
9%
Apr
12
17%
1%
1%
16%
"
Central States P &. Lt pref *
.100
400
147%
44%
147
June
1
Feb
;
preferred
C1C 1st pref std
Copper
14
83
83
4%
3,100
1
Common
High
32c
384
72%
71%
146% 147%
Assoc Gas & Elec Co cl A. 1
<4
121
1%
12%
157% 163%
1%
10%
Mar
%
9%
,...1
5% conv preferred
12%
162%
6%
June
%
2%
5
23%
5
Brach & Sons (E J) cap...*
Bunte Bros com..
60
40c
40c
May
7%
1,100
5
8%
■
10
*
Corp
Aviation com....6
Butler Brothers.10
Ser
...*
American Pneumatic
3%
300
700
.
9%
15%
«.
—
"16%
(New) common
Range Since Jan. 1, 1939
Shares
3,860
%
Borg Warner Corp—
Week
Price
Mar
69
•
Brown Fence & Wire cl A. *
for
of Prices
Low
High
170%
2%
Bliss & Laughllnlnccom.5
Sales
Week'8 Range
June
Apr
*18
Belden Mfg Co com
Belmont Radio
Exchange
Sale
85%
147%
8
'4%
4%
Jan
Jan
356
180
%
Trans C cap.l
Berghoff Brewing
Last
igh
47%
Apr
'
both inclusive, compiled from official sales lists
June 17 to June 23,
85
7%
28 %
325
157% 163%
3%
4%
8
3
Binks Mfg Co cap
Boston Stock
84
-
4%
Barlow&Seelig Mfg A com£
Bastlan-Blesslng Co com.*
June
86%
102%
-
Rights \w 1)
May
Apr
83% May
«.'«•«+
-
Co com__l
1
Aviation Corp (Del)
Bonds—
19%
Low
Shares
35%
Asbestos Mfg Co com
Aviation &
$21,000
34%
Allis-Chalmers Mfg Co...*
Jan
1.35
1.35
13%
Week
i
Mar
35
for
of Prices
Low
High
Price
Par
Stocks {Continued)
Week's Range
Sale
June
Jan
1.00
1.40
Range Since Jan. 1, 1939
Last;
Jan
Jan
25
Sales
Friday
June
50c June
35
35
CHICAGO
Salle St.,
La
S.
10
Mar
29%
9%
1.10
June
Municipal Dept. CGO. 521
405-406
Trading Dept. CGO.
120% June
6% May
118
Teletype
Bell System
Jan
10
Principal Exchanges
Members
Jan
116
r
32%
27
Mar
65c
Apr
60C
27
1.10
24%
Apr
20%
9%
20
Owings Mills Distillery... 1
pref-—50
XT S Fidelity A Guar.
...2
Western National Bank.20
147
20%
70c
1
MononWPennPS7% pref25
M Vera-Wood Mis com 100
Preferred
100
New Amsterd'm Casualty b
North Amer Oil Co com__l
Seaboard Comml
539
32%
9%
20%
A
Common class
1.35
124% 127
%% pref B
100
Assoc com. 1
Eastern Sugar
1,232
78%
79%
119% 119%
4%
4%
79 ^
30c
1.25
1-35
t c.. .
*
Consol Gas EL & Pow_._*
1st pref v
4
125
PaeiI H.Davis & Go.
High
Low
Shares
23
22%
*
Transit Co com v t c.*
Arundel Corp—
Bait
Unlisted
Listed and
Range Since Jan. 1,1939
Last
Stocks—
CHICAGO SECURITIES
official sales lists
both inclusive, compiled from
June 17 to June 23,
1939
June 24,
Chronicle
Financial
3820
52
50
16%
336
20%
23%
53%
21%
May
50
May
30
37%
Jan
Mar
73
;
Hathaway Bakeries—
'
%
1
1
Jan
100
5%
5%
58
4%
Jan
6%
Mar
Mass Utilities Assoc vtc.l
2%
2%
382
2
Jan
2%
June
Mergenthaler Linotype... *
19%
19%
57
17
Mar
22 %
J an
5%
750
116% 117%
468
Common....
Narragansett
Racing
Inc
Assn
1
New England Tel A Tel 100
New River 6% cum pfd 100
N Y N Haven & Hart.. 100
North
13%
Butte...
..2.50
5%
50
20
50
Jan
3%
103%
Apr
May
42
5% June
118%
58
June
Feb
%
37c
%
121
%
June
1%
Jari
35c
38c
450
35c
Mar
1.00
Jan
Old Colony RR—
65c
100
Ctfs of dep
Pacific Mills Co....
50
25
,,..*
_*
Torrlngton Co (The).
*
Union Twist Drill Co
6% cum pref
10
Dixie-Vortex Co
Elec Household Utll cap.6
16
1%
1%
10%
11%
26
25%
May
1.50
Jan
20c June
80c
Jan
50c
FltzSlm & Son D & D
com
Fox (Peter) Brew com
Mar
14%
Jan
Apr
24%
Jan
Jan
Feb
17
June
13
Jan
1%
1%
11
"84%
8%
Apr
8%
.Apr
17%
Jan
26%
925
22%
Feb
28%
Mar
Heln-Werner
30
17
Feb
25%
June
71%
41%
Apr
85%
Jan
Apr
44%
Mar
Houdalllo-Hersbey cl B._*
Hubbell Harvey Inc com_5
Hupp Motors com
1
May
Illinois Brick Co
*82%
44%
85
582
45%
220
Jan
750
2%
Api
4
3%
9%
May
300
17%
Apr
50
10%
Api
22%
14%
Mar
14
14
50
10
Jan
15
Mar
4
100
3
Api
2%
2
4%
Jan
Jan
Mar
2%
Apr
14 %
June
400
11%
Apr
2%
350
1%
Apr
2%
Jan
45%
233
36%
Jar,
455-4
.Tune
43%
44%
1,164
37%
Api
51%
Mar
6%
28%
70
5%
Apr
8%
Jan
27%
322
21%
9%
10%
450
23%
23%
300
13%
-...
400
44%
44%
2%
14%
2%
14%
14
6%
-
10%
.
Apr
37%
Apr
11
Jan
18%
Apr
27%
Feb
Apr
14% June
9
Jan
Jan
Mar
155
853
.
Jan
8%
,
20
2%
14%
Gossard Co* (H W) com...*
Great Lakes D & D com.-.*
14
12%
Api
50
14
-
Goodyear T <k Rub com..*
3
Jan
Maj
150
7%
19%
-
-
"
Gardner Denver Co com..*
June
35
•
-
General Finance Corp coml
General Foods com
*
1%
Mar
19%
4
A.
Four-Wheel Drive,Auto. 10
Fuller Mfg Co com
rl
9%
15%
Jan
23%
6
10%
■
17%
Jai
14
20
*
5
x20% *20%
25
3%
13
10
3
*
com
Api
June
15%
140
•
7%
10
*
com
Dodge Mfg Corp
.
9
250
13
General Motors Corp
10
Gillette Safety Razor pref. *
100
-
9%
10%
5
United 8hoe Mach Corp.25
14%
19%
13
100
18
1%
19%
*
370
11
17%
1%
10%
10%
Reece Folding Mach Co. 10
Stone & Webster
9
16
17%
1%
Reece Button Hole Mac. 10
Shawmut Assn T C
•300
20c
11
*
Pennsylvania RR
Qulncy Mining Co
75c
20c
Common
*
Elgin Natl Watch Co... 15
'
5%
117
Deere & Co com
De Mets Inc pref
...*
Class B..._.
Isle Royal Copper Co..il5
Maine Cen—
Hall Printing Co com
10
Helleman Brew Co G cap. 1
Utah Metal A Tunnel Co.l
71c
75c
200
50c
Apr
85c
Venezuela Holding Corp._l
2
2
100
1%
Jan
2
Jan
Illinois Central RR
Waldorf System
6%
6%
255
5%
Apr
7%
Feb
Inland Steel Co cap
2%
3
125
1%
Mar
3%
Feb
1.090
8%
9
350
6%
Jan
8%
11%
10%
8%
150
7
Apr
9%
11%
100
8%
Apr
17%
J$m
50
9%
May
12%
Feb
1%
1%
100
i%
Apr
2%
Jan
Jan
"~8%
Motor Pts:_3
-
«
8%
10%
"•
9
Mar
May
Warren Bros
Bonds—
4%
50
4
Apr
12%
196
9%
Apr
6%
20%
77%
100
66%
Apr
94%
International Harvest com*
75%
56%
58%
206
49%
Apr
66
Mar
Iron Fireman Mfg v t c
*
4%
11%
*
16%
17
100
15%
Jan
19
Mar
11%
12
2,5.50
11% June
3%
Apr
12
June
10
com
11%
100
*
Jarvlg (W B) Co cap
New—
1948
94
94
$1,000
80
Apr
94
June
Katz Drug Co com
I
Series B 5s
1948
94
96
7,100
80
Apr
96
June
Kellogg Switchboard com.*
Series D 6s
1948
100
100
150
91
Jan
100
Jan
1
Series A 4%s
Jan
Eastern Mass St Ry—
June
Preferred
100
Kerlyn OH Co
Chicago Stock Exchange
June 17 to June 23, both inclusive, compiled from
Sale
Stocks-
Par
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1939
for
A
4%
350
7%
7%
300
5
Feb
"91%
91%
91%
20
74
Mar
3%
100
"39%
39%
39%
60
29
Jan
40%
94%
93%
94%
40
69%
Jan
94% June
Apr
%
31%
High
Low
Abbott Laboratories—
pf_50
100
Leath & Co
3%
61%
122
53%
Apr
64%
34%
34%
57
31%
Apr
43
Jan
Lion Oil Ref Co com
1%
100
1%
Apr
3
Jan
London Packing com
*
13%
14%
250
Mar
McQuay-Norris Mfg
com. *
Allied Laboratories com..*
"14%
11
.
Apr
15%
Mar
Manhat-Dearborn
Allied Products—
Common
10
For footnotes see page
7%
3823.
7%
100
5
Apr
8%
Jan
com
Mapes Consol Mfg cap
*
*
4
Apr
May
2%
Apr
_
"T%
25
80
22
Jan
787
4
Apr
6%
Jan
210
25
June
Mar
25
June
2%
50
1%
Apr
14%
14%
40
12%
Apr
20
1%
1%
300
1
Apr
100
25
Apr
30
30
%
"
21
21
Jan
Mar
6
32%
2%
..
Mar
3% June
Apr
2%
27
*
1%
%
27
Mar
June
92% May
27
5%
6
20
5
7%
25
25
*
2%
50
250
28
3%
Llbby McNeill & Llbby..*
Lincoln Printing—
$3% preferred
*
Lindsay Lt & Chem com. 10
61%
%
3%
%
28
*
com
*
25
Common (new)
-
Kingsbury Brewing cap__l
Advanced Alum Castings.5
Acme Steel Co com
-
5
cum
Cumul pref
Week
Shares
com
Kentucky Utll Jr
6% preferred
4%
— -
_
Lawbeck Corp 6% pref. 100
Sales
Friday
Last
official sales lists
11%
«»
_
150
%
21
'
100
%
19
Apr
Apr
32
21
Jan
Mar
%
..
Apr
Jan
1%
Jan
June
Volume
Financial
143
Last
Marshall Field
*
com
Merch & Mfrs Sec
Week's Range
for
Sale
Par
of Prices
Low
High
1, 1939
Week
Price
13%
13%
"26%
26 %
13%
Range Since Jan.
4,225
Ohio Listed and Unlisted Securities
Hihg
Low
Shares
9%
Feb
15
Apr
Members Cleveland Stock Exchange
—
Class A com
1
Prior preferred
*
3821
Sales
Friday
Stocks (Concluded)
Chronicle
334
550
4
110
Apr
5%
Jan
Mar
28%
Feb
2%
Apr
4%
Jan
5%
Apr
8%
Mar
5%
3%
26
5
6
34
26%
3%
7
*
234
234
350
2%
June
6% prior lien pref._.100
6
100
%
Feb
7
June
7% prior lien pref—100
7% preferred A
100
6%
June
Mlckelberry'a Food
com.
Middle West Corp cap
1
3%
......
750
3,200
CILLISpjRUSSELLc'o.
Midland United Co—
Conv preferred
Mar
Midland Util—
Minn Brew Co com..
Monroe Chemical Co
.1
—
10%
Feb
7
%
Jan
"7%
Jan
11
40%
Jan
45
Union Comment
1% June
200
10%
%
60
1034
44
pref.*
150
200
45
Ballding, Cleveland
Telephone: OHerry 5050
A. T. & T. OLEV. 565 & 566
May
.
May
Cleveland Stock
Montgomery Ward—
Exchange
51 %
5834
49 J4
51%
1,016
40%
Apr
Mountain States Pw prf 100
58
60
150
41%
Mar
60
June
pref.*
34*4
34%
35
310
30%
Jan
35
June
Last
Week's Range
for
June
Sale
of Prices
Week
Common...
—
54%
Mar
June 17
to
June 23, both inclusive, compiled from official sales lists
Friday
National Battery Co
Jan
6%
%
Apr
1
Jan
200
16%
Apr
27
11
Jan
12%
6%
6%
200
Nat'l Rep Invest Tr
1
1
220
21%
11%
8%
22
11%
9%
3.660
6%
Apr
52
55
90
40%
Jan
55
June
18%
19%
60
11
Apr
20%
June
70
6
June
7%
Mar
pref.*
Noblltt-Sparks Ind com..5
22
Northern III Finance com*
11%
9%
Northwest Bancorp com..*
N'West Utll prior lien.. 100
7%
preferred."
100
Oshkosh B'Gosh com
Parker Pen
.
52
6
.*
10
com
Penn RR capital
17%
3
Peoples G Lt&Coke can 100
34
3
%
34%
25
Perfect Circle (The) Co.
Steel
.
Jan
Feb
30%
Apr
24
Apr
29
3%
400
%
50
8%
7%
8%
1
120
118
150
850
120
150
150%
50
200
Rath Packing com
29%
...10
*
Schwitzer-Cummins cap.. 1
1 %
1%
2934
834
Rollins-Hosiery Mills com 1
28
8%
Sears Roebuck & Co com.*
75%
29%
1%
29%
8%
70%
1%
50
Brewing Corp of Amer
City Ice & Fuel...
3
*
Cleve Cliffs Iron pref
Cleve Elec 111 $4.50 pref.
Cleveland Ry
Cliffs Corp v t c
*
Apr
30
7%
10
Mar
Medusa
1,038
60%
Apr
Apr
77%
Mar
Jan
10
88
Southwest Lt «fc Pow pref. *
91
Spiegel Inc com
115*
2
91
850
10
12%
65
3
May
70
Jan
Jan
15%
108% June
Apr
Apr
20
91
11%
70
St Louis Natl Stkyds cap.*
,91
16%
June
Mar
Common..
1%
1
1%
250
1%
20
9%
10
150
.25
24%
25%
5*4
Stein & Co (A) com
*
11
11
Conv preferred
2%
7%
8%
Sterling Brewers Inc com.l
Stewart-Warner
5
Sunstrand Mach Tool com5
Swift International
15
26
Swift <t Co..
25
17
Trane Co (The) common.2
26
k
17%
14%
14%
Union Carb & Carbon cap *
78
United Air Lines Tr cap.5
10%
U S Gypsum Co com...20
92%
2%
Utah Radio Products com *
2%
Util & Ind Corp conv pref 7
Wahl Co com
1%
1
*
Walgreen Co common....f
19%
Western Un Teleg com. 100
50
50
2%
1%
20
W'house E1& Mfg com..50
Wlscon Bankshares com..*
2
Woodall Indust com
3%
335
13% June
1,000
115
Apr
118%
Jan
170
23
June
26%
Mar
15
61
31%
Mar
34
25
11%
May
15
3 *4
110
3%
June
67
13
13
456
37
19
«8%
33.
33
30
1
Apr
28 %
11%
15%
469
66
Apr
Apr
1
June
June
Apr
16
12%
Jan
*
8%
34%
8%
25
7
Apr
8%
June
35%
1,449
30
Feb
35%
June
7%
.
:*
34%
7%
150
a24% a24%
75
10%
10%
o36% a36%
151
*.
Weinberger Drug Stores._*
YoungRtown Sheet A Tube*
"l0%
Jan
6%
18
10%
8
Mar
Feb
27%
14%
Apr
June
Jan
20
Watling, Lerchen Sl Co.
Jan
7%
Apr
13%
Mar
100
77%
Apr
112%
.Tan
1,650
1%
Apr
2%
1%
June
200
1%
Apr
200
%
Feb
1,500
15%
Apr
20
16%
Apr
24%
150
83%
Apr
119%
3%
Apr
Apr
5%
5%
New York Curb Associate
Chicago Stock Exchange
Jan
3
Exchange
Detroit Stock Exchange
Jan
250
Members
New York Stock
50
Feb
Buhl Building
Apr
1%
20
June
DETROIT
Telephone: Randolph 6530
Jan
Jan
Apr
Apr
22%
$5,000
105
Apr
118
June
1.000
109
Jan
118
June
Detroit Stock
81% June
12
Jan
June 17 to June 23,
Exchange
both inclusive, compiled from official sales lists
Sales
Par
Stocks-
Week's Range
for
Sale
of Prices
Low
High
Week
Price
27c
1
.5
Briggs Mfg coin
13
'
W. D. GRADISON & CO.
25c
835
5
Apr
1,055
17
„•
A pi
13%
1%
600
11%
Apr
300
1%
Apr
56%
Apr
13
Jan
porp com..^...5
69%
10%
1,491
14%
14%
100
68c
68c
Consumers Steel
—
Detroit E dison com,—100
BUILDING, CINCINNATI, O.
200
119% 122%
195
1%
1,100
5
,J)et Gray Iron com
1%
1%
123
Jan
Jan
Jan
Jan
Mar
May
Jan
Feb
1%
Feb
-
1
1 %
1%
200
1
1%
735
1
June
2%
Jan
1
1
300
1
Feb
1%
Feb
*
Fed Motor Truck com
Week
Range Since Jan. 1, 1939
Goebel
1
Brewing com
Jan
180
15
Apr
23%
Jan
3%
2.%
350
3
Apr
5%
Jan
2%
565
1%
Apr
2%
May
4%
'"2%
10
General Motors com
2
17%
4%
100
4
Apr
.7%
Jan
2%
44%
2%
2%
44%
436
1%
Apr
661
38
Apr
2%
51%
Mar
3%
1,075
2
Mar
2%
Jan
45c
Mar
"
General financecom.i._.l
Sales
Apr
3%
3
Gar Wood Ind com
1%
17%
3%
Frankenmuth Brew coin.. 1
inclusive, compiled from official sales lists
of Prices
1.00
Jan
Apr
Jan
Mar
1
Ex-Cell-O Aircraft com...3
Cincinnati Stock Exchange
Sale
14%
68c June
101
7%
27%
31%
18%
2%
84%
r;et Paper Prod com..—
Durham...——1——
for
■
Det-Mich Stove com
Teletype: OIN 68
Week's Range
40c
Apr
21
Consolidated Paper com. 10
New York Stock Exchange
Last
High
Apr
•
Chrysler
Members
Telephone: Main 4884
1%
Low
300
215.
6%
27
20%
Burry Biscuit com... 12%c
Range Since Jan. 1, 1939
Shares
20%
6%
~13~
...
30c
27
27
*
Burroughs Add Mach
Friday
Jan
Feb
Apr
%
Apr
Jan
90%
470
Cincinnati Listed and Unlisted Securities
June 17 to June 23, both
Mar
48
8
Bower Roller
TERMINAL
22%
9%
Feb
May
13
Baldwin Rubber com
DIXIE
Apr
9%
32
Jan
300
74%
Exchange
Mar
June
25
Auto City Brew com„____l
Cincinnati Stock
17%
15
3
Last
Stamped
37
Feb
19%
7
216
118
14%
Feb
Apr
Jan
Mar
2,150
118
Jan
Apr
14
310
25
Friday
118
.
25
Mar
18%
.
Mar
16
Mar
80%
118
Jan
Feb
41
.
a8%
12%
Apr
3%
118
12
100
a8%
33
1
Bonds—
..'..1958
Jan
31
45
14%
-
19
J*
Commonwealth Edison—
deb3%s
33
Feb
4%
16
10%' May
Apr
23
fl8%
River Raisin Paper
Selberling Rubber.
Apr
Jan
13% June
12%
14%
Thompson Prods Inc
17%
18
13%
*
Jan
80
(Wm) Jr (Del)..*
Zenith Radio Corp com:.*
June
23%
*
Jan
Apr
670
19%
20
99
100%
4%
4%
Mar
114
Apr
Ohio Confection A
Feb
17
50
1,000
■
61
Apr
16
Otis Steel
2%
7
May
112
37
...
13%
25%
8%
27%
17%
14%
79%
11%
92%
2%
1%
13
„_*
29%
2%
43
2
7i
18%
Monarch Machine Tool.
Murray Ohio Mfg
Apr
•
2%
12%
10%
325
8
18%
__
National Ref pr pref 6%.
N estlc LeMurA
Apr
1% June
9
23%
Mar
333
1
1
.12%
*
Ptld Cement.
Packer Corp...
Standard Oil of Ind
20
Feb
75
Standard Dredge—
Wrlgiey
*
McKee (A G) B
400
104
May
Apr
June
3%
Kelley Isld Lime & Tran__*
Jan
Mar
200
Jan
14%
9
16
Mar
2%
32%
107
7%
18%
a27% a27%
5
Apr
107
44%
al09
23
Harbauer Co...
May
Apr
Mar
13%
*
Halle Bros
1%
1% June
13%
17
al09
100
j
'
52
Goodyear Tire & Rubber.*
Jan
14%
22%
Southw't G & E 7% pref 100
44
2*3
115% 115%
150
8
16
al7% al7%
200
50
12%
16
Jan
Apr
6%
40
_.*
Jan
50
12%
Clark Controller
High
11%
69
al
Goodrich (BF)__
Mar
12
1%
a7
Low
155
11%
a50% a50%
Dow Chemical pref
100
General Tire & Rubber__25
123
12
1
11%
Jan
June
157
SJgnode Steel Strap com..*
Serrlck Corp cl B com
Range Since Jan. 1, 1939
Shares
High
Jan
5
Apr
Apr
27
Low1
Apex Electric Mfg_._____*
American Home Prods.._1
Jaeger Machine
Sangamo Elec Co com
Price
Mar
May
108%
150
Par
%
Apr
Apr
..100
Feb
Stocks—
16%
Feb
34
200
Jan
5%
40%
9%
8%
£
Quaker Oats Co common.*
Preferred
15%
24%
%
*
Car
10
3
9%
8%
Pines Winterfront com—1
Poor & Co class B
Apr
15%
182
June
May
11%
500
9%
Jan
May
50
413
13%
.17%
3%
34%
25
5
Pictorial Paper Pkge com.5
Pressed
6
13%
50
Penn Gas & Elec A com..*
Sales
Mar
350
4
National Pressure Cooker 2
...Si¬
Jan
Price
American Laundry Mach20
Low
16%
High
16%
Low
Shares
112
15
Apr
17%
2%
2%
25
1%
Jan
June
6„
2% Mar
50
37
37
100
30
Apr
Champion Paper pref.. 100
98
98
8
98
June
108
Cincinnati Telephone
50
Cincinnati Union Stk Yd.*
"97"
Crystal Tissue
Dow Drug
Eagle-Plcher
97
14%
155
,.*
*
*
Crosley Radio.
108%
1%
96%
14%
*
Coca-Cola A
108
10%
.6
2%
8%
10
1%
155
10%
Mar
11
Apr
17
Feb
45c
5
Mar
Cincinnati G & E pref.. 100
Cincinnati Street Ry
.50
13
ll %
Mar
4%
101%
Apr
Hurd Lock A Mfg com___l
3%
56
37
10
Houdaille-Hershey Br— *
76
6
Preferred
100
225
Mar
5
5%
Burger Brewing
40c
12%
June
5
Part preferred
40c
12%
Grand Valley Brew
High
pref..:-.7
.*
*
Amer Prod prior
com.l 1
Hoover Ball & Bear com. 10
Pai
Stocks—
June
11%
350
9
43c
45c
400
41c June
76c
Kingston Prod com
1.%
1%
250
1%
Apr
2%
Kinsel Drug com...
46c
48c
250
42c June
55c
10
Kresge (S S) com
24%
110
100
*
Fyr-Fyter A
10
*
Formica Insulation
10%
Gibson Art
Hatfield prior pref
10
Part
preferred
La Salle
1%
1%
500
1
Jan
1%
Jan
Lakey Fdy & M ach com.. 1
2%
2%
100
2%
Apr
3%
Jan
M asco Screw Prod com
66c
66c
100
65c June
96c
Mar
22
13
Jan
15
Mar
McClanahan Oil com
17c
17c
800
12c
30c
Jan
10
145
May
162%
30c
200
50c
Jan
7%
Apr
4%
Apr
2% May
7%
Apr
12%
92
47
8%
200
109% June
6
3%
14%
...
1
—
Mich Sugar com
Mid-West Abrasive com50c
1.00
1.00
100
Motor Products com
12%
12%
.540
4%
5%
1,750
3%
42%
3%
43%
1%
1%
3%
3%
1,490
1%
1%
400
22%
22%
610
Apr
Jan
"59%
9%
Preferred.
9% May
10% June
11
Mar
14
Jan
25
*
—■«.
Murray Corp com
10
Packard Motor Car com..*
4%
20
4% June
20
4
50
4%
Apr
~~3%
1.75
Jan
18%
Jan
4%
Apr
8%
Jan
1,511
3
Apr
4%
lan
814
36
Apr
43%
Mar
173
1
Apr
1%
Feb
Mar
River Raisin Paper com.
2%
Apr
3%
May
1%
June
2%
Scotten-Dillon com
22%
Jan
22% June
25%
Jan
6
Apr
1
1%
1%
Apr
2%
41
Feb
Tivoli Brewing com
1
2%
1%
2%
440
Jan
1,000
2%
Apr
3%
Jan
Apr
Apr
26% June
Tom Moore Dist com
1
24c
2*c
166
24c June
55c
Jan
20
Feb
Union Investment com
*
2%
2%
100
2
3%
Jan
Jan
United Shirt Dlstcom....*
90
17
% June
20
1%
Standard lube B corn
10
20%
—
—
3
3%
400
2%
May
4
Mar
4
4
4
150
2%
Jan
5
Mar
1%
1%
1%
220
1%
Jan
2%
Feb
1
95c
95c
1.00
525
94c
May
1.50
Mar
1%
1%
600
1%
Mar
2%
Feb
932
50%
Apr
9%
20
7%
Mar
1%
5%
1%
83
1
Feb
1%
Feb
5%
18
5%
June
6
June
Wayne Screw Prod com..4
Wolverine Brew com...
1
8% June
Wolverine Tube com .....2
59% June
12
6
6
50
8%
10
6
Apr
28
73
Feb
91
91
4%
91
Apr
June
Universal Cooler A
B._
Warner Aircraft com
Young Spring A Wire
Apr
Jan
...*
%
58%
9%
8%
2
Apr
Apr
34%
10
—100
Rickel (H W) com
42%
95c
5
Apr
4% May
For footnotes see page 3823
*
5
30c June
10
303
10
....
4%
Mar
'
1%
Parke Davis com...
Apr
Jan
29% June
18
*
*
^
Jan
150
18
*
Preferred
112
215
18
*
...
Apr
250
40
Procter & Gamble
Western Bank :
109
10%
26%
Moores-Coney A
Wurlitzer
1
30c
Jan
Apr
June
11
40
Rapid
US Printing
Jan
June
2%
26
*
Jan
June
3
10
26%
Lunkenhelmer
25
97
Jan
1% June
28%
4%
*
_*
Jan
Jan
103%
10%
10
4%
100
HobartA
Kroger.
20%
88
40
28
.*
799
104
108
6
110
25
Jan
Mar
Reo Motor com
Early & Daniel pref
30c. Feb
_.*
*
12c
5%
13c
200
12c June
25c
Mar
5%
5%
237
5
7%
Feb
11%
11%
340
10%
Apr
Apr
"19
*
Jan
Financial
3822
June 24, 1939
Chronicle
Sales
Friuay
Last
P
Stocks (Concluded)
Wm. Cavalier & Co.
Lot
Teletype L.A. 290
Sale
Bauulni
Petroleum Co...J
Bolsa-Chica Oil A com.. 10
6%
Golden State Co
70%
45c
600
40c
Apr
399
360
10
387
Jan
44%
44%
402
a6
(J 6
'
.
6
100
Mar
Feb
2%
Feb
17%
1,825
Scott Paper
Apr
165
Jan
Mar
119%
Feb
310
1%
Mar
2%
May
6%
Feb
9%
june
10%
36
Transit Invest Corp pref...
•%
2%
-
2%
*
"12%
116%
9%
162
650
92%c
Apr
1.40
82
1%
June
2%
Jan
Blaw-Knox Co
9%
6,200
0c
Apr
14c
Apr
Byers (A M) Co com
*
Carnegie Metals Co
1
Clark (D L) Candy Co...*
8%
6%
Apr
24%
Apr
38
Apr
Jan
26%
350
22%
Apr
36%
2%
853
1%
Apr
2%
Jan
4%
2%
297
3%
Jan
4%
Mar
1,805
"
10
Menasco Mfg Co
J
2%
Nordon Corp Ltd
1
6c
6c
6c
2,000
49c
49c
50c
800
15c
al5c
al5c
300
25e
Feb
11
a31% a32
33%
33%
'•
32%
32%
a47% a47%
2%
2%
4%
4%
5%
5%
300
9%
Apr
33%
*
a47%
32%
Republic Petroleum com.l
2%
Roberta Public Markets..2
4%
Ryan Aeronautical Co
1
5%
Safeway Stores inc
*
5%
Jan
Devonian Oil Co
10c
Jan
Jan
Feb
10%
Apr
18%
Feb
111%
Jan
32
7%
Apr
June
117
Mar
t%
official sales lists
Range Since Jan. 1,
for
1939
Week
Feb
12% Mar
33% Mar
33% June
31%
Jan
100
27%
Jan
33%
43
Jan
49
60
230
2%
3%
Jan
1,250
6%
Feb
30%
Mar
a42
50
30
145
Jan
31
75
24%
Apr
32%
270
7%
Apr
10
a28%
a28% a28%
9%
9%
9%
So Calif Edison Co Ltd. .25
6% preferred B
25
5%% preferred C
25
So Calif Gas 6 % pref A. .25
26%
29%
28%
34%
26%
29%
Southern Pacific Co... 100
13
17%
12%
35c
2,300
Jan
Jan
Jan
5%
18%
Apr
60c
Jan
100
5
Apr
6%
314
5%
Apr
6%
8%
Jan
Feb
20%
12%
526
15
Feb
108
11%
Apr
30c
Electric Products
12%
20% June
14% Mar
8%
1.50
Feb
57%
Jan
Feb
12
Mar
59%
73
9%
1,065
7%
Feb
Apr
72%
9%
4%
855
4
Apr
5%
1%
1%
1%
1%
100
1%
Apr
3
Jan
1%
200
1%
2
Jan
1%
1%
360
Feb
1% May
Jan
±
Jan
May
Corp...*
Natl Flreproofing
"
Pittsburgh Brew Co com.*
Pittsburgh Oil & Gas
5
Mar
United Eng & Fdy
Victor Brewing Co
29
34% June
21%
Apr
116%
4%
Apr
9%
100
60c
Mar
80c
Jan
2
500
1%
Apr
3
Feb
25%
Apr
33%
Mar
Jan
40c
Jan
31%
Jan
83 %
Apr
118%
Jan
1%
Apr
2%
Jan
40
30c
300
21%
140
18
97% 100%
21%
Westinghouse Air Brake.. *
Westinghouse El & Mfg.50
Jan
Apr
28%
30c
20%
115
1
June
90%
125
60c
28%
5
29% June
Mar
81
5%
1%
1%
27%
1% May
60c
Shamrock Oil & Gas com.l
Jan
Jan
5%
99% 101%
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
..1
Renner Co
Jan
Apr
Jan
9
Apr
Mar
Apr
90c
4%
23
10%
Apr
1%
9%
28%
27%
32
5
6%
4%
1,047
506
50
61
2,505
"59%
1,261
331
Jan
5%
8%
.1%
59%
1
Fort Pitt Brewing
6%
5%
8%
*
...
Follansbee Bros pref...100
Koppers G & Coke pref 100
Lone Star Gas Co com
*
•»
425
Apr
Mt Fuel Supply Co.....10
Mar
40
Signal Oil & Gas Co A....*
Sontag Chain Stores Co..*
27%
June
7%
50
Mar
5% June
Jan
7'%
42% June
26
all% all%
Apr
9%
60
10
June
3%
Apr
598
all%
6
20%
14%
218
8%
16%
6
30c
30c
.....
High
Low
Shares
High
16%
Duquesne Brewing Co—5
300
20%
29%
28% :28%
33% 34%
13
13%
25%
20
31%
Jan
30C
Low
16%
*
10
Columbia Gas & El Co
85c
Apr
Shell Union Oil Corp.....*
Feb
Apr
June
60
28
30
30
Feb
*%
ISH
179
of Prices
Price
Allegheny Ludlum Steel..*
*
60c June
2
50
a42
a42
Mar
1%
Apr
2
42% May
33
Par
Stocks-
Jan
4%
2%
25
10
Sale
9% June
2%
a32
May
Feb
Sales
1.05
131
245
10%
%
178
580
Week's Range
40%
a
May
37
Pittsburgh Stock Exchange
40%
:n
Jan
51%
Apr
June 17 to June 23, both inclusive, compiled from
40%
1
16%
Apr
8%
8%
*
•
al
Mar
33%
5,135
0%
1.00
9%
43%
16
12%
13%
116% 117
34%
*
_*
120
316
11%
51%
36%
1
2%
35%
275
9%
28
al
Jan
30%
285
9%
1.00
Apr
2%
6%
■
29%
9
51
61%
Westmoreland Tnc
439
8%
1
Preferred
j an
24%
Apr
115
2
—
United Gas Improv com..*
15%
136
12
Tacony-Palmyra Bridge..*1
United Corp com
Preferred
112
102
28
9%
25%
Security Co units ben Int..
1
28
4%
6% 1st pref
Mar
3,640
60
Phila Rapid Transit
Last
2%
Pacific Indemnity Co
Jan
9%
Friday
26%
Pacific Lighting com
29%
Jan
Inc...2
Pacific Gas & Elec com..25
Apr
Apr
3%
6%
10
116% 117
29%
30
*
60
Jan
Lockheed Aircraft Corp_.l
1
2%
450
117
151% 162
7%
Apr
10c
Pacific Finance Corp com 10
125%
50
8
1%
17%
17%
.
.
.....
Apr
2%
7%
1%
60
51%
8c
Pacific Distillers Inc
Mar
Jan
Jan
8c
Oceanic Oil Co
Mar
182
2%
60
pref
Mar
al
Los Ang Industries
Jan
51%
46
Mar
124
Feb
Hupp Motor Car Corp__.l
Lincoln Petroleum Co.. 10c
Los Angeles Investment.
Mar
6%
30%
117
Apr
6
84%
Apr
8
Apr
37%
5%
Apr
3%
23% Apr
36%. Apr
50
132
Philadelphia Traction ...50
Jan
June
12% June
9% May
100
'
Holly Development Co_..l
Mar
,67 %c
Jan
41c
11%
*
Goodyear Tire <fc Rubber.*
Hancock Oil Co A com—*
11
Apr
11%
6%
Oladdlng-McBean & Co..*
Apr
Mai
ad
General. alnt Corp com..*
83%
9%
7%
44%
10
1.00
60%
10
U%
General Motors com
7
Apr
10
387
387
100
Eltzslinmons Stores A
Jan
June
Apr
61
30
8
20
496
9%
45c
1
Farmers & Merclis Natl
433
3% May
Apr
Apr
90c
58%
4%
1H
Salt Dome Oil Corp
6% May
a66% a66%
9%
a66%
Exeter Oil Co A com
MM
6>H
15
120
a7%
J tn
1%
2«2
100
a7%
a7%
*
Douglas Aircraft Co
3%
100
2%
6%
a07% a71%
a71%
Consolidated Oil Corp—
.
High
Low
,
2,650
90 c
90c
90c
Consllldated Steel pref...*
Shares
6 •
20
20
20
*
6
Corp
Chrysler
5%
2%
5%
Broadway Dept 8tore—.*
Chapman's ice Cream
of Prices
High
6%
2%
Calif Packing Corp com..*
Week
Low
Price
Par
Stocks—
Range Since Jan. 1, 1939
for
303
70%
26%
44%
1
Pliila Flee of Pa $5 pref.
Phila Elec Pow
Sales
Week's Range
Last
Jan
—10
Pennsylvania RE
Penna Salt Mfg
Stock Exchange
Friday
5%
26
Horn & Hardart(.Phil)com *
both inclusive, compiled from official sales lists
June 17 to June 23,
Apr
4
69%
4%
Lehigh Coal & Navigation *
Natl Power & Light
*
Los Angeles
Apr
3%
*
Pennroad Corp vtc
Jan
20%
Apr
117%
100
£
General Motors
11
10
159
Electric Storage Battery 100
San Francisco Stock Exchange
High
Low
res
13
13
4
Curtis Pub Co com
1939
Range Since Jan. 1,
for
Week
Sh
High
121% 123
Bell Tell Co ot Pa pref. .100
Chrysler Corp
Los Angeles
623 W. 6th St.
Low
Price
r
Budd Wheel Co
Chicago Board of Trade
Angeles Stock Exchange
of Prices
10
Barber Co
MEMBERS
York Stock Exchange
New
Week's Range
Sale
25c
Jan
073
25%
May
30%
Mar
44%
1,190
35%
Apr
45%
Mar
2
5%
5%
5%
1,443
6%
Apr
7%
Jan
Union Oil of Calif
25
16%
16%
1,932
16%
Mar
10
15%
15%
200
10%
Mar
Wellington Oil Co of Del.. 1
2%
2%
2%
12%
2%
May
Apr
19%
Universal Consol 011
16%
15%
Unlisted—
Standard Oil Co of Calif..*
25%
Superior Oil Co (The)...25
44
44
'
Transamerlca Corp
•
100
Apr
10
Mining—
Alaska-Juneau
Gold....10
7%
7%
20c
20c
1%C
l%c
Cons Chollar G & S Mrig.l
1.4Q
1.40
1.40
1
a8%c
...1
2%e
*
all%
42%
163%
a23%
Tom Reed Gold
Zenda Gold Mng
Unlisted—
7%
June
Mar
30c
Amer Smelting & Refg
Amer Tel & Tel Co
*
100
Copper
50
Armour & Co (111):
Jan
5o
Jan
200
1.10
Apr
2.50
a8%c a8%c
9c
Feb
10c
Jan
2%c
1,600
2%C
Apr
4c
40
Apr
205
18%
53%
Jan
42%
42%
103% 163%
a23% a24
11%
35%
149%
Jan
*2%c
1877
INVESTMENT SECURITIES
Jan
all % all%
4
5
4
693
AND OLIVE STREETS
FOURTH
70
a20%
a4%
a4%
a4%
70
23%
23%
23%
150
44%
44%
50
a5%
«5%
44%
a6
6
*
1...10
*
a6%
Commonwealth & South..*
1%
Continental Oil Co (Del).5
a22%
Curtls8-Wright Corp
1
a5%
a25%
Electric Power & Light... *
Columbia Gas & Elec
a20% a20%
Jan
Chicago Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
St. Louis Merchants Exchange
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
Jan
N. Y. Coffee & Sugar Exchange
29%
Feb
Apr
,43
'
Jan
5%
22%
8%
Mar
19%
38%
52%
Mar
Jan
\5%
Jan
8%
6%
Apr
Apr
8%
2%
Feb
1%
Feb
26%
Feb
Telephone: CHestnut 6370
Teletype: St. L 193
-
Feb
50
100
25
a6%
1%
a22% a22%
a6%
1%
MEMBERS
«
New York Stock Exchange
Apr
5
1
LOUIS
ST.
Jan
168% June
Apr
Apr
May
3%
19%
2,200
Aviation Corp (The) (Del)3
Apr
23
143
4
Atlantic Refining (The).25
Cities Service Co
ESTABLISHED
Jan
400
-
Bendlx Aviation Corp
Caterpillar Tractor
FRANCIS, BRO. & CO.
Jan
lc
Tulsa. Okla.
-V
Amer Rad & Std Sanl
Anaconda
"
19%c
1,000
20c
l%c
Jan
100
2,000
7%
Black Mommoth Consol 10c
Calumet Gold Mines... 10c
1%
Alton, 111
Jan
5
1%
1
Pennroad Corp vtc
12
26
'
Feb
St. Louis Stock Exchange
June 17 to June 23, both inclusive,
compiled from official sales lists
a5%
106
5
Mar
7%
Jan
Friday
24
Jan
27%
Jan
Last
Week's Range
for
a7%
a25% a25%
a7 %
al%
40
10
7%
Apr
12%
Jan
Sale
of Prices
Week
General Electric Co.....*
a35%
a35% a85%
25
34%
Apr
44%
Jan
General Foods Corp.'
Goodrich (B F) Co
160
37%
JaD
45
.*
al7%
al7% al7%
107
16%
May
24%
Intl Nickel Co of Canada.*
a48%
a48% a48%
25
45%
6%
Apr
Apr
30
May
39%
Jan
45%
Mar
45%
Mar
Apr
62%
June
Columbia Brew
Apr
22%
Jan
Dr Pepper com
Jan
Ely & Walker D Gds com25
1st pref
100
Class
1
A
*
International Tel & Tel.
.
.
*
Kennecott Copper Corp..*
45"
a0
33
*
a44%
Montgomery Ward A Co.*
51%
New York CentrAl RR
14%
Loew's Inc
*
Nor American Aviation. _1
North
al6
*
22%
Packard Motor Car Co...*
3%
Paramount Pictures Inc.. 1
9
American Co
Radio Corp of Amer
*
a5%
Republic Steel Corp
*
al5%
Sears Roebuck & Co
*
a77%
Socony-Vacuum Oil Co.. 15
11%
6%
Standard Brands Inc
*
Standard Oil Co (N J)...26
.
a43
145
20
51%
238
51%
14%
al5% al6
14%
'
45
160
14
'
Stocks—
Jan
9%
Feb
19%
Apr
19%
26%
June
4%
9
9
100
9
June
13%
35%
36%
15%
16
80
14%
May
20
32%
33
80
31
May
34%
Mar
2% June
9%
Jan
Cocoa-Cola Bottling com. 1
Collins-Morris Shoe
com.
5
com
Emerson Electric pref
FaLstaff Brew com.
_
Jan
8
300
7% May
8
June
2.00
2.00
10%
Mar
50%
8%
Mar
Apr
17%
Apr
37% May
Apr
11%
Apr
71%
47%
Jan
11
31
35
Apr
103%
Mar
42%
a46
50
Jan
Hyde Park Brew com
International Shoe
Knapp Monarch com
14%
Mar
Feb
Laclede-Christy C Pr com *
Mc-Quay-Norris com
*
Feb
Mo Port Cement
69
Jan
com
Natl
Jan
110
Candy
of Prices
Low
High
lor
Week
12%
157% 163%
Shares
8%
60
8%
-
M
«.
tor
Scruggs-V-B Inc
sales lists
Sterling Alum
com
com
Wagner Electric
Apr
706
148%
Apr
12%
170%
30
70
10
28
31
90
June
Apr
58
June
35
8% June
10%
Mar
Mar
4
27%
9
Jan
Apr
36
Apr
30%
Mar
Apr
33%
11%
Mar
6
June
Feb
5
1
com
15
Feb
Mar
75
6
Apr
10
Feb
2
6%
85
85
85
June
90
Apr
40
4%
81%
2%
4%
81%
4
2%
60
2
7c
7c
7%
380
5
5
7%
26%
25%
8%
Jan
Jan
81%
June
June
78%
2
315
7%
5
5%
2%
May
3% June
5c
Apr
15c
Jan
5
Apr
7%
98
4%
Apr
6%
Jan
130
5%
21%
Jan
8%
June
Apr
32%
Mar
27
143
June
Bonds—
High
Low
65
5
30
6%
85
Stlx Baer & Fuller com..10
8%
10
10
_
..100
S Louis B Bldg Equip com *
St Louis Pub Ser com
*
Range Since Jan. 1,1939
2,736
36
5
—
Rice-Stlx Dry Goods com.*
•
78
Apr
72
St Louis Car 6s extd
11
145
Jan
Feb
Mar
May
46%
32%
9%
May
85
60
90
58
32%
36
Apr
5% May
20
90
25
*
100
com
2nd pref
Jan
Sales
Week's Range
Jan
Jan
6%
Philadelphia Stock Exchange
Friday
12
58
*
84%
41%
51%
7.00
10
32%
_.*
*
Preferred
2.00 June
15
58
10
com
35
71
8
8
100
Preferred
Jan
2nd pref
June 17 to June 23, both inclusive, compiled from official
122%
Mar
10%
Apr
70
Hamilton-Brn Shoe com..*
Apr
For footnotes see page 3823.
June
8
1
June
62
Hussmann-Ligonler com..*
Huttlg S & D com
5
125
Jan
115
60
Jan
110
18
20
13%
7%
Apr
14% June
10% June
32% Mar
66
Apr
6
Apr
115
11%
May
102 %
100
Apr
02
150
4
1.100
15%
6%
27
Jan
115
.100
U%
6%
46
_
120
a75% a77%
35
American Tel & Tel
634
June
102
11%
15%
10
76
285
__*
15%
50
31
9%
31
*
2%
25
425
American Stores
2%
__
Jan
10
Sale
1
Apr
a38% a38%
al2% al2%
a78% a79%
a3«% a36%
Price
_
Apr
130
June
36%
5%
6%
36% June
*
1
14%
69%
a42% a43
Jan
30
35
Burkart Mfg corn
50
11%
6%
5
Feb
27
Brown Shoe com...
105
8%
High
Low
417
219
a5%
Range Since Jan. 1, 1939
Shares
35
com
al5%
a5%
al5
42%
Par
High
34%
Jan
5
Stocks-
Low
Price
34%
Jan
a38%
al2%
a79%
a36%
Last
Sales
*
Feb
3%
.
Par
,
55%
12%
al7%
42%
'•
American Inv
170
Apr
a47%
■
Jan
208
Apr
H
June
233
a48%
*
Warner Bros Pictures
.
22%
3%
a4%
a4%
a4%
Westinehouse El A Mfg_50 al00% a!00%«100%
U S Steel Corp
'
22%
3%
Apr
25
United States Rubber Co 10
33
a44% a44%
5%
17%
25
5
33
75
a6%
44%
Texas Corp
Union Carbide & Carbon.*
«6
85
6%
Tide Water Assoc Oil Co.10
45
140
.1
United Aircraft Ccrp
45
6%
al7% al7%
Studebaker Corp
Swift & Co.
vThe)
a5
tUnlted Railways 4g__1934
fTTnlted Railways 4s c-d's
_
72
$1,000
72
29%
29%
10,000
24%
Jan
31%
Mar
29
29%
25,000
24%
Jan
31%
Mftr
June
Volume
Financial
148
Chronicle
3823
R"
Friday
Sales
Last
open
solicited
Pacific
Coast
Stock
which are
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
on
Stocks
Exchanges,
(Concluded)
Columbia Co's Inc A
Schwabacher 8l
Members New York Stock
111
Exchange
Broadway, New York
Hawaiian Sugar Co
Cortlandt 7-4160
Private Wire to
Low
334
60
5
a20e
106
June 17
to
Francisco Stock
June 23, both
Last
Sales
Week's Range
Sale
Par
Stocks—
Price
J
High
Shares
High
Low
Apr
15
30c
900
53*
June
63*
63*
150
6
20c
20c
21c
560
1.60
1.65
350
a323* a323*
a493* a52
50
*
a52~
Mountain City Copper...6
73*
210
73*
73*
12c
12c
17(
20
834
854
301
434
5
310
4
63*
634
137
13234
30
Apr
8 3*
Associated Ins Fund Inc 10
Anglow Amer Mln Corp__l
Anglo Calif Natl Bank.
Atlas Imp Diesel Engine. 5
Bank of California N A..80
131
13234
13
120
12
100
20
325
290
Calif Packing Corp com..*
373*
1936
38
20
2034
..50
52
52
52
Calif Art Title A
Calif Ink Co capital.....*
Preferred..
Carson Hill Gold cap
31c
1
44~
Caterpillar Tractor com.. *
100
Preferred
Cent Eureka Mln Co
105
~~33*
1
com
Chrysler Corp com.
Cons Chem Ind A
785*
ColO
Merc
21
General Paint Corp com..*
Mar
193*
Mar
53*
1.10
143*
Gladding McBean A Co..*
Golden State Co Ltd—...*
*
1
LeTourneau CR G) Inc
6
Apr
100
283*
Jan
29*
53*
6
113*
1024
163*
National Auto Fibres
10
Oliver Utd Filters B
Mar
1.80
Apr
1834
206
15
Apr
203*
Mar
40 H
123
383*
Apr
42
425
22
Ap-
34
100
100
10
2.50
*
Pacific Can Co com._..__*
2.00
63*% 1st pref
The
Feb
/
May
Mpr
People
Mar
securing
anxious
to
There
May
rate
93*
45* Jun<
24 4
J urn
93*
Fe>
13(
5
Fc'
1154
8
Ja»
33* Ma*
:•
Jan
113*
Apr
35f
Mar
53*
Jan
34
113*
Jan
there
The
Ap*
Ap
3334
335*
3054
2,324
Fel
305*
Jar
47
473*
1,198
283*
413*
345* Mar'
335* June
303* June
Feb
493*
1065* 1063*
2134
21H
488
June
the
12434
125
30
114
Apr
133
June
152
80
147
Feb
154
May
in
32
10
413*
Apr
Apr
Jan
Mar
1063* June
22
593*
"under
proper
laws
and
of
out
they
but they too, instead' of drying
have made them flow more abundantly.
underwriters
who
the
from
complicated
carry
various
field.
the life insurance
are
essentially
from
and
companies
that
exhaustive
there is
do not have to tell you that
I
that
the mortality rate and the
are
based upon scientific
of
they
millions
involving
data
people
of
long
over
'
insurance is not guesswork/
Rates are not drawn
they determined primarily by any group of men
are
nor
directors
the
the product
investments;
factual
and
skies
the
whether
fearful of social security, unem¬
somewhat
was
figures
pricing of life
panies
150
32
Ex-rights,
protection
periods of years.
1,40
183*
of
return
income
273*
313*
1063* June
in
a
life
full
computations
2,359
REAR Co'Ltd pref. .100
y
judgment of those in charge of the companies has some bearing
the
rates
on
be
the
Mar
Jan
53*
Feb
63*
123* June
2.40
tell
competition
while
2,396
227
d Deferred delivery.
Ex-dlvldend.
and security from the Government are
their own initiative.
problem that. I wish to dwell upon briefly because
misunderstanding of it in some quarters.
I do not
some
to
seems
2.0(
46
x
Jan
and old-age benefits,
another
books
Jan
534
40.
June
get a larger measure on
is
63*
43*
Paraffine Co's com......*
Mar
54
life insurance throughout the coun¬
of
the wells of private Insurance,
up
152
..100
Preferred
4
ft Ex-stock dividend,
insurance,
industry
insurance
103*
5
4C
Apr
May
44
hank life insurance broadens the base of
the insurance idea to new families
sale
the
insurance
ployment
125"
Preferred.
Pacific Tel A Tel com.*. 100
Feb
694
64
ing helpful in spreading the use of life insurance among
population.
He said, in part:
315*
Pac Pub Serv 1st pref...
Jan
424
the
Jar
93* May
697
44 4
Jan
May
35
Other sidelines were mentioned by Mr. Pink as prov¬
try.
l063*
0% 1st pref
Pacific Light Corp com
June
40
07
Jan
War risk insurance, he continued, has also
prospects.
to
5(
1.80
313*
26 ".3354
26
303*
*
June
extends
and
stimulated
have
16(
1134
and
May
53*
life
said that savings
insurance
31
Pacific Gas A Eleccom.-25
294
Louis H. Pink, New York Superintendent of Insur¬
said on June 22 before the annual meeting of the
Francisco Life Underwriters Association.
Mr. Pink
ance,
Feb
53*
1134
Pacific Coast Aggregates 10
Mar
Jan
300
a Oddlotsales.
bank
Savings
Mar
251
37
Jan
properly administered," offers no real threat to life insur¬
163*
4
434
534
Paauhau, Sugar Plant.-.15
233*
273*
27 4
Pink, Who Addresses Annual Meeting of San Fran¬
163*
9
.
Mar
26 4
cisco Life Underwriters Association
2.00 June
1(
254
War Risk and Savings Bank Insurance Stimulate Sales
of Regular Life Insurance, According to Louis H.
1U8 3*
45*
24»«
265
Apr
153* May
t In default.
Apr
634
10
20
443*
Listed,
June
1034
954
Feb
30
r
June
113*
23(
74
90
Cash sale—Not Included In range for year,
10
1,08(
Jan
275
r
102
6(
1,54/
1634
17
43* May
45*
245*
6% preierred.. *.....100
North Amer Oil Cons
Feb
1.40
634
100
com
Jan
Feb
10
"1034
*
N Amer Invest
1.40
233*
123*
2.25
1
com
Natomas Co
Mar
Apr
May
172
10
2.25
1
com
Apr
June
1.65
1554
Meier A Frank Co Inc.. 10
Co
95*
93*
153*
Apr
Apr
Jan
1434
32
"I 04
6
Menasco Mfg
Jan
Mar
90
63*
100
Preferred
March Calcul Machine
95c
18
,
83*
34
3334
53*
1034
1034
102
1023*
"33 4
1
Llbby MeNeill A Llbby..*
Magnln A Co (I) com....*
4
s3
5
San
Jan
Mar
403*
10
Leslie Salt Co
Feb
473*
43*
June
1.60
15
1834
18 X
*
6
473*
5
92
Jar
100
Langsadorf Utd Bk A
Jan
Apr
300
a353* a363*
a363*
43*
Apr
3.50
1.65
43
43
*
5
Apr
7
Hunt Brothers pref
Apr
84
308
263*
283*
5
•Noparvalue.
45*
50
Warner Bros Pictures
1.05
30
14
263*
283*
Jan
Apr
18
25
3
80
25
18
West Coast Life Insur
Jan
Feb
Honolulu Plantation Co.20
243*
United Aircraft Corp cap.6
United States steel com..*
ance,
14
550
Jan
*
.25
Sup Pore Cement pf A
793*
286
25
21 4
*
com
com
53* % pref
June
Mar
1.05
10
Preferred
So Calif Edison
103*
30^
19
June
175
42
613*
1.05
215*
6
Jan
June
Apr
19
120
6
Apr
,
Mar
423*
Apr
13 J4
1334
Feb
53*
44
63*
•
21
Honolulu Oil Corp cap.. .*
Mar
194
100
Jan
37
5,556
Jan
84
Apr
5
353*
18
383*
95*
1334
64
Apr
53*
Jan
160
634
Apr
53*
13 J*
5
68c June
65c June
329
83*
94
35*
109
185
5
14
21
6K
250
53*
Jan
10
33*
63*
Riverside Cement Co A__*
Schumach Wall Bd com..*
Jan
91
100
Feb
150
Mar
Jan
4454
654
634
Hale'Bras Stores Inc
255*
Apr
Apr
20
14
30
*
Holly Development
Feb
Apr
190
52 4
Mar
21
10
Preferred
85
108
4
260
•
Jan
Apr
Jan
Apr
4434
Laundry..*
com
8
92
14
Apr
9
10
404
391
Shasta Water Co
Jan
2.50
Apr
44 3*
233
Apr
33*
Jan
77
225
Jan
1.50
29
6
Mar
193* June
940
413*
,1.10
25
543*
43*
37c
33*
Mar
Apr
Apr
107
June
34
June
45c
163*
100
42
9034
Foster A Kleiser com.. 23*
Galland
68c
413*
92
June
523*
782
"
1734
p
Emseo Der 4c Equip Co..5
203*
Jan
370
53*
1034
42
Fireman's Fund Ins Co.-25
Apr
Mar
30c
1033* June
100
80
65c
2
50
General Motors
5,500
173*
93*
79
Emporium Capwell Corp.
Preferred
20
1634
Cypress Abbey Co
Fireman's Fqnd Indm
£0
53*
*
Pref fww)
405
1934
6
com
Preferred
1,800
173*
*
Creameries of Am Inc vtc. 1
Crown Zellerbach
4
Jan
June
33*
553*
280
71
105
123*
33
405*
1023*
614
106
33*
693*
71
5
Coast Cos G & E 1 st pf. 100
Cons Airsraft Corp eom__l
Jan
Apr
133*
.
44
17
213* June
483*
30
400
105
4334
Jan
Feb
Mar
20c
213*
73* May
Apr
93*
Feb
190
Mai
35
1,969
33c
53*
4>* May
Apr
20V*
1034
Mar
103* May
May
Apr
124
13
20
Jan
30c
12c June
2034
1034
Byron Jaekson Co
Calais be Sugar pref
10
94
*
com
Jan
Apr
153*
213*
North Amer Co
Mar
35c
7
153*
3 3*
Nash-Kelvlnator Corp
5
North American Aviation 1
Mar
27
Jan
6
Jan
1074 June
Jan
424
Jan
"""63*
..
Alaska Juneau Gold Mln 10
Jan
June
Packard Motor Co com..*
Radio Corp of America.
*
Range Since Jan. 1, 1939
Jor
Week
of Prices
Low
12 3*
53*
Montgomery Ward A Co. *
inclusive, compiled from official sales lists
Friday
Feb
June
22
*
com
Kenn Copper Corp com
Exchange
74
374
313*
Italo Pet Corp of Am com. 1
Italo Pet of Amer rref..
1
San
Mar
Apr
75*
59
o20c
a20c
64
43*
328
24
High
Jan
31
392
73*
al073*a!07 34
a343* a363*
233*
*
Low
4
120
a53*
36?*
83*
36
a35~
Range Since Jan. 1. 1939
Shares
434
a5
363*
Mines..1
Inter Tel A Tel Co
High
43*
20
Hobbs Battery Co B
Idaho-Maryland
offices In San Francisco and Los Angeles
own
Week
*
Curtlss-Wright Corp... .1
Domlngues Oil Co
Elec Bond A Share Co
5
Fibre Brd Prod pr pref. 100
General Electric Co..
*
Co.
for
of Prices
Price
Par
com
Week's Range
Sale
Orders
of
one
company
representatives
the
or
of
many
Rates are based upon cost and experience, and differ materially
in the various types of insurance.
Even when
initial rate is similar there is nevertheless competition between com¬
companies.'
different companies and
in
because
each
higher
pay
some
company
Jan
dividends
management
upon
others,
than
and
the
depending again
mortality
and
income
experience.
60
8
8
834
412
8
June
163*
Jan
14
14
1454
520
14
June
23
Jan
2.30
1
Rich field Oil Corp oom
•
8
Aeronautical Co—11
A pr
33*
Jan
103*
Juqe
Apr
373*
200
143*
Jan
83*
1,475
63*
Apr
103*
Jan
6
1,940
153
73*
Jan
534
534
1.75
"12"
Soundrisw Pulp Co com..5
.
1.75
12
12
451
85
85
"343*
345*
123*
125*
345*
1254
100
_
2 25
40
13
73*'
Schlesinger Co B F corn..*
So Calif Gas pref ?er A. .25
Southern Pacific Co
250
30
13
.a.50
53* % Pref A
2.30
30
Republic Petroleum com.l
100
10
30
6
Mar
1.75
793*
Apr
2.00
Jan
193*
Jan
96
Jan
May
100
32
Jan
605
<
103*
Apr
So Pae Gold Gate Co A..*
9c
9c
534
554
130
26
26
-
263*
1,402
Super Mold Corp capital 10
353*
3434
&3*
485
40c
45c
200
1234
1254
258
93
9c May
100
Spring Valley Co Ltd....*
Standard Oil Co of Calif..*
Jan
Apr
11
343* June
Jan
213*
35c
Jan
Mar
Apr
55*
29*,*
Jan
353* May
43*
253*
Apr
21
The
May
1
Rheem Mfg Co
Preferred——
May
...25
Rayonlsr Inc com..,
Rayonler Inc pref
Ryan
32
Mar
only fixing of
insurance,
*
Tide Wat Ass'd Oil com. 10
Preferred
1234
113*
91
Apr
May
90c
Mar
14 3*
Jan
93
10
554
6
6,829
53*
May
95**
73*
Jan
1
30c
33c
1,462
21c May
65c
Jan
25
1634
534
115*
860
163* June
53* June
193*
83*
10
1534
1 534
125
12
10
280
""53*
...2
Treadwell Yukon Corp
Union OH Co of Calif
Union Sugar common
25
United Air Lines Corp
Universal Consol Oil
,
291
Wells Fargo Bk A U T. 100
123*
Co 10
1234
291
1234
520
310
83*
Jan
Feb
Jan
Apr
133*
Apr
17
Mar
Apr
300
Jan
433
113*
Apr
19
Jan
100
23
Apr
365*
24
25
a234
a234
1254
300
162 3* al5734al63J4
749
Yel Checker Cab ser 1..50
Mar
Unllstsd—
Amer A For A Pwr com
Am
Rad A St Sntry
—...
1234
*
American Tel A Tel Co. 100
a
9
Anglo Nat Corp A com—*
3
43*
4it
1
13*
5
a23»4
113*.
Rights
Bendix
Aviation
Com
Bunker Hill A SulliVan 2.50
Cal Ore Pwr 6% pf
P1t1e«
QprvW
Co
com
43*
a5 34
«6
I
50
125
60
10
784
113* June
Apr
1473*
38c
Jan
213*
Apr
Apr
m
43* June
78
1.15
a6
378
50
100
55
10
137
17
13*
Mar
170
Mar
67c
36
83*
33*
18
Apr
113*
Apr
293*
143*
65
Apr
78
6
Mav
Mar
Jan
4ie June
Apr
1.00 May
Mar
Jan
113*
41» June
2,1<?7
15*
15*
a2354 a2354
115*
113*
1.15
10
10
9
43*
78
'27.100
Calwa Co com.—
46c
a23f* a243*
Anaconda Copper Mln..50
Blair A Co Inc cap
12
46c
Amer Toll Bridge (Del) —1
Aviation Corp of Del
that I know of is in connection with group
the industry, still experiment, and these
representatives of the various companies
of
made
by
first
and
year
no
other,
and
that is done in
order to avoid
dangerous
between companies and to prevent the favoring of one class
policyholders over another.
After • the first year the cost of group
insurance
is
dependent upon the experience in the particular factory,
competition
of
business
or
industry
have
We
passed
covered by the group
upon
adequate staff or facilities
the
actuarial
reports
do have
and
we
a
data
given
the'
group
rates
policy.
in
our
State.
We
have
no
for gathering the figures, and have to accept
to us by the companies, which is included in
of the two leading actuarial societies of the country,
but we
competent and experienced actuary who passes upon all requests
are
convinced that the initial rates for the first year are reasonable
Jan
5
1634
534
1134
——
Transamerica Corp
Western Pipe A Steel
40c June
are
only for hazardous industries, involving about 30% of the group business.
The so-called° "T" or uniform rates for group insurance are fixed for the
the
Thomas AJlec Corp A
rates
branch
new
a
recommendations
1.25
0
Jan
Feb
Mar
June
Feb
Feb
and
not
excessive.
California
Business
Improved
Further
During
May,
According to Wells Fargo Bank & Union Trust Co.,
San
Francisco
it
of
1938 levels, according to the current "Business Outlook"
released by Wells Fargo Bank & Union Trust Co., San
Francisco.
The Wells Fargo index of California business
activity stood at a preliminary May figure of 97.9% of the
1923-25 average, as against 97.7 in April and 94.5 a year ago.
Building activity continues at high levels, the $21,469,828 in
permits issued at 55 California cities in Mav being 9% above
the preceding month and 24% ahead of the same month a
year ago; January-May permits - totaled $97,558,883, an
increase of 23% over the corresponding 1938 period.
California business improved slightly during May, as
did also in April and March, and is still running ahead
Financial
3824
1939
June 24,
Chronicle
Canadian Markets
LISTED AND UNLISTED
Montreal Stock
Issues
Provincial and Municipal
June 23
Closing bid and asked quotations, Friday,
Exchange
Sales
Friday
6fl
i%n
1 1948
Jan
Oct
Ask
Bid
Province ol Alberta—
1 1956
Provlnoe of Ontario—
6s
12 1949
July
63
64
-
1 1941
97
98 H
94
2 1959
95
4 Hs
....Mar
111%
Feb
1 1958
103
May
1 1961
112H 113%
109H
U0H
...June 15 1943
83
85
6Hs
Nov
118%
4Hs
15 1946
83
85
1 1961
109% 110%
79
81
Oct
Preferred.....
Railway Bonds
Sept
4H8
15 1942
Deo
6s
15 1944
1 1944
-July
6s
25
32 %
25
8
25
66%
66%
14
66
Mar
70
Jan
41%
41
41%
2,076
38%
Apr
43
Mar
42%
44
101
41%
Jan
45H
43%
100
May
61
Jan
1,401
70
Apr
82
Mar
195
23
Apr
29%
Mar
19
156
10
92%
Placer Development
4%b
July
1 1960
86
86%
1 1951
Quebec Power
*
118H nm
116H 116%
4H8
1 1956
1 1957
Feb
4 Hs.
July
1 1946
July
Atk
123 % 124
Grand Trunk Pacific Ry—
116H 117
4s
Jan
100
St Lawrence Corp
Jan
1 1962
6a..
July
1 1969
116H 116M
68...
Oct
1 1969
1 1970
99% 110H
120H|120^
...Feb
5b
120
Last
Week's Ranye
of Prices
High
Low
Algoma Steel Corp
*
2.00
5
10H
100
16%
110
100
.....
.*
40
13%
13%
17%
17%
17%
2%
'16"
"95"
100
Brazilian Tr Lt 4 Power.*
British ColPowerCorpA.*
60
*
8H
30
,.25
Celanese
*
Preferred 7%
100
*
Rights..
Canadian Cottons
"22%
17%
110
20
Canadian Pacific Ry
Cockshutt Plow
25
4%
Apr
22%
Mar
14%
Jan
25
110
..100
Simon (H) & Sons
Simpsons pref
—t.
.
._
"lis"
Canada"
_*
10 %
74%
74%
310
67
74
74%
320
66%
5H
163
10
5
6
160
"5%
Vlau Biscuit
4
100
*
...
4
3
3
10
69 H
28 %
Jan
Jan
16%
June
June
112.
May
115
40
1.60
Apr
2.00
Jan
167 %
Feb
30
June
31
100
166
167
4
Commerce
100
167
169
88
160
Apr
178
Jan
Mar
222
Jan
Apr
310
Feb
Apr
193
May
Montreal
100
214
210
214
384
203
Nova Scotia
100
302
302
302
311
300
100
191
187
191
392
178
Royal
Zellers Ltd pref
24%
June
both inclusive, compiled from official sales
lists
25
........
May
Montreal Curb Market
178
June
Friday
Last
9%
2,245
27,H
255
16%
1,430
7M
Jan
12%
Mar
22 H
14 .
JaD
28
Mar
Apr
17
Mar
June 17 to June 23,
Sale
Stocks—
200
23
Apr
28
7M
7H
500
7
Apr
10%
96H
232
89
Apr
102
Mar
115
14%
18
Mar
7%
1.80
127
Apr
1.70 May
Par
6% cum pref
16
9
313
30
70
7H
32
Jan
June
Price
of Prices
High
Low
cum
4
4
100
_i
4%
2%
Aluminum Ltd
10 H
Jan
Beauharnois Pow Corp... *
39
Jan
7%
cum
*
:
Jan
Brit Amer Oil Co Ltd
570
125
98
4%
4%
19H
17%
111
Mar
21
*
22
26
June
10
Jan
2%
Feb
Canadian
.*
22
1%
Mar
2%
Jan
Cndn Industries Ltd.B—*
198
4%
1,353
Jan
Canada Malting Co Ltd..*
Can Nor Pow 7% cm pf 100
111
June
Can Wire & C 6% cm pf 100
107
Mar
Canadian Breweries Ltd..*
Brew,
pref
5 % cum pref..
5%
Apr
6%
8%
Jan
310
Jan
Cndn Vickers Ltd
610
37%
May
61%
Jan
Canadian
*
Ltd
1.20
18
225
Jan
19
June
Consolidated Paper Corp. *
113
113
108
Jan
115
Mar
162
150
Jan
162
Apr
12%
Jan
5
Apr
7%
May
4%
5%
445
4
Apr
7
76
1
64
50
55
Jan
65
Mar
153
May
153
May
3%
Apr
9H
Apr
15
Jan
Jan
33
Mar
Foundation Co of Canada *
8M
8%
25
7
Apr
11%
14
•
100
94 H
•
5H
Rights
14
221
11%
Jan
16%
94 H
95
404
88
JaD
95
4%
GoodyearT pref lnc '27..50
Gurd (Charles).
*
Hamilton Bridge
5
Howard Smith Paper
Preferred
4%
*
Hollinger Gold Mines
*
15
Imperial OH Ltd
•
Preferred
Intercolonial Coal
3%
Mar
8%
25
6
Jan
8%
Mar
100
11
Pi ef erred
15
1
115
108
6Hc
6%c
1.00
75
1.00
May
12%
12%
65
11H
May
*
1.75
1.75
50
1.25
Jan
Mar
*
*
European Electric Corp. 10
£1
16
Jan
Jan
Voting trust ctfs
*
*
9%
120
8
Apr
17%
Mar
June
Mar
6H
Jan
6
Jan
Hill crest pref
"19%
1.75
32
Inter-City Baking Co. .100
*
4%
4%
Intl Utilities Corp A
*
8
8
1
50c
55c
B
Lake St JohnPA P
*
10
10
Loblaw Groceterias A
*
24
24%
23%
B
23H
*
96%
161
88
May
96%
June
Massey-Harrls5%cmpf 100
MoColi-Fron 6 % cm pf. 100
32 %
14
32%
300
25 H
Apr
35%
Jan
15
5,159
14
June
16M
3,248
15M
17%
16%
Mar
16M
7%
7%
500
55
10
50
Mar
55
May
75
15
June
20
Jan
26 H
Jan
"48"
47%
48%
2,102
42%
Apr
66 H
Jan
Sou Canada Power
*
21%
21%
22
2,717
20%
June
27%
Jan
77
77
11
74%
June
81
16H
17
110
13%
Apr
Lake of the Woods
Secord
100
•
3
Lindsay (C W)
MacKinnon Steel href. .100
"16%
12%
17M
June
Mar
85
11
Apr
13M
Jan
4
4
340
4
Jan
5H
55
35
12M
12%
55
Jun
e
62
Feb
Si
•
cum
pref
No par value
*
9
280
Apr
15
Apr
60 %
Feb
94
5%
Jan
Apr
104
104
90
101
Jan
105
7%
4%
109
Jan
Jan
Apr
97
.
Jan
Mar
16%
8
125
9%
June
6H
Apr
104
*
*
23% June
100
9H
Jan
24%
Jan
100
100
Walker-Good A Worts (H>*
Mar
55
Walkervllle Brewery
20
Apr
83
90
25
Jan
29%
10t
5%
May
Jan
Jan
70c
22 %
370
5H
7%
Apr
23
50
10%
June
9
Jan
May
8%
5
Jan
1.75 June
32
Apr
45c
125
42
10%
United Securities Ltd. .100
Quebec Tel & Power A
7%
8
90
Provincial Transport Co. *
•
10
35
90
Apr
1.75 June
25
400
90
Melchers Distilleries pref 10
Mitchell (Robert) Co
*
Internat Pet Co Ltd
25
40
Page-Hersey Tubes Ltd..*
Power Corp of Canada—
cum 1st pref
100
Jan
3%
65
42
MacLaren P & P Co.....*
Mar
Feb
1.75
32
Intl Metal Industries
Intl Nickel of Canada
Preferred
Jan
Jan
15M June
Apr
6
Jan
Jan
June
10H
13 %
23
8
23 %
Jan
30
5H May
Feb
-
Apr
Apr
25
8
115
7%
33
Apr
13%
16
6
-
6
10
15
5%
Apr
150
17
6M May
7%
Apr
3
31
330
445
7M June
3
10
V
4.50
*
1,755
Mar
Jan
204
3
Feb
200
Aircraft Ltd
Fleet
15M
10%
25
25
7%
32
3%
3
31
»
Mar
2.50
3%
31
Jan
3,H
17
6%
Falrchild
55
15
16%
1.75
6Hc June
4%
Jan
Mar
6%c June
5c June,
19%
June
May
5c June
19%
9%
8
1
96
Apr
58
5
Jan
5c
5c
June
6H
Jan
3%
Fen
7%
4
Apr
30
2.50
Apr
*
Apr
20
100
Jan
3%
6
6
6
13
1.50
1,651
Aircraft Ltd
Ford Motor of Can A
2%
55%
Jan
235
4%
4
6Hc
,_*
Jan
1.85
13
1.80
12%
95
100
Intl Bronze Powders
5%
4%
490
Dom Oilcloth & Lino
May
Jan
26
10M
»
Imperial Tobacco of Can.6
5%
4%
1
100
Hudson Bay Mining
5%
58
5H
—
Gypsum Lime 4 Alabaa..*
5H
58
10
3
5c
Donnacona Paper B
Mar
45
45
7
Donnacona Paper A
10
Mar
May
2% June
Feb
10
1.00
—
Jan
2.24
1,210
*
..._
Jan
23
June
3H
...
156
23 %
General Steel Wares
B
1.80
Apr
1.98H
10
*
Preferred
Cub Aircraft..
64
Mar
Preferred....
Jan
18
135
,
107H June
Apr
3
13
j*
David & Frere Ltee A.
156
19
Gatlneau Power..
Mar
7M
155
1.10
45
4%
3,723
Jan
May
22
198H
8%
18
11%
7%
112
Jan
101
3%
1.80
7%
June
2
*
com.,
38
107
580
<
Feb
Feb
28%
Jan
45
2%
5% cum pref
1
.15
Commercial Alcohols Ltd. *
Consol Diversified
32H
78
107 %
,__*
Jan
Mar
'
1,035
111
107H
1.15
100
Wineries
.
Ill
%
37
200
Feb
June
1,123
1M
23 %
23%
37%
25
23 %
A pr
26%
260
Famous Players C Corp..*
Jan
37
1%
6%
4%
19 H
25%
1.90
30
115
2,415
37
Feb
Mar
Apr
Mar
4%
26
102 H
13
20
,
5%
95
105
440
141
12%
Jan
3%
Feb
4%
■
Feb
Jan
29M
Jan
Jan
Apr
11
Jan
135
95
6%
10M
3
22
11
98 %
29 H
529
4%
15
101
_*
Jan
15
10
50
140
12
20
78
Apr
99 %
20
Jan
11.5
30
12
102%
91%
77
Mar
99 H
pflOO
Canada & Dom Bug (new) *
cum
9M'
20
Jan
11
Calgary Pow 6%
65
155
Jan
21%
Mar
British ColumblaPackers. *
6
Apr
May
June
165
3%
'
.
June
65
65%
5%
2%
22%
4%
22 H
20
Feb
3%
20
.
140
137
Brewers & Dist of Vane.. .5
Jan
Apr
275
May
50c
128
128
100
pref
18
17%
High
Low
1,573
4%
34
7%
Week
Shares
60c
100
pref
55c
June
880
for
1, 1939
'
Abitibi Pow & Paper Co..*
17% June
Jan
10%
1,070
23
Range Since Jan.
Jan
Mar
Jan
...i
Laura
Sales
Week's Range
20
3M
Apr
200
24%
24%
20%
*
Mar
162
Canadlenne...
Jan
English Electric A
Jan
1.65
Apr
Dry den Paper
Apr
1.65
Jan
76
48
*
B...
16
"64"
Jan
Apr
47
Jan
24 H
15
*
3
2%
105
100
Feb
Mar
480
..100
7
1.50
18H
Preferred
Feb
170
135
29
"~4%
Mar
Jan
May
3%
2%
1.80
166
162
June
7
1.75
601
11
June
74%
•
Winnipeg Electric A
178
162
77%
Apr
10
29
11%
Apr
Mar
55 H
Jan
.
Jan
12
55H
Jan
6%
Jan
June
Feb
10
'
42
Jan
90 H
100
-.100
Electrolux Corp
5%
163
17%
Dominion Stores Ltd.....*
Preferred.
Apr
180
17^
Dominion Textile.
June
11%
75%
29
*
90%
11%
*
26
10O
Dom Tar 4 Chem
110
Jan
9
»
Catelli FoodProfis
Preferred
Jan
90%
Jan
6%
Dominion Steel 4 Coal B 26
7%
May
110
40
.
11%
25
100
Jan
7H
115
90 H
.100
;
18 %
7%
115
*
15
4
Jan
May
Jan
41%
Dominion Glass
8
10
15
6%
*
100
400
35
41 %
Seagrams..!
9%
Jan
1,258
17
*
Dominion Bridge
Dominion Coal pref
Apr
4%
10%
8%
Consol Mining 4 Smelting 5
Distillers
107
Apr
20%
\%
*
Jan
Apr
2%
10
20%
1.90
Canadian Indus Alcohol..*
98
103 H
19%
Shawlnlgan W & Power..*
Sherman-Williams Canada*
1.50
102
9H
June
65
1,076
42
103 H 103 H
Canadian Cottons pref. 100
Class B...
Jan
Apr
108 H 110
Jan
4H
22
65
100
Cndn Fairbanks pref...100
Cnd Foreign Invest
.*
14
Apr
10 H
Jan
Mar
19
Jan
15%
Apr
10M
21%
16%
June
,20
2H
92 H
Jan
Apr
8H
16
200
Apr
50c
30
14%
Apr
6
1.75
June
18
16
Canadian Car 4 Foundry.*
Preferred
Apr
19
24
12
21
96 H
100
Can North Power Corp
*
Canada Steamship (new).*
6% preferred
June
15
27
■
175
Jan
57%
25
15
■16%
Jan
Jan
May
213
.
40
211
35
23 Hi
Canadian B ronze.
Jan
17%
51H
9
9%
27%
16%
19%
235
95
9%
175
175.
*
Preferred
2.50
Apr
126
6
12%
Apr
107
2%
17
Bllolo Gold Dredging
Canada Cement
1.50 May
1,358
7
May
Banks—
16 M
113
June
125
June
9
9%
2%
95
107
1.00
6
*
Building Products A (new)*
High
14
6H
•
11%
125
190
40
1.00
100
Bell Telephone
,
29
Bathuret Power <k Paper A*
Bawlf IN) Grain
Preferred
50
70
23
-16 H
Low
23 H
70
"23 %
*
Assoc Tel & Tel pref
Canadian
50
—*
Breweries
Preferred..
2.00
18%
10%
10 %
100
Preferred
Asbestos Corp
ABBOciated
Range Since Jan. 1, 1939
Week.
18M
*
.....100
Alberta Pac Grain A
Preferred
for
10
386
10H
22
Preferred...
Shares
115
Feb
42H
26
United Steel Corp
Bales
Hale
Price
June
9%
10%
Tuckett Tobacco pref. .100
Exchange
both inclusive, compiled from official sales lists
Par
38
22
Preferred...
Stocks—
125
25
Steel Co of
'120H
Friday
38
50
Tooke Bros pref.
June 17 to June 23,
Mar
St Lawrence Flour Mills..*
Southern Canada Power.. *
Montreal Stock
Jan
102
*
Preferred
109 % 111
1 1962
3b
15
May
St Lawrence Paper pref. 100
Bid
6Ha
June
99
2%
Regent Knitting
Rolland Paper pref.
115% 115%
Sept
4%b
14
20
13%
100
Preferred
96%
92
40
99
115
115
*
14%
98
38
*
96
Mar
162
Mar
14
100
1 1954
160
160
98
Power Corp of Canada
1 1946
Canadian Northern Ry—
...June 15 1955
4Hb
Feb
78%
*
Deo
Ask
Canadian National Ry—
Mar
27
A preferred
Hid
June
47%
100
Sept
Government Guaranteed Bonds
33
28
78
Saguenay Power pref... 100
Dominion
Apr
29%
26%
'.
5s
113H 114%
May
May
78
Price Bros & Co Ltd
Ask
,
4.365
.
35
June
35
*
4Hs
74%
73%
101% 101%
92
92%
32
66%
100
Preferred
Bid
Atk
Canadian Pacific Ry—
4b perpetual debentures.
32%
1...100
—
Preferred
Canadian Pacific Ry—
20
27
Ogllvle Flour Mills
Ottawa LH4 Pow
Bid
20
_.*
Mines Ltd
Penmans—
Mar
7%
Feb
6
35
47%
•
25
National Breweries
Preferred
Jan
7H
Apr
4H
5H
6
Montreal Tramways
Noranda
High
Low
400
6%
5%
Consol
*
Mortgage...25
100
Mti Loan &
Week
35
100
National Steel Car Corp.
Prov of Saskatchewan—
6s
15 1952
1 1960
.Sept
4 Ha
111
Shares
Price
Massey-Harria
Mont L H & P
2 1950
Mar
110H 112
108
Province of Nova Scotia—
6s
Par
(Concluded)
for
of Prices
Law
High
McColl-Frontenac Oil—
116
i%a
15 1960
15 1961
Apr
Apr
4Hs
15 1966
111
4s
97
Prov of New Brunswick—
4 Ha
109 H
Province ot Quebec—
95
Deo
5b
1 1962
Stocks
Montreal Cottons
June 16 1964
Aug
4 Hs
6b
1 1959
4Hs-.--.-Jan
103
102
15 1943
..June
6s
105H 106 H
Oct
1 1953
Province of Manitoba—
4Hs
Sept
May
110% 111
115% 116H
122
123H
4s
66%
Week's Range
Sale
Ask
6a
65%
Prov of British Columbia—
6b
Bid
1 1942
Oct
—_
1, 1939
Range Since Jan.
Last
Jan
Jan
7%
3.50
6H
Feb
7H
Mar
4%
10
4%
Jan
4%
Mar
110
5
107
109
Jan
May
5%
1.05
5%
35
5%
June
6H
Jan
1.05
1.05
155
1.00
Jan
1.40
Jan
44 H
70
38*4
Apr
50 H
Jan
19%
June
20 H
Jan
44
20
20
.
Volume
Financial
1*8
Chronicle
3825
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
Stocks (Continued)
High
Low
Par
Canadian
Mines—
Aldermac Copper Corp
*
32c
33c
1,700
30o
2c
2c
lc
Jan
13c 13%c
1,000
3,500
8%c 8%c
12%c 13%c
3,100
Arntfield Gold Mines, .i
l
—
Beaufor Gold
1
8% c
Big Missouri Mines..
1
13c
Jan
50c
Apr
„—*
Arno Mines
Breweries
Canadian
10c
Jan
16%c
Feb
Cndn Bk of Commerce. 100
Canadian Can
1
*
8c
Apr
14c
Feb
Canadian Can A
12%c June
28c
Jan
500
2%c June
_
B
20
__
He
4.000
4c
Mar
8c
Mar
2%c
1,500
l%c
Apr
3%c
Feb
Can Car & Foundry.... ■.*
Preferred
2-r
Jan
Canadi an Dredge
Cent Cadillac (new)
1
Central Patricia Gold
Faleonbrldge
Jan
Canadian Oil
Jan
900
285
3c
2 He
3%c
31,500
2c
Apr
8c
Jan
CPR...
2.55
1
Eldorado Gold M Ltd
Jan
29c
2.74
400
12c
33%
2.50
2.55
15,200
2.10
Apr
2.80
Jan
Canadian Wine
2.20
Apr
13 %c May
Apr
Jan
1
1.23
1.30
1,100
1.04
Apr
2.35
*
5.25
5.25
330
4.50
Apr
6.00
Mar
Francoeur Gold
*
20c
20c
200
16c
Apr
27c
May
Inspiration M & D Co
1
30c
30c
22c
Apr
44c
Jan
5%c
1,500
11,500
3c
Apr
1.62
1,300
Nickel
Joliet-Quebec
16
52 H
4%c May
45c Jan
20c June
8c Jan
4c May
Apr
5.80
Jan
Jan
58%
Mar
4%c May
1.39
Jan
50c
Jan
85c
Feb
770
5
Apr
8%
Jan
1.74
Mar
Conlarum
Mines
Consolidated
*
Bakeries
*
Cons
Smelters.
Consumers Gas
6
"41%
17
100
33
4c
May
150
2.10
Apr
2.55
Mar
1.85
1,650
i.45
Jan
1.95
June
4.60
4.80
575
4.60
Apr
5.60
Mar
Pioneer Gold of Brit Col—1
2.50
2.50
500
2.35 May
2.65
Jan
Dominion
Premier Gold
1.85 June
2.17
Feb
Apr
1.72
Jan
2c June
5%C
Jan
Apr
1.83
June
2c June
4%c
Jan
Dominion Tar pref..-..100
1.44
Jan
Dorval Siscoe
Jan
Duquesne Mines
Apr
Jan
Denlson
2.80 June
4.80
Jan
Distillers
JaD
1.81
♦
Sudbury Basin
*
Sullivan Consolidated
49c
1,400
94c
Apr
1.19
2,540
96c
Apr
43s
2,600
40o
Apr
20,701
46o
Jan
2.15
"sic*
1
Sylvanite Gold
1.30
49c 51 He
.1
Stadacona (new)
1,000
43c
1.15
1
Sladen Mai
900
2c
97c
1.15
..1
Slscoe Gold Mines Ltd
1.83
2c
94c
1
2.15
400
1.65
1.03
Feb
2 75
Jan
81c
87c
2,430
7«c
Mar
1.01
3.40
3.40
500
2.80
Apr
3.55
Jan
3.95
Mar
"
Teek-Hughes Gold Ltd...l
Thompson-Cadillac.i
1
4.35
4.35
50
May
4 60
Mar
5%c
4c
12c
14,300
4c June
31c
Feb
Ventures Ltd
4.90
4.90
4.90
200
4.85 June
5.75
Mar
10
7.00
200
5.70
Apr
8.10
Jan
ile
"lie
..1
Wright Hargreaves
,
7.00
*
Wood Cad
12c
6,500
8%c
Apr
18 Ho
Jan
8.25
120
8.25
„♦
7.50
Apr
8.85, Mar
Oil-
Anglo Canadian Oil
100
—*
Brown Oil Corp
Jan
14%c
June
27 %c May
80c
Apr
70c
Feb
1.26
14
2.40 June
Apr
Apr
17% June
May
61
Jan
Apr
183
June
16% June
22
Jan
35
Mar
37%
175
27
Jan
30c
29 %c
32c
7,985
27C
Apr
12c
12c
13c
2,600
9%c
Apr
16c
.Jan
17%
18%
700
16%
Apr
20%
Mar
84
Apr
87%
Mar
Seagrams
*
...
Dome Mines (new)
*
Dominion Bank
18
25
Foundry
...»
Preferred—
32%
208
21
IS
18
20
22%
23
140
"~18"
23
29
11%
•*
.
1
7%
7%
79
79
79
f
5c
1
—
11%
5c
.
1,415
•
745
10
5%C
30%
200
8,400
60c
.
34
Jan
Mar
210%
Apr
Jan
Mar
15%
Feb
19
June
19
Apr
25
Feb
5
75c
75c
28
25
Dom Stores
685
33%
207
50
Dominion Steel B
5
85
85
"33%
...100
pref.."
East Crest
Oil
75c June
25
2.00
7%
4%
73
Jan
30
Apr
Jan
Feb
12%
May
Jan
7%
79
Feb
May
June
9%o
Mar
27C
Mar
13o
4%C June
Mar
15
17
5%C
6%c
2,000
2.50
2.58
26,100
Apr
2.79
109% 109%
10
105
Feb
.110% May
5
22
June
16
*
6c
1
'
2.56
East Malartlc
Eastern Steel pref
100
Economy Investment
14,400
22
1
1.25
1.35
7,796
5%
10
5%'
.25
........
22
1.25
25
Eldorado.
Equitable Life
*
14C
Apr
~5~25
5.25
5.45
1
5% June
2.02
Mar
30
Jan
Apr
2.36
8
Feb
4.50
Apr
6.00
Mar
19
Apr
1.05
5
Apr
Jan
23%
22%
23%
1,305
1,410
1
4%c
25,800
3%c June
8%C
Jan
4%c
4%C
4%C
5%c
—1
"2,500
4c May
17c
F'eb
*
19%
19%
4%c
19%
2,123
16%
Apr
23%
Jan
9c
8%c June
15c
Apr
14%c
Jan
Faleonbrldge
Fanny Farmer.
Federal-Klrkland.
Ferland.
t_
..
300
20c
80c
Apr
1.51
Jan
Francoeur...
100
100
20c
20c
*
19c
Jan
31c
Jari
Gatlneau Power
200
2.09
*
Preferred
...100
2.09
2.07
1.93
Jan
2.75
Jan
38c
38 c
100
38c
Jan
75c
Jan
2T~25
2.23
2.31
3,970
2.00
Jan
3.70
Jan
General Steel Wares
»
35 %
35%
185
31%
Apr
44%
Jan
Gillies Lake
*
Dalhousie Oil Co
*
Home Oil Co
-
Royalite Oil Co
"
36
"
Rights.
_..... _
Sales
Par
Stocks—•
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Shares
Low
High
60c
100
preferred
Acme Gas
50c
Mar
2%
Jan
3%
June
Jan
Jan
Mar
5c
2c
1
Alberta Pacific Grain
5%c
3,000
4%c
Apr
21%
9%C
2c
2,200
2c
Feb
4c
1%
June
1H
_*
20
Alberta Pac Grain pref 100
Aldermac Copper
*
5
1H
31c 31 He
3,815
IP %
10H
10 %
9%c
9c
9% c
12,000
1.02
1.01
1.07
2.50
2.59
13c
6%c
6%c
Ashley.—....
3c.
3c
Aunor Gold Mines...
1
2.64
2.42
Bankfleld
1
22c
Astoria Que
Cons...
300"
100
50
7
Apr
14%
Jan
17c
Jan
82c
Apr
2.40 May
1.52
Jan
3.25
Mar
9%c
5%C
Apr
17%c
Feb
Apr
May
10%c
6%c
Feb
2 %c
1.75 June
2.69 133,507
180
6,100
Apr
Feb
1.85 June
38c
Jan
203
Mar
220
Jan
300
Feb
310
Feb
27
239
Jan
252
Mar
20
4
Mar
30
20
6 "%
34
.36
.1
Beattle Gold
*
1.26
Beauharnols^
*
4%
36
1.24
1.28
391
371
178
Jan
Jan
-
Mar
32c
1.00
2,575
AH
June
30c
8%
Apr
lie
3,400
4%
.
16c
37
12c May
5
14c
Jan
7% June
5%
5,000
6
175
175
6%
15c 15 He
14c
100
9c June
.
64
6
Bell Telephone Co
Jan
35
Bathurst Power A.
Bear Exploration
52c
302
300
15c
Base Metals
3%c
22c 24 He
210
213
*
..
Barkers pref
Apr
250% 252
Bank of Montreal... j—100
Bank of Nova Scotia... 100
Bank of Toronto
29%c
1,000
3,000
*
Gold-.
Barkers
Jan
6,400
AngloTIuronian
Jan
24
715
lie
Anglo-Can Hold Dev...
2%
A pi-
4,700
2.59
14
108
:.l
Mines
.
115
20
*
Algoma Steel
Arntfield
700
310
.*
Afton Mines Ltd——.
Gold
65c
4%
2c
3%
Apr
1.40
2%
Jan
5
Feb
Jan
178
June
165
..1
I7%c
1
Bidgood Kirkland
Blue Ribbon pref
13c
1
_•
10c
*
Bobjo
Bralorne
11H
Brazilian Traction
*
Brewers & Distillers.
*
Brit Col Power A
4,200
10
10c 10 %c
12
"22%
22
17c
1,485
25
1,350
9%
Apr
13c June
25
Jan
9c
13,100
18
9
*
14c
30
11%
"9%
5
British American Oil.
13c
18
Brantford Cordage pref.25
18^950
17 Ho 18%C
30
50
9%
18
Apr
Apr
June
7%
Jan
30o
Jao
Jan
Jan
30c
Jan
32%
Jan
22c
12%
22
Feb
June
Feb
12%
Mar
4%
220
4
June
5%
22%
27%
4%
27
Gypsum Lime
4,040
19%
May
23%
Jan
130
21%
Apr
27%
June
7c June
Mar
i
10%
55c
5,400
40c
4%
270
3%
Apr
l%"c
1,000
lc
May
4%
1%C
4%C
39,500
56
49%
26%c
Jan
31c
Mar
25%
Apr
35%
Jan
33c
Hudson Bay Min & Sm
*
33%
32%
33%
Huron & Erie
100
Imperial Bank
'65
"14%
Imperial Tobacco..'
Inspiration
.5
1
Intl Metal A..«
.f
—
Intl Milling pref
100
island
Mountains
21%
14
50
15
5
1,500
35
106% 106%
12
48%
22»%
2,763
7.044
1.15
900
47%
21%
17%C
18c
6,000
Jan
9%
70
2.05
88,367
9
1.91
1.90
31c
31c
855
1.47
1.62
66,885
8%c
1
F"eb
32%
Mar
50%
Jan
5.50
Feb
6.85
Mar
Lapa Cadillac
1
20c
20c
24c
27,200
20c June
540
Jan
Laura 8ecord (new)
3
12%
12%
12%
Lava Cap
1
75c
75c
1,000
Lebel Oro.
1
3 %c
3%c
3,500
Leitch Gold
Madsen Red Lake
2.045
2.60
1,092
22%
418
Canada Northern
Power.*
Canada Packers
Canada Permanent
*
100
Canada Steamships
Preferred
*
50
Canadian Bakeries pref. 100
16
80
77
150
1.50
8%
40
20
16
205
80%
150
•
»
9
1.75
147
8%
122
40
50'
32
Jan
38
June
14% May
66
140%
7%
Mar
4.70
4.80
2,190
3.85
Apr
5.90
Jan
2.05
2.01
2.14
7,475
1.70
Apr
3.20
J.n
37 %c
39c
7,700
30c
Mar
55c
Jan
1
72c
43c
Jan
75c May
%c May
5% May
1%C
Jan
7% June
4.70
11
1.00
Apr
5%
1,190
2%
Apr
71
29%
Apr
180
6% June
82%
Feb
7%
7%
Jan
Jan
Jan
Mar
58%
58%
775
49%
1.32
1.32
1.33
2,852
1.03
Apr
17c
16c
17 c
6c
Mar
20 %c
June
48c
49c
6,700
3,000
38c
Apr
75c
Jan
Jan
•
No par
*
value.
*
5%
5%
1.65
60
58%
MoWatters Gold
May
1.50
41
....1
McVlttie-Graham
Jan
5
40
Mclntyre Mines
5
McKenzle Red Lake..—1
Mar
Mar
1.50
5%
40
90
June
2.63
Jan
Mar
June
90
79
10%
23%
37 %c
100
Preferred
152
45
3.60
25
5%
89%
McColl Frontenac
Feb
Apr
Apr
Apr
1
1
.100
May
1.50 June
25
17%
21
Apr
Apr
.1
51
35
June
58,675
1,500
37
90c
63c
90c
2.99
24%
23%
42,200
37
Jan
2.90
75c
*
June
24%
22%
88c
7%
Malting..
Jan
85c
8%c
2.95
1%C
Preferred
13%
Mar
24%
lc
Malartlc Gold
Apr
69c
*
*
B
MacLeod Cockshutt
10%
3%c May
*
..1
—
Macassa Mines
80 %c
285
68c
June
Apr
7c
839
2,043
7%
105
9o
8,200
6.60
Manitoba & Eastern.._._*
Apr
Feb
Mar
8%c
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
Massey-Harris
*
101
Jan
73c
1.75
38%
Jan
85
2.08
6.50
Jan
105% 105
Jan
7 %c
5%
Can Cycle & Motor preflOO
Apr
30c June
1.15'
Feb
38%
65c
Jan
1.47
12
1
—
May
Mar
May
*
Lake Shore...
May
Mar
J9
Jan
Lamaque Gold Mines
Laguna
3%
10%
Jan
Jan
Jan
30 %c
56
34 c
11c
100
101%
16%c May
4%c June
1,150
Apr
Apr
4%c
3,100
Apr
Jan
1.26
13%C
4%
Mar
66%
27%
11%C
33c
7
June
1.12 June
Mar
2.06
49
Apr
20%
Jan
Mar
May
May
4%
54%
89%
42%
107
5c
2.02
35
7%
Apr
Feb
3c
32 Ho
35
June
45c
3,500
*
30
16%
Apr
10,300
1,883
.1
8
3%
104
Mar
Apr
22c
5%c
1.53
1
Mar
June
17%
6%c
1
...
....
70%
219
5c
1
Kerr-Addison.
Feb
June
4%c
*
Kirkland Lake
202%
Jan
5%c
5c
1
Consolidated—,.1
Kirkland-Hudson
64%: Feb
.18
8,318
3.76
-
'
.1
Jelllcoe Cons
2
'
15
16%
29%c 29%c
1.12
1
Jacola Mines...
J M
106%
50c
Jack Waite
219
14.%
16%
4%
5
48%
International Nickel
International Petroleum
65
215
65
..100
Imperial Oil
Oils
96
Jan
Jan
31c
Canada Bread
54%
15% June
Apr
10c I2%c
32c
Mar
7%
15
8c
lOoj
1
12%
96
Jan
Apr
8
24c
1
Howey Gold
9%' June
1.81
Apr
*
Jan
350
Apr
15,850
10,495
1,375
*
Homestead Oil
Jan
50
16c
Jan
11%C
100
Jan
10c
1.98
Apr
B
June
1.95
'
6c May
12,325
Apr
Preferred
58
Apr
115
Jan
Jan
2.35
14
Canada Cement
6c
Apr
94c
Jan
2.21
5%c
Jan
6%
3%c May
2%c May
5,150
16,200
1,600
Jan
2.25
Mar
*
64c
Mar
60
10
6%
12% May
June
Home Oil Co...—....
5c
Calgary & Edmonton
10
Apr
Jan
2.80
3% May
115
13%
2%c
2"06
4%c May
46
Jan
3,475
1,700
35
56
;
Little Long Lac
Mar
May
1,500
4%
56
4%
„
55
4%c
3%
10%
53c
.
1%C
.
2c June
'
4%
1
.
Loblaw A
17
130
58
56%
4%c
Jan
60c
13%c
Jan
3%c
Jan,
58% June
13%'c
Jan
Apr
15%
Jan
9%
2%c
5c
14%
Jan
9%
2%c
8,100
2,000
37c May
28c
34c June
15
Jan
*
7c
Jan
Hollinger Consolidated... 5
75c
Burlington Steel
6c
9%
15%
2,305
Mar
1,900
HJnde & Daucli
21%c
19,400
Feb
16c
37c
16c
Apr
9c
25,806
3,400
20c
19c
34c
16c
Mar
17
37c
18c
H igh wood-Sarcee........ *
28c
7c
34c
18c
9c
10%
16%
5
36c
1.06
1,205
8%c
Mar
8c
1,100
17
4c
1.03
96,510
*
Feb
June
9c
7c
Building Products (new).*
11%C
1.04
48c
Bunker Hill
Jan
..1
12%
3
7%
4c
..1
43c
3
May
21,600
Harker
11%
*
10
8c
Hard Rock...
45c
Buffalo-Canadian
5%
2c
Hamilton Theatres preflOO
12%
7c
Jan
5%
5%
3,000
Halliwell
1
7c
Mar
Alabas.. *
Halcrow-Swazey
1
*
6
120
4%
6%c
5%
3.%c
—
Broulan-Porcupine
Oil
June
.50
Buffalo-Ankerite
British-Dominion
Mar
95
2%c
Granada Mines
1
Great Lakes voting——..*
Kelvinator
Big Missouri
16%
Apr
Greening Wire
3%
...
6%
Jan
87,
2%
1
Gunnar Gold
Abltibl
11
108
1
Preferred
Range Since Jan. 1, 1939
Last
360
*
Goodflsh
Friday
14%
95
2c
......
Jan
13%
50c
Gold Eagle
25c
94
2%c
—
Gold Belt..
both inclusive, compiled from official sales lists
1,000
1
Gold ale Mines
Exchange
2,500
Mar
14%
1
....
God's Lake...
June 17 to June 2<1,
*
21c
24
94
*
..
.
Glenora—i.
Toronto Stock
4..
„
9c
24c
8%c
»
*
Calgary & Edmonton
Canada
2.75
Jari
*
...
Ford A
Calmont
Apr
6c
Foundation Petroleum...»
_*
Waite-Amulet
Amm
33
77
Apr
2.05
Jan
74c
2.15 June
121
.
2.10
Mines... 1
Nickel
Dominion Coal
17
33
Dist Seagrams pref....100
Petroleum
142
1,478
42%
182%
16%
Dominion Scottish Inv._.l
1.18
Crows Nest Coal.
Mar
4,600
1
41
180
180
*
60c
1.65
17
16%
100
Cosmos
2.25
2c
Apr
900
6%c
1
May
3%
22,823
1.80
.1
6%
Jan
63c
2.25
Shawkey Gold
Apr
3
7
6%C
S berrltt-Gor don
Jan
3%
1.20
3.35
8,000
Jan
Jan
2,000
1.1
1,015
2,100
2c
20
122
May
35c
Research
2.80
2c
1.03
Apr
13% May
106
Feb
35c
Chemical
2.63
1
69o
2.15
1,150
5,500
11,200
2.65
Reward Mining...
San Antonio Gold
Apr
12c
.*
500
1.40
Jan
2.60
Pamour-Porcuplne
1.200
Jan
2.15
10,855
1.59
23%
2.50
Davles
1.85
Apr
2.10
5,000
1.54
Jan
14%
10 %c
34c
1:85
18
34%
2.50
2.80
1
Jan
June
June
6%
18
10 %c
25c
1
Jan
Mar
7%
~2T0
2.60
160
4%
19
May
May
Jan
1
2.64
25c Ma,v
830
•
6
1.80
1
"33c
1.95
2,678
16%
Apr
Cariboo..1
.1
_
3%
1.00
Central Patricia
Central Porcupine
O'Brien Gold
Preston-East Dome.
4%
3%
1.60
„
17
4
4%
*
63c
124
4.65
105
6%
1.60
500
1
6,130
118
1.15
58%
4%c
Pickle Crow Gd M Ltd
80c
14%
76c
14%
115
115
"i'lei
4%C
2.25
10
1
57%
1
1.60
1.50
*
Mclntyre-Porcupine—6
Pato Cons Gold Dredging. 1
Gold
...1
35
*
Montague Gold——1
Perron
16
Chesterville-Larder Lake.
4.10
Pandora Cad..
165
Cockshutt
500
New True Fissure
June
295
630
Chromium
34
500
3
25
170
17%
7%
10%
Jan
925
20c
Mar
23
Feb
4c
I
Mar
9%H
Mar
4.85
,1
Macassa Mines.—
23
179
22
10c
4c
20c
1
Lebel-Oro Mines
Apr
Apr
3
6%c
4.70
Lapa-Cadillac Gold
335
39
25
..
18
159
6%
50 H
4.70
1.57
1
.100
40
3
__*
Preferred
High
69
17
Apr
4c
38 %
1
Lake Shore Mines Ltd
3
Low
75
21%
168%
167
17%
Range Since Jan. 1, 1939
Shares
1.20
21
168
4c June
5c
*39"
:
Kirkland Gold Rand
1.10
*
33 H
2.50
12c
31
1.20
Cndn Industrial Alcohol B*
Canadian Malartlc
; ..»
25c May
32 %
1
East Malartlc Mines.
18 He May
12c
*
Duparquet Mining Co
7,200
6c
2%c Feb
2.50
1
Cons Chibougamau Gold.l
Dome Mines Ltd
100
20c 22 %c
20c
2c
Price
10
4
l%c
2c
Week
7
4%c
1
for
of Prices
Low
High
——————
Brazil Gold & Diamond__1
Cartier-Malartic Gold
Week's Range
Breweries pref. *
*
Capitol-Rouyn Gold
1
Sales
Last
Sale
Shares
High
Exchange
Friday
Range Since Jan. 1, 1939
Last
Stocks (Concluded)
Toronto Stock
Sales
35
Apr
94
59
Mar
Mar
1.38 May
■■I :
Financial
3826
June 24, 1939
Chronicle
Unlisted
Canadian Markets—Listed and
Week
4,400
2c
2c
A
39 %
*
100
-
8Hc
5
11
11
*
47
47
48
200
A..
National Steel Car
National Trust
10
200
200
70
50
17Mc
1514c
19c
63,300
3c
Naybob Gold
3c
3HC
5,000
9c
9c
1
.
1.35
1,230
Jan
Pawnee-Klrkland
Jan
Pend Oreille.....
May
Robt Simpson pref
2HC
6%
25
H
Apr
13 H
Jan
May
61%
Jan
Jan
15Hc June
200
June
9c
Thayere 1st pref
Walkerville Brew
Apr
9c
Apr
25c
1 80
5c June
13c
Jan
6c
Feb
9.25
9.2
Apr
9.25 June
2.80
13,365
Apr
3.35
Jan
91c
Apr
Jan
Abitlbl P A Pap ctfs 5b 1953
.46)4
1,500
1.73
46
1.10
500
1,000
lc
May
2Hc
Jan
Alberta Pac Grain 6s.
.1946
May
53c
Jan
Beauharnols Pr Corp 5b '73
«►
25c
108
9,276
1.50
Jan
4.25 June
Can 5s. 1955
108
630
Jan
7%
Mar
23c May
7%
7
~26H
26H
100
98
420
1,20.
27
65
101
5Hc
800
Partanen Mai
1
Gold
1
52HC
Jan
Apr
104 H
Jan
2.60 June
4.75
Jan
4Hc
Apr
7c
Jan
94
7%c
Feb
7Hc
Mar
Apr
1.80
1.90
5,500
1.45
Jan
18
18
210
16H
Apr
4.60
4.85
5,760
4.50
Apr
2.52
4,652
2.25
Apr
1.99
3,430
1.18
Apr
2.45
Jan
10 H
510
Apr
12 H
Mar
Apr
2.40
Jan
Apr
10H
Mar
Apr
1.75
Feb
Gt Lakes Pap
1.90
1.90
1.84
1,4.50
9
1.80
6
20
Jan
5.60
Jan
2.70
Jan
Prospectors Airways.—.*
Red Crest.'.....
*
..1
.1
Riverside Silk.
_*
8H
480
1.60
16,787
48c
600
40c May
58c
Jan
6c
8H
1.54
1.51
48c
*
6c
500
3Hc May
9c
Jan
8
7c
190
189
100
Russell lnd
100
35 %
*
20c
Mar
22 H
Apr
27
6Hc
Bank
Royal lte Oil
2,600
5
52c
52c
27
27
.......
■2,600
171
5HC May
178
Apr
Mar
46c
28
Mar
Jan
llHo
192
280
32
Apr
44
112
Feb
125
Apr
15 He
125
Jan
H
1014c
11c
6,6.50
9 He
1.77
1.75
1.88
58,674
1.18
Jan
11c
13c
12,900
10c
Apr
2Hc
4c
1,500
1.17
1.20
1,800
96c
99c
6,311
90c
Apr
1.45
Sheep Creek
Sberrltt-Gordon
6.75
443
6.50
Jan
7.20
Mar
4c
1.20
1
Slgroan Mines. Quebec
2c May
92c
Jan
1.88 June
17c
Mar
Jan
4Hc
*
4
4
85
Apr
10
10
50
10
June
12
Feb
5
5
36
3
Mar
5
June
92
94
283
78
Apr
94
June
B
93
Preferred...........100
.....1
81scoe Gold
1.16
1.20
1.15
3H
96c
6,66
Apr
1
Sladen Malartlo....
*3c
1
Slave
1
Lake..
Stadacona.
Stedman
*
74 H
72 H
".25
Preferred
Straw Lake Beach.
2,600
51c
19,760
5,100
1.65
Jan
Jan
Apr
80c
5Hc May
13c
Jan
1.03
Feb
41c
45c
Mar
Apr
17%
19H
27 H
Mar
1014
_*
•
43c
5Hc
49c
17%
pref.. 100
...
Steel of Canada
43c
5HC
"50c
*
Standard Paving
25
16 %
Jan
19 H
June
74 H
75
220
66H
Apr
77%
7214
74
150
65
Jan
75
15
4c June
4c
5c
73.33C
19c
8,800
12c
2.15
1.80
4c
~~2~.ll
Apr
June
2.20
825
Apr
3.00
Jan
7c
8c
2,500
7c
Apr
14Hc
Feb
84c
84c
985
76c
Mar
1.01
Tip Top Tailors
4.25
1
....*
Jan
12 H
55
11
Apr
12H
May
4.25
4.35
2,383
3.80
Apr
4.70
Jan
80c
1,100
65c
Apr
1.30
Jan
1.75
1
Toronto General Trust. 100
79
1.75
80
101
Toronto Mortgage......60
45
20
200
50
5
101,
*
14H
May
11
Mar
109
June
1.74
Apr
2.30
91
99
United Grain Grow 5a.l948
93
95
83
United Secure Ltd 6 Ha '62
62
64
Winnipeg Elec 4Ha—1960
4-5s series A
1965
103
103
08
Lake St John Pr A Pap Co
6 Ha
1961
74
75
5s—
1951
33
35
72 H
73H
52H
1965
4-5s series B
/Flat price,
•Noparvalue.
53
Nominal.
n
Crop Conditions in Canadian Prairie Provinces
tinue Favorable, Says Bank of Montreal
Con¬
well distributed heavy
and crop conditions
the whole continue favorable," the Bank of Montreal
"In the Prairie Provinces of Canada
rains and showers have been beneficial
on
repqrt, issued June 22. "Wheat is
stand and is stooling satisfactorily, but due to
low temperatures growth of all grains has been slow.
Crops
would now benefit from a period of bright, warm weather."
states in its current crop
of fairly
even
The bank continued:
Cutworms
ment of
and
,
wireworms
injury to
Province
far
Pastures are in good
„
.
In "Quebec
cool wet weather and so
has occurred from this source.
crops
The develop¬
have caused slight damage.
grasshoppers has been retarded by the
Seeding and
favorable.
moisture conditions are
Growth, though backward, is satisfactory.
weather has retarded growth, and rainfall is re¬
quired in some Western sections, but generally crop
In the Maritime Provinces, the season
required to promote growth.
90
of all grain, root and hay crops
t") prevent deterioration.
'
June
113
Mar
•
•
,
,
'
-
.
♦
Feb
101 •
Orchards give good
have promoted heavy growth
and dry weather with sunshine is now needed
In British Columbia frequent rains
promise.
(
June
prospects are favorable.
weather is
is backward, and warm
Moisture is satisfactory.
Jan
79
20c May
40C
Mar
1.65
25c
610
1.34
1.42
7,475
1.03
14H
15
2,478
11
33
1.37
3
Jan
May
8H
105
25c
.1
Gas
Jan
3.55
9
9%
104H 108
Tip Top Tailors pref ..100
Uchl Gold..;..
4H
Apr
80c
.*
Toburn
Mar
12H
1__*
90
In Ontario continued cool
2%
3H
2.78
100
104
planting are about completed.
20
4
—
103H 104
103
'51
82
Co 1st 5s '55
Int Pr A Pap of Nfld 5e
10">H!
1960
—
Smith H Pa Mills 4 Ha
...
106 H 107
98 %
Jan 1 1950
Eraser Co 6s
Jan
5,325
3H
86
Sbawlnlgan W A P 4 Ha 07
40"
Jan
3.45
4
4
3.40
Texas-Canadian
Union
44
4
3.40
3H
*
...1
,
1949
condition.
l
Towagmac...
Eastern Dairies 6s
4Ha aeries B
97
Jan
1
Hughes....
67
1942
24HC
*
—*
93
Saguenay Power 4 Ha A '66
...1950
East Kootenay Pow 7a
little
Sullivan....
Tamblyn Co
68
Co—
Donnaoona Paper
Jan
Sudbury Basin.....
Supersllk A
92
84
101
99H
tic
Sudbury Contact
B.__.
98 H
ex-stock
Jan
32
12 He
*
Bturgeon River Gold_.___l
Sylvanlte Gold
Dom Gaa A Elec 6 Ha. 1945
104
1957
Ha '47
Provincial Pap Ltd 5
38 H
Feb
_*
Simpsons A..
37 H
1
4«...1957
Price Brotbera 1st 5s.. 1967
2nd conv deb
98 H
104H 105H
Can 4 Ha'59
Dec
6s
67"
1901
5 Ha
1.20 June
5
Sllverwoods pref
Power Corp. of
ConsoJ Pap Corp—
Jan
6.65
1
60c
104
97
Feb
11c
1
Shawkey.
105
103
June
1
1
104
1950
—1973
1941
ml
3 Ha
Mar
6
36 H
35H"
125
1.17
101H 103
Montreal Tramway 6s
108
107.
Gatlneau Power 3 Ha. 1969
2.45
10
1
Antonio
65
Mar
55
54
Montreal L H A P—
102
June
35c
1.95 June
39
Canadian Vlckers Co 6b '47
3c
2Hc
"
2Ha to '38-5H« to *49—
Montreal Island Pr 5 Ha '57
Canadian Lt A Pow 5s 1949
1.C0C
3,500
Jan
90
Maple Leaf Milling—
—
103H 104
93H
92H
14,100
61c
«-
Ask
90
B
33 H
1953
Canada North Pow 5s.
4c
1.90
Jan
Bonds
108H
Canadian Inter Pap 6s 1949
44c
2.60
June
1.35
Bid
3 Ha
4.70
*
1
Sand River Gold.
31
Jan
1952
104H 105 H
3Hc
10
Feb
Friday, June 23
6 Ha series
Calgary Power Co 5a..1960
Canada Bread 0s
1941
18
1
Mar
Mar
95c
38
.1968
Burns A Co 5a
3c
L85
........3
St Anthony
30
10
32%
BrownCo 1st 5H®----1946
3c
3c
"
..1
pref
4H
Bell Tel Co of
42c
3c
1
—J
*
Royal
35
Jan
22 H
14He
Manitoba Power 5Ha.l961
87
35c
514c
Dome
1.00
Industrial and Public Utility
4.00
5%c
Premier...
6Hc
Closing bid and asked quotations,
1 He
1
Pressed Metals
8.00
Mar
82
34c
Pam tepee
Corp..
Apr
4.00
16,644
Gold
70
85
2.82
Powell Rou
18H
Ask
2.60
2.01
Bid
2.65
"
1
2.60
Pickle Crow
20
1,300
Mar
3 He June
2.199
2.70
Photo Engraving
3
Apr
Apr
Jan
Apr
137
May
Jan
1.30 June
1.95
Apr
Feb
1H
115
40
31
95c
Jan
Feb
2c
lc June
8c
31
1.00
*
500
79
*
Teck
1
.*
Terniskamlng Mining
Jan
Jan
51HC
2Hc
Jan
15
June
1.28
May
3Hc
150
20
7c
1,000
*
Paymaster Cons..
Perron Gold
1,810
7H
Jan
33
lHc May
15
2H
19H
5c
*
Porcupine
1.40
*
lHc
...
Apr
1,000
17c
Apr
2H
Bhawlnlgan
190
10c
29 H
1,500
137
137
Rogers Majestic A
43 H
9
990
425
lc
1.32
1.39
137
5c
"34c
Page-Hersey—
San
Apr
30
June
lc.
7H
5c
*
.....*
Oro-Plata
Gold.
Apr
May
1
-1
100
Ontario Sllknlt pref
5c
.
Orange Crush..Preferred....
Reno
lc
4%
23
June
15 H
Jan
1.30
Omega Gold
Roche LL.
June
20C
Jan
11H
Apr
lHc
8
lHc
1.05
...
Olga Gas
PI
172
Mar
65c
June
12
15c
*
100
78 %
1
Gold
Preston
May
8c
May
11H
15
6c
North Empire
Pioneer
Jan
15c
30
32 H
*
Okalta OIL.
Power
40
10
15c
32
32%
6
......
Mines...
Norgold Mines
Paul ore
Oils Selection
Mar
20c
15
Mandy
—*
Montreal L II & P..—*
1
Nlplsslng
Nordon Oil..
Pamour
Hum berstone
Jan
Jan
1,000
Newbec Mines.—..—
New Gold Rose
Jan
1.45
155
4C
v.
48c
12Hc
Apr
High
Low
Shares
11%
11H
*
*
Apr
35
325
24 H
12
24 H
Howard Smith Paper
8c June
26,722
1,200
l^c
5
*
-—20
100
National Sewing
O'Brlon
9Hc
Feb
29c
40
172
8 He
Honey Dew
3c
89c
555
39 H
39
Week
20c
Jan
2c May
2,000
4,800
lHc
.......
Preferred-—--.
No ran da
8c
1.18
171
172
Morris-Klrkland
National Grocers
1,150
8c
1.15
"Til
Moore Corp
30c
30c
—
-.
High
2.06
1, 1939
Range Since Jan.
for
of Prices
Low
High
Price
Par
(Concluded)
Stocks
Apr
1.10
4,900
1
25c
Model Oils
Moneta
—
Shares
1.25
*
Monarch Oils
Murphy
Low
1.15
Mlnto Gold
Sales
Week's Range
Sale
for
of Prices
Low
High
Price
Par
(Concluded)
Week's Range
Rale
Last
1, 1939
Range Since Jan.
Last
Mining Corp
Exchange—Curb Section
Friday
Rales
Friday
Stocks
Toronto Stock
Stock Exchange
Toronto
34
60
28
Jan
Canadian Business During
Jan
Apr
15
June
May
38
Feb
5
Feb
7
Jan
ancy,
May Showed Greater Buoy¬
Reports Bank of
Montreal
7.10
4,783
Apr
8.25
Jan
in its "Business Summary" issued
June 23 states that "reports from many quarters throughout
the Dominion covering the month of May agree that, in
general, business has been showing a greater buoyancy than
has been noticeable for some time past."
The Bank went
44
42%
44 H
875
38
Apr
51H
Jan
on
20
20
20 H
892
19H
Jan
l
9Hc
9 He
1,000
20 H
15c
Feb
Westflank
*
5c
5c
Westerns
»
United Fuel A..
..50
B...
4
*
United Steel
*
Ventures
*
Vulcan Oils..
Walte
Amulet
*
Walkers.
*
Preferred...
Wendlgo
Preferred
White Eagle
100
1
Winnipeg Electric A
Wood-Cadillac
Wright
*
48c
Mar
1.00
Jan
5.50
8Hc May
May
8 He
Jan
9%
12H
Jan
from the
55
He
2,500
2c
2c
2.000
4Hc
8,500
1.65
1.85
125
85
May
lHc
Feb
2c June
5c
Mar
Mar
8Hc
Jan
1.25 May
2.12
Mar
He June
3Hc
18Hc
Jan
Apr
8.90
Mar
5c May
9c
Mar
June
4H
May
1,000
9c
Apr
8.25
8 35
7,594
7.30
5Hc
5Hc
500
12Hc 12Hc
4
4
20
Feb
95
4
tourist
whole
a
spirit of pride and confidence
British
Commonwealth,
Toronto Stock
some
day
pass.
Another
.
factor
.
Stocks—
Brett-Trethewey
Par
1
1
1
«
1
Week's Range
for
Sale
of Prices
Low
High
1 He
I
1
Consolidated Paper.
11
1
1
lHc
11H
<-»
#
Canada Vinegars
Canadian Marconi.. 1 1
12
1,000
145
High
Low
Shares
lHo May
3Hc
11
14
Apr
75c June
Feb
Mar
1.25 June
>-» "~4H
1.20
3H
May
7H
Jan
3c
3c
10
2c
Feb
3Hc
Apr
""38c
38c
40c
2,600
38c
Apr
75c
Jan
♦
4
Crown Dominion
Dalhousie
*
Dominion UridfTP
*
1939
Week
Price
29
1.20
4H
29
25
554
12
23 %
A nr
37
H
world is the optimistic reports
With generous and
since
1928.
.
.
-T»h
widespread rains since
well rooted through most of the
six inches high.
While it is too
the wheat crop is now
date conditions are the best
.
In the industrial field conditions
Range Since Jan. 1,
Last
.
heartening the business
about the westerh wheat crop.
early yet for forecasts, it can be said that to
Sales
Friday
both in Canada itself and in
feeling of
the international sky will
and this in turn created a
Prairie Provinces and is already five or
Exchange—Curb Section
inclusive, compiled from official sales lists
generated
optimism that the clouds which have overhung
the middie of May,
June 17 to June 23, both
Apart
the large
wonderful success.
special expenditures for which it was responsible and
which it attracted from the United States, it
business
far and wide
the
credit is being given to the tour of
through the Dominion and its
Their Majesties
Apr
3HC
*
improvement substantial
4c
3Hc
"~8~25
say:
For this
207
95
He
to
Jan
1,000
11H
*
York Knitting
Jan
51c
92
..1
Hargreaves
5.80
11H
*
Yrnlr Yankee
Apr
95
__l
W11 tsey-C oghlln.
Apr
Apr
12
*
....
Whitewater
6.85
2H
3%
4.30
5.CO
„
6.95
25
745
1,088
1.200
4
4.95
51c
1
....
4
3%
4,95
The Bank of Montreal,
remain variable.
The construction of
getting under way and other
armament orders are keeping many firms busy and are helping the "heavy"
industries which supply materials.
The demand for machinery continues
to be good, although farm implement plants at present are slack.
Flour
milling conditions is less active than it was and some of the clothing indus¬
tries are short of orders.
The cotton manufacturers are operating onTut
a moderate scale of activity and complain that their sales are being hit by
airplanes for the
British Government is now
foreign competition.
Volume
Financial
148
Quotations
Bid
Bid
Jam
1 1977
101% 102%
a3s
Feb
1 1979
101%
104%
108%
108%
108%
o4s
o4a
May 1 1959.
May 1 1977
a4fl
Oct
Par
Bank of Manhattan Co.10
Bank of Yorktown..66 2-3
Bid
17%
18%
National Bronx Bank—.50
40
40
45
National City
26
Bensonhurst National—.50
75
100
124%
Chase
33%
125%
Commercial National—100
166
172
Fifth Avenue
700
730
120% 122
o4 %s Apr
--
1 1968—
109%
o4%s Feb 15 1976
11977
o4%s Nov 15 '78
o4% a Mar 1 1981
d4 %s May
1 1957
11957
1 1963
102 X
122%
123%
123%
124%
•4%sJan
109%
116
a4%s Sept 1 I960
«4%■ Mar 1 1982
119% 120%
o4%8
o4%s
o4%s
o4%s
a4%8
119 H 120%
04%aDee
04
124
13.55
MM
1 1964
Bid
Nov
Mar
124
Ask
44
Fenn
125
a*
12
10
Exchange
Peoples National—
100
First National of N Y..100 1785
1825
Merchants Bank......100
105
100
50
47
Public National..
35%
25
29%
30%
23
25
14%
17%
n%
9%
Sterling Nat Bank A Tr 25
Trade Bank
—12%
54
124% 125
June 1 1965
125
11967
July
12%
National Safety Bank.12%
125% 126%
121% 122%
121% 122%
120% .121%
115 % 116%
117% 119%
119% 120%
■—
-
1 1980.
Par
Ask
124%
110
115
■
—
121% 121%
105 %
1 1966
o4%s Apr 15 1972
o4%8 June 1 1974
114% 116%
July 1 1976
May 1 1964..—
Not 1 1964
Mar 11960
a3 %s Jan 16 1976
a 4a
May 1 1967
Nor
Ask
108 % 109%
03*8
a3 %s
d3Hs
o3%s
a4s
New York Bank Stocks
City Bonds
Ask
o3s
3827
Over-the-Counter Securities—Friday June 23
on
New York
Chronicle
126
126% 127%
129% 130%
Dec 15 1971
1 1979
NEW YORK BANK, TRUST CO.
and INSURANCE STOCKS
New York State Bonds
Bid
3s 1974
3S.1981..
62.10
Canal ft Highway—
Bid
Ask
62 05
less
less
1
5s Jan A Mar 1904 to *71
62.25
Highway Imp 4 %a Sept '63
Hlghway
61.30
Bell
4s Mar ft Sept 1958 to '67
Canal Imp 4s JAJ '60 to '67
---
115
System
—
Tel. BArclay 7-3500
-
Philadelphia
Teletype N Y-l-1248 and 1-1249
....
143%
141
134
•
Wilmington
....
Improvement—
Barge CT4%s Jan 1 1945.
-
143%
Can ft High Imp 4%s 1965
120 Broadway, New York
4%s April 1940 to 1949..
••
Canal Imp 4%s Jan 1964..
Laird, Bissell & Meeds
Ask
World War Bonus—
1
134
New York Trust
Bid
BUT
Bank of New York
Port of New York
Bid
Port of New York—
Gen A ref 4s Mar 1 1976.
108% 109%
Gen ftref 2d
3%s '65
3%s '76
106%
106% 107
Gen A ref 4tb ser 3s 1976
102% 103
Gen A ref 3%s
105% 106%
Gen A ref 3d
■
ser
ser
1977
Bronx
Bid
Holland Tunnel 4%s eer E
1939-1941
MAS 6
Par
58
Ask
0.80%
County—
7
Brooklyn
Central Hanover
5%
4%
100
75
—20
80
MAS
210
272
.100 1510
..25
1942-1960
MAS
39%
41%
98% 101%
Chemical Bank ft Trust. 10
47%
49%
50
50
57
25
9
11
Continental Bank ft Tr.10
13
14%
Corn Exch Bk ft Tr
20
55%
56%
Title Guarantee ft Tr_
Underwriters
1.00%
110%
106%
1550
29%
Colonial Trust
Inland Terminal 4%s ser D
1939-1941
MAS 6
12
11
26%
Clinton Trust......
111
Ask
Bid
195
207
100
Guaranty
Irving
Kings County
.100
Empire
1942-1960
George Washington Bridge
4%s eer B 1940-53.MAN
51
Fulton
425
Lawyers
Authority Bonds
Ask
-
415
—.10
Bankers
Companies
Ask
100
10
11%
12%
United States
.100 1595
Manufacturers
..20
-.20
Preferred
52%
54%
105% 108%
New York—
20
5%
4%
90
r80
1645
United States Insular Bonds
We Maintain
Bid
U S Panama 3s June 11961
Philippine Government—
4 %S Oct
1959
4%s July
1952.
115% 117%
112% 113%
6a
Apr
1955
101
Feb
1952
6s
6%« Aug
Bid
Ask
103
1941—
118
119%
123% 125
FIRE
5s
July 1948 opt 1243.
Conversion 3s 1947.....
118% 120%
111% 112%
ASSOCIATION
Bid
3s 1956 opt 1945.. —JAJ
3s 1956 opt 1946... ..MAN
Bid
3 %B 1955 opt 1945—MAN
4b 1946 opt 1944—
JAJ
Members Philadelphia Stock Exchange
BUILDING, PHILADELPHIA, PA.
A. T. & T. Tel.—Phla 220
Ask
109% 109%
I
113% 113%
nsurance
Par
Bid
Companies
Par
Ask
Home Fire Security—10
Homestead Fire
Life
Aetna
Joint Stock Land Bank Bonds
—10
Agricultural
...
Ametlcan Alllanoe
3s.—
Atlantic
100
101%
/22
Burlington 5a
4%s
i
Central Illinois 5s.
—
-
*
Chicago 4 %" and 4%s—
6s and 5%s—
•.
Denver 3s
26
23%
5%
99
100% 102%
100
Fremont 4%s
6s
Jersey Insurance of N Y—.
38%
Iowa of 81oux City
97
4%s
,
New York 6s.....
North Carolina 38..
...
2%
14%
13
Mass Bonding ft Ins..12%
Mercb Fire Assur com
5
56%
3%
58%
42
40
43
Re-Insurance. 10
41
American Reserve
—10
Surety...—..25
23%
25%
Merch ft Mfrs Fire New'k 5
8
American
48%
50%
Merchants (Providenoe) -.5
3
102
Automobile
35
37
99
100
American
—.10
,
■
National Casualty
—10
101
98
101%
99% 102
Baltimore American—.2%
"6%
7%
Shippers—...25
89
92
100
011
021
National Fire...—.10
National Liberty.—
2
National Union Fire—.20
100
101
Camden
5
19%
21%
New Amsterdam Cas....2
Phoenix 4%s——
5B........
105% 107%
107% 109
Carolina
10
27%
28%
New Brunswick
10
3L%
14%
33%
City of New York
10
24%
48%
101
Connecticut Gen Life—10
29%
New Hampshire Fire—10
New York Fire—
..5
46%
100
22%
27%
15%
17
31%
23%
101%
Eagle Fire..—........2%
1%
33%
2%
Northeastern...
/21%
Northern..
50
North
3%
94%
25%
97%
26%
—
4% and 58..
100
Bankers ft
Fire
Employers Re-Insurance 10
12%
14
Excess
84
87
Federal10
101
Fidelity ft Dep of Md—-20
Fire Assn of Phil a
10
5s.
5s
99
99% 102
.—r—— ..
Virginian 3a
100
;....
101
5
Fireman's Fd of San Fr.25
Firemen's of Newark—..5
48
00 *
9%
43% 45%
125% 128
5
12.60
2.60
River...
Par
Bid
Ask
75
New York.
100
12
15
100
50
60
North Carolina
100
65
75
22
120
100
110
Pennsylvania
100
........100
40
42
Potomac
100
95
100
60
65
San Antonio———.100
76'
First Carollnas....
100
5
Fremont
100
1
.100
2
Dallas
Denver..
Moines...
Des
...
-
Lincoln
Virginia..
2%
6
Virginia-Carolina
100
1%
27
80"
2
Natkraal.25
125
130
Pacific Fire
...25
115
—10
118%
80%
Accident——5
85
94
Providence-Washington
10%
30%
Reinsurance Corp (N Y)_2
7%
10
10
25%
9%
.10
.
22%
25
27
St Paul Fire ft
Glens
Falls,Fire.—.....5
Globe ft Republic
5
Globe ft Rutgers Fire
15
2d preferred—
15
38%
40%
Seaboard Fire ft Marine..6
6
26%
9%
•
1%
1%
1%
1%
1%
1%
...July
Aug
Sept
Oct.
Nov
due..
Dec
due
due
due
due
due
.
15
15
15
16
1
1
Bid
1939 6,20%
1939 6.20%
1939|6.20%
1939 6 .20%
1939 6.20%
1939'& .25%
Ask
Bid
i
i
i
1% due......Jan
i
i
i
1% due
i
t
i
1% due—.—Mar
Feb
i
•
1% due..
Apr
•
i
i
1%
June
•
•
2 1940 6.25%
1 1940 6.25%
1 1940 6.30%
Ask
11
12%
19
21%
67
69%
27%
11%
22
203
210
100
page
440
437
477
33
Westchester
23
21%
U S Fire—
50
62
10
59%
Fire.....2.60
34%
61%
30%
4
Surety Guaranteed Mortgage Bonds and Debentures
Arundel Deb Corp 3-6s '53
3-6s——1953
/72
/51
Bid
Ask
——
—
Nat Union Mtge Corp—
Series A 3-6a
....1964
Series B 2-5s
55%
84
Cont'l Inv DebCorp3-6s '53
07
1954
Ask
80%
95
57%
.....1945
Interstate Deb Corp 2-5s'55
Par
Bid
Ask
276
286
Northern Trust Co—100
533
543
2-58—-.——1953
1953
1953
56
82
Potomac Deb Corp 3-6s *63i
48%
54
51
52%
Potomac Franklin Deb Co
1953
3-6s
Mortgage Bond Co of Md
Inc
Issues) 2-5s
Potomac Cons Deb Corp—
3-6s
Empire Properties Corp—
76%
208
78%
213
SAN
FRANCISCO—
49%
53
1
98
Bkof AmerNT AS A 12%
3830.
ture
Nat Bondholders part etfs
34
36
Central Funding
series B ft C ———
series A ft D
For footnotes see
390
—100
U S Fidelity ft Guar Co—2
Potomac Maryland Deben¬
Bank ft Trust.—33 1-3
National
Sun Life Assurance.... 100
Travelers
31
Continental Illinois Natl
First
Surety
U S Guarantee—
Debenture
Harris Trust A Savings. 100
100
8
31
33
10
33
31%
10
123
Springfield Fire ft Mar—25 Xl 20
3%
4%
Stuy vesant......
5
Seaboard
56%
2-3s
ft Trust
4%
228
6%
Potomac Bond Corp (all
Ask
American National Bank
...
Security New Haven
54%
Cont'l Inv Bd Corp 2-62 '63
Bid
3
78%
Associated Mtge Cos Inc—
Chicago & San Francisco Banks
Par
8%
26%
27%
223
27%
Bid
1 1940 6.30%
1 1940 6.30%
5
—10
Hartford Steam boiler.—10
Home.
8
t
«
19%
34%
25
Marlne.62%
—10
Arundel Bond Corp 2-5s '53
—
Rhode Island.:.
23%
28%
81%
10
—
Hartford Fire..
Federal Intermediate Credit Bank Debentures
(Paul) Fire
Gibraltar Fire ft Marlne.10
Hanover
4
Revere
10
43%
24%
Halifax
76%
17%
32%
91
29%
Great Amer indemnity—.1
4%
Phoenix...
Northwestern
Preferred
41%
Great American
13
65%
—5
Georgia Home.:
Ask
127% 133%
64%
General Reinsurance Corp 5
65
...
61%
8%
Boston
..—100
Atlantic
59%
7%
44
101
Republic (Texas).—
Bid
29%
100
Joint Stock Land Bank Stocks
Par
1%
! 27%
/39
Franklin Fire.—..
Atlanta..
3
"
Union of Detroit 4%s.
99
Lafayette 5s
11%
Maryland Casualty.——1
101%
101
94
4%s._.
9%
2%
9%
7%
——
101
Southern Minnesota 5a.
99
5
6
Lincoln Fire
100
Southwea
86
...
American of Newark...2 %
—.10
Knickerbocker.
22%
,
100
....
San Antonio 3s
85
5%s.
Illinois Midwest 6s
96
99
New Orleans 5s
St Louis
84
,—
92
102
100% 102
3%s
American Home
93
5%S
Montgomery 3s.
Potomac 38.4—
101
100
4%s
4%s._
Fletcner
95
21
..5
20
71%
41%
Continental Casualty—..5
101
Chicago—
4%S
.....
22%
91
Equitable
2%
Ins Co of North Amer...10
"81%
24
78
10
American
Ask
1H
31%
29%
25
Ask
Bid
Oregon-Washington 68—
Paclfie Coast of Portland 5s
Pennsylvania 3%s_.
101
100
First Texas of Houston 5s.
...
Ohio-Pennsylvania 6s
99% 101
....
First Carollnas 5s
First Trust of
/22
/21%
/3%
Lincoln 4%s
68
26
6%
/3%
101% 102%
....
Dallas 3s
Bid
10
18%
70%
—
Ask
AMERICA
%.Sc<5o.
Aetna Cas ft Surety....10 '108
112
Aetna
—.......10
48%
40%
Bid
NORTH
N. Y. Tel.—Rector 2-3300
Ask
108% 108 %
108% 108%
108% 108%
.JftJ
3s 1958 opt 1940-
PHILADELPHIA
Established 1895
STOCK EXCHANGE
'
OF
(Sen.
111% 112
111% 112%
Federal Land Bank Bonds
h
Trading Markets in:
INSURANCE ASSOCIATION
FIRE
INSURANCE COMPANY OF
U S conversion 3s 1946
Hawaii 4 %s Oct 1966
/CAMDEN
Govt of Puerto Rico—
4%s July 1952
115% 117%
108% 109%
—
Ask
—
Corp 3-68— ...1953
90
Potomac Realty Atlantic
/21
/21
Nat Cons Bd Corp 2-5s '53
82
Nat Deben Corp 3-68.1953
50
1953
50
Realty Bond ft Mortgage
deb 3-68
—1953
Unified Deben Corp 5s 1956
60
Deb Corp 3-6s.
47%
49%
Chronicle
Financial
3828
June 24, 1939
June 23—Continued
Quotations on Over-the-Counter Securities—Friday
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Akron
3o$epb {Ualkers Sons
Mrmkm Kjw York
Youngstown
1945
1939
6s
Albany 43*8
........
43*8..
Cambria
..
49
51
70
713*
35
....
1944
_
38
32
1940
...........
......
Clearfield
32
00
1943
....
Boston A Maine 6s
2-6600
NEW YORK
31
/29
1
1939
Baltimore A Ohio 4 3*8
Boston A
Tel. RE ctor
Asked
/29
..1945
53*s._.
Atlantic Coast Line 4s
Stock Excbaag*
120 Broadway
and
Canton
35
1003*
Chicago Indiana A Southern 4s
1956
633*
65
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s.
Guaranteed Railroad Stocks
1955
1951
1961
80
83
102
104
A
4s
(Guarantor In Parenthe»c«)
119
10.50
100
6.00
58
603*
2.00
27
29 3*
100
8.75
703*
733*
100
8.50
15
20
100
3.00
453*
47
100
6.00
793*
82
100
5.00
66
703*
.50
3.50
753*
773*
2.00
46
49
2.00
413*
433*
100
9.00
4.00
38
100
50.00
650
493*
1939
—1941
1947
193*
103
....
67
k*m
1035*
117
-
1961
.1947
893*
1942
1967
1957
Portland Terminal 4s
Terre Haute A Peoria 5s
1043*
383*
Toledo Terminal 43*8
42
1.50
41
433*
United New Jersey
85
3.00
82
7.00
169
1723*
7.00
141
146
100
6.64
1333*
West
64
Virginia A Pittsburgh 4s
1053*
100
98
1083*
1073*
1946
Vicksburgh Bridge 1st 4-6s
Washington County Ry. 3 3*8
-
_
78
99 3*
98
1951
.1940
1968
1954
1990
Railroad A Canal 33*s
Vermont Valley 4 3*8
100
603*
.....
Toledo Peoria A Western 4s...
106
Toronto Hamilton A Buffalo 4s
4.50
********
70
75
673*
693*
36
39
48
50
137
67
3.00
100
933*
953*
/173*
80
Providence A Worcester 4s
863*
50
Second
103
101
1947
Norwich A Worcester 43*s
283*
52 3*
-50
6.00
*******
993*
99
1940
2000
1948
..2032
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s.
Pittsburgh Bessemer A Lake Erie 5s
********
97
•
112
1959
^
m.mm
-
953*
..1978
New Orleans Great Northern Income 5s...
82
4.00
100
63
New York Philadelphia A Norfolk 4s
403*
26 3*
5.00
Central
1950
<...—
800
3.875
Northern
70
65
New York A Harlem 33*s
156 3*
150
100
.100
108
64
1953
Memphis Union Station 5s
New London Northern 4s
55
523*
5.50
100
N-A C L).
107
.1945
•_
Kansas Oklahoma A Gulf 5s.__.
124
100
Georgia RR A Banking (L &
373*
Indiana Illinois A Iowa 4s—
73 3*
713*
6.00
Betterment
50
353*
Illinois Central—Louisville Div. A Terminal 33*s
Florida Southern 4s
Asked
Bid
Par in Dollys
100
........
Duluth Mlssabe A Iron Range 1st 33*s
Dividend
mm
107
..1962
A equipment 5s
Cuba RR. Improvement
46
1995
1951
1960
Connecting Railway of Philadelphia 4s
'
mm
'
-
134
100
6.00
100
10.00
100
6.00
42
m
m'm
mm
-
**
2393*
2363*
443*
Valley (Delaware Lackawanna
100
5.00
54
100
6.00
54 3*
DEALERS
58
Vlcksburg Shreveport A
58 3*
A Western)
...
Pacific (Illinois Central)..
5.00
573*
25
28
50
PUBLIC UTILITY STOCKS
603*.
3.50
3.00
100
.50
523*
Bishop Reilly & Co,
Incorporated
Railroad
Equipment Bonds
.64 WALL STREET,
Bid
Atlantic Coast Line 43*8..
62.00
Baltimore A Ohio 43*8—.
64.25
Bid
Ask
64.00
62.30
1.75
63.50
3.00
3.25
New York Central 43*8...
3.25
New
64 50
3.50
6s
64.50
3.50
33*8 Dec 1 1936-1944...
64.00
3.00
A
Maine 43*8
York
Chicago
St. Louis
6s—
62.40
New York New Haven A
Hartford
63.75
43*s
62.30
61.50
1.00
64.25
3.00
62.10
1.60
Jan
43*8..
62.20
1.50
6s.—
61.25
64.00
3.00
A
0.50
Chicago A Nor West 43*8.
64.00
5S
******
********** mm mm*
****
Chicago R I A
July
62.25
4.25
62.50
1.50
1.50
_*
Reading Co 43*8
6s
4s
833*
21
213*
*
96
98
893*
913*
i*
43*8
3.25
64.25
64.25
64.25
3.00
Southern Pacific 43*8
62.25
1.85
Great Northern 43*8
61.50
1.00
Southern Ry 43*8
62.25
1.75
Consol Traction (N J). 100
61.25
0.75
62.20
1.60
Hocking Valley 5s
61.00
0.50
43*8
62.20
1.60
Illinois Central 434s
62.25
1.75
6s—
61.50
Internat Great Nor 43*s.
64 00
3.00
Virginia Ry 43*8.
61.25
0.75
Western Maryland 43*8
62.25
1,25
36
64.25
3.25
36.50
64.25
3.25
37 cum preferred
1013*
893*
923*
9#,
1.00
64.25
68
3.25
3.25
64.00
63*8
6s
63.50
2.50
64.10
63.75
Missouri Pacific 43*8—.
6S
3.25
2.75
63.75
63*s
3.25
64.10
Maine Central 6s
101 3*
2.75
Western Pacific 5s.
63*8
104
543*
105
583*
106
903*
283*
cum
16
cum
(Del)
7%
*
*
100.10 100.12
way Authority 3 3*s '68
Federal Farm Mtge Corp
13*s
Sept
3 3*s revenue
100.8
1 1939
less
1
33*s
—
1944
1949
less
1
revenue
Fed'l Home Loan Banks
Is
Deo
i
2s
Apr
Federal
Natl.
1939
100
1940
......July
2s
102.11 102.15
100.3
103.6
1 1943
$7 preferred
100
1133* 1153*
100
1043* 1053*
100
pref.. 100
1113* 1133*
1113* 1133*
1063* 1063*
25
Penn Pow A Lt 67 pref...
1063* 1073*
243*
263*
Queens Borough G A E—
1103* 112
1133* 1153*
253*
43*
53*
pf—100
1003* 1013*
Mtge Assn
2s May 16 1943—
101.7
101.4
13*s Jan 3 1944—
Trlborough Bridge—
101.21 101.25
Call Jan 3'40 at 102.
4s s f revenue '77. A AO
May 15
1940
100.7
3*s
May 15
1941
100.17 100.19
100.9
less
pref. 100
83
85
less
6% preferred D
6% preferred
100
283*
293*
7% preferred...
100
323*
34
Cuoan Atlantic Sugar..73*
Eastern Sugar Assoc
Preferred
8
1
„.l
14
Ask
x78
803*
1823*
843*
'813*
833*
1
Sierra Pacific Power com.*
95
973*
25
293*
30
6% preferred
100
94
7% preferred
100
923*
955*
3830.
G A E 67 pf.100
Southern Calif Edison—
6% pref series B
1143* 1173*
963*
1033* 1043*
Toledo Edison 7%
1103* 1123*
pf A .100
,
United Gas A El (Conn)
100
843*
853*
573*
100
7% preferred
Utah Pow A Lt 67 pref..
Virginian Ry
583*
145
Chain Store Stocks
Par
|
Savannah Sug Ref oom
West
1
Indies 8ugar Corp.-l
Bid
30
|
Ask
100
*
80
Diamond Shoe pref
Kress fH H>
*
22
25
100
108
111
H) Co Inc..*
nref
100
70
Ask
...
2
31*
Bid
Kobacker Stores—
7% preferred
13*
23*
100
7% preferred
43*
8
6
common
Bohack (H C) common
!
33*'
7% preferred
B/G Foods Inc
Par
Ask
Bid
*
Borland Shoe Stores
Fishman (M
For footnotes see page
53*
993* 1013*
193*
183*
.100
102.22
13*% notes Feb 1 1944
91*,
315*
Texas Pow A Lt 7% pf.100
37
353*
1003* 1023*
Par
Bid
43*
Tennessee Elec Power—
Long Island Lighting—
U S Housing Authority—
Sugar Stocks
Par
30
....100
Republic Natural Gas.L_.l
Rochester Gas A Elec—
873*
3*
4s serial revenue.. 1968
3*s
Kings Co Ltg 7%
1183*
—
853*
1123*
4s serial revenue__1942
Home Owners' Loan Corp
116
Mississippi P A L 36 pref.*
Miss Riv Pow 6% pref. 100
101.31 102.3
Call Novl6'39 at 101
100
Mississippi Power 36 pref *
37 preferred
*
101.5
6% pref
Ohio Public Service—
243*
5% conv partic pref. .50
Memphis Pr A Lt 37 pref.*
Corp—
H% notes July 201941
7A%
Nov 1 1941
3*%
Jan 16 1942
' 1063*
1113* 113
105
233*
Mass Utilities Associates—
Reconstruction Finance
103.10
.*
Ohio Edison f6 pref—..*
Pacific Ltg $5 pref...
*
Pacific Pr A Lt 7% pf-.lOO
233*
Natural
Kan Gas A El 7% pref.
1093*
743*
1103* 1113*
2..*
(Minn) 5% pref
Sioux City
H % notes Nov 2 1939
723*
.100
pref
6% preferred
*
100
Jer Cent P A L 7%
New York City Park¬
Power—
Okla G A E 7%
Gas..*
Interstate
Commodity Credit Corp
1123* U33*
preferred ...100
States
313*
Interstate Power 37 pref.*
Ask
1043* 105
*
preferred
cum
Northern
23
preferred..
preferred
cum
36 preferred
Ask
463*
1103* U13*
New York Power A Light—
7% preferred
923*
1163*
Derby Gas A El 37 pref..*
Federal Water 8erv Corp—
7% preferred
Bid
28
45
6% preferred
100
7% preferred
Idaho Power—
Miscellaneous Bonds
27
% Pf-«
Co—
*
New Orl Pub Serv $7 pf..#
17 prior lien pref
Ohio Power
Continental Gas A El-r
.
603*
243*
73*
63*
Dallas Pr A Lt 7% pref. 100
2.50
63.50
6s
3.25
Consumers Power 35 pref*
Texas Pacific 4s
Long Island 43*s
3.25
64.00
St Louis Southwestern 6s..
583*
23
1133* 115
New Eng G A E 53*
7%
Erie RR 434 s
64.25
43*8..
i
63*
283*
New Eng Pub Serv
Central Maine Power—
3.25
7% preferred100
36 preferred
100
Cent Pr A Lt 7% pref. .100
Consol Elec A Gas 36 pref *
Denver A R Q West
Ask
263*
100
7% preferred
120
813*
6% preferred
St Louis-San Francisco—
98
25
6
Penn
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
7
preferred...
25
Carolina Power A Light—
31.60
West
.
Mountain States Power—.
33*
Buffalo Niagara, A Electern
.'a
Pacific—
97
Monongahela
63*
37 preferred
Trustees' ctfs 33*8
93
Pub Serv 7% pref
*
Atlantic City El 6% pref.*
Birmingham Elec 37 pref.*
2.00
62.00
62.00
1
Missouri Kan Pipe Line..5
91
*
36.50 preferred
1.80
93
Electric
17 preferred.....
Pere Marquette 43*8
■
Gas A
Original preferred
1937-49
Dec 1 1937-60
4.25
65.00
Chic MUw A St Paul 43*b.
Associated
23*s series G non-call
3.00
65.00
5s
Arkansas Pr A Lt 7% pref
4s series E due
Chesapeake A Ohio—
Bid
Par
Ask
x92
Alabama Power 17 pref_.»
1.00
62.00
Pennsylvania RR 43*s.__;
1.75
Cent RR New Jersey 43*8.
Utility Stocks
1.5(3
'-
2.00
Canadian Pacific 43*8
Bid
Par
3.00
63.00
Northern Pacific 43*s....
2.00
62.40
-
Public
A
43*s
6s
Canadian National 4J*s..
Chicago
3.00
64.25
Boston
N. Y. 1-1043
Direct wire to Fuller, Cruttenden & Co.,
Ask
New Orl Tex A Mex 43*s..
1.25
NEW YORK
Bell Teletype:
Hanover 2-3888
7
113*
-
9
123*
Miller (I) Sons
common..5
50
21
pref_»_.i00
99
83*% preferred
Reeves (Daniel)
United cigar-wneian
*5 preferred
23*
4
24
—
Stores
*
173*
193*
Volume 148
Financial
Quotations
Public
Kan Pow & Lt 1st
83M
Lehigh Valley Transit 6s *60
Lexington Water Pow 6s '68
67
68M
36
36
Corp—
Income deb 3M8—1978
Income deb 3*8—1978
36 H
1978
38 M
55 M
86-
Income deb 4Mb—1978
37 M
41M
Conv deb 4s.
1973
Conv deb 4Ma—1973
70 M
72
75M
77
83
100M 101M
108 M
99"
Assoc Gas & Elec Co—
Cons rel deb 4M8--1958
Sink fund lnc 4Ms.. 1983
Sink fund lnc 5s.
37
35
37
39
36
39
Sink fund lnc 5-6s__1986
39
67
42
79 M
Par
109M 110M
Ohio Power 3Ms 1908
108 M
108
74M
71M
110
1968
Parr Shoals Power 5s..1952
1st lien 3~6s
98
96 M
Central Gas & Elec—
1st lien coll tr 5 Ms-1946
S4M
86 M
1st lien coll trust 68.1946
88M
90M
Central Illinois Pub Serv—
1st mtge 3 Ms
1968
102
21M
/20M
150
1st A rel 8s
2037
220
1st mtge 3 Ms
102 M
2037
1968
111
rn.rn.rn.
m
-
m
HIM
flH
73M
1962
2M
74M
93
63 M
62 M
Consol E <fc G 6f A...1962
..1962
64 M
Collinc 6s (w-s)__._1954
Cumberl'd Co P&L 3Ms'06
84 '
Republic ServiceCollateral 5s.......1951
74 i
76 M
60
105
1947
-
Sioux City G A E 4s..1966
Sou Cities Util 5s A.. 1958
---
104 M 105M
48 M
50
110 M
69M
Texas Public Serv 5s..1961
~
72
74
72
Tel Bond A Share 5S..1958
Dallas Pow A Lt 3 Ma-1967
Series S-3
-Basic Industry Shares..10
Boston Fund Inc...
British Type Invest A...1
Broad St Invest Co Ino..6
Bullock Fund Ltd...
1
79 M
81M
97 M
95M
108
Toledo Edison 3MS...1968
108 M
Havana Elec Ry 5s...1952
..1957
15~.70
.13
.28
23.76
25.41
12M
6.99
7.72
Maryland Fund Inc...10c
4.20
4.80
20.24
21.76
10.42
11.39
13M
Mass Investors Trust
I
Mutual Invest Fund.
10
54
50 M
29M
31M
5 Ms.
Common
101M 102
95
1960
4.15
25.86
Voting shares..........
1.20
9.88
10.70
5.66
6.03
3.25
3.54
National Investors Corp. 1
New England Fund..—1
11.84
12.76
Corporate Trust Shares-.1
2.41
Series AA.......
.100
mm
mm
mm mm
32
30
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Alden
Apt 1st mtge Ss.1957
Beacon Hotel lnc 4s._l958
B'way Barclay lnc 2s.. 1956
B'way A 41st Street—
1st leasehold 3M-5s 1944
Broadway Motors Bldg—
4-68
...1948
11
10
6s.
23 M
/22
8 t deb 5a
69
71
23 M
1945
9
/7M
43
49M
61
ist 4s (w-s)...
1948
Court A Remsen St Off Bid
33
35
1st 3 Ms
1950
Dorset 1st A fixed 2s. ^ 1957
28
24 M
,
5
34 M
52
54
42 M
.....
Ollcrom Corpvtc
1 Park Avenue—
28
5
/4
32
36
103 E 57th St 1st 6s... 1941
/19M
30-
35
61M
50 Bway Bldg 1st 3s lnc '46
/20
165 Bway Bldg 1st 5M* '61
Sec s f ctfs 4Mb (w-s) '58
.22
m
m
46
44 M
mm
mm
mm
M
-
1st leasehold 3s. Jan 1 '52
28M
2.16
3.50
42
5Ms stamped.
1961
Realty Assoc Seo Corp—
5s income
1943
24
D
/23M
/52
1939
1400 Broadway Bldg—
1st 4s stamped
1948
39
2Ms
37 M
...
1
57 M
45 M
38 M
1958
Roxy Theatre—
1st mtgb 4s.
6Ms«
Fuller Bldg deb 6s
1st 2M-4a (w-s)
Graybar Bidglst lshld
1941
1944
1949
/3M
66
..1957
22 M
35
.
47
24 M
3h with stock
5s*46
79 M
81
Sherneth Corp—
1st 5Ms (w-s).
Harrlman Bldg 1st 6s. 1951
19M
21
60 Park Place
Hearst Brisbane Prop 6s '42
Hotel St George 48... 1950
40
42
45
46
38
1st 3Mb
1956
37
1st
4-5s.......
1948
1st 4s.
Lexington Hotel units
55
1st 3s.
40
52M
36
70
Loew's Theatre Rlty Corp
1st 6s
1947
98 M
19.23
7.40
Bank stock series—10c
2.48
2.74
Sovereign Investors
.03
".70
Insurance stk series. 10c
Fixed Trust Shares A...10
3.28
3.63
Spencer Trask Fund.....*
14.66
15.33
Standard Utilities Inc.60c
.47
7.07
7.78
♦State St Invest Corp... ♦
4.14
4.45
Fundamental Invest Inc.2
16.31
17.73
Super Corp of Am Tr ShsA
A A..................
Fundamental Tr Shares A2
4.94
-•
4.48
....
29.64
31.87
B..
72
100M
71
1958
35 M
741M
.■
...
37
1952
42
1st 5s (Bklyn).,_..1947
54
1QM
67
43M
1950
Wall A Beaver St
m~m
•
»
-
mmam
17
18M
Weetlnghou.se Bldg—
•1st mtge 4s_....... 1948
73
75
Telephone and Telegraph Stocks
Par
(N J) com.*
100
Bid
94
Ask
par
97 M
New York Mutual Tel-100
173
177
Pac Ac Atl
Bell Telep of Pa pref...100
121
123
Peninsular Telep com
50
—
2.45
mmmmm
2.40
mmmm
5.42
......1
5.02
4.35
4.73
Aviation shares....
7.20
7.83
Trusteed Amer Bank Shs B
.67
6.2i
6.76
Trusteed Industry Shares.
.83
..
.
Series B
6.18
6.73
4.79
3.05
3.33
B
5.38
5.86
Voting shares...
5:94
5.47
4.39
3.65
6.05
5.50
5.15
5.61
.15
.35
15.68
mm
.93
U 8 El Lt A Pr Shares A..
mmmm
2.23
.97
1
13.14
Wellington Fund-.
16.86
15M
...
14".46
3.98
Tobacco shares
'
*63
4 79
RR equipment shares...
Steel shares...........
mm
•
0
4.39
;
Corp
1
Incorporated Investors..♦
♦Independence Trust Shs.
2.11
mmm
m
Investm't Banking Corp
Blair & Co
—
♦Central Nat
1M
2M
Corp el A..*
22
25
•
1
2
♦Class B
♦First Boston
Corp.,...10
•
17*
19M
M
1M
♦Schoelkopf. Hutton A
1.09
1.45
9.96
Pomeroy Ido com—.10c
1.19
1.32
10.64
—David H. G. Penny, who
'
•
•
NOTICES
Telegraph
Preferred A
has
been senior
Bid
Ask
Konig of
25
*
33
100
111
15M
17 M
35M
York partner since
& Co.
Tyringtiam House,
of London and Frank Parker of
near
New York have full signing
powers^
Penny before joining
Huth & Co. was a Vice-President of the Na¬
tional Bank of Commerce in
New York and before that a Vice-President of
the Irving
War gave him
Director of the Foreign Exchange
Trust Co., which institution during the World
leave of absence
to become Assistant
Division of the Federal Reserve
Board.
After a short holiday Mr. Penny
business in his own name.
many
years
in insurance
and
Edgar K. Sheppard, formerly
Bissell & Meeds, has become associated with them in their
Laird,
New York office in the
for
15
New
The remaining partners are Fred¬
Newport Pagnell, Bucks, Eng¬
land, and Ernest
Martin Alfred Wollersen, cafe of Albemarle Club,
37 Dover Street, London, W.
1, England.
Ernest Cardew Kiessling
1927, has retired from Huth
activities in this
Bell Telepof Canada...100
1
1
A.l
Series C
Trustee Stand Oil Shs
—Mackubin, Legg & Co. announce that
113M 116
CubanTeleph6% prf(new)
10.51
Automobile shares.....
with
Preferred..
9.07
Trustee Stand Invest Shs—
Series D
plans to engage in financial
Am Dist Teleg
2.44
5.15
Mr.
15
Corp—
1st 4Ms w-s.......1951
Ludwlg Baumann—
44 M
49
Walbrldge Bldg (Buffalo)—
3s
77 M
3.45
5.87
....
.51
75
5.39
erick A.
Textile Bidg¬
lst 6s——
4.03
4.73
.
9.60
3.62
3
Supervised Shares
CURRENT
1955
;
B
5.65
9.04
Agricultural shares
Building shares....
.24
'
Selected Amer Shares..2M
Selected Income Shares...
9.22
10.07
32
1st 5Mb
1939
2 Park Ave Bldg 1st 4-5s'46
54M
London Terrace Apts—
1st. fis nr. T)
26 M
6.72
103
„
37 M
30 M
Trinity Bldgs Corp—
Lincoln BuildingIncome 5M« w-s...196?
1st A gen 3-4s
25M
17.87
...
Insurance Group Shares.
Investors Fund C
__1
Lewis Morris Apt
,
18.41
28.77
Bank Group shares.....
Syracuse Hotel (Syracuse)
1948
8.27
17.14
26.76
Institutional Securities Ltd
h
*
Bldg— '
......1951
".42
14.82
7.37
Quarterly Ino Shares.. 10c
6% deb series A........ 100
Representative TrustShslO
9.57
.22
Republic Invest Fund.25c
-
1950
3s with stock......1957
56M
.36
♦Putnam (Geo) Fund..
Eqult Inv Corp (Mass)..5
Equity Corp 13 conv pref 1
016 Madison A v*—
Lefcourt State Bldg—
1st lease 4-6Ms
28M
A7
3Ms with stock
1.26
Mining shares—.
67M
127
(Newark)—
.—.—1947
61 Broadway Bldg—
Lefcourt Manhattan Bldg
Eaton A Howard Manage¬
ment Fund series A-l
2.46
13.86
Plymouth Fund Ino„_10c
1.16
25c
6.20
♦Huron Holding
1956
2.70
5.56
Petroleum shares......
mimm
Savoy Plaza Corp—
5
2.75
Series 1958..—......1
m
.
Fox Thea & Office Bldg—
1st
mm
Investing shares
Merchandise shares....
Rlttenhouse Plaxa (Phlla)
Film Center Bldg 1st 4s *49
40 Wall St Corp 6s
1958
42 Bway 1st 6s.—
3.55
1
Food shares.....;.....
Prudence Secur Co—
36 M
6.08
7.19
..1
Chemical shares...
A
6Ms (stamped 4s)..1949
52d A Madison Off Bldg-
7.75
6.64
Series 1956
_
Group Securities—
mSmm
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
500 Fifth Avenue—
M
44 M
50
6
5M
8.63
6.16
General Capital Corp...
General Investors Trust.*
62
32M
"
7.14
•
49M
Foreign Bd Associates Ino.
Foundation Trust Shs A.l
49 H
5Ms series BK
5Mb series C-2
5Mb series F-l
5Ms series Q
»
Hotel units
4
Mtge Co—
29 M
26 M
Eastern Ambassador
N Y Title &
7.28
7.10
Series 1960
First Mutual Trust Fund..
Majestic Corp—
4s with stock stmp—1956
45
Cbesebrough Bldg 1st 6s '48
Coionade Construction¬
-1955
7.98
....
No Amer Bond Trust ctfs.
•
Fiscal Fund lnc—
2s
68
9.83
Fidelity Fund Ino
99M 101M
N Y Athletic Club—
65
Chanin Bldg 1st mtge 4s '45
-
-
Metropol Playhouses Ino—
N Y
1957
;
..1948
32 M
Brooklyn Fox Corp—
3s
Ask
Metropolitan Chain Prop—
/33
.
Bid
5.11
9.06
1.59
ser Bl
Dividend Shares
7.87
.
6.59
No Amer Tr Shares 1953.*
3.01
Ask
7.11
10.27.
Railroad equipment.
Steel
mmmmm
Diversified Trustee Shares
Bid
6.56
9.50
.......
Metals.,.......—
16.41
2.66
Mortgage Certificates
6.72
Oils... i
rnmmmm
15.18
...
C
8.38
Machinery..
109 M
109
9.09
Building supplies......
Electrical equipment...
28"
26
4.70
Bank stoek...........
mm
7.27
Aviation
mm
117M
10
Delaware Fund..
96
„
Automobile, ..........
m
2.70
10
♦8% preferred
mmmmm
2.70
1
1~33
Insurance stock
2.30
Series ACO mod..
♦Crum A Forster com
3.53
Agriculture..
2.30
Accumulative series...1
Series AA mod
1
N Y Stocks Ino—
6
5M
1
108M 109M
Wisconsin G Ac E 3M8.1966
Wis Mich Pow 3 Ms—1961
Real Estate Bonds and Title Co.
25c
3.80
Deposited Insur Shs
Kan City Pub Serv 4s.l957
'•
24.05
•
♦7% preferred
100 113
Cumulative Trust Shares. ♦
4.65
127
West Texas Utils 3 Ms. 1969
/43M
6 Ms. 1938
4.18
Manhattan Bond Fund lnc
3.59
14.60
Western Public Service—
Inland Gas Corp
14.89
11.06
3i71
Chemical Fund
♦Common B share
Utlca Gas A Electric Co—
5s._
10.45
9.99
...
Series S-4
♦Crum A Forster insurance
Federated Util 5Mb—1957
16.11
13.59
...
Commonwealth Invest... 1
♦Continental Shares pflOO
108M 109
Dallas By A Term 6S.1961
5M
Series S 2.—.
16.25
9.43
Series K-2—
6M
23.69
14.82
14.70
.
5
5M
Century Shares Trust:
St Joseph Ry Lt Heat A Pow.
4MB
M
Series K-l
29.95
21.61
.....
Series B-3
.45
Corp
Canadian Inv Fund Ltd..l
54
58
3.27
4M
4M
Ask
27.40
.
Series B-2—
25M
.40
Corp*
Invest
Series B-l
2.96
85
94 M
Crescent Public Service—
Bankers Nat
Bid
Keystone Custodian Funds
Nation Wide Securities-
Pub Util Cons 5Ms—1948
Income 5M8 with stk '62
B
1950
.
24
Amer Business Shares....
Amer Gen Equities lac 25c
♦Class A.
Public Serv Elec A Gas—
108 M 109
Cities Service deb 6s.. 1963
Cons Cities Lt Pow A Trac
6s series
91M
89M
1st Ac ref 5s.
Cent Maine Pr 4s ser G '60
Central Public Utility-
6s
1961
Portland Electric Power—
6s
3.53
Assoc. Stand Oil Shares..2
Peoples Light A Power—
Cent Ark Pub Serv 5s. 1948
Holding Corp..*
As*
11.98
3.18
1M
Am Insurance Stock
104
101
♦Amerex
Par
Bid
11.26
Admlnls'd Fund 2nd Inc. *
Affiliated Fund lnc
-
Old Dominion par 6s..1951
^lectrlc 3 Ms
Investing Companies
104M 105M.
Blackstone Valley Gas
A
921 Bergen Avenue
Tel. Journal Sq. 2-4400
Teletype JCY 1518
'
70
78
Nor States Power (Wise)—
3 Ms
1964
37,
J983
4J48-5J4B--.1986
8 f lnc
UNLISTED
Private Wire System Connecting Branch Offices In leading Cities.
1965
4s
IN
109M HOM
1966
New Eng G A E Assn 5s.'62
N Y, Pa A N J Util 5s i960
N Y State Elec Ac Gas Corp
38
Broadway
Tel
Narragansett Electric—
3 Ms
97M
115
New York City
REctor 2-5485
102 M 104
.1938
1st 6s
MARKETS
Members N. 7. Stock Exchange and other Principal Stock and Commodity Exchangee
Main Office
Jersey City Office
74"
Conv deb 5g
,
1973
Conv deb 5Ms
1973
8s without warrants.1940
Consol Gas 4s..1963
Mich
TRADING
GOODBODY & CO.
Mountain States Power—
r
,
ACTIVE
Investment Trust Issues
57 M
85M
Missouri Pr A Lt 3MS.1906
42 M
MAINTAIN
Ask
109 H
109
4Mb '65
35M
Assoc Gas A Elec
Income deb 4s
WE
49M
85 M
3829
Securities—Friday June 23—Continued
Bid
Ask
47
Amer Utility Serv 6s. 1964
Associated Electric 6s. 1961
Over-the-Counter
Utility Bonds
Bid
Amer Gas A Power 3-5s 'f 3
on
Chronicle
trailing department.
in the trading of insurance
field.
Mr. Sheppard has specialized
stocks and will continue his
The firm also announces that its service to dealers
stocks is being broadened to include primary markets on fire
casualty stocks and that its sales
and statistical service is being ex¬
panded substantially.
Emp A Bay State Tel.. 100
Rochester
46
Franklin
Telegraph
100
25
mmmmm.
Telephone—
36.50 1st pref
100
15
<0
preferred
M.
Association,
•
So A Atl Telegraph
101M 104
Sou New Eng Telep... 100
Int Ocean Telegraph... 100
64
Mtn States Tel A Tel..100
128
For footnotes see page
National Security Traders'
the nominating com¬
mittee of the Association to select officers for the coming year: Ernest E.
Blum, Brush, Slocumb & Co., San Francisco, Chairman; H. B. McLaren,
McDonald-Coolidge & Co., Cleveland; George W. McGhie Jr., George
McGhie & Co., Chicago; Thomas Graham, the Bankers' Bond Co., Louis¬
—Willis
113
25
Gen Telep Allied Corp—
3830.
158
Wisconsin Telep 7% pf. 100
118
_
160 M
-
132
---
Summers,
President of the
appointed the following members to
ville, and R. Victor
Mosley, Stroud & Co., Philadelphia.
Financial
3830
June 24, 1939
Chronicle
23—Concluded
Quotations on Over-the-Counter Securities—Friday June
Industrial Stocks and Bonds
If You Don't Find the Securities Quoted Here
1%
34
American Arch
Amer Bemberg A com
In which
our
you
find them In
monthly Bank and Quotation
8%
Federal Land Bank Bonds
Public Utility
Foreign Government Bonds
Industrial Bonds
Real Estate Bonds
Insurance Stocks
Real Estate
Trust
"
Land
and
Stocks
Mill Stocks
U. S. Government Securities
Mining Stocks
U., S. Territorial Bonds
25*
58
Remington Arms com
Corp...*
Construction.10
Indus Service A.*
32
35
Scovlll
14
16
Singer Manufacturing—100
Manufacturing..25
1
Singer Mfg Ltd
55*
Skenandoa Rayon Corp..*
Solar Aircraft
1
25*
H
20
20 5*
33
395*
v
35*
105*
Stanley Works Inc
25
Stromberg-Carieon Tel Mfg
37 5*
25*
45*
22
Sylvania Indus Corp
175*
195*
28 A
305*
3
9
H
15*
Taylor Wharton Iron A
*
Steel common
595*
265*
Tennessee Products
30 A
33 5*
Time Inc.
21H
255*
Trlco Products Corp
•
27 A
305*
Triumph Explosives
2
2
Tublze Chatlhon cum pf.il)
70
2%
2H
75*
21
435*
475*
10
$3 conv preferred
Welch Grape Juice
395*
Extinguisher...*
Gen Machinery Corp com*
nA
12 A
115*
13 A
1
3A
55*
*
45*
Wickwlre 8pencer
Good
Corp
Humor
15*
38
36
Paper..26
Northern
...6
45*
2A
Bid
Hungarian Cent Mut 7s '37
/50
/26
Hungarian Discount A Ex
change Bank 7s.
.1936
A
Bavarian
/12J*
/195*
7s
4
H
/20>*
24"
P
—
...
405*
Crucible
2 H
53
Munic Bk Hessen 7s to '45
26
7H
194
18 H
.194
f2H
3H
196
i
J
41
23
26
*
98
101
695*
275*
1946
6ld Bell Coal Inc 6s—.1948
Mfg
5 Ha
.
...Iw4fi
Socony-Vacuum Oil 3s 1964
35*
2 H
1949
..
5s
Radiator
•xjovlll
165*
Products—
Nat Distillers
1035* 1045*
195*
f!7
28 5*
305*
108 V*
1095*
1055* 1055*
Woodward iro*—
1962
.—100
preferred
17A
205*
1st 5s_
*
23 H
255*
2d conv Income
New Britain Machine
5s—1962
106
---
1045* 107
Bid
Ask
101 K
New York Wat Serv 5s '51
102
103 H
/ 66
/18
Protestant
96
Newport Water Co 5s 1953
101
82
58.1954
107
mmm
Ask
29 "
...
19"
/165*
5
/19
J
/20
Saarbruecken M Bk 6s.'47
3
f21H
/21H
3
/16
4s scrip.....
3
P
/16
8s
1941
'
Rom Cath Church 6 Ha '46
7
1
/19
151
2
5
/40
...
A
3
/20 H
...
German Central Bank
8
1948
/23
e
6
/295*
S4H
-
30 54
5
/175*
Ireland-
/854
2d series 5s
Tolima 7s
s
8
/25
9
97
6
/215*
107
...
Richmond W W Co 58.1957
10554
...
1938
1005*
...'
A.'66
10654
...
100
mmm
Roch A L Ont Wat 5s.
...
102
1045*
101
St Joseph Wat 4a ser
103
Scranton Gas A Water Co
1958
Scranton-8prlng Brook
Water Service 5s. 1961
102
—.—1954
103 H
...1954
■
103 A 10454
SS
1967
865*
Shenango Val 4s ser B 1961
.1962
89
'
'895*
1015*
1st A ref 6s A—
105
South Bay Cons Wat 6s
'50
75
80
Sprlngf City Wat 4s A *56
1025*
—
Terre Haute Water 5s B '66
1065* 1075*
1966
101
mmmrn
102
1949
1025*
mmm
1035*
mmm
103
—
1958
100
1957
105 H
105 H
Long Island Wat 55*8.1955
105
1065*
Union Water Serv 55*s
Middlesex Wat Co 5 Ha '57
106
108
W Va Water
99
102
Western N Y Water Co—
6s
115*
2l"
Monmouth Consol W 6s '66
w
m
'51
Serv 48—1961
1950
1951
1st mtge 5 5*3
1950
Westmoreland Water 5s '62
5a series B
Monougahela Valley Water
5 Ha
1950
102 H
mmm
Morgantown Water 5s 1965
105 H
mm —
Muncle Water Works 5s '65
105 H
New Jersey Water 58.1950
95*
6s series A
...
101
1st mtge 5s
1055* 1065*
965* 100
96
100
995*
1025*
...
101
•
Wichita Water—
56
1956
68 series C
1960
6s series A
1949
W msport Water 5s—1952
5s series B_.
New Rochelle Water—
5s series B
1951
92
97
55*s
1951
95
100
••
1055*
■mmm
1055*
--m
103
106
...
54
1947
P8A
19
8l"
3 5*% War Loan
Uruguay co nversion scrip.
of Great
*
No
88
1947
1945
89
■
...
/205*
Unterelbe Electric 6s—1953
Wurtemberg 7s to
a
value.
0
Interchangeable.
2 Nominal
quotation,
tc
6 Basis price,
d Coupon,
f When Issued,
w-s With
Ex-Uquldatlng dividend.
99 H 100 H
/39
.
Vesten Elec Ry 7s
par
price.
dlvldend.
Britain A Ireland 4s. 1990
72
102
Platnfleld Union Wat 6s '61
Texark&na Wat 1st 5s_1958
53 A
United Kingdom
/18
1015* 1035*
Pittsburgh Sub Wat 5s '58
77
45*8
Joplln W W Co 5s
1955
40
.
7
3
Pinellas Water Co 5 5*8- '59
72
72*
1952
6a
/Flat
/30
..j
107 5* 103
67
...
Kokomo W W Co 5s..1958
11
56
/205*
...
100
A
1952
1st mtge 3 Ha
53
1956
Stettin Pub Util 7s.—1946
104
Phlla Suburb Wat 4s._1965
mm-
Indianapolis Water—
53
1956
101
1948
...1948
Indianapolis W W Secure—
Kingdom
8
105 H
1946
6a..
/22
6 5*8
1951
J22
Saxon State Mtge 6S..1947
/24
Slem A Halske deb 68.2930 /540
State Mtge Bk Jugoslavia
Toho Electric 7s
1957
1946
5s series B
95*
69
/20
1948
1st consol 6s
'
Saxon Pub Works 7s..1945
5s
195 4
J10A
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s-.1943
10254 10354
101
1st consol 4s
Community Water Service
5s series B
/19
/17
8%
155""
1045*
Huntington Water—
Santa Catharlna (Brazil)—
P
5
/U
/105*
/5
Salvador 7%
1957
7s ctfs of deposit. 1957
1950
1015*
5s series A
/205*
/205*
/215*
8s ctfs of depo8lt.l948
'5
3
1933
/85*
45*8—1966
1st A ref, 5s
Prior lien 5s
...1954
95
Greenwich Water A Gas—
/60
/19
7% *36
225*
Peoria Water Works Co—
101H
ConnelJsvllle Water 5s 1939
/19
/17
R C Church Welfare 7s *46
3
...
103 A
...
1015* 103
Penna State Water—
mmm
108
Chester Wat Serv 45*s '58
6s series A
1754
6s
107
94
"
104
105 H
Ohio Water Service 5s_1958
Ore-Wash Wat Serv 5s 1957
mm
102 A
6 Hp series B
/23
.1941
/21
Rio de Janeiro 6%
1065*
1954
•
1st 6s series C
68
/205*
1946
'33
Prov Bk Westphalia 6s
Rhine Westph Eleo
1964
101
*»
*/19
.
Ohio Valley Water
105
6s series B
Church (Ger¬
5s.
mm-
City Water (Chattanooga)
P
1968
many) 7s
19"
100
City of New Castle Water
6s
1941
43
/19
5
6*5*
/2I5*
Nat
125*
Calif Water Service 4s 1961
,
...1945
i
6s.
/155*
Minn A Ont Pap 68—1945
McKesson A Rob 55*s
1st coll trust
...1947
4s
Idenburg-Free State—
Porto Alegre 7s.
f\7
Britain A
11
5s series B
Mtge 7s
—.1948
North German Lloyd 6s '47 /100
f24H
5s.
United
100
5 Hs series A
P
52~~
/o4
/55
/17 H
Costa Rica funding 5s.
See
995* 1005*
615*
/of 5*
1937
1938
19r>0
Deep Rock Oil 7s
Haytlan Corp 8s
Conv deb 35*8
Butler Water Co 5s...1957
/38
/26
/50
P
Great
...
113
106
Birmingham Water Wks—
5s series C
—___1957
/205*
193
(Austria) 8s
.
Ohio Cities Water 55*9 *53
P
1962
City Savings Bank
Graz
1948
27
115
Atlantlo County Wat 5s '68
/57
German Central Bk
German scrip
26
100
Ashtabula Wat Wks 6s "58
Central German Power
German Building
12 H
15*
135*
Alabama Wat Serv 5s. 1957
National Hungarian A Ind
7a to
Frankfurt 7s to
America
Water Bonds
Nat Central Savings Bk of
18 H
Central Agrlo Bank—
7s.
37
1H
Bid
/57
4s—.1946-1947
(C A D) 4s—.1948 1949
P3A
/175*
1
European Mortgage A
285*
35 H
84
54"
J22
(A A B)
/24
6 5*8
25 H
1
5%
/205*
Nassau Laodbauk 6 5*e '38
Hungary 7 5*8
Madgeburg 6s
*
5
Preferred
Nat Paper A Type com...*
h—
of
Steel
45*8
4
Marlin Rockwell Corp
Preferred
at Bank Panama—
/175*
Chilean Nitrate 5s
995*
39 H
7% preferred..
Municipal Gas A Elec Corp
/47
/H3
see
855*
28 V*
105*
/19
/19
1945
Munich 7b to
/23
*
455*
82 54
9A
35*
Muskegon Piston Ring.2 5*
Nations" Casket...—
*
Hungarian Bank-
(Brazil) 8s
/48
/32 5*
t
'
iQfi
Brown Coal Ind Corp—
Ceara
17
2
/38
Montevideo scrip
Recklinghausen 7s..1947
Oauca Valley 7 5*s
Paper 6s—1961
Brown Co 55*sser A.. 1946
Bond,—
Amer Writ
/205*
Mannheim A Palat 7S.1941
Meridlonale Elec 7s.—1957
/165*
7 5*s_
85*
265*
15
.
Mock Judsou A Voehrlnger
/21
/38
/21
/21
Leipzig Trade Fair 7s.1953
Luneberg Power Light A
Water 7s
1948
19 H
/33
/23
British
45*
835*
3A
/19
6s.
55
Leipzig O'land Pr 6 5*8 '46
35*
/35*
/21
funding 5s..
Brazil
54
185*
/3
7s
55
2l"
/1754
/3
/35*
88.
54
Jugoslavia 2d series 5s. 1956
Koholyt 6 5*8
1943
Land M Bk Warsaw 8s '41
Palatinlte Cons
35*
3154
preferred
Carrier Corp 45*s
1948
urowo Cork A seal 4 Ha 4»
6% preferred.*
Jugoslavia 5s funding. 1956
9
45
100
7%
5*
7A
24 5*
1
J3 conv preferred
*
Merck Co Inc common..1
/II
—
/19
55*
McKesson A Robblns
Ask
40
55*
275*
375*
Lawrence Portl Cement 100
P
P
7
.255*
100
Macfadden Pub common. •
Hungarian Itat Bk 75*s '32
25*
235*
York Ice Machinery.....*
35*
35 A
mm.
96
15*
45*
50
Wilcox A Gibbs com
17
125*
215*
•
Steel..*
S3 cum preferred
.*
Long Bell Lumber
*
15 preferred........100
Ask
m
Wpflt Dairies Inc com v
Worcester Sa t
Ley (Fred T) A Co
f 19
1154
935*
wjr The Goodwill dta...5
King Seeley Corp com—1
Landers Frary A Clark—25
Foreign Unlisted Dollar Bonds
15?4
107
100
t c 1
.
265*
Kliduu Mimug Corp
tel. HAnover 2-5422
Urn
Preferred
32 H
Great
Sl CO., INC.
25*"
West Va
24A
$5 preferred
/26
/23
100
Pulp A Pap com. *
100
Preferred
Harri^bursr ^teel Corp
7s.
*
com..5
preferred
Great Lakes SS Co com..*
Interstate Bakeries com...
Bid
7%
55*
365*
Graton A Knight com
1
7
46
37 H
Fire
2
44
*
Gen
5*
Veeder-Root Inc corr^.._<
35*
Packing com
25*
78
15*
,
345*
6
*
Garlock
12 A
100
Preferred
A
3H
shares
159
Warren (Northam)—
24
9
2
15*
155
United ArtistsTheatcom.*
35*
65*
*
30
*
•
,.*
;
United Piece Dye Works.*
73
70
Alrpl—1
45*
25*
57 A
*
American
•
22 H
prior pref
Preferred.
65*
45*
standard Screw.
20
1%
Bake Shops
35*
47
44
Quincy—100
Cbllton Co common
10
Columbia Baking com—.*
$1 cum preferred
*
Crowell Publishing 00m—*
Dennison Mfg class A...10
Dentist's Supply com...10
Devoe A Raynolds B com ♦
Dlctapbene Corp
*
Dixon (Jos) Crucible... 100
Domestic Finance cum pf. ♦
Douglas ( W L) Shoe—
■
Inactive Exchanges
45*
45*
35*
Fobs Oil Co..
Y.
171
2A
Federal
Foreign Stocks, Bonds and Coupons
35*
215*
205*
16*
4A
Draper Corp
New York City.
55*
135*
115*
*
,17
Foundation Co For shs—
12 William St., N.
4
Manufacturing...*
Pollak
5*
25*
l*
*
»
1
Exploration
Pilgrim
165*
5*
Petroleum Heat A Power.*
225*
10
103
100
Conversion—1
Petroleum
54
Falrchild Eng A
Your subscription should be sent to
BRAUNL
*
pref
15
Conv
Quotation Record Is published monthly and
Dept. B, Wm. B. Dana Co., 25 Spruce St.,
Pathe Film 7%
89 H
Cbic Burl A
Stocks
sells for $12.50 per year.
33
Burdlnes Inc common...
Stocks
Title Guarantee and Safe Deposit
ties
155*
pref 100
Bankers
Railroad Stocks
Industrial Stocks
Investing Company Securities
Corp..26
Ask
Cessna Aircraft
Railroad Bonds
Joint Stock Land Bank Securi¬
185*
85*
Art Metal
Public Utility Bonds
Canadian
175*
*
Andlan National
Canadian
Out-of-Town)
25*
Pan Amer Match
21
25
Products
American Mfg. 6%
Domestic
Domestic (New York and
65
Norwich Pharmacal
12
-
100
Hardware
Maize
Amer
Municipal Bonds—
Banks and Trust Companies—
The Bank and
115*
29
*
pref
cum
American
55
115*
10
American Hard Rubber—
The classes of securities covered are:
stocks and bonds."
Bid
100
Clock-
New Haven
Ohio Match Co
6% conv pref
American Enka Corp
have Interest, you will probably
cation quotations are
25*
38
American Cynamid—
Record.
In this publi¬
carried fojr all active over-the-counter
9H
—
Par
Preferred 65*%
Ask
Bid
Par
Mills Inc
Alabama
t Now
listed
on
New
York
Stock
Exchange.
...
/20
/19
...
t Now selling
A
on
New York Curb Exchange.
Quotation not furnished by sponsor or
Issuer.
. •
A
'
•-*
e Ex-lntereet.
stock, z Ex-
Volume
148
Financial
General
Chronicle
3831
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
always
UNDER
Assefs—
The amount involved is
of the company.
Poulin
Fixed
a
will
be
Sholley is President of the company.
June 17, 1939.
used
for
Sidney L.
depositor.
Filed
a
Keystone Custodian Funds, Inc. (2-4088, Form C-l) has filed a regis¬
tration statement covering 40,000 certificates of
participation with attached
9-10 appreciation warrants, series B-2.
(Other details
tration.)
$734,5581
for
doubtful
depreciation
of
Directors have declared
'
Keystone
Custodian Funds, Inc. (2-4089, Form C-l) has filed a
covering 270,000 certificates of participation with
series B-4.
(Other details same as
above registration.)
a
9-10 appreciation warrants,
Keystone Custodian Funds, Inc. (2-4090, Form C-l) has filed a regis¬
participation with attached
tration statement covering 30,000 certificates of
a
special dividend of 20 cents
Years Ended Dec. 31—
Gross profit from sales
Selling, general
above regis¬
same as
accounts of $30,923.
Represented by 164,167
z
paid
was
on
&
admin,
series
K-2.
(Other
details
same
-Earnings—
1937
•
23,812
$292,976
1,284
6,500
_
Keystone Custodian Funds, Inc. (2-4093, Form C-l) has filed
$209,785
963
excess
17,000
•
150,250
undist. profits
on
105,041
19,906
"Tool
6,454
Prov. for Fed. normal income &
regis¬
tration statement covering 65,000 certificates of
participation with attached
9-10 appreciation warrants, series S-2.(Other details same as above
regis¬
tration.)
"
32,074
4,912
115,865
a
Net income for the year
Dividends
Earnings
.
Keystone Custodian Funds, Inc. (2-4094, Form C-l) has filed
...
Sundry income deductions
profits taxes.
Prov. for surtax
$334,733
160,516)
$92,937
Other income..
Loss on mortgage sold
Keystone Custodian Funds, Inc. (2-4092. Form C-l) has filed a regis¬
tration statement covering 20,000 certificates of
participation with attached
9-10 appreciation warrants, series S-l.
(Other details same as above
registration.)
V
1936
$477,304
109,089
24,620
.
Net profit from operations
above
as
*•
expenses;
Provision for depreciation
Keystone Custodian Funds, Inc. (2-4091, Form C-l) has filed a regis¬
95,000 certificates of participation with attached
tration statement covering
warrants,
par
no
a
1938
$226,646
...
incl. salaries and commissions
tration.)
9-10 appreciation
registration.)
After
y
share, payable July
paid on April 6, last, ar
Dec. 28, last.—V. 148, p. 1943.
Aetna Ball Bearing Mfg. Co.
„
(Ot I er details
$734,558
and
dividend of 10 cents
Similar amount was
a
to holders of record June 15.
registration statement
9-10 appreciation warrants, series K-l.
Total
notes
$51,168-
.
attached
surplus
Aeronautical Securities, Inc.—Dividend—
above regis¬
same as
Capital
'
the directors at a meeting held on April
14,1939, and (2) reduction in stated
value of capital stock from
$1,255,326 to $520,835, the transfer of the dif¬
ference to capital surplus and the elimination of the deficit at Dec.
31,1938
($702,496), after all adjustments, against capital surplus as voted by the
stockholders on April 28, 1939.—V. 144, p. 4163.
investment.
Sponsored by
y208,333
100,000
1
5,145
»
reserve
for
5,947
6,550
z520,835
133,045
....
Note—The above balance sheet is after giving effect as of Dec.
31, 1938
to (1) reductions
aggregating $379,232 in book values of assets as voted by
registration statement covering 35,000 certificates of participa¬
9-10 appreciation warrants, series B-l, which will be
Proceeds
and State taxes
Capital stock
shares.
attached
market.
After
x
Keystone Custodian Funds, Inc. (2-4087, Form C-l) of Boston, Mass,,
at
assets^
266
2,122
Reserves
7,969
Total.........
1939.
with
Res. for Fed. capital stock tax
3,244
Patents (book value)...
Deferred charges
reserve
15,794
16,000
Music library (book value)
Mining Co., Ltd. (2-4086, Form A-l) of Montreal, Quebec, has
$50,000
payable
122,897
employees
Filed June 15, 1939.
payable
Commissions payable
Salaries & wages accrued.....
Traveling & other advances to
development and for working capital.
Joseph Poulin is President of the company.
No underwriter named.
Filed
has filed
3,202
Investments (book value)
Notes rec., other, with collat__
filed a registration statement covering 1,000,000 shares of SI
par common
stock which will be offered at 50 cents per share.
Proceeds of the issue will
be used for exploration, plant and mill
15,
Notes
Accounts
x228,406
.-
Inventories
approximately $11,636,750.
No underwriter named.
$39,362
Notes & accts. receivable
Interest accrued
MacDonald Mines, Ltd. (2-4085, Form A-l) of Montreal, Quebec, has
filed a registration statement covering 300,000 shares of $1
par common stock
which will be offered at 32 cents a share.
Proceeds of the issued will be used
for drilling, development and
working capital.
Lee A. Boyd is President
tion
Liabilities—
Cash
following additional registration statements (Nos. 4085
to 4097, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
offered
companies in exact alphabetical order.
as possible.
Aeolian-Skinner Organ Co., Inc.—Bal. Sheet Dec. 31,'38
ACT
The
June
arrange
alphabetical position
as near
STATEMENTS
SECURITIES
possible to
it is not always
are
regis¬
a
tration statement covering 45,000 certificates of
participation with attached
9-10 appreciation warrants, series S-3.
(Other details same as above regis¬
and
a
$69,483
60,750
......
per
share
on
capital stock
$221,645
134,865
$1.82
$0.57
$172,761
$1.42
Net sales less cost of goods sold, including materials and supplies, direct
indirect labor, maintenance, taxes (other than income) and other
manufacturing expenses.
tration.)
Keystone Custodian Funds, Inc. (2-4095, Form C-l) has filed
regis¬
tration statement covering 700,000 Certificates of
participation with attached
9-10 appeciation warrants, series S-4.
(Other details same as above
registration.)
•
Balance Sheet
.
•
Assets—
preferred stock and 44,500 shares of SI
par common
are to
Of
our
Prov.for other tax
8,420
7,836
Prov.for Fed.inc.
17,000
66,115
121,500
441,988
435,654
$633,897
$662,203
given
was
6,000
,6,000
"<•
•
.
„
Total
$633,897
x
&
Month—
May, 1939
May, 1938
April, 1938
Earnings after expenses
$237,830
$285,264
$181,931
x Before depreciation and bond interest.—V.
148,, p. 3523.
Advance
Years Ended—
Net
Castings
Dec. 31
$1,737,913
1,127,068
532,755
Prov. for depreciation__
30,905
Idle plant exp., incl .depr.
8,663
Net oper. profit.,,
Other inc. & exps., net.
>,
*37 aDec. 31 '36 hDec. 28 '35
$2,325,093
1,636,262
533,769
44,896
8,676
$2,153,524
1,533.526
442,438
56,491
7,031
$1,582,260
1,191.289
256,241
42,912
7,694
-
$101,489
$114,039
Dr2,387
$84,123
Dr4,349
$34,060
10,432
$97,140
15,501
$111,652
25,336
$84,649
13,400
$81,639
$86,316
37,857
$71,249
79.924
Net profit before prov.
for Fed. income tax.
Prov. for Federal taxes..
$38,522
Dr4,462
$23,628
_
$6.51
$0.57
$6.49
Cr526
Net profits carried to
surplus
Dividends
Earns, persh.on cap .stk.
$0.15
"
;
1,046
121,500
and $7,275 in
1937.
,
1938
96,939
77,631
1936
x$670,144
51,506
$412,204
197,843
,
$1,602,780
119,715
$1,222,633
101,813
$721,650
100,767
$610,046
113,759
z3~l 6,973
355",623
1937
Inc. before other chgs.
paid
on
sales..
n
Reduction
of
142,189
See
c
See
z
39,000
34,677
39,000
28,603
39,000
35,874
35",308
13",427
86" 139
inventory ob¬
solescence
Addit'l
26,000
patents,
trademarks, &c
for
1935
25,000
Federal
income
& franchise taxes
24,734
56,914
Moving & other exps.,&c
Miscellaneous
Prov. for Fed. inc. tax..
Netprofit.
43,012
182,528
$991,926
15,275
y232,002
y58,l23
3,841
$723,025
,
$157,486
$15,377
x Arrived at as follows:
Gross profit on sales, $3,309,364 ($2,363,553 in
1936), less selling, general and administrative expenses (incl. depreciation of
$299,083) $2,164,636 ($1,693,409 in 1936) profit from operations, $1,145,001
($670,144 in 1936), as above,
y Including surtax on undistributed profits,
estimated,
z Includes $50,500 to provide a special reserve for obsolescence
of certain buildings,
a Provision for depreciation amounting to $299,083
included in selling, general and administration expenses,
b Arrived at as
follows:
Net sales, $9,936,154, less cost of sales $5,809,930, less selling,
general and administrative expenses of $2,620,383 profit from operations
(as above), $1,505,842.
c In determining net Income for the year there
has been deducted total depreciation of $316,577.
The earnings for
the year ended Dec. 31, 1936, as shown above, Include
the earnings of the Advance Pattern & Foundry Co. for the
period from
Dec. 29, 1935 to Sept. 26, 1936.
Prior to Sept. 26, 1936, the Advance
Pattern & Foundry Co. was a wholly-owned subsidiary, but on that date
a
Total
$662,203
operations._b$l,505,842 x$l,145,001
Other income
Prov. for doubtful accts.
Corp .—Earnings—
*38 Dec. 31
sales..!
Cost of sales
Sell. & admin, expenses.
Cap. stk. (par $1).
Agfa Ansco Corp, (& Subs.)—Earnings—
Calendar Years—
Profit from
Prov.
Aluminum
royalties-_
Prov. for spec. res. for
obsol. of certain bldgs.
May, 1937
$406,144
*
Def'd Income from
a
After reserve for bad debts of $7,248 In 1938
b After reserve for depreciation.—V. 148, p. 2413.
"
Interest
Paper Co., Ltd.—-Earnings
1,495
_.
Surplus
Prov. for depreciatiion.
Power
846
86
Cash discount
Abitibi
'
267
Equity in real est.
Filed June 17, 1939.
issue of June 17, page 3679.
compensation
taxes
-
'
Prepaid expense..
as
previous list of registration statements
7,500
272,876
6,748
Comm'ns payable.
Prov. for additional
117,801
plant
Ad vs. to employees
and agents
.
The last
Accrued local taxes
251,318
Property,
and
American Airlines, Inc. (2-4097, Form A-2) of
Chicago, 111. has filed a
registration statement covering 25,000 shares of $10 par of capital stock
optioned to certain officers and supervisory personnel at $12.50 a share.
Proceeds will be used for working capital
No underwriter is named.
C. R. Smith is President of the,company.
No underwriter named.
Filed
June 20, 1939.
in
$15,406
equipment.
b
each at
shares, 5,600 will be issued by
compensation for resale at SI .50 a share and
3,900 shares will be issued to Ira Krupnick for services for resale at SI.50 a
share.
Issuer's portion of the proceeds will be used for
payment of debt
and working capital.
S. E. Levy is President of the company.
Floyd D.'Cerf Co. has been
named underwriter.
1937
$32,490
4,998
Prepaid insurance.
receivable
Inventories
the remaining common
stockholders to underwriters
1938
7,224
3,868
9,895
Accts
v
$6.50 & unit, although up to 5,000 of the units may be offered to employees at
$5.75 a unit.
The preferred is offered by the company, the common by
stockholders.
31
Liabilities—
Accounts payable.
$206,248
50,511
Note receivable
one
1937
$160,630
115,355
1,000
92,578
a
chain) has
par 8% cumulative
stock.
The preferred
be offered in units of
1938
Cash..
Rands (2-4096, Form A-2) of Pittsburgh, Pa. (a retail
drug
filed a registration statement covering 35,000 shares of $5
stock and 35,000 shares of common
Dec.
a
all of the assets and liabilities of that
company were merged with those of
the Advance Aluminum Castings Corp.
b Consolidated figures.
Balance Sheet Dec. 31,
Assets—Cash in bank and
on
payable, $73,546; accrued liabilities, $59,278;
provision for advertising allowances, &c., $1,494; trade acceptances pay¬
able, $122,235; provision for Federal income tax, including $20,619 in
respect to,prior years, $26,061; deferred liabilities, $102,744; common capital
stock (par $5), $799,600; surplus, $215,947; total,
$1,400,905.—V. 146,
P-3943.
Notes
1938
Liabilities—
$
648,617
—
&
1937
$
Cash
386,875
Inventories (net)..
1,329,373
4.103,086
Fixed assets (net).
4,022,990
1,254,121
3,219,976
3,271,440
mulae, &c
393,000
432,000
46,606
80,998
88
56
212,266
79,331
.
$10,756,016 $8,723,798
148, P. 2413.
Demand
loan
563,001
343,086
1937
$
432,231
335,409
due
to Am. I. G. C.
1,950,000
750,000
2,500,000
23,085
2,500,000
124,658
480,000
5,000,300
Operating deficit..
103,457
480,000
4,878,411
776,911
Corp
1940....
Other assets
Treasury stk. scrip
Deferred charges.
Total
$
payable.
Loan, due June 6,
Patents,
licenses,
trademarks, for¬
-V.
Accounts
Accrd. liabilities..
accounts
receivable
1938
hand, $92,427; accounts receivable, trade,
Including $176,363 of instalment accounts (net), $341,812; notes receivable
trade (net), $1,871; inventories, $275,680; miscellaneous
assets, $85,169;
deferred charges and prepaid values, $12,275; fixed assets
(net). $591,670*
total, $1,400,905.
Liabilities—Accounts
Consolidated Balance Sheet Dec. 31
1938
Assets—
Reserves
Capital stock
$1)
Capital surplus
Total
(par
$10,756,016 $8,723,798
Financial
3832
Income Account
Total sales
Dec. 31,
for Year Ended Dec. 31, 1938
$938,575
590,137
-
—
profit
Operating expenses.
Industries,
Aluminum
Years Ended
$348,438
374,009
Gross
Inc.
Returns, allowances,
rebates and sales
Other income.
$36,355
12,228
&
Balance Sheet Dec.
124,575
146,327
$2,832,261
2,007,842
$620,689
599,432
$734,402
679,513
$824,419
694,561
$21,257
14,772
$54,889
17,881
$129,858
15,723
hand, $51,088; notes receivable (customers),
Asset's—Cash in banks and on
$15,515; accounts receivable (customers), $95,448; inventories,
assets, $6,616; fixed assets, $329,029; deferred charges,
total, $993,626.
9rher
$475,838;
$20,092;
$.36,029
70,882
$72,770
63,038
x6
$145,581
70,514
10,370
bank, $100,000; accounts payable (trade),
payable, $3,137; accrued real estate and personal prop¬
erty taxes, $8,180; accrued social security taxes, $5,272; 7% class A stock,
$179,210; common stock (par $1), $303,316; paid-in surplus, $326,654;
earned surplus, $24,955; total, $993,626.—V. 147, p. 2076.
$9,725
$64,697
40.000
40,000
$0.65
Gross income
Other deductions
Income
Ainsworth Mfg. Corp. (&
1937
1936
1935
from sales.._loss$142,021
(net)_
Dr5,587
$1,152,423
Drl3,424
$1,190,047
$1,170,466
Drl2,349
yearIoss$147,609
$1,138,999
$1,160,726
b215,705
bl98,000
1938
Calendar Years—
Net profit
Subs.)—Earnings—
Income charges
Net income for
a
Provision for Fed. taxes.
Net income for year.
Previous earned
Extraordinary
-
Dr29,321
$1,182,815
195,000
$923,294
1,724,652
$962,726
1,532,700
$987,815
887,289
20,764
4,057
2,558
5,029,436
$2,652,003
$2,497,985
$1,877,585
f 125,071
adjustments
of funds
in
banks previ¬
ously written off) —■_
Recovery
closed
Cr675,184
689,770
1936.
Stock dividend
c
Cash divs. declared
paid.
620,793
103,466
344,885
758,747
-
31e$l,925,971 e$2,031,210 d$l,724,652 $1,532,700
a After
depreciation and after write-down, but before provision for
Federal taxes,
b Including $45,319 ($24,500 in 1936) surtax on undis¬
tributed profits.
c Charged against the capital surplus of the corporation
to the full extent of such surplus, the balance being charged against the
earned surplus.
d Of which $256,700 is appropriated to purchase of treasury
stock, and $88,385 is the unexpended portion of the appropriation for new
building,
e Of which $256,700 is appropriated to purchase of treasury stock,
f Consists of $82,146 adjustments arising from settlement of disputed claims
and $42,925 excess of proceeds from sale of municipal securities over writtenvalue.
Consolidated Balance Sheet Dec. 31
Accts. payable
Cash on hand and
$7,290
Consolidated Balance Sheet Dec. 31,
other assets,
1,521,000
2,211
309,681
investments
1,793,811
Inventories
American Bakeries Co.—Dividends—
declared a dividend of 37 M cents per share on the class B
1 to holders of record June 15.
Previously regular
quarterly dividends of 25 cents per share were distributed.
Directors also declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the class A
stock, both payable July 1 to holders of record June 15.
Like amounts
were paid on April 1, last; Dec. 27, Oct. 1, July 1 and April 1,1938.—V. 148,
p.
59,490
264,917
2,069,310
1,925,971
2,069,310
2,031,210
1792.
Directors
declared
have
x
After reserves for depreciation
—V. 147, p.
Net
$4,218,193 $4,593,582
Total
8,894,560
705,283
9,367,260
217,690
217,690
2,612,280
2,684,075
$800,417
405,578
$713,171
403,338
$8,749,657
4,876.343
$8,266,701
4,801,877
$394,838
195,178
—
pref. stock
$1,402,815
$758,161 loss$491,710
159,511
259",200
10,000
$730,047
•
$309,833
195,178
$3,873,314
2,342,138
$3,464,824
2,342,138
$199,660
$114,655
$1,531,176
$1,122,686
3210.
Allemannia Fire Insurance. Co.—Extra Dividend—
declared an extra dividend of five cents per share in
a regular quarterly dividend of 25 cents per share on the capital
stock, par $10, both payable June 30 to holders of record June 21.
A
similar extra dividend was paid in each of the 14 preceding quarters.,
The
company paid extra dividends of 10 cepts per share on Jan. 2, 1935, and
in each of the four quarters prior to this latter date.—V. 148, p. 1792.
The directors have
$1,133,615
Corp.—Accum. Div.—
di-vidend of 50 cents per share on account of
accumulations on the $3 cum. conv. pref. stock, no par value, payable
Aug. 1 to holders of record July 15.
Like payment was made on Feb. 1
last; Aug. 1 and Feb. 1, 1938, and on Aug. 1 and Feb. 1, 1937.
A dividend
of 45 cents per share was paid on Aug. 1 and Feb. 1, 1936, and compares
with 35 cents paid on Aug; 1 and Feb. 1, 1935, this latter being the first
dividend paid on the preferred stock since Aug. 1, 1931, when 50 cents was
distributed; similar payments were made on the two preceding quarters,
ursed.—V. 148, p. 429.
Srior to which regular quarterly dividends of 75 cents per share were dis-
Altorfer Bros.
$1,813,618; accounts & notes receivable
inventories, $807,529; investments and advances, $67,306;
(net), $1,711,723; deferred charges, $9,247; total, $5,122,629.
Liabilities—Trade creditors, &c., $185,769; outstanding pay roll drafts,
$10,308; employees' accounts payable, $8,615; accrued pay rolls, $23,299;
other accrued liabilities, $34,125; affiliated company, current account,
$18,326; taxes (including Federal income, State and capital stock taxes),
$204,226; mortgages payable, $14,000; 7% cum. pref. stock (par $100),
$3,500,000; common stock, 140,000 shares without par value, and common,
class B, 140,000 shares without par value, $280,000; capital surplus (un¬
changed during year), $718,236; earned surplus since Jan. 1,1933, $125,724;
total, $5,122,629.—V. 148, p. 2569.
Corp.—Preferred Dividend—
dividend of 8% cents per share on the 7%
stock, par $5, payable July 1 to holders
April 1, last and on Nov. 28
and on Oct. 1, 1938, this latter being the first dividend paid since Jan. 3,
1938, when a regular quarterly dividend of like amount was distributed.
—V. 148, P. 1792.
Directors have declared a
cumulative convertible preferred
Like amount was paid on
Centrifugal Corp. (& Sub.)—Earnings—
"
1938
1937
i
$6,030 prof$2,511
General and administrative expenses
39,336
34,423
Extraordinary expenditures
c35,978
b23,418
American
Years Ended Dec. 31—
.
Gro?s loss
a
$81,345
$452,377
436,636
102,870
26,011
$997,382
597,398
85,855
49,372
b53,103
$1,387,651
683,857
66,401
59,472
bl25,000
62,953
loss$113,140
17,605
$211,654
36,228
$452,921
34,430
$338,026
26,031
profit
loss$95,536
pref. stock..-20,039
$247,882
60,115
$487,351
293,898
$364,056
106,872
Surplus
_.def$115,575
Earns.per share on 153,282 shs. common stk..
Nil
$187,766
$193,453
$257,184
$1.09
$2.65
$1.85
charges..
Prov. for Federal tax
Operating profit
Other income
Net
a
on
Consolidated,
b Including surtax
on
Balance Sheet Dec.
Assets—Cash
on
subsidiary company not
$1,022,376
480,714
77,702
62,981
1937,
3 Months Ended May
$29,868; accrued
unclaimed dividend checks, $1,775; reserves, $23,204;
stock, 26,718 no par shares, $1,335,900; common
Co.—Earninqs-
31—
after deprec., Fed. income
Earnings per share on capital stock
—V. 148, p. 3052.
*
1939
$25,895
^
taxes, &c.—-
$0.11
3680.
1938
$10,675
$0.04
Co. of Illinois—Underwriters—
filed with the Securities and Exchange
will underwrite 17.5% of its
issue of 5% cumulative convertible preferred stock which is first to "be
offered to stockholders. Other underwriters of the issue and the percentage
to be underwritten are as follows: Francis Bros. & Co., 16.5%: Laurence M.
Marks & Co., 9%; Bacon, Whipple & Co., Central Republic Co., and
Stern Wampler & Co., 7% each; Mitchum, Tully & Co., and Piper, Jaffray
& Hopwood, 5% each; Hayden, Miller & Co., 3.5%; T. M. Simdn & Co.,
Whitaker & Co., 2.5% each, and Kidder, Peabody & Co., 17.5%.—V. 148,
American Investment
The company
in an amendment
Commission, states that
cost or market,
Liabilities—Accounts payable, $221,147; accrued wages,
(net), $1,167; in¬
$278,153; total, $436,366.—Y. 148. P.
Forging & Socket
Net profit
31, 1938
(net), $220,451; inventories, $712,283; investments valued at the lower of
$311: fixed assets (net), $918,674; patents, (net), $97,428;
$79,951; deficit,
American
undistributed profits.
deferred charges, $10,150; total, $2,241,827.
consolidated, $1; fixed assets
tangibles, $322,265; deferred charges to future operations, $15,342; total,
$436,366
Liabilities—Trade accounts payable, $1,786; other current and accrued
liabilities, $3,039; common stock (par $1), $400,000; paid-in surplus,
balance at Dec. 31, 1937, $229,743; capital surplus, balance at Dec. 31,
hand & in banks, $282,531: accounts & notes receivable
general taxes, $44,659;
convertible preference
hand, $11,571; inventories, $27,291; mis¬
receivable, $2,735; inventories, $55,994; investment in
Assets—Cash in banks and on
1937
Operating expenses
Depreciation
On two machines
cellaneous accounts
al935
al936
1938
Gross profit...
$55,330
sold at a special price in consideration of the valuable
and publicity benefits accruing therefrom.
b> For machine
parts, materials, engineering labor, &c., used for experimental work, not
considered appropriate charges to development expenditures.
c Consists
of expensas resulting from the installation of centrifugal
machines and equipment for demonstration and publicity purposes and
their subsequent return $8,412; demonstrating and testing plant operating
expenses including amortization of building and depreciation on equipment
$20,264, write down of obsolete patterns, &c., $5,537, and experimental
expense for 1938 written off, $1,763,
Consolidated Balance Sheet Dwx. 31, 1938
a
advertising
Co.—Earnings—
Calendar Years—
$598,161 Ioss$491,710
31,1938
Loss for the year
Allied International Investing
The directors have declared a
Divs.
—
Assets—Cash in banks & on hand,
(net), $713,207;
American Beverage
addition to
Other
117,000
43,000
fixed assets
of record June 22.
Balance...
—V. 148, p.
<
of $453,790 in 1938 and $474,663 in 1937.
728,133
depreciation._
Net income.
on
$737,786 loss$498,161
20,375
6,451
$889,557
profit before taxes[
31,999
Balance Sheet Dec.
1939—Month—1938
1939—12 Mos.—1938
$1,636,144 $20,729,197 $19,845,336
Int. & other fixed chgs__
Divs.
of
$1,370,815
Prov. for conting. &c—
Net profit.
$1,746,240
Oper. exps. & taxes
-
account
$888,001
1,556
Other income
Prov. for Fed. inc. tax._
Co.—Earnings—-
Period End. May 31—
Gross revenue-.!
Gross income
dividend of $3.50 per share on
stock, par $100, payable July 1 to
holders of record June 23, thus clearing up all accruals on this issue.
Earnings for Years Ended
Jan. 1, '38
Dec. 31, '38
Dec. 27, '36 Dec. 29, '35
$2,248,275
$1,579,612
$470,311
$1,862,534
Operating profit
549,732
457,398
454,999
627,755
Sell., adm. & gen. exps._
327,729
384,427
.
513,473
346,777
Depreciation.-Operating profit
3754.
Alabama Power
Prov. for
a
accumulations on the 7% cumul. pref.
,
.$4,218,193 $4,593,582
Total
Corp.—Accumulated Dividend-
American Bemberg
Provision for surtax
taxes, &c
■
Airlines, Inc.—Registers with SEC—
department.—V. 148, p. 3680.
$228,146
Prepaid insurance,
Other
(trade),
payable
payable (officers,
given on first page of this
1,964,890
479,677
recelv.(tr.)
Accts.
x
$92,389; total, $2,200,799.
employees and agents), $8,364; accrued property taxes, $3,834; accrued
capital stock tax, $2,6l8; accrued manufacturers' sales tax, $1,114; accrued
royalties, $8,037; accrued interest, $514; accrued salaries and wages, $7,469;
accrued rebates, $27,935; customers' credit balances, $4,243; accrued old
age tax,
$3,535; accrued unemployment tax, $9,043; reserves, $3,476;
net capital stock (99,430 no par shares), $1,571,735; earned surplus (balance)
$130,645; total, $2,200,799.—V. 147, p. 1915.
52,979
41,601
Fixed assets..._
$5)..
Earned surplus...
367,812
413,150
59,786
44,737
$163,422
(tr)
payroll,
taxes, Ac
Common stock (par
1,722,720
16,519
Other market, sees
1938
Liabilities—Notes payable (bank), $250,000; notes
$13,000; accounts payable (trade); $155,237; accounts
Accrd.
$13,911
U. S. Govt, obliga¬
tions
1937
1938
Liabilities—
1937
1938
in banks
provision for surtax.
Assets—Cash in bank and on hand, $52,866; notes, acceptances and ac¬
counts receivable (net), $375,215; inventories, $696,676; due from officers
and employees, $42,394; fixed assets (less reserve for depreciation of $786,504), $849,368; intangible assets (net), $30,552; deferred charges, $61,340;
.
Assets—
sh. on capital stock
$0.10
Directors have
and
j.—
"Ni"f~
stock, payable July
Earned surp., Dec.
down
No
x
American
1,
Capital surplus, Jan.
Earns, per
See list
Earned surplus before
dividends
loss$34,853
from operations
Dividends paid—
2,480
_loss$ 147,609
2,031,210
surplus.
&
prior
year
and surtaxes.
Net profit
Liabilities—Notes payable to
$42,902; dividends
sales
purchases,int .earned, &c
Net profit from
Cash disc, on
31,1938
1936
$2,978,588
$2,882,020
2,147,618
Selling and general expenses
Net loss
1937
$3,006,595
172,824
$20,070
16,285
Other deductions.
(& Subs.)—Earnings—
$2,332,880
1,712,190
tax.
pref. dividends.
$321,892; earned surplus from
total, $2.241,827.—V. 146. p.
1938
$2,505,704
Dec. 31—
Gross sales.
$25,571
5,502
Loss
Class A
1939
24,
2522.
product sold
Cost of
shares, no par value,
1933 to Dec. 31, 1938, $263,382;
stock, 153,282 no par
Co.—Earnings—
Ahlberg Bearing
June
Chronicle
p.
3524.
Alex Brown & Sons
.
Volume
148
Financial
Chronicle
American Hardware Corp.—EarningsGross
Earnings for the Year Ended Dec. 31, 1938
sales, less discounts, returns and allowances
$4,243,874
3,282,506
Depreciation on plant and equipment
I__~
157,612
Federal, State and local taxes (exclusive of Federal income tax)
200,144
Selling, general and administrative expenses
584,429
Cost of goods sold
Profit
Other income.
$19,183
47,514
Total income
Other deductions
Provision for Federal income tax.
Directors have declared a dividend of 25 cents
per share on the common
stock, payable July 14 to holders of record
July 7.
Similar payment was
made on Dec. 16, 1938 and
50 cents was paid on Dec. 14, 1937, this latter
being the first dividend paid since Feb. 9, 1931 when 25 cents
per share
was
distributed.—V.
corporation has elected Arthur B. LaFar as Vice-President in
charge
was taken at a meeting of the board of directors held
This action
June 20.—V.
148, p.
Directors have declared
lations on the
Preferred dividends.
Assets—Cash and bank balances, $694,728; accounts and notes receivable,
$584,795; inventories, $881,480; investments, $911,475; interest accrued,
$1,878; cash surrender value of insurance policies, $115,034; investments
American International Corp,—New Director—
American Laundry Machinery Co. (& Sub.)—Earnings
Years Ended Dec. 31—
•
Gross profit from operations, before depreciation.Other income
■Gross income
Selling, general and administrative
Other charges.
expenses
...
.
Provision for depreciation. ....^
Provision for Federal income tax..
;
Dividends paid.,
$1,915,006
1,556,468
96,019
246,901
$3,168,081
1,724,777
79,340
266,483
125,000
$972,480
962,779
582,930
463,264
574,823
-----
per share
$1.67
$0.03
Notes—(.1) Profits
income
$2,378,350
789,732
j
__
Net profit
Shares capital stock,.
$1,169,174
745,832
$ 15,618
.
.
Earnings
1937
1938
on
sales made
on
the instalment basis
are
1937•
aOj
P»1793•
Appalachian Electric Power Co.—Earnings—
Calendar Years—
Operating
1938
revenue
taken into
such sales arp made.
(2) The net earnings of wholly owned foreign subsidiary companies
examined in the case of two companies as at Nov. 30, 1938, and one com¬
as
Dec. 31, 1938, are approximately equal to the dividends received
therefrom, which are included above.
pany as at
Taxes
—— —
Interest
on
funded
del#
-
hand, $986,297; marketable securities, at
cost, $6,949,764; accrued interest on marketable securities, $39,334; State,
county and municipal tax warrants, $20,533; notes and accounts receivable
(net), $6,287,740; inventories, $3,203,926; advances and miscellaneous
investments, $440,135; investments in and advances to wholly owned
foreign subsidiary companies, $1,153,906; capital assets, at cost (net),
$4,467,742; patents, trade-marks and goodwill, less amortization, $2,450,000; deferred charges to operations, $73,105; total, $26,072,481.
Liabilities—Accounts payable, $121,851; accrued salaries, wages, taxes,
&e., $123,023; customers' deposits and credit balances, $102,246; reserve
for Federal income tax of prior years, $20,875; reserve for self insurance
(workmen's compensation), $34,010; deferred income on customers' in¬
stalment notes receivable, $233,229; common stock (par $20), $11,496,465;
earned surplus, $11,283,104; capital surplus arising from premiums on sale
of capital stock and discounts on stock purchased and neld in treasury,
$2,657,679; total, $26.072,481.—V. 148, P. 1944.
on
American Maize Products
Calendar Years—
profits......
Selling expenses, &c____
$1,804,765
,973,372
Depreciation
Federal taxes
deductions
Net
income
Preferred
;
dividends,
Common
dividends
Premium
on
$1,008,469
830,331
$893,156
$834,801 loss$254,397
218,197
192,258
100,000
14,130
36,957
Total income
Other
1935
$1,741,736
848,580
$831,393 loss$297,868
3,408
43,471
Operating income..
Other income
$916,918
173,362
103,500
4,424
$233,822
156,376
4,200
12,660
$502,474 loss$483,612
950
1,029
225,000
75,000
$635,632
1,179
600,000
$60,586
1,400
23,762
:
$178,138
55,684
300,000
$275,884
...
Jan. 3 ,1938, were received by the Appalachian Electric
1938, and credited direct to earned surplus.
Duplicate
refinancing during 1938, amounting to $386,075,
charged direct to earned surplus.
was
on
Balance Sheet Dec.
[3 sets
1
Earns, per sh. on 300,000
shs. com. stk. (no par)
Construction
$148,554,044 Funded
contracts
un¬
897,015
Cash
129,740
2,275,830
127,856
Assts. rec., associated cos..
Materials and supplies
$2.12
Corp.—Larger Div.—
Directors have declared
a dividend of $2 per share on the common stock,
value, payable June 29 to holders of record June 22.
This compares
with $1 paid on Dec. 16 and July 29, 1938; $2 paid on Dec. 10, 1937; $1.50
on June 22, 1937; $1.25 on
Dec. 18, 1936, and $1 paid on July 1, 1936,
this last being the first payment on the common stock since June 30, 1931,
when a regular quarterly dividend of 25 cents per share was distributed.—Y.
147, p. 3603.
par
Pay Extra Dividend—
Directors have declared an extra dividend of 50 cents per share in addi¬
regular quarterly dividend of 25 cents on the class A common
stock, both payable Aug. 1 to holders of record July 20.
An extra of 75
cents was paid on Dec. 2A, last, and one of 50 cents per share was distributed
on Nov. 1, last.—V. 147, p. 3755.
tion to the
American Water Works
& Electric Co.,
Unamortized balance
Inc.—Weekly
46.041,000
kilowatt-hours, an increase of 21.0% over the output of 38,033,000 kilowatthours for the corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
1938
38.603.000
3----42.790,000
45,105,000
46,041,000
—V. 148, p. 3681.
36,060,000
38,670,000
38,033.000
June
June
10
June
17
1937
50,672,000
48,018,000
50,718,000
50,609,000
98,375
Total
b 63,891 shares.
p. 4106."
c
146,
Period End. May SI—
Operating revenues
Oper. exps., incl. taxes
Prop, retire, res. approp.
$165,822,296
5,969,977 shares.—V. 148, p.1310,.
1939—Month—1938
$681,621
$630,733
378,376
359,605
91,000
95,000
t
Net oper. revenues
Rent from lease of plant
(net)
$212,245
1936
36,505,000
38,100,000
36,711,000
$9,112,876
4,798,008
1,119,546
!,251,712
$176,128
$212,245
1,497
$176,128
$213,742
146,385
7,477
.'
Int. on mtge. bonds
4
Other int. & deductions.
$3,195,322
Dr47,676
855
$3,251,712
14,780
$3,147,646
9,924
$176,983
146,385
9,993
$3,266,492
1,756,624
114,034
$3,157,570'
1,805,287
110,454
>
chgd. to construct'n,
CV258
Crl.102
Cr5,565
Cr 12,952
$60,138
$21,707
Dividends applicable to preferred stocks for the
period, whether paid or unpaid-
$1,401,399
$1,254,781
-
Net income
—
949,265
949,265
$452,134
-
$305,516
Dividends
x
$1,344,792.
accumulated and unpaid to May 31, 1939, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on April 1, 1939.
Dividends on these stocks are cumulative.—V. 148, p. 3525.
Armour & Co.
It
(111.)—Considers Refunding Program—
reported June 20 in Chicago press dispatches that the company is
refunding program involving a loan of $30,000,000 from
the Reconstruction Finance Corporation and public sales of a like amount
of debentures, making a total of $60,000,000.
The reports also stated that
consolidation of Armour & Co. and its subsidiary, Armour & Co of Del.,
also is being considered.
Robert H. Cabell, President of the company, issued the following state¬
ment regarding the reports:
"Reports in the press respecting an Armour & Co. refunding plan in¬
volving the calling of the guaranteed cumulative 7% preferred stock of
Armour & Co. of Del. are premature.
Since 1933 the Armour management
has been studying various plans designed to reduce the charges on the
was
considering a
funded debt.
'
"If arrangements can be made,
holders of the Delaware stock will be
offered the opportunity to exchange their stock for other securities which
we believe will be to the ultimate benefit both of the shareholders and the
company."—V. 148, p. 3525.
Arrow-Hart &
Hegeman Electric Co.—Div. Increased—
Directors have declared
a
dividend of 40 cents per share on the common
stock, payable July 1 to holders of record June 20.
Previously regular quar¬
terly dividends of 25 cents per share were distributed.—V. 146, p. 4106.
Art Metal Construction Co.—Smaller Dividend—
The directors have declared a dividend of 25 cents per share on the com¬
mon
stock, par $10, payable July 1 to holders of record June 24.
This
with 30 cents paid on April 1, last, 40 cents paid on Dec. 23.1938;
compares
50 cents paid on Oct. 1, July 1 and April 1,1938 and $1.20 paid on Dec. 15.
37,878,000
43,061,000
44,155,000
45,115,000
4,891,964
1,269,599
-
Gross income—--
1935
44,105,000
1939—12 Mos.—1938
$9,413,275
;
Operating income
Other income (net)
1937.
follows:
1939
44,616,000
Common stock
Capital surplus
Earned surplus
$165,822,296
271,684 shares.
a
Output of electric energy of the electric properties of American Water
Week Ended—
32,971
27,168,360
6,124,679
20,207,188
4,792,581
13,042,177
pref. stock
174,058
Total.."
V. 147, p. 4047; V.
Output—
May 27
cum.
Coal supply investment—
Other deferred debits
Works & Electric Co. for the week ended June 17, 1939 totaled
years
c
7,152,421
1,819,927
148,223
Balance
Liabilities—Accounts payable, $160,977; accrued wages and salaries,
$40,879; accrued taxes (incl. Federal income tax), $183,716; preferred stock
(par $100), $12,800; common stock (300,000 no par shares), $3,000,000;
surplus, $2,152,956; total, $5,551,327.—V. 147, p. 2079.
American Thermos Bottle Co.—To
$7
b $6 cum. pref. stock
"
Cash In closed banks
$0.20
Assets—f-Cash in banks and on hand, $674,411; accounts receivable (after
reserve of $23,063), $823,119; inventories, $880,323; real estate, at cost
(less
reserve), $136,927; other investments and advances, $75,072; property,
plant and equipment (after reserve for depreciation of $3,629,566), $2,857,803; trade-marks, formulae, processes, &c., $1; deferred charges,
$103,670; total, $5,551,327.
American Potash & Chemical
discount
888
con¬
struction
a
and expense
41,204
7.507,798
Contributions in aid of
79,041
•_
Retirement work in progress
Balance Sheet Dec; 31, 1938
no
liabilities
Reserves
Notes and accounts receiv¬
$34,453 def$240,8l4
Nil
1,576,294
134,081
1,193,979'
2,606,481
464,671
Deferred credits
1,383,932
169,507
Prepaid Insurance, rents, &c.
debt
9,928,944
1,124,199 Interest accrued
192,992 Taxes accrued
281,279 Customers' deposits
1,208,854 Other current and accrued
Other security investments.
Sink. Id. and special deposits
Unamortized
$71,000,000co.
Accounts payable, general._
Accts. payable, assoc. cos__
5,001
_
able (not current)
debt
Advances from associated
completed
Securities of subsidiary cos.
Advances to subsidiary co__
x
$1.67
31, 1938
Liabilities—
Utility plant
credit
def$559,641
1,901,788383,346
1,164,145
626,848
Power Co. in Jan.,
640
Surplus
$4,156,615
interest in connection with
Int.
pref. stock
purchased
a$3,777,095
1,901,788
383,346
Arkansas Power & Light Co.—Earnings—
1936
$622,679
920,547
—
a Common dividends
aggregating $800,000, declared in 1937 by Kentucky
& West Virginia Power
Co., Inc., and Kingsport Utilities, Inc., subsidiaries
prior to their sale
Co.—Earnings—
1937
1938
Gross
889,577
$7,364,033 ' $8,713,319
3,006,528
4,078,312
426,706
297,901
153,704
180,490
Amortization of debt uiscount and expense—
Other deductions-.-.
Net income
Dividends on $7 preferred stock
Dividends on $6 preferred stock
Dividends on common stock
$7,823,742
Dr365
-
Assets—Cash in banks and
$7,364,399
r._
Total income
Working funds
Notes and accounts receiv'le
Consolidated Balance Sheet Dec. 31, 1938
1937
-$21,073,204 $21,400,951
6,751,260
6,938,629
1
1,042,963
983,745
3,000,249
2,700,527
2,914,333
2,954,307
Operation
Maintenance-..Depreciation
Operating income
Non-operating income—
George P. Healy, Vice-President and Treasurer of this corporation, has
been elected a director of the company.
The vacancy occurred when the
by-laws of the company were changed, enlarging the board from eight
directors to nine.—V. 148, p. 3524.
accumu¬
par $100, payable July 1 to holders
was paid on April 1, last and Dec. 28,
regular quarterly dividend of $1.75 per share was last paid on
Like amount
Of the current
dividend. $1.75 applies to the current quarter and 25
cents toward
arrearages, which now amount to $4.50 per share.—Y. 148,
in stocks of associated
companies, at cost, $149,534; other securities,
real estate, buildings, equipment and
$6,587;
goodwill, less depreciation, $3,861,242;
deferred charges, $44,863; total, $7,251,615.
Liabilities—Accounts payable, $199,889; accrued liabilities, $22,836;
reserve for Federal, State and local
taxes, $209,100; reserve for contingen¬
cies, $125,000; preferred stock (par $100), $2,268,200; common stock (par
value $50), $3,275,150;
capital surplus, $254,585; earned surplus, $896,856;
total, $7,251,615—V. 146, p. 3658.
dividend of $2 per share on account of
a
7% prior preferred stock,
?£o<?COrcL June 20.
1938 and
J-'GCi
Balance Sheet Dec. 31, 1938
1632.
Apex Electrical Mfg. Co .—Accumulated Dividend—
17,000
$47,556
181,456
2886.
p.
or sales.
2,142
income
148,
Angostura-Wuppermann Corp.—New Vice-President—
The
$66,697
Net
3833
Andes Copper Mining Co.—To
Pay25-Cent Dividend—
See also V. 147. p. 3904.
Arundel
Period End. May 31
x
Profit
x
p.
After
3525.
—V. 148. p. 3681.
Corp.—Earnings—
—
—
1936—Month—1938
$144,058
$122,693
1939—5 Mos.—1938
$470,892
$428,862
depreciation, &c., but before Federal income taxes.—V.
148.
Financial
3834
Associated Gas & Electric Co.—Weekly Output—
June 16, Associated Gas & Electric System reports
net electric output of 91,699,459 units (kwh.).
This Is an increase of 9.434,626 units, or 11.5% above production of 82,264,833 units for a year ago.
Gross output, including sales to other utilities, amounted to 99,350,704
units for the current week.—V. 148, p. 3681.
For the week ended
Telegraph Co.—Earnings—
Associated Telephone &
companies are not consolidated]
[Accounts of subsidiary
al40,914
$1,249,533
al43,597
75,676
52,271
$1,057,335
57,453
73,114
30.549
$1,443,860
675,021
156
$1,053,664
669,350
1,361
$896,217
628,633
65,727
65,326
58,651
$1,280,166
$1,660,450
al50,446
expenses—
oper.
—
interest
discount
65,361
and expense.
-
connection
In
•
165,889
$356,106
$626,873
$151,739
100,000
60,000
34,400
$256,106
dividends..107,926
$566,873
323,778
$117,339
56,533
income...:
Appropriations to reserve
Balance, surplus
Preferred
Including directors' fees,
a
66,106
75,702
with investments
Net
-
'
$1,087,431
665,901
63
earnings
Amort, of debt
595
116,994
.
42,290
.
Interest on funded debt_
Expends.
318,086
1
47,318
Taxes _-V-
General
294,799
10,213
$1,613,132
&c__
Total gross earnings..
Salaries and wages
Net
$621,658
70,870
Inc. fr. other cos.,
Other
($944,521
(
Interest
Miscellaneous
Balance Sheet
A 3 set8
Investments
1
rights, &c
Unamort. debt dis¬
1,062,937
Cash in banks
622,904
Accts. receivable..
48,040
Due from sub. cos.
442,105
count & expense
$
$
7% cum. pref.stk. 3,296,700
S6 cum. pref. stock 4,050,805
3,296,700
4,050,805
1,194,300
2,231,482
1,038,308
1,194,300
1
CI. A cum. pf.stk. 2,231,482
1,139,462 Com. stk. (par $1) 1,038,308
455,961 5H% debentures.12,021,000 12,143,000
143,763
187,726
12,683 Current liabilities.
7,771
38,591
399,548 Due to sub. cos
Reserves...
933,651
955,858
Surplus reserve...
175,000
75,000
Earned surplus...
621,210
455,139
$4 pref. cumulative
25,713,991 25,666,911
Total
....25,713,991 25,666,911
Total
1937
1938
.....23,638,004 23,659,255
Patents, patent
-V. 148, p. 2256.-*
Co .—Bonds
Placed—An
issue
of
$1,600,000 1st mtge. 4% bonds, series A, has been placed
privately by Dick & Merle-Smith, New York, who agreed
to purchase the issue from the company at 100.512 and
accrued interest.
of the Interstate Commerce
Commission.
"
Proceeds of the issue will be used to refund $1,200,000 of outstanding
bonds due Aug. 1, to pay $213,486 of debt owed to stockholders and for
$186,513 of capital expenditures now contemplated.
The bonds, maturing Aug
1, consist of $1,000,000 series A first mort¬
gage 6s and $200,000 of first mortgage 5s series B.
;
The issue, to be dated Aug. 1, 1939, due Aug. 1, 1969, will be guaranteed
jointly by Southern Ry., the receiver of the Central of Georgia Ry. and the
The
issue
subject
is
Atlanta & West Point
to
the
approval
RR.—V. 148, p. 2572.
Atlantic Coast Line RR. Co.-—To Redeem Bonds—
June 20 announced its intention to pay its convertible
6-30 year 4% debenture bonds at maturity on Nov. 1, next, when interest
on the bonds will cease.
Anticipating the maturity of these bonds, the
company is notifying holders that on and after June 20, 1939, they may
obtain immediate payment for their bonds at their principal amount and
accrued interest to the date of presentation and surrender, at the office of
the Safe Deposit & Trust Co. of Baltimore.
A total or $4,444,830 bonds of the issue, all registered, are at present
outstanding out of an original issue of $23,072,300.,
The $18,627,470 of this
issue of bonds which have been retired and canceled were exchanged for
common stock under the conversion privilege which ran from Jan. 15, 1910,
to Jan. 15, 1920.'
Under the terms of this privilege, each $135 principal
ine
amount of debentures was exchangeable for $100 of Atlantic Coast
stock.
Payment of the bonds will be met out of treasury funds.
Coast
steady with fair prospects for continuing
the circumstances the directors felt that the anticipatlefi of
business has held reasonably
under
maturity at this time was warranted.—V. 148, p.
the
3369.
s
Transferable warrants evidencing
subscription rights, but exercisable only in amounts calling for full shares,
have been issued to stockholders of record June 22."
They will expire at
the close of business on July 6.
The registration covering this additional
one
share for each three shares held,
stock issue became effective June 19.
Of the stock offered, Aviation and Transportation Corp. which holds
29.7 % of the capital stock of The Aviation Corp. at present outstanding has
agreed to purchase its proportionate share or 275,124 shares. The remain¬
ing 650,793 shares have been underwritten by a group headed by Schroder,
Rockefeller & Co., Inc. and Emanuel & Co., who have agreed to purchase
all shares not subscribed for by the stockholders.
It is contemplated that the major portion of the net proceeds will be
applied tp the current needs and development of the company's wholly
owned subsidiary, The Aviation Manufacturing Corp. after repayment of
a
$500,000 loan previously obtained from Aviation and Transportation
Corp. to supply temporarily the requirements of Aviation Manufacturing
Corporation.
*
Aviation Manufacturing Corp. is the only operating subsidiary of The
Aviation
Corp.,
the other principal investments of which are
stock, or approximately 10% of the outstanding
135,194
issue, of
convertible
debentures and $872,187 5-year 4^% non-convertible debentures, both
due 1941, of American Airlines, Inc.
+
shares of
Pan
common
Airways Corp.; and $2,422,112 5-year 4H%
American
The three
divisions
of Aviation
Manufacturing Corp.
are
the Stinson
Aircraft Division, which is engaged in the manufacture of single-engined
cabin monoplanes; Vultee Aircraft Division, specializing in
the manu¬
facture of all-metal military airplanes; and Lycoming Division, which
manufactures
aircraft
engines, propellers and hubs.
4-5 place singlepersonal and private use
Stinson manufactures the well known Stinson Reliant, a
engined cabin monoplane, designed primarily for
Stinson has recently developed and
introduced a single-engined cabin plane, powered with a 75 horsepower
engine, aimed to reach a broader market in a lower price field.
Production
of this model was scheduled initially in June at 60 a month to meet orders.
To supplement its commercial business this division has also submitted to
the U.S. Army Air Corps, under a design competition, a design of a liaison
observation airplane.
On June 15, 1939 the War Department announced
and for small commercial operators.
»a.rd kad been made to Sinson Aircraft Division of approximately
To be accepted by the U. S. Army
$1,500,000 for observation planes.
Air
Corps,* these
characteristics
planes must meet the specifications and
by the Aviation Manufacturing
sumitted
design.
The Vultee Aircraft Division until recently has
preformance
Corp. in its
manufactured largely for
export the Vultee Attack Bomber, a single-engined low-wing monoplane
of long range and heavy armament.
Vultee is currently engaged in the
manufacture of seven attack planes under orders from the U. S. Army
basic combat
design, and is designing and manufacturing a basic
Air Corps; has completed and delivered to the Corps for test a
airplane of its own
commercial as well as n iliatry pur¬
8-ft. 8-inch propeller size has recently completed
Authority certificate for air worthiness and, it is
a production basis before the end of the year.—
propeller blade for
hoped, can be placed on
V. 148. P* 3526.
■To Be
Baldwin-Duckworth Chain Corp.See Chain
Acquired-
147, p. 2081.
Belt Co., below.—V.
Baldwin Locomotive Works—Bookings—
value of orders taken in May by the Baldwin Locomotive
Works and subsidiary companies, including the Midvale Co., was an¬
The dollar
nounced on June 21 as
$1,189,184 for May,
$2,705,382, as compared with
1938.
month's bookings brought the total for the
the first five months of 1939 to $26,977,179, as
The
consolidated group for
compared with $11,-
$847,011 in the same period last year.
Consolidated shipments, including
312,649. as compared with $3,669,051
shipments for the first five months of
Midvale,' in May aggregated $?,in May of last year. Consolidated
1939 were $9,900,284 as compared
with $19,128,120 for the first five months of 1938.
On
May 31, 1939, consolidated unfilled orders including Midvale,
amounted to $30,558,469 as compared with $13,401,321 on Jan. 1, 1939
and with $16,611,926 on May 31, 1938.
All figures are without intercompany
eliminations.
.
IncEarnings—
Balfour Building,
4 Months
Month
First Quar.
Jan. A to
Ended
Jan. 1 to
Period—
Mar. 31 *39
Apr. 30'39
Apr. 30 '39
$51,230
$16,897
$68,127
24,084
12,556
8,967
4,034
33,051
16,590
$3,895
$18,486
Gross income...
Operating and miscell. exps., incl.
insur., deprec., repairs and altera¬
,
tions
Taxes, incl. Federal income tax
$14,591
Net income.
-V. 147, p.
4048.
RR.—Annual Report—Daniel Willard,
President, in his remarks to
stockholders states in part:
in Company Property Devoted to Transportation—The total
recorded investment of conmany in road and equipment devoted to the
service of transportation in the production of net railway operating income
is shown to be $973,676,018, and if $91,530,444, representing accumulated
Investment
accrued
be deducted, the net
recorded investment will be
Account—The income account for
the year 1938 in condensed
depreciation,
$882,145,573.
Income
form shows:
„
1
$
$
Railway operating revenues
Railway operating expenses
Deer. <—)
$ ■
1937"
1938
'
.134,722,329 169,430,436 —34,714,106
104,984,021 128,859,516 —23,875,495
t
29,738,308
77.93%
40,576,919
76.05%
-10,838,610
14,886,514
15,668,294
—781,779
14,851.794
Net operating revenue
Ratio of expenses to revenue
24,908,625 —10,056,831
and
joint facility rents (net).;
Net railway operating income
Return on investment in property
de¬
service..
Other income—rents, dividends, in¬
terest, &c. (net)
voted to transportation
_
+ 1.88
1.53%
2.54%
—1.01
4,207,959
6,554,710
—2,346,751
fixed charges 19,059,753
charges—interest on bonds,
roads, &c
32,184,283
Times fixed charges earned
0.59
31*463,336 —12,403,582
13,124,529
720,694 —12,403,835
Income available for
Fixed
Net deficit
+252
—-0.39
32,184,030
0.98
rents for leased
Operating Revenues—The unprecedented and precipitate curtailment in
commercial activities that prevailed in practically all lines of industry ^nd
commerce during the latter part of 1937 continued unabated throughout
the year 1938, except for a slight sign of revival in the last quarter of the
year.
The result was a severe shrinkage in operating revenues from all
sources.
Aviation Corp.—Rights Given Stockholders—
The corporation is offering to its 25,000 stockholders the fright to sub¬
scribe for 925,917 shares of its capital stock at $3.30 a share, ra the ratio of
.
hollow steel
Railway tax accruals, equipment
The company on
common
new
poses.
This blade in the
tests for Civil Aeronautics
Baltimore & Ohio
Terminal
Atlanta
,
has been the nine
number of years on
on U. S. Army Air
Corps primary training planes.
Lycoming started production early this
year of a new 50-horsepower aircraft engine, orders for more than 100 of
which were filled in May and is introducing to aircraft manufacturers 65
horsepower and 75 horsepower engines of the same design, which have
received their approved type certificates.
This division has also developed
principal product of the Lycoming Division
cyliner, air cooled, radial Lycoming engine, used for a
personal and private planes and standard equipment
The
New Directors—
At the regular monthly meeting of the board of directors held June 22,
the board was increased by the election of William H. Harman and William
H. Winterrowd, Vice-Presidents of the company in charge of sales and
operations, respectively.—V. 148, p. 3213.
Dec. 31
Liabilities—
in other Army Air Corps
and a pursuit plane for entry
competitions.
-
companies are not consolidated]
1937
$
■'
$143,206
legal and other expenses.
[The accounts of subsidiary
1938
$143,206
■
training plane
a
1935
1936
1937
1938
Calendar Years-
Inc. fr. sub. or assoc. cos.:
Dividends
1 $1,209,296
June 24, 1939
Chronicle
Freight revenue, which comprises by far the largest source of the com¬
pany's earnings, decreased from $147,212,330 in 1937 to
a
decline of $31,785,952 or 21.59%, notwithstanding increases in rates author¬
ized by the Interstate Commerce Commission made effective at various
times during the year and estimated to have yielded the company approxi¬
mately $4,500,000 additional revenue in 1938.
Revenue freight carried in
1938 aggregated 61,141,393 tons, a decline from the previous year of 23,957,754 tons or 28.15%, producing 12,678,993,840 tons carried one mile,*
a decrease of 4,166,288,945 or 24.73%
in tons carried one mile.
Practi¬
cally all classes of commodities contributed to the decline, the
items of decrease being bituminous coal, 9,658,813 tons qr 25.52%; ores,
$115,426,377,
principal
2,994,789 tons or 68.41%; manufactured iron and steel, 3,174,310, tons or
45.13%; and miscellaneous manufactured articles, 1,900,633 tons or 27.08%.
The ICC on July 5, 1938 authorized an increase in passenger coach fares
in the Eastern District and Pocahontas Region from 2 cents to 2H cents
per mile, which was made effective July 25, 1938.
Notwithstanding this
increase, passenger revenue of the company in 1938 totaled only $10,561,495,
a decline under 1937 of $1,357,107 or 11.39%.
The total revenue passen¬
gers carried was 4,049,282, a decrease of 838,631 or 17.16%, and reduced to
the unit base of passengers
504,573,240 passenger
in passenger miles. Because of
prevailing throughout the year
how much of the decrease, if any, can be
carried one mile, produced
miles, a decrease of 107,051,386 or 17.50%
the general depressed business conditions
it is not possible to
determine
ascribed to the increase in passenger
All other revenues,
coach fares.
including that from
matter and miscellaneous sources,
transportation of mail, express
aggregated $8,734,457, a decrease
1937 of $1,571,047 or 15.24%.
The total of all operating revenues
.
_
under
■
$134,722,329, compared
with $169,436,436 in 1937, a decrease of $34,714,106 or 20.49%.
Operating Expenses—Company in common with other rail carriers is
affected or impressed with a public interest, and must render reasonably
adequate service to the public in any and all circumstances, and may not
retrench its expenditures below the point where it will be unable to perform
that service.
While expenses were curtailed wherever possible and every
economy effected consistent with safe operation and adequate service, it
for 1938 was
decline in
granted in
the entire
1938
$2,810,000
1937),
the
1938.
and of equipment
for the year amounted to $41,049,209, a decrease under last year of $13,967,090 or 25.39%, and constituted 30.47% of total opiating revenues and
39.10% of total operating expenses, as compared with 32.47% and 42.69%,
respectively, for the previous year.
Included in maintenance expenses is
$7,285,741 for depreciation of equipment.
The property was adequately
not possible by such curtailment to overcome the drastic
operating revenues, and this, together with the increase in wages
August and October, 1937, but in effect throughout
year
(increasing the charge to expenses by approximately
over
combined to produce very unsatisfactory operating results for
year
Expenditures for maintenance of way and structures
was
maintained for the handling
of the business
offered.
aggregated $52,9o7,966, a
39.31% of total
as compared
this connection
Transportation expenses for the year 1938
of $8,237,750 or 13.46%, and were
operating revenues and 50.44% of total operating expenses,
with 36.12% and 47.49%, (espectively. for last year.
In
decline under last year
Volume
148
Financial
It may be stated
thav there
freight train miles and
was
decrease of 3,725,805
a
1,171,701
or 8.81% in
Chronicle
20% in revenue
passenger train miles under
or
Compared with 1937 there was a
decline in traffic expenses of
$506,034
10.22%, principally in cost of
superintendence, outside agencies and ad¬
vertising; $822,289 or 13.85% in
general expenses,
of general officers
principally in salaries
and others, and
pensions; and $329,444 or 18.62% in
miscellaneous operations,
chiefly in the operation of dining cars.
Total operating expenses
for the year
aggregated $104,984,021, as against
$128,859,516 for the previous year, a
decrease of $23,875,495 or
18.53%,
compared with a decline in
revenues of
20.49%.
The ratio of operating
expenses to
operating revenues for the year was
77.93%, and for 1937
76.05%.
or
Net
revenue
from
however, existing priorities as to both
preserving,
principal and interest. It was believed
that such
adjustments brought about
by voluntary agreement between
security holders and the
company would be less expensive, simpler and more
satisfactory than a reorganization
effected through
customary legal
ceedings. Support of the plan
by, and the cooperation of,
substantial
holders affected will
go far to
railway
following
obligations
new
Reconstruction Finance Corporation
loans
General Motors Acceptance
or
trust certificates
in¬
$4,442,000
Short-term bank loans
1,700,000
203,879
.
Miscellaneous.net
•
6,345,874
1939 and every calendar
interest shall have been
Net increase in interest
bearing obligations
$2,945,277
The loan of $8,233,000 from
RFC was applied to
maintenance labor and
material and the indebtedness
to the General Motors
Acceptance Corp.
is the balance due on
purchase of six Diesel-electric
locomotives which is
being liquidated in monthly
instalments.
During the year 1938 the final
instalment of principal of
equipment trust certificates, series of
1923, $925,000 and series A,
$500,000, matured and the payment thereof
was
temporily
deferred, but since the close of the
year $308,000 has been
paid on account
of series of 1923.
Payment due July 1, 1938 in
respect of $250,000 Public
Works Administration serial notes
now held by RFC
was also
deferred.
temporarily
These deferments are
retained in the balance sheet
under the
caption
...
Pr
"Interest-bearing obligations"
understanding of the actual increase in
might otherwise be the
outstanding, which
Reconstruction Finance
Corporation—Additional loans of
$8,233,000,
maturing Sept. 1, 1942, were obtained
during the year from the RFC and
on Dec.
31, 1938, company's indebtedness to
the Corporation was as
follows:
Loans maturing Aug. 1, 1939
Loans maturing Apr.
1,1942.
Loans maturing Sept.
1, 1942__
.Total
In
------
$69,816,578
pany:
5-year 4H% secured notes,
being part of a total
issue of $50,000,000
maturing Aug. 1, 1939
$13,490,000
Public Works Administration serial
notes
2,955,000
Equipment trust certificates, series H
1,305,000
•
Total,.
$17,750,000
mi
°
i
Total loans and other
mi—y
obligations held by RFC
$87,566,578
The RFC has indicated a
willingness to accept, in respect of the
held by it, the treatment
securities
provided in the plan for
modification of interest
charges and maturities subject to
approval of legal details
by its law division
and also of the ICC.
»
i
preceding
and
earned from
year,
Taxes in
in the
approximately 36 cents out of
every dollar of net
railway operation, compared with 28 cents in
1937.
1938 included
$1,952,876
payroll tax for
unemployment com¬
pensation under the Social Security Act, the tax
rate under which was
increased from 2% in 1937 to
3% in 1938, and a further
payroll tax of
$1,756,231 under the Carriers' Taxing Act of
1937 for the purpose of the
Railroad Retirement Act,
making the total payroll tax for the
year $3,709,108, an increase of $72,155.
The tax paid under
the "Carriers'
Act" has very
Taxing
largely replaced the pension payments
formerly made by the
company. The remaining taxes of
$7,007,939
cover
property and other taxes
{jayable to Federal, State, decrease and5.74% under
county of municipal taxing
the aggregate, reflect
n
a
Plan
For
more
authorities which
supplies used in
Since 1931 the
company has been required to meet
maturities of its funded
debt aggregating $172,585,700.
Most of these maturities
have occurred at
times when the securities markets
were so depressed as
to make
payment
or refunding by
ordinary means impossible. Under these
conditions it be¬
came
necessary for the company
to borrow substantial
amounts from
RFC.
The present indebtedness of the
company to RFC aggregates the
principal sum of $87,566,578, including $13,490,000
of the
4H% secured
notes of
1939, also $2,955,000, serial notes and
$1,305,000 equipment
obligations, Series H,issued to the Public Works
Administration, and later
acquired by RFC.
Excluding such notes and equipment
obligations,
company
failed
was
and
for
by $13,124,529
reasons
to
earn
largely beyond its control, the
fixed charges
during the year
its
'
"
"185,000,000
charges be reduced,
at
least
for
such
time
four years,
ted interest
as
will
provide
a
reasonable
opportunity for reestablishment of
earnings and credit and that suitable
provision be made for nearby maturities.
After careful consideration of the
entire problem and
consultation with
such large security holders as
could be reached within the
time available,
„
Our usual comparative tables of
statistics, income account
and balance sheet were
given in V.
148,
p.3681.
'
'
-
p.
2887.—V. 148,
"
Bangor & Aroostook RR.—Earnings—•
Period End. May 31—
Gross operating revenues
Oper.
exps.
and
1939—Month—1938
$487,277
$568,760
(incl. maint.
depreciation)
1939—5 Mos.—1938
$2,901,462
$3,340,436
333,958
361,071
1,747,947
1,935,229
$153,319
$207,689
80,296
$1,153,515
285,347
$1,405,207
361,372
,14,848
$127,393
12,152
$868,168
Drl2,768
$1,043,835
JDr55,638
$119,233
62,785
1,553
$139,545
63,046
2,262
$855,400
$988,197
302,516
8,717
$54,895
Net rev. from opers
Tax accruals
$47,237
48,934
Operating income....
$104,385
Otherincome
Gross income
Int. on funded debt....
Other deductions
."
'
'
314,708
12,490
$528,202
$676,964
<
•
■
Baltimore
"<
Transit
Co.—Earnings—
[Including Baltimore Coach Co.]
Years Ended Dec. 31-—
„
.
cl938
cl937
cl936
bl935.
$11,529,608 $11,891,198 $11,769,511
$11,124,454
Rev. from other oper...
56,289
58,344
53,052
52,283
,
Operating revenue
Total
revenue——.$11,585,898 $11,949,542 $11,822,563 $11,176,737
1,624,610
1,544,506
1,598,852
1,541,645
Operating expenses
Prov.
for
retirement
of
road and equipment..
1,812,061
1,822,711
1,777,753
1,746,681
1,213.931
1,401,190
1,376,725
1,223,787
gaff** "rta'n 3'9iS
Generaf&'miscefl"
3'827,052
1,369,196
3'7lt$I
1,383,590
3,72i:tl4
Transp. for inv.—Cr__
60,452
Taxes, licenses, &c
dl,060,552
34,275
1,340,070
21,018
al. 186,825
1,383,376
12,043
980,305
Net oper. income
al,147,413
.
$615,324
32,005
$783,068
30,769
$507,679
33,686
$811,340
752,458
13,299
$813,837
$541,365
22.152
Gross income.
Debenture interest
$778,982
32,358
$647,329
634,553
Non-oper. income
22.144
24,944
12,626
loss$9,376
$23,439
$102,488
$302,355
Equip, oblig's—interest.
Other
interest
51,39o
—
4,574
over
incurred to provide for such
materities.
The acute business recession which
developed in the latter half of 1937
a further decline in the
gross operating revenues of the
and at the same time
company
operating costs were further increased
by wage ad¬
vances.
The higher passenger and
freight rates recently made effective
have
not been sufficient to offset the
increased cost of operation.
In
resulted in
these circumstances
If the directors shall
so
determine, the plan may be carried out through
proceedings under Section 77 of the
Bankruptcy-Act or other law at the
time in force, or
through such other legal proceedings as the board of
directors may deem
appropriate to effectuate the plan as to
non-assenting
minorities.
The assents executed
by security holders provide that they
will be effective as assents to the
plan in any such legal proceedings as
fully
as if executed after
the institution of such
proceedings, subject, however,
to withdrawal rights, as
provided in the plan or by law, in the event of
any
modification of the plan.
•
Net income
income.
During the seven-year
period, 1924 to 1930, inclusive, the combined
earnings of the company and
its presently operated subsidiaries
averaged $54,891,668, a year
available
for fixed charges or $23,469,925 in
excess of
present charges on the
funded
debt of the company and such
subsidiariest
Since 1930 there has been an
unprecedented decrease In both
gross and
net revenues of railroads. This
decrease has been due In
large measure to the
decline in business activity, but it has
been accentuated in
the case of the
railroads by competition of
unregulated transportation
agencies, increases in
wages, taxes and costs of
substantially all materials and
80% of such indebtedness
on
—V. 148, p. 3213.
century, company has operated
continuously under its
original charter granted by the State of
Maryland in 1827.
For the 37
years prior to 1938 the
company had not failed to meet all
Interest
and other obligations when
charges
due, although during four
years—namely,
1932, 1934, 1935 and 1937—the sum
required for interest was not
earned after depreciation
fully
charges had been deducted.
The
facilities of the company have been
properties and
steadily improved to meet the
requirements of modern service.
exacting
Beginning with the year 1923 and
continuing through 1930, the
attained a high level of both
company
gross and net
railway operation.
judgment of the
board of directors the holders
of a sufficient
by the plan having assented
thereto, the com¬
Jan. 18, 1939, declared the
plan operative as of Jan. 26, 1939.
However, the plan provides that no securities
assenting thereto will be
stamped or exchanged for new securities issuable
under the plan unless and
until holders of at least
90% in amount of the securities of each issue of the
company affected by the plan
outstanding in the hands of the public shall
have accepted or become bound
by the plan.
the year 1937.
for Modification of Interest Charges and
Maturities
a
than
the
pany
•
Taxation—Railway tax and miscellaneous tax accruals
for the year 1938
aggregated $10,717,047, a decrease of
$499,029 under 1937. Taxes
7.95 cents of each dollar of
absorbed
gross revenue,
compared with 6.62 cents
revenue
In
j
addition, the Corporation has acquired and
following obligations issued by the com¬
contingent
amount of securities affected
$42,110,400
14,473,178
13,233,000
holds the
extent earned out of income
for the calendar
year
year thereafter until all
obligations for
paid and $100,000,000
aggregate principal amount
of obligations shall have
been retired by the
operation of the sinking fund.
In respect of the
years 1939 to 1943,
inclusive, such payments into the
sinking fund shall equal 75% of the available
net income
remaining after
prior charges, and after 1943,
50% of the available net income
after prior charges.
remaining
The sinking fund
may also be used to create net work¬
ing capital or to provide for capital
investments, but not less than one-third
thereof in the period
1939-1943, and thereafter not less than
one-half
thereof, shall be used for the retirement of
obligations.
Under the plan holders of the
company's refunding and general
mortgage
bonds of all series will be
given the option of converting their bonds
into
common stock of the
company on the basis of $100 per share and the
present,
conversion price of the 30-year convertible bonds
will be reduced to the
same basis.
in order that there
may be no mis¬
such obligations
case.
which
plan provides that for a
period of eight years the
annual fixed interest
and rentals of the
company and its operated sub¬
sidiaries shall be reduced
from $31,421,742 to
$19,644,679, and places
$11,376,435 of present fixed interest on
a
contingent basis, that is, all
accrued and unpaid
contingent interest on each issue of the company's
bonds shall accumulate and
be an absolute
obligation, contingent as to the
time of
payment, and payable in any event
whenever the principal of the
respective issue becomes
payable, at maturity or by acceleration or
other¬
wise.
The contingent interest
will be
payable, in the order stated in the
plan, if earned, after
deducting, in each year, not exceeding
2^% of total
operating revenues as a capital fund for
additions and betterments to
the
property, and in the year 1939
only there may be deducted not
exceeding
$10,000,000 for working capital.
All accrued
contingent interest must be
paid before any dividends are
paid.
Since Dec. 31, 1938, interest
ments have been
pay¬
made in accordance
with, but only in accordance
the provisions of the
with,
plan.
In consideration of
the extension of maturities
and change of interest
from fixed to
Contingent as and to the extent provided for in
the plan, the
company will create a sinking fund.
Instalments of the sinking fund shall
be payable if and to the
$9,291,150
Old Obligations Retired—
the
notes due
$8,233 ,000
1,058,150
Corp. purch. agreem't
~
Equipment
were
time of
payment of the principal
large nearby maturities
including $50,000,000 five-year secured
Aug. 1, 1939, $72,771,578 loans from RFC
due 1939 to 1944, all
are to be
extended from the date the
plan is effectuated, and
$43,182,000 Pittsburgh, Lake Erie &
West Virginia
System bonds due
Nov. 1, 1941.
The
of
Net Income—To net
railway operating income Is to be added miscellane¬
income from sources other than
the comoany's
railway operations, such
as rental
income, .dividend income and
interest income, less certain
charges
deducted therefrom.
The net miscellaneous
income from these sources
aggregated $4,207,959, and was
$2,346,751 less than in 1937, due princi¬
pally to the reduction in or
passing of dividends on stocks owned
by the
company.
With this addition, there was
made available $19,059,753 for
the payment of interest and
other fixed
charges, aggregating $32,184,283,
creating a deficit for the year 1938 of
$13,124,529 as compared with the
deficit for 1937 of
$720,694, and an increase in the deficit over that
year of
$12,403,835.
ous
Funded
ma¬
insure the prompt
purposes in view, even
though it might finally become
necessary to invoke legal
proceedings to make the plan fully
effective.
Accordingly the directors approved a
plan designed to
results which was
accomplish these
submitted to the ICO with an
application for such auth¬
ority under Section 20a of
the Intertstte
Commerce Act (relating to the
issuance or
voluntary modification of
proceeding with the plan. After a public securities) as was prerequisite to
hearing at which representatives of
insurance companies and
savings banks spoke in favor of the
which hearing none
plan and at
appeared in opposition
thereto, the Commission on
Nov. 1, 1938,
granted the authority
requested.
The plan provides for
the extension of the
Net Railway
Debt—During the year the
curred and old obligations
retired, viz.:
New Obligations Incurred—
pro¬
jorities of the
security
attainment of the
operations in 1938 was
$29,738,308 and $40,a decrease of
$10,838,610 or 26.71%.
Operating Income—Against net
operating revenue there was
charged $10,412,774 for railway tax
accruals, ehowing a decrease of $505,780
or 4.63% under
1937.
There were also
charged against net operating rev¬
enue, equipment and joint
facility rents totaling $4,473,740, being $275,999
or
5.81% less than in 1937, leaving a
balance for net railway
operating
income for the year of
$14,851,794, a decrease of $10,056,831 or
under 1937.
40.37%
576,919 in 1937,
3835
the directors
decided that it would be in
the best interests of its
holders for the
security
company to undertake, with their
cooperation, a limited
modification of some of its
interest charges and
maturities,
Net
income
a Including provision for $67,807 in
1937 and $168,344 in 1936 for Federal
Income and undistributed profit® taxes.
b The statement for 1935 combines the
operations of Baltimore Coach Co.
for entire year, United Rys. & Electric Co. of Bait, for
6 months ended
June 30
1935, and Baltimore Transit Co. for 6 months ended Dec.
31,
1935
The Coach company and the Railways
company were operated by
_
receivers
and
trustees during the first half of that
year.
The Railways
reorganized and its operations were continued by the Transit
the reorganized company, beginning as of July 1, 1935.
The
net income of $302,355 includes $21,317 which resulted from
operations
during the six months ended Dec. 31, 1935.
The interest on debentures in
1935 is applicable to the last six months of that year only.
c The statements for 1938, 1937 and 1936
represent a consolidation of the
operations of the Baltimore Transit Co. and the Baltimore Coach Co.
d No income taxes for the year 1938.
company was
company,
$
Assets—
Road & equipm't.63 ,720,781
64,895,180
154,564
2,932
(net)105,464
105,464
72,405
Debs, due July
158,485
2,682
86,836
1975......
Accts.
Investment In sub.
cos.
Other Invest, (net)
b Accts. receivable
Mat'ls &
supplies.
1,700,000
36,901
1,650,000
Ctfs. of deposit
30,908
Unadjust. debits..
5,891
179,129
22,842
159,269
Capital surplus
;
income
charges
the plan of
income before
preferred dividend require¬
outstanding
recapitalization plan
regular
the re¬
which shows net
and
months
31, 1938.
Co.,
which under the recapitalization plan has been paid, net income for the
respective 12 month periods amounted to $226,605 compared with $164,378.
in a pro forma income statement based on operating
months ended May 31, 1939 with interest and other
computed on obligations as at May 31, 1939 giving effect to
recapitalization which was approved Feb. 17, 1939. shows net
provision for Federal income taxes and before
ments. of $254,112.
Annual dividend requirements on the
preferred stocks issued on March 1, 1939 under the
amount to $105,293.
This pro forma statement supplements the
12 months earnings statement which includes 9 months prior to
capitalization and 3 months subsequent thereto, and
income, after interest, provision for retirements and replacements
amortization of debt discount and expense, of $188,569 for the 12
ended May 31, 1939. against $99,173 for the period ended May
Including accrued interest on indebtedness of American Gas & Power
158,386
149,010
67.223,218 68,473,689
.67,223,218 68,473,689
Total
b Less reserve of $2,584 in
Represented by 169,143 no par shares.
c Amount receivable under contract for sale of
1937.
Total
a
1938 and $2,576 in
property.
and Year to Date
1939—Month—1938
1939—5 Mos.—1938
$1,033,099
$989,541 $4,897,763 $4,895,667
870,830
848,715
4,186,796
4,205,860
Earnings for Month of May
Period End. May 31—
Operating revenues..,
Operating expenses
$162,269
$140,827
90,480
Net oper. revenues—
88,495
Taxes
$689,807
$710,967
448,263
12
3215.
—V. 148, P.
442,920
$246,887
$262,704
6,535
$52,332
1,261
956
$73,050
6,453
$53,288
5.593
$269,240
31,223
$252,659
27,883
board of directors
charges
$66,597
$47,695
$238,017
$224,776
was
Net income
Gross income
Fixed
stipulated rates,
Bamberger
RR.—Acquisition—
by the company
—V. 148, P.
elected
Statistics of
1936
559.37
561.20
78,771,972 76,925,640
Passengers carried.931,474,961 913,663,950 882.882,798
Kilowatt-hours sold
1462587889 1352491.613 1235689,195
,
Total
Barnsdall Refining Corp.—Not to Contest Indictment—
corporation and its President, Edwin B. Reeser, have entered pleas
the indictments in both Madison (Wis.) oil cases, the
Department of Justice announced June 20.
The Government has recommended the imposition of fines totaling $10,000 on each of the defendants.
The pleas have been entered before Judge
Patrick Stone at Madison, Wis.—V. 148, p. 572.
$72,413
Sink, funds &
Offered—
Prov. for gen.
of 50,000 shares of common stock was made
market June 22 by an underwriting
Dillon
V. 148, p.
Deduct—Gen.
1939—Month-
Net oper. revenues
1938
$608,112
310
311
471,534
600,000
$1,143,461
4,470
275
*
$18,358
$36,421
stock s for the
$1,147,931
$1,255,332
549,000
52,848
549,000
52,084
$546,083
$654,248
429,174
429.174
applicable to pref.
period, whether paid or unpaid
$225,074
x Dividends
accumulated and unpaid to May 31, 1939, amounted to
$286,116.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on April 1, 1939.
Dividends on these stocks are cumulative.—V. 148, p. 3682.
Bethlehem Steel
$116,909
Corp.—Underwriters Listed—
corporation filed June 19 with the Securities and Exchange Commis¬
its registration statement covering its $25,000,000
consolidated mortgage 20-year sinking fund 3H% bonds, series F, due
1959, listing the underwriters who will market the issue.
The underwriters and the amount of their participation in the marketing
The
sion an amendment to
operation are: Kuhn Loeb & Co., Smith, Barney & Co. and Mellon Se¬
curities Corp., $3,559,000 each; Harriman, Ripley & Co., $2,925,000;
the First Boston Corp., $1,950,000; Union Securities Corp., $1,200,000;
G. M. P. Murphy & Co., $500,000; Bonbright & Co., Inc.; Goldman,
331,514
23", 604
23",604
■
4,915,586
$1,304,698
$3,838,586
on shares
goodwill,
of
86,012,680
2.156.619,
12,123,359 *, 11,032,970
6,901,110
6.915,817
4,431,751
4,976,574
10,269,938
15,550,878
-
$429,925,307 $425,600,241-
— —
—
45,305,082
2,365,300
Elec. Co., Ltd.,
bonds
85,767,111
45,388,982
&c,
in
Total-'.-
1937
*■
$262,432,185 $253,895,189
bonds and debs.
Cash..-
$5,186,634
(Co. and Sub. Cos.) Dec. 31
6% cum.
Shares of
a
--$179,322,517 $179,322,363
393,400393,400
*
1,684,193
1,684,292
:
preferred shares
subsidiary companies
±
Funded Debt—
Rio de Janeiro Tram.,
Lt. & Power Co., Ltd.:
5% 50-year mtge. bonds
5 % 22-year bonds
Sao Paulo Tram., Light
&
Power Co., Ltd.:
perpetual consol. deb. stock
Ltd., 5% 50-yr. 1st mtge. bds
sh. warrants coupons outstanding
Sao Paulo El. Co.,
Bond debs, and
16,294,986
1,320,216
3,999,996
9,733,333
316,974
507,131
pref. shares & fund. debtDividend on ordinary shares payable
—
b Sundry credits and credit balances
*
Provision for depreciation and renewals
77,142,039
Sinking fund reserves _
General amortization reserve
General reserves
19,494,713
51,974,593
Accr. charges on cum.
4,371
Balance
$5,541,752
392,486
hand and in transit, including con¬
struction material
.—
Sundry debtors and debit balances.
_r
Investments (Government securities at cost)
5%
$86,542
45,750
income
contracts,
and issue expenses on
Sinking fund holdings Sao Paulo
$1,249,200
6,132
4,353
Dividends
franchises,
discount
3,722
50,000
$68,461
45,750
Net
3,729
$86,267
Other int. and deduct'ns
x
$6,636,374
401,250
300,000
23,604
7,024,091
77,419
211,987
,
,
1938
by sub. cos., incl. prem. paid
subsidiary companies acquired
Rights,
1939—12 Mos.—1938
$7,511,584
$7,635,636
5,764.394
5.732,714
50,000
Interest on mtge. bonds
Gross income
$11,587,531
Assets—
Ordinary shares
$68,059
402
$5,252,346
674,406
500,000
500,000
105,286
Properties, plant & equip., constr. expenses (at
cost), incl. int. during construction, &c
Cost of secure. & adv. to cos. owned or controlled
650,000
Other income (net)
$6,446,979
96,978
92,417
8,008.054
667,670
JCxdlyi lilies
$614,118
495,749
investments
$11,375,104
107,141
$6,133,853
surplus
Consolidated Balance Sheet
The mortgage originally was
the present amount of $350,-
Birmingham Electric Co.—Earnings
Property retire, res. ap¬
propriations
(6%)—
dividends
Balance,
Co.—Refunds $350,000 Mortgage Loan—
Period End. May 31
Operating revenues _ i _ _
Operating exps., incl. tax
Amort, of limited-term
2,000,103
300,000
23,604
3,512,224
Preferred divs.
Common
1st mtge.
2H% interest, which previously was 4%.
$950,000, and since 1936 has been reduced to
000.—V. 148, p. 2256.
14,144,485
8,286,742
1,984,786
346,524
charges
Gen. amortiz. reserves—
Stores
mortgage loan of $350,000 on the portion of the store
owned in fee has been taken over by assignment by Bankers Trust Co. from
the Bank for Savings and has been extended for a period Of five years at
Brazilian
Light &
Ltd
$10,316,205
& admin.
Power Co.,
3526.
Best &
rev.,
Traction,
&
The existing first
14,507,503
6,809,016
1,979,221
754,911
700,000
,
93,241
73,906
investm'ts
on temp,
Gross
Blair & Co., Inc.; E. H. Rollins & Sons,
Alex.. Brown & Sons; Hayden, Stone
.
-
oth. chgs.
amortiz—
Miscellaneous income—
Co. in the underwriting were:
Inc.; Laden burg, Thalmann & Co.;
& Co.; Hemphill, Noyes & Co.;
Riter & Co.; Hornblower & Weeks; Whiting, Weeks & Stubbs, Inc.; Stroud
& Co., Inc.; Putnam & Co.; Piper, Jaffray & Hopwood; Mitchum, Tully
& Co.; Rogers & Tracy, Inc., and Clarence Hodson & Co., Inc. *
Beneficial Industrial Loan Corp. is a holding company whose sub¬
sidiaries are engaged in the personal finance business, the acceptance
business, and related activities.
It was incorporated in its present form
in 1929, but some of the loan offices now controlled have been in operation
for more than 20 years.
The corporation's subsidiaries operate 370 loan
offices in 279 cities of the United States, and two offices in Canada.—
Eastman,
i
6,823,339
1,908,553
772,214
700,000
& Power
Int.
priced at S20.37K, based upon
stock on the New York Stock Exchange. ,Within an hour
of the offering, the underwriters reported that all of the shares
had been sold and the books closed.
The stock was acquired from Beneficial Loan Society which will receive
the net proceeds from the sale.
The offer does not represent financing
by Beneficial Industrial Loan Corp. and does not affect its outstanding
capitalization, which consists of 2,315,701 shares of common stock (no par)
and 150.000 shares of prior preference stock, $2.50 dividend series (no par).
with
17,379,793
17,826,269
Trac., Light
Co., Ltd-_$10.149,058
zilian
The shares were
the closing quotation for the
headed by Eastman, Dillon & Co.
Associated
$30,579,394
cos_$38,179,433 $38,998,045 $32,393,680
Bal., being rev. to Bra¬
after the close of the
group
of oper.
rev.
Bond interest..
—V. 148, p. 3682.
Public offering
„
472,563
500,551
meters).137,460.964 129,496,900
(cubic
Operating expenses
Charge for depreciation
and renewals
Months Ended April 30. 1939
Corp.—Stock
light
power
Total
Corp.—Earnings—
Loan
560.84
71,910,270
823,796,758
1119889,308
442,057
413,526
120,328,276 113,143,923
Gas consumers
127,462
117,167
106,448
96,963
No. oftelep. in oper
195,367
182,840
165,852
149,034
Combined Revenue Statement of Parent Company and Operating Subsidiaries
Calendar Years—
1938
1937
1936
1935
Gross earns, from oper—$38,078.934 $38,555,900 $32,197,610 $30,221,757
357.637
Misc. rey. of oi>er. cos-_
100,494
442,145
196,070
The
Industrial
556.64
81,025,776
consumers,
and
Gas sold
Net loss after all charges
1935
.
Miles run
Commission on June 7 authorized the acquisi¬
of the properties of the Bamberger Electric RR.
Earnings for Seven
Light & Power Co., Ltd.—Earns,
Calendar Years
Combined Companies for
1938
1937
Miles of track
of nolo contendere to
Beneficial
2738.
Brazilian Traction,
3681.
Beech Aircraft
a men
—V. 128, P.
issue of June
The Interstate Commerce
tion
held June 15-
Vice-President in charge of operations since 1934,
ber of the board of directors to fill the vacancy caused
of Mr. Huck.
«
The company's directors also elected John E. Dockendorff, a VicePresident and European director with headquarters in Brussels, where,
for the last four years, he has been in charge of the line's European affairs.
10, page 35^6, in noting the interest to be paid by
this company on its debentures July 1, 1939 to holders of record June 12,
1939, we stated that semi-annual interest of 1M% is to be paid on the
series "A" 4% debentures and 1% on the series "A" 5% debentures,
whereas the interest declared payable was 1H % on the 4% debentures and
1%% on the 5% debentures.—V. 148, p. 3526.
our
Vice-President—
traffic manager of the corpora¬
of trfafic at a meeting of . the
Mr. Morton succeeds Frank Huck, who
Morton, for the last three years
elected Vice-President in charge
by the death
Interest-Correction—
In
was
died on June 7.
Michael J. Hanlon,
series A 4% and 5% debens-
five months, at the full
approximate interest for the
$392,075.
John J.
5,772
tion
made for interest on
Note—No deduction is
The
is
Steamship Corp.—New
Black Diamond
$71,789
.
Operating Income
No n-oper. income
Co.—Earnings—
Birmingham Gas
The company,
for the
14 ,700,064 15,937,359
1 ,208,949 1,198,034
Profit & loss surp.
bonds of Lackawanna
and improvements to
be used for additions
working capital.—V. 148, p. 3526.
the remainder will
Steel Co., and
properties and for
5,446
22,428
Reserves
18,000
Amount receiv'le
c
208,290
Unadjusted credits
714,195
126,755
627,681
734,309
182,835
567,509
357,788
159,985
Unpaid Int. & dlvs.
matured..
1,507
1,507
re-acqulred
371,489
the company
be used to replace in
capital has been reduced as a result
bonds of Bethlehem
owned subsidiary, and will
part the amount by which its working
of the retirement of the first lien and refunding mortgage
Steel Co. (Pa.) and the first consolidated mortgage
wages
Unpaid matured
Int. on debs.
Securities issued &
Cash....
and
(Pa.), a wholly
Steel Co.
23 ,086,892 23,086.892
payable & accr'd
& accr.
Clark, Dodge
& Co.,
$250,000
Read &
to Bethlehem
$21,400,000 will be paid by
Of the proceeds,
1,
Taxes pay.
Co., Glore,
,
23 ,342,692 23,342,692
par)
($100
un¬
3,996.688
stock.. 3 ,996,688
pref. stock
1st 5%
Addition to road <fc
equipment
completed
Sinking fund
Common
Co., $445,000 each;
Forgan & Co., Hallgarten & Co., Hayden, Stone
Hemphill, Noyes <fc Co., W. E. Hutton & Co., White, Weld & Co.,
each; Parrish & Co., $160,000; Blyth & Co., Inc., $750,000; Dillon,
Co., $2,000,000.
tj
'
&
$
$
Liabilities—
a
Co., Lee Higginson
Co., Lazard Freres &
Brothers, Dean Witter &
Corp., Lehman
1937
1938
1937
$
Kidder, Peabody &
Sachs & Co.,
Dec. 31
Consolidated. Balance Sheet
1938
1939
June 24,
Chronicle
Financial
3836
Profit and loss
balance Dec.
tion, Light & Power
Subsidiary companies
This reserve
9,387,398
31—Brazilian Trac¬
Co., Ltd
;
40,862,858
145,412
3,999,996
9,733,333
286,107
550,865
3.512,133
15,539,222
78,616,244
8.625,057
18.526,841
51,766,387
34,729,005
145,412
$429,925,307 $425,600.241
Total
*
17,345,548
16,849.849
1,319,730
includes provision for
depreciation and renewals of physical
owned or controlled by subsidiary companies,
a In
addition there are bonds outstanding of companies owned or controlled by
a subsidiary company equivalent to $6,826,264 at par of exchange, on which
the interest and sinking fund charges for the year, amounting to $392,916,
are provided out of the revenue of the subsidiary company,
b Includes
insurance funds for injuries and damages.—V. 148, p. 3369.
assets
of companies
Blaw-Knox Co.—Foreign Contract—
■ » ,
expected demand for fabricated steel products
Europe, company has completed a manufacturing and selling arrange¬
ment with Society Anonyme Ateliers De Tombay,
a fabricating company
in Belgium to produce certain Blaw-Knox products.
In order to better serve an
n
Volume
148
Financial
Chronicle
This arrangement is for the
purpose of supplementing the efforts of the
Blaw-Know English and French
facilities.—V. 148, p. 1633.
Boston Edison
Co.—Output—
system output of the Boston Edison Co. as
reported to the
Edison Electric Institute for the
week ended June 16, 1939, was 23.006,000
kwh., compared with 20,159,000
kwh., for week ended June 17, 1938, an
increase of 14.1%.
The production for the preceding week was 22,383,000
kwh., representing
Net revenue from
oper
$885,328
340,774
$835,342
350,365
$9,676,963
3,577,855
$9,902,086
3,631,015
Net non-oper.
mczme...
$544,554
65,211
$484,977
56,409
$6,099,108
813,794
$6,271,071
833,241
Gross income.
Total income deducts...
$609,765
585,678
$541,386
571,106
$6,912,902
6,335,353
$7,104,312
6,307,090
$24,087
def$29,720
$577,549
$797,222
taxes
gain of 9.8% over the comparable week of 1938.
Two
weeks ago the increase was
14.4%.
The output for week ended
June 16, 1939, of 23,006,000 kwh., compares
with 20,875,000
kwh., for week ended June 18, 1937, an increase of 10.2%.
Preceding week's output showed a gain of
2.4% over the comparable 1937
week.—V. 148, p. 2735.
May 31—
1939—Month—1938
$1,843
$2,624
Loss
After
x
ordinary taxes,
and income taxes.—V
Operating income
Current
rentals
148, p
and
V
interest,
but
8 Months
_
.
before
-Year
Mar. 31, '39
End.
Net
Taxes
$263,208
46,398
44,900
$95,700
220,020
$171,910
211,241
sale of investments.
$239,223
41,839
41,000
$363,327
$383,151
34,655
22,500
46,866
30,000
$220,020
$211,241
$1.09
shares
$306,172
$0.61
Mar.31,''39 JwIz/31,'38
-
Market'le
—
—
15,790
14,212
31,290
45,283
28,350
46,906
farms..
78,168
19,631
30,460
Res. for conting's.
61,489
Inventories
Cash
surr.
excise
and
liabilities..
accr.
10,439
203,074
258,633
644,218
285,746
680,441
Goodwill, &c
1
Deferred charges..
y
'
1
163,453
on
stock (par
153,262
Common
y
$1,934,359 $1,995,9081
of
sold (cu.
1938
763,100
781,100
500,000
500,000
220,020
Total...:.
306,172
$1,934,359 $1,995,908
1937
gas
exps.,
income
Net
$2,559,466
incl.
148,
1935
$2,483,070
$2,486,401
as
of Aug. 1 has called 50% of its
outstanding prior preferred
Callaway Mills—22-Cent Dividend—-
1,553,534
1,565,718
1,662,698
358,103
376,435
380,447
.286,107
Calaveras Cement Co.—To Pay SI Dividend—
Directors have declared
a dividend of $1 per share on account of accumu¬
pref. stock, par $100, payable June 30 to holders
was paid on March 31 and Feb.
18, last,
Dividends of $2 per share were paid on Sept. 30, June
30,
March 31, 1937.—V. 148, p. 1948.
on
the 7%
$540,235
14,974
and
on
$539,570
10,067
chges.
$733,842
190,042
45,891
$559,817
200,000
38,476
of bond
disct. & exp__
Misc. inc. deduct
Inc. tax (est.)
$555,209
200,000
41,239
$549,638
200,000
48,367
3,511
45,638
59,655
3,786
3,786
582
44,925
National
477
50,712
Like amount
3,786
501
cum.
of record June 26.
and Nov. 1,1938.
Canadian
$553,101
6,716
Ry.—Earnings—
Earnings of the System for the Week Ended June 14
1939
Total
Int.
on
income.
fd. debt.
Amort,
Net inbome.l.
Rate
reserve
Gross
x
$389,105
$317,053
$258,889
Canadian
$ 360,112
Ry.—Earnings-—
Earnings for the Week Ended June 14
r
1QQQ
.
Traffic earnings
r
1QQQ
$2,384,000
Carolina Power & Light
41,508
$210,573
reserve
and related taxes, adjusted,
charged.
y
At
'
Notes—No Federal income tax was paid for the
year 1937 after deductions
of rate refund for year ended March
15, 1935 and interest accrued thereon
in accordance with the Public Service Commission
Amendatory Order,
dated July 2, 1937, in Case No.
7,908, and after allowing for annual de¬
preciation deductible under
Treasury regulations.
Operating expenses for the year 1938, include $11,494 for taxes applicable
to merchandising accounts; miscellaneous income
deductions include $6,990
fpr taxes and $37,701 for pensions (reserved), previously
charged to oper¬
ating
Pacific
Increase
$3,063,585
TtirYPnQP
$2,208,000
$176,000
y$252,082
year.....
After giving effect to rate
actual rates
1938
'
$3,423,697
—V. 148, p. 3683.
less related taxes, adjusted
Surplus for the
revenues—_
—V. 148, p. 3683.
Period End. May 31—
.
x
*
dividend of 22 cents per share on the common stock,
10.
Dividend of 15 cents was paid
on Feb.
last, this latter being the first dividend paid by the company in
several years.—V. 148, p. 1796.
a
June 20 to holders of record June
lations
$716,158
17,683
Other int.
Redemption will be
Directors have declared a dividend of 50 cents
per share on the common
stock, par $1, payable July 1 to holders of record June 20.
A dividend
of 30 cents was paid on
April 1, last, and one of 50 cents was paid on Nov. 25,
1938, this latter being the first dividend paid since Jan.
1, 1938 when 50
cents per share was distributed.
See V. 145, p. 4111 for detailed record
of previous dividend payments.—V.
148, p. 1796.
$2,488,377
1,485,204
;
2889.
p.
redemption at the redemption price of $110.
prorated from each stockholder.—V.
148, 0. 873.
.from
operations..
Other income
June 22 declared a dividend of 25 cents
per share on the
to holders of record July 3.
This will be
paid since Jan. 3, 1938 when 40 cents
per share was
on
stock for
1
tax...'
earns
x$133,105
dividend
Company paid
.
gas......
x$10,192
Directors have declared a dividend of 10 cents
per share on the common
stock, payable July 1 to holders of record Dec. 20.
This will be the first
dividend paid in several
years.—V. 134, p. 2152.
on
1936
feet).2,090,735,700 2,002,818,000 1,990.612,400 1,989,669,700
retire, exp
'P&X6S ©xcl
Fed.
x$3,543
Brunswick Site Co.—Dividends Resumed—
Rev. from sale of
Oper.
$1,360,921
1,494,026
(F.) Burkhart Mfg. Co .—50-Cent Dividend—
$100)
stock.
Brooklyn Borough Gas Co.—Earnings—
Quantity
$1,500,290
1,510,482
Buckeye Steel Castings Co.—Preferred Stock Called—
x After reserve for
depreciation of $230,108 in 1939 and $194,455 in 1938.
Represented by 100,000 no par shares.—V. 148. p. 432.
Calendar Years—
first
Company
capital taxes
Earned surplus.
Total.
the
and Prov. inc. &
Mtges.
35,205
750,503
134,245
Brooklyn Union Gas Co.—Common Divs. Resumed—
Provision for Dom.
value of
life Insurance
Fixed assets
$1,194,398
166,523
Indicates loss.—V. 148, p. 3216.
Directors
6cum. red. pref.
Sales,
advan.,
•
$1,339,088
161,202
15,417
49,244
669,345
$36,916
prop, taxes accr.
per contra
$3,375,620
2,181,222
^pmrnon stock, payable Aug. 1
JulySl,'38
$319,514
Accts. payable and
Accts. receivable..
x
$150,000
coll.
as
x
—
distributed.—V.
Mar. 31 ,'39
Bank advances
'
secure.,
pledged
for bank
$100,927
Current income carried
-■
to surplus.
30,000
$1.25
*
Liabilities—
hand and
$8,571
$130,702
136,690
,
$3,537,839
2,198,751
205,106
46.902
Consolidated Balance Sheet
on
$115,285
$237,617
...
$320,391
$222,688
14,929
income—i
Gross income._
Total from deductions..
$288,143
86.265
Earns.per sh.on 100,000 shs.com.stk.
Assets—
$423,227
200,539
properties
1939—11 Mos.—1938
$18,952,401 $19,012,070
15,414,562
15,636,450
47,607
Amount of goodwill written off
Divs. on cum. preference shares
in banks.
from oper'n.
on oper.
Operating
•
Cash
rev.
expenses...
Net non-oper. income..
$156,384
131,759
-
1939—Month—1938
$1,846,583
$1,778,363
1,423,356
1,457,972
total oper. revenues
Total oper.
July
31-*
1937
1938
$159,700
37,100
26,900
Provision for income taxes
on common
14o, p. 3216.
Brooklyn & Queens Transit
System—Earnings—
Period
amortization
'
charging all mfg., sell. &adm.exps.
Provision for depreciation
Dividends
.
End. May 31—
Period-—
on
car-
ried[to sin-plus
1939—5 Mos .—1938
3682.
Combined profit from operations after
Profit
income
prof$5,337 prof$62,446
(T. G.) Bright & Co., Ltd. (&
Subs.)—Earnings—
,
on oper.
props....
a
Bowman-Biltmore Hotels Corp.—Earnings—
Period Ended
x.
3837
[Excluding Brooklyn & Queens Transit System]
Period End. May 31—
1939—Month—1938
1939—11 Mos—1938
total
operating revenues $2,484,555
$2,360,822 $25,947,552 $26,395,926
total
operating expenses
1,599,227
1,525,480
16,270,589
16,493,840
expenses.
Operating
Co.—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$931,837
$937,674 $11,907,753 $12,139,347
->497,390
503,268
6,024,974
6,219,585
revenues
Oper. exps., incl. taxes.
Property retir. res. ap¬
propriations.
90,000
90,000
1,080,000
1,130,000
Net oper. revenues
$344,447
Other income (net).842
$344,406
740
$4,802,779
22,882
$4,789,762
$345,146
191,667
$4,825,661
$4,813,208
2,300,000
76,814
Gross income
Int.
on mtge. bonds
Other int. and deductions
Int. charged to construe.
$345,289
191,667
5,762
..
'
23,446
2,300,000
73,673
Cr2,434
7^609
..
Balance Sheet Dec. 31,1938
Assets—
Liabilities-
.
Cash
$105,455
Accounts receivable
598,824
230,702
Materials and supplies
Special deposits
457
Prepaym't & suspense items.
Unamort. bond disct. & exp.
50,105
'
Other physical property..
Unclassified gas plant...'
Construction work in progress
Gas plant in service
on
$71,467
481,500
funded debt..
"
189,903
Miscell. current & accrd. liabs
Accrd. int. on consumers deps
62,948
Consumers'
deposits^
Res. for deprec. of gas plant..
5,473
Contribs. in aid of construct'!*
Contongencies
reserve.
Emplouees' provident
reserve
Miscellaneous reserves:
Gen. &ref. mtge. bonds
Common stock (40,000
$11,006,055
147, p.
333,138
.529,277
185,519
173,650
3,761,000
Total
1,675,000
1,500,000
1,267,542
System—Earnings_
Taxes
on
from oper
$1,299,660
541,313
oper. props
Operating income
Net non-oper. income—
income
terest
outside
of B. & Q. T
to
$2,436,394
$7,339,284
838,195
$7,363,613
863,728
$8,177,479
701,016
$650,639
683,902
7,610,123
$8,227,341
7,563,224
def$33,263
$567,356
$664,117
'
1,255.237
$1,181,157
148, p. 3216.
Carreras, Ltd.—Interim Dividend—
Directors have declared an interim dividend of 50 2-5 cents per share on
the American depository receipts for class A stock and 5 2-5 cents per share
on the American depositary receipts for class B stock, both
payable June 26
to holders of
record May 25.—V. 148, p. 3216.
.
Carthage Mills, Inc.—Accumulated Dividend—
Directors have declared a dividend of $1.50 per share on the 6% pref. A
a dividend of 60 cents per share on the 6% pref. B stock, both
payable on account of accumulations on July 1 to holders of record June 23,
Arrearages after the current payment will amount to $6 per share on the A
shares and $2.40 per share on the B shares.—V. 146, p. 4110.
stock and
Celotex
Corp.—Earnings—
1939
.
Net profit after charges and taxes
—V. 148, p. 3683.
$159,800
1938
$69,691
Caterpillar Tractor Co.—Earnings—
12 Mos. End. May 31—
1939
1938
.$51,660,437 $52,445,651
Net sales
^Sec.,
less miscell. inc._ 44,805,748
Depreciation
2.463,651
Interest paid
Prov
42,416,514
2,277.398
1937
1936
$62,496,758 $43,829,597
_
for Federal taxes..
47,251,652
2,013,946
33,711,228
1,834,204
$4,391,038
332,461
15,513
Balance
Interest earned
car¬
ried to surplus
Accruing
$591,225
59,414
$125,014
Total income deductions
$758,347
67,683
$826,030
Gross income
Current
$1,146,696 $13,115,891 $13,175,851
555,471
5,776,607
5,812,238
1,255,237
-
Month of May—
Transit
[Including Brooklyn & Queens Transit System]
Period End. May 31—
1939—Month—1938
1939—11 Mos.—1938
Total operating revenues $4,319,641
$4,127,347 $44,776,989 $45,272,257
Total operating expenses
3,019,981
2,980,651
31,661,098
32,096,406
rev.
—V.
$11,006,055
104.
Brooklyn-Manhattan
Net
$1,199,185
49,800
shs.
par)
Preferred stock ($50 par)
Earned surplus
Totfl
Balance..
68,426
no
-V.
$2,454,422
—
48,505
"
592,973
33,943
100,000
9,661,123
78,354
Accrued taxes
97,024
.
Capital stock expense
Accrued int.
Net income
$147,860
$145,870
applicable to pref. stocks for the
period, whether paid or unpaid
Dividends
Vouchers payable
Notes payable
$7,751,739 $13,231,159
466,645
523,295
9,851
9,129
$8,284,165
485,216
3,943
$4,707,986
1.213,463
$8,208,533 $13,745,325
1,556.539
2,475,377
$8,765,438
1,546.945
$3,494,523
$6,651,993 x$ll.269,948
$7,218,493
in¬
Net profit—
53,169
x
Balance to B.-M.T...
$71,845
def$33,263
$567,356
$>31,117
-
Before deducting provision for any amount which may become due for
surtaxes on
undistributed earnings, carried to surplus.
Financial
3838
Balance Sheet May 31
1939
Liabilities—
$
6,064,901
Cash
3,407,249
9,546,426 10,869,740
16,597,406 18,131.822
less reserve
Inventories.
1
1
and goodwill—
buildings,
equipment, Ac. .19,949,109
Prepaid Insurance,
(As adjusted to reflect
1,974,239
(par
stock
Pref.
11,5)5,200 11,515,200
9,411,200 9,411,200
Capital surplus...13,733,577 13,733.677
14,053,919 14,899,637
50,528 Earned surplus
20,497,920
41,639
y
Funded Debt—
Common stock..
a
52,199,482 52,957,261
Total
52,199,482 52,957,261
Total
depreciation of $12,634,288 in 1939 and $11,831,384
in 1938.
y Represented by 1,882,240 no par shares,
z Does not include
any amount for Federal surtaxes on
unndistributed earnings.—V. 148,
x
'•
Central Electric & Telephone
[Including Virginia
Co.—Earnings—
--
expenses
Provision for depreciation
— ---
State, local and miscellaneous
Federal taxes
—
Federal and State normal income tax
$1,931,347
1,014,571'
313,273
166,439
5,991
$463,491
179,637
3,183
General interest
Preferred stock
$417,234
179,637
2,863
__
$234,734
184,770
$280,671
184,770
dividends—cash.
31
1938
3,079,500
721,419
3,592,750
52,800
127,119
3,592,750
49,956
89,819
Special deposits—
8,461
13,537
Prepaid insurance,
rents, Ac
22,079
15,950
lien bonds.....
Miscell. def'd items
23,897
19,683
Deferred liabilities
298,838
235,710
Accounts payable.
(par $50)
289,359
mtge.
Accured
Cash on deposit for
16,644
201,914
255,864
248,996
$1)
89,818
coll.
A
int.
120,182
on
funded debt
16,992
201,302
— ...
Com. stk. (par
1st
Accrd. int. on cus¬
Notes, accts. and
warrants receiv.
Mat'ls and supplies
tomers'
3,180
deposits
Accrued State,local
••
and miscell. Fed-
91,245
93,720
Fed! income taxes
81.651
49,875
Divs.
16,644
eral taxes
.
payable
.....
28,555
2,341,528
for
Contributions
15,859
extensions..
Capital surplus—
Earned surplus
a
11,782,335
After
reserve
Note—The
sidiaries
13,069,699
$39,006.
2,826,049
56,172
,
of Middle Western Telephone
consolidated herein.—V. 148, p. 3216.
accounts
not
are
1,184,663
144,778
:..11,782,335 13,069,699
Total
for uncollectible accounts of
16,992
29,804
2,554.284
Misc. curr. liabils.
Reserves
Total
452,169
454,983
48,656
118,713
100,586
110,399
$1,733,087
1,212
$1,563,781
1,774
$1,480,654
1,758
$1,575,706
$1,734,300
$1,565,556
tax on income
Net
Gross inc. after taxes.
Co.
and its sub¬
Central Illinois Electric & Gas Co.—Securities
requirements (being the requirements in
year) on the $3,000,000 of debentures will amount to $104,475.
and Business—Company was incorporated under the name of
Rockford Gas Light & Coke Co. by a special act of the General Assembly
of the State of Illinois, approved Feb. 22, 1861.
The present name was
adopted by amendment of its charter effective Feb. 13, 1931.
Company
is an operating public utility, furnishing one or more of five utility services
(electric, gas, transportation, steam heating and water) to areas aggregating
approximately 1,815 square miles located wholly in Illinois, having an
the first
Offered—
Bonds—The first mortgage
bonds are dated June 1, 1939; due
Under its
stantially its present character.
The company proposes during the next 12 months to make capital
expenditures of approximately $500,000 on the electric generating facilities
at its Rockford plant, primarily to increase the
pressures and temperatures
at winch certain of the units may be operated.
Upon the completion of
these improvements the company will generate a substantially greater
proportion of its electric energy requirements for the Rockford division
and will purchase the balance under the new power contract.
Company
estimates that such requirements during the first year of operation under
the new contract will approximate 120,000,000 kilowatt hours and that the
average direct cost at the switchboard of this energy (on the same basis as
stated above) will be approximately 0.459 cents per kilowatt hour.
If the
requirements during such year were to be 100,000,000 kilowatt hours, the
company estimates that the average direct cost at the switchboard would
be approximately 0.490 cents per kilowatt hour.
*
Underwriters—The underwriters have severally agreed to purchase, and
the company has agreed to sell to them severally, in the amounts and
percentages set opposite their respective names below:
Percentage of
Principal
Debentures of
Amount of
Each Maturity
Bonds
1
'
<■
Name—
The Wisconsin Co
Bodell & Co
1939 b $140,000
1940
b 145,000
b 145,000
1940
b 150,000
1941
1
at
office
June
Dec.
June
Dec.
b 150,000 June
b 160,000 Dec.
or agency
1943
1943
1944
1944
1, 1945
1. 1945
1,
1,
1,
1,
c
$160,000
165,000
165,000
c 170.000
c
c
c
c
c
b 3M% debentures.
debentures in
Coupon
denom.
c
June
Dec.
June
Dec.
1,
1,
1,
1.
1946
1946
1947
1947
170.000 June 1, 1948
180,000 Dec. 1, 1948
180,000 June 1, 1949
a
of $1,000.
Semi-annual int.
payable
Red.
of the company in Chicago or New York.
in part at any time upon 30 days'
thereof and accrued int. together with a
whole
or
purposes:
(1) Redemption on or before Sept. 1, 1939, of $13,909,000
1st &ref. mtge. gold bonds, 5% series due 1951, (excl. oi bonds
pledged as collateral for notes to be redeemed), at 103H
$14,395,815
(2) Redemption on or before Sept. 1, 1939, of $746,000 1st
& ref. mtge. gold bonds, 6% series due 1952, at 103M-.—772,110
(3) Redemption on or before Aug. 1, 1939, of $2,000,000
4 2-3%
4 2-3%
3 1-3%
3%
2 2-3%
,
£J-3%
2%
1 2-3%
1%
300,000
4
6 5-6%
6 .5-6%
4 2-3%
400,000
a
250,000
150,000
30, 1939
Liabilities—■
Assets—
Common
Property, plant & equipment:
.$24,575,621
3,109,363
Tangible property
Intangible property
2,485
537,259
Miscell. investments
Cash.
.
Accounts &
Due on street
,
Miscell. current assets
Miscellaneous assets
agreement
.....
Current liabilities
Deferred credits
399,594
790
7,880
Contributions for extensions.
Reserves
h
413,083
394,032
Capital surplus
Earned surplus
84,000
993,917
8,910
179,480
3,973,551
181,132
;
deferred
279,482
1
charges
..$29,193,676
Total.
SEC Grants
$6,310,570
16,655,000
lighting system
220,535
60,667
(less reserve)
Prepaid expenses &
stock (74,242 shs).
Funded debt..."
Service extension deposits
notes receivable
Appliances on rental...
Inventories
".
Total
.$29,193,676
...
Exemption from Holding Act—
The Securities and Exchange Commission exempted June 21 from the
Holding Company Act four proposed issues of securities of the Central
Illinois Electric & Gas Co,
Two issues are $14,751,000 of first mortgage
bonds, 3%% series due in 1964, and $3,000,000 of 3, 3H and 4% serial
debentures, due serially from Dec. 1, 1939, to July 1, 1949.
The other issues, for which application for exemption was made sep¬
are two secured promissory notes of $1,000,000 each to
15, 1942, and $3,000,000 of first and refunding mortgage
arately,
Feb.
4% debentures.
notice at the principal
amount
premium on principal
amount as follows: (a) on debentures bearing int. at rate of 3%, a premium
of 2 %; (b) on debentures bearing int. at rate of 3 H %, a premium of 2 M %
If red. on or before May 31, 1941, and thereafter a premium of 2H%
decreased by % of 1% for each 12 months elapsed from May 31, 1940 to
and incl. such date of redemption; and (c) on debentures bearing int. at
the rate of 4%, a premium of 2M % if red. on or before May 31, 1942, and
thereafter a premium of 2M% decreased by M of 1% for each 12 months
elapsed from May 31, 1941 to and including such date of redemption.
(Article I, Section 2; Article IV.)
Purpose of Issue—The net proceeds from the Issuance and sale of the
$14,750,000 of bonds and $3,000,000 debentures, estimated at approximately
$17,418,961 (exclusive of accrued int.) after deduction of expenses to the
company of $94,789 in connection therewith, are to be used for the following
as
...—
10 1-3%
6 5-6%
6 5-6%
4 2-3%
3 1-3%
700,000
500,000
500,000
450,000
400,000
;
13 2-3%
1 °z.
10 1-3%
(Not Certified)
■
indicated:
J-D
..i
Balance Sheet April
Sinking fund for the retirement of bonds of 1964 series operative in the
year "ending June 1, 1950 and in each year thereafter equal to 2% of the
largest aggregate^principal amount of bonds of 1964 series outstanding
between June 1, 1950 and each respective sinking fund payment date. •
Debentures—The debentures are dated June 1, 1939 and are due serially
3% debentures,
700,OOd
700,000
Starkweather & Co
set forth above.
a
-
$2,000,000
1,500,000
1,500,000
*1,000,000 •
1,000,000
1,000,OOo
1,000,000 ..
700,000
Cranberry, Marache & Lord
June 1,
days' notice at principal amount thereof and accrued int., together with a
premium on said principal amount as follows:
Otherwise than through sinking or other special funds, 5% if red. on or
before May 31, 1943, and thereafter 5% decreased by % of 1% for each
12 months elapsed from May 31, 1942 to and incl. May 31, 1962; and
without premium if red. on or after June 1, 1962;
Through sinking or other special funds, 1 % if red. on or before May 31,
1959, and thereafter the premiums applicable to optional redemption as
), 1941
1, 1942
1,1942
—
__
Coupon bonds in the denom. of $1,000, registerable as to principal.
Fully registered bonds in the denom. of $10,000 Qr any multiple thereof.
Semi-annual int. payable J-D 1 at office or agency of company in Chicago
or New York.
Redeemable as a whole or in part at any time upon 40
1,
1,
1,
1,
-
Central Republic Co
Halsey, Stuart & Co. Inc
Bon bright & Co., Inc
H. M. Byllesby & Co., Inc
Kidder, Peabody & Co......
E. H. Rollins & Sons, Inc
A. G. Becker & Co., Inc
Glore, Forgan & Co
Lee Higginson Corp
Stone & Webster & Blodget, Inc
Coffin & Burr, Inc..
F. S. Moseley & Co
Whiting, Weeks & Stubbs, Inc
The Illinois Co. of Chicago
Underwritten
Underwritten
»
.
Harris, Hall & Co. (Inc.)
'
a$125,000 Dec.
130,000 Dec.
a 130,000 Dec.
a 130,000 June
a 135,000 Dec.
a 135,000 June
a 140,000 Dec.
For purposes of operation, these areas
population of 160,000.
divided into three divisions which are not physically interconnected.
original name, the company engaged in the manufacture and
sale of gas and by-products in Rockford until Feb. 27, 1931.
On that date
it acquired the assets and assumed the liabilities of the following six com¬
panies: Illinois Public Utility Co.; St. Joseph-Oakwood Electric Co.;
Emden Water, Light and Power Co.; Rural Gas Supply Co. and United
Fuel Transportation Co.; and Rockford Electric Co.
Upon the acquisition
of the assets of these companies, the company's business assumed sub¬
are
headed by Harris, Hall & Co. (Inc.) offered
publicly June 20 bonds and debentures of the company
totaling $17,750,000.- The offering consisted of $14,750,000
of first mortgage bonds, 3%% series due 1964, priced at
100^ and int., and $3,000,000 of 3, 3'M and 4% serial deben¬
tures, priced to yield 0.75 to 4%, according to maturity.
Other bankers who participated in the offering were:
Central Republic Co.; Halsey, Stuart & Co., Inc.; Bonbright & Co., Inc.; H. M. Byllesby & Co., Inc.; Kidder,
Peabody & Co.; E. H. Rollins & Sons, Inc.; A, G. Becker
& Co., Inc.; Glore, Forgan & Co.; Lee Higginson Corp.;
Stone & Webster and Blodget, Inc.; Coffin & Burr, Inc.;
F. S. Moseley & Co., and Whiting, Weeks & Stubbs.
1964.
requirements on
2,700
$1,482,413 $1,578,407
the $14,750,000 of bonds of 1964
series will amount to $553,125.
The maximum annual interest
A banking group
as
revenues
oper.
after taxes
estimated
6% cum. pref.stk.
12,027,556
ment ofdivsi...
3,079,500
721,419
Liabilities—
$
Prop., plant & eq.10 ,629,446
Investm'ts A advs.
325,804
a
1937
1937
$
•
Cash...
474,608
History
1938
Assets—
424,273
The annual interest
funded debt.
on
(other than Fed.
income)
Prov.
for
Fed. normal
1,877,542
Other income
$457,500
Interest
462,409
$4,781,879
1,890,673
287,694
462,422
$401,766
15,468
(net).
Apr. 30 '39
257,193
300,000
35,296
'
Other income
12 Mo.End.
1938
$4,685,738
1,896,176
293,745
1937
$4,998,738
2,051,453
310,181
480,000
Taxes
1937
1938
$2,022,795
1.025,17b
297,324
183,3/0
59,425
Operating
None
a$6,310,570
31
-12 Months Ended Dec.
1936
$4,640,754
Total operating revenues
Operation..
Telephone & Telegraph Co J
Total operating revenues....
None
None
Maint. & repairs
Prov. for retirements—
..
Calendar Years—
Outstanding
$14,750,000
3,000,000
Represented by 74,242 shares.
Earnings for Stated Periods
After reserve for
3683.
p
248,536
debentures).
issuance and sale of the bonds and
Authorized
3H% series due 1964
Unlimited
3%-3serial debs., due serially 1939-1949__
$3,000,000
Capital Stock—
Preferred stock: $7.00 dividend (no par) value.
5,000 shs.
$6.50 dividend (no par) value
5,000 shs.
$6.00 dividend (no par) value
5,000 shs.
Com. stock (no par) stated value $85 per sh—154,000 shs.
First mtge. bonds,
$100)
Land,
taxes, Ac
260,034
1,287,291
2,002,500
the electric generating
Capitalization
payroll &
for Federal
taxes
Pats., trade-marks
*
281,256
3-year ZH% collateral notes, at 100H
(4) Additions and improvements to
plant of the company at Rockford
1,163,374
expenses
Res.
i
$
1,917,040
Accounts payable.
Accrued
Notes & accts. rcc.
1938
S
1938
1939
Assets—
June 24, 1939
Chronicle
series, to be pledged as security for the notes.
In three concurring opinions.
Chairman
Frank
and
mature on
bonds, 5%
Commissioners
Healey and Eicher criticized former financial practices of the company,
a direct subsidiary of the Consolidated Electric & Gas Co. and an
indirect subsidiary of the Central Public Utility Corp.. and also of the
parent companies.
These had led to an inflated valuation of the company,
which is
they asserted
"The public interest," said Mr.
Eicher, "is flagrantly prostituted when
that is built on a natural or statutory monopoly
legal instrument for capitalizing property at valuations in
excess
of cost, whereby both the rate payer and the investor, through
dilution of the underlying values, are made to assume the burden of an
artificial capital pyramid disproportionate to the prudent investment in
the property that is used and usable in the public service."—V. 148, p. 3527.
a
corporate structure
becomes
the
Central
RR.
Co.
of
New
Jersey—Readjustment Plan
Filed with ICC—
June 17 asked the Interstate Commerce Commission to
approve a plan for readjusting its capital structure, whereby payment of
75% of the interest on its $49,998,000 of outstanding 4% and 5% bonds
would be put on a contingent basis for the next five years.
The application points out that the road has failed to earn its fixed charges
by substantial margins for the last seven years and that the accumulated
net income deficit for this period amounts to $17,351,081.
The company
Volume
148
Financial
Chronicle
The plan provides that for the
five-year period the road would guarantee
to pay only
25% of the interest on each bond, the rest being payable as
earnings warranted.
It will become effective if
agreed to by the Commis¬
sion only when holders of
90% of the bonds outstanding agree to it.—
V. 148, p. 3370.
one
H cents was paid on July 15, 1938 and
previously regular quarterly
dividends of 25 cents
per share were distributed.—Y.
147, p. 3758.
Chesapeake
*
Central Maine Power
Period End. May
Operating
Operating
31--J
Co.—Earnings—
Net from
expenses
Fed. (incl. income) taxes
Net operating income.
Non-oper. income (net).
$263,118
$233,316
3,682
$3,333,096
46,642
$236,998
107,311
7,146
15,367
$3,379,738
1,319,789
CY13.191
181.425
46,400
222,116
$148,364
108,099
$107,174
108,099
$1,891,715
1,297,182
$1,633,825
1,297,182
$266,768
109,292
Other deductions
Net income
Pref. div. requirements.
—V. 148. P. 3683.
Central States Power &
Light Corp. (&
expense
235,162
Provision for retirements
Provision for depletion
373,523
55,296
302,887
25,019
State, local, and sundry Federal taxes
Dominion income taxes
...
Utility operating income.
Non-operating income
Interest
on
$976,449
1,042,500
60,843
14,466
12,701
5,728
,
funded debt
bond interest
on
n
Sundry deductions
Income of subsidiary company
applicable to minority interest.
in the
236
sum
of
not less than
Net
loss....
•
bonds
$160,027
$7,132,000
4,582,434
960,095
Accounts receivable
Mln. Int. in sub. company..
474,176
Funded
208,293
Unbilled utility rev. accrued.
Payrolls.
21,074
196,716
Merchandise for resale
49,421
Other assets
75,128
Amounts in process of amort.
Prepaid insurance premiums,
expense advances, &c
953,896
payable..
Consumers' deposits
Accrued liabilities
;
Consumers' advs. for constr.
Deferred credits
....
Reserves.:....
3,194,649
„
40,104
Contrib. in aid of construct'n
30,740
"
Deferred
13,199
rentals
Total...
3,565
19,500,000
160,123
23,566
310,285
731,701
94,148
101,435
Matured interest, &c
21,894
Sundry deferred charges....
a
deDt
Accounts
2,413
Acc'ts rec., officers & empl__
Claims against customer
Inventories..
Prepaid lease
b Common stock
.205,511
Capital surplus
Deficit...
$34,055,1771
income..
Represented by 80,000 no-par shares.
7,495
215,196
727,172
2,768,696
Total.
shares.
as
recommended
.$34,055,177
Calendar Years—
b Represented by 40,600 no-par
Operating
Operating
have
ueceed B. F. Pickard.—V.
elected
C.
L.
Harrod
as
President,
to
expenses,
Operating
Operating
revenues
$173,837
expenses
86,941
State & municipal taxes.
Social security taxes
14,308
1,426
10,226
Fed. (incl. income) taxes
$2,221,850
1,242,995
$52,847
$682,265
16,300
114,758
not assumed
rentals
$60,936
Non-oper. income (net).
157
54
$61,093
$52,901
20,416
1,398
2,144
20,416
1,157
2,017
$37,135
18,928
i
"Other interest (net)
Other deductions
!
$29,311
18,928
_
—V.
148,
p. 3056.
$375,471
227,136
96,365,554
3 ,832,100
3,431,018
$635,159
3,785
$638,944
245.000
Sinking fund...
Depos. In lieu of
8,466
21,859
mtge.prop.sold
Chicago
Railway
Railway
Net
1939—Month—193S
oper. revenues.
$509,478
394,956
oper. expenses.
rev.
from ry. oper.
Inc;
avail,
for
;r
Balance, deficit
x
$170,074
177,102
x$138.998
187,329
x$49,363
2,512
x$7,028
11,045
x$326,327
11,083
x$46,851
107,136
$4,017
524,582
x$314,344
534,452
$60,116
fixed
charges
charges.
Fixed
.
x$9,369
39,994
$153,987
$520,565
$848,796
Indicates loss.—V. 148, p. 3056.
Month of May—
was
1939
1938
on
Acquisition■—
special meeting July 11, stockholders' will be asked to
consider a
plan whereby this company would acquire the
business, plants and equip¬
ment of the Baldwin-Duckworth Chain
Corp. of Springfield, Mass., in
exchange for 139,537.5 shares of common stock.
To make this acquisition
possible, Chain Belt stockholders also will be asked to
approve an increase
in the authorized common stock to 510,000
shares, from 360,000.
In letter to stockholders, Chain Belt reveals
that in the five months
ended May 31, 1939, its net profit after all
charges including provision for
a
Federal income taxes,
amounted to
$204,166, or 58 cents a share on the
May 31, exclusive of 12,405 shares of
treasury stock. In the same period, Baldwin-Duckworth had a net
profit of
$108,257, after all charges including taxes.
Upon the acquisition of the Baldwin-Duckworth
business, it is the
347,595
common shares
465
3,038
203,246
1,312,302
3,038
/
x
x
Acc'ts payable
Accrued int. on
2,900,075
bonds & notes 17,307,990
Trustee's certifi¬
14,805,119
155,343
Accrued taxes..
231,372
Acc'ts payable..
Accrued wages..
486,899
658,875
409
Contract liabils.
Other accrued &
72,206
28,068
2,471
1,387,288
curr. liabilities
Deferred liabil..
deposit.
190,441
11,798
145,105
Deferred charges
17,888
126,274
4,717,774
712,152
Due from Chic.
y
local trans.cos
Special
Total
103,692,554
7,798
821,043
103,692,2941
cate of Indebt.
Reserves
Surplus
Total.
...
200,000
3,456,851
738,456
311,.503
3,213,937
1,600,547
337,440
3,956,498
685.008defl6.084,367
103,692,554 103,692,294
Notes and accounts payable at June 28,
1932, date of receivership and
interest on bonds and notes,
y Being the' estimated amounts
(subject to final determination) due in adjustment of passenger revenue
from inter-company transfers,
z Represented by shares of
$1 par in 1938
and shares of $100 par in 1937..—V. 148,
p. 876;
x
accrued
outstanding
on
intention of the Chain
Belt directors to apply for
listing of the company's
on the New York Stock
Exchange, in addition to maintaining the
listing on the Chicago Stock Exchange.—V. 148, p. 2260.
stock
Chain Store Investors Trust—\S-Cent Dividend—
Directors have
declared a dividend of 18 cents
per share on the common
stock, payable July 15 to holders of record June 15.
Dividend of 20 cents
was paid on April 15 and on Jan. 15,
last; 15 cents was paid on Oct. 15, last,
Indianapolis & Louisville Ry,-rICC Refuses
Approve Plan at Present Time—Will Wait Until More
Profitable Operation Is Shown—
to
The Interstate Commerce Commission, in a decision
June 14, declined
plan of reorganization submitted so far on the
grounds that
prospective earnings are not sufficient to meet interest charges on its fixed
income obligations.
The conclusions of the Commission are as follows:
to approve any
$61,000
$18,129
$32,452 after charges and taxes.—V.
148,
Chain Belt Co.—To Vote
At
198,629
debt... 64,991,206
Notes payable
1,472,892
1,500,000
19,862,900
64,991,206
1,472,892
2,867,146
Chicago
Corp.—Earnings—
Net profit after charges and taxes
1939 net profit
Common stock
$
4,995,800
ft'
Certain-teed Products
April,
p. 3371.
1937
$
4,995,800
1,500,000
x
465
Notes and acc'ts
x$7,210
131,788
$45,179
105,294
Net railway oper. inc.
Other income...
$304,909
134,835
$43,241
1,-938
Hire of equip., rents, &c_
$17,517
26,886
$86,078
42,837
oper. income.
2,577,987
244,849..
Special funds...
Mat'lsA supplies
1939—5 Afo.s.—1938
$2,237,479
$1,922,924
1,932,570
1,930,134
.1938
Pr. pref. stk. A.
Pr. pref. stk. B.
Funded
495,000
Accrued int.rec.
$114,522
28,444
.
Railway tax accruals...
Railway
_
$404,233
386,715
'
$3,254,602
203,346
421,152
158,871
«...
receivable
Period End. May 31—
2,577,987
z
Elevat.
Sundry invest..
$363,619
227,136
CentraV Vermont Ry., Inc.-—Earnings—
13,745,675
658,140
Liabilities—
96 ,044,511
Cash
Net income.
Pref. div. requirements.
13,330,768
639,492
1937
Road & equip..
Instalment note of
■
trustee's
by trustee
%
'
$686,514
245,000
13,523
52,520
and
Balance Sheet Dec. 31
1938
Assets—
96,809
4,249
xl937
figures.
Advertising Co
Gross income
Bond interest
•
1938
$3,447,696
Adjusted
x
$2,159,576
1,256,894
155,480
15,234
165,532
taxes
Misc. phys. prop
Net operating income.
totaling $120,065 and
income..__$13,100,551 $13,727,200
Netloss
1939—12 Mos.—1938
$163,490
85,576
13,001
1,395
10,671
non-operating
charges....
obligations
Corp.—Earnings—•
1939— Month—1938
for fees
Retirement reserve
Interest and expense in connection with
corporate
148, p. 575.
Central Vermont Public Service
Period End. May 31—
were substituted for income
commissioner.
»
revenues and
interest
corporation
by the dissenting
148, p. 3371.
,
of
issuance of income bonds
noted that such securities would
incur
Chicago Rapid Transit Co.—Earnings—
New President—
Directors
$15,354,500, the Court
$104,000 in taxes, if preferred stock
fees and expenses
$7 preferred stock
Advances and investments..
Cash..
(net)
Confirmed by
Proposed New Capital¬
on
reorganization to date.
These
previously had been approved by the ICC.
The plan for reorganization
now -will be certified back
to the ICC and
security holders under the plan will be asked to
vote upon it.
If two-thirds
of those voting
approve the plan, the action of the
security holders will be
certified back to the Federal
District Court and the Court will order the
plan put into effect.
In the event two-thirds of
those voting do not approve
the plan, it will be referred back
to the Federal District Court
and a hearing
held as to its fairness to the
various classes of
security holders.
Following
such a hearing, the Court in
its discretion can
proceed to order the re¬
organization plan carried out.
Charles M. Thomson, trustee of
the road, ventured the
opinion that in
view of the action of the Federal
Court now procured, the
remaining steps
necessary to effect reorganization can be
accomplished within the calendar
year..
[Pflugfelder, Bampton & Rust, (members of the New York
Stock
Exchange), 61 Broadway, New York City, have issued ah
extensive analysis
on the plan of
reorganization.]—V.
Liabilities—
a
Ry.—Plan
to Vote
Judge Barnes also confirmed applications
expenses of $70,421 incurred in the
course of
Consolidated Balance Sheet Dec. 31, 1938
Property, plant & equipm't..$30,842,620
52,427,902
23,482,165
19,002.525
approximately $85,000,000 to $61,000,000.
In passing
opinion on the plan approved
by the ICC, the Court pointed
out that an
average of $764,562 a year has been available
to cover fixed
charges for the six-year period of 1931
through 1936, while the amount
needed to meet these
charges under the plan of
reorganization is $657,000.
Judge Barnes also noted that in 1936 the
railroad had $1,913,444 avail¬
able for fixed
charges, a sum equivalent to 2.88 times the
fixed charges;
that in 1937, the
railroad had $1,557,890 available
for fixed charges, a sum
equal to 2.35 times the fixed
charges; and that in 1938, the railroad had
$884,085 available for fixed
charges, a sum equal to 1.23 times the fixed
charges.
In referring to ICC
Mahaffie's objection to the
$949,930
26,519
Amortization of debt discount and expense
Other interest charges....
Taxes assumed
Illinois
53,589,613
23,173,628
16,720,301
The action of
Judge Barnes makes the company the first class I
railroad
operating under Section 77 to reach the state
of reorganization where
eligible
security holders will be called
upon to vote on the proposed new
In
set-up.
approving the plan of reorganization, the Court
pointed out that while
the plan
might not be perfect it "is
certainly a good plan, which closely
approaches the best plan that could
be devised.
There comes a time in all
reorganization proceedings when it is much
more desirable to
get the prop¬
erty out of court under a good
plan than it is to delay the matter in
court in
order to
attempt to formulate a perfect plan."
The plan, as approved
by the Court, would reduce the
outstanding obli¬
gations of the company from
$3,765,633
1,823,815
i
......
Eastern
38,763,032
12,438,056
7,962,067
The Plan for the reorganization of the
company was confirmed June 16
by Federal Judge John P. Barnes
at Chicago.
The plan was
previously
approved by the Interstate
Commerce Commission.
Fees and expenses in
connection with the
plan, as approved by the
Commission, were also con¬
firmed by the Court.
Subs.)—Earns.
.....
Gross income..
&
1936
,
revenue
Maintenance
37,728,087
11,341,209
7,063,446
Judge—Security Holders
1937
ization—
Earnings for the Year Ended Dec. 31, 1938
•
Operating
Operating
Chicago
U. S.
1938
$7,976,394 $10,933,718 $11,257,697
2,978,115
4,793,445
5,460,501
1,999,579
3,397,424
4,337,645
1,586,284
81*.996
railway
$3,186,560
1,284,219
6Y6.213
15,325
Gross income
Bond interest
Other interest (net)
railway
Net after rents
—V. 148, p. 3371.
$3,143,820
42,740
3,650
-Earnings—
1939
$6,397,913
Net after rents
f rom, Jan. 1—
Gross from
railway
Net from
_
revenues
& Ohio Ry.
May—
Gross from
railway
1939—Month—1938
1939—12 Mos.—1938
$540,5*0
$593,323
$6,942,924
$6,642,834
181,217
174,094
2.427,408
2,420,576
61,778
59,123
694,806
720,974
3,806
3,815
48,071
38,725
30,621
32,975
420,207
338,075
State & municipal taxes.
Social Security taxes
3839
of 12
The estimates of income available for fixed
charges that have been pre¬
sented and the other evidence of record do not
justify a finding that present
or
prospective earnings will be sufficient for the fixed interest
necessary
under any plan that has been proposed in the
proceeding.
Reports filed
with us show that in 1938 there was a deficit of
$379,733 before interest
charges and in the first three months of 1939 such deficit amounted to
$253,955.
Increased cost of operations produced a deficit before interest
charges in
1937 even though gross revenues about equaled those for 1936.
Under
the present trend or earnings a deficit before interest
charges probably will
be incurred this year.
We cannot disregard these current indications of
present earning power.
In addition, the examiner's report recommended
that we find that the claims of the Louisville & Nashville and the
Southern
with respect to notes held by them and the equities in the debtor's
preferred
and common stock are without value.
Under this recommendation those
two
railroads would lose their present interest in the
property.
This
recommendation
based
largely on the evidence as to earnings, past,
present, and prospective.
The low level of earnings since the report was
issued afford additional support for the recommendation.
If a plan of reorganization were provided on that basis it is clear that the
Louisville & Nashville and the Southern, having no further
was
controlling
interest in the property, could not be relied upon to route traffic over the
debtor's lines, particularly since it appears from the record that some of it
can be routed with greater advantage to them over other lines.
Thus there
would be a further decline in the earnings of the debtor.
In
it
is
addition to earnings sufficient to pay operating expenses and taxes,
for a carrier to have either earnings or credit to enable it
necessary
Financial
3840
properly
p^Sof
^eCSrynS""0cS Un" e arfr^o ™We
£ndrei
KngsappuSble to securities issued in effecting reorganization, it is
fUT^?u^?fh^d%WryhPianbeen pending before us since May 26, 1937.
thete?™ of Section 77. it is our duty.afteraplani.as
Under
render a report as
to
held thereon,
hearinsts
promptly as circumstances
that the
pernlit^either approviig a plan or refusirigtoapprove
that
a
if in the light of all the existing
reasonably expeditious reorganization
c^scTeUon^hall,
his
section // also procircumstances there is undue
of the debtor, the judge in
party in interest or on his own motion,
advised of our views,
parties may be
Court and the
vidS
delav in
motion of any
on
and after
after hearing
consideration of
fers to Drop Affiliate, Columbia Oil, and Control of Panhandle
Eastern—Purpose Is to Meet Objections of Department of
Justice Under Anti-Trust Laws—
/
designed to meet the objections raised by the Department of
anti-trust laws, the corporation took steps June 20 to
In a move
Justice under the
complete divorcement from its affiliate, the Columbia Oil & Gaso¬
line Corp.. and thus in turn to relinquish control over the Panhandle Eastern
Pipe Line Co.
In a plan drawn by Columbia Gas and submitted to the U. S. District
Court in Wilmington, Del., provision is made for restoration of Panhandle
Eastern to a position of independent action in the transmission and sale of
natural gas.
The plan is subject to approval of the Court, of the Depart¬
ment of Justice and, to the extent required by law. of the Securities and
effect a
Exchange Commission.
Under the plan "Columbia
nror^rtv
pfS appaSt.
reorganization
the
profitable operation than is at
This conclusion is without prejudice to continuation of
proceedings.—V. 148, P- 3371.
of more
the possibility
disclose
Inc.—Operations—
Air Lines,
Chicago & Southern
during the first five
of 1938, when the
D Waiker Vic^Pr^identi announced on
during the period frorti Jan. 1, to May 31, 1939, a total of
14 that
June
D
6,lz6 for the same months in
7,818 revenue passengers were carried against
1938. This is an increase of z»%.
.. .
The total number of passengers carried in May,
,
.
of 27% over April of
The company flew a
,
1939, showed an increase
the same year and 22% over the month
total of 91s,5(j/* revenue passenger miles
of May, 1938.
m May, 1939,
and /<l,64o in May, l9.io. Mr. Walker stated
traffic during May resulted from normal seasonal
convention of the American Medical Association recently held
against 75o,074 in April
that the improvement in
gain and the
in St. Loiiis.—V.
148, p. 3.5,.
"
*
Earnings-
Electric Co.
Cincinnati Gas &
Calendar Years—
9nA
Operation
*
-
1 Mil AUG
^'947,016
Maintenance
Provision for retirements
Fed. inc. taxes
Federal income taxes.
Taxes other than
a
Prov. for
•
'
'
-
8/5,540
696,194
753,681
revenue.$5,646,589
$4,867,169
22,774
'' 77 A.
$5,750,575
16,297
Ih./U/
$5,689,182
1,664,381
0263,473
$4,889,943
1,518,114
$5,766,872
1,559,924
0/32,350
Cr32,696
$3,604,179
$4,239,643
2,000,000
1,125,000
42,593
income
income.
Gross
Interest
:•*.
.....
other fixed charger
a.i.
Net inco
...
.
ualizecf.,--
Interest ca
.....
"f
Preferred di
$24,048,759
10,687,378
2,154,864
2,724.074
3,110,627
1,978,186
2,188,985
$4,288,274
operating
Net
Other
atnes
1,575,000
Common di. .denas...,—
_;,.a
,
2,000,000
1,875,000
Dec. 31
aheet
Property,
40,000,000
40,000,000
30,000,000
34,486,000
2,038,949
7,500,000
1st mtge. 3^8.. 34,241,000
1st mtge. 3)48._
9,863,000
Accts. payable..
561,827
Accrued taxes._
1,889,812
1,824,341
Consumers' serv.
132,333,158 127,489,574
7,701
7,701
4,605,126
—
7,210,723
Acc'ts and notes
recelv. (net)..
Mat'ls & suppl's
1,911,710
1,364,250
5?'; pref.stock..
Common stock
x
202,453
affll. cos.__._
Special
funds
391,448
.
496,164
125,872
273,372
399,542
17,726,793
to affll. cos
33,463
295,529
deposits
191,156
396,031
Deferred charges
2,953,168
3,024,862
Contint. earns..
Reserves
15,723,568
Capital surplus.
Earned surplus.
..143,864,252
142,417,092
Represented by 750,000 no par
381,725
337,193
22,500,000
7,134,517
687,733
Spec. cap. surp.
x
463,430
492,447
,
Other accr. llab.
Curr. amts. pay.
&
Prepaid expenses
Total
1,816,553
119,952
Acer, bond Int..
from
10,000,000
726,157
474,255
deposits, <fcc__
Current amounts
recelv.
$
$
LiabilUles-
plant
Investments
1937
1938
c7
$
$
\
and equip
Cash
i
1938
Assets—
7,702", 461
157,967
143,864,252 142,417,092
Total
authorized and outstanding shares) and obligations, if any (consti¬
outstanding obligations if any remain at that time which have not
by Columbia Oil to the respective debtor companies) of the
following subsidiary companies: Preston Oil Co., Viking Distributing Co.,
Virginian Gasoline & Oil Co., Union Oil & Gasoline Co., and Ohio Fuel
Supply Co.
Columbia Gas will at the same time surrender to Columbia Oil 400,000
shares of the participating preferred stock of Columbia Oil (being all of the
authorized and outstanding shares of said class of stock).
Pending such transfer, Columbia Oil will see that no dividends are paid
and no transactions are entered into, except transactions in the ordinary
course of business, by said Subsidiary Companies.
Columbia Gas will at the same time execute a suitable agreement to save
of the
tuting all
Columbia Oil harmless from any liability which may arise under the suit,
instituted by John L. Davies in 1937, against Columbia Gas, the Preston
Oil Co., and others and now pending in the Court of Common Pleas of
Franklin County, Ohio.
"...
"
•
In regard to the 26-year debentures of Columbia Oil due Feb. 1, 1956,
outstanding in the principal amount of $21,000,000, and owned by Columbia
Gas:
(a)
New Orleans & Texas Pacific
Ry.—Divi¬
declared on May 25, last, of $10 per. share and reported
"Chronicle" of June 3, page 3371 is to be paid on the company's
shares (not the new $20 par shares which
June 26 to holders of record June 5.—V. 148, p.
City Investing Co.—-To Pay
The directors have
have not yet been
3683, 3371.
$1 Dividend—
payable July 6 to holders of record July 3.
This compares
$1.50paid on Feb. 7 last; $2.50 paid on June 30, 1938; $1 paid on Jan. 4,
1938, April 27 and Jan. 5, 1937, and on July 7 and Jan. 7, 19,36; 50 cents
paid on July 20, 1935; $1 on Jan. 4, 1935, Aug. 7 and Jan. 4, 1934, and on
July 1, 1933; $1.50 on Jan. 16, 1933, and $2.50 per share paid on July 11
and Jan. 4, 1932.—V. 148, p. 434.
with
Co.—Acquisition—
Gas.
Cleveland.
now
may
industrial build¬
will immediately modernize and equip the
ings now on the property for the manufacture of new metallurgical products ,
Mr. Hopkins said, and plans eventually to transfer all of its activities to the
new 70-aere site.
This will involve the construction of new buildings pro¬
viding more than 500,000 square feet.
Additional acreage adjoining the
expansion.—V. 148, p. 3683.
Cleveland Tractor Co.—Selling
Personnel Reorganized—■
has revamped merchandising Organization
to take full ad¬
vantage of opportunities offered in new low price field
entered with introduction earlier this year of a wheel type
$595 and a crawler tractor priced as low as $875. . •
W. Elizey Brown, formerly Advertising Manager for
which company
model selling for
Allis Chalmers
Co., and prior to that time Assistant Sales Manager for Monarch
Vice-President in Charge of Sales, Service and
Advertising. He will succeed William Abildgaard.
Two other Vice-Presidents have been appointed.
R. E. Anderson,
Mfg.
Tractor Co., has been named
formerly Assistant Sales and Advertising Manager of Best Tractor Co.,
now regional Vice-President, with headquarters in San Francisco where he
is in charge of sales, service and credits for West Coast.
H. P. Chaffee,
who has been associated with Cietrac for some time, has been named
Regional Vice-President in Charge of the New England territory.
E. A. Seffing, who was formerly with the accounting firm of Ernst &
Ernst, has been appointed Assistant Secretary and Controller, and N. L.
Larson has been named Assistant Treasurer at San Francisco.—V. 148,
p.
2577.
-
„
All officers and directors of Columbia Oil shall resign upon the entry
of
the order and the
approval, of the plan by the SEC (to the extent required by
law), and be replaced by officers and directors not objectionable to the De¬
partment of Justice, such directors to own no stock or securities of Columbia
Such directors shall not include anyone who is now, or ever has been,
officer, director
or
employee of Columbia Gas or any of its subsidiary
r
companies.
;
•
appointed or elected except upon filing
testifying in open court that he has not any connection or
interest, direct or indirect, with or in Columbia Gas; and that he never has
affidavit
had any
or
such connection except as may be specified in such testimony or
Any such affidavit shall, upon filing, become part of the
such affidavit.
record upon which said consent decree is based.
The number of directors of Columbia Oil shall be
no
larger than the num¬
shall be designated
by Columbia Oil as its representatives upon the board of directors of Pan¬
handle Eastern.
'
,
The name of Columbia Oil will be changed, subject to the necessary
authorization of it? stockholders, so as to eliminate the word "Columbia."
Subject to the approval of the SEC, if required by law, Columbia Gas
shall sell the stock and indebtedness of the Indiana Gas Distribution Corp.
Panhandle Eastern, and the directors of Columbia Oil
.
ern
directors
The property is to be used as a new plant site for the company, which
occupies leased premises.
Plans call for a building program which
eventually cost more than $2,500,000.
Company
thus raised ro reduce the
acquire ownership or control of any securities of Panhandle Eastern owned
by Columbia Oil.
If Columbia Gas should sue upon said debentures or
any part thereof and obtain a judgment, and if there should be a levy upon
any securities of Panhandle Eastern owned by Columbia Oil in execution of
such judgment, Columbia Gas will not be permitted to be a purchaser at the
judgment sale.
Appropriate modifications to the foregoing effect shall be
made in the indenture relating to said debentures.
(e) At the time of the transfer to Columbia Gas of the interest of Colum¬
bia Oil in the Subsidiary Companies provided for above, Columbia Oil will
apply all cash available, in excess of $50<000 net working capital, to the
retirement at par and accrued interest of its debentures held by Columbia
and the
Cleveland Graphite Bronze
Ben F. Hopkins, President of this company, announced that the
had authorized the purchase of the former Great Lakes Airport at
plant is available for
moneys
(b) Upon payment by Columbia Oil on account of said debentures,
reducing the total outstanding to not over $11,000,000, Columbia Gas will
reduce the interest rate of said debentures which will remain outstanding
to 3% per annum.
«•
(c) The maximum sinking fund payments of $600,000 per year, provided
for in the indenture agreement under which said debentures were issued, are
to remain unchanged except that the times set forth in the said indenture
for semi-annual payments into the sinking fund shall be advanced from May
1, 1941, and Nov. 1, 1941, respectively, to May 1, 1940, and Nov. 1, 1940,
respectively.
The indenture is also to be amended to include a provision
that, in the event a dividend in excess of 20 cents per share in any one year
is paid on the outstanding common stock of Columbia Oil, an amount in
dollars equal to the excess dividends so paid shall be paid as additional
sinking fund.
(d) In the event of any default in payment on account of said debentures,
Columbia Gas agrees that under no circumstances shall it be permitted to
ber of directors to which Columbia Oil may be entitled upon the board of
declared a dividend of $1 per share on the common
stock, par $100,
The company
Columbia Oil will apply the
total of debentures outstanding by at least the amount of $10,000,000.
an
The dividend
on
'
its best efforts to dispose of the $10,-
No such officer or director shall be
$100 par common
issued)
use
indirect, with or in Columbia Gas or through the refinancing thereof by
Panhandle Eastern from the sale of a new preferred stock to such a pur¬
Gas.
shares.—V. 148, p. 3058.
dend Correction—
in the
Columbia Oil will agree to
000.000 class A preferred stock of Panhandle Eastern owned by it, at not
less than par, to a purchaser who has no connection or interest, direct or
an
Cincinnati
Oil" will promptly transfer to Columbia Gas
Electric Corp. all of its properties other than its interest in Panhandle
Pipe Line Co., these properties being the stock (constituting all
Eastern
chaser, and
•
'
•
1936
|937
$24,433,902 $24,663,903
11,720,621
1} >&l 'Yxjt
2,080,306
Total gross revenues
&
been released
flew 3,112,155 revenue passenger miles
an increase of 24% over the same period
Company
months of 1939
StVeVShjermli^.
Change Set-Up—Off
Columbia Gas & Electric Corp.—To
maintain and perhaps
to
June 24, 1939
Chronicle
Michigan Gas Transmission Corp. owned by it to Panhandle East¬
time within one year from the date of the entry of the Order, if
at any
said company wishes to buy the same, for a price equal to the actual invest¬
ment of Columbia Gas therein, provided, Panhandle Eastern also purchases
at the same time the gas
pipe line in Indiana belonging to the Ohio Fuel Gas
being calculated by Columbia Gas as the
a sale by it during the current year of part
of this line to an independent company.
However, if, during said year,
Columbia Gas receives from other sources, not connected directly or indi¬
rectly with Columbia Gas, an offer satisfactory to it to purchase such stock
and indebtedness, Columbia Gas will give Panhandle Eastern written notifi¬
cation of the proposed terms of sale and give Panhandle Eastern 90 days
within which to meet such terms.
If, during such 90-day period, Panhandle
Eastern does not meet the terms of said outside offer, then Columbia Gas
shall be free to accept said offer.
If, at the expiration of said year, no such sale shall have been made,
Columbia Gas will still stand ready to sell such stock and indebtedness of
said companies on the same conditions as above, subject to the approval of
the SEC, if required by law, to others.
To effectuate such sale, a trustee
shall be appointed by the Court to sell such properties: Provided, that
such trustee shall not, unless Columbia Gas consents, accept any bid for
such properties at a price amounting to less than its actual investment
therein, and provided, further, that such properties shall not be sold toany
purchaser who is in any way connected or interested, directly of indirectly,
with or in Columbia Gas.
The trustee shall be appointed for one year, and
Co. for the price of $355,191, this
fair value thereof
shall not be
on
the basis of
qualified to succeed himself.
Hearing to Be On July 10—
The U. S. District Court here has fixed July 10 for a
hearing on
a
motion
filed by Columbia Gas and Columbia Oil, defendants in a Government anti¬
trust suit, for modifications in a consent decree entered in the case.—V,
148, p. 3684.
•
Collins & Aikman Corp.-
Commonwealth Edison
-Earnings—
May 27'39
May 28'38
$98,359 loss$276,917
3 Months Ended—
Profit from operations
Other income..
K
11,820
May 29'37
$1,660,267
12,646
$110,179 loss$264,271
$1,660,267
139,572
133,800
289.758
144,812
Depreciation.
i
Co.—Weekly Output—
output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended June 17, 1939 was 132,578,000 kilowatt-hours compared with 116,940,000 kilowatt-hours in the
corresponding period last year, an increase of 13.4%.
The following are the output and percentage comparisons for the lest
four weeks and the corresponding periods last year:
The electricity
company
Kilowatt-Hour Output
.
Common dividends.
$34,633
54,149
140,700
$403,843 prof1236,709
60,367
59,267
844.200
140,700
$229,482
Net loss
Preferred dividends
$603,810 sur$332,142
Week Ended—
June 17
June 10
June
Deficit
-V. 148, p.
3058
3__
May 27
—V. 148, P. 3684.
1939
132,578,000
138,893,000
126,411,000
134,673,000
116,940,000
119,683,000
111,615,000
% Increase
13.4
16.1
13.2
119,408,000
12.8
1938
Volume
Financial
148
Chronicle
Commonwealth Gas Corp. (& Subs.)—Earnings—
Earnings for Year Ended Dec. 31, 1938
Operating revenues
Non-operating income
Connecticut Ry. & Lighting Co.- -EarningsCalendar Years—
1
1938
1937
1936
$2,548,325
2,364,824
$2,671,361
2,464,339
c$334,391
c289,337
$183,502
349,854
$2,136,140
313,721
Total earnings
Operating
3841
$207,021
349,854
$45,054
349,854
52,500
52,500
1,368
$2,449,861
810,122
488,142
expenses
Gas purchases
Maintenance
Taxes, other than Federal income
income—Rentals
Receipts under
June 27, 1917
50,993
124,468
Soliciting and selling expenses, plus net loss from sale of appli'ces
Provision for depreciation, depletion and amortization
Non-operating
32,976
426,005
Interest
dated
agreement
52,500
investments
on
"
Other
~3", 166
$517,154
251,108
Amortization of debt discount and expense
Minority interest
_
Loss
on
Net
Federal income taxes
income
Liabilities—
'
Funded debt of Commonw'lth
1,464,400
Cash
"
158,176
Customers* accts. receivable.
Due from affiliated
Miscellaneous
Excess of face
or par
debt
payable
Accounts
Accrued
Prov. for Fed.,
21,831
2,246,507
,
exp. of W. Va. Gas
158,498
Corp..
Other deferred charges
Deferred
694
credit
Minority int.- in
Paid-in
a
$10,567,1791
surplus
926,426
184
...
.
Total
Expenses
Interest.:
1
Amortization of debt discount and expense
Expenses in connection with Wayne United Gas Co.
suit
$133,338
1938 (Parent Company)
$2,848; cash deposited
Wayne United Gas Co. suit, $50,000; due from subsidiary
(West Virginia Gas Corp.), $89,375; miscellaneous investments,
$7,712; excess of face or par value of the company's notes, debentures and
capital stock issued for investments over the value assigned thereto at date
of acquisition (unamortized balance), $2,246,507; total, $6,159,835.
Liabilities—Funded debt, $5,057,400; payments due on
10-year 4%
collateral sinking fund note, $30,000; accounts payable, $3,261; accrued
interest, $4,770; accrued taxes, $1,812; provision for Federal income tax,
$2,000; due to subsidiary companies, $26,468; capital stock ($1 par),
$966,326; paid-in surplus, $184; earned surplus, $67,614; total, $6,159,835.
—V. 147, p. 734.
<
."
•
.
.
Commonwealth & Southern Corp.
Prov.
for
12,479,322
6,558,723
& taxes..
deprec.-
retirement
(& Subs.)—Earns.
1939—Monfh—1938
revenue.
expenses
11,506,734
7,176,487
1,444,964
1939—12 Afos—1938
150,8lo,724 147,lf3,054
„
2,880
1,151
•2,754
6^375
for annual sinking fund
66,285
on
66,285
66,285
$168,362
$269,009
undistributed net income and is net of $706
Federal income tax
not now
determinable, resulting from rejection
1938
lessee
to
1937
$29,384,791
$29,388,271
706,571
238,500
703,471
238,500
662,298
9,442
662,298
8,958
for
804
Property and plant acquired subsequent
T
to Nov. 16
1936
Cash
1,752,463
359,171
518,093
155,473
83,003
...
Accrued rental receivableWorking funds.
Note receivable
Accounts receivable
Suspense
99
i
,
8 ,142,900
8 ,977,200
Long-term debt..
reserve
480,000
,625,171
349,419
570,673
88,567
209,000
308,402
272,970
439,027
971,082
.
Due to lessee
Due under equipment purchase contracts
Accounts
'
payable
Long-term debt maturing currently
Matured interest
Accrued accounts
Deferred credits
16,334,079
Reserves
3,990,451
3,369,501
54,608,886
40,464,758
52,523,925
39,729,762
8,142,900
8,977,200
8,478,000
7 ,991,000
Advance from United Gas Impt. Co. under agree¬
ment and supplemental
mtge. dated June 23, '04
16,840,858
36,154
30,587
23,961
62,934
.$34 234,977 $33,717,216
Liabilities—
Preferred stock ($100 par)..
Common stock ($100 par)
1,339,796
65
50,575
28,171
224,868
61,458
...
Total
Sinking fund
1,730,957
349,345
303,507
132,103
43,606
1,691
...
Materials and supplies.....
Deferred charges
79,440,979 x78,275,050
Deficit
and
reserve
9,501
2*597
Sinking fund (bonds deducted contra).
Special deposits.
$71,820
„
ceivable from subsidiary and affiliated companies,
Oper.
17,634
improvements made to
property of Waterbury Gas Light Co
Due from trustee of 1st & ref.
4H % bonds
Balance of interest accretions to
property release
'
:
in connection with
Gross
10,450
1,314
~
Includes $2,906 surtax
Payments
27,469
136,896
22,420
2,000
^
Period End. May 31—
10,450
45,204
Property and plant, prior to Nov. 16, 1936
32,612
Assets—Investments in affiliated companies, $3,713,541; cash, $45,082;
cash on deposit with trustee for payment of interest, $4,770; interest re¬
company
10,450
44,033
Proceeds of sales of mortgaged
property released
to lessees
;
Current and sundry
--...s.
19,858
on sale of securities to
subsidiary company
Provision for Federal income taxes...
Balance Sheet Dec. 31,
'385,178
211,388
account
Loss
Net income
373,336
223,228
Assets—
1937
$350,174
$284,184
29,077
22,791
136,075
.
361,125
235,440
562
Balance Sheet Dec. 31'
Corp.
acquisition—unamortized balance.
.
$412,390
.
of lease of
notes, debentures and capital stock of Commonwealth Gas
issued for investments over the value assigned thereto at date of
Income Account (Parent Company Only)
Calendar Years—
1938
$566,018
rents
(Subject to adjustments
property.)
$10,567,179
Of the
Total income
$563,113
145,551
.......
44,228
"3",437
*»
and $969 surtax on
undistributed net income
charged to Connecticut Light & Power Co., lessee.
|M|
M
b Represented interest
accrued, but not paid, on advance from the United
Gas
Improvement Co., under agreement and supplemental mortgage
dated June 23, 1904.
■■■.<,*
c For
period Nov. 16 to Dec. 31, 1936.
127,191
cos
surplus
Earned
Total
a
normal
cap. stock &
surplus of sub.
19,836
"~6", 007
$174,452
46,050
Capital stock ($1 par)
30,973
a5,024
bonds
requirement
159,018
14,014
...
of
.
Appropriation
State & local.
taxes
Other current liabilities
and
$448,950
registrars,
trustees
Other deductions
217,006
10,979
80,992
payable
interest
$613,684
on
Miscellaneous
200,000
Accrued payroll..
161,346
value.
504,867
...
interest thereon
royal¬
discount
30,000
Def'd purch. oblig. & accrued
96,395
L
rentals,
ties, insurance, &c_
Unamort.
Notes
13,581
22,522
Inventories..
Other assets
5,057,400
Corp
coll. sink, fund note
295,469
cos
receivables
Prepaid lease
$3,047,500
Payments due on 10-year 4%
and others
a
Gas
207,588
Cash on deposit with trustees
to
1st & ref. 4Hs, 1951:
On bonds held
by the public
On bonds held
by and called far s. f.
Interest on Conn.
Lighting & Power
Co. 1st 5s, 1939
Int. on equipment
purchase contracts
b Interest on advance from
the United
Gas Improvement Co..
"
Funded debt of subsidiaries__
Investments
agents,
Balance
Int.
Consolidated Balance Sheet Dec. 31, 1938
Assets—
fees
issues, counsel, &c
Provision for Federal income tax
Prov. for Fed. capital stock tax
Miscellaneous taxes
$54,245
Prop., plant & equip. (net)._ $5,720,171
incl.
transfer
157,098
6,414
24,815
23,474
..
sale of securities
Provision for
Expenses,
174
$588,956
Gross income
Gross income
Interest
4 ,308
;
r
.
...
290,000
5,337,345
349,419
866,254
131,996
303",507
Suspense
Gross income--..
Int. & other fixed charges
4,475,635
3,461,538
'
Net
income
1,014,097
749,796
620,950
749,781
14,144,129
8,997,505
Balance264,301
y
defl28,831
5,146,624
Divs.
on
pref. stock—
12,794,162
8,997,407
..—.$34,234,977 $33,717,216
.
-V. 148, p. 2893.
Connecticut River Power
,
3,796,755
Includes provision for Federal surtax on undistributed profits for 1937.
y Reflects deduction for full preferred stock dividend requirement at the
x
of $6 per share per annum.
Dividends were paid in full to Jan.
1935, and at the rate of $3 per share per annum since that date.
rate
Monthly Output—
1,
*
Gas output of the system for the month of May was
feet as compared with 1,069,585,000 cubic feet for
1,154,727,200 cubic
May, 1938, an increase of
7.96%. For the five months ended May 31, 1939, the output was 7,429,683,700 cubic feet as compared with 6,641,007,000 cubic feet for the
corresponding period in 1938, an increase of 11.88%. Total output for the
year ended May 31, 1939 was 15,281,298,800 cubic feet as compared with
15,017,098,200 cubic feet for the year ended May 31, 1938, an increase
of 1.76%.
Electric output of the Commonwealth & Southern Corp. system for the
month of May was 707,826,278 kilowatt hours as compared with
604,422,279
kilowatt hours for May, 1938 an increase of 17.11%. For the five months
ended May 31, 1939, the output was 3,497,713,865 kilowdtt hours as
compared with 3,048,819,526 kilowatt hours for the corresponding period
in 1938, an increase of 14.72%.
Total output for the year ended May 31,
Calendar Years—
To others
148,355
.22,946
$4,072,503
456,915
127,613
.345,000
_
Maintenance
Depreciation
Period End. May 31—■
1939—Month—1938
$375,256
118,230
sub. cos
Gross income, sub. cos..
revs.,
for divs.
$357,429
108,383
income taxes
surplus of Community
Power & Light Co
148, p. 3372.
30,997
Misc. non-oper. income.
revenue
and taxes
depreciation._
exps.
pref. stock
Amort, of pref. stk. exp.
—V.
—
-
-
$2,595,620
12,144
11,026
$2,475,780
$2,607,764
$2,477,419
$2,466,392
1,307,701
193,854
$1,169,718
96,962
$1,647,679
$1,623,594
$1,266,681
preferred stock.
$1,541,907
17,222
72,000
72",000
72",000
72",666
stock-
1,357,740
1,418,084
1,357,740
1,020,000
$94,945
$157,595
$193,854
$174,681
on
Divs.
on common
1,453,857
22,121
541,898
on
sale of land
Balance Sheet
675,704
$
$
incl.
intang.,
work
$995,937 $13,806,611 $14,073,718
385,134
4,733,314
4,458,895
or-
Acct.
rec'ble
9,111
8,884
4,146
4,236
43,644
Cash in hanks
47,666
294,016
295,841
50,032
59,897
from
$744,248
285,389
65,278
$610,803
285,389
65,278
$9,073,297
3,424,822
783,339
$9,614,823
3,413,375
783,339
Amt. due from sale
$393,580
$260,136
$4,865,136
$5,418,107
Accts. rec., other.
Accts.
The* New York Curb Exchange has admitted the common capital
five cents, to listing and registration.—V. 148,
p.
3684.
-
1937
$
19,911,000 19,911,000
Indebt. to affil
3,860,000
3,635,000
Deferred account.
22,500
25,000
Current liabilities.
760,066
788,709
Res.for deprec
3,295,789
3,087,544
Casualty reserves.
61,360
61,148
Unamort. premium
496,779
519,156
6% preferred stock
($100 par)
Com.
rec'ie, other
customers...—
1938
Liabilities—
at
ders in progress.
at Dec. 31
Funded debt
......42,016,838 42,085,226
cost
Constr'n
as
1937
Prop., plant & eq.,
148, p. 3219.
$2,465,539
10,240
461,006
134,677
1,158,852
Divs.
Cornucopia Gold Mines—Admitted to Listing, &c.—
par
$2,379,190
7,220
457,167,
$1,448,912
174,681
of land
Balance-
473,336
268,130
1,021,955
N. E. Pow. Co.
on
96,544
$1,453,825
Loss
$4,537,119
1,528,569
1939— Month—1938
1939—12 Afos.—1938
$3,200,325
$2,915,345 $38,375,825 $37,589,746
1,677,849
1,583,908
20,276,714
19,490,029
396,006
335,566
4,298,500
4,026,000
$1,132,476
Int. & other fixed charges
388.228
Divs.
300,000
1,002,098
1939—12 Afos.—1938
Co.—Earnings—
Gross income
income
$3,870,795
412,173
218,696
300,000
$1,384,312
Previous earned surplus.
157,595
Securities owned..
Net
$3,981,439
409,956
*
Int. charges & amort, of
A ssets—
Oper.
128,210
10,835
.
505,997
_
1938
Consumers Power
Prov. for
10,822
\
257,788
_
—V.
Gross
$4,086,543
427,502
107,036
345,000
128,213
$3,205,205
526,542
$2,386,410
_
Prov. for Federal taxes.
$4,677,384
and
Period End. May 31—
19,656>
1935
$3,195,684
646,720
Taxes other than Federal
Community Power & Light Co. (& Subs.)—Earnings-
Bal. avail,
19.36
$3,223,424
715,046
128,417
Balance of earned sur.
1939 was 8,238,016,839 kilowatt hours as compared with 7,984,633,7l7
kilowatt hours for the year ended May 31, 1938, an increase of
3.17%.
^-V. 148, p. 3218:
>
Oper.
1937
$3,231,517
669,685
Operating rentals
Other oper. revenue
expenses
Co.—Earnings-
1938
Sales of electric energy:
To N. E. Power Co__.
Operating
"
190,433
:
Total
150,542
171,036
441,260
391,283
313,529
...
stock
1,200,000
1,200,000
($25
par)...,
Surplus earned
15,086,000 15,086,000
94,945
157,595
133,575
12,859
Mat'ls <fc supplies.
28,093
Sink, fund deposit
406,525
Deferred charges.. 1,789,601
9,428
21,494
^94.
1,937,954,
stock,
Total-
....44,788,440 44,471,153
Total
.....44,788,440 44,471,153
Financial
3842
Earnings for 3
Chronicle
Months End. March 31
and 12
Cumberland County Power & Light
1939—3 Mos.—1938
1939—12 Mos.—1938
£4089,!64
$4,090,484
$994,869
$1,012,850
57
Operating costs
5,399
10,988
$1,012,907
106,147
Total gross earnings-.
1,878
$996,747
$4,095,883
101,458
16,764
86,250
175,580
461,603
a130,193
345,000
$4,100,152
431,631
103,115
356,250
738,343
19,344
Maintenance
86,250
Depreciation
194,121
Fed.State & munic.taxes
782.327
debt
of
count & expense
184,903
18,000
$366,591
•18,000
$1,361,193
72,000
$1,454,393
72,000
$325,473
.
.
106,007
146,848
10,195
$348,591
$1,289,193
$1,382,393
26,579
36,858
$343,473
inc
Balance before divs.
106,537
150,898
13,232
26,612
38,825
13,232
(net).
Other charges against
dividends...;.
for
Balance
resulting from the hurricane of
September, 1938.
,
„
Note—No provision has been made in this statement for Federal tax on
distributed net income applicable to the 1939 periods, the amount of such
determinable only at the end of calendar year.
—V.
•
Consolidated Edison Co. of New York,
•
—V.
$1,249,526
58,779
$105,169
32,749
$1,492,691
392,957
or;
135
Inc.—Weekly
Company announced production of the electric plants of Its system for
the week ended June 18, amounting to 138,500,000 kilowatt hours, com¬
pared with 120,700,000 kilowatt hours for the
an Increase of 14.7%.—V. 148, p. 3684.
15,168
12,848
179,269
$61,066
29,164
$59,477
29,164
$850,330
349,970
$752,689
310,728
deductions
148, p. 3060.
Period End. May 31—
Operating revenues
Oper. exps. incl. taxes..
Prop, retire,
res. approp.
29,124
$41,476
15,505
15,505
$493,308
186,063
$509,198
186,063
$25,171
1,833
$307,245
20,014
$323,135
$27,262
23,515
2,035
$27,004
$327,259
282,180
25,283
$343,281
285,277
25,656
$1,432
$19,796
$32,348
$25,971
1,291
mtge. bonds
deductions
on
v
corresponding week of 1938,
Net income—
,
x
Years End.
Other interest
73
(net)-._-
1937
36
;
626
23,515
2,057
„
20,146
or
103,901
103,901
$84,105
unpaid.
$71,553
1936
$45,659
$76,715
$60,342
,
Dividends applicable to preferred stock for the
period, whether paid
1938
1939
April 30—
$40,676
>
•
Gross income
Corporate Investors, Ltd.—Earnings—
24,856
$1,712
Oper. income
Other income
Other
1939—12 Mos.—1938
$3,085,120
$3,014,303
2,334,574
2,314,644
257,238
190.461
192,807
198,150
>
Income from invest'ts-.
Co.—Earnings—
1939—Month—1938
$268,750
$258,339
Net oper. revenues
Rent for lease of plant._
Int.
368,274
39,599
309,524
$1,308,305
399,647
Cr 19,603
175,572
(net)
Net income
Pref. div. requirements.
Output—
•
(net)
Gross income
Other
$1,344,923
77,768
141
Net oper. income
Bond interest
Other interest
$99,167
6,002
$109,120
32,745
(inql. inc.) taxes..
$343,249
188,724
Dallas Ry. & Terminal
Includes approximately $51,000 costs
liability, if any, being
148, p. 435.
$100,777
8,343
Social security, taxes
Fed.
$4,668,053
2,701,130
33,074
2,811
19,473
$4,679,006
2,597,060
379,098
46,595
311,330
$362,323
198,432
33,750
3,912
25,452
Operating revenues
Operating expenses
State & municipal taxes.
common
dividends & surplus
a
$2,470,812
753,369
dis¬
Other interest charges..
Preferred
$2,376,760
744,900
$616,695
186,666
$607,045
charges
Interest on funded debt
Amortiz.
Co.—Earnings1939—12 Mos.—1938
1939—Month—1938
Period End. May 31—
Non-oper. inc.
Balance before capital
1939
[Including Cumberland Securities Corp.]
....
Gross oper. revenue
Other income
June 24,
*■
;
Balance, deficit
$20,605
666
x
.
\
—
Dividends accumulated and
unpaid to May 31, 1939, amounted
to
Latest dividend amounting to $1.75 a share on 7% preferred
paid on Nov. 1, 1933. Dividends on this stock are cumulative.—
148, p. 3219.
$580,114.
Interest
44
9,925
$49,923
43,687
$65,968
52,988
$6,236
income-
Dividends
•
858
9,198
1,250
$46,286
2,859
'7,809
$12,980
paid
Admin. & gen. exps
Provision for taxes—-.Net
$76,751
$60,414
Total income
•
$21,270
V.
35
Balance Sheet
Assets—Cash
$35,618
30,218
$17,632
13,109
$5,400
$4,523
April 30,1939
hand and in bank, $4,701; accrued Interest receivable,
on
$635; investment in marketable securities (at cost, less reserve), $1,182,160;
total, $1,187,497.
Liabilities—Accounts
payable,
$52;
dividend payable May
15,
1939,
$9,901; reserve for Dominion and Provincial income taxes, $2,250; class A
stock (197,579 shares, $5 par), $987,895; class B stock (1,000 shares, $5
par). $5,000; distributable surplus, $164,427; earned surplus, $17,971;
totaf, $1,187,497.—V. 1*7,
Corroon &
p.
3011.
Reynolds Corp.—-Accumulated Dividend—
Directors voted
a
dividend of $2 per share on the $6 preferred series A
Davega Stores Corp.—Annual Report—
In his remarks to stockholders H. M. Stein, President, says in part:
Corporation decided that it would be desirable to dispose of Its 50%
interest in the Majestic Radio & Television Corp.
The Majestic company,
which Is in the manufacturing business, has been operated at a loss since
its organization, and it was believed that Davega Stores Corp. and Majestic
both were handicapped by the relationship between them—the manu¬
facturing business in its efforts to sell Its product to competing retailers,
and the merchandising business in Its relations with competing radio
manufacturers.
Corporation therefore entered into option contracts to sell its entire stock
in Majestic
(175,000 shares, or 50% of the then outstanding
Majestic stock) to new interests who agreed to provide the Majestic com¬
pany with a minimum of $112,500 of additional working capital and with
new management.
The options are at $1.12M per sh. and expire March 31,
1941.
The value of corporation's holding in the stock of Majestic company
has been marked down to $1.12)4 per share, which resulted in a charge to
the year's income of $11,647.
interest
Consolidated Income Account (Incl. Wholly-Ovmed Subs.)
stock, payable July 1 to holders of record June 26, leaving arrears on the
issue of $28.50.
Dividend of $3 was paid on April 1 last.. On Dec. 20 last
paid $1.50.—V. 148, p. 1802.
the company
was
~3", 603
"
Surplus
stock
Years Ended—
z
merchandise.$10,272,596 $10,778,237 $10,424,020
mdse. sold, sell.,
Cost of
Crystal Tissue Co.—Dividends Resumed—
Cuban
Last previous divi¬
20, 1937.—-V. 148,
Telephone Co. (& Subs.)—Earnings—
1938
Calendar Years—
Operating revenues
Non-operating revenuesGross earnings
$3,678,380
1936
$2,856,721
11,537
$3,323,303
,
$2,868,258
*
1935
$2,457,753
$2,467,124
946,514
Taxes.......
872,866
849,746
838,328
410,506
252,533
411,856
158,749
434,394
145,668
1,113,859
442,671
1,109,925
452,367
Interest
x$114,385
$488,137
_
$230,868
Assets—
$
'
Radio & Telev.
Common stk.
30,232,481 30,130,196
Miscell. lnvest'ts.
1,145
1,145
1,868
99,486
Special deposits
&c_
______
Cuban
Federal,
a
78,900
5,958,877
402,992
324,538
Accounts payable.
51,706
4?,298
88,322
204,246
90,125
152,346
6,348,344
567.715
666,005
1,754,336
151,645
250,117
134,092
Int. on funded debt
58,847
payable Jan. 1__
Accrued interest..
Accts. & loan re¬
.......
Materials & suppl.
Apcrued taxes.
240,427 Res.fordeprec'n.. 6,938,127
Res. for def. rec_.
250,000
47,903
Earned surplus
248,000
34,038,463 33,463,250!
Total
a
After
reserve
—V. 148, p.
Period End. May 31—
Operating revenues
Oper. exps., incl. taxes..
Prop.retire.res. approps.
res.
approp
Net oper. revenues—
Other income
$14,797 in 1937.
1939—12 Mos.—1938
$6,714,940
$6,593,579
3,689,349
3,435,461
18,046
372,711
568,835
$218,489
$2,652,880
per
186
$753,451
252,655
18,000
$431,877
65,910
$259,985
$482,797
$1.67
$365,967
a$0.32
Consolidated Balance Sheet
Assets—
Mar 25 '39 Mar 26 *38
Cash in banks and
on
x
.;
Mar. 25 '39
Liabilities—
$228,158
$363,417
Int. on mortgage bonds.
x
Other int. & deductions
Net
income
$223,321
46,667
42,421
$218,549
46,667
37,915
Inv. in cap. stock
of Majestic Rad.
200,000
111,011
103,130
66,009
65,406
$133,967
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$134,233
Accts. receivable..
1,515,116
Merchandise
1,764,726
1,361,975
1,603,407
387,888
326,707
34,003
55,649
Furn. & fixtures..
undeliv.
sales
&
other credit bals.
Prov. for Fed. and
22,728
prepaid expenses
State taxes (def.)
Cash
rec.
under
74,737
Com. stk. par $5).
Capital surplus—
Earned surplus—
Total.
x
$1,096,064
After
$4,126,766 $3,919,177
reserve
$1,103,563
for the
respective 12 month periods covered by this statement.—V. 148,
3219.
of $111,647
Month
,.$28,813
5 Months
$14,368
Total..
846,280
173,808
($100,000 in 1938).—V. 148,
p.
per
share
on
1638.
Inc.—Earnings—
Earnings for the 12 Months Ended Feb
Earnings
259,985
$4,126,766 $3,919,177
28, 1939
Net profit after charges and estimated
Federal income taxes
373,325 shares of capital stock
$331,625
$0.89
—V. 148, p. 2264, 1954.
De Jay Stores,
Inc. (& Subs.)—Earnings—
3 Mos. End. Apr. 30—
Darby Oil & Refining Corp.—Earnings—
Period Ended May 31, 1939—
Net income after deprec., depl.. Fed. inc. taxes, &c.
—V. 148, p. 2893.
1,250,000
1,084,750
777,078
507,386
x Includes amount required to amortize debt discount and expense over
the life of the outstanding debt plus an additional amortization of $37,000
and $32,500 for the respective one month periods and $424,500 and $324,500
p.
51,651
1,030,000
1,052,750
plan
Decca Records,
Balance
111,851
3-yr. stk. purch.
$1,610,949
507,386
32,884
115,745
State taxes
Prov. for Fed. and
Deferred charges &
$2,584,365
583,458
389,958
$1,603,450
$182,442
Cust. dep. against
208,022
533
$2,653,066
560,000
489,616
Mar. 26 '38
Notes payable bks.
Accrued expenses.
hand
$433,699
Pref.stk. (par$25)
Gross income
$0.81
Accounts payable.
196,875
5,451
60
252,823
$526,384
192,209
74,191
Nil
share
$2,583,832
...—
$179,054
365,967
After
& Telev. Corp..
Co.—Earnings—
$223,321
stock.
def52,126
34,038,463 33,463,250
1939—Month—1938
$535,323
$530,001
302,161
293,466
9,841
$261,457
31,583
56,066
$387,484
.
deducting $20,602 interest paid, including $14,700 paid under
three-year stock purchase plan,
y After deducting $14,779 interest paid
(including $719 paid under three-year purchase plan),
z Includes service
department income of $32,085 in 1939, $33,527 in 1938, $38,768 in 1937 and
$49,132 in 1936.
a Before reserve of $100,000 against investment in capi¬
tal stock of Majestic Radio A Television Corp.
b After deducting inter¬
est
paid (including $1,963 paid under three-year stock purchase plan),
c Increase in reserve
against investment in capital stock of Majestic Radio
& Television Corp.
3529.
Dallas Power & Light
Accident
Total,
for receivables of $10,158 in 1938 and
$43,587
482,797
Earned surplus end of
„
,
on common
Earnings
x
5,763,165
2,150,217
hand
ceivable
78,900
Def'd liab. & Inc..
Cash in banks and
'
$1,472
259,985
«
held by min.
Funded debt.
Deferred charges._
DIvs.
535,180
provincial & mu¬
585,656
$
97,609
1,573
surplus beginning
peri
Preferred dividends.
sub.k
14,920
100,000
$173,808
$
14,142,000 14,142,000
pref.stk. 6,071,100
6,071,100
Com. stock of
$218,140
39,086
*
cl 1,647
Corp.
1937
(par
stockholder
nicipal govt....
on
7% cum.
$203:220
.
148
$100)...
co.
Accts. receiv. from
k
1938
Liabilities—
%
Plant, prop., equip
$480,424
x6,242
$189,570
45,835
Net profit transferred
to earned surplus
of
1937
$39,678
26,558
on undist. profits
against invest, in
cap. stk. of Majestic
Consolidated Balance Sheet Dec. 31
1938
$181,440
y8,130
8,956,747
83,482
$486,666
53,416
Surtax
.
.
;
9,889,400
54,196
Res.
Earned
Indicates loss.
$9,243,450
-
10,543,382
$15,105
b24,573
earnings.
Net profit
Provision for taxes
x$525,509
«
k
x
Net oper. profit
Miscellaneous
1,108,463
465,780
1,119,550
426,522
Depreciation..
'
9,371
417,251
280,406
Operating expenses
Maintenance
Net income.
1937
$3,312,726
10,577
„
$3,668,045
10,335
and admin, exps.,
incl.pro v.for bad debts
1
»"
and reposs. losses (exelusive of deprec. and
amortization)
10.197,081
Deprec. and amortiz'n..
60,410
gen.
.
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 30 to holders of record June 20.
dend was the 12 >3-cent distribution made on Dec.
p. 3685.
Mar. 25 '39 Mar. 26 *38 Mar. 27 '37 Mar. 28 *36
Net sales
x
Net income
1939
$30,752
,
1938
$2,613
After depreciation and other charges
V. 148, P. 1475.
x
1937
$89,299
1936
$64,325
but before Federal taxes
0
Volume
148
Financial
Denver & Rio Grande Western
Chronicle
RR.—Equip. Issue—
The trustees have filed
application with Interstate Commerce Commission
to issue $1,545,000 of 3% equipment trust certificates,
series E.
1938
Proceeds will be used to purchase
400 50-ton
approximate cost of $1,185,744; 100 50-ton
cost
of
$346,300,
and
40 H -foot box cars at
40^-foot automobile cars at
70-ton 65-foot gondola cars at a
50
cost of
Assets—
on
1938
_.
„
(estimated)
Gross
__
on
$316,982
250,000
...
advance from affiliated company
1st lien gold bonds
on
sees.
74,502
Contingent
money obliga'n.
Res. for self-iusur.
4,750,000
282,502
301,873
Investments
Treasury stock
u„
2,107
on
bonds....
at
'
24,128
24,128
279,846
203,042
Res. for conting's.
1
1
Res'ves for normal
Total
r:
......
$9 ,959,382
$7 dividend series, pref stock.
28,154
...
$6.50 div. series, pref. stock.
a Common stock
307,762
131,035
and
office
working funds
_J
Accounts receivable (net)
Unbilled utility revenue accr.
j
41,589
& Light
25,021,505 16,783,214
Corp., Ltd
5,000,000
<■.'
Notes payable (hon-current)
Notes payable (current)
..'
21,000
14,000
128,753
49,614
interest
4,897
Inventories
63,643
...
cap.
&c
8,645
3,048
payable
Consumers deposits
Accrued
Bonds,
stock
interest,
p.
divs.,
&c.
jlZi
$10,557,605
1,002,341
66,822
........
Total.
...$10,557,605
Statement of Income (Company
Only)
Calendar Years—
"
1938
Income..,.
Operating expense;
v
Taxes
1,
on
291
Taxes
on
294
1st lien gold bonds.
'
advance from affiliated company
bond interest
Amortization of discount and expense
gold bonds
,
on
20,833
243,750
1,670
250,000
1st lien
2,224
....
Expenses in connection
reorganization.
with
abandoned
plan
of
65,119
•
w
Driver-Harris Co —To
the373^
cents dividend distributed
Calendar Years—
$13,318
renewals
1935
$2,316,956
942,448
176,166
$2,222,327
855,080
175,192
285,455
46,245
227,404
189,690
37,275
208,204
176,438
34,448
177,238
$902,679
11,495
$838,464
20,631
$763,174
$803,930
16,564
$859,096
436,395
16,577
51,020
Cr5,611
$769,477
436,464
12,881
51,478
Cr3,683
-,J
f"t
Other income (net)
Gross income
long-term debt-.
Other interest.
10,255
'49,844
Cr786
>
Interest charged to const;
Net
Divs.
on
1938
1937
A sscts1
Liabilities—
14,404,710
4,656
Accounts rec. from
affiliated
Deposits
tured
cos—
for
bond
& divs.
sold,
36,381
36,162
&c.
of the appeal in October.
4,056
6,306
144,374
180,060
Appliance accounts
Duro-Test
receiv..
211,520
Materials, supplies
sold
78,123
(contra)
93,278
accrued..
17,963
130,804
145,850
Mlscell. accruals..
2,084
Interest
and line
141,965
607,829
.16,491
1,647
Miscel. unadj. deb
deposits
1,314
ance
rec.
.
■
being backed by
Surety Corp. bond issued
a
to each sale.
"
"The decision of the FTC dismissing these
charges," said M. M.
President of Duro-Test Corp., "opens the electric
Bilofsky,
In addition to Duro-Test
lamps, the company also manufactures low cost
Arc-Ray bulbs and holds patents on a new type of fluorescent lamp which
may be screwed into the ordinary electrical socket.—V. 148, P- 1026.
Eagle-Picher Lead Co. (& Subs.)—Earnings—
$2,176,772
1,925,110
$3,446,771
2,106,614
$251,662
136,118
$1,340,156
108,580
$387,780
48,531
786,708
41,274
_
15,731,354
Ebasco Services,
extensions
Total income—
..
—
Interest
on notes payable
Depletion, depreciation, &c
$1,448,736
28,751
966,165
65,039
Prov. for Fed. & State taxes
on
income (est.)
61,567
Preferred dividends
Common dividends
—-
—
J*
$488,733prof$388,781
32,934
89,408
32,934
357,630
Total
60,499
562,144
346,088
629,832
123,797
15,731,354 15,655,649
Increase——
-
1939
,
National Power & Light Co
—V. 148, p. 3374.
1938
Edmonton City
79,183,000
%
12.2
14.7
a
dividend of $1.25 per share
on
account of
pref. stock, par $100, payable July 1
A similar payment was made in each of
the
cum.
preceding quarters and prior thereto regular quarterly dividends
$1.62H
per
share were distributed.—V. 148,
1938
revenue...
14,966
$283,033
144,857
expenses
Taxes
201,035
Net loss.
Dividends
Balance, deficit
com.
stock
1935
$9,921,316
8,733,962
$45,503
13,716
$1,263,973
15,327
$1,187,354
13,756
$59,219
165,272
173,536
$1,279,300
518,356
x232,904
$1,201,111
619,583
89,320
$279,588 prf.$528,040 prf.$492,208
93,072
410,088
289,192
$86,034
$372,660 sur$117,952 sur$203,016
out¬
(no par)....
Earnings per share—..
x
1936
$9,646,708 $10,299,463
9,601,205
9,035,490
$62,858
23,176
.
standing
of
1476.
1937
$268,067
Other income
Other
p.
Steamship Lines, Inc. (& Subs.)—Earnings—
Calendar Years—
Operating revenues..... $9,295,563
Operating expenses
9,027.496
oper.
4.0
Dairy, Ltd.—Accumulated Dividend—
The directors have declared
10
Amount
102,600,000 12,539,000
53436,000
7,846,000
76,138,000
3,045,000
'
accumulations on the 63^%
to holders of record June 15.
Shares
Net loss
141,964
1,494,096
Inc.—Weekly Input—
Operating Subsidiaries of-r-
Gross income
Net operating profit
Other income
15,655,649
American Power & Light Co
115,139,000
Electric Power & Light Corp... 61,282,000
Net
Gross operating profit
Expenses.
93,278
1,686,338
for
Accounts only.—Y. 148, p. 2740.
Eastern
(Excl. of Commerce Mining & Royalty Co. and Northeast Okla. RR.
Co.)
Years Ended Dec. 31—
1938
1937
Net sales
$17,124,773 $24,679,262
Production and manufacturing costs
14,948,001
21,232,491
66,127
For the week ended June 15, 1939 the ldlowatt-hotir
system input of the
operating companies which are subsidiaries of American Power &
Light
Co., Electric Power & Light Corp. and National Power & Light
Co., as
compared with the corresponding week during 1938, was as follows:
National
lamp field to healthy,
stimulating competition. It is a victory for our company's efforts to provide
large and small consumers with inforn ation as to how long a
lamp may be
expected to burn, how much light it will give and a guarantee of replacement
should it fail to meet specifications. We hope this
policy will become general
practice in our industry."
2,126
72.706
(contra)
Contributions
Earned surplus...
-
89,907
144,339
;•
accounts—
sold
Reserves..
Capital surplus...
a
36,785
82,005
17,963
Guaranty of appli¬
539,423
13,758
Prepayments
Total
36,162
13,500
48,539
.
Dividends accrued
Taxes accrued
111,200
Corp.—Wins Decision by FTC—
The Federal Trade Commission has announced dismissal of
a complaint
charging the corporation with unfair competition in the sale of incandescent
lamp bulbs.
Dismissal was ordered on the grounds that
allegations made
in the complaint had not been sustained.
Corporation is the largest in¬
dependent manufacturer of incandescent and fluorescent
lamps in the
country.
Under its terms of sale, Duro-Text lamps have been
guaranteed for
replacement on the basis of 2,000 burning hours or a maximum
period of
one year from date of purchase.
The company has always stamped on the
outside of each bulb the rated number of lumens
(light output) in addition
to watts and volts.
Performance of the lamps
245,872
36,381
Notes payable
Unamort. debt dis¬
.
"
29,938
(contra)
Consumers' service
and merchandise
count and exp.
divs.
Accounts payable
158,406
prop.,
$
4,345,173
8,139,000
toaffil. cos
&
in lieu of mtged.
Cash
1937
•
4,345,173
8,139,000
Matured bond int.
int.
(contra)
45,500
Notes &acctB. pay.
Deps. with trustee
rec.
Cr365
$328,986
215,225
$
Capital stock....
Long-term debt.
580
...
ma¬
U. 8. Circuit Court of Appeals has recalled the mandate
entered
April 12, 1936, in the patent infringement suit of the Schick
Dry Shaver
Co. against Dictograph Products Co. and reinstated the case for
Former Judge Martin T.
Mapton of the Circuit Court originally sat in
the case and the decision held that there had been no
infringement of Schick
patents by Dictograph.
The decision was the precedent for numerous
decisions in Federal district courts
through the country and a flood of
litigation affected by the decision is noW expected.—V. 147, p. 1773.
.
\
1938
(■
Fixed capital
14,593,614
Mlscell. investm'ts
1,247
Accounts
reargument
$820,494
436,974
2,977
51,923
$418,465
$360,714
$272,336
$6 pref. stock.
121,062
121,062
121,0581
$6.50 pref. stock
94,511
94,511
94,511/
coin, stock
100,100
45,500
47,320
Consolidated Balance Sheet Dec. 31
Balance Sheet Dec. 31, 1938
Dictograph Products Co., Inc.—Case Reinstated—
,
6,304
income
on
on
■
o
and
Federal income tax
Other taxes
on
-Earnings
1936
$2,544,546
1,030,452
116,524
replace¬
ments of fixed capital.
Int.
(& Subs.)
1937
$2,734,365
1,080,728
119,307
$914,174
436,395
Maintenance
Divs.
The
Dec. 22, 1937.—V.
148, p. 3686.
312,013
80,295
239,343
expenses
Provision for retirements,
prof$26,939
Assets—Investment, $8,650,000; cash on deposit, $179,380; accounts
receivable, $25,000; special deposits (contra) ,.$8,645; organization
expense,
$11,588; total, $8,874,612.
Liabilities—$7 dividend series, preferred stock, $1,800,000; $6.50 divi¬
dend series, preferred stock,
$145,500; common stock (50,000 shares of no
par value), $2,227,500; advnace from Utilities Power &
Light Corp., Ltd.,
$5,000,000; accounts payable, $80,080; accrued taxes, $773; accrued ex¬
penses,
$470; bonds, interest, dividends, &c. (contra),
$8,645; deficit,
$388,355; total, $8,874,612.—V. 148, p. 579.
v
payment was*
on
1938
Total oper. revenues
Divs.
Net loss.
the
on
Pay 15-Cent Dividend—
Eastern Shore Public Service Co.
$306,000
10,290
9,494
.....
on
interim dividend of 25 cents
per share
an
Directors have declared a dividend of 15 cents
per share on the common
stock, payable July 10 to holders of record June
30. Dividends of 10 cents
were paid on
April 10 and Jan. 10, last and the last previous
Operating income
1937
$311,587
...
421,674
Total
«
;
surplus
1,377,694
579,745
outstanding, payable July 3 to holders
dividend of 25 cents per share was
paid on this
April 1, last.—V. 148, p. 1475.
Operating
8,645
Reserves.
Earned
Interest
78,374
15,517
.
«
(contra)
9,449
....
Total
taxes.....
Accrued Interest, &c.__.
555,400
9,000,000
^0er
issue on
2,227,500
Accounts
Special deposits (contra)..
Prepaid insurance premiums.
Interest
555,400
Dominion Foundries & Steel,
Ltd.—Interim Dividend—
Directors
$1,800,000
145,038
_
(estimated)
Notes receivable and accrued
interest,
$100).....
amount of common stock, now
of record June 20. An initial
Advance from Utilities Power
Investments
tax,
1,290,000
636
.........25,021,505 16,783,214
reserves for depletion, depreciation, &c., of $20,292,973 in 1938
and $13,726,877 in
1937.
y 65 shares preferred stock and
5,924 shares
common stock
z
During the year the reserve for obsolescence was
applied
to the write-off of
certain specific items
having no further operating valueand reserves for normal metal
inventory price fluctuation were closed out
by credits to the respective
surplus accounts from which they
originated.
V
X^xo,
*
have declared
Prepaid
price
cum. pref. stk.
(par
larger
Liabttties—
197,417
343,850
Com. stk. (par
$10) 9,000,000
Capital surplus... 1,898,761
Earned surp. since
$121,730
Consolidated Balance Sheet Dec. 31, 1938
deposit
46,882
purch.
& def .chgs
•
$871
Assets—•
on
366,633
87,102
6%
65,119
Net income., j
Cash
395,246
4,800,000
fluctuation
1,670
reorganization
8,234
Cust. credit bals__
inventory
~2~ 224
.
580,432
94,999
Minority interest.
Cr 1,116
Expenses in connection with adandoned plan of
2,500,000
Def'd bank debt..
Pats., goodwill, <fcc.
$392,382
243,750
20,833
2,175
,.
Other interest
Interest charged to construction
Amortization of discount and expense
Tax on bond interest
Fixed assets
livery contract..
Accr'd liabilities..
Jan. 1,1935
income.
Interest
Interest
13,538,599
128,657
87,096
Self-ins. fund
210,337
$386,558
Cr 5,824
66,252
Operating income.
Non-operating loss (net)__
Adv.
cost.
$322,596
5,614
^
Provision for retirements
State, local and miscellaneous Federal taxes
Federal tax on income
Pref. div. payable.
on future de¬
8,234
39,973
6,141,947
174,897
6,412,351
128,157
6,701,701
Prepaid
97,482
49,953
expenses
Maintenance
$
1,800,000
562,005
Inventories
$1,476,478
750,603
115,045
73,824
96,327
54,120
1937
$
payable In 1939.
Accounts payable
6,049
Other assets
x Fixed
assets
1937
$1,325,046
677,777
110,985
.....
Liabilities—
Current bank debt
1,155,867
2,428,347
contracts
Derby Gas & Electric Corp. (& Subs.)—Earnings—
revenue
31
1938
$
hand....... 1,583,053
Accts. & notesrec.
2,462,037
Advs. on purchase
y
Calendar Years-
Sheet Dec.
1937
$
Cash In banks and
$192,175.
According to the application all of the equipment will be purchased from
Pressed Steel Car Co. of
Pittsburgh.
It is proposed to sell the certificates
at a price which, if less than par,
will not result in a
higher dividend rate than 4% per annum.
Bids for the purchase of the issue have been
requested by the trustees
not later than July 5.
A hearing on approval of the issue by the Federal
Court will be held July 19.—V.
148, p. 3373.
Operating
Operating
Balance
(Incl. Commerce
Mining & Royalty Co. and Northeast Okla. RR.
Co.
as at Dec. 31.
1938)
asking authority
approximate
3843
Consolidated
366,779
Nil
Including $14,797 surtax
on
366,779
Nil
366,779
$0.92
undistributed profits.
366,779
$0.55
Financial
3844
%
Assets—
*
y
,*03,585 11,330,169
Property <fc equlpl
67,893
(net).
111,542
97,092
Agents' bal, (net).
Ins. claims against
153,864
120,786
190,183
150,408
z
246,206
192,033
17,419
3,498
115,630
389,963
196,878
26,798
192,537
105,870
Miscel. inv.
246,206
(cost)
847,623
Cash.....
29,079
Work, funds (cash)
Marketable secur.
Interline traffic
ances rec.
underwriters
Accounts
169,119
29,843
Materials & suppl.
Other work, assets
156,637
105,870
fund...
Insurance
Special deposit—
232,680
In
holder
8,591
110
7,040
Pper.
no par .value
Cr488,009
Cr30,882
Crl87,913
Cr81.632
3.460,734
76.951
2,946,594
100,118
2,337,040
3,771,000
520,439
Operating profit before
taxes,
deferred de¬
velopment & deprec. $2,706,795
Non-operating revenue
200,973
$2,355,654
$2,320,012
$2,309,668
339,347
520,412
$2,907,768
195,236
$2,695,001
181,671
$2,840,424
242,789
$2,588,300
248,753
225,271
816,564
178,735
545,292
pref.
110
208,590
233,654
4,006,842
4,084,945
135,772
437,159
1,001,276
$1,471,495
1,001,275
$1,873,607
1,001,234
$1,768,558
997,670
$776,582
$470,220
$872,373
$770,888
Provision for taxes.....
7,040
294,097
285,377
written off
Total..
,
development
Deferred
12,956,060 13,327,297
x After reserves for depreciation,
y Represented by 46,351 no par shares
in 1938 and 46,536 no par shares in 1937.
z Represented by 366,779 no
685,922
Depreciation
Net profit for
the year $1,777,858
Dividends paid
shares.—V. 148, p. 3530.
par
Electric Power
Associates, Inc.—Removed from
Trading—
Unlisted
*
Curb Exchange has removed
and the full paid class A stock, par $1, from
p. 2895.
The New York
Electrolux Corp. (&
¥$JOQn
$3,480,380
49,861
66,420
$3,546,799
105,049
29,412
18,757
1,463
*616,620
—
Amortization of patents
Interest
——
—
—
„
disposal of fixed assets
Provision for Federal income tax
Loss on
29,412
34,858
2,177
446,600
-
Earns per
share on
$2,040,922
1,980,000
1,237,500 shares common stock$1.65
Consolidated Balance Sheet Dec. 31,
$2,775,498
2,722,500
$2.24
1938
miscellaneous taxes,
$236,941; capital stock (par $1),
Elgin National
31,300
1,596,213
Other income
.
Total income
— ..
Pension fund contribs—
Provision for
on
93,011
1936
$1,751,366
152,649
$953,565
93,162
$1,881,701
194,854
$1,904,015
152,999
1937
Property account 7,092,252
taken into rev..
30,300
788,369
40,648
Aktieselskap
70,001
70,001
Deposit.
.....11,552,314 10,890,1021
Total
on
assets
a
Pro v. for Fed. inc. tax..
Surtax on undist.
Net
1938
1,025
1,569
960
591
11,053
23,261
$5,350,452
2,757,331
$3,083,214
1,973,026
$2,929,762
1,764,569
$2,593,121
$1,110,188
338,208
$1,165,193
329,854
$1,219,522
279,000
$771,980
69,381
$835,339
Income credits.
$940,522
16,621
$841,362
111,662
$862,777
120,095
$957,143
Income charges
135,000
124,207
139.260
$594,699
634,001
$618,475
604,850
$757,193
565,740
57,789
Earns, per sh. on
$1,396,084
500,000
1,200,000
$1.71
$3.49
203,227
262,388
62,047
Assets—Cash on hand arid in banks,
20.536
$1,381,457, $1,071,655
1,000,000
400,000
'
$2,354,837; marketable securities
(at the lower of cost or quoted market value), $1,856,444; accounts and
receivable (net), $2,677,232; inventories, $3,073,973; other assets,
$56,187; deferred charges, $26,023; land, factory buildings, machinery and
equipment—at cost (less, reserve for depreciation, $4,387,211); total,
$14,260,490.
Liabilities—Accounts payable (trade), $285,887; accrued salaries, wages
compensation, and relief fund constributions, $124,228; accrued Federal
capital stock and excise tax on employers, old age benefit taxes, and local
personal property taxes, $114,739; reserve for Federal in¬
come tax, $150,000; general reserves, $1,500,000; capital stock (authorized
and issued) 400,000 shares of a par value of $15 each, $6,000,000; capital
surplus arising from reduction of par value of capital stock in 1933, $4,000,000; earned surplus, $2,085,636; total, $14,260,490.'—V. 148, p. 580.
and
real estate and
Co.—Smaller Dividend—
share on the class
stocks, payable July 1 to holders of record June 22.
with 40 cents paid on April 1, last; 50 cents paid on Dec. 20,
last; 40 cents paid on Oct. 1, July 1 and April 1, 1938; 50 cents paid in each
of the three preceding quarters and previously quarterly dividends of 40
cents per share were distributed.
In addition an extra dividend of 40 cents
was paid on Dec. 18, 1936.—V. 148, p. 1802.
The directors have declared a dividend of 30 cents per
A and class B common
This compares
Equitable Fire Insurance Co.—Extra Dividend—
Directors
on
June 6 declared an extra dividend of 10 cents per share
stock, par $10. both
on
stock
_
_
$1,380,722
$1,243,861
562,559
47,226
j.
preferred stock
47,301
675,000
23,669
.
property sold or abandoned
on
74,161
during year
Amount paid in settlement of litigavtion applicable to prior years
in
a
3.041
$731,323
After deducting Federal revenue and
$604,850
$634,001
State inspection taxes and freight
sales,
b Includes the consolidated income of the Falstaff Brewing
Corp. (Del. corp.) and its wholly-owned subsidiary, Falstaff Brewing Corp.
(Maryland corp.) for the period from Jan. 2 to Oct. 15, 1936, and the income
from the merged companies from Oct. 16, to Dec. 31, 1936.
The merger
of the subsidiary into the parent company was consummated on Oct. 15,
paid
on
1936.
Balance Sheet, Dec. 31, 1938
•
.
r
$619,935; Federal & State revenue
stamps, $70,689; working funds in hands of salesmen. $5,431; notes and
accounts receivable
(net), $303,419; inventories, $400,189; cash—appro¬
priated and deposited in special bank account for the payment of dividends,
$158,833; due from Otto F. Stifel's Union Brewing Co., $18,600; property
(net), $2,837,869; leasehold improvements—unamortized portion, $95,002;
goodwill, trademarks, trade name, &c., $1; deferred debot items—prepaid
insurance, licenses, taxes, advertising, &c., $61,423; total. $4,571,392.
Liabilities—Accounts payable, $162,329; freight payable on empty con¬
tainers
returnable
(estimated),
$47,232; accrued accounts," $200,629;
dividends payable, $158,833; amount refundable to customers for contain¬
ers returnable
(net), $242,313; 1st mortgage real estate notes, maturing
$125,000 annually beginning Jan. 2, 1940 to 1944, inclusive, and $100,000
on Jan.
2, 1945—secured by first deed of trust on St. Louis, Omaha and
New Orleans plants, $725,000; 10-year 5% debenture bonds, dated Dec.
15,1937, due Dec. 15, 1947, $299,893; preferred 6% cumulative convertible
stock—authorized, 1,500,000 shares of a par value of $1 each, $785,649;
scrip, $129; stock and scrip reserved for even exchange of first preferred
stock of Falstaff Brewing Corp. (Maryland Corp.), $1,326; common capital
stock—authorized, 675,000 shares of a par value of $1 each (issued and
outstanding, 450,151 shares). $450,151; scrip, $4; earned surplus, $731,323;
paid-in surplus, $766,583; total, $4.571,392.—V. 147, p. 3610.
Assets—Cash
on
hand and in bank,
.
the common
Fedders
payable July 1 to holders of record June 30.—V. 147,
111.
Equitable
on common
Earned surplus, Dec. 31
$3.45
$2.68
1938, $271,390 in 1937;
addition to a semi-annual dividend of 50 cents per share on
450,151
$1,228,701
Dividend
Loss
60.690
...
notes
Emerson Drug
27.438
Surplus credits.
.
providing for depreciation of $266,515 in
$267,958 in 1936 and $265,978 in 1935.
.
Balance Sheet Dec. 31, 1938
p.
(estimated)
come taxes
Dividend
400,000
capital stock—
After
x
1.373.599
Federal and States in¬
Gross surplus.
$685,046
profit for-year
b 1936
1937
$7,204,735
4.274.973
1,924
39,409
229,000
8,000
21,645
145,107
•
$6,463,896
Previous earned surplus.
profits
Dividends..
•shares
124,482
merchandise
scrapped
Miscell. deductions
Special
Falstaff Brewing Corp.—Earnings—
Calendar Years—
sales of capital
&
z
and when
Deposit with municipality of Kristiansand re
powersupply.—V. 148, p. 2896.
36,654
.572
of $3,732,823 in 1938 and
$3,046,901 in 1937.
y Represented by 3,337,507 no par shares,
advance recoverable as a tonnage charge on custom metals as
refined, less repayments,
$1,449,958
18,680
expense
Loss
140,509
'4,672
2,461
...11,552,314 10,890,102
Total
After depreciation written off in the amount
1935
8,875
Elgin Watchmakers' Col¬
lege loss
Employees' gymnasium
.
3,270,092
expenditures,
supplies, &c..._
546,864
Raffineringsverket
x
40,648
......
4,046,674
Earned surplus
$1,309,448
234
6,146
Raffine¬
selskap adv. not
7,028,358
;—
Provision for
prems.paid
securities
1,765
240,000
1,108,205
ciates cos.'shs..
Administrative and general expenses.
$1,805,841
75,860
1938
$860,555
operations-
on
61,093
1,899
270,000
$1,237,500; amount
Watch Co.—Earnings—
Calendar Years—
payable—
ringsverket Aktie
74,106
665,782
Selling profit
Profit from
Wages
'
362,174
representing difference between stated value of no par value capital stock
at date it was changed to par value stock, and present par value, $1,063,550;
earned surplus, $3,032,823; total, $8,922,674.—V. 148, p. 2895.
x
238,107
Unclaimed dlvs
Investment in asso¬
z
127,241
68,105
Accounts payable.
Int.
Limited, a
Inventory
x
Capital stock— 7,038,396
7,038,396
Reserve for taxes.
shareholder.
a
Assets—Cash in banks and on hand (incl. $627,814 segregated for pay¬
ment of liabilities of Electrolux, Inc. of $450,161), $12,151,498; accounts
receivable (net), $5,379,208; inventories, at cost (quantities and condition
certified by officials of the company), $1,441,379; land, buildings, ma¬
chinery and equipment, at cost (less, reserve for depreciation of $251,723),
$767,641; patents at nominal value, $1; prepaid and deferred expenses,
$82,947; total, $8,922,674.
Liabilities—Notes payable to bank, $1,000,000; accounts payable and
sundry accruals, $480,227; sales representatives' security deposits, $376,299;
instalment commissions payable, $409,876; reserve for Federal income
taxes (incl. reserve of $620,624 for Federal income tax payable after 1939
upon realization of instalment accounts receivable), $1,085,457; reserve for
21,731
rec.—Ven¬
Investments..
Def.
Net profit
Dividends paid
y
913,364
149,238
%
$
Liabilities-
1,630,170
203,711
Sundry..
Notes
tures
Total income
Depreciation.
$
19,629
rec.—trade
Accts.
1937
1938
1937
$
banks
$2,665,240
111>271
Miscellaneous income
1938
1937*
31
Consolidated Balance Sheet Dec.
Cash on hand & In
]938_
$2,615,378
246,819
$142,424 in 1938; $226,188 in
$435,736 in 1936; and $184,372 in 1935.
Assets—
'
278,641
Includes profit on sale of securities
x
unlisted trading.—V. 148,
Sub.)—Earnings—
31—
Years Ended Dec.
Balance.....
the common stock, par $1,
Profit from operations
75,296
32,537
x
12,956,060 13,327,297
Total..
....
costs—mining,—
smelting, refining, &c.
Administrative expenses
Total revenue
° debit" "items" I
1935
$4,829,720
189,347
3,830,701
86,246
tories
Long-term debt— 3,539,600
484,614
Working liabilities
39,547
Def. credit items..
Surplus
1936
$5,366,754
187,942
245,575
Selling & delivery exps..
Increase in metal inven¬
stock called
Operating reserves
1937
$6,079,570
217,112
31
8,591
Dominion Steam¬
Non-par value pref.
Deposit for red. of
Del
1938
$6,381,309
Years End. Dec.
Old
Ltd. (& Subs.)—Earnings
Falconbridge Nickel Mines,
4,436,411
Gross metal sales
ship Co
—
bearer share warrants
No par value con¬
231,755
vert. pref. stock
Common stock.. 4,436,411
Int. of mln. stock¬
bal¬
recelv..
Credito
1937
1938
Liabilities—
1937
$
Credit Suisse, Zurich; R. Mees & Zoonen, Rotterdam, and
Industriale di Venezia, S. Marco 1126, Venice, in the case of
held by stockholders residing in Italy.—V. 148,p. 1641
Montreal;
Consolidated Balance Sheet Dec. 31
1938
June 24, 1939
Chronicle
The
Mfg. Co., Inc.—To Pay 10-Cent Dividend—
directors
declared
have
a
dividend
of 10 cents per share on the
stock, par $5, payable July 1 to holders of record June 20.
This
compares with 15 cents paid on April 1, last; 10 cents paid on Jan. 10, last;
35 cents paid on Oct. 1, 1937 and dividends of 25 cents paid on July 1 and
on April 1,1937, this latter being the intial payment on the larger amount of
stock now outstanding.—V. 148, p. 1476.
common
Investment
Corp.
of
Mass.
(Boston)—
15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable June 28 to holders of record June 21.
Like amount was paid
on March 30, last; dividend of 20 cents was paid on Dec. 30, last; 15 cents on
Sept. 30, 1938, and 10 cents paid on June 30 and March 30,
1955.
1938.—V. 148,
p.
European Electric Corp.—Dividend—
A final dividend for
the fiscal
year
has been declared on each share of class
1938 of the value of 30 cents a share
A common stock and class B common
stock, payable in money of the United States of America on July 3 to holders
of record June 26. except in the case of shares held by Italian stockholders
residing in Italy, in which case this dividend is payable in the currency of the
Kingdom of Italy, as requested by the Italian stockholders, with blocked
lire 7.50 per share.
In the case of bearer share warrants for class A common
stock and class B common stock, coupon No. 7 is payable at:
City Bznk
Farmers Trust Co., 22 William St., New York; National Trust Co!, Ltd.,
Federal
Screw
Works—Plan—
Acceptance of a plan for reorganization of the company by holders of
$900,000 of company's notes due Sept. 1, 1939, were filed in U. S.
District Court at Detroit June 19.
This number constitutes over 51% of
over
the total amount outstanding and is
plan
sufficient to bring the recapitalization
before the Court for approval and confirmation.
Hearing for
will be in July.
The company is being reorganized under
purpose
Chandler Act proceedings.—V.
Fohs Oil Co.,
this
the
148, p. 3686.
Inc.—Dividend Omitted—
Company informs us that the dividend on the $1 par common stock
ordinarily due in the second quarter of this year has been omitted. Regular
quarterly dividend of 15 cents per share was paid on March 11, last —Y 147,
p.
1488
■
Volume
Financial
148
Ferro-Enamel
Chronicle
Corp.—Earnings—
Years End. Dec. 31—
al938
Gross profit
on
1936
1935
$1,440,824
35,831
31,989
zl937
8,549
1,435
377,827
280^293
780,824
480,978
13,000
427,984
11,428
$115,288
69,624
$715,161
90,159
$491,214
84,467
$235,146
70,832
$184,912
$805,320
$575,682
19,066
$305,978
1,890
13,177
$2,469,084
46,306
70,222
25,385
60,469
23,616
565,784
815,577
729,199
Maintenance & repairs.
Deprec. & amortizationTaxes (other than inc.)—
_
73,4$7
Royalties
Other mfg. expenses
.
Operating profit.
x
—
—
Miscellaneous income.
supplement thereto dated Oct. 11, 1937, both expiring
Nov. 30, 1946.
1938
Capitalization-—On
29,
1939,
Loss
on
—...
sale of assets
Loss
on
disposition
plant equipment
Int., discount, &c
Authorized
6 % cum. pref. stock ($100 par)__
Common stock ($100 par)............______
53,267
20,387
73,232
106,567
65,843
42,129
y74,050
$111,257
$559,677
$2.92
$427,260
$239,748
$3.08
$1.93
'
Profit for the year
Earns per share on com.
$0.57
Includes $28,989 in 1938, $40,311 in 1937, $32,711 in 1936 and $30,269
1935, commissions earned,
y Including $339 surtax on undistributed
z Including accounts or Ferro-Enamel Con), and it wholly owned
domestic subsidiary for the year ended Dec. 31,1937^and those of its foreign
subsidiaries for the fiscal year ended Oct. 31,1937, with the exception of the
Ferro-Enameling Co. of Canada, Ltd., which are for 10 months ended
profits,
Includes accounts of Ferro-Enamel Corp. and its Whollysubsidiary for the year ended Dec. 31, 1938 and those of
its foreign subsidiaries for the fiscal years ended Oct. 31, 1938.
a
owned domestic
Deduct rate reduc.
Condensed Consolidated Balance Sheet Dec. 31,1938,
Assets—Cash on hand and in banks, $443,965; notes and accounts re¬
ceivable (less reserves), $782,343; inventories (at lower of cost or market),
$849,375; other assets, $60,192; investments, $118,301; fixed assets—at cost
(net), $876,111; prepaid expenses and deferred charges, $77,207; inter-co.
charges and credits (net) (not eliminated), $30,966; excess cost over book
value of capital stock of sub. companies acquired, $38,346; total, $3,276,805.
Liabilities—Bank loans (foreign sub.), $29,756; accounts payable (trade),
$238,439; accrued liabilities, $25,414; dividends payable, $538; advance
payments on contracts, $28,519; provision for income taxes (estd.),, $46,901;
other liabilities, $8,850; liability under commission
agreement, $7,500;
miscellaneous reserves, $9,701; Ferro Enamel Corp. common stock ($1 par),
$194,300; Ferro Enamels (Canada), Ltd. preferred stock ($100 par), $8,300
capital surplus, $1,910,078; earned surplus, $768,5o9; total, $3,276,805.
—V. 148, p. 1641.
v
-
■
Profit after
and
1937
$4,299,808
$4,085,421
1936
$3,929,872
1781728
31,508
234,351
42,850
232,258
41,386
$147,220
20,976
$191,501
22,776
$190,871
24,902
.$126,243
$168,725
stock.z$0.84
x$i.l2
$165,969
y $2.21
_;
$456,818
Operating income.
Other income (net).....
$398,016
14,316
Gross income
Int. on mortgage bonds.
Int. on debentures.....
Other int. & deductions.
$412,332
x
Prov. for Fed. income and surtax;....
Net profit
Dividends
on
preferred stock.
Balance
EarnB. per share on common
149,926 shares of
new common
.
Balance Sheet Dec. 31,1938
.
;
,
2,650
$457,039
11,542
$5,192,008
550,397
$5,250,188
$468,581
216,667
110,000
20,476
$5,742,405
2,600,000
1,320,000
246,236
$5,799,386
2,600,000
1,320,000
241,753
Net income...
$65,927
$121,438
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—...
$1,576,169
$1,637,633
1,153,008
1,153,008
$423,161
$484,625
on
deferred assets,
$29,523; total, $1,509,665.
Liabilities-—Accounts payable,
$86,869; accrued dividends,
$4,340;,
accrued interest on mortgage, $221; Federal income and capital stock taxes;
$34,577; miscellaneous taxes, $313; mortgage payments due in 1939, $1,000
mortgage payable due Oct. 1, 1953, $24,000; preferred stock of $100 par
value (new), $196,700; 7% pref. stock of $100 par value (old), $157,100;
common stock of $1 par value (new), $149,926; common stock of no par
value (old), $74; surplus, $854,544; total, $1,509,665.- -V. 148, p. 3531.
Florida Portland Cement
Co.—JEarnings1936
yl938
$1,437,551
882,589
—
Cost of goods sold-
Gross profit on sales
Selling, general & administrative exps.
overhead applic. to non-oper.
period, &c______
—
yl937
$1,243,713
805,374
$1,116,055
'664,457
$554,962
266,484
$438,338
233,675
$451,598
208,447
Mill
Net
Other income
,
t
Net profit
—
—
—
Interest and other deductions.
•_
Prov. for Fed. normal income taxes
_
Net profit—
x
65,915
32,862
9,019
$222,564
20,573
$171,801
13,255.
$234,133
14,301
$243,136
22,006
35,000
$185,056
44,361
x21,000
$248,434
80,997
:
19,086
$186,130
profit from operations___—"_
$119,696
y
Includes subsidiary
/
Note—The above profit and loss account includes charges for deprecia¬
tion and depletion of $161,319 in 1938, $163,306 in 1937 and $126,123 in
company.
1936.
Consolidated Balance Sheet Dec. 31, 1938
banks
hand, $338,830; receivables
(net),
$139,016; inventories, $284,080; investment in stock of other companies, at
cost, $2,050; plant, properties and quarry lands ((net), $3,796,274; prepaid
insurance and other expenses, $19,928; discount and commission in con¬
nection with preferred stock, &c. (not being amortized), $691,929; total.
$5,272,107.
L'ial
liabilities—Accounts payable, trade, $38,001; Accruals, $50,619; pro¬
vision for returnable sacks, $14,723; preferred stock ($100 par), $5,000,000;
common stock, no par value—Authorized and issued 75,000 shares, $1,100;
earned surplus, $170,564; treasury stock (29 shares preferred and 14 H
shares common), Dr$2,900, total, $5,272,107.-—V. 148, p. 3063.
in
and
Fleming-Wilson Mercantile Co., Topeka, Kan.—Pref.
Stock Offered—Estes, Snyder & Co. (Inc.), Topeka * Kan., are
offering 1,000 shares 6% cumulative preferred stock (par
$100) at 103 and dividends.
History and Business—Company was incorporated in Kansas on Dec. 6,
1915, under the name of the Lux Mercantile Co.
On June 27, 1918, name
was changed to the Fleming-Wilson Mercantile Co.
Com pany has engaged in a wholesale mercantile business dealing in
groceries, meat, fruit, and produce.
In grocery lines, which comprise
the major portion of the company's volume of sales, the conipany holds an
exclusive franchise for its territory as a distributor for I.G.A. products
Such franchise is renewable from
year to year.
includes approximately the entire State of Kansas
and certain counties in the northern part of Oklahoma, and is served by
warehouses located at Topeka, Hutcljmson and Independence, Kansas.
Cash-and-carry branches are located at Topeka, Hutchinson, Leavenworth
The territory covered
and Wichita.
The principal warehouse
occupied by the company is located at Topeka,
and consists of a one-story building and basement, of reinforced
concrete, having approx. 70,000 square feet of useful office and storage
space.
The company occupies the premises under a lease agreement dated
Kan.,
.
Dividends accumulated and unpaid to May 31, 1939, amounted to
Latest dividends amounting to $1.31 a share on $7 pref. stock
and $1.13 a share on $6 pref. stock were paid on April 1, 1939.
Dividends
x
these stocks
are
cumulative.
''
"
..
The directors have declared a dividend $1.31 per share on the cum.
$7 pref. stock and a dividend of $1.13 per share on the cum. $6 pref. stock,
dividend payments.—V. 148, p. 3221,
Forty Wall Street Corp.—Committee Lists Conditions for
Reorganization Plan.
fund bonds headed by George Armsby has arrived at
five definite con¬
clusions which it deems fundamental as a basis for any reorganization plan
which would prove equitable for first mortgage bondholders, it has an¬
nounced.
In
a
letter addressed to these bondholders Jan. 22 iu answer to numerous
requests for an outline of such a plan as the committee would recommend,
the committee lists its conclusions as follows: (1) We believe the first
mortgage lien on the properties, to the full face amount of the outstanding
cape
bonds, should be continued.
(2) We believe there is
no es¬
from an interest rate reduction, but that the plan should provide for
a high rate as earnings and Outlook justify.
(3) After
fixed interest at
providing for such interest and possibly a modest amount for contingencies,
available shpuld be applied fairly between additional
interest payments and amortization of the principal of the bonds.(4) We
believe the Starrett interests should be denied any participation in the
all remaining earnings
reorganization except to the extent they are prepared to buy their way
e equity for a sum sufficiently large to be advantageous to the
bondholders.
(5) The power to select the management shuold be un¬
equivocally placed in the hands of thfe bondholders; if the present manage¬
ment is not willing to cooperate with the bondholders, we would not hesitate
to advocate a change, since the bondholders would have no, difficulty in
obtaining thoroughly capable management.
"Any reasonable valuation of the property today would be far less than
the face value of the outstanding first mortgage bonds and on these figures,
the equity and junior debt, all owned by the Starrett Corp., would appear
to have no value.
The only apparent reason to justify Starrett participa¬
tion in a reorganization plan is their claim of a pro rata interest in the
$650,000 cash on hand," says the letter.
"The most important thing at the moment is for all first mortgage bond¬
holders to unite in a single front in opposition \to the Starrett plan and in
support, of an alternative plan embodying these principles.
To that end
this committee will welcome the cooperation of any other committee repre¬
senting holders of a suostantial amount of the, bonds.'
Members of Mr. Armsby's committee, which represents more than
"
,
$3,700,000 of the first mortgage bonds held by more than 1,400 persons , are
C. Kenneth Baxter, Lauren Carroll and John H. G. Pell.
Raymond A.
Kelley, 1 Wall St., New York, is Secretary and Cadwalder, Wickersham
& Taft, New York, are counsel for the committee.—-V, 148, p. 3687.
Foundation Co. of Canada, Ltd.
Years Ended April 30—
Operating profit
*
.......
Profit from sale of capital assets.
Profit from sale of investments
__
-
_
...
-
-
I
.
Total income.
Interest on mortgages_
Executive officers'salaries.
Directors' fees.....
.....
Legal expenses—
Provision for depreciation.
__ _ _ ........ .
1938
...
.....
.. — _
—
6,613
8,544
-
\
8,001
5,845
980
$76,387
731
70,450
4,019,
2,687
$328,727
3,612
75,334
4,235
1,415
109,977
$233,753
5,220
67,404
4,419
1,223
96.988
28",000
; loss$83,126
...—42,300 '
Consolidated Balance Sheet April
I
■
5,310
1,225
.
Dividend paid.
$210,383
1,861/
81,000
Organization expenses _;204
Prov. for Dom. & Prov, incom e taxes
420
Net profit for year
1937
$320,253
7,148
—
Divs. from partly owned subs. co—_
.
(& Subs.)— Earnings
1939
$62,704
Income from investments
on
through licensed I.G.A. retail stores.
110,000
19,738
549(108
$6,174,518.
$148,351
Includes $2,000 surtax on undistributed profits,
Assets—Cash
216,667
"Balance
first mortgage
; ■
hand, $335,384; merchandise inventory,
$516,o95; merchandise in transit, $7,405; accounts receivable (sundry),
$3,&08; prepaid rent, $5,668; cash surrender value (life insurance, $2,547;
fixed assets (less reserve for depreciation), $608,434; ihiscellaneous and
Years Ended Dec. 31—
Net sales
$5,247,538
2,650
The committee for holders of first mortgage fee and leasehold 6% sinking
stock outstanding and on 74 shares of new
stock reserved for conversion of 37 shares of old stock.
Assets—Cash in banks and
$5,189,358
221,
paid
x Earnings
per share on 149,120 shares of new common stock outstanding
and oh 880 shares of new common stock reserved for conversion of 440 shares
of old stock,
y Earnings
per share on 75,000 common shares,
z On
common
627,063
both payable July 1 to holders of record June 20.
Like amojnts were
on April 1 and Jan. 2 last.
See V. 147, p. 1776 for record of previous
deducting stores,' general
expenses
and
administrative
depreciation charges
294,460
$1,146,910 $13,844,942 $13,908,421
606,759
7,288,918
7,777,550
83,333
1,366,666
883,333
$397,795
221
Preferred Dividends—
1938
_
Outstanding
2,000 shs.
2,000 shs.
2,000 shs.
2,000 shs.
Net oper. revenues—
Rent from lease of plant.
on
__
_
50,769
__
Balance$1,113,959
Oper. exps., incl. taxes..
599,497
Prop, retire, res. approp.
116,667
(M. H.) Fishman Co., Inc.- —Earnings—•
_
_
.
res..
...
__
_
1939—Month—1938
1939—12 Mos.—1938
Operating revenues...— $1,113,959 $1,197,679 $14,139,402 $14,535,484
in
Year Ended Dec. 31—
Net sales.
_
Florida Power & Light Co.—Earnings—
Period End. May 31—
x
Oct. 31,1937.
an
JPurpose—Proceeds are to be used for the increase of working capital
through the payment of current bank loans, the proceeds of such loans
having been used to provide increased inventories and accounts receivable
required by an increasing volume of sales.—V. 148, p. 2123.
2,597
24,757
36,986
Prov. for Fed. inc. tax..
approved
„As a result of the above noted change and upon com pletion of the sale
of the 1,000 shares of
6% cum. pref. stock, company will have the following
capitalization:
of
Minority interest.
$3,400,050
50,171
amendment to the charter increasing the authorized capital from 3,000
shares (1,000 shares of 6% cum. pref. stock and 2,000 shares of common
stock, all of $100 par) to 4,000 shares (divided into 2,000 shares of 6% cum.
pref. stock and 2.000 shares of common stock, all of $100 par).
iN
_
Profit—
stockholders
the
1936
$4,166,906
63,387
61,358
—
March
1937
$4,406,673
_______
_
Selling, general and ad¬
ministrative expenses
Prov. for doubtful accts.
a
Years Ended Dec. 31—
Net sales.
Net income
$1,013,157
25.676
27,736
4,894
$1,552,183
3845
July-1, 1931, with
9,500
$106,154
42,300
$48,999
30, 1939
Assets—-Land, buildings, plant & equipment, $2,313,554; goodwill, $1;
investment in partly owned sub. company at cost, $14,000; cash in banks
and on hand, $85,229; accounts receivable (including a" ounts held back on
completed contracts), $283,532; deposit on contract, $15,000; investment in
uncompleted contracts at cost, $25,085; tools & supplies on hand, $19,458;
ent in Don inion Govt, bonds at cost, $171,635; accrued interest on
bonds, $2,195; deferred charges to operations, $6,597; total, $2,936,284.
Liabilities—Common stock (84,600 shs. no par), $710,000; mortgage
payable 5%, due Nov. 1, 1940, $10,000; bank loan, $50,000; accounts
payable & accrued liabilities, $98,766; provision for Dorr inion & Provincial
taxes, $5,709; reserves, $1,210,466; earned surplus, $851,343; total, $2,936,284.—V. 146, p. 3953.
in/esti
Froedtert Grain & Malting
Co.—Larger Dividend—
dividend of 25 cents per share on the com¬
stock, payable July 24 to holders of record July 15.
This compares
with 10 cents paid on May 1, and Feb. 1, last, and on Nov. 1,1938; 25 cents
The directors have declared a
mon
paid on July 23, 1938; 15 cents paid on Nov. 1, 1937; an extra dividend of
$1 05 in addition to a regular dividend of 15 cents paid on July 25, 1937,
and a dividend of 20 cents paid on July 1, 1936, this latter being the first
dividend paid since Sept. 1, 1934, when a payment of 10 cents per share was
made.—V.
147, p. 4054;
Financial
3846
Chronicle
General Gas & Electric Corp.—Earnings—
Galveston Electric Co.—Earnings—
Period End. May 31—
1939—12 Mos.—1938
$329,854
$315,863
180,708
188,798
31,760
26,875
29,554
18,370
42,178
33,208
1939—Month—1933
$28,604
$28,684
15,611
16,402
2,858
2,389
Operating revenues
Operation
Maintenance
Retirement accruals
1,531
2,970
2,266
3,683
Taxes
June 24, 1939
the Years Ended Dec. 31
Income Account (Parent Company Only) for
1938
1937
1^36
1935
$918,359
$464,026
$319,371
69,466
162,766
25,093
2,916
71,439
191,686
121,456
28,040
110,043
18,052
$746,083
Income from sub.
$1,233,244
$314,530
$191,275
41,923
34,769
28
14,950
329,691
70,037
430,247
94,614
$1,183,524
308,668
y$85,198
22,538
y$370,840
(non-
operating) cos.:
Div. on common stock
Int. on accts. and con¬
$550,000
vertible
Net oper. revenues
$45,654
3.369
$5,392
$4,185
Non-oper. income (net).
$48,613
8,487
1
Balance
Int.
on
Net income.
315
$49,023
5,750
$57,100
4.513
$5,077
$43,273
$52,587
$5,392
$3,751
/
—V. 148. P. 3064.
Years Ended Dec. 31—
x$721,350
$1,526,698
16,583
-
24,210
$737,933
$1,550,907
160,215
59,218
1,667
109,468
46,051
■2,201
y203,662
$1,138,778
575,438
$5.44
;
——-
—
23,098
$544,482
-
Income charges—
on
Balance
funded debt
.
Amortiz. of discount & expense on funded debt
Prov. for U. S. & Canada income taxes.;
Net income
Cash dividends paid
313,875
$2.60
-
Earns, per share on 209,250 shares common stock..
long-term
on
debt
Amort, of debt discount
^
Profit from operations
Other income credits
Gross Income
General expenses
and int .-bearing scrip.
Other interest-..------
(& Subs.)—Earnings-
*
.
$942,262
36,053
co—
Provision for taxes
Int.
Garlock Packing Co.
Interest
Income from affil.
Other income
woe
equip, notes
obligations
(to extent earned)—
After deducting cash discounts on sales which, prior to 1938, were in¬
cluded in income charges,
y Includes $6,723 surtax on undistributed profits
x
Consolidated Balance Sheet Dec. 31, 1938
and expense.-.:
'
— -
$704,132
299,919
Divs.
Dlvs.
on $5 prior pf. stk.
on $6, $7 and $8
preferred stock.—
For quarter
x
37,253
— —
Net income
x999,310
ended in March, 1933 (pai<l in 4% interest bearing scrip
due Dec. 30, 1942).
y Indicates loss.
Consolidated earnings for the calendar year 1938 appeared in
icle" of March 4, page 1323.
Balance Sheet Dec. 31
(Parent Company Only)
Assets•—
1938
Investments in two wholly-owned sub. (non-oper.)
companies (at company's valuation):
"
Common stocks:
Southeastern Electric & Gas Co
$13,430,190
.
Assets—Cash, $1,018,246; accounts receivable (net), $530,110; inventories
$1,391,602; cash surrender value of life insurance policies, $16,644; plant
property (at cost), net, $2,136,747; patents and trade-marks, $1; deferred
charges, $219,762; total, $5,313,111.
the "Chron¬
Southern Electric Utilities Co
1,000
1937
$13,430,190
1,000
Interest-bearing convertible obligations:
Southeastern Electric & Gas Co
19,000,000
47,400,000
27,500
20,000,000
47,000,000
Southern Electric Utilities Co
Investment in other affiliated company
36,000
Liabilities—Accounts payable, $98,811; United States and Canada income
taxes (est.), $109,468; 1st mtge. sinking fund
bonds due for redemp¬
tion June 15, 1939, $137,000; accrued accounts, $193,001; 1st mtge. sinking
Accts. receiv. from sub., (non-operating) cos—1,227,936
Other receivables
;
5,533
fund
Deposits for matured notes and note interest, &c-_
4)4% bonds, due June 15, 1945, $263,000; 10-year 4H% notes (con¬
vertible, at the option of the company, into a preferred stock, or callable
at 103 and accrued interest), $868,864; capital stock (authorized, 305,000
shares common stock of no par value, having a stated value of $1 per share),
$209,250; surplus, $3,433,717; total, $5,313,111.—V. 148, p. 1958.
Gatineau Power Co.
Period End. Mar. 31—
$2,269,643
24,336
revenue.....
Other income
Profit
loss
or
exch
on
Dr52
Total
$2,293,928
Oper., adm. &
221,011
42,675
gen. exps.
Maintenance
Taxes
.
$8,801,178
$8,606,115
142,737
Dr35,765
137,750
Drl,674
$2,175,302
219,755
/ 42,392
$8,908,150
924,051
219,189
216,754
taxes)..
Net income before int.
105,435
893,304
271,309
other obligations
Deprec. & amort, of stor¬
age works
1
571,885
366,607
$1,807,720
857,251
Balance before dlvs..Balance before divs.._
$7,193,025
,,
3,415,354
$7,210,972
3,432,884
-
;
-
Matured notes and note interest, &c
Accounts payable
Dividends accrued
on
$5 prior pref. stock
Taxes accrued
Interest accrued
Miscellaneous accruals.
Reserves and misceil. unadjusted credits
Capital surplus
Earned surplus
.
b$16,069,833 $16,069,501
1,090 823
—1,039,393
c260,019
173,215
21,971
27,623
12,496
12,496
155,771
169,960
1,155
15,000
11,400
154,417
156,593
63,645,490
63,724,554
—404,026
—
;
Total
$81,710,030 $81,505,710
Includes notes receivable,
b Represented by:
202,259
721,750
994,273
166,995
101,703
157,739
82,429
673.983
401,521
653,393
337,159
ized,
no par value (entitled to $100 per share in liquidation after pay¬
of $100 per share on $5 prior preferred):
$6 convertible, series A
335,814 shares; $6 convertible, series B, 283,990 shares; $7, 22,267 shares;
$8, 13,544 shares and common stocks: Class A, 5,000,000 shares author¬
ized, no par value, 4,911,319 shares; class B, 4,000,000 shares authorized,
par value 25 cents per share, 3,047,000 shares,
c Contra items.
$538,867
538,867
$508,051
508,051
$1,980,418
1,980,418
$1,793,262
1,941,070
Consolidated Balance Sheet Dec. 31
As adjusted to reflect the effect of amalgamation of the
company with
Canadian
Hydro-Electric Corp.,
V. 148, p. 2897.
Ltd., for
Gemmer Manufacturing Co.
Years Ended Dec. 31—
the
full
periods
profit from operations
1
Selling, adminis. & general expenses.
indicated.—
1938
..
Assets—
1937
1936
Miscellaneous investments
$59,565
103,533
$630,628
132,897
$456,070
135,832
.loss$43,968
17,831
$497,731
$320,237
46,126
Notes receivable from affiliated company
Sinking funds and other deposits with trustees, &c_
Deposits for matured bond interest, &c. (contra)
Cash (including working funds)
(net).
11,647,
•Notes recei vable.
Accounts
Total
income.
.loss 26,137
Div. received from wholly-owned sub.
044,317
Prov. for Fed. inc. & excess profs, tax:.
y350
Prov. for surtax on undist. profits..—
$569,378
Cr88,478
84,500
1,500
...
Net income
$511,856
69,196
_
$366,364
0100,000
59,000
2,000
333,596
$405,364
286,317
73,685
_
def$51,366
Earns, per share On combined class A
and B stock.
z
Federal income tax only,
x
$104,575
$0.68
$119,047
$3.95
$3.17
On 30,665 shares class A stock excluding 9,335
Balance Sheet Dec. 31,1938
Assets—Cash
in
banks and on hand,
$152,838; customers' accounts
reserve), $183,744; sundry accounts receivable, $1,219;
accrued interest and royalties receivable, $6,227; investments in
market¬
able securities (at cost)
(market value $102,110), $98,679; inventories,
$420,980; prepaid insurance, taxes and other charges, $40,207; balances due
from employees, $845; cash in closed banks
(less reserve of $13,571), $13 000'
investment in wholly-owned sub.
at cost), $23,149; value of insurance on
life of officer, $58,232; securities
At cost), $64,111; plant and equipment
(at cost), after depreciation, net, $1,315,866;
property not used in oper¬
ations, less reserve for depreciation of $189,044, $144,329; deferred charges
$19,475; patents, $1; total, $2,542,902.
Liabilities—Accounts payable, $116,984; accrued
liabilities, $25,812;
reserve
for
workmen's
compensation insurance,
$9,751; provision for
Federal taxes on income, $2,084; 5H% gold debenture
bonds, due Jan. 1,
194U, $46,000; Class A stock (stated value of $37.50 per share),
$1,500 000*
class B stock (stated value of $1), $100,000;
treasury stock, at stated value,
Ur$352,166; earned surplus, $905,179; capital surplus, $189,258; total,
$2,542,902.—V. 148, p. 1804.
"
receivable
(less
,
.
,
General Electric
has bought equipment
Products, Inc., of New York.
and
facilities
of
—
Total
•—
—
Laminated
ma¬
148, p. 3376.
181494
392,974
1,923,573
16,402
2,440,754
798,765
905,600
133,746
117,103
6,555,940
General Electric
Co., Ltd. (England)—Dividend—
The company declared a dividend of
10%
stock, both less
ago.—V. 147, p. 572.
common
year
tax.
The
and
same
a
cash bonus of 10% on
amount
was
distributed
a
General Motors Corp.—Stockholders Number
388,758—
16,069,833
■ 555,261
82,855,128
19,625,400
1,039,393
92,245,321
1,664,000
164,800
531,234
392,974
1,211,919
1,400,498
48,848
Taxes accrued
1,196,795/
Interest and miscellaneous accruals
1,504,424
Consumers' service and line deposits
1,469,528
Appliance accounts receivable sold (contra)
905,600
Retirement reserve.
16,169,820
Federal income tax reserve
•_
.278,798
Reserve for doubtful accounts receivable.
362,524
Reserve for unpaid cum. pref. divs. of subsidiaries
615,124
Miscellaneous reserve and unadjusted credits
617,620
Contribution for extension, non-refundable
321,724
T
Total
16,069,501
87,148",642
19,630,800
1,090,823
92,996.100
3,932,988
1,026,526
1,699,434
1,113,080
60,777
1.036,401
,
1,437,439
1,366,600
1,365,333
12,013,620
381,063
•
376,068
279,857
451,775
168,941
.241,246,567 243,645,772
New
shares of
York
common
Corp.—Listing—
Stock
Exchange has authorized the listing of 630,211
which are issued and outstanding.
stock ($1 par)
Consolidated Income Account 6 Months Ended April 30,1939 (Incl. Subs.)
Sales, less returns and allowances-Discount on sales
$7,540,113
103,931
5,905,181
Selling, general and administrative expenses and provisions for
doubtful accounts (includes $5,945 depreciation)
Net operating profit
Miscellaneous income
Total income
$488,141
13,420
^
State income tax (Georgia)
Federal income and excess profits tax
Federal surtax and undistributed earnings
Net income-..—V. 148, p. 2897.
...
1,054,355
$476,646
11,496
:
367,365 holders of common stock and the balance of 21,393
represents holders of preferred stock.
These figures compare with 367,280
common stockholders and
21,370 preferred for the first quarter of 1939.
—V. 148, p. 3687.
175,287
414,278
7,130,584
—Y. 148, p. 3687.
Miscellaneous charges
were
25,888
2,348,932
1,083,487
1,365,333
.—
The total number of General Motors common and
preferred stockholders
for the second quarter of 1939 was
388,758, compared with 388,650 for the
fust quarter of 1939 and with
403,282 for the second quarter of 1938.
There
47,460,979
172,852
56,023
2,500
61,237
1,026,526
•1,594,261
.241,246,567 243.645,772
Cost of goods sold (includes $35,311 depreciation)
the
$
«
Capital stock
L
Earned surplus
Capital surplus
Capital stock (preferred) of subs.
Long-term debt—General Gas & Elec. Corp
Subsidiary companies.
Convertible obligation of subsidiary company
Mat. unpresented int-.-bearing scrip & int. thereon
Notes and accounts payable to affiliated companies
Matured bond interest, &c. (contra)
Notes payable
Accounts payable.
Dividends declared or accrued on preferred stocks
The
General
General Electric will equip its Meriden,
Conn., plant for fabricating its
own textoiite products.
For the past six years General Laminated Products
has been the distributor and fabricator of G. E.'s
textoiite laminated
terials.—V.
Appliance accounts receivable sold (contra)--..-Prepayments
Miscellaneous unadjusted debits
General Shoe
Co.—Acquisition—
Company
.
Liabilities—
x After
charging depreciation of $119,052 in 1938, $115k379 in 1937 and
$101,489 in 1936 on buildings, machinery and equipment,
y Provision for
shares in treasury.
receivable.—
Materials and supplies
Unamortized debt discount and expense.
$17,830
.
Class A dividends paid
Class B dividends paid
■
180,727,602
55.744
—
Miscellaneous income
1937
$
Fixed capital
180,213,845
Inv. in Assoc. G. & E. Co., income securities to be
received
i_
;
47,329,575
Investments in other affiliated cos_.
181,352
'
—
-Earnings1938
Gross
Prior preferred, 100,000
shares authorized, $5, cumulative, no par value (entitled to $100 per share
in liquidation), 60,000 shares; cumulative preferred, 660,000 shares author¬
ment
153,358
Amort, of disct. & exp__
a
8,603
——$81,710,030 $81,505,710
Liabilities—
a
deprec'n & dividends $1,813,488
852,564
,
$8,742,191
,
Int.on bds. & prior liens.
Int. on debentures and
a
Total
(incl. provision for
income
"
" 1939—12 Mos.—1938
$2,152,183
24,548
Drl,429
3,224
c260,019
885
-
Capital stockLong-term debf
(& Subs.)—Earnings-
1939—3 Mos.—1938
Operating
Cash
al,375,172
8,486
78,329
'
;
—
14,115
2,500
$379,777
Volume
Financial
148
Chronicle
Georgia & Florida RR.—Earnings—
—Week End. June 14—
1939
1938
Operating
—V.
revenues
(est.)
$21,100
—Jan.
1938
$20,750
_
$449,689
$448,813
148, p. 3687.
Period End. May 31—
Preferred stock, 9,875 shares (par value $100)
Unpaid cumulative dividends to June 1,1939, 9,875
at $55.50 per share
1939—Month—1938
1939—12 Mos.—1938
$2,495,321
$2,243,296 $29,971,005 $28,658,603
1,253,319
1,200,887
15,068,777
14,929,900
270,000
230,000
2,967,500
2,760,000
Oper.exps. & taxes
Prov. for depreciation..
Gross income
Int. & other fixed chgs..
$972,003
538,449
...
$5,374,124
2,950,350
$16,507
$2,423,774
W.) Gossard Co.—Earnings—
Earnings
W
1939
$188,585
$0.86
per share on common
1937
$183,693
$0.84
1938
$145,511
$0.67
After depreciation and normal Federal income taxes but before surtax
undistributed profits.—V. 148, p. 3065.
x
on
Graham-Paige Motors Corp. (& Subs.)—Earnings—
Quar. End. Mar. 31—
'
1939
Net loss.
x
twx After
1938
$352,022
deprec?, int^Fe!.
Greif Bros.
-
1,535,563
1,520,000
not include trustees' certificates in the face amount
representing moneys borrowed for working capital during
$250,000
Proposed Plan of Reorganization
The plan provides for the formation of a new
corporation to take over
assets of the debtor.
The new corporation will issue initially two
classes of securities:
"
the
(a) "Capital income debentures" in the principal amount of $1,540,000.
(b) Common stock ($1 par) of which 250,000 shares will be authorized,
50,493 shares will be issued immediately.
Of the remaining 199,507
and
6 Months Ended May 31—
Net profit
x
.
548,063
the period of the
trusteeship.
$1,418,543
—V. 148, p. 3221.
.
„The foregoing does
$4,368,893
2,950,350
$187,691
pref. stock....
Balance
$262,370
245,862
$987,500
Common stock, 19,000 shares (par value $80)
of
$812,409 $11,934,728 .1HO,968,703
6,599,811
550,039
6,560,604
$433,554
245,862
Net income
(H.
$1,674,000
„
Grossrevenue
on
Capitalization
The debtor now has outstanding the
following securities:
First mortgage 4H % bonds—face amount
$1,540,000
Accrued interest Dec. 1,1937 to June 30,1939
134,000
1 to June 14
1939
Georgia Power Co.—Earnings—
Divs.
3847
Present
income taxe3, &c.—V. 148, p.
-
1936
1937
$449,982 prof$10,891
$186,240
2270.~i
«ai
Cooperage Corp.—Class A Dividend—
shares authorized, 154,000 shares will be reserved for
possible conversion
of the capital income debentures.
There is no purpose stated for the
additional 45,507 shares authorized.
The capital income debentures will have
no lien against the assets of the
corporation and will rank junior to the claims of all creditors, present
new
and future.
They will mature Dec. 31, 1954, and will bear contingent but
payable only from net earnings, at 1% for the six
31, 1939, 2>£%, 3% and 4% for the years 1940, 1941
respectively, and 5% for the year 1943 and each year thereafter;
provided, however, that in the years prior to 1943, interest paid will be at
the stated rate or 50% of net
earnings, whichever is higher, but in no event
will be more than 5%.
Interest cumulated and unpaid at maturity of the
debentures becomes due and payable at that date.
The debentures are
redeemable at face amount in whole or in part if all cumulative interest
luirements have been met.
cumulative interest,
months ending Dec.
and
1942,
The directors
$3.20
cum.
on June 7 declared a dividend of
80 cents per share on the
class A common stock, no par value,
payable July 1 to holders
of record June 17.
Like amount
paid
April 1 and Dec. 29 last, and
1, 1938;
April 1,
1937; $2.80 paid on Dec. 22,1936; dividends of 50 cents were paid on Oct. 1,
July 1 and April 1, 1936, and dividends of 25 cents paid in each of the eight
preceding quarters and on Dec. 20, 1933.—V. 148, p. 3688.
was
on
compares compares with 40 cents paid on Oct. 1, July 1 and April
80 cents paid on Dec. 21, Oct. 1 and July 1,
1937; $1.30 paid on
and 5H % preference stock.
The appli¬
cation, which has been approved by the exchange, covers 2,918,513shares,
of common stock, no par value, and
327,253 shares of 5M preference stock,
$10 par value.—V. 148, p. 3065.
«
.
accumulations
holders
of record
—V. 148, p.
the
on
6%
June 24.
a
are
.
■
(a) Holders of present first mortgage bonds will receive for each $500
principal amount (1) $500 principal amount of capital income debentures,
and (2) 3 shares of new common stock.
(b) Holders of present preferred stock will receive for each such share
3% shares of new common stock.
(c) Holders of present common stock will receive for each such share
2-9 of
Group Corp.—Accumulated Dividend—
Directors have declared
debentures
•
application with the San Francisco Stock
an
common
outstanding is
a varying minority of the board thereafter while any
outstanding.
\
y
The securities of the new corporation to be issued under the
plan will
be distributed to the present bondholders and stockholders on the
following
$700,000 and
over
basis:
Greyhound Corp.—Listing—
The corporation has filed
Exchange for listing of the
redemption price.
stock at any time in the ratio of 1 share of stock for each $10 face amount
of debentures.
Holders of the issue, as a class, elect a varying majority of
the board of directors, so long as the amount of the issue
dividend of 75 cents per share on account of
cumulative preferred stock,
payable July 1 to
Similar payment was made on April 1, last.
1807.
a
The
share of
plan
new common
provides
that
stock.
all
•
trade
creditors,
both those
claims
whose
accrued prior to the commencement of the reorganization
proceeding and
those whose claims accrued afterwards, are to be paid in cash in full but
without interest.
The same is true of the items listed as accrued expenses.
It is expected that the available cash will be sufficient for that
purpose as
Griess-Pfieger Tanning Co.— SEC Reports
The Securities and
June 10
as
on
Exchange Commission in
on
Reorg. Plan
advisory report released
the proposed plan of reorganization for the
company concludes
an
follows:
The proposed plan is, in our opinion, unfair to the first
mortgage bond¬
holders who are required to accept burdensome sacrifices without
adequate
compensation.
The beneficiaries of this treatment are the preferred stock¬
holders who receive almost three-quarters of. the new common stock al¬
though their equity in the property justifies only minor recognition, and
the common stockholders who receive 8.4% of the new common stock
although they should be eliminated entirely.
The feasibility of the plan is not open to serious
question; but it should
be noted that the very elements of the plan which
accomplish feasibility
emphasize the unfair treatment accorded the bondholders.
Finally, we are of the opinion that the capital income debentures, apart
from their inadequacy as a substitute for the first
mortgage bonds, are an
unsound and deceptive type of security which should riot be
permitted to
be issued.
We are not convinced of the necessity for the issuance of this
hybrid-type of security, and believe that the first mortgage bondholders
should be afforded the opportunity of passing upon a plan
providing for a
more
appropriate capital structure with a n
more
equitable allocation of
securities to them.
The proposed plan of reorganization for the
company was filed on April 25,
1939, aDd, as amended on May 29, 1939, was referred to the Commission
Chapter X of the Bank¬
ruptcy Act, as amended.
'
Company was incorporated in Ohio in 1907 to engage in the tanning busi¬
ness.
It enjoyed a substantial measure of success and by 1928 it had
well
"Waukegan,
111.,
and
Peabody,
Mass.,
and
an
insole factory in
Natick,
Mass.
as
Its products were sold in many of the important
European markets
well as in the United States.
In May, 1928, the only security issued was common stock, of which
49,000 shares (par $80) were outstanding.
Of this amount 30,000 shares
were held by United States Leather Co. and the balance was owned
by
a relatively small
group consisting for the most part of the original organizers
and their families.
Fairness
of Proposed Plan
May 15, 1928, the book value of the fixed properties was written
$3,085,605, thereby increasing the plant account from $2,358,018 to
$5,443,623, and the total assets from $9,510,351 to $12,595,956.
The
at which these assets were carried on the books were increased
without any new assets being added.
Thereupon the company, in June,
1928, sold to the public an issue of 5 H % first mortgage bonds in the amount
of $2,5OO,O0O, and an issue of 6% cumulative preferred stock of a
par value
of $1,000,000.
Almost the entire proceeds of these issues, amounting to
amounts
$3,300,000,
were
used
to
purchase
the
30,000
shares
of
stock owned by United States Leather Co.
As a result of the
substitution of bonds and preferred stock for 60% of the common stock, the
former minority group became the owners of all the common stock then
common
depend upon whether the value of then enterprise shows the
existence of an equity for that class.
Where there is no equity for a particu¬
lar class, holders of securities of that class should not be accorded partici¬
pation unless they n ake a fresh contribution to the enterprise in money
or money's worth.
The starting point, therefore, in considering the fairness
of the plan is the estimated value of the enterprise, namely, $1,675,000.Plan
As
of
March
Unfair in Recognizing Common Stockholders
29,
/ the
>
being $795,000 per annum.
In the subsequent five-year period to Dec. 31,
1937, the company reported losses averaging $58,000 per annum, although
profits were shown for the years 1933, 1934 and 1935.
The losses incurred
during this 10-year period stand in contrast to the average profits of $380,000
for the years 1924 to 1927 which were set forth in the offering sheet used
in the sale of the bonds and preferred stock.
During this period of uriprofitable operations the company's working capital, which had amounted
to over $5,000,000 on Dec. 31, 1927, was reduced to approximately $575,000
at the end of 1937, and in order to continue operations it was necessary to
as
holders.
,
the preferred stockholders.
The preferred stockholders, therefore, should
Yet the plan gives the
preferred stockholders initially over 73% of the common stock of the
new company, while requiring bondholders to accept numerous burdensome'
sacrifices,
* >-.•■'
Considerable stress
-*
-
-
•
>
.
has been laid upon the advantages to the present
bondholders of a new security with a fixed maturity.
It has been claimed
that the substantial difference between the proposed debentures and a
preferred stock lies in the fact that the former will be entitled to repay¬
ment of the principal 15 years hence.
The experience in this very case
that claim to be illusory.
If 15 years hence this company should be
prosperous, a sound and properly safeguarded preferred stock should com¬
mand approximately its par value in the market and any holder desiring
to liquidate his investment would thereby be enabled to do so.
If, on
the other hand, the company should not be prosperous as it has not been
in the last decade, the maturity of the bonds will not mean that the bond¬
holders will receive their money.
Instead, they will be offered as they
are being offered here, some form of new security which will have a maturity
still further extended and which will command a market value far less than
proves
its face amount.—V. 130, p. 4251.
Group Securities, Inc.—rDividends—
The board of directors has declared
1939.
ter of
were
Since Mr.
Kiernan
was
representatives of certain
a proposed plan of reorgani¬
Vice-President of the
com¬
he was legally disqualified from filing his proposal plan with the court.
Accordingly on April 20, 1939, the court appointed John H. Finn, who
had no past connection with the company, as an additional trustee for the
purpose of preparing and submitting a plan of reorganization.
On April 25,
1939, Mr. Finn filed a plan which is substantiallyTdentical with the plan
prepared by Mr. Kiernan.
Hearings on this plan were held on May 15,
1939 and May 29, 1939.
The plan, as amended in several minor respects
at the latter hearing, is the subject of this report.
certain classes of
by virtue of profits realized
on
sales of securities.
The declaration of extra dividends, it is stated, should not be taken as an
indication that such action will necessarily take place in the future.
The
classes of shares of Group Securities, Inc., with the regular and extra divi¬
dends declared on each
are
as
Shares and Class—
follows:
Regxilar
,___$0.02
.04
Aviation
Chemical....
Extra
$0.03
.01
......
.01
.09
01
.025
..
Building
.00
.055
Total
$0.05
.05
.10
.01
.08
Distillery and brewery.
.03
.00
.03
Electrical equipment
Food
.035
.015
.045
.035
.00
.05
.045
.00
.035
.00
Investing company
.03
.00
Merchandising..
.04
.03
.00
.05
.05
.03
Fully administered
Industrial machinery
Mining
Petroleum
later, after discuss'ons with
of the security holders, Mr. Kiernan formulated
year
on
In announcing the dividend declaration, which is for the second quar¬
1939, the board called attehtion to the fact that the extra dividends
made possible only
Agricultural..:
properties.
regular dividends
stock of the company, and "in addition, has dcelared certain extra dividends.
Dividends are payable June 30, 1939 to stockholders of record June 16,
Automobile
closed in 1931 and sold in 1937.
The patent leather
business dwindled steadily and was finally abandoned.
Both the insole
factory at Natick and the Peabody tannery incurred continued losses and
were
withdrawn from production in 1933 and 1934, respectively.
The
foreign business which had become unprofitable was in process of liquidation.
Operations were confined to the Waukegan tannery and, with the abandon¬
ment of several lines of products, output was concentrated in upper leathers
used in the manufacture of low-priced shoes.
On April 11, 1938, following a temporary shut-down, the company and its
two wholly-owned subsidiaries filed
petitions for reorganization under
8ection 77-B of the Bankruptcy Act.
On May 11, 1938, the court ap¬
pointed B. F. Kiernan, Vice-President of the debtor, as sole trustee of its
was
'
receive at best only ir inor recognition in the plan.
Chicago tannery
n
pany,
'
ains the quest ion of the fairness of the allocation of securi¬
the first mortgage bondholders and the preferred stock¬
It is evident that there is little, if any equity in the property for
rem
between
fledge accounts receivable found it necessary to curtail operations. funds,
addition, the company and inventories to obtain the necessary
The
zation for the debtor.
.
sum
Plan Unfair to First Mortgage Bondholders
There still
ties
>v
V
In the five year period from 1928 through 1932, which immediately fol¬
lowed the public financing, losses were sustained in each year, the average
a
-
1939,
there was due to the bondholders, including
of $1,653,000.
Deducting this amount from the
aggregate value of $1,675,000 leaves only $22,000 as the equity for all
stockholders.
Since the par value of the preferred stock and accrued divi¬
dends thereon exceed $1,500,000. there is plainly no equity whatsoever for
the holders of common stock."
Accordingly, granting them any participa¬
tion without requiring corresponding payment by them would be a diversion
of properties and values belonging to security holders with prior claims.
The proposed plan is therefore unfair insofar as it undertakes to give to
the present common stockholders 8.4% of the new common stock.
accrued interest
outstanding and Obtained full control.
Almost
,
The right of a class of security holders to participate in a plan of reorgani¬
zation should
,
As of
up by
approximately
for allowances which may
be made to the trustees and their counsel
reorganization.
It is likewise contemplated that the
trustees' certificates will be paid, off, but through a line of bank credit
which it is expected will be available to the new company.
for examination and report under the provisions of
expanded its activities to include the operation of tanneries in Chicago and
as
and for other costs of
_
...
Railroad
.035
.03
.00
.00
.01
.015
.00
.00
Railroad equipment
.01
Steel
.00
.00
.03
.05
.05
.00
.00
Tobacco
-----
Utilities.---—
148, P. 1808.
.00
.01
.03
.05
.05
—V.
Guilford Realty Co.—Accumulated Dividend—
""
The directors have declared
of accumulations on the
of record
June 20.
a dividend of 75 cents per share on account
6% cum. pref. stock, payable June 30 to holders
was paid on March 31
last, Dec. 29,
Like amount
Financial
3848
Sept. 30, June 30 and March 31
1478.
Underwriters—
refunding bonds, series D 334%. due May 1,
follows!
1969
Stone
and
Webster
&
Inc., $1,350,000; First Boston Corp.,
Blodget,
$3,000,000; Harriman, Ripley & Co., Inc., $2,500,000; BIyth & Co., Inc.,
Kidder, Peabody & Co., $1,350,000 each; Bonbright & Co., Inc., Halsey,
Stuart & Co., Inc., Lehman Bros., Mellon Securities Corp., Schroder,
Rockefeller & Co., Inc.,'. and Smith, Barney & Co., $1,000,000 each;
Coffin & Burr, Inc., Glore, Forgan & Co., Goldman, Sachs & Co., Harris,
Hall & Co., Inc., Hayden, Stone P Co., W. C. Langley & Co., Lazard
Freres & Co. and Union Securities Corp., $700,000 each; Bosworth, Chanute, Loughridge
Holly Sugar Corp.—Stockholders
Defeat Proposed Changes
held June 21 voted against a
1938, and on Sept. 30, 1937.—V. 148, p.
The company, in an amendment filed with the Securities and Exchange
Commission, states that 33 underwriters will participate in its $27,300,000
►
& Co., H. M. Byllesby &
Co., Inc., White, Weld & Co.,
$600,000 each; Blair & Co., Inc., Central Republic Co., Estabrook & Co.,
Ritter & Co., Spencer Trask & Co., $500,000 each; Paine, Webber & Co.,
$450,000; A. G. Becker & Co., Inc., Graham, Parsons & Co., Tucker,
Anthony & Co., $300,000 each; Fahnestock & Co. and G. M.-P. Murphy
& Co., $250,000 each.
► Public offering price of the bonds will be filed by later amendment.—
V. 148, p. 3688.
Hamburg Elevated Underground & Street Railways
Co.—Offer to Bondholders Renewed—
"
change in the certificate of incorporation and in the by-laws which would
have allowed for a change in the number of directors and staggered their
terms of office.
Vote against the proposal represented 260,000 shares,
while 100,000 shares voted in favor of the change.
Wiley Blair Jr., President, read a staten ent at the beginning of the
meeting in which he said that although he was personally in favor of the
Eroposed changes and believed they were "for the proposal had appartently
the best interest of all stock-
olders," he was voting against them because
caused "dissension among the stockholders."
proposal would have changed the statement respecting directors to
than three nor more than 15.
The directors would have
whose terms of office would have expired
at different tim es.
The change in by-laws would have provided for a change
in the term of office of directors and carried out the provisions in the
certificate of incorporation.
M. E. Shoupe of Colorado Springs, executor of the Leslie G. Carlton
estate, a trust having substantial Holly stock holdings, was elected a director
to replace M. L. Lawson, who had wired Mr. Blair at the meeting asking
that his name be withdrawn from the slate for re-election.
Other retiring
directors were re-elected.—V. 148, p. 3534.
The
allow for not less
been divided into three groups,
_
Roman
Catholic
Congregation
of
Ohio—Bonds Offered—Dempsey-Tegeler & Co.,
are offering $150,000 first mortgage 4% bonds.
Family
Holy
Dayton,
St. Louis
•
.
M-N, at Mutual Bank & Trust Co., St. Louis,
A plan for
Co.—Plan Filed—
reorganization of the company was presented in Federal Court
the directors have recom¬
St. Louis June 16 and the Court was advised that
mended liquidation of the concern.
James K. Vardaman and John W. Lake, trustees,
recommendation calling for liquidation.
S. D. Nichols, shoe manufacturer and
previously had filed
small stockholder, testified that his
reorganization plan involved an increase of stock from the present
shares to about 1,500,000.
200,000
Lyon Anderson, attorney for the company, filed with the Court a motion
passed at a board meeting June 12 giving four reasons why directors berm
fieved the firm should be liquidated. They were:
(1,) Apparent lack of interest of stockholders in reorganizing or liquidat¬
ing tne company, as shown by the fact that only 234% replied to letters
seeking their views on the question.
(2.) Operating difficulties because of undeterminable contingent lia¬
bilities.
•
Archbishop of the Archdiocese
of Cincinnati,
"
Belief of the board that there is no prospect for reorganization
that an immediate liquidation ydll help curtail expenses.
and
at
ness
a
reduced rate of interest.
Home Title
Guaranty Co.—Officials Promoted*—
Henry J.. Davenport, President of the company, announced on June 20
meeting of the company Reynold Cotter and Theodore
W. Nass were advanced from Assistant Secretaries to Assistant Vice-Presi¬
dents.—V. 142, p. 1470.
that at the board
Hotels Statler Co.,
Houston Electric
Co.—Earnings-
'
,
Judge George H. Moore at St. Louis has declared the
company a bankrupt.
He ordered the two present trustees to remain in
office until a trustee is named under Section 44 of the 1938 Bankruptcy Act.
—V. 148, p. 3688.
District
$258,224
123,535
36,228
27,578
29,513
$3,137,241
1,512,686
477,644
340,310
365,103
409,129
327,663
344,373
$43,927
14,496
2,101
:
Taxes
$41,369
15,204
1,747
$441,498
176,510
23,109
$409,814
189,020
25,717
Net oper. revenues—
Interest
bonds
on
Other interest. &c
the common
1 to holders of record June 15.
Dividend of 12 cents
was paid on Dec. 28, last; one of 10 cents was paid on July 1, 1938, and one
of 15 cents per share was paid on Dec. 27, 1937.—V. 147, p. 4056.
share
$2,162,307
1,494,092
71,952
■_
225,070
207,629
Operating income.
Non-operating income..
$364,861
4,224
$388,633
5,913
$395,661
6,950
$369,085
$394,546
$402,611
Retirement
__
expenses
Taxes
-V. 148, p.
$2,057,159
1,399,898
69,642
186,767
long-term debt..
Miscellaneous interest..
.
on
P.
a
$400,852
11,407
;
dividend of 25 cents per share on the common
4117.
v
Indiana General Service
Operation
Co.—Earnings-
_
a._
„
"2,538
2,286
2,141
$412,259
10,420*
2,250
$366,943
Net income
Dividends paiji
$392,260
$400,073
$399,302
360,000
-
397,500
435,000
360,000
$6,943
Balance, surplus..
$2,573
$32,260
def$35,698
Condensed Balance Sheet Dec. 31, 1938
1 $1,015,985
,Total income
Int.
on
funded debt
Divs.
on
Divs.
on common
a
Directors at their recent meeting decided not to take any action with
regard to payment of a dividend at this time on the $4 cumulative prior
Sreference stock. Regular quarterly dividend of $1 per share was paid on
last.—V. 147, p. 1194.
larch 15,
Haverhill Gas
Light Co.—Earnings$43,521
27,721
1,928
$43,956
27,891
2,035
7,128
6,836
$7,195
$75,688
6
Net oper. revenues
70
Balance
Retirement
$6,744
2,917
$7,201
2,917
$75,758
35,000
$82,065
35,000
$3,827
$4,285
103
$40,758
1,176
$47,065
46
Gross income
charges
2,164
income
Dividends declared.
—V.
148,
p.
$3,781
$4,181
$39,582
39,312
$44,901
44,226
3222.
238,266
277,500
for
31
Working funds.
Accts. receivable..
Mat'ls & suppliesAccts. recplv.
current)..
Unamortized
$
3,745,900
6,500,000
Advs. from parent
9
1,350,000
company
Accts. pay.
107,366
(gen.).
301,904
17,355
Accts.
624,729
Customers'
297,167
17,535
564,696
254,169
._
$
Funded debt—..
12
9
1937
1938
Liabilities—
%
......
1,465,361
Interest accrued.
211,642
132,420
117,454
163,955
138,617
_
Other accr. accts.
17,854
2,948
342,336
569,519
174,011
Reserves
628,796
163,400
629,366
depos.
Taxes accrued
(not
.
(affil.
pay.
cos.)....
687,692
48,011
4,416
6,002
Contributions in
debt
,
_
6,774
507
3,142,557
3,188.714
Unadjust'. credits.
stock
3,000,000
stock
($100 par)
Surplus..
19,324,186 17,916,030
17,046
3,971,100
3,000,000
1,522,009
.
($100
par)
Common
A 18,986
3,971,100
aid of construe.
Pref.
Total
1,395,179
19,324,186 17,916,030
-V. 148, p. 281.
Indiana & Michigan Electric
Calendar Years—
Operating
Net
-
Miscell. invest
Total.
reserve accr.
238,266
435,000
10,650
b Amounts restated
profits,
1937
%
...16,092,708 15,859,852
Contract construe.
9,244
81
Non-oper. income (net).
$567,799
undistributed
on
$81,984
Taxes.
$687,021
$866,209
238,266
630,000
1938
Assets-
$570,513
370,677
30,278
87,573
$552,484
360,171
29,508
87,117
$792,613
195,395
18,769
17,657
41,352
Fixed capital..
disc't. & expense
$6,744
Operation
Maintenance
$910,350
192,815
18,522
11,992
190,055
Balance Sheet Dec
Other def. debits__
Operating revenues
Interest
•
.
$1,115,274
comparative purposes.
Cash
Preferred Dividend—*
$771,896
20,717
$726,831
238,266
315,000
stock.
surtax
Sinking fund
Hartman Tobacco Co.—No
21,614
18,971
77,299
pref. stock
Includes
$888,735
192,884
Amort .of dt.disc.& exp.
Other deductions
Netincome.....
Assets—Fixed capital, $7,715,218; cash, $103,360; notes and account8
receivable, $732,276; marketable securities, $78,416; materials and supplies.
$151,133; miscellaneous current assets, $9,041; suspense accounts, $8,9991
total, $8,798,444.
*
Liabilities—Common stock ($25 par), $3,750,000; non-callable preferred
stock ($25 par), $750,000; premium on capital stock, $3,656; accounts
payable, $109,004; consumers' deposits, $41,071; retirement reserves,
$1,128,850; casualty and insurance reserve, $76,666; miscellaneous reserves,
$23,971; accrued taxes and interest, $164,719; deposits on extensions,
$12,625; miscellaneous unadjusted credits, $661; surplus, $2,737,221;
total, $8,798,444.—V. 146, p. 3955.
'
$3,467,994
1,773,816
84,769
407,683
429,828
Dr817
$1,034,506
Drl8,521
$3,982,767
2,035,963
114,421
413,954
a529,693
$1,116,091
186,595
—466 908
527,924
287
...
1935
$4,552,524
2,213,171
177,672
450,415
a595,l74
$4,298,861
2,082,928
Depreciation
Taxes
bl936
1937
1938
Operating revenue
Amort, of debt discount
and expense
7,294
$187,784
stock, payable Sept. 30 to holders of record Sept. 22.
Last previous pay¬
ment was the 50 cents dividend distributed on Dec. 21, 1937.—V. 146,
Maintenance
Gross income.
Int.
6,032
$235,847
.
$23,871■'
3066.
Calendar Years—
...
547
476
$26,853
Net income
Directors have declared
1935
1936
$2,082,506
1,427,729
68,274
190,842.
$2,193,497
1,528,999
74,567
____
&
Huttig Sash & Door Co.—Dividend Resumed—
1937
1938
Calendar Years—
disc.
expense
on
Hartford Gas Co.—EarningsOperating revenues.
Operating expenses
of debt
Amort,
Harrisburg Railways Co.—To Pay 10-Cent Dividend—
Directors have declared a dividend of 10 cents per
stock payable July
$2,945,134
1,454,154
$276,285
131,429
40,768
26,812
33,348
-
accruals
Retirement
1939—12 Mos.—1938
1939—Month—1938
Period End. May 31—
Operating revenues
Operation,
Bankrupt—
7% cumu¬
thus clearing up all accumulations on these
of record June 16,
issues.—V. 147, p. 4056.
holders
Maintenance
Federal
Inc.—Accumulated Dividend—
Directors have declared a dividend of $3.50 per share on the
lative preferred stock, par $100, and a dividend of 75 cents per share on
the 6% cumulative preferred stock, par $25, both payable June 30 to
.
(4.)
as trustee for Holy Family
Dayton, O., and are further secured by a
mortgage deed of trust on the property with a valuation of $375,000.
Proceeds of the issue will be used to refund present outstanding indebted¬
Inability of the board to secure money from stockholders or banks
(3.)
for reorganization purposes.
Mo.
$500 and $1,000 denom.
Bonds may be prepaid on any semi-annual int.
payment date on 30 days' notice at par and int.
These bonds are the obligation of The Most Rev. John T. McNicholas,
Roman Catholic Congregation of
Shoe
Interest payable
Bonds in coupon form,
Principal payable May 1, 1951.
1, 1939.
Dated May
Company has renewed its offer of three alternative proposals in relation
maturity of its 534% bonds which became due June 1, 1938.
The
offer, applicable to bondholders resident outside of Germany, remains open
until Oct. 6, 1939.
Copies of the company's communication to bondhold¬
ers are obtainable from Brown Brothers Harriman & Co.—V. 148, p. 1808.
to the
Hamilton-Brown
1939
Stockholders at company's annual meeting
♦
Gulf States Utilities Co.—Names
issue of first mortgage &
June 24,
Chronicle
revenue,
Co.—Earnings—
1938
$8,223,228
3,217,135
electric
1937
$8,793,351
al936
$7,914,122
2,915,230
839,458
3,440,565
399,402
1,085,095
921,243
$2,639,456
8,877
Operation
$2,947,044
29,833
$2,735,717
$2,648,334
1,274,150
91,112
49,023
$2,976,877
1,274,150
$2,799,140
1,274,150
91,112
48,641
91,112
33,223
Maintenance.
403,183
Depreciation..
1,123,994
b Taxes
276,961
1,104,283
881,931
Hayes Body Corp.—Stock Taken Up—
Although its underwriting contract with the corporation did not compel
It to take delivery of 70,000 shares of the total offering of 120,000 shares
($2 par) stock until July 31, A. W. Porter, Inc., has taken up the entire
block and has paid Hayes Body a total of $300,000 or
$2.50 a share.—V.
148, p. 3689.
Operating income
Otherincome.net
Total income
Interest
on
funded debt
Amort. of debt discount & expense
(Walter E.) Heller & Co. —Extra Dividend—
The directors have declared
addition
common
extra dividend of five cents per share
in
the
the regular quarterly dividend of 10 cents
per share on
stock, both payable June 30 to holders of record June 20.
Pre¬
to
vious extra distributions
on
an
Other deductions
Sept. 30, 1938, and
cents on June
were as
on
follows;
Dec. 27,
20 cents
on
1937; five cents
30, 1937 and five cents
63,423
on
Dec. 27, last; 15 cents
Sept. 30, 1937, 10
Dec. 28 and Sept. 30, 1936.—V.
on
$1,234,049
$1,562,974
$1,400,654
7% preferred stock dividends
6% preferred stock dividends
277,095
214,308
277,095
Common stock dividends
590,613
957.946
277,095
214,308
929,135
Net income
a
Amounts
restated
undistributed profits.
for
comparative
purposes,
214,308
b Includes
surtax
on
Volume
Financial
14C
Federal Retirement Act.
y The provision of $186,204 made in 1936 under
the Federal Retirement Act of 1935 has been credited to income of 1937 as
a result of the repeal of that Act in 1937.
Balance Sheet Dec. 31
1938
..48 600,139 47,483,805
248,059
207,651
7
448,895
36,423
Accts.
134,526
Oth.
Reserves
15,371
8,812
Unamortized
1 ,503,835
1,594,947
238,556
debt
discount & exp.
Unadjusted
274,321
debits
22,969
6,885
4,186
above
Funded
Loans & bills pay.
3,958,500
of co.
3,571,800
9,560,775
3,493,639
3 ,651,737
Depos.
in
lieu
Misc.
and
Represented by 720,260 no par shares.—-V. 148, p.
Court dismissed company's suit to set aside
A special Federal Statutory
1938, order of the Interstate Commerce Commission which
denied the road's application for a 10-cent fare on its Jersey City-downtown
New York line, and limited the fare to eight cents. The Court held that the
proper venue for the filing of the suit is the New Jersey Federal District
Court.—V. 148, P. 3223.
July
11,
Indianapolis Power & Light Co. (& Subs.)—Earnings
Consolidated Earnings for the Year Ended
Operating
Operating
Dec. 31, 1938
227,244
accr.
liabils.
49,734
36,791
8,670,000
7,650,000
Deferred liabilities
589
277,926
7,690
433,965
7,690
721,579
111,001
120,015
Special deposits
Traffic &
.
48
48
133,259
accrued
126,096
125,538
615,737
tors'
rec.
549,646
Mat'ls & supplies.
1,414,325
1,876,918
9,102
8,497
5,783
13,450
curr. assets.
Work, fund advs..
Rents & ins. paid.
175,110
Provision for depreciation
Federal tax on income of subsidiaries..
through
Other def. assets._
1.471,718
Total
2,440
-V.
61
;
i
•_
ally invested...
25,000
Profit & loss def..20,584,326
$3,835,324
Gross income
542,500
bonds and serial notes
on
1st mortgage
Interest
on
refunded bonds
a
Amortization of discount
Interest
Taxes
1,146,150
137,324
17,413
29,721
20,251
....
consumers' deposits, &c
bonds and bond interest
on
on
Donations
-
1...
Net income
...
$1,941,965
752,550
133,884
?
6}4% cumulative preferred dividends
6% cumulative preferred dividends
581,382
Common stock dividends
a
10,173
Insuranshares.
According to Kaufman & Weitzner, attorneys for the Trust, the corpora¬
York Supreme Court, in the
Blair, the statement said.
Philadelphia National Bank, Philadelphia
Trust Co., Land Title Bank & Trust Co., Thomas W. Morris, S. Leo
Solomont, Thomas F. Stanton and Arthur G. Logan are remaining de¬
fendants in the several actions.—V. 147, p. 269; V. 148. p. 281.
M.
$73,570,178
117,746
670,329
Cash..
200,000
1,134,351
U. S. 3%% treasury bonds..
Accounts receivable (net)—
462,572
281
635,679
Unbilled utility revenue
Interest
accrued
Inventories
249,654
5,207,534
Special deposits (contra)
Expenses in process of amort.
66,371
331,562
1,922,930
Accruals
Serial notes
100,000
.
Pref. stock divs. and normal
deposit (contra)
tax funds on
Deferred credits
1,082,414
stocks
456,027
payable
Payrolls payable
Consumers' deposits..
9,715
25,661
Balance in closed bank......
MIscell. deferred debits
Disc, on preferred
37,400,000
Funded debt
60,185
Prepaid insurance, &c.
"
'
a6J4% cumul. pref. stock___$ll,577,700
a 6%
cumul. pref. stock
2,231,400
b Common stock
7,812,694
Accounts
Constr. in aid of construction
surplus....
Earned surplus
249,654
59,077
12,784,388
267,406
....
Reserves..
Capital
..."
5,287,030
2,880,061
$83,426,300
a
$83,426,300
TotaF..
b Represented by 645,980 no par shares.—V. 148, p. 3224.
$100 par.
Industrial Securities Corp .—Accumulated
Dividend—
dividend of 10 cents per share on account of
cumulative preferred stock, par $25, payable
Directors have declared a
accumulations
on
the 6%
July 1 to holders of record June 20.
Like amount was
and on Jan. 3, last.
See also Y. 147, p. 4057.—V. 148, p.
International-Great
Consolidated Income Account for
Calendar Years
' 1938
1937
$9,553,201 $10,506,265
1,945,707
1,123,440
415,096
427,720
211,123
268,499
401,214
■
454,072
252,822
263,048
(net)...
22,046
28,913
Passenger,
Mail
Express
Miscellaneous
Incidental
Joint facil. rev.
1962.
50 cents per share on account of
convertible preferred stock, payable Aug. 1 to
15.—V. 138. p. 1055.
Match
Corpi—Awarded
$914,057
Tax
Refund—
a tax refund of $914,057 to
of income tax and interest for
the Bureau abated $1,037,218
representing its claim for unpaid taxes and interest for 1931.
The Bureau stated that $904,782 of the over-assessment found for 1931
is caused by the allowance of additional deductions for losses sustained dur¬
ing the taxable year.
A further amount of $874,226 in the total overassessment of $1,951,275 represents elimination of certain amounts in¬
cluded in the gross income reported in the corporation's original returns.
After investigation, the Bureau said, it was determined that such income
The Bureau of Internal Revenue has
granted
the corporation covering over-assessments
the years 1929 and 1930.
In addition,
was
overstated.
As
a
result of these adjustments,
trustee in
the Bureau said that Irving Trust Co.,
has agreed to dismissal
Court for Southern District of New
District of Delaware for recovery of
of the aggregate of the over-assessments
bankruptcy for International Match,
of its suits pending in U. 8. District
York and the U.S. District Court for
income taxes and interest in excess
just announced.—V. 148, p. 2899.
'
International
&
Telephone
Telegraph
Corp.
(& Subs.)—Earnings—
3 Months Ended March 31
based
and is subject to year-end adjust¬
year.]
3 Months Ended March 31—
1939
1938
Sales by manufacturing and sales subsidiaries
$20,314,221 $21,013,190
of Consolidated Income Accounts for
Does not include any income or
losses of Spanish subsidiaries, is
estimates in important respects,
ments and independent audit at close of
upon
-
1936
1935
$9,960,992
925,269
$9,579,909
747,070
414,087
393,538
230,059
228,403
414,578
172,576
370,866
194,886
23,587
19,654
-
$3
the
International
Statement
RR .—Annual Report—
Northern
Operating Revenue—
Freight..
paid on April 1
on
holders of record July
as
Total..
Corp.—Preferred Dividend—•
International Investing
accumulations
Liabilities—
"
ASS€tS"~~~m
in the Delaware Chancery
Court, against defendants other than Paine, Webber & Co.
The suit in New York will proceed against Fahnestock & Co. and Harry
Directors have declared a dividend of
Consolidated Balance Sheet Dec. 31, 1938
Security and real estate invest
Del.—Suit Ended—
been effected in the suits brought by the corporation
an
tion will continue the suits pending in the New
Boston and Philadelphia Federal Courts and
standing and on refunded bonds.
Fixed assets .....A.
61,928,583 62,472,524
Total
accounting and damages against Paine, Webber & Co., brokers.
The
suits against Paine, Webber & (Jo. were discontinued upon the payment of
$200,000, it was announced June 20 by Joseph L. Pyle, President of the
duplicate interest, and expense, on bonds and notes out¬
Premium,
25,000
16,984,073
3378.
An adjustment has
for
Interest
268,278
33,459
237,726
Insuranshares Corp. of
$3,835,262
Operating income
Other income
P.
268,812 *
sur¬
plus not specific¬
61,928,583 62,472,524
.....
148,
Income
surplus
Appropriated
1,510,147
State, local and miscellaneous Federal taxes
254,327
4,063,818
326,401
274,040
Accrued deprec'n. 4,418,276
Oth. unadj. credits
339,043
5,923
41,870
Other unadj. debs.
,•
not
liability
and
balances..
Miscell. accts.
but
Add'ns to property
car serv.
bal. receivable..
802,530
111,996
expenses
Tax
123,963
y
rec..
curr.
accr.
AdJ. mtge. bd. int,
Agents' & conduc¬
Other
Maintenance
case expense.
75,370
6,895,990
8,036
12,643
Other
$11,165,932
3,431,838
revenue..
Amortization of rate
75,798
decl'd payable..
258,973
1,024,385
Unpledged.....
Cash..
Loans & bills
539,775
1,027,665
8,499,094
6,240
1,162
Unmat'd int.
Other investments:
Hudson & Manhattan RR.—Suit Dismissed—
357,390
1,175,595
wages
Unmat'drent
256,264
1,021,229
Unpledged
3534.
ser¬
Int. mat'd unpaid.
206,997
274,379
phys. prop.
Pledged
car
accounts
Misc. accts. pay..
of
mtgd/ prop, sold
55,745,908 55,003,252
188,035
50,043,978 50,151,497
432,971
432,971
vice balances
Inv. in affil. cos.—
the
debt
&
Traffic
12,492,370
47,269,461 46,961,871
equip.. 9,859,266
9,854,498
Invest. in
6%
pref.
stock
($100 par).
3 ,571,800
Common stock.. 9 ,560,775
375,187
construction
to
of securs.
Nov.30 '22—Cr_ 12,492,370
$
7,500,000
Grants in aid of
basis of par value
•
1937
$
7,500,000
Capital stock
59,454,241
Audited
3 ,958,500
31
Liabilities—
issued in reorg.,
Surplus
x
Dec.
1938
$
stock
Total
Commission
1937
§
"
shown
6,244,072
x
55,745,908 55,003,252
Total
have been reclassified to
classification of
revenues
Commerce
1, 1936.
Invest, in road...59,761,831
To adjust value as
in aid of
pref,
(S100 par)
7%
(not current)
operating
Interstate
1938
A. sscts
11,143
28,137
6 ,863,631
construction
69,348
...
receivable
1,055,463
1 ,026,061
11,580
Taxes accrued
Contrib.
& accr'd
curr.
assets
Accts.
371,712
563,266
574,879
_
Other curr. liab
atedcos.)...
railway
90,312
384,841
Unadjusted credits
886,442
(affil-
rec.
Interest accrued.
3,006,507
916,193
Mat'ls <& supplies.
1935
revised
to
accounts, effective Jan.
Consolidated Balance Sheet
96,355
depos.
121,849
748,371
rec.
Note—The
conform
payable
(affiliated cos.).
2, 005,598
904,551
vestments
572,412
527,726
(general)
Accounts
Customers'
Temporary cash in¬
Notes & accts.
25,483,000
payable
Accounts
36,500
Working funds
25 ,483,000
Funded debt
8
1 258,443
Misc.stocks & bds.
Cash
$
Liabilities—
$
Fixed capital
Contractual constr
1937
$
1937
1938
Assets—
3849
Chronicle
a
Cost of
goods sold
14,699,454
...
Gross profit on sales
.
-
—
Telephone and radiotelephone operating revenues.
Cable and radiotelegraph operating revenues.
Divp., int., royalties, miscell. & non-oper.
inc.—net
15,508,494
$5,614,767
7,858,724
1,258,723
$5,504,696
8,517,602
1,229,311
573,804
994,429
"
revenue..$ll,801,209 $13,071,957 $12,141,148 $11,534,327
Total oper.
Operating Expenses—
1,761,334
2,415,624
373,256
4,978,558
136,988
535,245
10,428
1,675,711
2,356,005
347,534
4,605,997
182,813
x438,190
6,623
expenses..$10,617,561 $11,054,983 $10,190,578
1,183,648
2,016,973
1,950,570
$9,599,629
1,934,698
1,931,506
2,329,933
376,119
5,324,364
190,177
486,160
20,698
Maint. of way & struc..
Maint. of equipment...
Traffic expense
Transportation expenses
Miscellaneous operations
General expenses
__
Transp. for invest.—Cr_
Total oper.
1,919,850
2,394,104
385,594
5,648,867
189,786
532,766
15,984
Net oper. revenue
694,846
Railway oper. income.
Other Oper. Income—
Rent from locomotives.
y480,854
y620,452
377,539
$488,802
Taxes
$1,536,119
$1,330,118
$1,557,159
88,201
_
Rent from pass. tr. cars.
Rent from work equip.
_
Joint facility rent income
187,937
11,983
89,031
81,538
184,643
11,115
87,783
97,506
165,007
14,188
86.444
92,791
135.780
18,805
85,771
$865,9-54
$1,901,199
$1,693,263
$1,890,307
602,969
Total oper. income
of fr't cars—debit
672,967
317,491
342,514
30,657
181,987
601,262
255,212
312,342
10,845
—$15,306,018 $16,246,,038
Total gross
earnings.
.
Operating, selling and general expenses
Maintenance and repairs
Taxes
b Provision for depreciation
Loss
on
foreign exchange (net)...
—
common
income—net.
c
Net
stockholders'
equity
Rent for locomotives
260,346
Rent for pass. tr. cars..
378,543
18,452
207,993
785,035
309,290
378,189
28,503
202,963
$197,218
56,717
$147,647
43,556
$529,502
Total non-oper.
income^def$602,349
income.
43,517
Gross income
def$558,832
$253,935
1,946
6,515
2,816,959
7,464
$191,203
2,061
5,169
2,827,984
10,071
$570,834
2,192
3,912
873
4.830
Rent for work equipm't.
Joint facility rents
Net ry. oper.
rents
2,133
Miscell. tax accruals
6,923
2,805,934
4,761
2,476
Miscellaneous
Int.
on
Int.
on
funded debt
unfunded debt..
Miscell. income charges.
•
2,839,009
10,327
1,253
$2,658,914 $2,285,860
x General expenses include a credit
of $94,580, covering adjustment of
amounts charged to general expenses in 1934 account of contributions to
Net deficit
$3,381,059
$2,579,823
653,090
46,797
172,585
121,980
subs.
net
$3,970,363
1,187,500
105,167
11,767
of Parent Company—
debt
Amortization of debt discount and expense
67,903
$2,523,859
income
62,300
1,435,244
127,809
107,974
$1,219,425
$2,299,336
Interest Charges
Interest on funded
Other interest charges..
Net income
*
Including provision for depreciation of $776,765 in 1939 and
b Other than depreciation included in cost of goods sold,
deducting interest charges of parent company.
a
in 1938.
181,142
41,33^
$5,032,718
718;321
80,749
143,804
187,422
—
in
—
Hire
balance
734,695
$3,716,455
.
Charges of Subsidiaries■—
Interest on funded debt—... — . - T Amortization of bond discount and expense
Other interest charges
Divs. declared or accrued on pref. stock of
consolidated outstanding in hands .of public
Minority
1,168,203
2,213,573
2,100,104
336,305
2,313,213
.
Net earnings
5,395,135
5,159,398
1,129,504
2,252,753
— -
$733,156
c
Before
Notes—(1) Most of the operations are carried on in currencies other than
S. dollars, and in preparing the foregoing income statements all items
U.
and expense in foreign currencies have been translated into
8. dollars at average rates of exchange for the period, except that de¬
preciation and certain other expenses have been translated at rates of ex¬
change applicable to the related property and other asset accounts.
The
amount of consolidated net income should not be understood to represent
U. 8. dollars actually received by or available to the corporation.
(2) Net losses on foreign exchange for the 3 months ended March 31,
1939, charged to income account, aggregated $734,695.
These losses arise
primarily from the translation of net current assets from foreign currencies
into U.S. dollars.
In the corresponding period in 1938 net exchange losses
of revenue
U
absorbed in
consolidated income account aggregated $336,305,
include those which were regarded as attributable
losses did not
but such
to extra-
3850
ordinary
Financial
Chronicle
unusual events and therefore charged against the reserve for
foreign exchange previously established for this purpose.
(3) No adjustments have been made with respect to the amounts at which
or
on
the investments in and advances to Spanish subsidiaries are carried on the
books of the corporation and its subsidiaries.
The extent of damage to
fixed property or losses of current assets sustained by the Spanish subsidi¬
aries as a result of the civil war is not yet ascertainable.—V. 148, p. 3534.
Interstate Bakeries
of 25 cents on account of accumulated arrears of preferred dividends.
The
dividend is payable July 15, to shareholders of record June 30.
After the
current payment
Increase in
Provision for depreciation
—
Period End. Mar. 31—
a
Dividends
a
Other income (incl. cash discounts
9,838
...
..
-
Dividends paid—22 cents per share
...
....
Balance
-
»
-
-
-
Accr'd
Mlscell.
lies,
accts.
of
1,150
$177,717
y$22,377
on
(less
for Fed.
in
in
& bonuses....
459,765
39,000
Inc. tax
420,245
462,500
of
(excess
surp.
3,973
over
250,000
.......$4,925,148
Total....
Period End. Mar. 31—
4,418,522
$6,713,932
4,400,802
Dr10,880
$2,307,441
Dr57,718
$2,313,130
Dr28,898
$583,315
472,187
$2,239,724
1,888,750
$2,284,232
1,888,750
37,125
9,742
37,125
9,382
148,500
39,123
148,500
43,275
29,360
Gross income........
on funded debt.
Interest
on
29,360
7,851
117,439
38,167
117,439
36,064
„
$594,195
notes
payable to
Utilities P. & L. Corp.
Other interest (net)
Amortization
of
debt,
discount & expense...
Miscell. inc. deductions.
Dividends
8,290
pref. stock
on
of sub. company
Min. int. in net income.
Consol.
net
642
.
•
642
2,241
2,569
5,638
2,569
2,262
income...
$31,713
$24,526
loss.$463
$42,958
,
'
Note—Any provision made in the above
on
$6,725,963
$591,322
472,187
Net oper. income
Other income (net)
Int.
1939—12 Mos.—1938
$1,706,780
1,112,585
statement
for
4.676
Federal
surtax
rnidistrjjmted profits is in respect of the calendar, year of 1937.—
Iowa Electric
Light & Powef Co.—Earning
Calendar Years—-
Operating
Operation
Maintenance
...
Provision for depreciation
State, local and miscellaneous Federal taxes.
State income taxes...
a Federal income
taxes.
...
1937
$5,256,380
2,318,840
281,264
669,185
366,624
14,000
177,000
9,380
127,300
$1,503,139
56,620
Interest on coupon notes
Other interest
691,500
8,779
43,637
10,087
43,671
Amortizaion of debt discount and expense.
24,415,480
$462,681
Equivalent in U.S. cur.
at official parity of ex¬
change of $.052634..-
$307,299
$1,411,916
$1,285,084
2.396,394
-
on
sales of securities not realized and not taken into income is included in
"Unrealized
income
from
lire
dividends,
interest
profits
and
on
30,000
Net income
_<
$793,343
$726,630
a
Including $45,000 for surtax on undistributed profits in 1937,
Note—Revenue from merchandise and jobbing
(net) which was shown
in operating revenues in the annual
report for 1937 has been applied in
reduction of operation expenses in the above statement for
1937 in order to
conform with the classification used in 1938.
sales of
securities" on the March 31,1939 balance sheet.
Statement of
Capital Surplus
Period Eluded March 31, 1939—
3 Months
Balance, beginning of period..
$3,737,510
Adjustment to restore amount appropriated in 1938
and prior years for divs. accrued but not do*
clared or paid on preferred stock..
,
Adjustment arising from reinstatement on books of
corp. of unamortized balance of discount on 35year 6% gold debentures, the total amount of
which discount
was
written off at time of issuance
of the debentures
$1,501,888
691,500
22,500
...
26,825,178
2,396,394
b Provision to state investment in Kingdom of Roumania Monopolies
Institute, 7% bonds, due 1959, at indicated market value on Dec. 28,
1937, the date of acquisition.
Income from realization of restricted lire
arose through the payment of expenses in Italy with restricted lire: through
the purchase in Italy with restricted lire of $1,200,000 principal amount of
the corporation's 35-year 6% gold debentures for retirement; and through
the Italian authorities permitting the purchase and export from Italy of
$1,000,000 principal amount of Kingdom of Roumania Monopolies Institure 7% bonds, due 1959, for 9,500,000 restricted lire at a rate of 19 lire
to the dollar, making the total cost of the bonds $500,000.
The indicated
market value of the bonds at Dec. 28, 1937. the date of acquisition, was
$370,000.
A reserve of $130,000 was provided by a charge to income to
state this investment at the market value at the date of acuqisition.
The
purchase of these bonds represented a realization of lir3 inasmuch as the
purchase agreement permitted the export of these bonds.
c Adjusted to include amortization of discount on debentures.!
d On debentures (not incl. interest paid and accrued on debentures held
by wholly-owned subsidiary prior to its dissolution).
x Indicates loss.
y Indicates profit. •
z The equivalent in U.
8. currency of lire dividends, interest and profits
$1,429,466
72,422
$1,559,759
Other income.
5.838,418
23,883,894
531.586
535,724
sales of
12
1,445,790
,
1.017,143
—
Balance. March 31, 1939.
$3,737,510
Statement
Months
$1,274,576
— __
1938
$5,481,088
2,322,726
430,547
700,931
387,066
revenues
on
23.893.059
8,790,539
$4,925,148
1939—3 Mos.—1938
$1,746,026
1,133,573
$612,453
Dr21,131
revenues
expenses & taxes..
1939—12 Mos.—1938
5,514,322
324,096
6,178,698
215,447
securities.
Interstate Power Co. (& Subs.)—Earnings—
Operating
the corporation's representative.
As exchange restrictions,
November, 1935, have prevented the direct conversion of
<235,243
1,751,746
147, p. 575.
Oper.
by
Profits in lire
z
Total
-V.
Italy
1939—3 Mos.—1938
1
adjusted.
Earned surplus
$230,489
corporation,
effect since
Int. received in lire._—
par value thereof)
securities owned by the
the corporation's bank balance in Italy and profits in
sales of securities held in Italy are being collected and deposited
Divs. received in lire
Surplus at date of organization,
as
on
on
in lire on
respective periods is given below:
pro¬
ceeds from sale of cap. stock
$5,000)
$152,219
Dividends and interest in lire
31,695
4,417
3,041
these deposits into U. 8. currency, the corporation does not include them
in income unless they are realized by other means.
A comparative state¬
ment of all lire dividends and interest received and profits realized in the
126,649
normal
Capital stock (par$l)...
Paid-in
19,563
deposit In closed bank
res. of
lire
comms.
6,820
Net loss for period.._
,
$180,000
unrealized taxable profit.
on
res.
$20,823)
Cash
$438,905
630,240
633
......
"
Accrued taxes.
rec.
$5,000)
Fixed assets, at cost (less
x$7,183
x$5,840
139,560
sales of securities
on
interest
Notes payable
4,316,367
Merchandise inventories.328,392
&
2,492
130,000
$1,215,250
576,240
27,868
391,879
196,886
Loss
Liabilities—
loans
28,122
2,135
Prov.for U. S.inc.taxes
$1,853,496
101.750
Accounts payable.
reserve of
28,870
2,409
157,560
7,924
4,417
a
covered by lease contracts..
1,556
204
d Int. paid & accrued
Balance Sheet April 29,1939
$255,705
$628,682
29,162
$9
for
#
Balance, April 29,1939..
^........-..$1,751,746
Earnings per share on 462,500 shares capital stock
$1.02
hand
$1,278,002
31,747
$1,789
3,974
•
Amort, of disc, on debs..
on
3,226
3,452
income._
prov.
__
$473,421
1,380,076
..
Total....
Cash in banks &
500,000
$1,789
111,049
--
~
Net profit
*
Earned surplus, balance, Nov. 1,1938
Accts. rec. for instalment sales
1,209,328
re¬
U. S. cap. stock tax__
Interest paid, other than
on
debentures
$591,308
.
A ssels—
$128,674
9
Expenses
Taxes,
incl.
34,405
purchases)
Total income
*
Other deductions
'
Provision for Federal income taxes
(less
$68,674
of
stricted lire
$559,903
on
1939—12 Mos.-cl 938
55,837
J.
__
1939—3 Mos.-cl938
Interest
Total
Operating profit
Corp.—Earnings—
;
b Realization
159,980
...
the
Income;
90,704
"167,023
3,125
—
..
pref. stock, par $100, and a
6%% cum. class B pref. stock,
class A
on
Date of Dissolution Thereof)
87,096
322,924
—
__
for collection expenses
Provision for doubtful accounts
dividend of 43 % cents per share on account
cum.
share
Superpower
39,000
reserve
a
7%
per
(Including Operations Of Wholly-Owned Subsidiary to March 24, 1938, the
1,854,872
General expenses..
Taxes (other than Federal income taxes)
cents
Both dividends will be paid on June 30 to holders of record
Italian
!—$3,340,465
_
will total $2.50 per share.—V. 148, p. 1810.
une
Similar payments were made on March 31, last, Dec. 28, Oct. 1,
June 30 and March 31, 1938, and on Dec. 28. Oct. 20, July 20, April 20 and
Jan. 20. 1937; Oct. 10 and July 10, 1936—V. 148, p. 1811.
<
Earnings for 6 Months Ended April 29, 1939
Delivery and warehouse expenses.
Collection expenses
the
on
of 40%
16.
Sar $100.
Inc.—Earnings—
.
arrears
The directors have declared
of accumulations
dividend
.
.
the
Iowa Electric Co.—Accumulated Dividends—
Directors have declared a dividend of 62 % cents per share on the $5
preferred stock, payable July 1 to holders or record June 24. Dividends of
50 cents were paid on April 1, last; Dec. 22, Oct. 1, July 1 and April 1,
1938 and an initial dividend of $1.25 per share was paid on Dec. 27, 1937.
—V. 148, p. 2901.
•
Gross sales, less returns
Cost of goods sold and selling expenses
Administrative salaries
Foundation, Ltd.—Accumulated Dividend—
The directors have declared the regular quarterly dividend of 75 cents
the cumulative preferred shares, $50 par value, and a further dividend
Corp.—§2lA-CentPref. Dividend—
Interstate Home Equipment Co.,
June 24, 1939
Investment
$3,737,510
Of Earned Surplus
Period Ended March 31, 1939—
3 Months
12 Months
$3,365,266 def$240.088
Balance at beginning of period
Net adjustment of U. 8. income and capital stock
taxes for prior periods
Adjustment to restore amount appropriated in prior
years for dividends accrued, but not declared or
26,209
28,934
Balance
i
$3,391,475
Net loss for period..
152,219
Net adjustment arising from reinstatement on books
of corp. of unamortized balance of discount on
$3,558,279
prof .22,377
paid, on preferred stock
(2) Net earnings (before interest deductions) from electric
railway
department, as reported by the company, were $146,656 in 1937 and
3,769,433
35-year 6% gold debentures, the total amount of
which discount was written off to capital surplus
at time of issuance of the debentures
$82,701 in 1938.
341,399
—
Balance Sheet Dec. 31
1938
$
Assets—
Prop.,
plant
equipment
1937
$
and
Liabilities—
$
a7%
31,289,506 31,523,856
Invests, and advs.
461,763
481,270
Debt disc, and exp.
in process of am¬
ortization
1938
cum. pf. stk. 5,203,932
a6%% cum.pf.stk. 1,560,500
a6% cumul.stock. 4,393,900
750,000
750,000
Common stock..
5,500,000
5,500,000
debt.. 12,975,000
13,225,'000
194,078
237,749
Long-term
charges
216,949
192,788
Current maturities
Contingency fund.
44,708
39,203
Prepaid
accts. and
deferred
Deferred liabilities
of
Cash (incl. working
funds)
Materials & suppl.
103,729
520,740
382,823
,
139,676
518,847
105,188
485,124
clared
Cash
(cost
or
250,000
de¬
deposit
on
the United States)
b Lire on deposit in Italy (Lit.
15,169,293.55,
subject
Unamort. disc't
on
237,761
Deb.
65.283
647,875
181,609
Total...,
'
a
p,
33,777,471 33,618,515'
$100 par.
2274,
b 25,000
,
no par
shares,
Total.
c
85,000
433,408
477,648
750
Unrealized Income from lire
on sales
securities
2,326,409
__
Common stock class A
1,371,773
75,627
38,808
249,640
231,796
33,777,471
33,618,515
shares.—V. 148,
128,483
Reserve for expenses
of
48,560
no par
16,230
than
12,501
d $6 cum. pref. stock
217,318
Contrib. for exten.
Earned surplus...
other
f Common stock class B
47,330
217,644
1,664,226
Reserves
taxes,
divs., int. & profits
91,178
Accrued Interest..
Accrued taxes
$9,304,000
139,560
not
Res. for U. S. income taxes..
e
preferred stock.
Accrued payroll..
;
but
presented for payment
62,283
196,075
due
U. S. income taxes
798,421
c
thereon
coupons
Accrued
to
544
debs
gold debentures,
series A, due 1963
Int. accrued on debs
in
intereat
Accounts payable.
Dlvs. declared on
31,1939
35-year 6%
$29,749,301
value)
(dollars
$3,239,256
Liabilities—
Investments
Account receivable
250,000
Notes payable and
accrued
Assets—
a
exchange restrictions)
coupon
notes
666,903
Accounts receivable
3%
$3,239,256
Balance Sheet March
$
5,203,932
1,560,500
4,394,100
b Class A stock...
c
Balance, March 31, 1939
1937
f Com. stock cl.
B, 2d series.
12,417,200
97,001
7,500
7,500
Capital
$31,433,901
3,737,510
Earned
Total
surplus
surplus
3,239,256
Total-
$31,433,901
a
Securities having a cost or declared value of
$28,236,083 are held in
safekeeping in Italy and the securities themselves, as well as the disposition
of any proceeds of sale thereof, are suoject to the restrictions at
present
In force in Italy,
b Stated at the official parity of exchange of $.052634.
c Not to be included in income until realized in U. 8.
currency,
d Repre-
/
Volume
148
Financial
sented by 124,172 110 par shares,
par shares.
V. 148 n lo45.
970,015
e
shares,
par
no
Chronicle
3851
A; Townsend. Charles H. Keiiran is General Counsel and Robert Lothar
Kendell, f )r er Fresident of the old firm functions as Executive Secretary,
f 75,000 no
,
/c*
t
\
t
i
n-
a® Jamaica National Bank has been na"ed depository.
Smceit is believed that the forr» er Kendell technical and managerial field
Personnel will oversubscribe the current issue, no public offering is to be
made and no underwriter has been sought.
i±
L..) Jacobs Co.—Rights—
.
Stockholders of record June 10
of Air-Track
given the right to purchase three shares
par common stock for each 10 shares
are
Manufacturing Corp. $1
of Jacobs stock owned.
The price will be $5 per share and rights will expire
June 30.
Proceeds estimated at $95,798, will be used to reduce bank indebtedness which on Jan. 31, 1939; stood at $275,000.—V. 148, p. 440.
(W. B.) Jarvis Co.—Initial Dividend
Directors have declared
larger
amount
of
an
Jenkins Brothers
common
„
Kansas
"
Operating
Net
1939—Month—1938
$538,003
$542,610
433,073
439,815
expenses._
oDpr
_
City Public Service Co.—Earnings—
Period End. May 31—
Total oper. revenues
7Q^
sti
99
737
$
Onpr
in'(fil
1Q'564
in'38fi
10,386
inenme
«79
N^neratfS
incom;"'
jnon-operating income-.
461
«oo
*
7irQ7
Dr97
$6,665,141
5,381,834
Depreciation
4Q9
!£be
was the amount remaining after $65,756 expenses, confistmg of $16,138 cost of safekeeping the deposited debentures, through two
819
foreign agencies, for
3
323
«7Q4
940
3
•
909
3,202
70,982
amounts stated, and $3,500 estimated future cost of storage and ultimate
disposition of the participating debentures.
The depositary and fiscal
6,626
$917,102
45,776
$47,196
ion
*616
TO' I"™*
Penses» aggreating $30,000,.the iiscal agent reports.—V. 148, p. 2747.
Lehigh Portland Cement Co.—Dividend Increased—
564,809
860,510
«^08
4*19
$616,452
Directors on June 20 declared a dividend of 37 H cents per share on the
common stock, payable Aug. 1 to holders of record Aug.-July 14. Previously
regular quarterly dividends of 25 cents per share were distributed.—V. 148,
218
$508,218
Approved—
3333*
The proposed plan for readjustment has been assented to
by holders of
$10,945,700 of the series C 4% first mortgage bonds, or more than the
requisite 90% of the $12,043,800 outstanding, and therefore will become
effective as soon as complete arrangements can be made with the Recon-
'
Deposit oj bonds—
/d
^
New
Period End. May 31—
™r'
Railway oper.
Net
ov«Anues- $1'2£«'aI2
686.913
u'MAVo
702,472
3,324,912
$419,994
$1,905,032
495,000
42,860
$214,745
$265,064
$1,193,841
$1,205,457
Amort
of
Prop, retire't
—
at any time
55,000
res. approp
"6,126
660,000-
$159,097
$159,751
Dr35
'
was
a
as a whole or in part, at the option bf company,
share and accrued dividends, upon not less than
Continental Illinois National Bank &
Transfer agent,
$2,286,117
720,000
180,000,
/
$1,215,990
gold
mtfe:
MAJC? to
}'
and int., and the remainder, $52,832, will be added
subsidiary,
Woodford
Co.
Telephone
(incorporated
$1,290,543
Company and
Delaware
in
?>.b- 15> 1928) are engaged in the business of providing
$2,276,790
$2,194,593
720,000
180,000
110,260
Cr31,657
101%
working capital or used for general corporate purposes
Compfm^Incorporated kiDelawareon Feb. 21, 1939.
2,040
625,000
$2,188,168
6,425
302
*
The
of the bonds and pref stock to redeem
$6,253,732
3,349,902
its
Net oper. revenues...
Other income (net)
Placed
Purpose—Company proposes to apply $2,525,000 of the net^ proceeds
on Sept. 1, 1939, the $2,500,000
1939—12 Mos.—1938
$6,240,626
3,386,332
1,059
55,000
y On
taxes,
3691
n
Trust Co. of Chicago. Registrar, First National Bank of Chicago, Chicago,
-Earnings
457
148
Red.,
$106
at
30 days' notice.
1944) at
V
stock—V
lias Sold privately to the John Hancock Mutual
Insurance Co. at" 103 and int. $1,800,000 1st mtge.
issue, payable Q-J.
limited-term
investments
rfmr0„;„tinn
common
$2,106,769
469,572
$1.04
[Due to a typographical error it was stated in our issue of June 17 that
the offering consisted of 80,000 shares.]
V
The pref. stock is entitled to cumulative dividends from the date of
35,700
,
1939—Month—1938
$496,238
$492,417
281,030
277,261
.
offered June 14 at $100 per
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.
$1,465,784
224,626
10,070
$1,410,032
167,352
•
48,839
Kansas Gas & Electric Co
r™
Tirf,vlBir,n
$0.45
siiare Plus accrued dividends by
■
Period End. May 31—
Operating revenues-...
Oper. exps.,incl. taxes..
share—
$2,929,253
717,183
$1.59
4% series A bonds, due 1964.
518,000
$317,994
3225.
p.
144,960
$0.32
otA
Lexington Telephone Co
Life
—
148,
1939—5 Mos.—1938
$522,924
201,291
Company
$1,983,784
102.00Q
:
Fnminnt
learnings
snares or common stock.—v. 148, p. 3691.
H'zaa'aoo
J.544,422
12,088
Net ry. oper. income.
—V.
lnr
Preferred Stock Offered—An issue of 8,000 shares of 6%
33,993
Railway oper. income.
Equipment rents (net)__
Joint facility rents (net).
u
1939—Month—1938
cumulative preferred stock
$260,826
tax accruals
Aftpr
v
per
450 000 shares of
1939—5 Mos—1938
$359,826
99,000
from ry.opers
rev.
Railway
h
Earnings
Ry.—Earnings.
expenses.
f
r
,
$743,141
Net income.—
City^MOTc'antUe
1939— Month—1938
^
lOurneau, inc.
y
Baltimore, Md.; the National Bank of Commerce
New Oceans
La.; Commerce TrusUCo., KansasCity,
Nat'0nal Bank °f KMKaG °,ty' Kansas °lty' Mo-
Kansas City Southern
TnurnMii
p
,
—
x
_
of Baltimore,
Orleans,
'
Netsales^
has been issued,
Trust Co.
G H
Period End. May 31—
under date of June 15, for the deposit of bonds
pursuant to the pending plan of capital readjustment, evolved through the
cooperation of the RFC.
The following financial institutions are serving
in
I
—*
■
.
C•
,"Tnon
25% of the interest due July 1, 1939, will be made on pre-,
P stan pmg of coupons from the five-year secured 6% notes,
class A, extended to 1943, plain and stamped.
V., 148, P- 3535.
accepted terms of the plan.
Under the plan, which was drawn up after consultation with the RFC,
bondholders will receive $300 cash and 10 shares of $70 par 5% preferred
stock in exchange for each $1,000 bond.
De-nnoit nf KnnJ*
„
I
J^
struction Finance Corporation for sale of
10-year 5% notes and deposit of
first mortgage bonds with the RFC as collateral for the notes.
On June 19
holders of 90.88% of the bonds had
A call
more than six years; $46,118 counsel fees for represent-
107mg the rights of American certificates in arguments through three courts of
«Q13 779
Sweden and three courts of the United States, and for recovering the
$797,442
569,716
844,178
«47
N° fractional
709
oq
*44'420
Cnll fnr
Call Jor
c£rtlficate,
*
Higginson & Co., fiscal agent, which
107
_69
,®44 99n
Plan
^
^
nSK th(Tchecks
283 307
46,698
69,886
„
Readjustment
1
261
ftl
199
$69,562
—
Deficit
.
Pay Sole Dividend—
'S
170 8^5
'
$72,364
Gross income.
Fixed charges,
3070.
p.
748
122,748
^109
0^3
92
Social security taxes
securitv taxes
SwSe^SouVe^
^
1R104- Q31
revenue
Genlral taxf^
•
1939—12 Mos.—1938
$6,378,311
5,207,455
on/i
d
rangin8 from 2 cents upward were received in New York June 16
by holders of American certificates representing deposited participating
debentures of the company as the sole and final distribution on the certiticates, each of which represented 20 Swedish crowns par value of par"• ticipatmg debentures.
A cash balance representing a fraction of a cent a
certificate in the hands of the depositary on July 1, 1931, plus the proceeds
Dec. 24,1938 and on Dec. 24, 1937.—V. 146,
p. 2045.
__
¥
was distributed.—V. 148, p. 3070.
/^Sr^U^er
Co. Debentures
Dividends
a dividend of 12)4 cents per share on the nonstock, par $25, and a dividend of 50 cents per share on the
founders' shares, par $100, both payable June 29 to holders of record June
15.
Dividends at double these amounts were paid on the respective issued
on
j
(p» R») Kinney Co., Inc.—To Pay Preferred Dividends—
Directors have declared
voting
tr
given on first page of this department.—V. 148,
Directors have declared a dividend of 50 cents per share on the $5 prior
5Felf?Te<1 stoc.k payable July 6 to holders of record June 30. Dividends of
$1.50 was paid on Dec. 28, last, this latter bein<* the first payment made
on
since Dec. 27, 1937 when an initial dividend of like amount
the
payable July 14 to
holders of record June 30.
Dividend of 50 cents was paid on April 15, last,
on the smaller amount of stock then
outstanding.—V. 148, p. 3070.
outstanding,
now
J*
*.
Keystone Custodian Funds, Inc.—Registers with SEC—
New Shares—
on
initial dividend of 25 cents per share on
stock
Common
Er„
See> list
on
without compe-
tition, telephone service to five communities and surrounding territories in
9,327
Fayette, Jessamine, and Woodford counties, all in Kentucky.
Gross income
...
Int.
on
mtge. bonds....
int.
on
deb.
bonds
Other int. & deductions.
Int. charged to constr..
$159,716
60,000
15,000
9,550
$159,399
60,000
15,000
9,228
Cr3,531
.
Company and its subsidiary own toll lin^ and provide toll service between
and among their various exchanges.
Toll service to other points in and
aut of Kentucky is provided through toll connections with the Southern,
Bell Telephone & Telegraph Co. and the American Telephone & Tele-
106,334
graph Co.
Crl0,760
It
^
Net
income.
$75,166
$78,702
Dividends applicable to preferred stocks for tjie
period, whether paid or unpaid.
:
^
520,784
—
is
.
estimated
by the
.
company
served is in excess of 72,200.
,
that the total population of the
.
Capitalization Upon Completion of Present Financing
520,784
'
Authorized
,
nnianna
balance
V.
9nfi
.
«by5,20b
p. 622A.,
.
,
Company
has
filed
declaration
with
A
the
Note—Flffective
5s of 1947.
Harris, Hall & Co., Inc., will be principal underwriter for
The notes are to be issued to one or more banks.
Company is
subsidiary in the Middle West Corp. system.—V. 148,
p.
3225.
•
amount of $612,560 held
*
Kaufmann
Department Stores,
TUimrfonrl
uiviaena
.
.
Inc.— To Pay 13-Cent
•
,
Directors have declared
a dividend of 13 cents per share on the new $1 pa?
stock, payable July 28 to holders of record July 10.
This comwith 12 cents paid on April 28 last and an initial dividend of 13 cents
paid on this issue on Jan. 28 last.—V. 148, p. 1811.
common
pares
Kendell Co. of
.
and Exchange Commission regulations, in effect since the suspension of operations on May 25, 1935, of Kendell & Dasseville, Inc., its
predecessor corporation
Operating through 27 domestic and two foreign autonomous branches,
the latter concern, an audio-dynamic engineering enterprise, served principally the motion picture exhibition and ecclesiastical fields, in connection
with projected sound and other acoustical problems.
In addition to its
purely engineering operations, four types of equipment, motion picture
reproducer, public address, two-way police radio and electrosonic carillons
marketed.
In accordance with current business
conditions, the new firm will initially
confine its activities to the fabrication of carillon apparatus of two types—
permanent installations and mobile units.
Tentative plans call for the
equipping of a small manufacturing plant to be located within the corporate
limits of New York City.
At present, all the new firm's affairs are in the hands of its founders'
committee, with S. W. Nitzman as its Chairman; Vice-Chairm an and SubG. C. Blee, Frank Matza Jr., Norbert. Colman
O'Leary, 3d, and H. M. Umane.
Other members include Herbert M.
Davis, William F. Lovejoy, Andrew Mirola Jr., John Poliwater and Mabel
committee Chairman are:
Authority for the
Consolidated Income Account {Company and Subsidiary)
organization) has been auth-
Securities
by the company's parent, Union Telephone Co.,
exchanged for 15,314 shares of new common stock.
reclassification of stock has been granted by the Public Service Commission
ofKentucky.
The issuance of the 8,000 shares of 6% cum. pref. stock (par $100)
has been authorized by the board of directors and by the stockholders,
Authority for the issuance of this stock has been granted by the P. 8.
Commission of Kentucky.
America—Being Organized—*
It is announced that the company (pnow in
orized to issue 3,000 shares of preorganization stock at $10 per share, to be
followed by 10,000 additional shares at the same figure.
The present set-up is the culmination of reorganization proceedings, under
were
was
'
,
,
11,000 shares of 0lA%
1939, the authorized
cum.
the bonds.
a
May 23,
prior pref. stock (par $100), 5,000 authorized shares of 6H% cum.
pref. stock (par $100), and 20,000 shares of common stock (no par) were
reclassified into shares of common stock without par value as follows:
Each share of common stock into l-1000th share of new common stock;
each share of 6^% cum. pref. stock into l-100th share of new common
stock, and ealch share of 6H% cunL Pj"ior Pref. stock into 1 share of new
common stock.
In addition, the 6% demand note of the company in the
Securities
and Exchange
Commission under the Holding Company Act covering the proposed issue
and sale of $5,000,000 first A 4s of 1964 and a maximum of $600,000
unsecured notes.
Proceed# will be used for redemption of $5,424,000 first
a
Outstanding
1st mtge. bonds ser. A due June 1,1964..$50,000,000
$1,800,000
6% cum. pref. stock (par $100)
15,000 shs.
8,000 shs.
Common stock (no par).
40,000 shs. "
18,410 shs.
t7«Q Ttn
$/hy,/59
v"
1
Kansas Power Co.—Plans to Sell Bonds and Notes—
..
areas
,
7~zXears Ended Dec. 31———— 3 Mos. End
1946
.
Operating revenues—
Operating expenses
Depreciation.
General & Fed. taxes—
a
1967
$676,437
286,577
99,676
64,19.)
$690,199
290,469
102,000
$237,988
Int. & other deductions.
191,51o
c
Net
■■
^1
"r
Mar. 31 ,69
$706,2.>4
292,947
94,24b
79,525
n..
Net earnings—
Other income (net)
1946
.
$180,113
71,392
23,510
87,415
-■
1
■■
11 ■.
$218,204
■
CDa'IH
193,058
194,200
.
.
»
■
$63,661
$231,644
,«o'Arl
21,549
j-;-';
48,346
,
41
$45,522
$23,024
$35,670
$14,4/1
a After
deducting provision for uncollectible accounts,
Bonds—The 1st mtge. bonds, series A, 4%, are dated June 1, 1939, and
are
dUe June
1,
1964.
Interest payable J-D.
Principal and interest
payable, in any coin or currency of the United States which at the time of
payment is legal tender for public and private debts, at the office or agency
of the company in Chicago.
Denom. $1,000, registerable as to principal
only, and fully registered form in such denom. as may he approved by
income
the directors;
coupon
and registered bonds interchangeable.
Continental
Illinois National Bank & Trust Co., Chicago, and Harold P. Smith, trustees,
Any or all of the series A bonds may be redeemed at option of company
(or by operation of sinking fund) as follows:
7% if red. on or before
June 1, 1940: 5% if red. thereafter but on or before June 1, 1944 ; 4% if
Financial
3852
before June 1, 1948; 3% if red. thereafter but
red. thereafter but on or before June 1,1956;
114% if red. thereafter but on or before June 1, 1958; 1% if red. thereafter
but on or before June 1, 1960; % of 1% if red. thereafter but on or before
June 1, 1961; Y of 1% if red. thereafter but on or before June 1, 1962;
yx of 1% if red. thereafter but on or before June 1. 1963; and without
premium if red. after June 1, 1963; and, if red. by operation of the sinking
fund, with a premium equal to a percentage of the principal amount thereof
determined as follows:
3% if red. on or before June 1, 1942; 2%% if red.
thereafter but on or before June 1. 1945; 2H% if red thereafter but on or
before June 1, 1948; 2% if red. thereafter but on or before June 1, 1950;
\%% if red. thereafter but on or before June 1, 19o2: 1H% if red. there¬
after but on or before June 1, 1954; 1K% if red. thereafter but on or before
June 1, 1956; 1% if red. thereafter but on or before June 1, 1958; *4 of 1%
if red. thereafter but on or before June 1, 1960; Yi of 1% if red. thereafter
but on or before June 1, 1962; 4 of 1% if red. thereafter but on or before
June 1, 1963; and without oremium if red. after June 1, 1963.
Control—On June 6, 1939, Union Telephone Co. (Del.) owned 15,384
shares of the common stock, which represented 83,56% of the voting stock
outstanding.
General TeleDhone Corp., which owns all of the common
stock of Union Telephone Co., as of the same date owned 0.31% of the
voting stock outstanding!
•
Under tor iters, Preferred Stock—J, D. Van Hooser & Co., Inc., 2,250 shs.;
Security & Bond Co., 2,000 shs.; Almstedt Bros., 2,000 shs.; Bacon, Whipple
& Co., 1,000 shs.; The Bankers Bond Co., Inc., 750 shs.
Perms of Sale of Bonds—By an agreement between the company and
John Hancock Mutual Life Insurance Co., Boston, the insurance company
has agreed to purchase the entire $1,800,000 series A bonds at 103 and int.
For services rendered in connection with such sale the company has
agreed to pay J. D. Van Hooser & Co., Inc., a fee of 1% of the principal
amount of the $1,800,000 of series A bonds.—V. 148, p. 3691
red. thereafter but on
on or
Loew's Inc.—$30,000,000 Suit—
Federal Court for damages of $30,000,000 against
the company, its officers and directors, charging waste of assets and mis¬
management, was discontinued June 16 by mutual consent of defendants
and plaintiffs, Mannes Fuld and Norman Wolf, common stock holdersand
will be refiied in New York County Supreme Court within three weeks.
Federal Judge John W. Clancy consented to discontinuance.—V. 148,
3691.
y
Notes of a subsidi¬
6,984
8,404
Accts. and notes
rec.
(other)
95,618
82,494
accr'd
716
dry
255,169
232,973
able & accruals.
1,290,981
1,225,720
Consumers' depos.
1,532,766
42,119
1,833,332
charges..
72,190
Securities owned..
1 807,435
385,246
366,604
Other
P.
Other
472,955
434,169
6,168
Other assets......
14,500,000 14,500,000
deprec—12,150,778 11,753,957
&
res.
sus¬
218,921
sundries department, of McKesson &
Robbins, Inc., increased 8.74% as compared with the same month last
year, according to preliminary figures released on June 20 by William J.
Wardall, trustee.
Sales were $8,645,441 for the month as against $7,950,756
year ago.
nation-wide organization
participated in the rise, which was the largest increase registered in any
month since the beginning of the trusteeship last December, Mr. Wardall
All nine territorial divisions of the company's
reported.
Total sales, including liquor products, were $12,900,748, an
increase of
11.45% above the $11,575,270 total in May, 1938, according to the pre¬
liminary figures.
Sales of the wines and liquor department included, how¬
ever, a non-recurring sale of bulk whiskey.
Sales of this department were
$4,255,306 as compared with $3,624,513 in May last year.—V. 148, p. 3227.
Ltd.—Registers with SEC—
first page of this department.
2.031,990
Pref. shs. of subs.
7,268
held by public..
in
int.
Min.
& surp.
com.
of subs.
pref. stock
$2
$2 2nd pref. stock.
x
Common
9,419,485 9,781,225
28,140,615 28,140,615
6,023,605 6,023,605
stock..15,860,840 15,860,840
1,272,305
1,155,473
Consol. earn. surp.
91,743,106 91,596,575
Total
Represented by 1,742,617
x
91,743,106 91,596,575
Total
shares,
no par
After reserves.—V.
y
2698.
p.
146.
.
Memphis Natural Gas Co.—Earnings-
Gas
1937
1938
Calendar Years—•
Revenue from sales of gas
$2,687,807 $2,740,909
1,038,781
1,152,329
•
•
purchased._—...
....
-
.
General and administrative
Management fees
*
...
Net income from gas
sales
Other income
J
71,116
100,326
67,350
128,014
348,000
$625,728
107,815
—
—
$818,734
$733,543
49,593
1,211
11,000
...
...
paid
168.587
165,288
56,249
101,686
67,958
138,568
380,000
Transmission system operation...
Transmission system maintenance.
Interest
McKesson & Robbins, Inc.—Sales—
206,737
2,031,990
credits .1.
pense
Gross income
MacDonald Mines,
pay¬
sidiary cos
Res. for
debt
disc. & expenses
2127.
See list given on
accts.
Fund, debt of sub¬
property.83 ,076,193 82,217,958
Construction work
326,756
430,627
orders in prog..
Plants &
Unamortized
subsld's)..
(not
767
1 262,981
Prepaid
200,000
payable
to sun¬
affil.
cos.
ary
Accts. pay.
Mat'ls & supplies.
DIvs. & int.
310,000
Eng.Pow. Assoc.
from
rec.
affiliated cos...
share on the common
Net sales for May in the drugs and
a
rec.(cust.) 2 ,215,770
Accts.
Accts.
$
New
Advs. pay. to
2,720,422
2,247,461
Provision for depreciation.
Corp.—20-Cent Dividend—
stock, payable Aug. 21 to holders of record July 20.
Similar payments
were made on April 20, last and on Dec. 22, Aug. 20 and April 20, 1938.—
148,
y
1937
S
Liabilities—
$
S
2 ,438,124
Cash
1938
1937
1938
Assets—
Taxes, other htan income taxes
Lone Star Gas
Directors have declared a dividend of 20 cents per
V.
Consolidated Balance Sheet Dec. 31
or
before June 1,1952; 2% if
A recovery suit filed in
p.
June 24, 1939
Chronicle
$951,854
133,119
40,443
•
Amortization of debt discount and expense
Amortization of organization expense
v
14,100
1,520
13,902
(1934-1937)
Louisiana power taxes
Additional Mississippi property taxes
(1934-1937)'I
Miscellaneous changes
"i, 000
4,575
108,000
135,000
20,200
$534,217
24,479
413,406
Provision for Federal income taxes....
$744,635
34,293
Surtax on undistributed profits.
Net income
...
Preferred dividends
__1
Common dividends..
•
...
551,208
Balance Sheet Dec. 31,1938
Assets—Property, plant and equipment (net),
$5,417,678; investment in
oil properties, at cost, $458,020; investment in 5% sinking fund mortgage
bonds of West Virginia Gas Corp., $1,738,800; cash on deposit with trustee,
(contra), $29,793; cash, $123,224; accounts receivable, $333,468; accrued,
receivable, $31,500; due from officers and employees, $1,604,
of materials and supplies,'$6,744; deferred charges, $32,582.
total, $8,173,412.
Liabilities—Common stock
($5 par), $4,593,400; promissory notes
interest
inventory
Majestic Radio & Television Corp.—Option Exercised-—
Corporation has announced that the option held by Singer & FriedLtd., to purchase 50,000 shares of the authorized but unissued
capital stock has been assigned to British Type Investors, Inc., pursuant
to agreement dated June 13, 1939.
As of June 13 British Type Investors,
Inc., exercised the option, and the 50,000 shares have been issued by
Majestic Radio & Television Corp: and added to the list of the New York
Curb Exchange.—V. 148, p. 3692.
lander,
Paper Co.—Bonds Sold Privately—The com¬
has made arrangements to sell to the Equitable Life
Assurance Society of the United States $3,500,000 4k£%
14-year bonds.
The proceeds will be used to retire $1,750,^
000 5h£s and about $1,700,000 of long-term bank loans.
payable to banks, $1,360,000; due to $7 cum. preferred stockholders
(contra), $29,793; instalments on promissory notes payable (due currently),
$340,000; accounts payable, $182,752; accrued interest payable, $8,783;
accrued taxes, other than income taxes, $101,128; provision for Federal
income taxes, $127,785; paid-in surplus, $801,680; earned surplus, $628,090:
total, $8,173,412 —V, 148, p. 3536.
Memphis Power & Light Co.—Earnings—
Marathon
alsq has arranged for an additional $1,000,000 six-year 4%
bank loan to take care of expanding capacity.
The company
taxes, &c
$219,988
—
$127,738
$0.37
Dividends applicable to
$192,825
61,448
$2,217,500
737,375
39,370
$2,666,820
737,375
3,073
$67,543
$128,304
$1,440,755
$1,890,305
Dr 18
preferred stocks for the
...
39,140
394,876
394,876
$1,045,879
$1,495,429
—
Balance
'
-V. 148, p.3692.
of directors Henry B. Thomas Jr. was
Louis Ravicz, for the past 20 years asso¬
ciated with the New York investment banking firm of Hayden, Stone &
Co. as their oil specialist, was elected President of the company.
William
Viner resigned as Vice-President and director.—V. 147, p. 1494.
a
$2,618,246
48,574
period, whether paid or unpaid
Mar-Tex Oil Co.—New Chairman, &c.—
At
742,144
$2,126,369
91,131
3,199
...
794,249
$192,843
61,448
$373,942
$1.10
'
■
59,177
$82,806
49,384
Interest on mtge. bonds
Other int. and deduc...
.
1939—12 Mos.—1938
$8,624,171 $8,973,351
5,703,553
5,612,961
$132,190
Net income..
$0.65
capital stock ($1 par)
•V. 148, p. 3228.
$698,766
446,746
108,947
Net oper. revenues
Other income (net)
Earnings per share on 339,245 shs. of
-
■
Grdss income
.1937
1938
1939
$610,618
418,865
Operating revenues
•_
Oper. exps., incl. taxes.
Property retirement reserve appropriations..
Marlin-Rockwell Corp. (& Subs.)—Earnings—
3 Months Ended March 31— •
Net profit after deprec., Fed., income
31—1939—Month—1938—
Period End. May
pany
recent meeting of the board
made Chairman of the Board and
Maryland Fund, Inc.—To Discontinue SEC Registry—
Mexican Light
1938
$865,456
8,086,140
14,385
.from oper.
$8,073,586
$8,965,982
$7,979,975
$7,809,824
Operation, maintenance,
depreciation and taxes
6,131,654
6.404,411
5,755,604
5,311.140
for fixed chgs.
provision for
$1,941,932
$2,561,571
$2,224,371
$2,498,684
ddubtful accounts, &c.
904,401
558,297
315,846
196,008
110,582
2,506,518
111,959
2,554,312
120,702
2 691,015
115,253
2,712,432
$1,579,568
$662,998
$903,193
$525,011
Private & commercial.
Miscellaneous
Discussing factors leading to the decision to discontinue the sale of new
h»"We
moved to discontinue the sale of shares because liquidations
are
earns
Net income from oper.
in
Mexico
prov.
consider
before
Additional
Head office exp. less investment income
Bond int. & sinking fund
Net loss for the year..
Consolidated Balance Sheet Dec. 31 (Canadian Currency)
outrunning sales and have been for several months,
and we do not
good practice to create additional shares in the face of this
situation.
It is our belief that the failure to create additional shares will in
a reasonable time create a scarcity value for the shares now outstanding."
Administration &
Research Corp. is the management company for
Maryland Fund, Inc.
Ross Beason is President of both companies. Shares
of Maryland Fund, which carry a load of 8 2-3% of the asked prices, had
been distributed by Smith, Burris & Co., of Chicago.—V. 148, p. 1174.
are
Gross
"
shares, the company wrote the SEC:
1938
$
A ssets—
Massachusetts Power & Light Associates
1938
Calendar Years—
Operating
1937
(& Subs*)—
1936
1935
$15,626,854 $15,704,137 $15,643,092 $14,900,345
380,037
481,452
406,790
360,068
revenue
equipment, &c 72,416,535
71,450,685
Rts., franchises,
goodwill, disc,
Other income-,
other
.$16,006,891 $16,185,589 $16,049,882 $15,260,414
Gross".
12,154,544 zl2,209.840 yll,873,423
11.015.325
22,294
22,294
cos
f
$3,85°,347
$3,975,748
$4,176,459
$4,245,089
1,406,611
1,466,335
1,460,476
1,528,850
$2,445,736
2,542,268
$2,509,414
2.542,268
$2,715,982
2,542,268
$2,716,238
2,542,268
Net before interest—
Interest^charges, &c
Net
earnings.
Preferred
dividends
in transit
Accts. receivable
Deferred charges
Securities
Cash
Balance to surplus.—
def$96,532
def$3^,854"
Includes Federal surtaxes of $2,605.
undistributed profits.
z
$173,714
due
"$173,970
No provision has been made for
1,955,349
799,946
958,040
938,041
793,804
40,725,590
38,621,719
1,379,374
1,098,144
239,331
143,763
4,444,555
1,368,819
1,172,454
268,871
3,415,773
1,592,745
6%
inc.
debenture stk.
Res. for deprec.,
&c_
Deficit
145,177
5,222,461
162,161
127,024
3,548,522
4,341,450
balances
Accts.
Total
y
surtaxes on
397,872
2,547,879
on
Sink, fund, cash
by
Government
'
39,899,544
372.665
Deferred liabs..
25.699,348
to
Stores in hand &
Oper. exps.,maint. & tax
$
6,000,000
5,700,000
Floating liabs._
25,699,348
advance
1937
6,000,000
4% cum. pf. shs.
5,700,000
Funded debt... 38,400,678
7% cum. pf. shs.
Int.
Cost of invest, in
&
$
17,085,000
Accrd. bond int.
bds., sh. &
penses
Liabilities—
Ordinary shares. 17,085,000
Properties, plant
on
1938
1937
$
it
bond issue ex¬
p
1935
$714,030
7,082,500
13,293
$741,996
7,318,990
12,599
Government
The company, a mutual investment trust, with' net assets of $9,000,000
Feb. 28, last, has decided to discontinue the sale of new shares and
•
Currency)
1936
1937
$780,598
7,187,772
11,605
withdraw its registration
that effect.
for Calendar Years (Canadian
Earns., light and power:
on
with the Securities and Exchange Commission
and the various States, because "liquidations are outrunning sales," it was
learned June 12.
At the same time, directors at a meeting held last week adopted regula¬
tions under which stockholders desiring to liquidate their shares through
the Fund may do so by depositing them with the Fund.
Liquidating value
of the deposited shares will be determined on the 48th day after deposit in
accordance with the terms of the charter, less a discount of 3 %.
Payment
will be made within 3 days after liquidating value is determined.,
In a letter to the SEC, the company states that the selling agencies have
terminated their underwriting agreement and are notifying all dealers to
& Power Co., Ltd. (& Subs.)—Earnings
Income Statement
-V. 148, P.
.
109,154,027 109,818,584
3693.
Total
109,154,027 109,818,584
Volume
148
Financial
Marshall Field &
Directors announced on June 22 that the
company's 7% preferred stock
had been called for
redemption on Sept. 30 at $120 a snare and accrued
dividends.
There
are
7,540 shares outstanding.—Y. 148, p. 2902.
Mexico
Tramways Co. (& Subs.)—Earnings-
Total
Oper.,
1936
1935
$2,885,741
75,877
$2,509,684
63,495
$2,204,407
$2,961,618
$2,573,179
$2,270,097
earnings.
67,381
from oper.
earns,
mamt.,
$2,418,126
Expenses
in
2,787,436
3,212,402
$369,310
1938
$250,784
$
9,666,658
Funded
debt.....
in assoc. & other
Reserve
19,548
19,548
for
ciation,
Stores in hand and
zation
transit......
223,870
245,767
38,155
Accts. receivable..
Def'd charges and
46,989
44,230
Securities....
102,682
Maintenance
Property retirement
reserve
228,731
291,306
229,006
x
for
fran-
9,337,909
Total
144, p. 4186.
148,
$186,493
\
.
on common
1939
Milwaukee Gas Light
Co;—Hearing
$259,565
$0.26
Acc'ts receivable
Mat'ls & suppl's
on
Acquisitions—
Co., registered holding company.
Milwaukee Gas Light Co. is also
subsidiary of American Light & Traction Co.—Y. 148, p. 1812.
a
paid
on
March 31, last, and compares with 60 cents paid
on Dec. 22,
1938; dividends of 40 cents paid in each of the three
preceding
quarters; 75 cents paid on Dec. 22, 1937; 60 cents
paid on Sept. 30, 1937;
50 cents paid on July 1, 1937. 40 cents
paid on April 1, 1937, and a special
dividend of 40 cents and a regular
quarterly dividend of 25 cents
on
Dec. 22,
per share
1936.—V.
148,
Minnesota Power & Light
Period End. May 31—
Operating
Oper.
revenues
exps.,
incl. taxes__
Amort,
of limited
investments
Prop, retire,
p.
1649.
,571
561
$6,256,117
2,817,331
$6,587,696
2,990,557
9,534
529,583
$3,058,022
41,667
41,667
$250,400
$224,745
$2,881,962
res. approp.
60
262
$250,460
134,642
5,652
$225,007
135,429
5,917
Int. charged to constr'n.
Crl28
Crl75
on
Net income
$110,294
$83,836
Dividends applicable to preferred stocks for the
period, whether paid
unpaid
745
$2,882,707
1,623,943
70,283
Crl,594
$1,190,075
4,160
$3,062,182
1,633,393
71,818
C'r2,565
,
$1,359,536
990,834
...
990,790
$199,241
or
Balance
$368,746
x
Dividends accumulated and unpaid to May 31, 1939 amounted to
$392,227,
Latest dividends, amounting to $1.75 a share on 7% preferred
stock, $1.50 a share on 6% preferred stock and $1.50 a share on $6 preferred
stock, were paid on April 1, 1939.
Dividends on these stocks are cumu¬
lative.
have
declared
pref. stock, par $100; $1.50
$100. and $1.50 per share
on
the
dividends
per
share
$6
no par
of $1.75 per share on the
7%
the 6% cum. pref. stock, par
on
cum.
pref. stock, all
on account
of accumulations and all payable July 1 to holders of record June
15.
Like
amounts were paid in each of the five preceding quarters.
See V.
a.
3822, for record of previous dividend payments.—V. 148, p. 3230.
145,
be
offered
being sold by Atlas Corp. in accordance
with an underwriting agreement between D. M. S. Hegarty &
Co., Inc.,
and Atlas Corp.
As of April 30, 1939, Atlas was the beneficial owner of
466,667 shares of common stock, representing 66.67% of the 700,000 out¬
standing.
Atlas is retaining 200,000 shares of the 466,667.
Due
to
59,742
411,809
1,847,217
118,298
392,015
1,556,124
259,734
253,882
'
22,144
Other current &
2,242,136
2,599,856
assets
accr'd
llablls.
20,573
103,979
Def'd credits.._
Reserves...
6,016
5,702
243,438
104,608
7,937,544
9,264,327
Contrlb.in aid of
46,714
.
Conting. liabils.
(contra),
31,325
6,016
Earned surplus.
13,130,919
■
5,701
12,539,702
..152,092,889 150,657,7641
Total
^152,092,889 150,657,764
capital stock of consolidated subsidiary (Great Falls Townsite Co.)
surplus of the subsidiary at date of acquisi¬
tion, as adjusted,
b Represented by 159,588 in 1938 and 159,576 in 1937
no par shares,
c Represented by 2,481,665 no par shares.—V.
148, p.3231.
a
In
over
the par value thereof, plus
Earnings—
1939
Gross from railway
Net from railway
Net after rents
Net from railway
—V.
...
1938
$112,859
27,853
31,687
1937
1936
$84,831
15,384
14,914
$234,274
118,587
113,105
$174,125
71,198
67,240
513,143
109,115
166,680
.•
.
...
Net after rents
548,063
118,113
162,187
947,143
391,929
382,598
814,297
307,545
307,279
148, P. 3075.
Montreal Tramways Co.—Dividend Reduced—
Directors have declared a dividend of $1.50 per share on the common
stock, payable July 15 to holders of record July 4.
Previously regular
quarterly dividends of $2.25 per share were distributed.—V. 148, p. 2251.
Corporation has signed a contract to manufacture a refrigerating unit
designed for highway transport trucks.
Patents are owned by a newly
formed Michigan company, Articulable A. C. A. Corp. of
Detroit, which
company will handle sales of the new product.
An experimental unit now
is being installed in a Fruehauf trailer.—V. 148, p. 3693.
Mountain States Power
Co.—Earnings—
Years Ended March 31—
1939
Appropriation for retirement
"1938
$4,281,881
2,055,379
173,323
300,000
526,352
40,364
reserve
Taxes
Provision for Federal and State income taxes.
Net operating'revenues
increased
are
earnings, the company disbursed dividends on the
common stock last year amounting
to $245,000, as compared with dis¬
bursements of $70,000 in each of the two preceding years.
Tonnage trans¬
ported by the company has increased in each of the last five years from
358,302 tons in 1934 to 446,955 tons in 1938. Fifteen additional barges have
beencontracted for by the company.—V. 148, p. 3536.
....
Income from electric plant leased to others.
.f
$4,149,376
2,016,475
203,390
300,000
500,597
$1,186,464
243,673
$1,128,164
243,345
750
:—
Net operating income
$1,430,137
Dr25,160
Merchandise and jobbing (net)
Miscellaneous income
—
Gross income
Interest
on
long-term debt
—
Amortiz. of debt discount and expense
Other interest (net)
—
Miscellaneous deductoins..
...1
Netincome
—
$1,371,509
Lr57,939
Dr529
$1,404,447
'
477,521
377,547
" 17,661
$531,717
;
2,025
$1,315,595,
.
477,521
34,438
373,387
15,860
$414,388
Note—No provision was made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 1936 for the year 1937 as no
such taxes were paid for that year/—V. 148, p. 3693, 3380, 3232, 3075.
Narragansett Electric Co. (& Subs.)—Earnings—
Period End. Mar. 31— 1939—3 Mos.—1938
1939—12 Mos.—1938
$3,390,805
26,177
$3,114,431 $12,350,490 $12,571,692
31,780
126,710
216,602
$3,416,982
1,373,070
176,575
Depreciation
298,476
Fed.,State & munic.taxes
449,101
$3,146,211 $12,477,201 $12,788,294
1,361,833
a5,537,472
5,840,732
135,394
a994,119
622,523
264,650
970,796
1,019,026
380,944
1,444,327
1,408,359
Total gross earnings..
Operating costs
Maintenance
Consolidated
has filed with the Securities and Exchange Commission an
amendment naming Smith, Moore & Co., St. Louis, Mo., as an additional
underwriter for the offering of 266,667 shares ($1 par) common stock. The
offering is expected to be made early next week by Francis, Bro. & Co. ot
St. Louis, D. M. S. Hegarty & Co., Inc., New York, and Smith, Moore &
Co., of St. Louis.
to
debt and int..
CuBt's' depositsTaxes accrued..
Int. accrued
Deferred debits.
Mississippi Valley Barge Line Co.—Files Amendment—
Company
The shares
78,705
239,382
843,273
66,585
Other income
Dividends—
directors
600
6,200
61,605,900
121,286
239,364
2,321,040
31,053
Gross operating revenue.
.•
»
The
143,498
•
690,704
53,168
Maintenance and repairs
1939—12 Mos —1938
6,824
550,000
mortgage bonds.
Other int. & deductions.
cum.
600
term
_.
Gross income
x
49,633,300
Cap.stk.subscr.
1,300
Long-term debt. 61,118,900
Operating revenues
Operation
1
Co.—Earnings—
1939—Month—1938 '
,$528,966
$505,152
236,328
238,179
Net oper. revenues
Other income
Int.
stock
15,868,473
Mat'd long-term
accrued assets
Conting.
$
15,869,673
49,633,300
Motor Products Corp.—New Product—
Minnesota Mining & Mfg. Co.—Interim Dividend—The directors have declared an interim dividend of 50 cents
per share on
the common stock no par value, payable
July 1 to holders of record June 26.
distributed
129,224
2,216,097
Prepayments...
com.
1937
$
b 56 cum.pf.stk_
c Common stock
Accts. payable._
Div. declared
Other current &
proposed
acquisition by Milwaukee Gas Light Co. of the properties of Wauwatosa
Gas Co., Lake Shore Gas
Co., Wisconsin Eastern Gas Co. and West
Allis Gas Co., all of which are subsidiaries of American
Light & Traction
was
142,477
From Jan. 1—
Gross from railway
Securities and Exchange Commission June 15 announced a
public
hearing on June 29 in the Commission's Washington offices on the applica¬
tions and declarations
(File 32-152) in connection with the
Like amount
282,976
061,317
788,796
May—
1938
$186,493
$0.19
...
stock
The
427,831
0255,049
1,174,372
59,966
Montour RR.-
Co.—Earnings—
3 Months Ended March 31—
Net income after all charges
share
—V. 148, p, 2902.
416,153
Cr335,950
'Total
■
per
Special deposits./ '
$259,565
Mid-West Refineries, Inc.—Dividend Resumed—
Earnings
Inf. & fund.acct.
Cash
1,671,175
1938
Directors have declared a dividend of five cents
per share on the common
stock, payable June 24 to holders of record June 19.
This will be the first
dividend paid since June 25, 1938. when three
cents per share was distrib¬
uted.—V. 148, p. 1648.
Midwest Oil
$5,768,360
1,571,481
669,124
construction
1939
•
2902.
p.
$6,257,256
1,942,492
529,495
1938
Co.—Earnings—
3 Months Ended March 31—
Net income after charges and taxes
—V.
$5,083,881
1,927,602
529,495
Subs.
1,671,175
159,786
1,078,080
(contra)
Midwest Oil
768,385
$5,733,697
34,663
Liabilities—
equipment.143,755,484 140,878,844
Notes receivable
Directors have declared a dividend of $1.75 per share on the
7% cum.
pref. stock, par $100, and $1.50 per share on the
6% cum. pref.stock
par $100, both payable on account of accumulations on
Aug. 1 to holders
of record July 15, leaving arrears of
$13>12>3 and $11.25 per share, re¬
spectively.—V. 148. p. 3073.
$
property
Investment...
28,554,678 29,051,513
1,596,373
$6,267,994
Drl0,739
1937
$
"
Exc. of ledger
value ot co.'s
881,553
Michigan Public Service Co.—Accumulated Dividend—
1
l,563,2ll
$5,124,092
Dr40,211
_.
1938
Assets—
&
Total
depletion
Consolidated Balance Sheet Dec. 31
8 167,193
Plant,
.........28,554,678 29,051,513
1936
$2,546,580
$3,612,486
$3,306,096
Includes provision for Federal income taxes in the
amount of $499,615
and $347,283 for 1936, together with other taxes.
9 168,567
8,720,453
1937
1938, $280,000 for 1937
chises and other
Claims and other
-V. 146, p. 3959; V.
Del.,
Net income...
108,716
600,836
and
appropriations.
Interest on mortgage bonds.
Interest on debentures..
Other int. &
deductions, incl. amorti¬
zation of debt disct. &
expense
Interest charged to construction
403,949
Mexican Govt.—
_
Wilmington,
$13,076,693 $15,423,529 $12,801,774
5,741,927
6,828,853
5,773,984
647,463
730,308
525,708
taxes
Net
operating revenues.
Other income
(net)
a
debts...
at
1938
Operation, including
depre¬
assets
Court
Subs.)—Earnings—
revenues
,
29,106
726,481
628,421
Cash
x
amorti¬
of
Deficit
„
debit balances..
$
26,531,200 26 ,531,200
885,984
885,984
Floating liabilities.
Deferred liabilities
companies
1937
$
Capital stock
9,666,658
Chancery
Gross income.....
1938
Cost of investment
in
$722,774
$544,694
Liabilities—
Prop., plant & eq.17
r,230,278 17,326,695
Rights, franchises,
goodwill, &c
Operating
(Canadian Currency)
1937
$
Assets—•
,
.
Consolidated Balance Sheet Dec. 31
the
Calendar Years—
221,404
.
Net deficit from operations in Mexico
.
2,771,467
3,117,873
connection
with strike
in
Montana Power Co. (&
65,690
deprec'n
and taxes,
Harrington
covering the
1937
$2,350,745
earnings.
Chancellor
June 21
signed an order authorizing the company to distribute to its stock¬
holders the warrants it holds for the
purchase of 80,000 shares of Panhandle
Eastern Pipe Line Co. common stock
at $25 a share.
Panhandle Eastern is already
preparing to file a registration statement
with the Securities and
Exchange Commission
a
1938
Miscellaneous
3853
Missouri Kansas Pipe Line Co.—Order Issued—
issue, after
Which the warrants will be
distributed to Missouri Kansas stockholders on
pro rata basis.—V. 148,
p. 3536.
Earnings for Calendar Years (Canadian Currency)
Car
Chronicle
Co.—Preferred Stock Called—
balance
before cap. charges.
Interest on funded debt.
Amortiz. of debt discount
$1,119,759
294,691
$1,003,390
297,500
$3,530,486
1,187,191
$3,897,655
.1,190,000
31,126
10,579
5,679
28,050
6,807
5,679
115,277
31,706
22,717
115,438
25,578
28,397
$777,684
$665,353
$2,173,594
$2,538,242
& redemp¬
premiums on re¬
& expenses
tion
funded bonds
—
Miscellaneous interest..
Other chges. against int.
C<for<di
vs
f
surplus
$335,000 and operating
other than maintenance approximately $65,000, extraordinary
costs resulting from the hurricane and floxl in September, 1938.
Other
costs incurred have been accounted for through property and reserve aca
Maintenance expenses include approximately
expense
provision has been made in this statement for Federal tax on
undistributed net income applicable to the 1939 periods, the amount of such
Financial
3854
liability, if any, being detenuinable
p. 3464.
only at end of calendar year.—V.
1939
June 24,
Chronicle
Preferred Dividends—
147,
Directors have
declared a dividend of $1.50 per share on the 6% pref.
share on the $2 pref. shares, both payable July 1
23. Dividends of $1 and 33 1-3 cents per share
shares and of 50 cents per
Murray Ohio Mfg. Co.—25-Cent
The
dividend of 25 cents per share on the
holders f record June 23. This compares
Dec. 24, 1938; 15 cents paid on April 1, 1938; 30
in each of the four preceding quarters; a dividend of 80 cents
declared
have
directors
a
stock, payable July 1 to
common
respectively, were paid in each of the five preceding
are in arrears on both issues.—V. 148, p. 3234.
paid
Said Dec. 26, this latter dividends of 30 distribution paid onon the1 common
Oct. and on
uly 1, 1936. 1936, and being the first cents were made
stock since Oct. 1. 1930—V. 147. p.
3918.
(A. I.) Namm & Son.—New
Official—
384,778
1939—12
Subsidiaries—
was paid
Dec. 15,
.$19,809,740 $20,649,514 $83,287,554
taxes.; 11,899,278
12,116,853 48,859,660
1,703,652
1,782,322
7,303,108
Prop. retire't res. approp
$6,206,810
1,995
$216,179
$2,921,610
61,875
17,500
9,896
742,500
210,000
03,773
110,343
010,679
$2,942,425
742,500
210,000
108,868
Cr 29,571
$142,755
$84,534,436
48,787,005
7,704,815
$6,750,339 $27,124,786 $28,042,616
Balance
$130,681
$1,869,446
$1,910,628
35,241
Dr996
Drl,514
New
Other income
$6,748,825 $27,123,790 $28,077,857
66,148
290,996
329,601
80,519
308,617
271,129
Total gross earnings._
Operating costs
a
$6,222,978
$6,734,454 $27,106,169 $28,136,329
Fed.,
Maintetance
$2,955,894
54
$2,955,948
1,606,803
63,162
...
160,000
Depreciation
....
public
and
other deductions_
2,897,045
2,984,173
Int. charged to constr..
Pref. divs. to public
03,068
1,504,518
03,782
1,515,416
11,601,484
08,165
6,043,504
147
168
771
Portion
appl. to min. int.
11,978,912
018,085
6,061,897
1,604
$1,411,528
1939—12 Mos.—1938
$2,829,437 $11,423,077 $11,751,246
»
2,676
1,000
20,525
31— 1939—3 Mos.—1938
-
67,114
to
499,100
$1,370,346
-
England Power Co.—Earnings—
Period End. Mar.
$6,208,805
81,287
Gross income
499,100
—V. 148, p. 3234.
Other inc. deductions
Interest
for the
....
-
Other income-......
Operating income
$2,928,506
13,919
applicable to preferred stocks
period, whether paid or unpaid
Gross operating revenue
(net)...
2,318
Cr 55
bonds
Int. on deb. bondsOther int. & deductions.
Int. charged to constr..
Mos.—1938~
Operating revenues
Net oper. revenues
Rent from lease of plants
$2,919,292
26
Dividends
-
Oper. exps., incl.
$216,153
$231,403
61,875
17,500
9,328
Gross income
(& Subs.)—•Earnings—
1939—3 Mas.—1938
35,818
575,832
201
'."Net income
Period End. May 31—
4,327,453
23,308
600,834
$231,202
Net oper. revenues—
Other income
Int. on mtge.
dividend of 25 cents per share on the common
stock, payable July 14 to holders of record June 30.
Like amount
on Jan.. 14, last; this latter being the first dividend paid since
1936 when $1 per share was distributed.—V. 148, p. 3076.
National Power & Light Co.
4,739,760
2,024
48,333
Prop, retire't res. approp
Corp.—-To Pay 25-Cent Dividend—
Directors have declared a
358,882
1,945
52,500
Oper. exps., inc. taxes..
Amortiz. of limited-term
Stockholders named Simon 8. Weil,
National Aviation
1939—12 Mos.—1938
$8,283,194 $7,867,609
1939—Month—1938
$670,425
$625,392
Period End. May 31—
Operating revenues
investments
75 years old, as Advisory Vice-Presi¬
dents of the store, a newly created post.
Announcement of the election
was made by Major Benjamin H-. Namm. President.—V. 145. p. 2232.
Dividends
quarters.
Nebraska Power Co.—Earnings—
with 45 cents paid on
cents
of record June
to holders
Dividend—
^
$2,832,113 $11,424,077
1,453,648
6,574,427
68,793
234,039
160,000
640,000
$11,771,771
6,313,506
327,816
640,000
State and munic¬
340,048
342,248
1,153,554
1,186,532
$785,934
81,006
$807,423
81,733
$2,822,057
323,465
$3,303,916
327,116
10,816
5,036
10,936
4,922
1,532
43,163
19,135
6,462
43,936
21,377
1,532
$689,075
120,210
$708,300
120,210
$2,429,833
$2,909,955
480,840
$568,865
ipal taxes.
$588,090
$1,948,993
Balance before capital
charges
funded debt.
Interest on
Amortiz. of debt discount
Net
equity of Nat. P.
&
L.
Co.
Other income
$2,238,479
$9,468,575 $10,112,001
$1,824,336
23,962
$2,238,479
24,187
$9,468,575 $10,112,001
86,737
118,797
Total..
Int.- & other deductions.
$1,848,298
101,385
259,763
$2,262,666
90,762
341,392
$9,555,312 $10,230,798
359,726
227,426
1,219,048
1,358,614
Bal. carried to consol.
$1,830,512
$7,976,538 $8,644,758
$0.25 /
$1.15
$1.27
Notes—The statement includes full revenues of a subsidiary without
provision for possible revenue losses, not exceeding $120,000 for each
12-month period, from natural gas rate reduction now pending.
Certain properties of subsidiaries were sold during 1938 and 1939, and
consequently this statement includes the operation of these properties only
earned
surplus
Earn, persh. oncom. stk
$1,487,150
$0.19
'
to dates of sale.
Statement
Period End. May 31—
Inc.—From subs., consol
*
Other.
•
of Income (Company Only)
1939—3 Mos.—1938
$1,370,049
$1,407,209
23,962
24,187
1939—12 Mos.—1938
$5,957,498 $7,528,229
86,737
118,797
$1,394,011
101,385
Interest
other
and
$1,431,396
$6,044,235
359,726
$7,647,026
90,762
$1,292,626
Total income
Expenses, incl. taxes
$1,340,634
$5,684,509
$7,419,6u0
259*£63
341,392
1,219,048
1.358,614
227,426
de¬
ductions from income-
Net
$1,032,863
income
$999,242
$0.11
$4,465,461.
$0.10
Earn, per sh. of com. stk
$6,080,986
$0.80
$0.51
National Republic
Investing Co.—Bankrupt—
Federal Judge Michael Igoe at Chicago June 21 declared the company
be bankrupt.
The petition against the company, an investment sub¬
sidiary of the old Central Republic Trust Co., was filed on June 3 by the
Reconstruction Finance Corporation, which has claims of $523,955 against
These consist of
it.
Republic Trust and a
'
company.
liability of $41,985 as a stockholder in the Central
$500,000 note given as collateral on a loan to the trust
a
♦.
was
3381.
•
liability,
Directors have declared
on
of record
1938.
a
dividend of $2 per share on account of accumu¬
27 to holders
and Aug. 1,
share was paid on
The last regular quarterly dividend of $2 per
Feb. 15. 1938.—V. 147, p. 2540.
England Power Association (& Subs.)—Earnings
New
if any,
company.
The proceeds
Period End. Mar. 31—
1939—12 Mos.-—1938
$13,091,865 $52,392 451 $52,685 563
310,335
1,398.418
1,610,892
1939—3 Mos.—1938
Gross oper. revenue-.--$13,976,697
Other
income--..
317,720
from the sale of the bonds, together with
will be applied to the payment of the balance
other funds of
of the purchase
the registration statement.
Bellows Falls Hydro-Electric
have also filed
companies are
,
i.
Corp. and Connecticut
—
—
Total
$14,294,417 $13,402,201 $53,790,870 $54,296,455
19,380,952
4,848.100
4,598,696 al9,075,368
Maintenance
3,673,141
819,174
815,482
a3,724,166
4,750,069
1,266,870
4,831,518
Depreciation
1,337,003
8.984,959
2,390,239
9,613,032
Fed., State & munic. tax 2,675,862
gross
earns
Consol. balance before
capital
Interest
on
charges
funded debt-
$16,546,785 $17,507,334
6,392,903
6,454,927
$4,617,971
1,602,181
$4,327,221
1.603,634
134,258
23,227
125,866
35,014
515,065
103,742
533,207
139,928
18,911
962,297
7,225
962,537
61,112
3,849,584
144,368
3,850,658
304,639
256,610
1,060,160
Amort. of debt discounts
and
expenses
Miscellaneous
Other
interest
charges
against
income
Pref. divs.-of sub. cos..
Minor, int. in net income
of subsidiaries
979,155
Consol. balance before
dividends
$1,336,335
$4,564,219
662,925
662,925
2,651,699
3,646,063
$909,533
$673,410
$1,912,520
$1,759,028
ing the period.
Consolidated balancea
$5,405,092
$1,572,457
Pref. divs. declared dur-
Maintenance expenses
•
include approximately $470,000 and operating
^
River Power Co.
of the sale of utility assets. Both
affiliates of New England Power Co.—V. 148, p. 3694.
applications for approval
New York
New
Interstate
RR.—Hearing on
Haven & Hartford
Reorganization Plan Ends—
-
Commerce Commission
•
.
completed hearings in the New
after the Pennsylvania RR., a
appealed for participation by
reorganization proceeding June 18
New Haven stockholder, had
present stockholders in the reorganized company.
Commissioner Charles D. Mahaffie. who, with
iner, presided at the four-day
parties by Aug. 1.
New
by present preferred
holders.—V. 148, p. 3694;.
N. Y. Title &
■
.
proposed plan of reorganization
Haven's
,
^
H. H. Wilkinson, Exam¬
hearings, called for briefs by all interested
,
provides for par¬
stockholders, but not by common
stock¬
Mortgage Co.—Payment—
Supreme Court Justice Frankenthaler on June 17 signed an order direct¬
ing payment of $1,000,000. or 30% of the total claims of certificate holders
of the New York Title & Mortgage Co. out of assets now held by the
Superintendent of Insurance.
The Court's order ends a five-year litigation
between the certificate holders and general creditors.—V. 148, p. 3694.
New
York
State
Electric
&
Gas
Corp.—$19,000,000
'
Refinancing Program—
Operating costs
..
$2,429,115
price of the property to be acquired from Bellows Falls Hydro-Electric Corp.
and to the payment in cash of the purchase price of the transmission line
to be acquired from Connecticut River Power Co.
The price at which the bonds are to be offered, the names of underwriters
and the interest rate on the bonds are to be furnished hy amendment to
ticipation
the 8% cumul. pref. stock, par $100, payable June
June 23.
Similar payment was made on Oct. 26
„
„
in this atetmdnt for Federal tax on
the 1939 periods, the amount of such
being determinable only at the end of calendar year.
To Issue Securities to Acquire Properties—
The Securities and Exchange Commission. June 19 announced that
company filed an application (File 32-154) under the Holding Company
Act for exemption from the requirement of filing a declaration in connection
with the issuance of $9,650,000 of first mortgage bonds, series B, due
Aug. 15, 1969, and not more than 112,724 shares of $25 par value common
stock.
The company is in the New England Power Association system.
According to the application, the company is to acquire the fixed prop¬
erty and franchises of Bellows Falls Hydro-Electric Corp., which owns
a hydro-electric plant and development on the Connecticut River at Bellows
Falls, Vermont, and Walpole, N. H., and which is engaged in the business
of generating and sale of electricity.
The company also proposes to pur¬
chase that portion of the Bellows Falls-Pratts Junction transmission line
located in New Hampshire, which is owned by Connecticut River Power Co.
The common stock will be issued to Bellows Falls Hydro-Electric Corp.
at $30 a share in part payment for thd property to be acquired from that
The
Neptune Meter Co.—To Pay $2 Preferred Dividend—
lations
common
didivends & surplus
substantial
Absorbed by the parent company.—V. 148, p.
480,840
Note—No provision has been made
undistributed net income applicable to
Haven
Corp.—Subsidiary Absorbed—
Corporation has reported to the Securities and Exchange Commission
as of May 31 Weirton Steel Co., a wholly owned subsidiary, ceased
subsidiary and
for
"Balance
c
that
to be a
inc.
dividends...-
Preferred
The
National Steel
_
Balance before divs.r
the company,
—V. 148, p. 3381.
to
—
Other interest charges.
Other chges. against
.......
Expenses, incl. taxes
premiums
(net)
$1,824,336
National P. & L. Co.—
Net equity of Nat. P. &
L. Co. in inc. of subs..
&
expenses
of
in inc.
subsidiaries.......
The corporation has
been authorized by
the New York P. S. Commission
$13,000,000 in first mortgage bonds, 3%% series due 1964, in ex¬
change for the same amount of 4% series due 1965. An issue of $6,000,000
of 5)^%
cumulative preferred stock also was authorized, to consist
60,000 shares of $100 par.
^
Of the capital stock issue, 30,724 shares are to be issued in exchange for
33,796 shares of outstanding 5% preferred stock held by affiliated interests
and 29,276 shares are to be sold at not less than par and accrued dividends,
to realize not less than $2,810,496.
The bond issue is to be dated May 1 and must be sold by July 31.
It is
to issue
of
.
first mortgage executed in 1921 to
York, of which the Continental Bank & Trust
cessor.—V. 148, p. 3538.
secured by a
North
Continental
Oil
&
,,,
,
,
.
Equitable Trust Co. of New
Co. of New York is the suc¬
Gas
Corp.,
Ltd.—Stock
Offered— Public offering, by means of a prospectus, is being
made of 1,000,000 shares (no par) common stock of the
corporation, at 25 cents per share, by Metagama Securities,
Ltd., of Toronto.
Keeler, Baker & Co., Inc., New York,
also will participate in the sale of these securities by offering
them within the United States, according to the prospectus.
The shares have been registered with the Securities and
expenses other than maintaUance include approximately $150,000 costs
resulting from the hurricane and floods of Sept., 1938.
Other costs have
been accounted for through property and reserve accounts.
Exchange Commission at Washington.
been made in this statement for Federal tax on
undistributed net income applicable to the 1939 periods, the amount of
such liability, if any, being determinable only at end of calendar year.
tion and expenses
Note—No provision has
'
4'.
Proceeds from the company's
work,
development expenses.
for normal opera¬
geological exploration and survey
and other
financing will be utilized
until Dec. 31, 1940, for
for lease acquisition and
rentals and for drilling of wells
Volume 148
Financial
Chronicle
Upon completion of the present
financing, the prospectus states that
Metagama Securities, Ltd. will offer a second
1,000,000 shares publicly
at 37 l/i cents per share when
market conditions and the company's progress
warrant it.
The underwriter also holds an
option on a third million shares,
which option is for a term of
2^ years.
Corporation was incorporated in the Province of
Alberta, Canada, in
Dec., 1938, to engage in the production and sale of
crude oil, with an
authorized capital of
5,000,000 shares (no par) capital stock, of which
2,000,000 shares are issued and
outstanding with a present stated value of
10 cents
a
3855
Pacific American
Fisheries, Inc.—Meeting—
Company notified the New York Stock Exchange that the stockholders'
meeting originally called for May 4, 1939, will be adjourned from
day to day until June 29,
1939, for the purpose of considering the ratifi¬
cation and approval of a
loan of $4,000,000 from the Seattle-First National
isank, under a Reconstruction Finance
Corporation deferred participation,
and in
pledging all assets of the company (except assets previously pledged
prior to March
28, 1939), and the 1939 salmon pack and proceeds
arising
from the sale thereof.—V.
annual
share.
148, p. 3J78.
The corporation has
acquired from the
of
Alberta
covering
Department of Lands and Mines
petroleum and natural gas rights
114,400 acres of land.
Principal business offices of the
located in Calgary, Alberta—V.
148, p. 2280.
Province
some
corporation are
reservations
Pacific Lighting
of
The corporation has filed
North & Judd Mfg.
a dividend of 55 cents
per share on the common
to holders of record June 19.
This compares with
35 cents paid on March 31 and Jan.
3, last; 25 cents
paid
Panhandle Eastern Pipe Line Co.-
Sept. 30 and
on
June 25, 1938, and
previously regular quarterly dividends of 36
share were distributed.—V.
148.
p.
Covering Common
cents per
741.
soon as
issue
was
made
on
Jan. 2,1938; Oct. 1,
July 2 and
on
revenues
nn£ ™,at numb©r of shares is held by the receivers of Missouri-Kansas.
1 he Court had
previously directed the receivers to distribute the shares to
Missouri-Kansas stockholdrs.
The registration statement to be filed by
(Del.) (& Subs.)—Earnings
Panhandle Eastern will
148, p. 3696.
,,
$11,275,020
3,839,028
Cr8,254
41,843
132,021
_
Interest on long-term debt
Amortization of debt discount and expense
Other interest (net)________
Amortization of sundry fixed assets
Miscellaneous deductions
______
$6,608,084
on cumul pref.
stock, $5 series of Northern
States Power Co. (Minn.) held
City Bank Farmers Trust Co., as trustee, is
inviting tenders of 20-year
6% sinking fund debentures due Jan.
1, 1955, at prices not
exceeding par,
an amount
sufficient to exhaust the sum of $736,069 on
deposit in the
sinking fund. Tenders will be received until noon on June
29, 1939 at the
Corporate Trust Department of the bank, 22 William
St., New York.—V.
148, p.3237.
Paterson & Hudson RR.—To
Pay $1.75 Dividend—>•
1,375,000
by public..^
pref. stock of Northern States Power
by public
Directors have declared a dividend of
$1.75 per share on the capital stock,
$50, payable July 1 to holders of record June 19.
This compares with
$1.50 paid on Jan. 3, last; $1.75 paid on Jan.
3, 1938; $2.25 paid on July 1,
1937; 50 cents paid on March 30, 1937; 75 cents paid on Jan.
5, 1937; divi¬
dends of 6% paid
during 1936; payments of 7% m ade during the years 1935,
1934, 1933 and 1932 and a dividend of 7}4% paid in the year 1931.—V.
147, p. 3919.
par
.
Pekin Water Works Co.—Bonds Called—
Company will redeem on July 20, 1939, at par and accrued interest, all
outstanding series A 6% and series B 5H% water works mortgage
Payment will be made on and after July 20, upon presentation of
the called bonds at City Bank Farmers Trust
Co., New York.
226,125
net income of sub. companies.
of its
19,396
bonds.
59,090
$4,987,563
______
$5,889,547
Note—Northern States Power Co.
(Minn.) made no provision for Federal
taxes for the year
1937, as it claimed as a deduction in its
income tax
returns
redemption
premiums
that
for
and
year
unamortized
expense
discount
and
and
and
applicable to
expense
duplicate interest
bonds redeemed during the
year 1937, which deduction resulted in
for
income
that
no
tax¬
year.
Accumulated Dividend—
Philadelphia Co.—Dividend Reduced—s
Weekly Output—
Electric output of the Northern States Power
Co. system for the week
kilowatt-hours, a decrease of 0.3%
compared with the corresponding week last year.—V. 148,
p. 3695.
»
Northrop Aircraft Inc.— Underwriters—
The company in am amendment to its
registration statement filed with
the Securities and Exchange
Commission, lists underwriters of its offering
of 400,000 class A ($1 par) common shares and
80,000 warrants to purchase
one share of class A common as
follows:
Banks, Huntley & Co.; Lester
& Co.; Cohu Brothers &
Georgeson, O'Brian Potter & Co.; Air Investors,
&
as
of
declared
into
one
operating unit, to be known
148,
PHILADELPHIA
.
revenue
Oper. expenses & taxes..
Prov. for depreciation.-
Net income
pref. stock
Balance
1939—Month—1938
1939—12 Mos.—1938
$1,538,111
$1,440,547 $18,987,863 $19,062,560
742,306
747,209
9,014,068
9,313,124
200,000
200,000
2,400,000
2,400,000
$595,805
286,820
$493,338
286,852
$7,573,795
3,446,869
$7,349,436
3,280,109
$206,486 '$4,126,926
155,577
1,866,923
$50,909
$2,260,003
as
the Philadelphia Transportation
READING
Due
FIRST
MTGE.
5'S
May 1,
RATING
"AA"
YARNALL & CO.
Members New York Stock Exchange
N. Y. Telephone—Whitehall 4-4923
■
A. T; & T. Teletype—Phla 22
Walnut
St., Philadelphia
Philadelphia & Reading Coal & Iron Co.—To Release
Mortgage Lien—
Certain Lands from
The Central Hanover Bank & Trust Co., of New York, trustee for the
$24,000,000 refunding indenture, was given permission by Federal, Judge
Dickinson at Philadelphia June 16 to release any part of the 123,000 acres
of reserve coal and barren lands from the lien of the mortgage
can be arranged.—V. 148, p. 3696.
1,866,923
$2,202,404
3236.;
Co.—Larger Dividend—
when sales
Philadelphia & Reading Coal & Iron Corp. (& Subs.)
12 Mos. End. Mar. 31—
1939
1938
Net sales and other
operating
Ohio Leather
Jan. 25, 1937.—V. 148,
$4,069,327
$153,408
-V. 148, P.
on
-
$308,985
155,577
__.
Int. & other fixed chgsj.
on
&
MOODY'S
1528
Divs.
the
on
Co.—Earnings—
May 31—
Gross income
share
1941
Coupon
Bonds At 104
& Int., To net 2.75%
Registered Bonds At 103}4 & Int., To net 3.00%
gain of 142 in like month
•
per
•
.
a
cents
3384.
p.
April 1939.
Gross
10
Co. The Pennsylvania P. U. Commission and the
Philadelphia City Council
have approved it.
Judge Welsh said groups which might oppose it would
have opportunity to be heard before final confirmation was given.—V.
During first five months this year station gain amounted to 23,620
and compares with gain of 3,044 stations in
corresponding period last year.
—V. 148. p. 3540,
Ohio Edison
of
■
Ohio Bell Telephone Co .—Gain in Phones—
Period End.
dividend
Giving tentative approval to the reorganization plan of the company,
Federal Judge George A. Welsh at Philadelphia, June
22, directed stock¬
holders to give their approval or disapproval of its
provisions by Oct. 31.
Broadly speaking, the plan provides for the consolidation of the P.R.T
the 28 principal underlying companies and their
37 wholly owned subs,
O'Melveny-Wagenseller & Durst
the principal underwriters.—V.
148,
Station gain in May was 3,851
compared with
of 1938 and increase of 4,981 stations in
a
Philadelphia Rapid Transit Co.---Approves Plan—*
Lyons.
one
have
p.3080.
on
ended June 17, 1939. totaled
24,326,195
Inc., and Hartley Rogers
previously had been listed
p. 3077.
directors
stock, no par value, payable July 25 to holders of record July 1.
This compares with 15 cents paid on April 25, last; 20 cents paid on Jan.
25,
last; 10 cents paid on July 25, 1938; 20 cents paid on April 25, 1938; 25 cents
paid on Jan. 25, 1938; 15 cents paid on Oct. 25, 1938; 20 cents paid in
common
6% cumulative preferred
July 20 to holders of
April 20, Feb. 20 and on Jan. 20»
last.
The
.
each of the two preceding quarters, and 25 cents
<
Directors have declared dividends of
$1.31 M per share on the 7% cumu¬
lative preferred stock and $1.12
^ per share on the
stock, both payable on account of accumulations
record June 30.
Like amounts were paid on
'
,
in
and State incom.
able
.
,
$7,323,637
1,375,000
Balance.___________
Net income.
the stock to be issued under this warrant.
Paramount Pictures, Inc.—Tenders—
$11,835,351
3,736,213
663,087
Crl7J19
41,843
88,289
662,297
Divs.
on
cover
—V.
$11,231,957 $11,779,712
43,063
55,638
—
Gross income—,_._
Co. (Wis.) held
was
_
Net operating income
Other income (net)
Minority interest in
news
plan for the distribution of these
80,000 Panhandle Eastern shares, pro
rata, to stockholders of the Missouri-Kansas
Pipe Line Co.
A warrant
________
Dividend
registration statement, which will be filed a8
Commission, covering an
Creveling, President, an¬
Creveling stated,
Harrington of the
Delaware had signed an order at Wilmington approving
This action was decided upon, Mr.
received that Chancellor Wm. Watson
Chancery Court of
1939
1938
.$36,100,870 $35,737,786
Operation....
,u
13,749.836
14,313,915
Maintenance—
1,748,755
1.536.721
Appropriation for retirement reserve & deprec'n___
3,095,240
2,924,154
Taxes.
4,911,715
4,637,633
Provision for Fed. & State income taxes
1,363.366
545,649
Operating
June 21.
a
5% tax. A similar.payment
15, July 2, April 1, and on
April 1,1937.—V. 148, p. 1816.
Northern States Power Co.
Years Ended March 31—
when
payable in Canadian funds
of non-residents is
subject to a
April 1 and Jan. 3, last; Sept.
case
Registration
a
possible with the Securities and
Exchange
of 80.000 shares of
common stock, J.
D.
nounced
The directors have declared a
dividend of 8% cents per share on account
of accumulations on the
7% cum. pref. stock, par $5, payable July 3 to
holders of record June 17.
This dividend is
■To File
Stock Issue—
Company is preparing
North Star Oil, Ltd.—Accumulated
Dividend—
the
application with the San Francisco Stock
p. 3b96.
Co.—Larger Dividend—
Directors have declared
in
an
Exchange for listing of 200,000 shares of $5 dividend
preferred stock which
the Listing Committee of the Exchange.—V. 148,
kaSr. be?11 approved by
stock, payable June 23
and
Corp.—Listing Application—y
1936
1937
;
income
$27,351,958 $35,536,537 $39,196,068 $39,483,785
Cost and expenses, incl.
V
'
deprec. and depletion. 31,064,322
38,850,011
40,732,245
40,629,825
„
The directors have declared
a dividend of 30 cents
per share on the com¬
stock, payable June 30 to holders of record June 21.
Dividends of 25'
cents were paid on April 1, last, and on Dec.
23, Oct. 1, July 1 and April 1,
1938; 35 cents paid on Oct. 1, 1937, and 25 cents paid on June
30,1937, and
on Dec. 24, 1936.—V. 148,
p. 445.
„
mon
to the
regular quarterly
Oklahoma Natural Gas
20.
was
x
Dec. 22, last.
1939
Net income..
Earnings per com. shs. (549,986 shs. outstand.)
$7,956,018
2,899,533
$1,363,323
$2.24
$1,415,567
$1.83
1937)
charged to surplus.—V. 148, p. 3695.
of $1,619,000 first mortgage 5% 20-year gold
bonds, series A,
1, 1948, have been drawn for redemption on Aug. 1, 1939 at
102
% of the principal thereof together with accrued interest to Aug. 1,
1939.—V. 148, p. 3540.
Feb.
Distilling Co .—Interim Dividend—
an
$5,211,316
accrued but
not
paid of $2,971,074 for
$4,859,566
12 months
The miners of the company have approved the company's plan of
payment of back wages and returned to work June 19.
instal¬
The plan approved also by Judge R. M. Gibson in U. S. District Court at
Pittsburgh will give the miners 20 % of back wages upon their return to the
pits, an additional 20% will be paid them on Oct. 1 and the remainder will
be paid at the rate of 10% a month.
The delinquent payroll amounting to $43,500 will be met by sale of re¬
ceivers'
certificates to the
Mutual
Supply Co., an affiliate of Pittsburgh
Plough, Inc.—Listing—
New York Curb Exchange has admitted the new common stock,
$7.50, to listing and registration and has removed the old common
no par, from listing and registration.
The new coniron itock was
issued share for share in exchange for the old common stock.—V.147,
p.1645.
The
par
stock,
Poli New England Theatres, Inc.—Tenders-—
interim dividend of 20 cents per share on the
stock, payable July 1 to holders of record June 15.
Last previous
dividend was 40 cents per share distributed on July 26 and on Jan.
2, 1937
—V. 145, p. 774.
common
$7,301,775
interest
Terminal Coal Co.—V. 148, p. 3540.
A total
Old Joe
$7,059,678
loss.___
Includes
ment
Oklahoma Power & Water Co.—Bonds Called—
Directors have declared
$895,496
3,122,357
841,713
Pittsburgh Terminal Coal Corp.—Back Wages—
1938
$8,254,796
3,108,594
x Without deduction for surtax of
$85,000 on undistributed profits for
fiscal year ended Nov. 30, 1938 ($40,000 in fiscal year ended Nov.
30,
due
$1,391,923
x3,007,701
811,692
x
See
Co.—Earnings—
revenues
Gross income after retirement accruals
x
$3,058,476
x2,973,274
1,270,025
$3,598,592
2,973,137
charges
ended Mar. 31, 1938 and $1,326,328 for 12 months ended Mar. 31, 1937.—
V. 148, p. 3696.
12 Months Ended May 31—
Operating
on
487,949
Net
Similar payments were
paid
$1,146,040
250,544
Other
stock,
June
April 1, last.
An extra of 75 cents
also V. 147, p. 4063.—V. 148, p. 1970.
on
$1,536,177
144,254
Interest
extra dividend of 25 cents per Share in addition
dividend of 25 cents per share on the common
an
both payable July 1 to holders of record
made
$3,313,474
254,998
Total loss
Ohio Wax Paper Co.—Extra Dividend—
Directors have declared
Loss from operations.,$3,712,364
113,772
,
Other income.____
„
.
The New York Trust Co. will until July 20 receive bids for the sale to it
of sufficient first mortgage bonds due Nov. 15. 1958 to exhaust the sum
£77.591 at prices not exceeding redemption price.—V. 147, p. 3920.
of
Financial
3850,
Portland Gas & Coke Co.- -Seeks Bond Extension—
(a unit in Electric Bond & Share Co. system) intends to
seek an extension on the maturity of its first mortgage bonds which fall
due on Jan. 1, 1940, Paul B. McKee, President, has disclosed.
The com¬
The company
presently has outstanding $9,674,000 of 5% and 4%% first & general
obligations falling due at the beginning of next year.
time when the company has not fully
recovered from the effects of the general depression," Mr. McKee stated,
"it is necessary to seek extension of the term of the maturing bonds.
In
working out the proposed extension every effort is being made to develop
a plan that will be fair to all concerned so that the continued progress of
the company may not be hampered."
Mr. McKee pointed out that the company's gas sales in 1938 ran 3.9%
ahead of 1937, and added that "the improvement in the company s basic
residential business was an encouraging feature of 1938." * It is believed that
a plan looking toward a five-year extension of the maturing bonds is under
consideration.—V. 148, p. 3240.
•
.
June 24, 1939
Chronicle
Co.—Sales—
Reed Drug
Reports
highest May sales in
amounted to $194,613,
pany
$861 737 for
mortgage
and
"Since this maturity comes at a
Telegraph & Cable Corp .—-Hearing Adjourned—
formal confirmation of the Lehman-Stewart plan of re¬
organization has been adjourned until June 28.
Counsel for the Lehman
committee
explained that bondholders agreement with
International
Telephone & Telegraph Corp. regarding latter's participation in the re¬
organization has been extended to July 10 from July 1, thus affording
proponents of the plan additional time to prepare their case for final con¬
on
firmation.—V. 148, p. 3697.
SEC—
Co., Ltd.—-Registers with
Poulin Mining
of this department.
See list given on first page
Prescott Gas & Electric
Reed Roller Bit
Quar. End.
NPand taxLa—6-. —-gBefore
x
surtax
Prescott & Northwestern
RR.—Bonds—
authorized the com¬
bonds, to be delivered
outstanding first mortgage
2692.
Commission on June 13
The Interstate Commerce
1939 —V. 143, p.
6% gold bonds, due Oct. 1,
Public Service Co. of New Hamp
shire—Earnings—
xl939—12 Mos.—I938
1939—Month—1938
$469,950
$465,251
215,948
206.996
Period End. May 31:—
Operating revenues.
Operating expenses
Extraord. exp. due
—
$6,139,846
2,920,110
to
1938 storm...
~
~
272,795
894,664
52,963
300,199
$1,691,796
$1,934,338
1,325
$154,584
2,470
22,087
44,321
$150,752
58,361
$157,054
56,018
$1,978,659
80
CY760
8,941
9,075
$1,713,883
700,337
Cr 18,652
117,814
income) taxes
78,438
4,801
21,336
Net operating income.
$149,427
914,511
78,520
2,142
23,009
Social security taxes
Non-oper. income (net)-
Bond interest
(net)
deductions.
Other interest
Other
147, P. 3698.
of Illinois—Earnings—
1939
1938
1937
1936
$145,581
x$190,742
y$39,9881oss$175,377
y Equal after dividend re¬
cents a share on 222,855 shares
undistributed profits,
Reliable Stores Corp. (&
Subs.)—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938,
Net sales
$1,391,651
$1,332,692 $7,687,070 $9,050,777
x Net loss
142,892
137,687 prof84,773 prof706,163
x After
Federal income taxes, provision for bad debts and repossession
losses
*
Note—Exclusive of company's share of earnings of Frank Corp.—Y. 148,
—
3386-
Inc.—Closes Syracuse Plant—
Remington Rand,
Closing of the Syracuse,
N. Y., plant to concentrate
portable typewriter
company's headquarters
the bulletin board of the
Syracuse plant on June 16 by H. E. Day, Ilion plant manager:
"Remington Rand announces that in accordance with its long range
policy of concentrating its manufacture to obtain increased production
efficiency, it is today closing the Syracuse plant and hereby discontinues
the service of all Syracuse employees.
For a period of 30 days a repre¬
sentative of the Ilion, N. Y., employment department will receive at this
plant applications in writing from any person desiring employment int he
June 16.
Ilion, N. Y., was announced at the
The following notice was posted on
portable typewriter division at Ilion.
'The company takes this opportunity to express its appreciation of the
employees and hopes that many will apply for re¬
employment in the new operation."
A company spokesman declined to say how many employees would be
affected.
Both Syracuse and Ilion plants were closed temporarily by a
strike in the.summer of 1936.—V. 148, p. 3541.
'
services of all Syracuse
.
275,000
T_
State and munic. taxes-
Fed. (inci.
$6,090,919
2.908,755
-V.
Period End. Mar. 31—
on
pany to issue not exceeding $75,000 of first mortgage
at par in exchange for a like principal amount of
on
$409,572
$409,974
$420,648
quirements on 7% preferred stock, to eights
of common stock.—V. 148, p. 1181.
activities at
.
Mar. 31—
1936
1937
1938
1939
$406,445
but before Federal income taxes.
Reliance Mfg. Co.
A total of $8,500 first mortgage
3081.
......
After charges
x
Co.—Earnings—
Mar. 31—
Net profit..
p.
Co.—Bonds Called—
6% 30-year gold bonds due July 1, 1940
has been called for redemption on July 1 at 105 and accrued interest.
Pay¬
ment will be made at the Irving Trust Co., New York City.—V. 148, p.
the same period last year,
$653,659 in 1936.—V. 148, p. 3082.
3 Mos. End.
x
Postal
Hearing
Sales for May. 1939
.1938; an increase of
1937, $160,756; 1936, $12o,247.
amounted to $922,652, as against
and compare with $781,865 in 1937
company's history.
compared with $163,824 in
18 8%. May sales for prior years were,
For the first five months of 1939, sales
65,634
672,213
Crl3,902
108.784
Richmond Fredericksburg & Potomac
Directors have declared a
RR.—$1 Div.—
dividend of $1 per share on the voting and non¬
payable
Dec. 31,
semi-annual
voting common shares and on the dividend obligation stock all
June 30 to holders of record June 23.
Like amount was paid on
last; 50 cents was paid on June 30,1938, and previously regular
dividends of $2 per share were distributed.—V. 148, p. 3241.
(H. W.) Rickel & Co.—Extra
Dividend—
dividend of 7 cents per share in addition
to the regular semi-annual dividend of 3 cents per share on the common
stock, both payable July 15 to holders of record July 1.—V. 146, p. 4129.
Directors have declared an extra
$83,370
$92,721
$914,384
$1,211,564
55,816
income...
Net
52.176
644,312
624,036
Pref. div. requirements.
of the storm of Sept., 1938 is $275,000.
All
this amount has been charged against 1938 operations.—V. 148, p. 3081.
x
The estimated expense
of
Rochester Button Co.—25-Cent
"
Oklahoma—Hearing on Acquisfn
Public Service Co. of
Exchange Commission has designated June
The Securities and
time for
oral arguments on the
27 as the
declaration and application of company
iddle West Corp. (File 46-113 the related applications proposal of Public
S'ile 43-152 and 46-108), and and 56-10), in regard to a of its parent, the
Service Co. of Oklahoma to
6% prior
issue a maximum of 40,519 shares of
lien stock in exchange for the publicly held shares of Southwestern Light
& Power Cq. $6 preferred stock and class A common stock.
The exchange
is in connection with
Co.—V.
the contemplated acquisition by Public Service Co.
and assets of Southwestern Light & Power
of the property
148, p: 2912.
-
of Oklahoma
Public Service Corp. of
Period End. May 31—
Gross earnings
N. J. (& Subs.)—Earnings—
1939—Month—1938 '
1939—12 Mos.—1938
$10,659,111 $10,046,604 $129627,854 $126937,321
Oper. exp:, maint., de¬
preciation and taxes-
7,779,356
Net inc. from oper_„
Bal. for divs. & surplus.
$2,879,755
1,814,365
Larger Dividend—
.
92,759,754
7,491,043
91,915,327
$2,555,561 $36,868,100 $35,021,995
1,577,314 24,483,562
22,819,715
.
65 cents per share on the
payable Sept. 30 to holders of record Sept. 1.
Divi¬
dend of 60 cents previously declared will be paid on June 30 and like amount
was paid on Match 31, last, and compares with 55 cents paid on Dec. 20,
last; 50 cents paid on Sept. 30 and June 20, 1938, and previously regular
quarterly dividends of 65 cents per share were distributed.—V. 148, p. 3081.
Directors
common
on
stock,
June 20 declared a dividend of
no par,
Quaker State Oil Refining Corp. (& Subs.)—Earnings
1939
3 Months Ended March 31—
x
$7,035,122
$7,849,369
4,844,813
6,756,175
7,202,837
Costs and expenses
Other
$512,454
39,050
incomp.
$646,532
$278,947
'
*
31,508
-
$551,504
36,029
-
$682,561
201,824
195,548
Net profit
.i
.......
Earns,
per share on 927,305
capital stock......
,
41,599
93,000
$277,206
Federal and State income tax.
$310,455
167,384
78,750
Depreciation
x
1937
1938
$5,357,267
Net sales.
$101,472
$387,737
5
"
shares
$0.30
Exclusive of inter-company sales.—V.
148, p.
'
$0.11;
$0.42-
1974.
a
dividend of 20 cents per share on the common
payable Aug. 1 to holders of record July 15.
Previously regular
quarterly dividends of 30 cents per share were distributed.—V. 148, p. 744,
stock
Radio-Keith-Orpheum
Corp.—Earnings—
13 Weeks Ended April 1—
Estimated profit after taxes and charges
1939
$388,822
ig38
loss$53,205
Decision Reserved—
The U.
S.
Circuit Court of Appeals on June 16 reserved decision after
argument on the three appeals from the decision of Federal Judge William
Bondy confirming the plan of reorganization.—V. 148, p. 3385.
Rands—Registers with SEC
—
See list given on first page of this department.
Reading Co.—Earnings—
Period End. May 31—
Railway oper. revenues.
Railway oper. exps
Dividend—
dividend of 25 cents per share on the common
stock, payable July 20 to holders of record July 8.
Dividend of 37 M cents
was paid on June 1, last, and one of 10 cents per share was paid on Jan .20,
1938.—V. 148, p. 1975.
Corp.—Bonds Offered—A new
general mortgage 3^%.bonds, series J,
due 1969, was offered June 21 by a group headed by The First
Boston Corp. and Smith, Barney & Co., at 105^ and int.
Rochester Gas & Electric
issue of $8,323,000
Included in the group are Goldman, Sachs & Co., Harris,
Hall & Co. (Inc.), W. C. Langley & Co., Sage, Rutty & Co.,
Inc., and Little & Hopkins, Inc.
The
$8;323,000 general mortgage 314%
bonds due 1969, series J are
being issued under and secured by an indenture dated as of Sept.
RaUway & Light Go. (former name of company) to
from Rochester
1, 1918,
Bankers
amended and supplemented by three indentures
supplemental thereto executed with the trustee as of March 1,1921, Oct. 23,
1928 Jind Aug. 1, 1932.
The issuance of the series J bonds has been author¬
ized by the directors and by the New York P. 8. Commission.
Series J bonds will tie dated March 1, 1939.
Principal will be payable in
legal tender at principal office of Bankers Trust Co., New York, and
interest will be payable in like money on March 1 and Sept. 1 of each year
at the office of Transfer and Paying Agency, 41 Trinity Place, N. Y. City.
Definitive bonds will be issued as coupon bonds in denom. of $1,000, registerable as to principal, and as registered bonds without coupons in denoms.
of $500, $1,000, $5,000, $10,000 or any multiple of $10,000.
Series J Bonds will be redeemable, at the option of company, as an
entirety after 60 days' published notice, on any int. date at 109 if red.
on or before March 1, 1942; 108 if red. thereafter and on or before March 1,
1944; thereafter with successive reductions in redemption price of Yi% of
principal amount effective during each successive two-year period after
March 1, 1944, to and incl. March 1, 1956; thereafter with
successive
reductions in the redemption price of % % of the principal amount effective
during each successive 12 months' period after March 1, 1956 to and incl.
March 1, 1966; and thereafter until maturity at principal amount thereof,
together, in each case, with accrued int. to redemption date.
Purpose—All of the net proceeds of the series J bonds offered together
with other funds of the company will be used to redeem, on Sept. 1, 1939,
the $8,323,000 general mortgage 30-year 5% gold bonds, series E, due
March 1, 1962 now outstanding, at redemption price of 104 (exclusive of
Trust "Co., as trustee, as
accrued interest).
'
Funded Debt and
Capital Stock—The capital securities of the company
as of Dec. 31, 1938, but adjusted to reflect
series J Bonds and the retirement of thb general
mortgage 30-year 5% gold bonds, series E (due March 1, 1962) were as
authorized and outstanding
Quarterly Income Shares, Inc.—Smaller Dividend—
Directors have declared
Directors have declared a
1939—Month—1938
1939—5 Mos.—1938
$4,463,576
$4,117,079 $21,979,217 $19,531,833
3,209,909
2,825,727
16,032,351
15,188,403
the issuance and sale of the
follows:
Rochester Gas & Electric
Authorized
Corp., general mtge.:
D (due Sept. 1, '77)
(due Sept. 1,1960)G (due Sept. 1, *66)
H (due Sept. 1,1967)
I (due Sept. 1,1967).
J (due Mar. 1,1969).
50-yr. 43^ % gold bonds, ser.
25-yr. 4% gold bonds, ser. F
30-yr. 3%% gold bonds, ser.
15,000,000
334% bonds due 1967, ser.
334 % bonds due 1967, ser.
334 % bonds due 1969, ser.
Genessee Valley Power Co., Inc., 1st mtge. gold
coupon bonds (6% maturing serially from 1939
to 1953)
Preferred stock ($100 par value
(shs.)
Series C 6% cumulative
(shs.)
Series D 6% cumulative
(shs.)
Series E 5% cumulative
(shs.)
Com. (no par val., stated val. $14,383,208)-.(shs.)
a
Unlimited except that
additional bonds may
Outstanding
$6,000,000
3,000,000
3,000,000
1,657,000
8,323,000
$200,000
b500,000
30,000
68,500
27,000
171,893
cl71,87l
40,000
40,000
825,000
c775,914
be issued only under the
restrictive provisions of the general mortgage.
b Of these 500,000 shares, 258,107 shares,
now unissued, are issuable
authorization of the board of directors in the manner provided by the
In addition to the 500,000 shares of preferred
stock ($100 par), authorized, there remained in existence at April 30, 1939,
21 shares of a series B 7 % preferred stock which was duly called for redemp¬
tion on Dec. 1, 1936, and funds for the redemption of which are held by
Lincoln-Alliance Bank & Trust Co.,
as trustee.
c Does not include 180 shares of common stock and 22 shares of series D
upon
Net
from ry
$1,253,667
Railway tax accruals...
334,061
rev.
oper.
$1,291,351
340,380
$5,946,866
1,660,241
$4,343,430
1,428,316
Railway Oper. incomeEquip. rents (net)
Joint facility rents (net)
$919,606
Dr9,978
$950,971
Crl8,823
Cr6,966
$4,286,625
Drl06,455
Dr20,097
$2,915,114
Crl06,952
Cr33,137'
Net ry. oper. income.
$947,193
$976,760
$4,160,073
$3,055,203
_
—V. 148, p.
3241.
Cr37,565
charter of the company.
6% cumulative preferred stock held in treasury for exchange for 13 shares
the capital stock of Rochester Railway Co., pursuant to an offer of
or
exchange made in 1904.
Volume
148
Financial
Chronicle
Earnings for Stated Periods
1936
Total oper.
revenues.
Sierra Pacific Power Co
M°nthS 1937** ^
19iT~
A^°30'39
.$14,722,949 $15,620,699 $15,872,760 $15,976,167
Operating expenses
6.182,333
6.360.442
6,956,035
6,898,222
Maintenance and repairs
1,277,645
1,172,970
1,200,124
1,229,447
_
Taxes other than Federal
income taxes
1,760,265
2,106,628
2,417,904
Net operating revenues $5,502,706
$5,980,659
22,602
$5,269,374
12,402
$5,395,063
11,452
31,183
—-
Operating income
$6,003,261
1,111,347
a
Gross
income
$4,501,331
$5,281,776
1,333,771
$5,406,515
bl.422,127
$4,891,914
$5,533,889
Provision for retirements
1,032,558
$3,948,005
Note—Annual interest charges on the funded debt of the Company to be
outstanding upon the issuance and sale of the $8,323,000 general mortgage
3M% bonds due 1969, series J, offered hereby are $1,427,603.
History and Business—The company was formed June 11, 1904, under
NeSome"
-wet income
of the
name
Rochester
Railway & Light Co., as a consolidation of
Rochester Gas & Electric Co. and Rochester Light & Power Co.
In 1919
name was changed to Rochester Gas & Electric
Corp.
Since its organization, the company has acquired properties from a number of electric or gas
corporations by merger, foreclosure sale and purchase.
Company is engaged in the business of generating, manufacturing, purchasing, transmitting, distributing, selling and supplying gas and electricity
for lighting, heating, industrial and general utility purposes, and steam
for steam heating and industrial purposes.
It also produces and sells coke
and other by-products in connection with its gas operations.
It is authorized to conduct its business in the
City of Rochester and in the Counties
of Monroe, Allegany,
Cattaraugus, Cayuga, Genessee, Livingston, Ontario,
Wayne and Wyoming, in the State of New York.
The population of the area supplied with electricity is estimated at
approximately 490,000 and that of the area served with gas is estimated
at approximately 431,000.
The electric franchise territory extends over
tppJSimaSy e^sVar^miiS1168 and the gas franchise treritory ovei'
Natural gas purchased by the company has been supplied by ft to conCity of Canandaigua and adjoining towns in the County of
sqmers in the
Ontario
Sept.,
since
1934.1
Gross revenues from such sales of natural
gas amounted to $ii8,036 for the 12 months ended Dec. 3jp, 1938.
■
Company
owns and operates four
hydro-eledtric stations on the Genessee
River in the City of Rochester.
Company owns approximately 98% of
the water power rights on said river situated within said city, now in use,
or, in the opinion of the company, capable of economic development for
power purposes.
These stations have a combined rated capacity of 45,770
kw,
However, due to varying water supply, the full rated capacity can be
obtained for only a small part of the year.
The largest of these hydro-
£S2£?
currontf
It) W3.s rebuilt in 1917 snd six 3r(l(iit;ioii3«l unit/ W3S ^duou in 19^7«
The remaining 7,520 kw. of rated capacity consists
principally of 25-cycle
tronpmtino- ctntjnnn in
thn
and operates six steam electric generating stations m the
nj^
SrStvif
A 1 ?i
w^rtw-vTip
3) has a rated capacity of 102,000 kw. 60^ cycle.
the boiler capacity of this station and generating equipment
with
rated
a
flSJiw J
capacity of 44,500 kw.
have been installed subsequent to
6 8.ma I6?e^ectnc generating stations having
a
rated capacity of 12,975 kw. are used primarily to supply steam
+'4
£?L!he requirements of the st^m distribution systffln ftnd are aiso used as
Sric stand by facilities during the summer months. Of this 12,975 kw.
capacity, 1,225 kw. is direct
current, the balance being 60 cycle.
addition, the company owns and operate six hydro-electric stations
combined rated capacity of 2,605 kw. 60 cycle, not located in the
City of Rochester, the maximum output of which, likewise, is limited by
reason of varying
water-supply.
Three of these stations having a combined
rated capacity of 1,640 kw. jire situatwi in the Genessee District located to
the south of Rochester, which district is not contiguous with the rest of the
In
with
a
companys
capacity
territory
is
nor
it
directly_ interconnected therweith.
This
normally is not,adequate during the entire year to carry the
load in this territory and any deficiency is purchased by the
company s
co??pany under contractCompany
-x.
.
1
and operates gas
,
+
x
^
manufacturing plants located in the
rated daily capacity of 16,000,000 cubic feet
of coal gas and 12,650,000 cubic feet of water gas.
The auxiliary apparatus,
including scrubbing, purifying and other facilities limits the
output of the
water gas manufacturing plant to
8,000,000 cubic feet daily if used for
protracted periods
The coal gas manufacturing plant includes 97 coke
owns
.City of Rochester, having
a
2Lthree batteries which were completed in the
?rto?8
years
1926, 1927 and 1931,
respectively.. -The water gas manufacturing plant
includes six generators installed at various tune?, the largest, with a rated
daily canity of 4,700,000 cubic feet, having been installed in 1923, and
4hc balance in prior years.
Company also owns five gas holders, in the
City of Rochester having a combined capacity of 14,400,000 cubic feet.,
Company also owns a stand-by water gas manufacturing plant located at
Canandaigua, having a daily capacity of 240,000 cubic feet, and two gas
holders with a combined capacity of 160,000 cubic feet.
Two gas holders
Tr»iCom
capacity of 20,000 cubic feet
an£r j"ton, New York, respectively.
Underwriters—The
are located at Spencerport
,
of the
principal underwriters and the respective
severally underwritten by them, follow:
The First Boston Corp_l_$2,175,000
W. C. Langley & Co
$1 »Q75,000
Smith, Barney & Co
' ,175,000
Sage, Rutty & Co., Inc..
548,000
Goldman, Sachs & Co__, 1,075,000
Little & Hopkins. Inc.200,000
Harris. Hall & Co. (Inc.)> 1,075,000
•
names
amounts
^
^
.
—V.
148, p. 3386.
.
D
...
.
t\.
,
'
j
Royal Weaving Co.—Dissolved—
The
has been dissolved under a decree
Judge Jeremiah E. O'Connell.
The
companv,
Court
before
appointment of
of New
a
Receiver
was
granted
on
entered
in
Superior
dissolution without
the Petition of Jerome Newman,
York, stockholder.
Jan. 25,
His petition stated that dissolution was voted
1938 bv the holders of more than one-half the! outstanding stock.
—V. 146. p, 3968.
Sf'I§§
54,452
^
Period End. June 10—
Stores
—V
.
"in operation I" ~
148
3242
148. n
p. 4444.
Schmidt
S:
¥c
^
Eammgs
"1939—4 TFArs.—1938
JJec- 15, 1937.
'
Brewing Co.—Earnings—
Y. 148,
1938
.
March 31
isipt
—Z""a
interest,
depreciation,
ir.or.
To
®
co
oi
$0.07
.
„ri
Simms Petroleum
Sheaffer
Pen
Co.—Employees'
fVr®*
Th
will
121^% of each emoloyee's earnings for the period.
This compares with a
10% payment for the six months ended Nov. 30, 1938 and a 7H % payment
for the six months ended May 31, 1938.
All
employees of the comoany,
about 1,200 will share in the payment.
It will be the eighth consecutive
payment since the profit sharing system was introduced.
Rates have
ranged from 4% to 12J^%.
V. 148, p. 3242.
c:anai Oil Xr r.a*
Signal CMl oc L*as Co.
Fnrninn<i
Earnings
3 Months Ended March 31—
Net profit after all charges incl. Federal inc. taxes_«
Earns, per share on class A & B shares
Nil
TiiiviJamJ
"
•
^ ^
^Ouidatmg dividend of 50 cents per
T„nfl 97
q^n^^„ A0,ck' pa^ j510' ApaT,a,Ju1/ A1^0-^01^68 °Xr^c9Tod
h^
^ °
11. last, Oct. 10 and on Feb. 28,
38' ^
denfl Jq
ioqt
l\ fr
£f 50
tu1v oq
i q^v
"r^J?* <vr ^qP«. 2
AsmoV
A ? $1-25 was paid on
S1nyj"i» 1936, $1 on Jan. 27, 1936, one of $1.25 on Oct. 18, 1935, and one of
®1U pe\ Skar0 on July 5, 1935.
V. 148, p. 2444.
-.noo
i
Sloane-Rlahnn
M^rhnT^n^-
Pr»rn
Faminnc
;
&arnin9s
P*
,non
c<?rnmAfinnVia'kaq"?
1938
-V 9Roa loss$6,3(X)
a
reported a net profit of $16,568 for April, 1939.—-V. 148.
qr.P
n
,AOO
1939
x-rir™2°J May—"
p. oo^d.
Soconv-Vacuum Oil
Co
Inc
T)phpr>tnrp<i
Hffprerl
°"y vacuum un CO., inc,
ueoentures
Ujjerea
xUfoliC Oifenng by means of a prospectus of a new 1SS116
...
150,000,000 25-year 3% debentures
made
was
OI
June
The
on
22 by Salomon Bros. & Hutzler,
as selling agents.
priced at 104% and accrued int., to yield
nn or
xt~
fJ
-i
approximately 2.77%.
No firm commitment to take the
debentures
were
o
issue
OYni110-
i.
entered into.
was
„.]]•„
i»
0„._fc,
±
j.
i
ay
Salomon Br OS. & Hutzler acted
f
ax-
a-u^
as
»
_
GXC1US1V6 Selling agents IOlVthe. Company, receiving therefor
a commission of 4-10 of
1%.
The bankers announced that
suhsprintirvnq in
nf
aypaqc!
IIia
-nrinr»innl
rkf
nmrmnt
tbn
icono
ascriptions m excess OI tne principal amount Of tlie issue
day of offering.
naa been received and the books closed on the
The debentures are,dated July 1, 1939: due July 1, 1964.
^ oulion of
comoanv
their principal
at
1944: of
on
SO d^vs* mihlishftd tifio?* Tintipfl
amount
plus
a
premium of 5%
on
Redeemable
in fnii
or
ni*
in djipf
before June 30,
thereafter and
on or before June 30,1949; of 3% thereafter and
on or before June 30,
on or before June 30, 1963, and at par thereafter, together in each case with accrued interest. A sinking fund for the
redemption before maturity of part of the new issue of debentures provides
for semi-annual
singking fund payments of $1,250,000 on June 30 and Dec.
31 0f eacb year beginning with June 30, 1956.
Earnings—Consolidated net income for the year ended Dec. 31, 1938,
amounted to $40,106,917, after all charges including provision for income
taxes.
At Dec. 31,1938, the company's consolidated balance sheet showed
total current assets of
$294,725,728 and total current liabilities of $70,218,859.
The current assets included $62,393,287 cash, demand and time
deposits, and $37,177,885 marketable securities having a market value of
on
or
before June 30, 1954; of 2% thereafter and
X259: of 1 % thereafter and
$37 224 739
Purpose—Net proceeds estimated at $51,620,750 (exclusive of accrued
interest and after deducting expenses estimated at $179,250), are to be
used,
to the extent required, for the
purpose of
redeeming the outstanding 153H% debentures which were on May 22, 1939, called for redemption
July 21, 1939.
The redemption of the debentures, of which there are
$50,000,000 outstanding, at par and the premium of 2M%, will require
year
on
the payment
on July 21, 1939, of $51,250,000 for principal and premium.
Accrued interest required to retire the debentures will be provided from the
general txinds of the company.
The balance of such net proceeds will be
used for general corporate purposes
History & Business—Company was incorporated In New York on Aug.
10,1882, under the name of Standard Oil Co. of New York.
Company and
subsidiaries conducted a fully integrated business in the production.
refining, transportation and marketing of petroleum,
The business and
operations of the company and its subsidiary companies are carried on
throughout the United States and in certain1 foreign countries, and include:
(a) the production and refining of crude petroleum, (b) the processing and
manufacture of a large number of petroleum derivatives and allied
products.
the principal products being gasoline, kerosene, lubricants and fuel
oils,
(c) the distribution and marketing at wholesale and retail of petroleum
products of all kinds, (d) the operation of pipe lines, tank cars and other
transportation facilities, (e) the operation of tank steamers, barges and other
marine equipment, and (f) the manufacture of containers for certain of the
products manufactured or marketed by the company and its subsidiaries.
Among the products manufactured and marketed by the company and
its domestic subsidiaries the more Important are gasoline, motor oils and
lubricants, industrial lubricating oils and lubricants, asphalt, road oil, gas
oil, fuel oil, diesel oil and kerosene.
Company and such subsidiaries also
manufacture and sell naphtha, solvents, waxes, candles and paints.
Gasoline is sold by the company and its domestic subsidiaries under the trade
names Mobilgas,
Mobilgas Ethyl, Mobilgas Special and Metro.
Motor
oils are sold under the trade names Mobiloil and Lubrite, and greases for
automobile use are sold under the trade names Mobilgrease and Mobilube.
In addition, the company sells lubricants which are used by marine equipits
ment,
by railroads and by public utility plants.
The following table shows the amounts of net production, purchases,
1936, 1937 and
1938:
0
'
sales and net .available for refining of crude oil for the years
.
1936
'
.
Net production
1937
■
y
<
1938
Barrels
(including share of
p„^hi<;^lan NOrth
Assn-)---
1VkQ5'226
54 099 870
919,218
761,898
89,673,796
1,700,490
1,810,647
101,555,542
6,308,724
2,345,594
91,680,339
3,589.026
D°me
Domestic and export sales.
" WTtfJZ
52'407
530
3.819.639
4,010,880
761,898
1,810,647
2,345,594
2,805,268
880,367
3,195,263
2,729,698
4,548,269
2,168,982
6,275,825
6,095,851
8,735,761
Receipts from domestic subsidiaries.
Purchases
_
"Net production" represents the company's net Interest after deduction
^ ^ "hMTe,S" """"
Capital Stock
as
1939
$157,779
$0.84
1938
$157,556
$0.86
°f 42
of Dec. 31, 1938
Profit-Sharing
improved business during the six months ended May 31,
make an emolovee profit-sharing payment on June 28 of
148, p. 2605.
T'AnuiAnlinn
Pn
sharp
x
Tir,
In reflection of
—V.
loss4,964
$0.51
ofinc
P*
*
Funded Debt and
comoany
8J.599
™
i
v
p.
A.)
Payment
^1938
$487,888
EaIpiL>r?®1S®^r,v obW«
I"i"~
v
P<f !
133,324 shares common stock._
Sa^^d ^"n!h8r.$M40W9^$39l0M26 KBWliiwS m908&
—V. 148.
3o42.
(W.
1939^
$772,793
Federal
Net available for refining
«n
$0.12
1976.
,
cents on
Sales...
w
,
Sears. Roebuck & Co.—Sales—
„
This compares with
p. 3542.
Foreign—
1939
per share on capital stock.
—V. 148, p. 3o42,
a share, on the coinmon
Shipment to foreign subsidiaries..—^
Net available for refining
1939—24 Wks.-—1938
-$29,516,143 $28,311,390 $170490,925 $165838,201
Encea Mav31-
of 50 cents
record June 19.
Signode Steel Strapping Co.—Earnings—
x
T
KH2?
593,161
^
*
"
720,301
xA* J%t; 50 or?£8 paid on June 30- 1938» and 55
Domestic
'
^
Rectors have declared holders of
a dividend
to
nJi
$1,924,138
Co. for period prior to July 31, 1937.
stock .payable June 30
.
Safeway Stores. Inc.—Sales—
$2,008,804
51,885
xjncludes Sierra Pacific Electric
,
the
1939~12 **».-*1938
.after retirem t
$3,984,388
a Before
provision for Federal income taxes, interest charges and other
deductions,
b Includes additional accrual for retirements of $191,644 for
the entire year 1938, recorded in Dec., 1938.
The portion thereof applicable
to the first four months of the
year 1938 is $65,239.
-
Earvinn*
^P^^1938
qSS?-1^orT2?ue?f®161.278
$152,862
Op^S&f^MaV 31~
2,482,758
Other income
3857
Authorized
Outstanding
1.5-year 3H% debentures due Oct. 15, 1950_
50,000,000 a50,000,000
18-year 3&% sinking fund debentures due July
1
1955
75,000,000 b75,OO0,000
-
Capital stock ($15 par)
on May 22,
600,000,000c468,091,065
1939, company called for redemption on July 21, 1939,
15-year 3H% debentures.
Prior to or concurrently with the issue and
delivery of the securities company will (a) deposit with Bankers Trust Co.,
as trustee
for the debentures, sufficient funds to redeem and pay such
debentures, said funds to be so deposited in trust for such purpose; and (b)
take all steps necessary to the call for redemption and the redemption of all
guch debentures,
b Under agreements, dated May 16, 1939, made by the
company with each of four insurance companies, it is proposed, subject to
certain contingencies,"that the interest rate will be reduced to 2%% per
annum and the title of the issue will be changed to ' 18-year 2 % % sinking
fund debentures, due July 1, 1955," such reduction and change to be effega
Financial
3858
tive from and after Aug. 15, 1939.
c
Ry.—Earnings—
Southern
Excludes 502,381 shares held in the
(carried as an asset on company's balance sheet and par value
thereof included in capital liability shown on the balance sheet) but includes
basis of 2 Vi shares of capital stock of Socony-Vacuum
each share of Vacuum Oil Co. stock so surrendered pur¬
agreement dated Jan. 10, 1930.
6uch certificates on the
Gross earnings (est.)
—V. 148, P- 3699.
Company onDec. 31, 1938, had outstanding $5,056,276
subsidiaries (consolidated)—not current—and $17,837,735
indebtedness to
indebtedness to
Standard-Vacuum Oil Co. (50% owned), which indebtedness has no definite
date of maturity and is not expected to be called for payment during the
year 1939, and $263,711
purchase obligations maturing after 1939.
Sales Agency Contract—Under the contract, dated May 22, 1939, be¬
tween the company and Salomon Bros. & Hutzler, said firm are employed
as
exclusive selling agents (underwriters) to sell the debentures for the
account and risk of the company.
Company agrees to pay to the selling
agents a commission of 4-10ths of 1% of the principal amount on all such
debentures sold by the selling agents for the company's account and, in
addition, to reimburse the selling agents for the expenses, including attor¬
ney's fees, incurred by the selling agents incidental to their services.
The
authority of the selling agents to effect sales of the debentures is subject to
the approval of the price and the delivery date by the company and to the
condition that the selling agents furnish the company with satisfactory
evidence within five days after the date of issue of this prospectus of con¬
tracts of sale of all, or substantially all, of the $50,000,000 principal amount
of the debentures.
indemnify the selling agents against liability
of the debentures which may be based upon
Securities Act of 1933, or any other statute
or on common law, on the ground that the prospectus includes an untrue
statement of material fact or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein not
Company further agrees to
acquiring any
to any person
Section 11 or Section 12 of the
misleading.
June 14—
1938
to
$2,087,291 $56,405,061 $50,289,436
$2,393,823
— .
Southland Royalty Co .—Earnings—
Oil Co., Inc., for
suant to
Jan. 1
1939
—Second Week of June
1939
1938
treasury
461 shares reserved for issuance in payment for assets of Vacuum Oil Co.
to holders of certificates of capital stock of that company upon surrender of
1939
June 24,
Chronicle
Ended March 31—
all charges
3 Months
(A.
Voted—
G.) Spalding & Bros.—Plan
Stockholders
on
of recapitalization
voted to approve a plan
June 22
$98,098
$0.11
$79,346
$0.09
Earnings per share
—V. 148, p. 1340.
embodied in an agreement
will absorb the present New
is President.
The plan calls for holders
A^oqs
.
Net income after
whereby a newly formed Delaware corporation
Jersey corporation, of which Charles F. Robbins
„
,
,
,
...
.
^
of each present share of first
preferred stock, on
accumulations are $51.92 a share, to receive $1.92 in cash, $100 in new
5!>-vear 5% debentures and one share of new no par first preferred stock,
entitled on redemption of liquidation to $50.
Each new share will also be
entitled to one vote and to cumulative dividends of $1.50 annually for
three years until Nov. 1, 1942, and to $2 annually thereafter.
Holders of the second preferred stock will receive, at their option, one
share of new second preferred stock or 12 shares of new common stock for
each share now held.
Each new second preferred share will be entitled to
which
non-cumulative
$160 on liquidation or redemption, to one vote and to
dividends of $7.40 a share yearly from Nov. 1, 1939, before any common
dividends may be^paid. The common stock, under the plan, will be exchanged
share for share for new common stock of $1 par value.
The New York Stock Exchange announced on June 22 that because of the
effective about July 1, the
coming reorganization,
stocks of the present
No application to list the new
will be suspended from dealings.
company
stock has been received.
Agreements with Insurance Companies Regarding
of Interest Rates—
Sale of
Debentures and Lowering
the followinr:
June 8, 1937, between the company and Metro¬
politan Life Insurance Co., New York Life Insurance Co., The Prudential
Insurance Co. of America, The Equitable Life Assurance Society of the
United States and The Mutual Life Insurance Co. of New York, provided
for the sale by the company of $75,000,000 18-year 314% sinking fund
debentures, due July 1, 1955, as follows: $30,000,000 to Metropolitan Life
Insurance Co.; $15,000,000 to Prudential Insurance Co.; $10,000,000 to
Equitable Life Assurance Society: $10,000,000 to New York Life Insurance
Co., and $10,000,000 to Mutual Life Insurance Co., all on July 1, 1937, at
the purchase price of 98.
An agreement dated May 16, 1939, between the company and New York
Life Insurance Co. provides for the sale by New York Life Insurance Co. to
thecompanyon July 14, 1939, of $10,000,000 of the 18-year 314% sink'n?
fund debentures, due July 1, 1955, at the purchase price of 102, plus accrued
interest to July 14, 1939.
Two agreements dated May
Listing—
$3,311,200 principal amount 50-year 5% debentures, due Nov. 1,
preferred stock, no par, and 442,583 shares of
stock, par $1, will be listed on the New York Curb Exchange
upon official notice of issuance thereof in consummation of the agreement
of merger, dated May 18, 1939, between A. G. Spalding & Bros. (N. J.)
and A. G. Spalding & Bros., Inc. (Del.).—V. 148, p. 3244.
The
The prospectus affords
Five agreements dated
1989, 33,112 shares of 1st
common
Spicer Mfg. Co.—To Pay 50-Cent
declared
The directors have
a
the com¬
Like
dividend of 50 cents per share on
stock, no par value, payable July 15 to
mon
,
Common Dividend—.
holders of record July 1.
Dec. 19, 1938 and compares with $2 paid on Oct. 15,
1937, and on Dec. 5. 1936, and a dividend of $1 paid on Oct. 15, 1936, this
latter being the first distribution to be made on the common stock since
Aug. 1, 1920, when an initial dividend of 50 cents per share was paid.
—V. 148. p, 2286.
amount was paid on
Spiegel, Inc.—Earnings-
16, 1939, between the company and Metro¬
1939—12 Mos.—1938
1939—3 Mos.—1938
Period End. Mar. 31—
politan Life Insurance Co. and Prudential Insurance Co. of America,
privide that subject to the receipt by the company of the $10,000,000
18-year 3M% sinking fund debentures, due July 1, 1955, which the com¬
pany has contracted to purchase from New York Life Insurance Co., the
company will sell and Metropolitan
Life Insurance Ccf. will purchase
$6,000,000 thereof and the company will sell arid Prudential Insurance Co-,
of America will purchase $4,000,000 thereof, all on July 14, 1939, at the
price of 102 and interest to the date of delivery.
Four agreements dated May 16, 1939, between the company and Metro¬
Net profit after int., de-
Life
politan
Co.,
Insurance
Prudential
Insurance Co.,
Equitable Life
Assurance Society, and Mutual Life Insurance Co., provide as follows:
Company agrees to execute, and the respective insurance companies
agree to consent to the execution of, a supplemental agreement dated
July 14, 1939 to the trust agreement dated July 1,1937, between the com¬
pany
and Chase National Bank under which the company's 18-year
sinking fund debentures, due July 1, 1955 are issued.
3%%
The supplemental
agreement will, in general, provide for the reduction of the interest rate
on the debentures due 1955 from 3H% per annum to 2K% Per annum,
for the changing of the
title of the debentures due 1955 to
"18-year 2%%
sinking fund debentures" and for an increase of the premiums payable upon
redemption, aft the election of the company, of the debentures due 1955, all
effective as of Aug. 15, 1939, such increased redemption premiums to he as
follows: a premium of 6% if redeemed on or before Jan. l, 1942, a premium
of 4H % if redeemed thereafter and on or before July 1, 1946, a premium of
3% if redeemed thereafter and on or before Jan. 1, 1951, a premium ofl%%
if redeemed thereafter and on or before Jan. 1, 1955, and without any
premium if redeemed thereafter.
.
[The $75,000,000 of debentures, as of July 14 will be distributed asfollows:
$36,000,00 to Metropolitan Life Insurance Co.; $19,000,000 to Prudential
Insurance Co. of America; $10,000,000 to Equitable Life Assurance Society
and $10,000,000 to Mutual Insurance Co. of New York.]—V. 148, p. 3543.
Soundview Pulp Co.—Earnings—
5 Mos. Ended May 31—
1939
$106,862
$0.11
Net inc. after all charges
Earns.per sh. on com.stk
—V. 148 p. 3513.
.
1938
$284,564
$0.47
1936
$216,814
$0.43
1937
$505,723
$1.02
-
*
Southeastern Gas & Water Co.—Time Extended—
Company has extended to July 15 the time in which holders of its first
lien sinking fund 6% bonds, due 1941, may deposit them with the Chase
National Bank in waiver of default by the company of the June 1 sinking
fund payment of $118,750.
Holders of 36% of the $1,136,600 issue outstanding already have de¬
posited their bonds with the trustee, according to Paul H. Eames, Presi¬
dent of the company, but 60% of the issue must be deposited in order to
make the waiver of default effective.—V. 148, p. 2758.
Southeastern Greyhound Lines—Listing—
Stock Exchange has authorized the listing of 199,840
common stock
($5 par) which are issued and outstanding; and
18,120 shares of common stock on official notice of issuance on conversion of
6% (cumulative) convertible preferred stock, making the total amount
applied for, 217,960 shares of common stock.—V. 148, p. 2914.
The New York
shares of
Southern Bell Telephone & Telegraph Co.—May Float
$25,000,000 Bond Issue—
The company, it is understood, has under consideration the floating of
approximately $25,000,000 of bonds.
The financing chiefly will represent
the introduction of new funds into the Bell System with the proceeds of the
proposed issue to be applied to the repayment of advances made by the
American Telephone & Telegraph Co.
The present funded debt of the company consists solely of an issue of
$45,000,000 of 3M% debentures due in 1962, which was issued in 1937.
—V. 148, p. 3389.
Southern
California
Edison
Ltd.-—Properties
Co.,
Transferred—
By
cash.
Roughly, Edison will transfer to the city upwards of 50,000 meters and
receive in return, aside from cash, some 9,000 customers.—V. 148, p. 2758.
Southern
_
Pacific
Lines—Earnings—
Period End. May 31—
1939— Month—1938
1939—5 Mos.—1938
Railway oper. revenues.$17,651,357 $15,950,317 $81,218,150 $75,737,088
Railway oper. expenses. 13,183,522
13,041,321
63,214,228
65,187,614
1937
1936
x$179,951
$169,004
213,105
211,005
y$0.64
$0.80
No provision has been made for surtax on undistributed profits,
y Comparison of per share earnings with 1936 cannot be properly made
because
of changes in
capitalization during period,
z After interest,
depreciation and Federal taxes—V. 148, p. 3543.
rev.
from ry.oper.
$4,467,835
1,486,430
961,936
62,883
$2,908,996 $18,003,922 $10,549,474
1,564,972
7,429,307
7,560,451
866,541
4,020,958
4,069,670
59,165
317,847
329,084
1938
1939
$158,075
x$155,509
215,972
$0.53
profit
Shares capital stock
Earnings per share.
214,676
$0.53
x
.
Standard Gas & Electric
Co.—Weekly Output—
of the public utility operating com paries in the Standard
system for the week ended June 17, 1939, totaled
111,560,264 kilowatt-hours, an increase of 13.7% con pared with the
corresponding week last year.—Y. 148, p. 3700.
Electric out put
Gas
Co.
Electric
&
Co.—New Directors—
Standard Steel Spring
Ralph S. Euler, First Vice-President of the Union Trust Co.
burgh, has been elected a director of the company, increasing the
nine men bers.—V. 148, p. 3084.
-Y. 148, p.
3243.
$1,956,587
$418,318
$6,235,809 df$l ,409,731
«
Directors have declared a
dividend of 40 cents per share on the common
stock, payable June 30 to holders of record June 19.
Dividend of 25 cents
were paid in each of the three preceding quarters, and compare with regular
quarterly dividends of 40 cents per share previously distributed.
In addi¬
tion, an extra dividend of $1 was paid on Dec. 15. 1937.—V. 147, p. 1939.
Stedman Bros.,
Ltd.—Earnings—
'
1939
Net profit after income taxes
—V.
148,
1041.
p.
Sterling Aluminum Products,
profit
State
income
undistribited
Earnings
deprec.,
after
taxes
„
on
on
1938
.
"
1937
.
»
$51,701
-L
$31,356
$114,721
$0.21
profits.
share
Inc.—Earnings—
1939
and,'
Fed.
and surtax
capital stock (par
$0.12
$0.46
246,500 shs.
$1)
per
$46,865
.
3 Months Ended March 31—
Net
1938
$56,475
Weeks Ended March 25—
12
'
7-V. 148, p. 290.
Suburban Electric Securities
Co.—Accumulated Div.—
The directors have declared a dividend of 50 cents per share on account
on t,he $4 cum. 2d pref. stock,
no par value, payable
July 1 to holders of record June 26.
A like amount was paid on April 1
last, Dec. 23, July 1, and April 1, 1938, and compares with $1.75 paid on
Dec. 29. 1937; 75 cents paid on Oct. 1, July 1, and April 1, 1937, and $1
on Jan. 4,
1937.—V. 148, p. 1820.
of accumulations
Submarine
Signal Co.—To Pay ID-Cent Dividend-—
The directors have declared a
dividend of 50 cents per share on the com¬
stock, par $25, payable June 30 to holders of record June 26.
This
compares with $1.50 paid on Dec. 27, 1938; 50 cents paid on June 30, 1938;
$1.50 on Dec. 24, 1937; 50 cents paid on March 18, 1937, a dividend of 50
cents and a special dividend of $2.50 paid no Dec. 14, 1936, and 50 ^ents
per share distributed on May 12, 1936, and on Nov. 12, 1935.—V. 147,
p. 4069.
mon
Sunshine Mining
Co.—Earnings—
1938
1937
$1,008,700
$0.68
$1,417,363
$0.95
1939
$1,290,828
1938
$530,725
1937
$2,318,968
1,232,255
620,155
2,129,583
1939
3 Months Ended March 31—
Net profit after
taxes,
—V.
deprec., Fed. income
&c
per
share on capital
stock._
$663,026
$0.44
148, p. 1495.
Superior Steel
Corp.—Earnings—
3 Months Ended March 31—
Net sales
Costs and expenses
Operating loss
,
Other income
prof$58,573
8,764
-
prof$67,337
Loss...
Depreciation, interest, taxes, &c__—
Net loss
—V.
per
148, p.
-
share on capital
1978.
stock. _
12,568
54,469
115,833
$141,167
prf$86,120
Nil
(G.) Tamblyn, Ltd.—Sales—
—V. 147, p. 3172.
2,732
$86,698 prf$201,953
$6,733
3 Months Ended March 31—
Profit after charges
$89,430 prf$189,385
74,070
Sales
Net ry. oper. income.
of Pitts¬
board to
Stanley Works—AO-Cent Dividend—
Earnings
Net
Railway tax accruals
Equipment rents (net)._
Joint facil. rents (net)..
$1,694,597
$0.97
$2,270,648
$1.42
& Seal Corp.—Earnings—
Standard Cap
3 Mos. End. Mar. 31—
Net
z
Earnings
of 14 to 1, the Los Angeles City Council approved a contract
effective July 1 whereby company will transfer to the municioally oDerated
department of water and power certain fringe properties lying within the
city limits.
Edison is to receive under the terms of the contract operating
properties outside the city limits proper valued at $1,078,000 and $4,494,9(0
a vote
$325,763 loss$331,223
$0.16
Nil
Fed. taxes, &c.
Earns.per shs.on com.stk
—V. 148, p. 3543.
prec.,
— -----
Nil
1939
$897,464
23,179
$0.75
1938
$848,909
21,045
Volume
Financial
148
Sutherland Paper
1939
$115,653
$194,905
$215,270
$152,127
$0.40
$0.68
$0.75
$0.53
Quar. End. Mar. 31—
p.
first preferred stock.—V.
148, p. 3084.
1938
1937
1936
$29,040
$16,808
148,
stock,
dividend of 60 cents per share on the common
viously regular quarterly divs. of 40 cents per share were
148, p. 1041.
1939—Month—1938
$383,352
$380,203
accruals
$4,600,206
1,498,493
1,490,465
133,550
132,979
Earings
1938
Earnings per share
—V. 148, p. 747.
z
—
Smith,
1937
z$7.920prof$345,834
Nil
$0.69
1938
1939
"
z
After
Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
xl939
Net profit.y$33,883
xl937
xl938
loss$46,585
xl936
$8,831
y$21,992
Does not include Vadsco Realty Corp.
y Before provision for income
taxes,
x After charges, depreciation and Federal taxes.
Loss of Vadsco
Telautograph Corp.—Earnings1939
deprec.. Federal
taxes, &c
Earns, per sh. on 226,600
shs. com. stk.(par $5)_
p.
exps.,
$15,909
$34,665
$33,892
$0.15
x$0.15
x$0.14
RR.
Association
V.
Proposed
of
:■
-:v
'
,
Net profit
•
Waco Aircraft
Louis1—Refinancing
;.;■%? ••'-v I'-ld'.j-f:'':
v; i v
-12
Wks.~
Mar. 25 '39
-13 Wfcs.12 Weeks
Mar. 26 '38 Mar. 20 '37 Mar. 21 '36
Net profit
loss$90,793
Earns, per sh. on 256,008
shs. of 7% pref. stock.
' $0.00
.
of
1
,
.
$244,818'
$64,164
$33,140
x
Corp.—Denies Contemplating Financing—
31,438
$12,520
Baking Corp. (& Subs.)—Earnings—
Period—
$0.13
$0.96
$0.25
After interest, depreciation and Federal taxes.—V. 147. p. 3325.
x
its $60,000,000 Sy%% debentures, which mature on June 15, 1951, according
to T. Rieber, Chairman [It was reported in the press June 16 that the com¬
3325.
750.
p.
Ward
p.
1938
$354,921
1939
'
»
148,
147,
Co.—Earnings—
Net loss after taxes, depreciation, &c
—V.
1936
loss$70,710
1937
$299,162
6 Months Ended March 31—
refinance $7,000,000 4H% bonds due Oct. 1 this year with the
proceeds of a new issue bearing interest at not more than 3 H % and carry¬
ing a sinking fund provision calling for payment of about 1M % per year to
pay off the bonds at or prior to maturity in 1974 is now under way.
No underwriters have as yet been named.
What action the Terminal
board will take as to competitive bidding is not known.
It is proposed to
issue the new bonds under a supplement to the Terminal's refunding and
improvement mortgage.—V. 148, p. 1660.
The corporation, is not considering, or contemplating, the refunding
1938
$107,604
1939
$110,616
Net sales
A plan to
'
.
After charges, depreciation and Federal income taxes.—V.
x
St.
•
:
12 Mos. End. May 31—
x
1496.
p.
3703.
Valspar Corp. (& Subs.)—Earnings—
$32,699
$0.07
228,760 shares.—V. 148,
Realty Corp. in first quarter of 1939, was $17,085 after
against loss of $16,076 in first quarter of 1938.—V. 148,
depreciation,
1936
1937
1938
Net profit after develop,
pany
Sold
x
3 Mos. End. Mar. 31—
Texas
Stock
—
$171,523
$0.34
per share
Vadsco Sales
$9,210
$0.03
$59,941
$0.20
Co.
3 Months Ended March 31—
Net loss..
Tampax Inc.—Earnings3 Months Ended March 31—
Terminal
Tobacco
x After
charges and taxes,
y On 500,000 shares capital stock,
inventory write-down to market basis of $12,537.—V. 148, p. 3702.
3245.
on
States
y
1,525,008
1,514,940
1939
130.836
130.244
parti6. pref.
par value, in addition to the regular quarterly dividends of 75
share.—V. 148, p. 1823.
f
Universal-Cyclops Steel Corp.—Earnings—
1939—12 Mos.—1938
Net profit after charges
Based
a
dividend of 50 cents per share oi/ the
value, payable July 1 to holders of record Jupe 20.
x
t
x
no
United
distributed.—V.
$4,486,298
no par
Barney & Co. June 20 announced the distribution of 12,000
shares common stock at $35.50 per share.
The issue does
not represent new financing.—V. 148, p. 1184.
Tampa Electric Co.—Earnings—
Net income.
—V. 148, p.
stock,
cents per
stock, payable June 20 to holders of record June 6This compares with
40 cents paid on March 15, last; 80 cents paid on Dec. 20 last, and pre¬
Period End. May SI—
Oper. revenues _ »
Gross'income after retire.
3702.
Similar payments were made in preceding quarters.
Dividends similar to the above were voted on the $3 cum.
Talon, Inc.—Dividend Increased—
a
p.
The directors have declared
common
&c.f but before Federal taxes.—V.
3391.
Directors have declared
1*8,
$60,000,000 of $6 cumulative
United Milk Products Co.—Dividends—
$35,144
$25,621
After expenses, depreciation,
x
a\med
tion of accumulated unpaid dividends on the
Inc,—Earnings—
1939
Net profit
x
Light & Power Co.—Plans to Revamp CI
The company, it is reported is working on a plan of recapitalization
a capitalization in accord with
present day property values and elimina¬
at
Sweets Co. of America,
3859
Structure Reported—
1936
1937
1938
,
After depreciation and Federal taxes.—V.
x
United
Co.—Earnings—
Quar. End. Mar. 31—
Net profit..
Earn, per sh. on 287,000
shares capital stock._
x
Chronicle
Washington Water Power Co.—Underwriters—
an amendment to its registration statement filed with the
Exchange Commission, lists underwriters and the amount
participation in its proposed offering of $22,000,000 1st 3H» of
1964 as follows:
>
•:
White, Weld & Co. and Bonbright & Co., Inc., $2,800,000 each; Dillon,'
Read & Co., $2,000,000; First Boston Corp.; Halsey, Stuart & Co., Inc.;
Harriman Ripley & Co., Inc.; W. C. Langley & Co.; Mellon Securities
Corp.; Shileds & Co.; Smith, Barney & Co.; Union Securities Corp., and
Blyth & Co., Inc., $900,000 each; Coffin & Burr, Inc.; Ferris & Hardgrove;
Goldman, Sachs & Co.; Jackson & Curtis; Lee Higginson Corp.; Lehman
Bros.; Stone & Webster and Blodget, Inc., and Clark, Dodge & Co.,
$500,000 each; Hayden, Stone & Co.; Hornblower & Weeks; Mqrphey,
Favre & Co., and Tucker, Anthony.& Co., $300,000 each; Dean Witter
& Co.; Dominick & Dominick, and Schroder Rockefeller & Co., Inc.,
$200,000 each; Paine-Rice & Co.; R. W. Pressprich & Co.; Richards &
Blum, Inc.; WTashburn & Co., Inc., and Minsch, Monell & Co., $100,000
each.—V. 148, p. 3703.
'
;
;
Company in
had such a plan under consideration].—V. 148, p. 2917.
Securities and
Time, Inc.—Extra Dividend—
Directors have declared
of their
in addi¬
stock
Extra of 25 cents was
extra dividend of 50 cents per share
an
tion to the regular quarterly dividend of $1 per share on the common
both payable June 30 to holders of record June 20.
paid on March 31, last.—V. 148, p. 3546..
Traction Light & Power Co.—Hearing July
A hearing
6—
has been set for July 6, in the Securities and Exchange Com¬
mission's Washington offices on the application (File 57-8) of Traction Light
& Power Co. for approval of the sale of all of its electric utility properties to
The appli¬
Central Indiana Power Co. and Public Service Co. of Indiana.
cation of Central Indiana Power Co. for exemption from the requirements of
filing a declaration in connection with the issuance and sale of not to exceed
$475,000 of five-year 6% unsecured notes in paymnet for the properties to
be acquired will also be considered at the hearing,
s
^
Wayne Pump Co. (& Subs.)—Earning s-
Tung Sol Lamp Works, Inc.—To Repay Notes—
Directors have decided to prepay on Aug. 1, 1939, the $112,264 of 4%
dividend notes issued Dec. 23, 1937.
The notes would have been due on
3 Months Ended Feb. 28—
'
\
Net profit after charges and Federal income taxes
Dec. 23, 1940.—V. 148, p. 3546.
Earnings
Union Pacific
—V. 148, p.
RR.—Earnings-
1939—5 Mos.—1938
Period End. May 31—
1939—Month—1938
Freight revenues
$10,259,458
$8,267,373 $47,731,099 $40,559,846
6,005,267
5,768,931
Passenger
revenues
1,365,092
1,254,081
Mail revenues2,150,676
1,979,225
452,691
411,829
726,553
781,280
186,304
Express revenues
194,593
All other transp. revs_„
1,661,596
1,433,094
253,708
352,546
697,490
Incidental revenues
678,543
146,666
160,323
Cr72
$10,519,961 $5' ,008,461 $51,165,139
4,712,379
5,566,465
1,179,689
9,972,577
12,274,859
2,159,839
1,701,472
2,112,603
386,093
19,220,941
21,496,779
3,803,186
1,221,577
1,314,295
262,570
2,298,194
2,137,870
410,808
Cr667
03,465
Crl,373
operations. ___»$2,962,877
Railway tax accruals.__
1,306,058
$2,319,149 $13,945,933 $12,201,788
1,278,033
6,461,760
6,226,390
Railway oper. income $1,656,819
Equipment rents (net)..
720,375
61,236
$1,041,116
605,948
55,356
$7,484,173
3,201,490
230,164
$5,975,398
2,727,144
213,157
$875,208
$379,812
$4,052,519
$3,035,097
Railway oper. revs__.$12,784,703
Maint. of way and struc.
1*483,337
Maintenance of equip..
2,674,882
Traffic
expense
Transportation expense.
Miscell.
opers.
General
expenses._
expense.
— _
512,977
4,364,313
299,522
486,867
'
Transp, for investment.
Net revenue from rail¬
way
Joint facility rents (net)
Net ry. oper.
—V. 148, p,
income.
3701.
Union Premier Food
Period End. June 17—
Sales.
—V. 148, p.
Stores, Inc.—Sales—
1939—24 Weeks—1938
$1,335,197 $10,419,270
$7,825,523
1939—4 Weeks—1938
$1,790,752
3701.
United Chemicals, Inc.
Quar. End. Mar. 31—
Net profit after deprec.,
(& Subs.)—Earnings—
1939
1936
1937
1938
$21,250
$1,483
$31,401
taxes, &c.
—Y. 147, p.
z
Net income
y
Subs.)—Earnings—
1939
1938
$57,379 loss$319,545
Earnings per share
a
1937
$580,640
1936
x$392.153
$0.41
$0.28
Nil
$0.04
non-recurring profit
of $837,002
Co.—Weekly Output—
United Gas Improvement
June 17 '39
Week Ended—
Electric output of system
—V. 148, p. 3702.
(kwh.)—
96,301,989
Webster Eisenlohr,
Expenses & depreciation
Net
loss.
holders of record May 26.—Y.
June 10 '39
June 18 '38
94,907,671
84,300,156
Dividend-—
dividend of 7 2-5 cents per share on
for common stock, payable June 26 to
148, p. 3247.
Directors have declared an interim
the American depository receipts
1938
1939
$69,439
$0.24
y
$109,441
•
$0.38
Inc.- -Earnings1937
1938
1936
...
1939
$102,408
161,275
$138,226
200,997
$205,487
264,996
$219,279
254,278
$58,867
Quar. End. Mar. 31—
Gross profit from mfgT_.
$62,771
$59,509
$34,999
,
-V. 148, p. 2612,
Westinghouse Air Brake Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
z
Net profit
.......
share on
capital stock (no par) J
Earnings
1939
$399,015
per
$0.12
,1938
1937
y$135,029 x$2,639,354
'
$0.04
$0.85
Federal surtax on undistributed of stock
y: Includes $1,546,248 profit from sale profits,
ore
distributed profits,
z
1936
$513,613
$0.16J4
in Before surtax on but
foreign company un¬
y
After depreciation, taxes, &c.—V. 148, p. 1824.
West Pertn Power Co.—Plans New Issues—
Company a subsidiary in the American Water Works & Electric Co., Inc.,
holding company system, has filed a declaration and other applications
Commission under the holding company
regarding the proposed issue and sale of 297,077 shares of 43^ % cumula¬
preferred stock ($100 par) and an undetermined amount of 10-year
promissory notes.
*
It is propsed to offer to the holders of the company's 6% and 7 % cumula¬
tive preferred stocks the right to exchange each share held for one share of
the new 4H% preferred stock.
Upon each such exchange, appropriate
cash adjustment will be made between the redemption price of the stock
and the public offering price of the 4 H % preferred stock.
All shares not exchanged will be offered for sale to the public.
It is
with the Securities and Exchange
act
tive
proposed to call for redemption all of the 6% and 7% preferred stocks not
surrendered for exchange and the amount of notes to be issued will be
dependent on the amount of cash required to redeem them.
W. C. Langley & Co., Bonbright & Co., Inc., and The First Boston
Corp. will be the underwriters.
Hearing has been set for July 10 on the
application.—V. 148, p. 3703.
<
Coal & Coke Corp. (& Subs.)—Earnings
1939
Western
1938
$69,948
Quarter Ended March 31—
and depreciation
—V. 148. P. 1824.
$158,888
Maryland Ry.—Equipment Issue—
Invitations have gone out to investment
houses for bids to be received
.Time 26, for $2,500,000 one to 10 year equipment trust certificates.
The certificates will carry a coupon rate of 2% or 2H %; bidders being given
the option of bidding on either.
—Week Ended June 14
Jan. 1 to June 14—
1939
1938
1939
1938
at noon,
Gross earnings
(est.)
$251,247
$233,034
$6,427,096
$5,876,297
—V. 148, p. 3703.
Weyenberg Manufacturing
Directors have
United Molasses Co.; Ltd.—Interim
capital stock
Net loss after charges
from sale of Boots
Pure Drug Co. stock.
Including the extraordinary income, the total net
profit for the March quarter was $1,229,155, or 88 cents a share,
y On
1,400,560 shares of capital stock ($5 par),
z After all charges and Federal
taxes.—V. 148, p. 1822.
of
on
West Virginia
3 Mos. End. Mar. 31—
Exclusive
share
1824.
loss$5,662
3473.
United Drug, Inc. (&
x
per
Co.—Divs. Resumed—
declared a dividend of 25 cents per share on the common
July 6 to holders of record June 24.
Like amount
was paid on Dec. 31, last; this latter being the first payment made since
Dec
28, 1937 when a quarterly dividend of 25 cents per share was dis¬
tributed.—V. 147, P. 3926.
stock, par $1, payable
I
Financial Chronicle
3860
Wheeling & Lake Erie Ry.—Two Bond Issues Placed—
refunding mortgage bonds, 334%,
series F, has been sold to the Mellon Securities Co., and. an
issue of $2,188,000 refunding mortgage serial bonds, 234%,
series E, has been sold to the Union Trust Co. of Pittsburgh.
Both issues were sold at par and accrued interest, subject
to the approval of the Interstate Commerce Commission.
of $5,250,000
An issue
redeem $7,438,000 of series D refunding
bonds, 4%, due 1966. The estimates that the interest saving over
the life of the new bonds resulting from the refunding operation should
amount to $963,619.
The new securities were issued to
mortgage
purchase shares of che new stock in an amount not exceeding the number of
old shares held.
Additional funds to the extent necessary to effect redemp¬
tion of the 6% preferred will be obtained through a bank loan of not more
than $1,500,000—V. 148, p. 2922.
Winston-Salem Terminal Co.—Bonds Offered—An issue
and
bonds series D due Sept. 1, 1966.
Bonds so drawn will become
Sept. 1 at the office of the trustee, 70 Broadway, New York.—V.
mortgage
due
on
148, P. 3548.
Merle-Smith at
1939, and due Sept. 1, 1970. Proceeds will be
$800,000 1st 5s due 1966.
subject to the approval of the Interstate Commerce Com¬
mission and the ratification of the proprietary roads regarding the guar¬
anteeing of the issue.—V. 119, p. 1954.
The issue is dated Sept. 1,
used to retire an existing issue of
The sale is
Wolverine Tube Co.—Earnings—
3 Months Ended March 31—
Sales, royalties, &c.rf
Interest
Provision for contingencies, &c
Profit
12,325
47,516
$116,630
9,608
$166,529
8,108
-
Other income
--
$878,548
612,030
12,419
53.208
$200,891
7,048
637,660
10,071
80,318
--
1937
,
$894,578
,
Costs and expenses
„
stock..
Earns, per sh. on 396,122 shs. of common
3704.
loss$15.l85
Nil
$96,237
$0.23
,
,
(Alan) Wood Steel Co. (& Subs.)—Earnings—
1938
$608,932 \
432,461
1939
depreciation
and Federal income taxes
—V. 148, P.
,1938
1939
Net income after operating expenses,
(H. F.) Wilcox Oil & Gas Co.—Earnings—
3 Months Ended March 31—
334% bonds was offered June 16 by Dick &
a price to yield 2.90% to maturity.
of $800,000
announced that the Central Hanover Bank & Trust Co.,
has drawn by lot for redemption on Sept, 1, 1939 at 102
interest,
$150,000 principal amount of the company's refunding
trustee,
6 % preferred an opportunity prior to public offering to
the holders of the
Bonds Called—
The company
as
June 24, 1939
Earnings for
the Quarter Ended March 31, 1939
.<
$233,979
Fed. inc. taxes.
Net income after operating expenses, deprec., &
$0.54
Earnings per share on 200,000 shares of common stock
148,
—V.
3398.
p.
Woodall Industries, Inc.—Earnings
3 Mos. End. Mar. 31—
x
Net
300,000
stk. (par $2).
1937
$121,225
$103,542
$0.40
1938
loss$40,357
1939
$50,806
profit.
$0.34
1936
Earns, per sh. on
Profit
$174,637
$126,238
$207,939
96,619
—
-
Depreciation and depletion..
Loss on sale capital assets
66,316
129,880
1,835
20,769
2,602
—
Amort, of bond discount & expense.. '
...—
shs. cap.
x
y
-
y$58,087
*$78,018
-
3398.
—V.148, p
Wisconsin Gas & Electric Co.—Seeks SEC
Note and
Approval of
Preferred Stock Issue—
Nil
Worcester Suburban Electric
The directors have
$54,688
xEquivalent to $0.16 a share on 487,568 shares of common stock ($5 par).
Equivalent to $0.12 a share on 487,478 shares of common stock ($5 par).
Net profit
$0.17
After charges and Federal income taxes.—V. 147, p. 3175.
declared
a
Co.—Larger Dividend—
dividend of $1.25
share on the capital
per
30 to holders of record June 15.
This com¬
pares with 75 cents paid on March 31 last; $1.25 paid on Dec. 28 last;
75 cents on Oct. 11, 1938; $1 paid on June 30 and March 31, 1938; 75 cents
paid on Dec. 24, 1937; $1.50 paid on Sept. 30, 1937; $1.35 paid on June 30,
937, and $1 paid in each of the six preceding quarters.—V. 148, p. 1825.
stock, par $25, payable June
Worthington Pump & Machinery Co.—Earnings—
'
,
[Including Domestic Subsidiaries]'
,
Company, a subsidiary in the North American Co. holding company
system, has asked the Securities and Exchange Commission for exemption of
a
declaration under the Holding Company Act in connection with the
3 Months Ended March 31-r
•
Net loss after charges and Federal income taxes on
proposed issue and sale of 46,480 shares of 4M% cumulative preferred
stock ($100 par) and a $1,500,000 2%% promissory note.
The company proposes to sell the preferred stock to provide funds for the
redemption of a like amount of 6% preferred now outstanding.
Under the
proposed underwriting agreement, the underwriters would purchase a
minimum of 33,425 shares of the 4H % preferred and would agree to afford
—V. 146,p.
1939
1938
profits of domestic subs
—
$214,490
x Profit before Federal income taxes.—V. 148, p. 3704.
x$239,665
(J. S.) Young Co.—Obituary—
Howard E. Young, Chairman of the
Board, died at his home
on
June 20.
1576.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Coffee—On the
lower
net
lower,
Santos
the
Rio contracts closed
sales
Bearish
Brazil and an easier dollar rate
day's declines.
The dollar rate
from
do with
5
weather
had
much
was
the
easier
by 50 reis at 19.780 milreis.
Milds generally were down
%c., although Brazilian offerings were unchanged.
The
of coffee from Brazilian ports
movement
a
sharp pickup
the
result
of
last week showed
jump in
shipments to
Europe.
Europe took 210,000 hags, the United States
179,000 bags, and all others 29,000 bags, a total of 418,000
bags against only 280,000 bags in the previous week.
The
Havre market closed unchanged to 34 franc lower.
s
'
On
for
inst.
Santos
the
old
20th
the
as
Rio
futures closed
contract, with
dollar
the
the
local
market
developments
the
dollar
local
was
was
values.
believed
East.
another
Weather
described
was
unchanged.
weaker
8
points net lower
The
At
as
Havre
than
the
close
of
the
of
the
influenced
The
by
further
influence
in
Brazil
months
near
the
operating
all
at
in
against
five
report¬
"fine," and spot prices there
ranged from 1V2 to
declines
2% francs.
On
the
for the
Santos contract,
ing in, coffee futures
tract
during early
with March
spot
N/o.
7
mark
relatively dull.
stood
supporting the market for mild coffees on the basis of
To-day futures closed 4 to 5 points net lower for
the Santos contract, with sales totaling 46 lots.
Sales totaled
1234 c.
only 3 contracts in the old Rio.
Liquidation in the July
position and switching coupled with scattered trade selling
caused coffee futures to sell off 4 to 7 points.
May Santos
contracts sold at 6.12c.,
off 1 point.
Brazilian milreis
freight offers were generally unchanged, with Santos 4s at
6.15 to 6.60c.
Mild coffees improved but business was
Manizales were reported selling at 1234 to 1234c.
were 34 franc lower to % franc higher.
light.
Havre futures
closed
Rio coffee prices
July
September
Actuals
Manizales
start
of
were
Trad¬
*
—
Santos 4s
were
"iced
were
held at 1234 c.
coffee"
Havre futures
quoted by
week,
the World's Fair to bring the merits
attention of the public.
one
Cost
source
Next Sunday will
with ceremonies
of iced coffee
On the 22d inst. futures closed 2 to 4
points net
Santos contract, with sales
at
to the
higher for
totaling 62 lots.
The Rio
contract closed with sales of
only two contracts in the July
delivery which closed 1 point net higher.
An improvement
m Brazilian
exchange was attended by higher prices in the
coffee futures market.
The Santos contract gained 2 to 4
points, with May selling at 6.18c.
However, a holiday in
the
—6.11
6.14
points net
for the
Cocoa—On the 19tli inst. futures closed 7 to 9
The
lower.
today's
during
season
market
cocoa
registered
session,
lows
new
weakness
the
being
due
largely to heavy liquidation influenced by the record ware¬
house stocks in New York and the lack of any appreciable
demand.
As a result of this combination of bearish factors
almost reaching the 4c.
level, which so far has been broken only once prior to the
1933 bank holiday.
July cocoa futures on the New York
Exchange
In
—4.18
—4.19
6.07
manufacturers
higher,
quiet and steady.
—
as follows:
-5.91 March
--6.00 May
—
j.
_
as follower
4.161 December
4.171 March —....
prices closed
Santos coffee
July
September
r
-
2
points
Cost and
exchange was 20 reis weaker at 19.82 to the dollar.
The Santos con¬
about
Brazilian exchange.
V2 franc lower.
the
with sales totaling 61 lots.
was
afternoon
and freight offers on
at 6.45c.
5 points net higher
selling at 6.08c.
Rio de Janeiro reported that
coffee had advanced 200 reis.
There was no
reported change in
were
6 to
y2 to 2
was
prices hit new lows for the season,
21st inst. futures closed
were
higher.
Actuals were steady.
Reports again were
circulated to the effect that the Colombian Coffee Federation
in
serious
weakness
Havre futures
was
160 reis
was
francs
December
selling
the Far
rate
coffee
ing stations
were
in
to
totaling 55 lots.
8
to
reis
European
day.
previous
80
was
G
sales
points lower, with sales
Brazil's dollar rate at 19.900 milreis
totaling only 5 lots.
to
3
closed
contract
a
19.8 to the dollar.
better at
points
unchanged
lots.
seven
to
with, sales totaling 22
to 7 points
contract,
totaling
3
closed
futures
old
with
repoits
to
inst.
for
The
lots.
19th
Friday Night, June 23, 1939.
Exchange
July at 4.18c.
unchanged with
"
-
The old Rio contract
Brazil tended to restrict interest.
COMMERCIAL EPITOME
closed
able effect
There
was
some
buying by
the scale down, but this had no appreci¬
With invisible supply
checking the decline.
in
be
to
in
all-time
4.05c.
at
high by some trade circles, and stocks of
licensed warehouses continuing to hover around
believed
cocoa
on
peaks,
estimated
the
of 10%
increase
over
last
year's consumer business apparently has not taken up the
slack.
Although the London Terminal Market was firmer
later
in
losses
.Tune.
On
the
4.04;
the
day
the
on
closed
and
news
were
July, 4.05;
20th inst.
Transactions totaled
not
steady,
the
regained.
Sept., 4.15;
futures closed
early
morning
Local
closing:
Oct,'4.20.
7 to 8 points net lower.
378 lots, or 5.065 tons.
For the first
On sales
contract touched 4c.,
dropped to 3.99c., and to 3.98c., and finally closed at 3.97c.
time in six years cocoa
of 11
on
futures dropped below 4c.
lots, just before noon, the July
the
sale
of five lots.
It was reported to be a buyers'
market, with manufacturers able to take
considerable
quan-
Volume
tities of
cocoa
center
to
Financial
148
prices moved lower.
Liquidation seemed
in the September, July and December
as
largely
Hedge selling against Bahias in the March
positions.
and
positions continued to contribute to the downward
of prices.
The London Terminal Cocoa Market
continued easier, with closing quotations IV2 to 4^d. lower,
and sales totaling 930 tons.
London actuals were 3d. lower.
LocaJU^elosing: June, 3.96; July, 3.97; Oct., 4.13; Dec.,
May
movement
4.22/Jan., 4.27.
/On
21st
the
hiigner.
inst.
unchanged
closed
futures
2 points
to
After the Septeinbmvposition had hit a new seasonal low price of 4.07c., the
cocoa
market
rebounded
on
improved demand.
During
early afternoon prices were 1 to 2 points net higher.
Sales
Transactions totaled 227 lots.
time
totaled
to
that
in
warehouse stocks.
Brazil
of
tute
May
20%
were
Local
said
No change was reported
9,175 lots.
A cable from the Bahia Cocoa
arrivals
that
May last year.
Dec., 4.24; March,
On the 22d inst. futures closed 8 to 5
cocoa
Insti¬
of
end
in
July, 3.98; Sept., 4.09;
4.38; May, 4.49.
closing:
Transactions totaled 209 lots. The
the
to
cocoa
arrivals
the
behind
of
points net higher.
market strengthened
Prices rebounded
strongly on rumors that Brazilian
producers, who have been hedging right along, had withdrawn
their offerings because of dissatisfaction with the price here.
Shorts covered freely.
During early afternoon prices were
6 to 8 poipts higher, with July at 4.05c., up 7 points.
Ware¬
house stocks decreased 1,000 bags.
They now total 1,421,651 bags.
A year ago they aggregated 662,829 bags. Local
closing: July, 40.6; Sept., 4.16; Oct., 4.19; Dec., 4.31; Jan.,
4.36; March, 4.46; May* 4.56., To-day futures closed 3
points net higher to 1 point lower.
Transactions totaled
196 lots.
The recovery in cocoa futures continued with
manufacturer buying the feature.
The market acted sold
out.
Prices during early afternoon were 2 to 4 points higher.
A gold Coast cable reported that an earthquake had visited
the region but that the cocoa crop had not been damaged.
Sales of futures to early afternoon totaled 135 lots.
Ware¬
house stocks decreased 1,800 bags.
They now total 1,419*862 bags compared with 665,889 bags a year ago.
Local
closing: July, 4.09; Sept., 4.17; Dec., 4.31; Jan., 4.35;
March, 4.45; May, 4.55.
at last.
Sugar—On the
19th
inst.
The chief factor
net lower.
futures closed 1 to 2 points
operating against sugar values
today was the strike in the three refineries at Philadelphia.
Sales were only 111 lots, half of which represented: July
liquidation in advance of first notice day on Monday.
The
the
Trade houses
selling of July here was absorbed by shorts, who took
switching basis.
offerings outright or on a
were
raw
market that part of the 6,000 tons of Philippines
sugar
due
It was reported in the
both sides of the market.
on
this
which
week,
believed to be available
were
on
a
ordered into store yesterday, and the
balance may go into store if not sold.
Refiners would pay
2.80c. for anything arriving next week or beyond, it was
bid
of
2.80c.,
were
%c. lower on all
which closed 2 points higher,
reflecting the steadier market for actuals in London.
Lon¬
don raws were held at 7s. 4^d.,- parity 1.3334c.
Futures
The
said.
deliveries
there
world
3d.
were
contract closed
sugar
July,
excepting
lower to
*4d. higher.
On the 20th inst. futures closed unchanged to 1 point up.
While the market
Transactions totaled 274 lots.
active, prices ruled within a
narrow
range.
was
fairly
The Govern¬
•
delivery figures today for five months, and
slightly lower than expected, they were
without apparent market influence.
The strike situation
in Philadelphia is unchanged, the plants of Franklin, Penn,
issued
ment
while
they
were
McCahan
and
change
professional
largely
was
Trade
switches.
Trading
remaining closed..
houses
the local Ex¬
confined
and
mostly
connections
refinery
with
on
to
were
Today National bought
10,000 bags of Puerto Ricos, clearing June 28, at 2.80c.,
and 5,000 bags of excess quota raw on the same boat at
buying July and selling September.
2.80c.
An
which
closed
IY2
lots.
bags, also
10,000
Y2
to
on.
the same boat,
also will find their
The world sugar contract
operator at 2.80c.,
an
point
with
higher,
London
futures
parcels
were
shipment
f.o.b.
to
National, it is reported.
way to
28
additional
went
3
were
held
to
6s.
at
transactions
34 d. higher.
10y2d.t
equal
totaling
August
to
1.24c.
Cuba.
to 2 points net higher
sales totaling 242 lots.
contract closed 1 to 3 points net higher,
On the 21st inst. futures closed 6
for
the
domestic
The world
sales
with
raw
sugar
lift, while
act
totaling 217
had been
2.82c.
distressed
a
It
soon.
pound
was
made, but it
paid for July sugars.
also
was
believed
could not be long delayed.
showed
were
a
been
%
advances
to 3%d.
equivalent of 1.4334c.
of
2
to
3y2
higher, while
a
that
a
move
of
World sugar at
points.
raws
futures closed 1 point up on all deliveries
sales totaling 165 lots.
The
points to 34 point net higher,
with sales totaling 104 lots.
Both domestic and world sugar
contracts were strong today.
During early afternoon the
domestic contract was 2 to 3 points higher on buying attrib¬
uted to news from Cuba indicating that early action would
be taken on the Cuban treaty revision.
In the raw market
most offerings were cleared up at 2.85c., a rise of 5 points
in the spot price.
Local refiners were reported to be filling
heavy delivery orders, some of the business believed to
emanate from the trade which normally depends on Phila¬
delphia processors. In the world market prices were strong,
showing gains of as much as 534 points on July which sold
at 1.45c.
London futures were unchanged to 2d. higher.
On the 22d. inst.
of the domestic contract, with
world sugar contract closed 434
Today futures closed 1 point down to unchanged for the
domestic contract, with sales totaling 335 lots.
The world
sugar contract closed 134 to 5 points net lower, with sales
totaling 99 lots.
Sugar markets were slightly lower.
The
domestic contract during early afternoon stood unchanged
to 1 point lower, still holding nearly all of the gains made
earlier this week.
In the raw market prices were steady,
reported. Cubas were held for 2c., equivalent
paid.
While there was no news in refined
sugar, the market looks for early developments.
The world
sugar contract was easier on
sellii: g due to uncertainty
regarding third year quotas. During early afternoon active
positions were 1 to 3 points lower.
London futures were
unchanged to 2d. lower.
Nothing official emanated from
the Int rnxLonal Sugar Cxncil now in session in London.
with
to
sales
no
2.90c. duty
Prices
were
follows:
as
were
pound f.o.b. Cuba.
London
done at
Marcb_.
-1.88
July
1.98
-
-
i.9o May.-------------
September
January
Lard—On
the
-----2.00
-
1.95
—
17th
futures closed
inst.
unchanged to 2
higher.
The market proved a rather dull affair
during most of the short session.
The volume of trading
points
light
was
Port
and
and
light
were
destined
today,
pounds
Lard exports from the
totaled only 46,800
without feature.
York
New
of
Gothenburg.
for
Liverpool lard
Receipts of hogs
were quite heavy last week,
and this caused top price on
hogs at Chicago to decline to $6.50.
Chicago hog prices
today remained nominally steady at Friday's levels.
Re¬
ceipts for the Western run were light and totaled 10,500
head against 10,600 head for the same day last year.
On the 19th inst. futures closed 2 points net higher.
Trading was light, the market firming up some on short
covering in the later session.
Futures advanced 2 to 5
points. The market later became sluggish and prices eased
a
bit, though slight net gains were shown at the close.
Export' shipments of American lard today totaled 48,000
pounds, destined for Southampton.
Liverpool lard futures
were
unchanged to 3d. lower.
Chicago hog prices closed
10 to 20c. higher,
owing to the lighter hog marketings
than expected.
Receipts at the Midwest packing center
totaled 14,000 head and the trade was expecting about
17,000 hogs.
Western hog marketings totaled 59,400 head
against 56,000 head for the, same day a year ago.
futures
unchanged
were
to
3d.
higher.
inst. futures closed 5 to 7 points net
On the 20th
lower.
2 points net lower, but as the session
progressed scattered selling pressure for speculative account
made its appearance.
Liverpool lard futures were again
quiet, with prices unchanged from the previous finals.
Receipts of hogs at the leading Western packing centers
today were 69,200 head against 60,200 head for the corre¬
Early prices
were
Hog prices at Chicago finished
sponding week last year.
5
lower.
10c.
to
Scattered
sales
were
reported at prices
ranging from $5.85 to $6.85.
On
21st
the
market
The
was
Port of New
the
tined
futures
inst.
closed
for
closed
10
Western
a
to
5 points
featureless affair.
Lard exports from
York yesterday were 97,875 pounds, des¬
Liverpool and Naples.
to 15c. higher.
Sales
hog marketings were
head the same day last year.
6d.
unchanged
Trading was light, with price fluctuations narrow.
lower.
lower.
Hog prices at Chicago
ranged from $6 to $7.
54,100 head against 46,600
Liverpool futures were 3 to
*
„
,
On the 22d. inst. futures closed 2 to 5
Trading
was
light,
points net lower.
with price fluctuations narrow.
The
undertone, however, ruled heavy during most of the session.
Lard exports from the Port of New York totaled 468,060
pounds, destined to Antwerp, Trieste, Genoa, Catonia,
Naples and Gothenburg. Liverpool lard futures ruled quiet,
with prices unchanged to 3d. lower per cwt.
Today futures
closed 3 to 2 points net higher.
The market was relatively
quiet and without feature.
DAILY CLOSING PRICES OF LARD FUTURES IN
Wed.
CHICAGO
Thurs.
Fri.
Sat.
Mon.
Tjxes.
6.25
6.27
ST20
6.15
6.12
6.40
6.42
1.35
6.32
6.45
6.47
6.40
6.35
6.27
6.32
6.15
6.30
6.35
6.50
July.
was rumored
In the refined
predicted that the strike in Philadelphia would
sugar
stage
futures
had
was
settled
refined
the
all
During early afternoon domestic prices were
points higher.
In the raw market a sale of prompt
trade it
one
that
that the International Sugar Council may
year's quotas tomorrow, proved a tonic to
Philippines at 2.80c.
be
Reports
sugar.
3 to 4
that
lots.
absorbed gave the domestic market
news
next
on
world
sugar
with
contract,
3861
Chronicle
6.52
6.45
6.45
6.40
6.42
6.57
6.50
6.47
6.45
6.45
January.
$19.3734 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: quiet. Pickled hams:
picnic, loose, c. a. f.—4 to 6 lbs., 1334c.; 6 to 8 lbs., 1234c.;
8 to 10 lbs., 1134c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
Pork—(Export),
mess,
3862
Financial
18%c.; 18 to 20 lbs., 16%c. Bellies: clear, f. o. b. New York
lbs., 14Kc.; 8 to 10 lbs., 13%c.; 10 to 12 lbs., 12He.
Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs., 824c.;
18 to 20 lbs., 824c.; 20 to 25 lbs., 8%c.; 25 to 30 lbs., 8c.
Butter: creamery, firsts to higher than extra and premium
marks: 2224 to 2434*
Cheese: State, held '38, 17 to 19 %c.
Eggs: mixed colors: checks to special packs: 13% offer to
18% bid.
—6 to 8
Oils—Linseed oil in tank cars are quoted 8.6 to 8.8c. per
pound, and in tank wagons—8.6 to 9.0c. Quotations: China
wood: nearby, drums—21 to 24c.
Coconut: crude, tanks,
nearby—.03% bid; Pacific Coast, spot—.02% bid.
Corn:
crude, West, tank, nearby—.05% to -05%. Olive: denatured,
drums, carlots, shipments—79 to 81; spot—82 to 83.
Soy
bean: crude, tanks, West—.04% to .05; L. C. L. N. Y.—
6.7 to 6.8.
Edibles: coconut, 76 degrees—9% bid.
Lard:
prime, ex. winter—9 offer.- Cod: crude, Norwegian, light
filtered—30 offer.. Turpentine: 30% to 32%.
Rosins: $4.75
$7.65.
to
•'
.
•
.
Chronicle
June
Local closing: June, 10.72;
hides.
1939
Sept., 11.05; Dec., 11.38;
11.67.
March,
the 20th inst. futures closed 3 to 7 points net
higher.
Trading was light, with fluctuations very narrow.
actions totaled 2,720,000 pounds, of which 40,000
Trans¬
On
exchanged
were
physicals.
for
The
Local closing: June, 10.77;
March, 11.73.
unchanged.
11.43;
On the 21st
inst.
futures closed
pounds
spot hide
domestic
market was quiet, with no sales reported.
Spot prices
were
Sept., 11.12; Dec.,
2 points
up
to 4 points
Transactions totaled only 63 lots, all in the new
net lower.
contract.
Light local and commission house selling de¬
prices of raw hide futures in spite of news of
more
sales of spot hides at steady prices.
Trading was
small, volume totaling only 1,200,000 pounds to early after¬
noon.
At that time
September stood at 11.04c., off 8
points, and December at 11.33c., off 10 points.
Towards
pressed
the close the market firmed up
losses
were
recovered.
-
•
24,
and
good part of the early
a
Local closing, new contracts:
June,
10.79; Sept., 11.11; Dec., 11.39; March, 11.69.
Cottonseed
sales
Oil
yesterday, including switches, 226
Prices closed as follows:
Crude S. E., 5%c.
contracts.
November
6.71 @
December
6.4 5 @
n
6.65(^ 6.66 January
—6.71^ 6.73 February
6.83@
6.83 @
6.45@ 6.47
July.
August
September—
October
6.78@
—
n
—
—
6.84
n
Rubber—On the 19th inst. futures closed 6 to 10 points
Transactions totaled 790 tons.
Mqst of the
floor was trade operations.
There was
some commission house buying also, but it was very light.
The actual market was quiet.
Spot standard No. 1 ribbed
smoked sheets in the trade advanced l/16c. to 16 7/lGc.
Crude rubber stocks in England for the week ended June 17
higher.
net
activity
the
on
reported at 64,531 tons, a decrease of 902 tons for
the week preceding.
Local closing: June, 16.22; July, 16.24;
were
16.33;
Sept.,
16.36;
Dec.,
March,
16.42.
,
On the 20th inst. futures closed 8 to 11
Transactions
totaled
1,160
The
tons.
points net higher.
market
was
rela¬
tively quiet, with the, undertone firm during most of the
session.
London dealers were noted as buyers in the July
Selling
position.
came
from scattered sources.
A rather
good demand from dealer and trade sources near the close
sent
was
prices to the highs of the day.
The outside market
Offerings from the Far East continue limited.
quiet.
Spot standard No.
1 ribbed smoked sheets in the actual
l/16c. to 1634c.
Local closing: June,
16.31; July, 16.33; Sept., 16.42; Dec. 16.46; March, 16.49.
market
On
advanced
the
21st
inst.
prices closed 3
lower.
Transactions
futures
continued
102
totaled
points to 1 point net
lots.
Trading
quiet and the market
in
narrow.
rubber
Sales to
early afternoon
totaled only 410 tons, of which 150 tons
exchanged for physicals.
It was said that short cov¬
ering by traders absorbed commission" house offerings.
were
London
was
a
closed
shade
unchanged to l/16d. lower.
lower.
The
New
York
Singapore also
was
disap¬
market
pointed over failure of foreign prices to follow the rise
yesterday.
Local closing * July, 16.30; Sept., 16.39;
Dec., 16.45; Jan., 16.46; Mach, 16.47 ; May, 16.55.
here
On the 22d inst. futures closed 4
points to 1 point net lower.
Rubber futures eased a little
Transactions totaled 147 lots.
in
moderately active trading which to early afternoon totaled
1,120 tons, of which 300 were exchanged for actuals.
At
that time the market was 2 to 3 points net lower, with July
at 16.28c. and December at 16.42c.
It was reported that
brokers for Akron factory interests were buyers of March
contracts.
There is little
or
no
outside speculative interest
in rubber.
London was unchanged to,3-32d lower.
Sing¬
also was easier.
Local closing; July, 16.27; Sept.,
16.35; Oct., 16.37; Dec., 16.41; March, 16.46.
To-day
futures closed 2 points up to 1 point lower.
Transactions
totaled 101 lots.
Although there was active selling of July
by commission houses, the futures market was steady.
apore
Much interest
evinced in the
was
news
that
barter agree¬
a
ment had been
signed but the market ignored it.
Sales to
early afternoon totaled only 630 tons, of which 200 tons were
exchanged for physical rubber.
At that time July stood at
16.26c., off 1 point,, while March at 16.46 was unchanged.
The
London
market
unchanged
was
l-16d
higher.
The,open interesMn New York rubber futures last night was
2,803 lots, of which 1,165 lots were in the September position
and 416 in July.
Local closing: June, 2.46%; July, 2.34%;
Aug., 2.23%; Oct., 2.17%; Nov., 2.16; Dec., 2.16; Jan., 2.15.
Hides—On the
17th
inst.
futures
to
closed
1
point lower
to 8
points higher.
The opening range was unchanged to 7
lower.
Transactions totaled 1,560,000 pounds.
No
sales were reported in the domestic
spot hide market during
the day.
The inquiry has been fairly active of late, but
points
as
a
rule business has been
prices
remained
10.66;
Sept., 11.01;
unchanged
comparatively light.
Spot hide
today.
Local closing: June,
Dec., 11.34;
March, 11.62;
June,
11.90.
On the 19th inst. futures closed 4
to 6 points net higher.
The opening range was 9
points higher to 5 points lower.
fairly active, though trading showed no
No important sales were
reported in the
domestic spot hide
market, but the turnover last week was
reported at more than 60,000 hides at steady prices.
Trans¬
The
market
was
special features.
actions
in
Certificated
futures
stocks
totaled
of hides
2,640,000
in
pounds
for
the
day.
warehouses licensed by the
Exchange increased by 10,478 hides to a total of
1,369,847
the
22d
inst. futures closed 3 points down to un¬
Transactions totaled 93 lots, all in the new con¬
tracts.
The opening range was 7 to 12 points net lower
because of the easier stock market, but recovered later on
buying inspired by news of active and firm prices in the
spot hide market of Chicago.
Sales of spot hides yesterday
totaled
about
50,000 pieces, including May-June light
native cow hides at 11c. a pound.
Sales of futures to early
afternoon totaled 2,320,000 pounds.
Local closing: New
Contracts; Sept., 11.08; Dec., 11.38; March, 11.67.
To-day
futures closed 30 to 18 points net higher for the new
contract,
with sales totaling 151 lots.
There were no sales registered
On
changed.
in the old contract.
1
to 8
with
Raw
hide futures rallied after
opening
points lower, standing unchanged in early afternoon
September
at
11.08c.
and
December
at
11.38c.
on
sales of 1,000,000 pounds.
Early selling of September was
readily absorbed as the market improved when stocks
advanced.
Further activity in spot hides at
steady prices
also was favorable.
Domestic packer sales yesterday totaled
25,000 hides.
The open position in hide futures last night
was 2,703 lots, all in the new contract.
There are no old
contracts
outstanding.
The largest open interest- is in
September with 1,846 lots.
Only 28 June, 1939, contracts
are still open.
Local closing: New Gontract: June, 11.08;
Sept., 11.28; Dec., 11.58; March, 11.85.
Ocean
Freights—Inquiry for tonnage the past week was
reported as moderately active. Movement of scrap iron is
expected to be heavy from North America to the United
Kingdom and the Continent during the balance of this month.
Charters included: Scrap: Atlantic range to
Gydnia, early
July; 20s. 6d. Atlantic range to Gydnia, June-July; 20s. 6d.
North Atlantic to Gydnia, July, 20s. 6d.
Gulf to United
Kingdom, July, 20s.
Atlantic range to Gydnia, prompt,
20s. 6d.
Atlantic range to United Kingdom,
July, one port
loading 17s. 9d., two ports loading, 18s. 3d.
Another re¬
ported fixed Gulf to Far East, July, 20s. Atlantic range to
Gydnia, early July, 20s. 6d.
Grain Booked:
Ten loads
Montreal to Scandinavia, August, basis,
14c., Copenhagen.
Ten
loads
Albany ■ to Antwerp-Rotterdam, June,
12c.
Sugar: Barbados, to United Kingdom-Continent, June 2330; 16s.; Barbados and Jamaica loading, 17s.
Barbados to
United Kingdom, June-July, 16s.
„
Coal—The
coal
business
continues
in
a
very
unsettled
state.
Despite price competition in the industry, the demand
for hard coal is light.
Dealers are said to be holding off
waiting for even lower levels. Prices in the wholesale anthra¬
cite industry have been shaded ever since the first of the
month.
At the present, coal from most of the line com-,
panies can be purchased for $5.25 per ton for egg, stove and
nut, while pea is being offered at $4.15 per ton.
Tidewater
quotations are $5 per ton for egg, stove and nut and pea at
$4 per ton.
This current price competition began after the
bill in
Pennsylvania to regulate production was defeated.
Quotations on the line were first reduced to $5.40 per ton
for the larger sizes and then put down to $5.25
per ton.
As
a
result of the
shut down.
current situation some miites have had to
It is claimed that these mines could not meet
their expenses at the current levels.
'
Wool—The wool market slowed up considerably
during the
past week, and although higher asking rates are meeting re¬
sistance, the undertone L reasonably firm.
It is reported
that new clip wools are
arriving in larger volume though the
total for the first five months shows a rather
sharp decline
as
compared with the
same
period last
year.
It is reported
that mills and top makers are still
receiving wools bought
before shearing and there is little reason to
suppose that they
short of raw material.
The main interest of the wool
trade is said to be centered
upon greasy raw materials for
for worsted manufacture.
Top makers are not purchasing
are
freely and mill buying is for immediate requirement.
De¬
spite the heavy backlog of worsted orders held by the mills,
there is no current reflection of this
satisfactory mill position
in the
sluggish Boston spot market.
However, in woolen
territory clothing has risen 2c. and is now
quoted 62 to 65c.
All the scoured pulled wools are strong
and scoured shorn wools are
firmly based on the greasy wool
/ position.
A London cable states that wool fairs throughout
wools
the fine
the country are
At the
realizing prices fully 2 to 3d. above last year.
Rugby wool fair 13,000 fleeces sold in the record time
Volume
of 30 minutes.
The average
price
The following table shows the week's total receipts,
9%d., compared to
was
7d. last year.
total since
.
for
2c.
the
le
off to 5c.
contract, while No. 2 contract
Only 560 bales were
up.
There
contract.
1
No.
was
recorded
business
no
deliveries.
market
The
Galveston.
Houston.
New Orleans
Mobile
Pensacola, &c
Jacksonville
bales, while futures transactions totaled 8,775 bales.
Local
closing, Contract No. 1: June, 2.50; July, 2.36; Aug., 2.26;
Oct., 2.18%; Dec., 2.16%; Jan., 2.15.
Contract No. 2: June,
2.43; July, 2.35; Aug., 2.22; Oct., 2.13 ; Dec., 2.09.
On the 20th inst. futures closed 2 to 5%c. net lower, this
Savannah
Charleston
Lake Charles
Wilmington
Norfolk,
the
No.
1
Cocoon prices in the
the whites
with
Yokohama
130
and
contract
Activity
contracts.
bales
the
on
2
were
higher
yen
to
23
Grade D closed at
Local closing, No. 1 Contract: June, 2.44%;
Aug., 2.23; Oct., 2.16%; Nov., 2.15%; Dec.,
Contract No. 2: June, 2.41; Aug, 2.20; Oct., 2.10.
futures
inst.
closed
Transactions totaled 59 lots.
met
with
a
afternoon
Sales
on
while
on
In
vanced
5
to
1
to
3c
net
177
Charleston
Wilmington
•
higher.
The firmer markets in Japan
uptown
yen
a
spot
were
both sides of the mar¬
on
market crack
pound.
double
,
extra ad¬
The Yokohama Bourse closed
higher.
Grade D silk in the outside market
to 1,165 yen a bale.
Local closing, No. 1
advanced 10 yen
contract;
June, 2.47; July, 2.34%; Aug., 2.25%;
Sept.,
2.21; Oct., 2.18%; Nov:, 2.16%; Dec., 2.16% ; Jan., 2.16.
On the 22d. inst. futures closed l%c. down to %c.
up.
Transactions
totaled
75
lots.
Lower
prices in Japanese
markets were reflected in a moderate fall in prices here
although at the lower levels futures were steady. This early
afternoon Sept. delivery stood at $2.19, off 2c., and Dec. at
$2.14%, off 2c. also.
Sales to early afternoon totaled 340
bales, all in the No. 1 contract.
The price of crack double
extra silk in the uptown spot market was %c. lower at
$2.45%. Yokohama Bourse prices were 18 to 24 yen lower.
Grade D silk was unchanged at 1,165 yen.
Local closing:
No. 1 contracts: June, 2.46; Aug., 2.24; Sept.,
2.19%; Oct.,
2.17%; Nov., 2.17; Dec., 2.15%; Jan., 2.16. Today futures
closed 2c. net higher to le. net lower.
Transactions totaled
121 lots.
Trading interest in silk futures was light and was
on both sides of the market.
Prices were fairly steady at a
moderately lower level in sympathy with declines in the
Japanese markets. During early afternoon Sept. No. 1 con¬
tract stood at $2.19, off %c., while Dec. at $2.14 was
l%c.
lower.
Sales to that time totaled 340 bales, all in the No. 1
contract.
The price of crack double extra silk was 2%c.
lower at $2.44 a pound:
Yokohama Bourse prices were 3 to
10 yen lower.
Grade D silk dropped 20 yen to 1,145 yen a
bale.
Last night 2,211 lots of silk were Outstanding on the
No. 1 contract and 144
on the No. 2.
There were no 1940
contracts open beyond Jan.
Certified stocks of silk are down
to 100 bales, but 380 bales await certification; Withdrawals
from stocks this month have totaled, 500 bales. Localelosing:
6,972
4,116
3,501
4,027
4,217
442
1935-36
years,
1933-34
1934-35
2,278
2,476
12,019
1,250
1,207
"'"327
"""526
149
233
335
"""837
781
1,036
*""582
"2",428
"i",l40
24,113
19.6&3
21,698
;
"""249
36.239
Total this wk-
8,706
10
1,460
487
,
496
"4", 178
'
59,054
SinceAug. 1— 3,398.089 7.048,604 6,231,593 6,663,679 3,995,078 7,242,221
The exports
for the week ending this evening reach
total
a
676
of 28,436 bales, of which 5,017 were to Great Britain,
Germany, 2,142 to
6,135 to
France,
to
Italy,
7,712
to
Japan, 50 to China; and 6,704 to other destinations.
the
corresponding week last
bales.
the
total exports
year
date
In
31,333
were
have
3,204,006 bales, against 5,472,900 bales in the same
period of the previous season. 'Below are the exports for
For
to
season
exports
aggregate
been
the week:
'
.
Exportsto—
Week Ended
June
23, 1939
Ger¬
Great
Exports from—
Fiance
Britain
Italy
many
Brownsville
_
New Orleans.—-
50
3,762
1,913
"316
"376
Houston..
Corpus Christi—
Other
China
Japan
1,136
575
Galveston...
*
2,879
-
-
Total
2,547
8,060
5,484
100
100
1*178
10,266
"~50
60
i"66e
4" 489
"166
2,369
1,124
806
806
Mobile.
118
118
1,212
2,400
Jacksonville.--.
1,188
Savannah
Norfolk--
29
29
—
"266
San Francisco-..
1,123
676
6,136
2,142
7,712
50
6,704
28,436
399
7,354
4,360
8,552
200
13.596
2,241
4,059
15,274
2,676
3,029
6,40,9
4,827
31.333
41,642
Total 1938-.—
Total 1937
"923
.
5,017
Total-
—...
JExported fo—
From
Aug. 1,1938 to
23, 1939
Ezportsfrom—
Britain
France
69,275
Galveston
(.Houston.....
Corpus Chrtsti
Brownsville
--
Beaumont.
..
Orleans-
New
Ger¬
Great
June
Lake Charles-
123,339
29,106
2,462
Japan
Italy
many
88,646
126,585 111,542
57,661 24,376
1,250
12,606
138,307
99,420
85,610
63,411
28,425
China
281,210
207,650
24,351
22,479' 216,389
52,549 196,172
Other
2,171
122,707
10,788
68~801 63" 838
83,483
5,192
M
73,511
1,167
1,066
2", 152
6,730
11,017
58,933
8,791
9,071 123,176
12,074
"728
6,941
61
415
944
'360
10,535
336
"295
11,673
186
6,400
5,331
511
714
331
66
500
177
90
885
131
New York.—
l",390
""§3
Gulf port
262
468
985
104
9,778
Savannah
Charleston.
Norfolk
—
-
—
—
...
Total
866
173
34,955
Mobile
Jacksonville'—
Pensacola, &e.
Baltimore.
5,124
."
500
850
155
'179
600
9,050
4,481
"500
13
""29
Los
Angeles.-
23" 187
Francisco
16,601
915,726
903,447
259,909
53,524
1,039
544,587
35,951
58,323
1,420
11,788
24,194
11,024
7.385
1,511
10,726
4,862
-
518
229
200
20,688
San
COTTON
4,176
~
All others-
Philadelphia..
/
.
387
136
"""440
N'port News-
16,614
8,732
17,434
7,262
2,381
'""209
21
5
-
Boston-
June, 2.46%; July, 2.34%; Aug., 2.23%; Sept., 2.19%; Oct.,
2.17%; Nov., 2.16; Dec., 2.16; Jan., 2.15.
543
2,624
1,086
3,310
6,034
2,880
2,751
.
"""358
-
Norfolk
sympathetic improvement here.
During early
July No. 1 contract was up l%c. at $2.35.
%c. to $2;47
14
1,075
24,113 7,048,604 1,783,9012,417,429
1936-37
1937-38
11,275
5,893
16,976
Savannah
Brunwsick
the No. 1 contract totaled 320 babes to that time,
the No. 2 contract 10 bales were sold.
Trade and
the
100
3,702
1,225
26,394
comparison .may be made with other
Mobile
the
commission house interests
ket.
347
25,536
36,239 3,398,089
1938-39
Receipts at—
July, 2.33%;
21st
6,513
2,377
146,992
40,255
13,804
23,362
28,594
100
Galveston-Houston
New Orleans-
lower,
yen
10.350 bales.
the
656,455
697,883
42,806
16,761
683,347
53,403
give below the totals at leading ports for six seasons:
we
2 contract.
primary markets remained unchanged,
kake and the yellows at 64 kake.
1938
1939
478,106
552,810
43,638
31,778
411,707
41,774
3,548
1,352
142,855
30,797
5,418
10,378
27,237
6.972 1,905,001
4,116 1,310,249
204
399,752
11,847
3',551 2,107,321
216,196
4,027
77.954
3,615
4,217
132,988
358
194,721
31
78,924
5
27.751
335
55,891
1,178
In order that
yen
"On
1 1937
671
Totals----,--
30
2.14.
*Week
Baltimore.--
in, both centers, declining 35 yen at Yokohama
yen lower at Kobe.
Spot sales in both markets
amounted to 575 bales, while futures transactions totaled
and
1 1938
66
at
futures
while Kobe ruled 12 to 25 yen weaker.
1,155
was
No.
SinceAug
New York
Boston
confined
largely to nearby deliveries.
Importers were active, buying
the July and August and selling the June futures.
Trade
liquidation and buying was also reported on the floor.
Transactions totaled 1,850 bales, including 1,720 bales on
both
This
11,275
991,385
5,893 1,030,655
327
293,696
16,678
16", 976 838,087
442
66,324
37
12,800
1
2,178
177
36,474
16,096
38,779
13,284
440
16,117
Corpus Christi—
Beaumont--
through 10 to 18 yen lower.
Grade D advanced 10
yet to 1,190 yen at Yokohama and advanced 5 yen at Kobe
to
1,185 yen.
Spot sales in both centers totaled 275
SinceAug
Week
opened
Japanese
covering
This
23
June
came
range
Stock
1937-38
1938-39
Receipts to
No. 2
for the
3%c. lower for all active
primary markets were easier,
with Yokohama futures ruling 15 to 21 yen off, while Kobe
The
contract.
the
Aug. 1, 1938, and the stocks tonight, compared
with last year:
2%c.
closed
sold in the No. 1
Silk—On the 19th inst. futures closed 2c. higher to
lower
3863
Financial Chronicle
148
3,745
5,707
1,284
5,155
1,922
251,260
106,605
10
1,936
187,653
83,036
6,934
10
Seattle------
Friday Night, June 23,1939
The
grams
Movement of the Crop, as indicated by
from the South tonight, is given below.
week ending this evening the total
our
tele¬
For the
receipts have reached
36,239 bales, against 23,331 bales last week and 16,177
bales the previous week, making the total receipts since
Aug. 1, 1938, 3,398,089 bales, against 7,048,604 bales for
the same period of 1937-38, showing a decrease since Aug. 1,
1937, of 3,650,515 bales.
Total
-
460,991 392,883
Total 1937-38 1583,092 754,781
Total 1936-37 1169,482 706,377
860,953
94,589 646,673 3204,006
867,670 522,123 635,629
736,733 392,664 1550,884
91,381 1081224 5472,900
23,035 705,417 5284,592
452,431 295,486
telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
In addition to above exports, our
give
us
On
Shipboard Not Cleared for—
Leaving
June 23 at—
Ger¬
Receipts at—
Sat.
Galveston..
Wed.
Thurs.
4,743
1,176
816
550
258
479
833
14
177
-
Norfolk
Galveston
90
—
11,275
5,893
160
327
3,323
7,287
16,976
2
110
37
957
87
1,558
»
1,907
4,132
442
37
1
Orleans.
Savannah—.
Charleston—
MobileNorfolk.
177
*
2,750
1,101
153
•
—
5
165
25
60
7
60
-
—
16
279
671
Houston
New
Totals this week.
'
~T
4,054
6,456
.
r
4,986
2.091
1,000
1,000
153
4,068
14,584
1,470
7,300
4,637
2,000
126
11,200
8,675
834
871
5,328
"*31
"105
""63
440
671
36,239
4,892
9,718
Total 1937--.
6,298
Total 1939.
Total
""31
700
283
200
2,629
2,000
Total 1938--.
Baltimore
wise
Stock
Coast¬
Foreign
Other ports-
167
-
Jacksonville
Savannah
Britain France
Total
fri.
1
—
Mobile
Pensacola, &c—
Tues.
2,083
Houston
Corpus Christi-New Orleans
Mon.
Other
many
Great
,
2,453
171
1,952
'
2,153
2.784
12,876
16,531
4,177
22:759
168
3,028
3,815
2,211
466,906
544,135
406,379
142,855
30,766
41,606
27,237
98,615
25,402 1,758,499
33,019 2,384,410
37,397 1,166,499
3864
Financial
Speculation
the
active
for
cotton
in
delivery
future
fairly
was
especially during the latter half of
the period.
Prospects for an export subsidy for cotton
attracted considerable foreign and domestic buying, with
the result that new seasonal highs again were registered.
Assertions by Agriculture
Department officials that an
week,
past
Chronicle
June 24, 1939
professionals, brokers with New Orleans
advance from
by
Southern spot firms.
and
nections,
shorts
evidence
in
was
The market's strength in
prices bulged
as
the
new crop
flection of
the trade belief that
enacted
new
on
crop cotton
an
in the House
surplus removal as a part of the agricultural
influenced quite a wave of buying.
the call.
on
positions
was
re¬
a
export subsidy may be
through funds available in the
agricultural appropriation bill, which comes
export subsidy for cotton would be instituted even if the
House rejected the appropriation of $113,000,000 for crop
con¬
Considerable covering^
for
On
17th
the
inst. prices
closed 4 to 8 points net higher.
bullish developments was responsible for
the market's firmness during the short session today.
For¬
A combination of
in
commission
and
eign
South
the
unfavorable
buying,
house
the agitation
and
weather
for inflationary measures
Senate silver bloc were the contributing influences
trend.
Continued rains in the Eastern sec¬
the belt, with Alabama experiencing its 33d con¬
secutive day of rainfall, gained attention.
Dry Western
by a
the upward
to
tions
of
areas
had
moisture relief, while the situation were
no
high
by
aggravated
The
temperatures.
market
Offerings
steady at an advance of 1 to 6 points.
was
opened
were not
large, and included some hedging through spot houses and
some
scattered liquidation.
Additional repossessions of
stocks of the Commodity Credit Corpora¬
cotton from loan
tion of 33,652 bales occurred during the week, as compared
with
22,912 bales in the previous week.
Sales in Southern
(Saturday) totaled 2,397 bales,
against 911 bales on the corresponding day last year.
Average price of middling at the 10 designated spot mar¬
kets was 9.48c.
:... ^,
spot cotton markets today
.
On
the
1 to 4 points
19th inst. prices closed
at
time worked
one
later
was
at the start was light,
pressure
and
to net gains of 5 to 8 points, but
light scattered
selling.
Although
up
under
reacted
prices sagged
demand was even slower,
point or two in the early transactions.
a
The firmer tone of the stock market attracted
and
some
buying,
this,, combined with routine trade buying,, proved suf¬
cause advances.
Rains in the Eastern part
of^e
Sunday were considered unfavorable, althouglfciearing conditions in the same area created hopefulness that
volume of
moderate
active
business
of
extended
Washington
cotton
period
of
rainy
offered
news
no
weather
light
the
on
letting
was
status
up.
of
the
subsidy, as.it was indicated that the agri¬
appropriation bill would not leave the joint con¬
export
cultural
ference committee for
back
to
House
the
Southern
day
a
for
action
markets today
spot
so
or
when
more,
Senate
on
amendments.
were
spot markets quoted at 9.50c.
the
lower.
20th
The
today as
inst.
prices
market
trade
the
go
unchanged to 5 points
price of middling at the 10 designated
higher, with average
On
it will
*
closed
followed
awaited
unchanged
irregular
an
Washington
.
to
4
course
action
on
points
again
cotton
be
most
belt
reactions.
Weather
conditions
over
the Eastern half.
ence
here.
and
buying
was
needed
Foreign orders consisted largely of selling July
distant months.
Other selling during the
greater part of the day was light, and only a small demand
sustain
to
values.
Traders
awaiting
action on the $113,000,000 added to the agricultural
appro¬
priation bill by the Senate, part of which could be used
for a cotton export subsidy.
Average price of middling
at the 10 designated spot markets was 9.49c.
were
On the 21st inst. prices closed 11 to 14
points net higher,
with the exception of July, which closed ,1
point net higher.
After displaying an easier tone throughout the earlier
day, the cotton market improved rather sharply this
afternoon
time
in
limited
a
before the close
volume
of
of business
transactions.
active months
A
7
to
There
small
were
There was consid¬
the December position after the opening,
with
Southern spot interests bidding and brokers with
foreign connections on the selling side.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 17 to June 23—
Sat.
Middling upland.
Mon.
9.87
Tues.
9.91
Wed.
9.85
Thurs.
Fri.
9.90
9.97
9.87
Premiums and Discounts for Grade and
Staple—The
gives the premiums and discounts for grade and
staple in relation to the grade, Basis Middling %, established
table below
for deliveries
on contract oh
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 22:
H
15-16
1 In. &
Vs
15-16
1 In. A
Inch
Inch
Longer
Inch
Inch
Longer
Good Mid
.09
on
.25
on
.37 on
St.
.06 off
.10
on
.23 on
.67 off
.53 off
White-
Mid.
Spotted—
Fair
.62
on
.79
on
St. Good Mid..
.56
on
.73
on
Good Mid
.50
on
.67 on
.82 on
St.
.33
on
.50
on
.65 on
Basis
.17
on
.31
.57 off
.41 off
Mid...
Mid...
...
St. Low Mid...
Low Mid
f.94 on
.88
on
Mid
Mid
.40 off
♦St. Low Mid.. 1.39 off 1.34 off 1.29 off
♦Low Mid
on
.29 off
2.12 off 2.10 off 2.08 off
Tinged—
1.34 off 1.26 off 1.21 off
Good Mid
♦St. Good Ord. 2.04 off 1.99 off 1.98 off
♦Good Ord
2.63 off 2.60 off 2.59 off
St.
.50 Off
Extra White-
.40 off
.30 off
.73 off
Mid
♦Mid
.63 off
.54 off
1.48 off 1.43 off 1.39 off
Good Mid
.50
on
.67
on
.82
on
St. Mid
.33
on
.50
on
.65
on
♦St. Low Mid.. 2.16 off 2.14 off 2.14 off
♦Low Mid_.i_. 2.82 off 2.81 off 2.81 off
Yet. Stained—
Mid
Even
17
on
.31
on
Good Mid
St. Low Mid...
.57 off
Low
.41 off
.29 off
♦St.
1.34 off 1.24 off 1.21 off
Mid
♦Good
■
.
*
-
.96 Off
-
1.63 off 1.59 off 1.56 off
2.28 off 2.27 off 2.25 off
Gray—
2.63 off 2.60 off 2.59 off
Ord
1.12 off 1.05 off
Mid..
♦Mid..
♦St. Good Ord. 2.04 off 1.99 off 1.98 off
Good Mid
.60 off
.49 off
.38 off
St.
Mid
.81 off
.70 off
.61 off
♦Mid......... 1.36 off 1.30 off 1.26 otf
r
Not deliverable
on
future contract.
New York
The
short
Quotations for 32 Years
quotations for middling upland at
New
June 23 for each of the past 32 years have been
1939
9.97c. 1931
i931
9.70c. 1923
29.10c.
1938
1937
1930
13.50c.
1929
.18.30c.
18.30c.
.12.23c.
1928
22.25c.
1920
.11.95c.
1927
16.80c,
1919
.11.70c.
9.50c.
5.30c.
1936
1935
8.39c.
12.51c.
1926
18.55c.
.
....
....
1934
1933
1932
.
....
.
1922 .....22.20c.
1921.
11.00c.
as
York
on
follows:
1915
9.60c.
1914
13.25c.
1913 —,12.30c.
38.25c.
1912
1911
15.10c.
1910
,15.05c.
1909
."11.75c.
1908
1925
24.20c.
33.50c.
1918
30.40c.
1917 ___.-27.15c.
1924
29.35c.
1916
Futures—The
13.30c.
11.65c.
11.80c.,
highest, lowest and closing prices at New
York for the past week have been
as
follows:
Saturday
July (1939)
Range..
Closing
registered
Tuesday
Wednesday
Thursday
Friday
June 19
June 20
June 21
June 22
June 23
9.22- 9.27
9,25- 9.33
9.28-
9.25- 9,33
9.30- 9.44
9.38- 9.47
9.27
9.31
9.31- 9.32
9.32
9.35
9.47
8.50K
8.51K
8.50 n
8.61K
8,74K
8.85k
9.34
Aug.—
gains of 1 to 13 points from the closing levels of the pre¬
ceding day.
Around midday.'prices were 2 to 5 points
.
Monday
June 17
part
of the
4
erable activity in
more
were
of
the
favorable," with little or no rain in
The trade appeared to ignore firm Liv¬
erpool cables, where tightness of spot cotton is influencing
values.
Trade price-fixing was the chief stabilizing- influ¬
cotton
before the close
advances
ing in July absorbed limited offerings.
export
ca_used moderate
time
liquidating October and December.
*
subsidy legislation.
The tone was steady during
of the session, although liquidation late in the day
short
showed
buying orders in October and December by Japanese brok¬
ers, and Southern interests also were moderate buyers in
these months.
Short covering and some Wall Street buy¬
on
the
A
heavy as yesterday.
Most of the action came from foreign
interests.
Brokers with Bombay connections were buyers
of March and May, while Liverpool accounts appeared to
ficient to
belt
sales.
positions
points over the closing levels of the previous day.
Around
midday the market was 4 to 6 points higher.
The local
futures market opened 2 to 4 points higher.
Bidding was
active on the opening, although the turnover was not as
net higher.
light, with the undertone steady during most
of the session.
After opening 1 to 2 points lower the list
Trading
vote
a
Today prices closed 10 to 15 points net higher.
Prices
cotton futures maintained their firm tone today in a
appropria¬
tions bill,
for
up
today.
Sept.—
lower.
In
a
limited
trade the local
futures market again
failed to respond to worse than
expected Liverpool cables,
opening unchanged to 1 point lower.
The feature of the
initial
most
the
call
was
foreign
selling in July and October, with
the liquidation coming from
Bombay sources in
of
spot
month.
Bombay
Support
were
The
at
the
differences
widest
of
between
the
New
season
York
and
this
morning.
through trade
was
given by price-fixing orders
accounts, short covering, and some absorption through
spot
houses.
In the
new
crop deliveries
hedge selling and
Southern liquidation made their
appearance.
On the
22d inst.
with the
prices closed 14 to 9 points net higher,
July delivery only 3 points higher. After display¬
ing a slightly mixed tone throughout the greater
part of
the day, cotton prices
developed a firm footing this after¬
noon
in
a
limited
volume of business.
Shortly before the
close the list ranged 1 to 10
points net higher.
Responding
to the broad general
of
the
trade
futures moved
opening.
and
up
Buying
buying from practically all portions
Bombay and Liverpool sources,
from
5 to 16 points in
orders
were
a
light,
Range
Closing.
Range..
Closing
8.50- 8.50
8.55K
8.5On
8.55 n
8.66K
8.79K
8.90K
Range..
8.39- 8.45
8.43- 8.50
8.42- 8.49
8.41- 8.58
8.61- 8.70
8.70-
Closing.
8.45
8.46
8.45- 8.46
8.56- 8.57
8.68- 8.70
8.80- 8.81
.
Oct.—
—
8.81
Nov.—
Range.
8.31K
8.33 n
8.32K
8.43J#
8.55K
8.67K
Range..
8.13- 8.18
8.17- 8.24
8.17- 8.23
8.15- 8.32
8.38- 8.50
8.44- 8.55
Closing
8.18
8.20
8.19
8.30
Closing
.
Dec.—
8.43- 8.44
8.55
Range..
8.03- 8.04
8.05- 8.14
8.04- 8.10
8.06- 8.19
8.28- 8.34
8.34- 8.42
Closing
8.06K
8.08K
8.04
8.18 K
8.30K
8.44K
8.40n
Jan.
.
—
—
—
—
(1940)
_
—
Feb.—
Range..
8.02K
8.04K
8.01k
8.15K
8.26K
Range..
7.96- 7.99
7.97- 8.04
7.97- 8.03
7.94- 8.13
8.17- 8.27
8.24- 8.36
Closing.
7.99
8.00
7.98
8.12
8.22
8.36
Closing
„
Mar.—
—
—
—
—
—
April—
Range..
Closing
7.95 n
7.98w
7.95K
8.11K
8.18K
8.32n
Range..
7.87- 7.93
7.91- 7.97
7.91- 7.97
7.88- 8.07
8.08- 8.21
8.16- 8.29
Closing
7.92
7.95
7.92
8.05- 8.06
8.14
8.29
.
May—
June—
Range..
nervous
and
erratic
Closing.
coming
out
of
n
the
—
Nominal.
—
—
—
Volume
Financial
143
ended
Range for future prices at New York for the week
trading began on each option:
June
1939..
~June23
9A7
Aug. 1939..
Oct.
4 1938
7.60
Dec.
5 1938
9.47
June
Apr.
11 1939
8.12 Oct.
3 1938
21 1939
23 1939
23 1939
23 1939
23 1939
Sept.1939..
8.50 June 21
8.50
June 21
7.30 Jan.
24 1939
8.50 June
Oct.
8.39 June 21
8.81
June 23
7.26 Jan.
10 1939
8.81
June
7.49
Feb.
23 1939
7.49
Feb.
8.13
8.55
June 23
7.26 Jan.
26 1939
8.55
June
June 23
7.29 Jan.
27 1939
8.42
June
Apr. 20 1939
8.36
June 23 1939
1939..
Nov. 1939..
Dec.
1939..
Jan.
1940..
Feb.
June
17
8.42
1940.
Mar. 1940.
.
Apr.
June
17
1940..
7.87 June
17
8.29
7.58"
June 23
9,810
52,970
10
["275
5
52,805
"534
1,208
71,075
80
69,340
171
171,188
277
14,382
Ark.,Blythev.
Forest City
521
173
60,307
25
8.29
June
Hope
23 1939
39,036
19,324
12
105,102
40,198
137,397
48,611
583
Jonesboro..
49,331
48,991
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
,Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Little
Volume of Sales for Future
"250
Rock
Newport
Pine
Bluff
"443
.
Walnut Rge
"160
Ga., Albany..
130
2,493
215
202
9
13,626
31,813
1,230
829
125,209
2,504
1,743
130,772
3,459
Athens
Atlanta....
Columbus..
200
12,700
400
Macon
132
28,608
324
30
90
La., Shrevep't
Miss., Clarksd
16,952
86,549
264
"412
137,139
1,015
June 22
Contracts
Columbus..
1,138
29,685
739
Greenwood.
381
202,979
1,657
33,097
2,806
7,887
29
Rome
1
Jackson
"
35,900
33,500
194,900
Natchez
49,031
57,838
5
89,282
25,510
101,147
65,894
230
31,723
•
23,999
*
-
-
23,588
"43
87,577
1
116
20,054
51
187,205
693
63,700
1
62,126
17,555
15
45,415
835
27,508
«
30,962
15,896
«.
-
222
1,010
233,152
5,657
157,996
1,305
176,386
2,621
130,786
300
32,850
25
15,688
Augusta
8,165
__
36,549
145,927
46,398
52
128,180
26,052
33,200
32,650
75,470
35,022
34,871
65,665
30,989
Open
June 16 June 17 June 19 June 20 June 21
New York
7
«»•«*
27,937
79,081
June 22
'■(
"
46,742
34,320
124,855
38,806
105,771
40,173
12,782
5
12,106
60,410
155,684
38,998
'
May 22 193?
24
27,669
559
66,364
20
44,976
131,911
73
Helena
7.36
8.36 June 23
7.94 June 21
June
Week
Season
86,283
"43
Selma
Week
24,758
71,662
Eufaula
Montgom'y
Stocks
ments
June
23
Ship¬
Receipts
1,165
79
Ala., Birm'am
1940.
May
8.03
Season
Week
Stocks
Week
Receipts
1938
Movement to June 24,
Ship¬
ments
Towns
23 1939
7.46
_9?22 June"l7
8.20
23, 1939
June
Movement to
Nov. 21 1938
8.11
1939..
July
corresponding period of the previous year—is set out in
Range Since Beginning of Option
Range for Week
■
detail below:
June 23,1939, and since
Option for—
3865
Chronicle
200
34,700
29,650
:■
300
2
47,260
16,955
147,391
22
260,537
423
49,728
102
40,711
285
■28,860
235
301,581
753
56,889
1
66,046
218
24,101
1
18,831
•
-
22,052
-
«.
703
57,581
"
10,535
July (1939)
22,500
4,600
17,900
19,000
October
16,400
22,300
8.500
15,300
19,900
40,900
57,800
393,300
Vicksburg..
"~55
29,411
211
16,859
52,275
37
12,978
8.600
16,500
11,500
34.000
396,300
Yazoo City.
143
45,683
1,122
41,398
76,068
21
26,134
January (1940)
2,900
400
2,500
2,100
1,800
70,000
3,500
189,467
2,266
2,895
2,329
201,838
2,359
3,939
8,500
2,200
9,900
7,200
12,200
29,800
Mo., St. Louis
N.C., Gr'boro
?,261
March
55,400
174,400
160
6,476
36
2,202
175
9,038
134
59,100
146,500
Oklahoma—
74
339,366
98,817
1,017
258,798
60,178
601,862
12,485
3,858
32
522,152
147,622
942
December
2,500
8,900
May
5.600
8,300
16,200
15 towns *-
Inactive months—
September (1939)
2,400
400
—
100
November
Total all futures
67,700
26,800
81,500
68,000 141,400 253,700 1,363,300
Open
October
700
3,750
5,250
1,250
4,150
3,450
1,000
2.350
3.50
1,500
13
""50
March
l'.OOO
450
May
Total all futures.
9.250
4,000
5,500
4,100
200
2,550
1,350
800
1,100
13,150
96,850
12.3F0
,
10,450
218,050
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States for JYiday
only.
'
June 23—
'
1938
1939
1937
1936
992.000
161,000
754,000
605,000
132,000
116,000
700.000 1.153.000
133,000
223,000
o 83,000
256.000
12,000
9.000
Stock at Liverpool
886,000
168.000
183.000
11,000
721,000
203,000
154.000
13,000
72,000
,
83,000
11.000
9,000
623,000
bales
77,000
Total Great Britain...
Stock at Bremen.
Stock at Havre...
Stock at Rotterdam
Stock at Barcelona
l
17,000
17,000
14,000
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
28,345
474
21,000
10.000
6.000
49,000
26,000
18.000
_
276,000
"193
Waco
♦
499
55,660
399.000
581,000
545.000
decreased
129.000
71,000
200,000
107,000
169,000
225,000
04,000
...
—
Havre stock
Other Continental stock
U. S. exports today
Total American.
——
Manchester stock
....
1
Bremen stock
Havre stock
Other Continental stock
Indian afloat
•
for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
_
44,000
144.000
117.000
108.000
166,000
458.000
357.000
54,000
76,000
42,000
44.000
54,000
35,000
33.000
31,000
24,000
22.000
38.000
40,000
129.000
71.000
101,000
126,000
219,000
222,000
137.000
380,000
295,000
1,124,000 1.191.000 1,068,000
423,000
358.000
72.000
59.000
37,000
80.000
128,000
177.000
170.000
821.000
Total American
Total visible supply
7,107,741 8,245,927 5,038,157 5,606,954
Middling uplands, Liverpool
fiddling
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No.l staple,s'fine,Liv
5.66d.
9.97c.
8.91d.
4.27d.
5.4ld.
4.36d.
4.83d.
8.82c.
6.95d.
12.74c.
8.85d.
3.96d.
5.75d.
11.15d.
4.03d.
5.95d.
6.05d.
8.25d.
7.l8d.
12.43c.
9.55d.
5.72d.
7.93d.
5.80d
been 96,000 bales.
decrease from last
week of 88,952 bales, a loss of 1,138,186 from 1938, an
increase of 2,074,584 bales over 1937 and a gain of 1,500,787
Continental imports for past week have
The above figures for 1939 show a
bales
over
At
the
a.__.
42,082
29
19,113
15
91,039
83
13,357
32,315 2100,775
13.734 6589,851
Antonio.
a San
stocks
interior
The
than
SALES
Futures
Market
Closed
•
Contr'ct
Spot
Total
f
Steady
Steady
Steady
Very steady
Very steady—
Very steady.
Nominal.
Nominal
Saturday
Monday
Nominal
Tuesday
Wednesday- Nominal--NominalThursday
—
Nominal
Friday
1
I
I
1
t
I
1
1
1
«
1
«
»
<
1
«
1
1
1
600
«
t
'*."25
—
I
1
1
""25
600
625
625
1
1
1
»
1
1
1
I
1
1
1
I
1
1
1
76,034
-
119,366
195,334
Overland Movement for the Week and Since Aug. 1
1938-39
June 23—
Week
the
Since
Week
Aug. 1
200,504
129,006
3,972
2,359
1,300
2,226
3,525
80
69
189,791
181,571
3,573
9,159
"164
6.239
3,347
6,951
>641,305
8,707
174,045
890.112
..16,522 1,200,730
.15,877
1,409,878
Via St. Louis
Via Rock Island
—-—
Via Louisville
-
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N. Y.
1937-38-
•
Since
Aug. 1
,
„
Shipped—
•
■
■*
.
.
,671
Boston, Ac—
Bewteen interior towns
„
„
25,847
256
9,462
165
26,182
347
10,078
298.829
335,089
South..: —-.— 2,837
399,744
12,304
3,673
435,053
12,907
Leaving total net overland *—. — 12,849
765,677
Inland, &c., from
Total to be deducted-
*
Including movement by
rail to Canada,
"
-
2,970 1,074,789
>
^
shows the week's net overland movement
this year has been 12,849 bales, against 2,970 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 309,112 bales.
The foregoing
Takings
1937-38
—1938—39————
■
Since
Aug. 1
and Spinners'
Week
*
Since
Week
Aug. 1
7,048,604
1,074,789
Receipts at ports to June 23- — — 36,239
June 23
- 12,849
consumption to June 23-125,000
765,677
5,713,000
3,398,089
24,113
2,970
90.000
4.790,000
174,088
*28,156
9,876,766
589,068
117,083
*15.581
12,913,393
1,352,444
Net overland to
Southern
stocks in excess
i
of Southern mill takings
consumption to June 1
Interior
Excess
over
344,049
*18,158
101,502
during week... 145,932
Total in sight June 23
10,447",676
26,417
1.308,452
Came into sight
*
Decrease.
1.937—-June 25—
1936—June 26
1935—June 28
*
---
1,182,305
sight in previous years:
Bales
Week—
movement—that is„ the
14,609,886
•
*
Movement into
Towns
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
a.._.
9
Closed
1936
Interior
623
.
a7,639
a
Spot Market
In Sight
2,306,000 2,395,000 2.093.000 1,902.000
4,801,741 5,850,927 2.940.157 3,704,954
Total East India, &c
.
each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
247.000
56,000
125,000
150,000
25,000
4,801,741 5,850,927 2.940.157 3,704,954
—
East Indian, Brazil, dec.—
Liverpool stock
-
week at New York are
60,000
123,000
111,000
1,783,901 2,100.775 1.203.896 1,443,690
2,541,961 2,417,429
964.392 1,424,612
3,879
9.723
8.869
10,652
U. S. port stock
22,713
.
Market and Sales at New York
follows:
296.000
635.000
35,000
98,000
59,000
20,000
Liverpool stock
U. S. interior stock-—
34,003
29
15,661
The total sales of cotton on the spot
—
Europe
92
93,541
have
28,156 :bales and are tonight
during the week
Since Aug. 1
.
American afloat for
114,889
4
60,000
Of the above, totals of American and other descriptions are as
Bremen stock.
196
441,186 bales more than at the same period last year.
receipts at all the towns have been 13,717 bales more
the same week last year.
7,107,741 8.245,927 5,033,157 5.606.954
Manchester stock
7,518
1,431
2,249
the
that
show
totals
above
Via Mounds, &c
American—
15
of 15 towns in Oklahoma,
Includes the combined totals
The
128,000
101,000
123.000
111,000
166,000
Egypt, Brazil,&c.,afl't for Europe 222,000
219,000
126.000
177.000
Stock in Alexandria, Egypt
1
295,000
380,000
137,000
170,000
Stock in Bombay, India.
1,124,000 1.191,000 1,068.000
821,000
Stock in U.S. ports
.1,783,901 2,100,775 1.203.896 1,443.690
Stock in U. S. interior towns
2,541,961 2.417,429
964,392 1.424,612
U. S. exports today
3,879
9,723
8,869
10,652
Total visible supply
13,987
Total week.
American cotton afloat for Europe
543,257
12
13
....
55,607 2541,961
27,451 4691,471
Tot., 56 towns
976,000 1,734.000 1,285.000 1.266.000
Total European stocks...
India cotton afloat for Europe...
11,910
18,043
35,475
20,635
—
Total Cont nental stocks
3,608
139,540.
84,932
1
1,973
25,800
900
26
-
1
"
653
13,349
-
40,700
500
The Visible
Stock at Manchester..
1,375
«
1,794
1,240
6,485 2655,826
2
46,022
2,592
39,305
39,920
6,479
Marcos
Texarkana
860
14.350
10.750
347
63,747
Robstown..
2,450
1,650
50
50
July.
45,979
303
Dallas
38,150
500
100
January (1940)
80
Paris
1,000
3,250
200
1,250
5,250
December
2,850
1,750
1,100
14,899
..
Contracts
San
July (1939)
15,544
414
20
Austin
June 20
June 14 June 15 June 16 June 17 June 19 June 20
,
24,343
"35
Brenham
New Orleans
1,873
1,577
16,694 2021,043
22,003
S. C., 'Gr'vllle
Tenn., Mem's
Texas, Abilene
•
132,591
Zo'o§?
-
72,831
Since
1936
1935
1934
Aug. 1—
Bales
14,154.942
13,205,582
8,949,423
3866
Financial
June 24,
Chronicle
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
belt, although progress has been satisfactory.
Cotton is
squaring well and becoming general in the eastern two-thirds
of Texas.
As a whole conditions are mostly fair to good. ;-
Below
of the week:
Rainfall
Inches
Rain
Days
Wed'day Thursday
Galveston
9.42
9.42
9.42
9.42
9.35
n9.45
W9.45
w9.45
n9.45
719.45
n9.45
9.57
9.97
9.75
9.55
10.05
Mobile
9.37
"
9.41
9.81
9.82
9.65
Norfolk
9.41
9.77
.Savannah
9.65
9.65
9.42
9.85
9.70
9.45
9.45
9.82
>
9.75
9.45
9.45
9.45
9.45
9.50
9.97
10.01
10.01
10.02
10.05
9.40
9.45
9.45
9.45
9.50
9.35
9.35
9.35
9.35
9.40
Little Rock
9.25
9.30
9.30
9.30
9.35
Dallas.
Fort Worth....
9.11
9.14
9.03
8.92
8.91
9.11
9.14
Montgomery
Augusta
Memphis
Houston
n
Brownsville.
8.92
9.60
9.45
9.45
9.03
9.03
•8.91
June 20
72
83
88
76
82
90
76
83
Thursday
Palestine
66
60
78
68
84
0.40
74
87
0.32
100
92
80
1.28
68
68
96
66
0.04
96
76
0.78
5
-
...
94
0.44
•
2
2
Pine
0.32
_
9.35
9.39
9.41
9.43
0.03
73
85
68
72
82
79
92
0.36
96
70
86
83
95
65
80
4
1.28
94
74
1
0.06
100
70
1
1.58
94
72
.
2
Birmingham
Montgomery..
8.52
8.53
8.65
8.76- 8.77
8.88
December.
8.28
Jan.(1940)
February
8.17
8.16
8.14
-
March__l_
8.09
8.09
8.08
-
8.29
8.30
8.53
8.40- 8.41
-
8.276-8.290
8.63
},38o-8.40a S,48 6^-8.50a
8.456-8.47a
April-..-.
May
.
—
.
8.02
8.04
8.02
8.15
8.23
——
8.37 6-8.39a
.
Macon.
South
i
___
.
Carolina—Char!
.
North Carolina—Ashe\
June..—
July
.
.
Charlotte. 1
7.946-7.96a
7.936-7.950 8.056-8.07a
j:13,-8.15o 3.266-8.29a
Tone—
81
79
83
72
72
88
0.04
85
80
1
0.46
0.58
92
5
0.61
98
68
72
90
\
76
•
V-
74
86
82
'
3
2.54
96
1
0.04
1
0.36
100
98
3
1.13
95
82
89
2
0.62
92
64
78
„
98
dry
86
82
66'
7
70
-
1
-
83
83
74
"
Raleigh.
Wilmington
Tennessee—Memphis..
.
98
0.38
2
-
Augusta
8.32
8.22
68
72
2
.
-
—
Atlanta
„
74
96
1
.
_
_.
74
90
84
85
83
82
1
Pensacola....
Tampa.
Georgia—Savannah
90
94
1.38
0.28
4
.
Miami..
8.53
__
November
0.06
4.61
1
-
Florida—Jacksonville.
September
October
82'
0.58
1
.
Shreveport..
Mississippi—M eridian.
August...
82
66
97
96
92
1
.
9.53
81
85
3
Bluff.
Amite
June 23
0.36
1.78
_
^—
....
81
86
•
70
100
98
1.10
2
3
Smith
4
2
Oklahoma—Oklahoma City..
Arkansas—Eldorado
•
2
9.33
81
96
96
100
-4
.
Taylor.
June(l939)
July
83
0.22
2
Friday
June 22
0.54
dry
.
June 19
94
Paso
closing quotations
Wednesday
June 21
1.28
3
leading contracts in the New Orleans cotton market for
week have been as follows:
Tuesday
64
2.08
the past
Monday
102
1
...
Saturday
June 17
85
3.60
3
El
Fort
for
81
74
dry
Corpus Christ!.
Nominal.
New Orleans Contract Market—The
58
96
__
...
9.03
81
104
0.47
4
Friday
.
New Orleans—
74
2
'•'!
■
..
Tuesday
-Thermometer
Low
Mean
3
Closing Quotations for Middling Cotton on
Saturday Monday
High
88
1
.
..
0.32
4.52
2
Texas—Galveston.
Week Ended
June 23
1939
0.20
96
0.78
96
72
I
0.02
84
82
68
;4
Dull.
Quiet.
Dull.
Steady.
Steady.
Steady,
.....
Cotton
Quiet.
Vcv
on
4,478,893
15 Aggregated
Bales—On June 16 the Com¬
Credit
Corporation announced that "Advices of
.Cotton Loans" received by it through June 15, showed loans
disbursed by the Corporation and lending agencies of $205,186,251.75 on 4,478,893 bales of cotton.
This includes loans
of $6,833,940.09 on 151,475 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
Stale—
Bales
317,518
Arizona.Arkansas.-
'
695,487
South Carolina
Louisiana..
194,470
177,933
291,835
Mississippi
760,932
Missouri
___
_____
....
78
also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
June 23. 1939
June 24, 1938
Feet
New Orleans
Feet
5.2
11.4
15.4
19.9
Above zero of gauge.Above zero of gauge-
Memphis....
Nashville
Above
of gauge.
10.8
Shreveport.:
Vieksburg.....
Above zero of gauge.
4.U
14.3
14.8
27.1
Receipts
zero
Above
from
of gauge.
zero
16.0
Plantations—The following
the
table
which finally reaches the market through the outports.
crop
110,742
...
Georgia.
80
The following statement has
weekly movement from the plantations of that part of the
23,651
184,531
53,061
320,902
1.228,535
Virgini^-.;
California-
66
64
92
Bales
.
:
*
Oklahoma..
-
94
92
39,152
State—•
New Mexico.
North Carolina
79,994
0.16
0.80
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
below:
Alabama
70
2
_
st'y.
Loans of CCC Through June
$205,186,252
modity
Quiet.,
Steady.
84
82
2
Quiet.
Steadyj
Spot
Options...
-
....
Tennessee
Texas..
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
1939
150
1938
1939
1937
11939
1937 '
1938
1938
1936
r
Mar.
Activity in the Cotton Spinning Industry for May,
1939—-The
Bureau
of
the
Census
announced
on
June
that, according to prelininary figures 25,645,960 cotton
spinning spindles were in place in the United States on
May 31, 1939 of which 21,975,222 were operated at some
time during the month, compared with 22,109,394 for
April, 22,472,330 for March, 22,524,742 for February,
22,440,278 for January, 22,444,784 for December, and
21,341,846 for May, 1938. 'The aggregate number of active
spindle hours reported for the month was 7,575,184,637.
Based on an activity of 80 hours per week, the cotton
spindles in- the United States were operated during May,
1939 at 81.4% capacity.
This percentage compares on the
same
basis with 84.6 for April, 86.6 for March, 87.8 for
February, 85.7 for January, 82.3 for December and 59.4 for
May, 1938.
The average number of active spindle hours
per spindle in place for the month was 295.
The total num¬
ber of cotton spinning spindles in
place, the number active,
the number of active spindle hours and the
average hours
per spindle in place, by States, are shown in the following
statement:
Spindles
for May
May 31
United States
25,645,960
Cotton growing States
New England States.
All other States
Aaverage per
May
Total
Spindle in Place
21,975,222
7,575,184,637
16,591,650
6,071,128,075
4,750,054
633,518
1,357,860,856
146,195,706
1,627,50-*
580,970,604
Nil
10,815
6.060
7.
11,788
51,480
50,142
2907,928 2362,621 1503,310
Nil
16,110
•Nil
14.
21,385
13,296
26,976
42,828
3,173
Nil
30,687
40,673
2870,759 2338,818 1440,172
2831,695 2322,171 1387,245
Nil
21.
Nil
14,04Q
Nil
28.
12,397
45,944
44,904
2795,440 2289,937 1322,016
Nil
13,710
Nil
108,544,591
16,498
24,610
40,825
Nil
16,918
31,296
2757,237 2263,791 1255,379
2725,840 2237,238 1206,606
Nil
10,724
Nil
Nil
Nil
19.
15,932
17,042
Nil
14,112
2692,155 2216,336 1162,626
2667,674 2194,843 1107,259
Nil
16,953
28,231
25,457
Nil
26.
Nil
Nil
Nil
2.
17,870
17,425
23,761
Nil
Nil
16,177
23,331
36,239
20,059
Nil
Nil
Nil
27,019
23,325
15,944
2635.929 2167,585 1064,946
2600.639 2138,409 1030,520
Nil
9.
■
5.
12.
.
Nil
7,966
Nil
24,113
19,653
8,083
5,532
Nil
1,098,431,287
159,582,473
/
16.
23.
3,604,124
339
2,539,626
729,796,484
152,344
44,510,937
223
507,456
285,614
189
New York
346,868
269,486
95,982,872
58,808,500
5,920,886
5,236,314
1,802,725,074
304
972,728
818,970
246,736,684
254
5,614,822
5,249,804
517,286
2,053,642,068
205,559,990
366
575,900
249,650
224,950
78,591,911
964,392
The above statement shows:
s
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,401,026 balds;
in 1937-38 were 8,424,422 bales, and in 1936-37 were 6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 36,239 bales, the actual movement from
the plantations was 8,083 bales, stock at interior towns
having
decreased 28,156 bales during, the week.
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
315
638,984
516,108
169,404,720
265
743.014
501.3*4
141.806.442
191
Rhode Island
Tennessee
Texas
...
All other States
998,705
or
from which statistics
amounts gone out of
_____
1938-39
_
202
200,016
Virginia..
2570.117 2119,356
2541,961 2100,775
Visible supply June 17
Visible supply Aug.
1
American in sight to June 23Bombay receipts to June 22.
Other India ship'ts to June 22
Alexandria receipts to June 21
232
New Hampshire
North Carolina
Nil
June
Week
210
2,920,658
583,794
Mississippi
South Carolina
'•
May
Cotton Takings,
Week and Season
319
441,410
689,300
Massachusetts
17,929
Nil
183
516,576
Maine
Nil
2951.233 2397.991 1569.244
213
1,823,046
-
Georgia
2986.570 2431.771 1622.611
59,427
329
6,388,696
3,241,690
Connecticut
61,190
44,695
295
18,458,826
798,438
Alabama
Active Dur~
47,032
19,979
for the last two
State
In Place
21,973
31.
Apr
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
Active Spindle Hours
Spinning
24.
20
Other supply to June 21 *b
170
Total supply
Deduct—
Visible supply June 23
357
Total
takings to June 23 .a
Of which American
Of which other
Season
7,196,693
1937-38
Week
7,858",941
145,932 10,447,676
54,000 2,294,000
19,000
767,000
5,200
1,616,000
466,000
8,000
7,428,825 23,449,617
7,107,741
Season
8,376,032
7,107,741
321,084 16,341,876
210,884 11,110,076
110,200
5.231,800
4,339",022
101,562
14,609,886
2,398,000
585,000
9,000 2,047,200
5,000
474,000
48,000
2,000
8,541,534 24,453,108
8,245,927
8,245,927
295,607 16,207,181
181,607 11,176,381
114,000 5,030,800
*
Returns
evening
by Telegraph—Telegraphic advices to
denote that conditions favored weevil,
weather and sunshine
and Alabama.
us
as
this
dry
needed in Tennessee, Mississippi
There has been too much rain in the eastern
are
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c*
total embraces since Aug, 1 the total estimated consumption
by
Southern mills, 5,713,000 bales in 1938-39 and 4,790,000 bales in 1937-38-—
takings not being available—and the aggregate amount taken by Northern
a
This
and
foreign spinners, 10,628,876 bales in 1938-39 and 11,417,181 bales in
1938-37, of which 5,397,000 bales and 6,386,381 balek American.
b Estimated.
Volume
148
Financial
Chronicle
3867
India Cotton Movement from All Ports
PS2^^SVILjlE—To
1938 39
19378—-
1937-38
Receipts-
Since
Week
Since
Week
Aug. 1
London, June 21, Edam, 50_
CHRISTI—To Ghent, June 12, Patrick
Henry, 100
Bremen, June 17, Tremoda, 118
MOBILE—To Liverpool, June 10, Jean
Lafitte, 102
To Manchester, June
10, Jean Lafitte, 704
SAVANNAH—To Bremen, June 19, Tremoda, 432
To Hamburg, June
19, Tremoda, 780---•vr^rA?J^anchester' June 21, Shickshinny, 1,188._
—To Manchester, June 19,
McKeesport, 29.
SAN FRANCISCO—To
France, (?), 200
To Japan, (?), 923
1936-37.
June 22
Since
102
704
432
___
Bombay
54,000
1,294,000
48,000 2,398,000
For the Week
20,000 3,016,000
Since August 1
Great
Conti¬
Jap'nJc
Britain
nent
China
„
Great
Conti¬
Janap &
Britain
Total
nent
.China
■
3,000
1937-38..
5,000
14,000
13,000
1,000
20,000
51,000
258,000
7,000
82,000
364,000 1455,000 1901,000
Forwarded
19,000
294,000
473,000
Total stocks.
Of which American
76,000
1938-39..
17,000
223,000 1164,000 1463,000
698,000 1007,000
1937-38..
,
767,000
-i
2.000
2,000
196,000
389,000
585.000
4,000
15~666
1936-37..
June 2
June 9
June 16
June 23
36,000
61,000
71,000
46,000
781,000
778,000
733,000
700,000
285,000
273,000
251,000
235,000
35,000
61,000
34,000
18,000
4,000
6,000
3,000
2,000
144,000
112,000
119,000
156,000
13,000
11,000
13,000
16,000
_
2,000
19,000
480,000
643,000
1123,000
Total imports.
Of which American
Amount afloat
Total all—
21,000
6,000
32,000
370,000
16,000
1,000
22,000
4,000
7.000
26,000
Of which American—^
247,000
15,000
1936-37—
5.000
5,000
696,000 1164,000 2230,000
The tone of the
647,000
698,000 1592,000
562,000 1007.000 1455,000 3024,000
According to the foregoing, Bombay
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
to show an
appears
increase compared with last
year in the week's receipts of
6,000 bales.
Exports from all India ports record an increase
of
10,000 bales during the week, and since Aug. 1 show
increase ,of 638,000 bales.
28,436
have the follow¬
we
ing statement of the week's imports, stocks,
&c., at thai port:
6,000
7,000
1936-27—
OtherIndia-
923
_
Liverpool—By cable from Liverpool
4,000
29
200
Total
Total
Bombay—
1938-39—
780
1,188
-----
Exports
From—
118
-
Aug. 1
Week
Aug. 1
50
100
JACKSONVILLE—To
Spot
an
Saturday
Market,.
Alexandria Receipts and
Shipments—Ws now receive
a cable of the movements of cotton at Alexandria,
More
[
Quiet.
Wednesday
Thursday
business
business
demand.
doing.
doing.
5.85d.
5.78d.
5.85d.
Quiet;
opened
.
Quiet;
unch .tol pt
>
A fair
Moderate
demand.
'5.81d.
Futures
Market
Friday
Moderate
demand.
Mid .Upl'ds
The following are the receipts and shipments for
the past week and for the
corresponding week of the previous
two years:
.Vi. ■'/
"
" ■
Tuesday
A fair
12:15
P. M.
weekly
Egypt.
Monday
f
2
1
pts.
5.63d.
5.66d.
Quiet;
,
Barely st'y; Barley st'y; Barely st'y;
pts. 5 to 9 pts. 11 to 15 pts 5 to 6 pts.
2
to
advance.
advance.
advance.
decline.
decline.
Steady;
Barely st'y;
Quiet;
Q't but st'y
Steady;
decline.
..
Market,
f
4
Alexandria, Egypt,
1938-39
1937-38
June 21
1936-37
(
2
to
(
P. M.
5
pts. 3
advance.
to
5
Prices of futures at
Receipts (cantars)—
Since Aug.
1
26,000
8,093,010
_
45,000
6,000
8,823,844
10,299,334
June 17
Sat.
to 1
Mon.
Steady;
.adv. 5 to 10 pts. 5 pts. adv. 1
pt.dec.
decline.
to 6 pts
Liverpool for each day
"
This week
4 pts
pts.
decline.
Tues.
are
Wed.
to
dec
4
pts.
advance.
given below:
Thurs.
Frl.
to
This
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
3,000
168,474
4,000
178,823
12",666
651,719
26.684
6",660
695,982
26,344
June 23
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
Exports (bales)—
To Liverpool
To Manchester, &c
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
July 1939
174,992
To Continent & India
To America
2,000
2,000
9,000
17p,067
1,000
5.12
5.13
5.07
5.13
5.11
5.06
5.06
4.91
5.00
4.99
5.02
October
189,094
202,936
710,591
42,010
4.76
4.78
4.72
4.77
4.73
4.67
4.67
4.53
4.63
4.61
4.64
December
4.64
January 1940
4.64
4.66
4.61
4.64
4.61
4.54
4.55
4.43
4.53
4.52
4.55
March
4.64
4.b6
4.61
4.64
4.61
4.54
4.54
4.44
4.54
4.52
4.56
4.66
1.6I
4.63
4.53
4.44
4.54
4.61
4.61
•
4.56
4.53
-
-
»
4.55
-
May
■
Total exports..
"
Egyptian bales weight about 750 lbs.
This statement shows that the
receipts for the week ended June 2\ were
26,000 cantars and the foreign shipments 15,000 bales.
Manchester
'
October
Note—A cantar is 99 lbs.
4.64
July
15,000 1021,899 1.1,000 1071,216 13,000 1144,631
4.59
4.56
-»•«.
-a
4.60
4.56
4.46
4.51
4.60
4.56
4.56
4.46
4.51
4.55
4.60
4.56
4.56
4
4.51
4.55
_
December—
...
March
1.
May.
i.56
-
—
«
-
-
_
4.51
»
-
-
'
-
4.56
-
_
V
-
-
4.56
M
4.55
4.51
—
-
4.52
4.54
4.46
-
-
4.56
-
-
4.52
4.60
4.60
—
January 1941
Market—Our report received
by cable to¬
states that the market in both
yarns
.63
46
-
4.54
*
-
«
-
4.55
*
night from Manchester
and cloths is steady.
Demand for both home trade and
foreign markets is improving.
We give prices today below
and leave those for previous weeks of this and last
year
.
?
•
1939
1938
,
8M
Lbs.
Shirt¬
32s Cop
ings, Common
Twist
to Finest
s.
d.
"
s.
Cotton
834
Middl'g
Upl'ds
32s Cop
d.
d.
d.
31-
♦
s.
1421..
28-
d.
Upl'ds
d.
s.
5
—
—
8H@
9H
8K© 9H
8 1036@
8
9
@
9
134
5.16
10
8%© 9%
8A© 9H
8%© 9%
8>A@ 9lA
9
@
10
0
@10
3
lower
again
were,
action
of
the
on
grains
sidelines.
again,
prices
grades were reduced 5c: by the leading
quotations were reduced 15c.
0
4.91
4.95
9K@1134
9
9
@10
9
4.92
9
9
@10
4.79
4.93
9
9
@10
4.89
4.99
9J4@H34
9J4 @1134
934@HJ4
9
9
@10
4.94
5.00
934 @1034
9
9
@10
4.80
934@1034
9K@1034
9
6
@
9
9
4.96
9
6
@ 9
9
4.77
734®
8 1034
8
9
9,
8
734®
9 1034
•
8%@ 9H
8K© 9%
9
@10
8 1034@
8 1014@
9
@93
5.54
26-
8K@
9%
9
@93
,5.48
2—
8H@
9J4
9
@93
5.49
9
9>/8@10H
9
@93
5.77
16-
936 @10
9
@.9
3
5.76
834@
8?4@
8J4@
23..
9
9
@93
5.66
9
9
134
5.28
9
llA
5.33
934@1034
9
4J4@
9
734
4.68
9
9
3
@
9
6
4.46
@
9
3
4.43
3
4.54
@10
June
@10
9?4
9
934
9
934
@10
9
@
9
3
4,69
9
134@
9
4 34
4.83
Shipping News—Shipments in detail:
GALVESTON—To Trieste, June 15, Lucia C, 285
To Venibe, June 15, Lucia C, 851
To Gdynia, June 15, Vigilant,
581; June 17,
@ 9
As
result
a
all
on
bakery
Family
mills.
'
Taurus,
—
"
►
50
Lykes,
409;
Press, 6
To Antwerp, June 17, Michigan, 50
To Ghent, June 17, Michigan, 200
Michigan, 100
To Dunkirk, June 17, Michigan, 276
To Copenhagen, June 19, Kentucky, 150
To Gdynia, June 19, Kentucky, 235
To Japan, June 18, Kiyosumi Maru,
396; June 22, Somerville,
1.517,
has
209
1,338
6
50
200
100
276
150
235
93
100
-
To Rotterdam, June 15, City of Joliet, 50-To Japan, June 17, Arimasan Maru, 1,124
—
:
50
1,124
800
200
_
;
weather
had
in
many
to
much
do
sections
with
the
of
belt,
grain
lowering prices 7
to 8c.
Chicago quotations were back to within only 3 to 4c. of the
that prevailed before the late April and May crop
scare.
Some of the selling that came Into the wheat pit
levels
represented hedging of
grain, marketing of which
operations expand in the South¬
However, much of the new wheat is going into stor¬
increasing
new crop
harvest
as
possibly for acceptance of Government loans.
favorable
spring wheat
cool
for
belt
harvest
of
both
on
temperatures and
winter
sides
rains
of
Weather
wheat,
while
the Canadian
in
the
border
prolonged the period of
near
perfect climatic conditions.
On
The
19th
the
wheat
declining
inst.
prices
market touched
market,
due
closed
new
largely
%
lows
to
1*4 c.
to
net
lower.
today in the current
favorable
weather
con¬
ditions which have prevailed throughout the grain belt the
few weeks.
Losses which amounted to as much as
last
1,430
3,059
1,271
1,098
June 14, Eisenach, 3,059
To Liverpool, June 15, West Cohas, 1,271
To Manchester, June 15, West Cohas, 1,098
691
1,913
316
To Bremen, June 11, Idarwald, 316
NEW ORLEANS—To Antwerp, June 14,
Breedijk, 93
To Bremen, June 14, Eisenach, 1,430
To Venice, June 21, Meanticut, 50
37
3,752
American Press, 282
—
To Cartagena, June 12, Margaret
Lykes, 126; American Press,
83
To Havana, June 12, Margaret
Lykes, 378; American Press, 960
To Cristobal, June 12, American
To Valparaiso, June 20, Contessa, 800
To Baranquilla, June 16, Cadmus, 200
To Havana, June 16, Santa Marta, 35
To Genoa, June 21, Meanticut, 956
986
l%c. net
continued to depress the mar¬
When July wheat fell to 711/4c.} off l^c. from yesteiN
day's close, and September dropped to 72c., it meant that
was
100
386
189
„
to
since the first of the month,
851
1,424
prices closed %
ket:
age,
378;
— —
To Havre, June 15, City of Joliet, 100
favorable
west.
To Gothenburg, June 17,
Taurus," 100To Liverpool, June 19, Dramatist, 386To Manchester, June 19, Dramatist, 189To Japan, June 20, Kiyosumi Maru,
3,752
To China, June 20, Kiyosumi
Maru, 50
HOUSTON—To Baranquilla, June
12,
Margaret
To Hamburg,
of
which
285
*
inst.
•
Bales
_
17th
the
lower.
The wheat market suffered a sharp slump today,
prices closing at the low levels of the session.
Prevalence
is
.
June 20, Kentucky, 465
_■
To Copenhagen, June 17, Taurus,
836: June 20, Kentucky, 150
To Oslo, June 17, Taurus, 37
:
To Havre, June 17,
Wheat—On
4.97
9
8
@
@1134
19-
—
consumers
the
of
flour
d.
M;ay
12
and
Cotton
Middl'g
to Finest
Flour—Bearish weather and crop reports, together with
sharp declines in wheat prices the last few days, have
tended to discourage buying of flour in the local market,
*
A nri 1
Apru
7—
Lbs. Shirt¬
ings, Common
Twist
Mar.
24—
Friday Night, June 23, 1939.
for1
comparison:
d.
BREADSTUFFS
35
956
50
l%c.
at
times
carried
values
down
to
a
level
about
9c.
below the season's highs, reached May 31, and to the lowest
point in seven weeks.
Much of the upturn scored late in
April and during May, due to drought damage in the South¬
west, has been wiped away.
Hedging sales, based on ex¬
panding marketings in the Southwest and in the Northwest
as well, liquiration of July contracts,
and selling, inspired
by weakness of foreign prices and continued good weather
over
the
dowturn.
for
North
September
rallying
American
When
power,
the
had
due
low
been
partly
spring
belt,
caused
of
July
and
wheat
70%c. for
reached
to
the
short
market
covering,
the
70%c.
developed
but prices
closed with substantial losses for the day.
On the 20th inst. prices closed % to V2C. net higher.
In¬
terrupting the June wheat market break, which has reduced
prices 8 to 9c. a bushel, wheat quotations today staged a
rally that held good to the closing bell.
This was
modest
Financial
3868
technical readjustment, in which
little part. Maximum gains from
early lows reached at the slight opening dip amounted to
% to %c., and" wheat closed with prices a shade higher
than
previous finals.
The manner in which Liverpool
wheat values rallied from early losses of more than lc.
to close only % to %c. net lower for the day imparted
some strength to the Chicago market.
On the 21st inst. prices closed % to V/sC. net lower.
Wheat prices tumbled to new low levels for the season in
the final minutes of trade today after prices had ruled
firm most of the session, gaining as much as %c. at times.
Selling of wheat in Winnipeg by prominent commission
house interests with United States connections were said
to have touched off stop loss selling here.
July wheat fell
to 69%c., lowest in about two months, and September to
70y2c.
Moderate to heavy rains fell overnight in the
Southwest and were expected to impede harvesting.
The
Kansas City market opened firm and soon scored gains of
%c. on the July and September contracts.
The market
here fell into step, and after an opening that was barely
steady July and September contracts advanced y>c. above
looked upon by some as a
covering played no
short
Fractional setbacks from the best levels
The weather generally was bear-
yesterday's close.
half as much as was
prices closed
net lower.
to l%c.
%
another cent a bushel today to the
lowest level in two months.
Establishment of new lows
for the season at Liverpool and Winnipeg, movement of
new
crop wheat to terminals in the Southwest, weakness
in corn and rye prices, and prospects of better harvest
weather were factors that encouraged continuation of the
selling that lias caused the sharp wheat market break of
the last few weeks.
Further weakness at Liverpool, while
not fully' reflecting yesterday's decline on
the Chicago
Board, tended to discourage long interests In the Chicago
market, and rains in the spring wheat belt both sides of
the Canadian border were an additional bearish factor.
values tumbled
Wheat
of delayed harvest in the Southwest because of
rains and of some crop damage due to storms
had a slightly bullish effect.
Liverpool prices were at new
low levels for the past nine years, reflecting the bearishsituation prevailing in North America.
Reports
excessive
The wheat market
1 to l%c. higher.
Today prices closed
staged its strongest recovery in three weeks today, rally¬
ing more than lc. a bushel from the lowest prices quoted
here in two months.
Factors that helped to reverse the
market's recent downward course
included revival of mill¬
congressional approval of the farm benefit
program, and scattered unfavorable crop reports from the
spring wheat belt.
Flour sales in the Southwest were
estimated
at
around 200,000 barrels,
involving almost
1,000,000 bushels of wheat, and there were some reports
that business may have been even better.
Traders here
expressed belief that the slump which has carried prices
more than
10c. a bushel below recent seasonal highs and
approximately that much below Government loan rates,
should
maker wheat
attractive to * consuming interests.
Prices advanced about a half cent before a sharp reaction
set in, which was subsequently followed by a sharp rally.
Open interest in wheat tonight, 71,300,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs. Fri.
No. 2 red
89%
8833
88% 8733
86% 87%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
demand,
'
•
,
.
■
■
•
.
71%
72 %
July
September
December
7233
Season's
When Made
J
May 26, 19391July
May 31, 1939 September
May 26, 19391 December
High and
July.*.
September
7933
7933
December
80
CLOSING PRICES OF WHEAT
DAILY
7033
71%
76%
71%
Sat.
November
7Q%
FUTURES IN
Mon.
December..
6933 "
7033
6833
6933
Oct.
5,1938
Dec. 23,1938 June 22, 1939
6233
67%
*
Tues.
6033
61 33
63
63
Wed.
5933
60 33
6033
61 33
63%
63 %
v.
6933
7033
72% 7133
70^ 72
Low and When Made
6033
61 J*
July
October
Fri.
Thurs.
Wed.
Tues.
7333
-
Season's
Mon.
Sat.
■
63
63
6133
61%
WINNIPEG
Thurs.
Fri.
5833
5833
59 X
59%
61 %
61 %
6033
6033
to l%c. net lower.
Good rains througlioot
the
highly beneficial for the
young plants, but receipts of old corn showed a tendency
to decline.
Early losses in corn amounted to about %c.
Today prices closed % to lc. net higher.
After dropping
fractionally to new low levels for the past five years, corn
prices rallied to levels above the previous close.
Indus¬
trial demand continued good, and while no export busi¬
ness
was
reported, the recent price decline has placed
corn near an export basis in relation to the price of com¬
petitive Argentine grain in European markets.
The Argen¬
tine exportable surplus is no larger than the small volume
available a year ago.
Open interest in corn last night was
Spot prices were y2 to lc. higher, with
industrial demand good.
The primary markets got only
3,775,000 bushels of corn the last week, a decrease of
800,000 bushels compared with the previous week and
in parts
of the belt.
3,000,000 bushels compared with a year ago.
almost
showed an increase.
inst. prices closed % to %c.
Book¬
ings today, however,
On
Corn
the
19th
relatively
was
steady
during
most
of
net lower.
the session.
steadiness of the corn market, particularly
The comparative
contracts, reflected continued light marketings from
the country.
Primary receipts were only 621,000 bushels,
July
111,000
bushels
less
than^a year ago.
bookings
changed
On
the
to
to
arrive
y2 c.
20th
than
a
week
ago
and
1,000,000 less
No shipping business was reported, but
were
small
and
spot
prices were
un¬
lower.
inst.
prices sagged with wheat.
corn belt were regarded as
bushels.
53,632,000
%c. lower.
%c. at times, but retained
Sat.
DAILY
CLOSING
spot
prices unchanged
to %c. higher.
Principal markets
Wed.
Tues.
YORK
Thurs.
6633
66% 65%
CORN FUTURES IN
July__*
-
OF
PRICES
-----
September.
Mon.
— —
"
4933
51%
Wed.
Tues.
5133
5133
Thurs.
Fri.
47 Ye
4933
49
56%
4933
50J3
4933
52
—— — — —
—
Mon.
Sat.
Fri.
64% 65
CHICAGO
—*—6533
4833
50
September
55%
56%
51
50
5033
When Made
1
Season's Low and When Made
Sept. 24, 1938|July_
- 4733
June 23, 1939
Jan.
4, 1939]September— 49
June 23,1939
December
54
June
December
-----
'
and
High
Season's
July
June 23,1939
4933
%c.
action of corn. Trading
inst. prices closed %c.
Trading was very light, with the undertone steady.
20th inst. prices closed % to y2c. net lower.
This
was dull, and
seemed sensitive to pressure.
The
closed unchanged to
Oats were steadied by the
light, however.
On the 19th
•higher.
was
i> lower.
the
On
5133
8, 19391 December
Oats—On the 17th inst. prices
market
influence on
closed % to l%c. net
lower.
Oats also encountered liquidation sales by locals
and commission houses, July contracts tumbling l%c.
Cash
grain interests supported the market on the decline, sales
by shippers totaling 130,000 bushels.
On the 22d inst. prices closed y2 to %c. net lower.
The
oats market was much steadier, relatively, than yesterday's
market, due somewhat to short covering.
However, senti¬
ment was anything but bullish in view of the extensive,
declines registered in other grains and the persistently
bearish "weather and crop reports.
Today prices closed %
to %c. net higher.
In sympathy with the marked strength
displayed in wheat and corn markets, oats ruled firmer,
grains had their
downward trend of the other
On the 21st inst. prices
futures.
oat
and
substantially higher.
closed
CLOSING
DAILY
PRICES
r
High and
35
33 33
December
3433
-
CLOSING
_
June
May
May
PRICES
OF
.
OATS
October
*
December
_
—
—*
Wed.
Tues.
3033
36%
29%
2833
5, 1939
23,1939
Thurs.
29%
36%
29%
29
Apr.
June
IN WINNIPEG
FUTURES
Mon.
Fri.
3033 3133
2933 30
32%
31% 36% 30
Low and When Made
Oct.
18, 1938
29%
29%
-
—
CHICAGO
Thurs.
31%
3033
3333
3133
2433
10,1939 July
2633
25, 1939 September
25.1939 December-.-- 36%
Sat.
July-.--
Wed.
Tues.
*-.33 33
3333
32%
32
32%
32%
When Made
I
Season's
— --
Season's
IN
FUTURES
Mon.
Sat.
"
December
July
September
DAILY
OATS
OF
-
.
July
September----.--.
28%
28%
28%
2833
2733
Fri.
29
28%
28
% to %c. lower.
and a weakening
grain market, it seemed quite natural that the rye market
should ease and close lower.
On the 19th- inst. prices
closed 1% to l%c. net lower.
The extremely favorable
Rye—On
the 17th inst. prices closed
weather and crop reports
bearish
With
of
character
the
weather " and
crop
reports,
especially as
together with the market weakness in wheat
values, caused a sharp drop in rye prices, maximum de¬
clines of 3%c. being registered at one stage.
There was
concerns
rye,
heavy hedge selling, and
some
the selling
about
shorts were quite active on
On the 20th inst. prices closed % to y2c.
At one stage of the session rye futures sold off
side.
lc., December contracts reaching a new low for the
Northwest selling was in evidence.
On the 21st
season.
The marked weak¬
speak of oats
together with continued bearish crop and weather
reports, influenced considerable liquidation of rye futures.
There was also considerable hedge selling, and as a result
prices recorded a severe drop.
What support there was
came largely
from shorts covering.
On the 22d inst. prices closed 1% to 2c. net lower.
A
combination
of bearish factors was responsible for the
sharp drop in rye values today.
The weakness of all other
grains, especially wheat, together with bearish crop reports,
influenced considerable liquidation and hedge selling, and
there being no appreciable support outside of some short
covering, the market sagged badly and closed at about the
lows of the day.
Today prices closed 1% to l%c. net
higher.
With wheat and corn markets strong, the rye
inst.
prices closed 2 to 2%c. net lower.
ness
displayed in the wheat markets, not to
and corn,
active
recovered
in
DAILY
with
to
running
CLOSING
a
sharp rebound
OF
RYE FUTURES IN CHICAGO
Sat.
July
September
December.
.
—-
and shorts were
cover.
PRICES
steady undertone, although buying was on a small scale.
Receipts were small and industrial demand was good, with
OF CORN IN NEW
CLOSING PRICES
DAILY
market
prices closed unchanged to
Corn prices dipped as much as
a
closed 1
futures
inst.
22d
the
On
Corn
net lower.
.Corn—On the 17th inst. prices closed % to %c. net.
higher.- Corn prices rose as much as %c. at one stage, due
largely to good demand for actual grain, continued small
marketward movement from the country and hot weather
Corn
July and Decem¬
Favorable rains
were received in the corn belt, which dampened any dis¬
position to take the upper side of the market and encour¬
aged moderate operations on the downward side.
prices were steady to slightly lower, with
ber contracts under small selling pressure.
No. 2 yellow
ishly construed.
On the 22d inst.
only
100,000 bushels less corn than a week ago, and
received a year ago.
On the 21st inst. prices closed % to %c. net lower.
got
frequent, however.
were
ing
June 24, 1939
Chronicle
Mon.'
Tues.
Wed.
Thurs.
Fri.
5033
5233
4833
5033
4833
4933
4533
4733
4433
4633
4533
4733
5333
52
5133
4933
4733
4833
Volume
148
Season's High
Financial
When
June
and
July
54 %
September
December
56%
I
Made
Season's
Low
8, 1939|July—
May 31, 19391 September
May 31, 19391 December
58
DAILY CLOSING PRICES
OF
RYE
and
When
Mar.
-41%
FUTURES
June
Sat.
Mon.
October.
-
-
DAILY
44%
45%
45%
46%
47%
.
December
CLOSING PRICES
OF
-
-
44%
Sat.
Mon.
37%
37%
37%
October
December
Tues.
37%
36%
36%
37
Wheat
Corn
bush 60 lbs
bush 56 lbs
bush 32 lbs
222,000
Milwaukee.
afloat
On Canal
Total June
Kansas City
18,000
524,000
Canadian....
26,000
62,000
145,000
372,000
98,000
169,000
19,000
8,000
436,000
,.
'
Joseph.
48,000
Wichita
32,000
14,000
37,000
Total June
Total June
63,000
654,000
71,000
15,000
i6"66o
698,000
45,000
251~666
2,593,000
2,114,000
419,000
2,212,000
385,000
6,000
2,000
1,247,000
805,000
155,000
311,000
75,000
5,631,000
5,691,000
7,544,000
Corn
44 000
7,147,000
3,873 000
6,900,000
4,015000
1,258,000
3,488,000
Oats
Rye
Bushels
Bushels
Bushels
1,510,000
Barley
Bushels
66,000
1,073,000
791,000
970 000
1,440,000
4,172|000
8,276,000
7,998,000
2,495,000
2,508,000
3,449,000
,
989,000
5,975,000
61,238,000 32,534,000
101,555,000
1,090,000
6,215,000
6,144,000
4,557,000
5,631,000
7,147,000
8,276,000
2,495,000
9,408,000
10,088,000
10,159,000
2,348,000
8,045,000
ended June 16 and since
"looo
1,732,000
159,666
1,501,000
9,642,000
3,873,000
6,215,000
The world's shipment of wheat and corn, as furnished
by
Broomhall to the New York Produce
Exchange, for the week
24,000
28,000
2~63"666
17,1939...162,793,000 32,534,000 13,907,000
10,1939...163,488,000 33,209,000 13,689,000
18,1938... 49,115,000 23,075,000 10,993,000
Total June
~7~666
16,000
*
772,000
291,000
Sioux City.
Buffalo
2,000
.
Summary-
7,000
255,000
113,000
6,000
896,666
."
3,934,000
419,000
216,000
7,000
66,000
1,301,666
1,976,000
3,104,000
2,059,000
Bushels
American
232,000
69,000
10,000
.
243,000
17,1939...101,555,000
10,1939...103,721,000
18,1938... 24,990,000
83,000
Omaha
St.
Total June
346,000
135,000
18,000
1,671,000
110,000
32,000
9,976,000
Wheat
Canadian—■
418,000
39,000
Louis..
130,000
Lake, bay,river cfeseab'd 26,141,000
Ft. William & Pt. Arthur 33,552,000
Other Can. & other elev. 41,862,000
300,000
107,000
Indianapolis
St.
Peoria
57,000
205,000
Note—Bonded grain not included above:
Oats—New York afloat, 73,000
bushels;
total, 73,000 bushels, against 244,000 bushels in 1938.
Barley—Chicago afloat,
51,000 bushels; Duluth, 66,000; total, 117,000 bushels, against
693,000 bushels in
1938.
Wheat—New York, 47,000 bushels; Buffalo, 177,000; Buffalo
afloat, 221,000;
Erie, 400,000; Albany, 2,683,000; on Canal, 320,000;
total, 3,848,000 bushels'
against 2,403,000 bushels in 1938.
489,000
123,000
159,000
~ 4*666
677,000
239,000
Total June 17, 1939...61,238,000 32,534,000
Total June 10, 1939...59,767,000 33,209,000
bush 56 lbs bush 48 lbs
234", 000
106,000
1,103,000
Total June 18, 1938...24,125,000
23,075,000
274,000
19,000
37 000
45,000
162,000
3,911,000
329,000
:
1,775,000
Toledo....
364,000
60,000
Detroit
148,000
2,286,000
Minneapolis
Duluth
I!""
51,000
996,000
Buffalo
Barle j
Rye
158,666
.11,354,000
13,876,000
1,170,000
_
"6,666
126,000
129,000
Minneapolis
Total June
.
25,666
471,000
Milwaukee...
50-57
Oats
3,974,000
Duluth
Saturday and since Aug. 1 for each
Flour
1,000
1,000
2,000
.
Chicago
25,000
1,000
75,000
204,000
afloat
On Lakes
55%
Chicago, cash
bbls 196 lbs
Chicago
646,000
516,000
439,000
Indianapolis..
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
Receipts at-
393,000
1,409,000
5,157,000
Peoria
45%
64%
95,000
410,000
2,328,000
1
4,666"
2,000
14,936,000
Sioux City
St- Louis
23,000
1,000
__
910,000
2,152,000
Kansas City
Omaha
All the statements below
for the week ended last
of the last three years:
3,168,000
Hutchinson
Oats, New York—
I
153,000
15,000
111,000
642,000
Wichita
36%
36%
36%
36%
36%
36%
36%
87%'
No. 2 white..
Manitoba No. 1. f.o.b. N. Yi 69% Rye, United States c.i.f
I Barley. New York—
Corn, New York—
40 lbs. feeding
65
88,000
13,000
17,000
20,000
St. Joseph...
Spring pat. high proteln_.5.05@5.25 Rye flour patents
3 75 @3.90
Spring patents
__4.70@4.90 Seminola, bbl., Nos. 1-3._5 55@5.75
Clears, first spring
4.25@4.55 Oats good
2 65
Hard winter straights
4.50@4.70 Corn flour
1 60
Hard winter patents
4.65@4.85 Barley goods—
Hard winter clears
Nom.
Coarse
__3.25
Fancy pearl (new) Nos.
1.2-0.3-0.2.
4.50 @5.00
GRAIN
No. 2 yellow, all rail
7,000
New Orleans
FLOUR
Wheat, New York—
No. 2 red, c.i.f., domestic
8,000
80.000
Galveston
follows:
were as
66,000
Fort Worth
Fri.
Thurs.
Barely
Bushels
Philadelphia
WINNIPEG
IN
Wed.
37%
36%
42%
Rye
Bushels
35,000
Baltimore
42%
43%
43%
40%
42%
43%
43%
45%
Oats
Bushels
164,000
83,000
afloat
Fri.
Thurs.
44
—
BARLEY FUTURES
-r
July
Closing quotations
Wed.
Corn
Bushels
19,000
18,000
IN WINNIPEG
Tues.
STOCKS
Wheat
Bushels
Lmted States—
New York
•
July-
3869
GRAIN
16, 1939
5. 1939
23. 1939
Apr.
42%
47%
Chronicle
Made
2,000
1,000
shown in the
121,000
Total wk'39
409,000
1,345,000
408,000
8,717,000
3,412,000
4,502,000
Same wk '38
8,090.000
1,288,000
128,000
833,000
Same wk *37
326,000
4,404.000
3,135,000
804,000
'174,000
659,000
July 1, 1938 and July 1, 1937,
499,000
1,293,000
Wheat.
■
Corn
.
'
.
Week
Since
June 16,
July 1,
1938
July 1,
1939
1937
1939
1938
1937
Bushels
1938..... 20,295,000 315,963,000 248,680,000
97,319,000 24,452,000 90,563,000
1937
17,576,000 274,571,000 291,320,000 104,949,000 25,177,000 93,249,000
1936
18,546,000 203,950,000 149,186,000 75,011,000 17,330,000 79,700,000
No. Amer.
Bushels
Bushels
Bushels
Bushels
Bushels
5,322,000 238,714,000 182,094,000
1,896,000 90,127,000 78,660,000
7,783,000 106,519,000
64,986,000
Black 8ea_
Total receipts of flour and grain at the seaboard
ports for
the week ended
Since
Exports
Since Aug. 1
,
are
following:
Argentina-
Saturday, June 17, 1939, follow:
Australia
Week
June
*
16,
Since
Since
July 1,
July 1,
34,000
70,971,000 86,246,000
720,000
18,703,000 10,893,000
4,406,000 135,373,000 189,160,000
1,337;000 102,216,000 120,715,000
7,344,000
14,720,000
.
India...:.
Other
Flour
Wheat
bbls 196 lbs
bush 60 lbs
Receipts at—
New
York.
Corn 1'
bush 56 lbs
Oats
■
bush 32 lbs
Rye
Barley
countries
bush 56 lbs bush 48 lbs
109,000
23,000
108,000
37,000
Philadelphia
30,000
Baltimore.
13,000
6,000
2,000
3O~666
Iff,000
IOTOOO
15,000
66,000
12,000
1,000
.
New Orl'ns*
21,000
Galveston..
Montreal..
frLOOO
.
75~O66
4,000
1,630^666
Riv's
67\000
625,000
Total wk '39
250,000
2,822,000
229,000
116,000
11,000
146,000
7,035,000
39,407,000
10,720,000
1,892,000
426,000
2,102,000
Since Jan. 1
Stale—
.
1939
Week 1938.
239,000
2.662,000
2,720,000
214,000
190,000
43.638,000
46,364,000
2.225,000
1,864,000
7,562,000
Indiana...
Iowa
2,493,596.69
Kentucky.
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
the several seaboard ports for the week
Saturday, June 17, 1939 are shown in the annexed
statement:
129,482.11
"
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
The week
New Orleans
326,000
453,000
1,630,000
625,000
..........
Sorel
Three Rivers.
...
Total week 1939..
Same week
37,640
«---
"4,000
5,000
Galveston
Montreal
-
3,000
310,000
104,640
95,740
The destination of these exports
July 1, 1938, is
47.000
167,000
142,000
1987666
609.000
for the week and since
below:
as
Flour
Wheal
Corn
Exports for Week
Week
Since
Week
July 1 to—
June 17
July 1,
June 17,
Since
July
1,
Week
Since
June 17,
July 1,
1939
Kingdom.
1938
1939
1938
1939
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
So. & Cent. Amer.
West Indies
2,239,775
729,569
2,381,000
3,275
Continent
62,115
13,500
18,250
683,250
1,386,000
11,000
3,000
Brit. No. Am. Col.
Other countries...
957,000
76,871,000
56,912,000
514,000
25,000 40,955,000
26,783,000
5,000
7^500
~3:666
1,377:606
334,464
in
Bushels
1
3,365,598.84
Nebraska .10,680,041.50
110,977,948
Ohio.....
4,400,869
232,423
So. Dakota
Wisconsin.
834,744.85
2,452,216.80
60,618.48
-
16,302,378
5,909,608
18,836,100
1,464,988
4,374,379
107,575
characterized by a continuation of widespread, substantial
in large southwestern area, and by marked con¬
except
9
temperature.
degrees
below normal.
On
the
other hand, high temperatures pre¬
central and southern areas between the Mississippi River
agd
Rocky Mountains, being especially high in the southwestern Plains where
locally the week averaged 10 degrees warmer than normal.
East of the
Mississippi River temperatures were mostly moderate, although they were
abnormally low in the interior of the Northeast and slightly below normal
in east Gulf districts; otherwise, the week was warmer than normal.
Maximum temperatures of 100 degrees or higher occurred in southwestern
Iowa, much of Nebraska and Kansas, western and northwestern Texas,
eastern Colorado,
and eastern New Mexico; also in southern Arizona;
Amarillo, Texas, reported a high reading of 106 on the 15th, and Phoenix,
Ariz., 108 degrees on the 13th.
Otherwise the maxima were not unusually
high, except in the middle Atlantic area.
From the upper Lake region
westward the highest readings of the week were mostly in the 70's,
unusually
Substantial rainfall occurred rather generally over the eastern half of the
country and most of the Plains States.
In the northern Plains the weekly
totals ranged mostly from an inch to more than two inches.
Good rains
occurred also in the middle and north Atlantic area, where dryness had
prevailed previously, although some areas were largely missed.
In the Southwest the week was practically rainless, including generally
section from western Kansas and western Texas westward.
Heavy
local rains occurred in the San Joaquin Valley of California.
the
703,000
but, on the whole, favorable conditions continued over most of the country.
In the Northwestern States temperatures were too low for good growth of
warm-weather
104,640
5,439,058
Total 1938
95.740
5,131.630
visible
.
Missouri..
The week had some unfavorable weather aspects over considerable areas,
73,000
66,000
Total 1939
The
5,509,254
Stale—
Amount
Minnesota .$9,283,758.23
low for the season.
and Since
United
47,862
59,533,162
vailed in
75',000
47,000
67,000
3,352,000
25,000
2.923,000 2.919,000
1938
78,102,000
The period was abnormally cool from the upper
Lake region westward and also generally west of the Rocky
Mountains,
except along the Pacific Coast.
In the northern Rocky Mountain districts
and northern Great Plains the weekly mean temperatures were from 6
to
63~000
25,000
was
precipitation,
trasts
New York
43,013,000
Weather Report for the Week Ended June 21—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 21, follows:
The exports from
ended
3,139,390.52
63,251,897.95
Kansas...
*
on
Bushels
824,653.97
Illinois....33,929,595.06
610,000
6,503.000
Amount
Colorado..
Since Jan. 1
1938.....
557,000
5,717.000 268,060.000 364,401,000
CCC
Loans
on
Corn
Aggregated $129,645,595 on
227,696,546 Bushels Through June 15—The Commodity
Credit Corporation announced on June 16
that, through
June 15, 1939, loans made by the Corporation and
lending
agencies under the 1938-39 corn loan program aggregate
$129,645,595 on 227,696,546 bushels.
The loans by States
fn which the corn is stored are as follows:
'
'
Three
47~666
25',000
453,000
14,000
SoreL
34,800,000 -24,410,000
3,000
~i"66o
68,000
Boston
888,000
Total... 17,226,000 579,720.000 485,585,000
supply
3,352,000 135,747,000
25,000 68,449,000
2,923,000 128.297,000 2,919.000 86,029.000
of grain,
comprising
the
stocks
in
at principal points of accumulation at lake and
seaboard ports Saturday, June 17, were as follows:
granary
crops,
but additional rains
were
decidedly favorable.
So
this month rainfall has been much above normal in Montana, the
Dakotas, and northern Minnesota, while the outlook is rather promising
in the northern portion of Wyoming.
Nebraska has had less rainfall, with
far
the soil dicing rather rapidly and more rain needed.
The eastern twothird^ of Kansas is in good shape, while south of Kansas rains during the
past week have been helpful.
Moisture is ample generally from the Mis¬
sissippi Valley eastward to the Appalachian Mountains.
In fact there is
Financial
3870
too
much, materially
interfering with cultivation
of row crops, in the east
and the upper Ohio Valley.
In the Middle Atlantic and North Atlantic States recent rains have been
decidedly helpful with droughty conditions relieved in most places, al¬
though there is locally still need of moisture, especially in Pennsylvania
and parts of Virginia.
A considerable southwestern area is still unfavorably
dry.
This includes western Kansas, extreme western Texas, Colorado
New Mexico
Arizona, and parts of Utah.
In much of this area high
temperatures and strong winds further depleted the scanty soil moisture
Gulf area, Tennessee,
^Frosts
widespread in the higher elevations of the Northwest and
the Great Basin.
Damage was not material, except in Nevada where
potatoes and graden truck were hard hit.
A tornado in Hennepin and
Anoka CountiS?, Minn., on the 18th caused severe property damage and
were
June 24,
Chronicle
1939
good: progress mostly good.
Potato crop fair to good in east, fair to
elsewhere.
Gardens good.
,
Progress of cotton mostly very good, due to
mostly light rains; condition fairly good to good; squaring; chopping nearly
done, except in northeast; crop fairly clean and mostly well cultivated:
plants small, but growing.
Progress of corn good, due ample soil moisture;
tasseling locally; fairly well cultivated.
Oats harvested locally; threshing
begun.
Pastures, potatoes, sweet potatoes, tomatoes, truck, and fruit
to
poor
,
Arkansas—Little Rock:
l^vorod
Tennessee—Nashville:
Condition of corn rather poor to fairly good in
central and good to very good in east; needs cultivation; weeds
Cotton grassy; plants small; many stands poor; progress poor; con¬
dition poor to fair.
Winter wheat mostly cut; condition good to very good.
Sunshine needed for hay harvest; much hay and crimson-clover seed lost
account heavy rains.
west and
bad.
_
8°Tn
gS<?llUfwarmth
and sunshine are needed over the Northwestern
States and less rain and fair weather from the Ohio Valley southward.
Grasshopper activity has been reduced materially in the northern Plains
due to the heavy rains and active poisoning operations; farther south there
is still considerable complaint of hopper activity.
.
Small Grains—The harvest of winter wheat was interrupted somewhat
bv rainfall in the southwestern belt, but generally,
harvest progressed
satisfactorily.
Cutting is well under way in Kansas except in western
counties and the extreme north, while farther east it has begun locally to
the south-central counties of Illinois and to central Maryland .
In general
in the later districts of the wheat belt, progress of the crop continued
mostly fair to good.
In Nebraska, while there is considerable short straw,
heads are reported as filling well; harvest has begun locally.
In the Pacific
Northwest the weather was mostly favorable.
...
With abundant moisture and mostly cool weather, spring wheat shows
much improvement in most parts of the belt, especially in central and
northern districts.
Some leaf rust is reported in southern Minnesota.
Recent rainfall has favored the oat crop, but the general condition con¬
tinues decidedly variable.
In the upper Mississippi Valley, with the more
favorable weather, oat plants have stretched up considerably, but the early
crop is mostly poor, with much too short to harvest for grain.
Rice is
doing well in
the lower Mississippi Valley.
States, because of
Corn—In the Northwestern
cool, wet weather, corn
growth.
Also, in the eastern Ohio Valley and from the Ohio
River southward frequent rains have kept the soil too wet for proper
cultivation, with much complaint of weediness.
Dry weather and sunshine
are needed in much of the corn belt.
In Illinois, Missouri, and the eastern
two-thirds of Kansas progress of corn was good to excellent, although there
is considerable complaint of uneven development.
In Illinois many fields
are now 18 to 24 inches high.
.
'
In Oklahoma,
Texas, and Nebraska progress was mostly good, butshowers would now be helpful in Nebraska.
In Iowa weekly progress was
excellent, but the crop is extremely uneven; some fields range from three
inches to waist high in adjacent hills; fields are mostly well cultivated.
In
southern Minnesota warmth and sunshine, permitting needed cultivation,
would be helpful.
made slow
4
Cotton—In
the cotton
belt temperatures were
mostly above normal
substantial to heavy in large areas, especially in the
In general progress of cotton was mostly
the extreme eastern belt and most places
west of the Mississippi River, but from Tennessee southward a continuation
of cloudy, showery weather was decidedly unfavorable.
In Texas progress and condition of cotton were mostly fair to good, al¬
though plants are small In some areas; squares are becoming general in the
eastern two-thirds and bolls
are opening rapidly in the extreme south.
Also in Oklahoma, Arkansas, and Louisiana progress was mostly satis¬
factory
due largely to favorable temperatures and lighter rainfall.
In Tennessee, Mississippi, Alabama, and much of Georgia, cultivation
is badly needed as fields are becoming grassy from continued frequent
rains- conditions were favorable for weevil activity, with dry weather and
sunshine badly needed.
In the more eastern belt, progress was largely
satisfactory, although there was too much rain in southern sections.
and rainfall was again
east-central portion of the belt.
fair to good, some excellent, in
The Weather
Bureau furnished the following resume
conditions in different States:
Virginia—Richmond:
Above-normal
warmth;
light
to
of
moderate,
Rain beneficial and all crops improving, but more needed.
growing nicely; fields clean. Hay and small grain
harvests progressing.
Truck improving, but beans and potatoes poor from
previous dry weather.
Early peaches ripening.
scattered rains.
Cotton
North
locally
Soil
and
peanuts
Carolina—Raleigh:
Favorable warmth; adequate rains, except
unimportant in extreme northeast and lack felt in, mountains.
generally ample on coast and Piedmont, but soil drying
moisture
rapidly in mountains where soil too dry locally for planting.
Condition of
corn very good; progress good in east, but fair in west account dry soil.
Progress and condition of tobacco very satisfactory; curing begun in ex¬
treme southeast.
Progress and condition of cotton good; chopping good
advance.
Truck good progress in east.
•
South
Carolina—Columbia:
Favorable warmth; local adequate rams
rain needed in some places. Progress of
THE DRY GOODS TRADE
New. York, Friday
the past week at a
sales continuing to
fairly active pace, with the volume of
exceed that of the corresponding week
of last year by a good margin.
While summer apparel,
vacation and travel goods again attracted most attention,
there appeared growing interest in home furnishings and
appliances, chiefly as a result of the current boom in resi¬
dential construction.
Department store sales, the country
over, for the week ended June 10, according to the Federal
Reserve Board, gained 10% over the corresponding week of
1938.
For New York and Brooklyn stores an increase of
3.1% was registered, while in Newark establishments the
gain in the volume of sales reached 6.9%.
Trading in the wholesale dry goods markets continued
fairly active, reflecting the sustained demand for summer
merchandise on the part of retail stores.
Recent price
advances for a number of staple items met with a satis¬
factory response, as wholesalers, in anticipation of a good
fall business, displayed more willingness to add to their
,
commitments., A feature of the week
Domestic
Cotton
slowed
down
immediate
had
generally good, but too much rain locally; weather favored weevil
activity, with soil too wet to cultivate; squares forming in north; blooming
verters had covered
in south. Local truck damage by washing rains on coast.
Georgia—Atlanta: Favorable warmth; too much rain generally; soil too
cultivate, but drying rapidly.
Cotton planting near end in north,
except lowlands; squares abundant well into north; blooming in south; crop
poor on lowlands; weather very favorable for weevil activity.
Corn, cane,
and peanuts growing rapidly.
Digging potatoes well into north. Trapsplanting yams, Tobacco good growth, some curing in south-central. Hiley
peaches good.
Florida—Jacksonville:
Very warm days; too much rain; soil too wet to
cultivate.
Condition and progress of cotton fair; blooming; weather
favored weevil activity.
Corn fair. Sweet potatoes good growth. Tobacco
retarded by rain, but much gathered and being cured.
Truck scarce.
Shipping watermelons.
Citrus good; fruit sizing nicely; still shipping
from
valencias.
as
Favorable warmth; too much ram: ground
mostly too wet to cultivate; fields grassy.
Condition and progress of cotton
mostly fair; chopping not finished in north; bolls forming in south and
central.
Rain damaged corn in lowlands; otherwise fair to good condition
and progress.
Vegetable and fruit crops fair to good condition and progress.
Alabama—Montgomery:
Pastures good.
Too much ram on north border, in east and
on coast.
Cotton poor progress there account soil too wet to cultivate and
inadequate sunshine: generally favorable for weevil activity; squares appear¬
ing on early planted in south and central, with blooms in central.
Corn on
lowlands deteriorated or made poor progress where ground too wet, but
fair to good advance in west where early planted tasseling.
Fair weather
Mississippi—Vicksburg:
needed for cultivation.
Orleans:
Little rain; farm work and cultivation ex¬
Favorable warmth. Progress of cotton excellent; stands
condition fair to good, except only poor to fair in north¬
east; chopping rapid advance.
Progress of corn very good; condition fairly
good, except late planted locally poor; some old corn laid by.
Rice, cane,
sweet potatoes, and truck doing well; sweet-potato planting continues.
Pastures good to excellent.
Texas—Houston:
Favorable warmth; rain needed in Panhandle, ex¬
treme west, and southwest, but elsewhere adequate to excessive.
Progress
of winter wheat generally poor to fair in northwest; crop made in most other
areas; condition averages poor to fair in Panhandle and west-central and
mostly good elsewhere; harvesting and threshing well advanced in north¬
west; nearing completion elsewhere.
Progress of corn generally good;
condition good to excellent.
Oat harvest about over; average condition
poor to fair in west and fair to good in east.
Progress and condition of
cotton mostly fair to good, but plants rather small some areas; squaring
generally in east two-thirds; blooming generally in south, with boils opening
rapidly in extreme south; some late-planted in west-central needed rain for
germination; effect of recent excessive rains not yet known. Truck generally
good.
Ranges dry in extreme west and southwest, but generally good condi¬
tion elsewhere.
Cattle in good flesh.
Rice late, but mostly good condition.
New citrus crop in lower Rio Grande Valley making favorable progress.
Oaklahoma—Oklahoma City:
Very warm days; strong, hot winds; ade¬
quate rains in east, more needed in most of cenrtral and west.
Condition
of corn good to excellent; progress good; much in silk and tassel stage.
Wheat harvest nearing end in south; in full swing in north-central and
northwest; working day and night some areas; yield and quality mostly
fair to poor, except in some north-central and northwest areas where much
better than expected.
Oats mostly fair to poor.
Condition of cotton fair
Louisiana—New
cellent progress.
much improved;
the increased
Goods—Trading in the gray cloths
considerably, mainly as a result of
previous large purchases by users in anticipation of the longexpected announcement concerning a curtailment in output.
Prices, however, held firm during most of the period, and
only towards the end of the week, scattered offerings by
second hands produced temporary slight concessions.
The
definite announcement, that mills accounting for 98% of
the production of print cloth, will curtail their output
approximately 25% during the Coming three summer months,
markets
favored crop growth, except more
wet to
was
buying of cotton piece goods and domestics by some of the
large chain store concerns.
Business in silk goods improved
slightly, with sheer fabrics moving in good volume, and with
more
interest being shown in goods for the fall season.
Trading in rayon yarns continued active and prices showed
a
steadier undertone, following the announcement of an
advance ranging from 1 to 20c. a pound by the sole American
producer of cuprammonium yarns.
With operations of the
weaving plants recording a further increase, and with
additional reports coming to hand concerning the diversion
to rayon fabrics to escape the higher silk prices, more fre-'
quent predictions were heard that a moderate price advance,
at least for acetate yarns/and possibly also for viscose
numbers, may not be far off.
cotton
freely; young bolls
Night, June 23, 1939
Largely favorable weather conditions, and the approach
of the vacation season, served to maintain retail trade during
little
effect
their
on
the
market
as
most
con¬
requirements for periods ranging
to two months, and were therefore able to await
developments, particularly with regard to impending
legislative measures on the raw cotton problem.
Business
in fine goods also quieted down somewhat but prices held
steady, indicative of the improved statistical position of
the market.
Some interest existed in hopsackings, and a
one
further
fair amount of business continued to be done in voiles, on
the part
of curtain manufacturers.
Pigmented taffetas
moved in fair volume.
follows:
Closing prices in print cloths were
80s, 634c.; 39-inch 72-76s, 5^c.; 395hgc.; '3834-inch 64-60s, 434?.; 3834-inch
39-inch
inch
68-72s,
60-48s, 434c.
Woolen
Goods—Trading in men's wear fabrics gave
an early revival in buying by clothing manu¬
facturers.
Although the latter have covered most of their
fall requirements, a substantial volume of duplicate orders
is anticipated, in view of the active movement of finished
clothing in distributive channels.
The formal introduction
of the first lines of lightweight summer materials met with
a good response, and rumors
of impending price advances
for gabardines, made their appearance.
Reports from retail
clothing centers continued their cheerful showing, with sales
in many sections recording substantial gains over last year.
Business in women's wear goods, following the betweenseason lull, gave definite signs of improvement, with
garment
manufacturers placing a substantial volume of orders on
tweeds, worsteds and fall sportwears fabrics.
indications of
Dry Goods—Trading in linens remained quiet,
were confined to occasional spot lots, both
in the dress goods and the household divisions.
Prices, how¬
ever, held fairly steady, reflecting the somewhat improved
reports from foreign primary centers, due to the influx of
governmental buying orders.
Business in burlap remained
inactive, but prices ruled firmer, in sympathy with the trend
in Calcutta, where reports were issued, according to which
a 20% curtailment of hessian looms will go into effect at the
beginning of August.
Domestically lightweights were quoted
at 4.15c., heavies at 5.65c.
Foreign
and transactions
Volume
148
Financial
Chronicle
3871
has taken
the attitude that relief
gives promise of
becoming a regular
governmental cost and, as
such, should be financed
by current revenues.
At one time the
Governor was reported
prepared to advocate a 1-cent-agallon increase in the gasoline
tax for relief,
estimated to yield
and some
Specialists in
$7,000,000,
advisers, including Finance
Commissioner Lamb, have not
of his
given up hope he will do so.
Governor Moore favors the
Illinois & Missouri Bonds
Stifel, Nicolaus & Cojnc.
Founded 1890
105 W. Adams St.
DIRECT
CHICAGO
•
314 N. Broadway
WIRE
ST.
highway bond
plan and continuation of the
Works Progress Administration
road improvement
program to provide
work relief instead of
direct relief for as
many persons as possible.
He is
reported willing to
accept any workable
program, however, that will assure
municipalities getting at least
75% of their relief costs from the State.
Both the Governor and
Democratic legislators are
prepared to fight the
Republic plan of fixing the maximum
State aid at 60% of relief costs.
In
supporting the bond plan, the Governor
advanced the same con¬
tentions made by Sterner.
He declared that
$100,000,000 of (oad construc¬
tion was needed in the
State to bring the
highway system up to Federal
standards of safety.
Previous divisions of road
funds to relief left little
available for construction
without the bond
issue, the
LOUIS
further diversions
are
Governor said, and
being considered.
New
York, N. Y.—City Council Re-Enacts Present
Program
of Emergency Levies—AX a
meeting of the City Council held
News Items
sale
unemployment relief
June 15 of the block of
$709,000
on
June 20 the present
program of emergency taxation for
on
Arkansas—Credit Revival Seen in Record Bond Sale—-The
a-pack
2.90% and 3 % bonds,
reported in detail on a subsequent page of this section, is
regarded in municipal circles as marking a long step forward
forced if
substitute
a
defeated
a
re-enacted, including the
relief
sold
couneilmanic
was
learned,
be found for it.
can
proposal
in the revival of the credit of the State of
Arkansas and the
first time in the State's
history that Arkansas bonds have been
yielding less than 3%.
was
cigarettes, which, it
on
of
Councilman
one-cent-
may not be en¬
The Council also
C. Surpless,
Abner
Brooklyn Republican, to
use $100,000 out of the
estimated
for the next fiscal
year of $76,000,000 for his
investigation of relief in the city.
revenues
••
The taxes which
The total direct obligation debt' of the
State, payable from other than
highway fund revenues, is now only $13,384,673 and the
highway fund
debt, which currently amounts to $140,221,011 has been reduced
$19,362,751 since September, 1934,
through sinking fund purchases-. Thus, Arkansas )
has made a greater reduction in its
outstanding indebtedness than .almost
any other State in the Union
during the past five years. During this period
it has created
practically no additional indebtedness. Under a constitutional
amendment adopted in
1934, the State of Arkansas is now prohibited from
increasing its debt except by vote of the people.
Developments during the last two years indicate rather
conclusively
that public opinion within the State is
solidly behind a continuance of
were passed together
with their yield, as estimated
by
vote on the bills, follow:
Sales—Two per cent on sales of all
merchandise, except food: 3 % on bills
telephone, electricity, gas and
refrigeration services, and 3% on all
sales of food in restaurants of
$1 or more a person and on
all liquor sales,
whether in bars or in
packages, Estimated yield;
$53,334,100.
Vote:
to 0, with three
22'
members not voting.
Cigarette-—1 cent a pack, in addition to the
2 cents a pack which the
State
government will start
charging on July 1.
Estimated yield:
$7,000,000.
Vote:
15 to 10.
gations.
on gross receipts of all
businesses earning $10,000 or
on gross receipts of
financial businesses, with no
Estimated yield:
$12,253,000.
Vote 22 to 0, with three
members not voting.
Cpnduits—3 % on the gross receipts of
companies operating or
conduits.
maintaining
Estimated yield:
$250,000.
Vote: 23 to 0, with two
members
not
Comptroller Joseph D. McGoldrick, and
the
for
>
Utilities—1% on gross receipts of utility
companies operating in the city,
3% on steam railroads.
Estimated yield; $6,000,000.
Vote:
21 to
1, with three members not voting.
and
present fiscal policies and it is reported that banks and
institutions within
the State now own in excess of
$28,000,000 par value of the State's obli¬
Investors generally
obligations.
are
of Arkansas
Business—l-10th%
according increasing recognition to State
more
Refinancing Proposal Advanced in New York—We
quote in part as follows from an article appearing in the
"Wall Street Journal" of June 22:
,
One
par,
on a
•
•
•
men.
•
o
,
Tax
Tax Rate Set at New
\
•
•
Municipal Association, the United States Conference of
Mayors, the Municipal Finance Officers Association, the Institute
of
Municipal Law Officers and the Municipal Leagues in over 30 States
all cooperating with the Conference
the Treasury attempt to tax
will
on
put forth vigorous opposition
"We have no intention of
leaving the
killed
once
State Defense in its opposition
to
■
field until this proposition has been
and for all.'"
would like to reduce
Denouncing the Mayor's budget, which was
officially fixed recently at
$587,509,839.45, and the "reckless spending" of the
Kensley explained that although the budget was lower administration, Mr.
than the
total for 1938, the assessed valuations
were also lower and
Harley L. Lutz, Professor of Public Finance at Princeton Univer¬
sity, who has made an intensive study of the entire subject of the tax
ex¬
empt bond for many years will be the main economic witness for the
States."
Mr. Epstein said.
In support of the contention of the States that
Congress has no power
to levy a tax on municipal securities, Mr.
Epstein said that he would pre¬
sent to the Committee a brief
prepared by the Attorneys-General of the
States and by counsel for other public bodies which
shows that the Supreme
Court still strictly adheres to the proposition that State
and municipal
bonds are immune from Federal tax.
Mr. Epstein stated that this brief
would be accompanied by the oral
testimony of Attorneys General and
municipal law officers and by private lawyers who are experts in the field
of public finance.
Tax Department at
$16,640,632,939.
the higher figure.
This is the first tax rate set for the
new
city charter, beginning
Mr. McGoldrick will talk
on
"New York
City Finances."
New
Jersey—Governor Supports $60,000,000
Highway
Bond Plan—We quote in part as follows from a Trenton
dis¬
patch to the Newark "Evening News" of June 19, regarding
a plan to issue a large amount of bonds for
highway purposes:
for
Sterner.
Mr.
Moore
today declared his support for the $60,000,000 bond
highway improvements proposed by Highway Commissioner
Sterner's bond
bill
has been
before the
Assembly several weeks.
Its sponsors are hopeful that support of the Governor
cratic minority will provide enough votes for
means
adoption.
the
Decision
Demo¬
of the
Governor to support the bond issue for road construction
is due partly to
opposition to direct relief.
At numerous conferences, including one
with a group of newspaper editors last Friday, the Governor has
declared
he is "opposed to the dole, but favors work relief."
his
,
The Governor has resisted efforts of
for
a
lesser bond issue, $15,000,000 to
some
advisers to have him declare
$25,000,000, for direct relief.
He
The difference
new
fiscal year
as
$589,000,000
fixed by the
responsible for
were
was
established by the
July 1 and running to June 30.
In the
past the fiscal year was coincidental with the
calendar year.
Becauselof
the change, a tax rate for the first
six months of 1939 was set
last March
by the Council, and amounted to a basic amount of
$1.38 for the half-year
period.
on
'
„
Comparative figures for the
pew fiscal
1938 follow:
Borough—
"
Manhattan
—
-----
1939-1940
$2.95
The Bronx
Municipal Forum to Hold Luncheon
Meeting—-Joseph
D. McGoldrick, Comptroller of New York
City, will be the
guest of honor and speaker at the next luncheon meeting of
the Municipal Forum of New York on
Tuesday, June 27 at
the Lawyers Club.
issue
same
borough tax rates ranging from 10 to 22
cents, the amount paid
by the taxpayers will remain the same in three
out of the
city's five boroughs.
In Manhattan
they will pay $2.95 for each $100, an increase
of 2 points over
1938.
In Brooklyn they will
pay $2.95 instead of
$2.94, an increase of
1 point.
the rate.
Ways and Means Committee
this proposal," he declared.
"Dr.
Governor
.
the
Councilman Joseph E.
Kinsley, Chairman of the Finance
Committee,
pointed out that under the charter the Council's
duty in fixing the rate
was mandatory and was based on
the official figures for the
budget, the
assessed valuations and the
estimate furnished by the
Comptroller of
general fund revenues.
No discretion on the
part of the Council was
permitted, he said, no matter how much the members
municipal securities.
Solicitor General
Henry Epstein, Chairman of the Conference, said,
"All of these nation¬
wide organizations in the field of State and
Municipal governmental ad¬
ministration will be represented before the
and
,
With the
The American
■
on
.
news from
Washington that the House Ways and
Committee will consider such taxation at
hearings
beginning June 28.
to
High Mark—The Council
date fixed the basic tax rate for the
fiscal year of 1939-1940
at the amount of $2.82 for
each $100 of assessed
valuation,
an all-time
high record for New York.
In 1938 the basic
rate was $2.80. ' For the first
six months of 1939 the
rate
was $1.38.
•
follows the
are
•
.
Bond
Legislation to Be Opposed—
Witnesses to appear in opposition to
legislation for Federal
taxation of State and
municipal bonds are being organized
"by the Conference on State Defense, an organization of 45
State Attorneys General and other State and
municipal
officials, it was announced on June 21.
The announcement
Means
the
to
a
Municipal
of
Republican,
the possibilities of
refinancing the outstanding debt of
lower interest cost basis.
The outstanding bonds are callable
factor which would tend to expedite a
refunding plan if, terms
could be successfully
arranged with bankers.
At least two refunding laws
have been passed by the Arkansas
Legislature looking to an overall refund¬
ing of the State's debt but it is not certain that either of these
pieces of
legislation are such as would conform with the ideas of bankers.
at
member
Council.
Joseph Clark Baldwin 3d, Manhattan
was absent, which reduced
the voting
strength of the body
25.
The program adopted this
year for the new fiscal
year which begins on
July 1 is identical with the one in force at
present, except for a few minor
and technical changes in the
language of certain laws, to
plug loopholes
which developed and to make
collection of the taxes a
simpler job. At the
last minute the personal
property tax, which produced
$1,090,106.49 from
July 1, 1938, to June 30, 1939, the last days or
this month being
was substituted on the tax.
estimated,
docket for the
compensating use tax which was
previously introduced.
The use tax it was
explained, was withdrawn be¬
cause of the lack of time in
the Council for
proper study of its provisions,
and because of a large number of
objections which came in from
merchants
and business
-
discussed
Arkansas
:
Personal Property—2% on personal
property purchased out of town,
designed to plug loop-holes in the sales
tax law.
Estimated yield:
$1,000,000.
Vote:
21 to 4.
The refinancing program is still in the
nepulous stage and there is no
definite indication thus far that the
refunding arrangement will be success¬
fully worked out in the near future.
However, conversations have been
held between the Governor and
representatives of one of the larger New
York banks.
Governor Bailey has on several occasions in the
past two
years
l-5th%
voting.
Discussions
.
year;
.
looking to the refinancing of the approximately $140,000,000
outstanding bonded debt of the State of Arkansas are
being held with
bankers by Governor Carl
Bailey of that State who is in New York this
week.'
" V'.
•' '
.
a
exemptions
Debt
Queens.
.-•-
Richmond
the first half of 1939 and
1939 (K Yr.)
$1.44
2.92
2.95
3.04
Brooklyn.
„
year,
1938
$2.93
1.42
2.92
1.43
2.94
3.04
2.95
1.48
1.43
2.95
The borough tax rates,
representing the assessments
improvements of the boroughs which are not considered
on
taxpayers for
city-wide charges,
Bronx; 13 cents in
Brooklyn; 22 cents in
cents
in
Richmond.
Property
specifically exempted from city-wide taxation
by statute, such as housing
developments and other items of real estate, will be
taxed only on the basis
of the borough rates.
Such property is valued in
Manhattan at $35,172,400; in the Bronx at $9,784,000; in
Brooklyn at $4,610,100; in Queens at
$3,818,525. and in Richmond at $184,000.
amounted to
New
Passed
13 cents in
Manhattan; 10
Queens, and 13
cents in
the
York
State—Report of Governor's Action on Bills
by Legislature—A special dispatch from
Albany to
the New York "Times" of June 21
reported
measures
approved
or
as
follows
on
rejected by Governor Lehman this
year:
The fiscal
decisions
by
problems of the State Government
played a large part In the
Governor Lehman in signing or
vetoing 1,235 bills which
put in his hands by the Legislature.
The Republican cutting of the Governor's
were
high percentage of bills passed by the
which would have involved additional
budget
brought
veto
of
a
Republican-controlled Legislature
spending by either the State or its
subdivisions.
•
/
Financial
3872
An
analysis of the Governor'g action on
bills of consequence is as follows:
Financial
He signed
bills continuing the emergency tax rates.
tax
Including those on
He also approved the
cigarettes.
on
50% increase in the liquor tax,
bill taxing the salaries of
he himself suggested, and the Whitney
Federal employees living within the State.
which
He
New York City has been using
since 1934 to finance
unemployment relief and another Coudert bill extending the scope of the
New York City occupancy tax for housing purposes.
He vetoed about 100 bills because they would increase the expenses of
government.
These included the Ives bill transferring control of adminis¬
tration of home relief to the localities, the Hanley bill converting nine State
normal schools into State colleges, the Hastings bill permitting local work
relief and the Wadsworth bill extending the scope of State aid for dependent
children.
bills which carry out the Republican
including suspension of the Friedsam formula for appor¬
education and suspension of the Feld-Hamilton pay
equalization law.
He vetoed other bills in the Republican fiscal program, including the
Moffatt bill to revise the State Finance Law and the bill to create the post
of legislative auditor, as well as several items in the supplemental budget,
including appropriations for commissions to study crime, education and
the administration of the alcoholic bevegrage control law.
He signed
under protest a series of
fiscal program,
tioning State aid for
For
reasons
of economy,
the Governor vetoed
bills giving Westchester
Queens additional county judges and providing a Supreme Court justice
well as tne Parsons bill changing the date of automobile
registration from Jan. 1 to April 1.
and
for Westchester, as
Social Welfare
signed the new bill permitting the free transportation
private and parochial schools under the same con¬
ditions as children attending public schools.
He approved the Wilson bill generally revising the system of unem¬
ployment insurance administration in the State to conform to the recom¬
mendations made by his advisory council and the Burney investigating
Governor
The
of children attending
approved also the Nunan bill
implementing the new constitutional
provisions permitting the State to furnish health and Welfare services in
private and denominational as well as public schools.
The Governor vetoed the Page bill, which would have kept in their
jobs
a
large number of social welfare workers
who failed to pass ci vil service
examinations.
Other bills signed included
the Pack bill tightening regulations on rooming
houses, the Desmond bill creating a new system of handling lunhcy cases
in the State, the Gugino bill establishing a division of cancer control in
the State Health Department and the Hastings bill authorizing, in ac¬
cordance, with the new constitutional provisions, the issuance of home
relief bonds by localities.
1
Other vetoes were those of the McNaboe bill to set up a system of lunacy
and the Young bill to sec up a system of merit-rating in
unemployment insurance taxes.
commissions
Business
The
Governor vetoed the Lake
»
bill to require that the mark of origin
plainly stamped on all products sold within the State.
He also vetoed
the Parsons bill to bar the use of "loss-leaders" in retail merchandising
and to set up a system of price-fixing.
<>•
He signed the Steingut bill ending the State Mortgage Commissions
and a series of bills extending for another year the mortgage foreclosure
moratorium and the moratorium on deficiency judgments.
He also signed
be
the
Quinn bill permitting
months and the
summer
banks to remain closed on Saturdays during the
bill continuing for another year the publicity
campaign for milk.
He vetoed a bill providing for the licensing
of barbers.
Governor signed
the Mitchell bill providing for an automatic rewithin 30 days after election.
He vetoed
of the voting machines
bill which would have made State tickets by independent
impossibility and bills making independent candidacies more
also vetoed the Parsons bill to eliminate the holding of
primary elections in cases where there are no contests.
Racial Discrimination and Outside Agitation
The Governor signed the Schwartzwald bills barring racial discrimination
in the civil service and in stores, beauty parlors, public halls, &c.
He vetoed the Perry bill which "would have deprived labor unions guilty
of racial discrimination of the benefits of the State Labor Relations Act.
He signed the DGvany bill barring persons advocating the overthrow of
government by force from the civil service and the teaching systems and
the Heck bill barring the wearing of uniforms resembling those of a foreign
government, military or semi-military group.
'
He also signed the Holley bill permitting surrogates to hold up funds
destined for beneficiaries abroad if there is any danger that the funds will
be confiscated by the government of the country in which the beneficiary
is living.
'
the
Feinberg
groups
an
difficult.
which
and agitation have sought to
of endeavor
years
abolish."
Immediately after the Court's decision, Governor Lehman issued a call
a special session of the Legislature to convene at 2 p. m. on
Friday,
and Speaker Heck and Chairman Moffat of the Assembly Ways
for
Committee issued a joint statement pledging their aid in
at this special session, of remedial legislation.
and Means
He
General
housing bills
He also ap¬
rule sections of the new
share of grade-crossing
The Governor approved the Desmond-Moffatt Mitchell
under which the State embarked on a housing program.
proved the Desmond bill implementing the home
State Constitution; the Wicks bill, reducing the
paid by the railroads to a maximum of 15%, instead
50%; another Wicks bill putting rapid transit employees in New York
City under the civil service after transit unification; the Feinberg bill
authorizing the construction of the Battry-to-Brooklyn bridge; the McNaboe
bill requiring domestic insurance companies to turn over to the State
unclaimed equities in insurance policies; the Coudert bill permitting garages
to be built in connection with multiple dwellings; the Piper revision of the
insurance code; the Goldberg bill eliminating the holding of dual jobs by
teachers, and the Hollowed bill permitting the State to participate In the
Federal flood control program.
Other Dills signed included the Todd bill permitting equal representation
of men and women on the statutory committees of political parties; the
Dunnigan bill giving the State Racing Commission a voice in the sus¬
pension of licenses of those connected with horse-racing; the Education
Committee bill barring unlicensed kindergartens; the Nunan-Allen milk
bill designed to implement Federal legislation; the Crews and Coudert
eliminations
costs
of
simplifying the procedure for the demolition of elevated railroads in
New York City, and a series of bills sent up by Park Commissioner Robert
Moses designed to speed development of a parkway system in and around
bills
New York City.
.
.
,
The Governor vetoed the Rapp bill to increase the automobile speed
limit from 40 to 50 miles an hour; the Breitbart bill to provide for hearings
before the Superintendent of Schools in the case of teachers facing dismissal;
the Mahoney bill which would have repealed the "gun in auto" law; the
Stephens bill which would have given Putnam County supervisors veto
power over New York City water supply developments within that county,
and the McNaboe bill to require that promotion of policemen be on a
Apart from Judge Crane's
procedure for future years,
session is still in doubt.
decision, which set forth a definition of budget
the procedure to be followed at the current
decision on June 15 held the
unconstitutional, and this decision included the cuts made in the
Appellate Division, in a three-to-two
The
budget
appropriation for State aid for education.
In its decision, the Court of
Appeals held that the inclusion of State aid for education and highway
construction appropriations by the Appellate Division was "inadvertent,"
and it ruled that the appropriations for schools and highways, in their
reduced amounts, remained legal, except for one isolated item in each
appropriation.
bill, then signed
an
Debt
State—Municipal
York
New
Refundings
Require
Comptroller's Approval—Municipal officials throughout the
State have been advised recently by Comptroller Morris S.
Tremaine that in accordance with a part of Section of Article
8 of the new State Constitution, refundings must have his
sanction before they can be made effective.
The portion
of the new article to which the Comptroller has reference,
reads
follows:
as
Indebtedness heretofore contracted may
be refunded only with the ap-
in
event terms and conditions prescribed by the State Comptroller,
Sroval of and on for a period exceeding 20 years from the date of such re¬
ut
no
funding."
In thus
connection Comptroller Tremaine makes the following comment:
I have prescribed that applications
for permission to refund bonds shall be made as herein set forth.
"The application shall be made by a person authorized so to do
by a reso¬
a municipality or in case of a school district
thereof.
"An application for permission to refund bonds issued for work or home
relief or to refund refunded bonds will not be approved.
"These rules are subject to change at any time without notice and nothing
herein or in the approval or disapproval of any application shall be construed
as an expression of the legality or illegality of the proposed issue of refunding
lution of the
governing body of
by the 'trustees
bonds."
,
Pennsylvania—Supreme Court Upholds Voiding of Chain
Store Tax—The State Supreme Court on June 19 upheld
lower court invalidation of the graduated chain store tax
which was enacted during the 1937 session of the State
according to
Legislature,
a
United Press dispatch from
Harrisburg of that date:
down
validity
The decision was handed
on
a
similar
appeal
on
the Court met for a special hearing
of Pennsylvania's foreign corporation *
as
franchise tax.
The Dauphin County
Court last March found the chain store tax un¬
Arthur H. James in
constitutional and an appeal was authorized by Gov.
hope of gaining additional annual revenue
ranged from SI to S500, according to the number
the
of $2,250,000.
The levy
of units in the chain.
former Gov, George H. Earle and his
carried an automatic repeal clause in
case it were declared unconstitutional by the courts.
The opinion, written by Justice James B. Drew, said in part:
"Whether the statute imposes a progressively graduated tax on income
or as does the Act here before us on the opera tion of stores or theatres within
the Commonwealth it lacks uniformity and hence is unconstitutional.
"The Act is capable of but one interpretation and that is that it is a
plain and palpable attempt at graduated taxation which obviously violates
the provisions of our Constitution."
Attorney General Claude T. Reno said he has not decided whether or
not he would carry the case to the United States Supreme Court. He added
that he Avants to read the opinion carefully before he makes a decision.
Officials of the Department of Revenue state that they have collected
approximately $200,000 from chain store and theatre operators and that
it can be recovered if the opinion has become final.
Municipal Bond Regulation to Be Studied—Municipal bond
regulation to be written into proposed legislation for sub¬
mission to the 1941 session of the Pennsylvania General
Assembly will be studied by a committee representative of
all parties at issue, William S. Livengood Jr., Secretary of
Internal Affairs,
This
amended bill giving osteo¬
paths the right to perform minor surgical operations.
Governor Approves Creation of Municipal Finance Revision
Body—Governor Lehman on June 16 signed a bill of As¬
semblyman Abbot Low Moffat, Manhattan Republican,
which creates a temporary State Commission, with an
appropriation of $25,000 for expenses, to study methods for
revising and modernizing State and local finance laws and
recommending uniform statutes governing the finances of
municipalities.
was
states.
;
decided upon at an informal conference
the closing days of the Legislature when it was
so much confusion existed it was impossible
to
during
found that
reach har¬
monious conclusions.
Tax
Collections
the text of
a
in
New
England—r-We give herewith
issue of "New
statement contained in the June
England Municipal News," a monthly publication put out
by F. W. Home & Co. of Hartford:
A review of the
1938 tax collections in the New England
cities of over
50,000 persons, shdws that in spite of the generally adverse business con¬
ditions which existed in this year, the average collections of current prop¬
erty
assessments
was
slightly higher than in the previous year
of 1937.
However, there was a decline in the collection of delinquent taxes, which
resulted in the combined total collections of current and delinquent taxes
falling below the levy for the year in all but seven cities. As a whole, col¬
were .13% aboVe the total levy for all cities.
The collection average
for the last four years in New England has been 1.50% above the average
for its neighboring group, the Middle Atlantic States, although collections
have run slightly below the average for the Nation.
To New Britain, Conn., goes the honor of the best collection record for
lections
of
this four-year period, its average collections for that time being 107.35%
its levies.
Lynn, Mass., takes second position with an average of 106.25%,
Hartford, Conn., third position with an average
leaders in each of the New England States are:
and
New
seniority basis.
The Governor vetoed one
expedit¬
ing the passage,
The tax, which was endorsed by
"Little New Deal" administration,
Election Law
The
canvass
Lehman's budget by the substitution of lumpsum items
itemized schedules, was reverting "to the old system
"Under authority of the foregoing,
committee.
He
1939
June 23,
extending for another year the emergency
approved the Coudert bill
taxing powers which
nor
for
fasoline, personal incomes, concerning its yield, the Republican-sponsored
stock transfers, franchises and corporations,
ie approved, with doubts
June 24,
Chronicle
Hampshire, Manchester, 99.03%;
101.82%; Massachusetts, Lynn,
Portland,
tucket, 104.30%; Connecticut,
of 104.90%.
The
Vermont, no record; Maine,
106.25%; Rhode Island, Paw-
New Britain, 107 35%.
Capita Debt Shows Decrease—
living in the average American city of
United States—Cities' Per
The average person
30,000 population or over owes
it is disclosed in
a
$179.12 in municipal debt,
study made for the National Municipal
League.
City, the total gross bonded debt of these 310
the past year.
Including New York,
total debt of $8,402,369,000 as of Jan. 1, 1939, the report esti-
Excluding New York
cities decreased $75,262,000 during
they had
a
mates
of population increase, the contributions to local budgets
Federal Works program, constitutional and statutory debt
A slower rate
New York
State—Budget Ruled Invalid by Appeals Court—
Special Legislative Session Set—The Court of Appeals ruled
June 21, in a unanimous decision written by Chief Judge
Crane, that the Republican legislative budget was un¬
constitutional. " It was declared by Judge Crane that the
said Republican plan, which involved the cutting of Gover¬
on
made by the
and anxiety over the high cost
author, Rosina Mohaupt of the Detroit
limits,
of government are given by the
Bureau of Municipal Research, as
the reduction in local borrowing.
Cautioning that "although it has little significance in most cases, the
highest and lowest debt is always of general interest," Miss Mohaupt found
that Atlantic City, N. J. has the highest per capita net debt, $378.95,of
the 270 cities over 30,000 for which full data were a Available.
Dividing the
some
of tbe reasons for
Volume
Financial
148
Chronicle
3873
cities into population groups:
(1) 500.000 and over; (2) 300,000 to 500,000;
(3) 100,000 to 300,000; (4) 50,000 to 100,000; and (5) 30,000 to 50,000,
the report shows that
Philadelphia, Jersey City, Miami, Atlantic City, and
"White Plains, N. Y., have the highest per capita net debt in their respective
population groups.
Milwaukee, Seattle, Spokane, Saginaw (Mich.) and
Danville (111.) have the lower per
capita debt in their population groups.
Lowest of all cities is Danville, with a per capita debt of $10.99.
Miss Mohaupt's per capita figures do not include
public utility debt,
which was omitted from the tabulation
owing to the diffficulty of dis¬
tinguishing self-supporting utilities from those not self-supporting.
California
Bankamerica Company
485 California
Bell
Bond
OFFICES
Proposals and Negotiations
IN
Street, San Francisco
System Teletype SF 469
OTHER
ALABAMA
PRINCIPAL
CALIFORNIA
CITIES
CALIFORNIA
DECATUR, Ala.—BONDS SOLD— It
is reported that $887,000 water
bonds have been purchased jointly by Watkins, Morrow & Co.
and Marx & Co., both of
Birmingham, and the Cumberland Securities
revenue
Corp. of Nashville.
HOMEWOOD, Ala.—BOND TENDERS ACCEPTED—In connection
with the call for tenders of refunding,
3%-5% Second Series bonds, dated
Jan. 1, 1938, maturing on Jan. 1, 1968, it is
reported by the First National
Bank of Birmingham that $25,000 of bonds were
purchased at
69 and interest.
Municipals
a
price of
'
rJ£??FRiAL COUNTY (P. O. EI Centre),
Calif.—LOCAL BOND
DEFAULTS—The following municipalities were reported to be in default
at May 23,
1939, according to' a compilation prepared by the Gatzert Co,
of Los Angeles,
Calif., showing tax collections and financial status of various
bond issues:
—
40,992.00
7,000.00
2,000.00
Road District No. 5
Road District No. 9.
Interest
$432.00
22,157.59
3,420.00
165.00
930.11
'
10,000.00
900.00
KERN COUNTY (P. O. Bakersfield), Calif.—SCHOOL BOND OFFER¬
ING—It is stated by R. J. Veon, County Clerk, that he will receive
sealed
bids until 11:30 a. m. on
July 3, for the purchase of a $9,400 issue of 5%
Brundage School District semi-annual bonds.
Denoms. $1,000, one for
$400.
Dated June 12, 1939.
Due on June 12 as follows: $1,000 in 1940
to 1948, and $400 in 1949*
Principal and interest (J-D) payable in lawful
Market a in all Municipal Issues
money at the
County Treasurer's office.
A certified check for at least 10%
of the amount of the bid, payable to the Clerk of the Board of
Supervisors,
REFSNES, ELY, BECK & CO.
PHOENIX, ARIZONA
.
is required.
•
LOS
"
ARIZONA
"
,
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—SCHOOL
BOND SALE—The $43,000 issue of Mountain View School District bonds
offered for sale on June 20—V. 148, p. 3719—was awarded to the
-
First National Bank of Los Angeles, as
equal to 101.53, a basis of about 3.36%.
June 1, 1942 to 1963.
MARICOPA COUNTY SCHOOL DISTRICT NO. 49 (P. O.
Phoenix),
Ariz.—BOND ELECTION—It is said that an election will be held on
June 30 in order to vote on the issuance of $15,000 in construction bonds.
Security-
3^s, paying
a premium of $659,
Due from
Dated June 1,1939.
„•
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFOR¬
NIA (P. O. Los Angeles), Calif .—BONDS READY FOR DELIVERY—
NAVAJO COUNTY SCHOOL DISTRICT NO. 9
(P< O. Holbrook),
Ariz.—BONDS OFFERED— Sealed bids were received until 10 a. m. on
June 24, by J. L. Peterson, Clerk of the Board of
Supervisors, for the pur¬
chase of $1,600 improvement bonds, according to report.
The Chase National Bank announces that Colorado River waterworks
3H%,
4% and 434 % refunding bonds in definitive form will be ready for delivery
in exchange for temporary bonds at its Corporate Trust
Department on
and after June 26,-and at the office of the Treasurer of the Water
District,
306 West Third Street. Los Angeles, on and after July 6.
ARKANSAS BONDS
Markets in all State,
■'
Principal
$2,100.00
2,842.00
Imperial Union School District
Jasper School District
Calipatria Union High School District
ARIZONA BONDS
past Due"
—
Municipality—
Westmorelahd Sanitary District
COLORADO
CALHAN, Colo.—-BOND OPTION—It
County & Town Issues
is reported that
an
been
granted on the purchase of $21,000 334% semi-annual
refunding bonds to Charles J. Rice & Co. or Denver.
option has
water works
LA JUNTA,
Colo.—BONDS PUBLICLY OFFERED—A $32,000 issue
234% semi-annual refunding bonds is being offered by Brown, SchlessOwen & Co. of Denver, for public subscription.
Denom. $1,000.
Dated July 15, 1939.
Due $8,000 from July 15, 1942 to 1945, incl.
Prin¬
cipal and interest (J-J) payable at the City Treasurer's office.
Legal ap¬
proval by Pershing, Nye, Bosworth & Dick of Denver.
of
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST,
man,
LOUIS, MO.
CONNECTICUT
ARKANSAS
ARKANSAS,
State
of—INVESTMENT
CONNECTICUT,
State of—MERRITT PARKWAY TOLL BILL
SIGNED—We quote in part as follows from a news dispatch out of Hartford
on June 15:
BOARD
TO
PURCHASE
BONDS—The State Investment Board on June 15 considered
preliminary
plans for the purchase of the State's bonds with treasury funds available
for this purpose under the 1939 refunding and investment act.
Approxi¬
Governor Raymond E. Baldwin today signed the Merritt Rarkway toll
bill authorizing the levying of a 10-cent toll on the Fairfield County super¬
highway and tne contsruction of the 38-mile Wilbur L. Cross Parkway from
mately $3,229,076 will be available for purchase of the State's obligations.
The new act authorizes the State to invest 50 % of the average of
treasury
balances over a two-year period.
From May 1, 1937, to April 30, 1939,
the average balance was $8,873,403, exclusive of Federal funds.
From this
must be deducted $2,266,407 as the average highway fund balance
and
$143,843 as the average balance of common school fund.
the Housatonic
tenders, it
would be the first purchase of the State's outstanding obligations under
the
new act.
a
•
.
Authorities
.
'
Arkansas obligations described the act as the outgrowth of
decision to utilize inactive treasury balances, which are
bringing in no
on
return, and on which a surety
bond fee is being assessed by banks.
The 1939 refunding and investment act gives the Investment Board dis¬
The Supreme Court directed that the bonds
purchased be delivered to the State Treasurer for credit to the funds from
which the cash was withdrawn.
In setting up this rule, the Court held
cretion to purchase the bonds.
illegal
a
section of the act to permit
collateral
on
use
of bonds purchased by the State
as
bank loans to finance additional purchases.
&
Co.
5%.
to refund
Maturities
bonds of State Construction Commission
outstanding at
will be shortened eight years compared to original schedule
and saving is estimated by Gov. Carl E. Bailey at $247,000.
To facilitate
the transaction, the new issue was purchased by Reconstruction Finance
Corporation under agreement of resale fo Stifel. Nicolaus & Co.
Final bid
was
101.
In February, 1937, State Construction Commission refunded
$800,000 of its bonds to reduce interest from 5% to 3.75%..
ARKANSAS,
.
State
of—BOND SALES—The following
two
issues
of
bonds aggregating $709,000, offered for sale on June 15—V. 148, p.
3263—were purchased by a syndicate composed of A. C. Allyn & Co., Inc.",
and Stifel, Nicolaus & Co., Inc., both of Chicago, and Walton, Sullivan &
Co. of Little Rock, as 3s, paying a premium of $100, equal to
100.01, a
coupon
basis of about 2.995%:
No other bids
were
received on the above issues.
Raney & Sons of Little Rock, and the Scherck, Rlchter Co. of St. Louis,
2.90s, at par.
Due from July 1, 1940 to 1947, inclusive.
as
CLARENDON, Ark.—BONDS VOTED—It is reported that $17,000
street paving bonds were approved by the voters at an election held on
dimes
will
be
4
■
NORWICH,
Conn .—BOND SALE— The
$353,000
bonds
coupon
148, p. 3720—were awarded to Phelps, Fenn & Co.,
Inc. and Paine, Webber & Co., both of New York, jointly, as l%s, at par,
plus $2,933.43 premium, equal to 100.831, a basis of about 1.66%.
'
*
consisted of:
Sale
»
$125,000 public improvement bonds.
Due July 1 as follows: $7,000 from
1940 to 1944, incl. and $6,000 from 1945 to 1959, incl.
158,000 refunding bonds.
Due July 1 as follows:
$8,000 from 1940 to
1958, incl. and $6,000 in 1959.
'
70,000 refunding water bonds.
Due July 1 as follows: $4,000 from 1940
to 1949, incl. and $3,000 from 1950 to 1959, inclusive.
BONDS PUBLICLY OFFERED—The bankers re-offered the bonds from
a
yield of 0.25% to a price of 99.50, according to maturity.
Other bids,
l%% bonds, were as follows:
Bidder—
'
Bate Bid
'
Goldman, Sachs & Co. and Eastman, Dillon & Co..
Halsey, Stuart &
Estabrook & Co.
Blair & Co., Inc.
Union Securities
100.78
Co., Inc. and the R. F. Griggs Co
100.553
100.527
and Putnam & Co—*
and Roosevelt & Weigold, Inc....
100.30
Corp., Equitable Securities Corp., and Kean,
Taylor <fc Co__
WALLINGFORD,
100.15
"
Conn.—BOND SALE—The $90,000 coupon bonds
offered June 15—V. 148, p. 3562—were awarded to Cooley & Co. of Hart¬
ford at 100.019 for $30,000 1 34». due $6,000 on July 1 from 1940 to 1944,
incl., and $60,000 134s, due $6,000 on July 1 from 1945 to 1954, incl.
The
offering consisted of:
$45,000 refunding bonds.
Due $3,000 on July 1 from 1940 to 1954, incl.
45,000 bridge bonds.
Due $3,000 on July 1 from 1940 to 1954, incl.
All of the bonds will be dated July 1, 1939.
Other bids:
Int. Rate
Putnam & Co.
Co
R.F.Griggs Co
R. L.Day &
----
-
First National Bank of Boston
F. W. Horne & Co
The $119,000 issue of coupon Arkansas State Teachers' College
refunding
bonds offered for sale at the same time, were awarded jointly to T. J.
in
j
Bidder—
$312,000 State penitentiary refunding bonds.
Due from July 1, 1942 to
1947, inclusive.
397,000 State permanent school refunding bonds.
Due from July 1.
1942 to 1947, inclusive.
year
offered June 30—V.
for
INVESTMENT BOARD SALE—A Little Rock news report to the "Wall
Street Journal" of June 19 had the following to say: State Investment Board
reports sale of issue of $1,220,000 to syndicate headed by Stifel, Nicolaus &
a
000,000 cost of the new parkway.
,
The Investment Board may specifically decide on whether it will call for
on the State's obligations.
If it does decide to call for
$500,000
annual diversion of highway funds and a
$4,000,000 bond issue, if needed, will be applied to the estimated $18,-
On this basis, the average
tenders
Hartford.
This money, along with a 5%
The Supreme Court recently decreed that the balances in the
highway
and apportionable pchool funds must be deducted in computing the balance
that may be used for purchase of the obligations.
for the two-year period was $6,458,153.
River to
Highway authorities estimate that
collected
Rate Bid
134%
1K%
134%
134%
l%%
Estabrook & Co
1??%
Roosevelt & Weigold, Inc
2%
100.314
100.279
100.069
100.066
101.02
o
100.799
100.82
WATERBURY, Conn.—BONDS OFFERED—John P. Fitzmaurice,
City Clerk, received sealed bids until 8 p. m. (DST) on June 23 for the pur¬
of $70,000 coupon or registered Center School District refunding
bonds of 1939.
Dated July 1, 1939.
Denom. $1,000.
Due $10,000 on
chase
July 1 from 1940 to 1946, incl.
June 13.
Bidder was required to name one rate of
multiple of 34 of 1%.
Principal and interest (J-J)
payable at the First National Bank, Boston.
Legaltiy approved by Storey,
Thorndike, Palmer & Dodge of Boston.
interest, expressed in a
EUDORA-WESTERN DRAINAGE DISTRICT (P. O. Eudora), Ark.
—BOND REFUNDING PLAN BEING APPROVED—It is reported that
about 85% of the creditors of the district have approved a refinancing plan
involving $648,000 of bonds.
The district plans redemption of 42.5%,
and for this purpose a loan of $211,000 has been tentatively approved
by
Finance Commission.
To this will be added cash on
hand and proceeds of delinquent tax collections, the goal of which is $60,000.
The district, which comprises 120,000 acres, has been in receivership since
the Reconstruction
1931.
HEMPSTEAD COUNTY
.
(P. O. Washington). Ark.—BOND OFFER
ING—It is stated that sealed bids "will be received until June 29, by the
County Clerk, for the purchase of an issue of $110,000 court house con¬
struction bonds
DISTRICT
OF
COLUMBIA
OF COLUMBIA, Washington, D. C.—SENATE COM¬
MITTEE
KILLS INCOME
TAX PR OP OSA L—Th e Senate District
Committee on June 20 voted to kill the House-imposed income tax—V. 148,
p
3720—and other proposed new levies and to substitute the Overton
fiscal formula with a renewal of the business-privilege tax for another year.
The action was taken in executive session following a public hearing at
which testimony for and against the income tax was given by representative
civic and business groups.
DISTRICT
Financial
3874
June 24, 1939
Chronicle
CHICAGO, III.—WATER
BONDS
FLORIDA
$1,500,000 water works system.
Dated
Jan. 1 from 1950 to 1952 incl.
900,000 water works system .
follows:
$500,000 in
Clyde C. Pierce Corporation
National Bank Building
F-A
First
National
Resident Manager
will be furnished by the city.
FLORIDA
ON RECENT LEGISLATION—The
June issue of the monthly bond quota¬
tion sheet put out by A. B. Morrison & Co., Congress Building, Miami:
Our Florida Legislature adjourned June 2nd, with a record of having
FLORIDA, State of—REPORT
following statement is taken from the
accomplished very little of a constructive nature.
A good part of the session
was taaen up by a bitter fight over racing.
After wrangling over this for
several weeks, the racing situation remains in practically the same status as
before the legislature met.
After the Legislature adjourned, the Governor vetoed three Bills having
to do with the gas tax allocation. Seventeen of the counties of the State have
exhausted their original allocations of gas money or shortly will do so,
and while the majority of the counties will continue to receive their regular
allocations, these particular counties will receive no.more money under the
1931 law for servicing their bonds. One of the Bills vetoed by the Governor
proposed to increase the total amounts to be repaid the counties by including
interest on money used to build state roads. This would have continued the
present gas tax unchanged for several years. It seems to us that interest
charges are properly a part of financing, but the Governor thought otherwise.
Two other Bills which he vetoed would have further increased the total
amounts to be repaid to the counties.
His arguments for vetoing the last
two Bills mentioned, seem to us to have, some justification,
but there
certainly, in our opinion, was little if any, for vetoing the first one.
As the result of this totally unexpected action of the Governor, some of
the
counties
will
have
considerable difficulty
in meeting interest and
principal payments and defaults are likely to occur.
In our May bulletin, we commented on a recent decision of the Florida
Supreme Court holding that a county cannot transfer gas money to meet
debt service on refunding bonds without also providing for debt service
on such original bonds as may be outstanding. We mentioned that legislation
had been introduced to allow counties to earmark their gas money and get
around the decision. This measure was also vetoed by the Governor. Whether
his action was wise or not is a question. At the moment two counties have
defaulted on interest on refunding bonds because of the Court decision
mentioned.
What effect vetoing the Bill to
extend the gas tax allocation will have
this time. There has been a good
have been firm. Undoubtedly however,
there will be a softening in certain issues whose allocation is exhausted and
which lean heavily on tne gas tax, and it is quite possible that this softening
may affect the whole list, more or less.
One thing the Florida Legislature did was to appropriate large amounts
of money, cut out certain taxes and overlook providing any additional source
of revenue. As a consequence the state is going to be severl.v handicapped for
lack of funds. It is barely possible that lack of money will force the calling of
a special session some months hence, much as the Governor is opposed to it.
However, this appears doubtful. If the failure of the Legislature to provide
suitable revenue forces retrenchment and economy, it may prove to be a
on
market conditions is problematical at
demand for Florida bonds and prices
blessing.
.
COUNTY
SPECIAL
ROAD
AND
BRIDGE
DISTRICTS
(P. O. Bartow), Fla.—BOND OFFERING—Sealed bids will be received
3, by D. H. Sloan Jr., Clerk of the Board of County
Commissioners, for the purchase of the following 5M % semi-ann. refunding,
issue of 1938, coupon or registered bonds aggregating $34,000:
until 2 p. m. on July
$3,000 Special Road and Bridge District No. 3,
series A bonds.
Jan. 1, 1953.
15,000 Special Road and Bridge District No. 10 bonds.
follows: $5,000 in 1946, and $10,000 in 1947. •
Due on
Due on Jan. 1 as
5,000 Special Road and Bridge District No. 12 bonds.
Due Qn Jan. 1,1946
11,000 Special Road and Bridge District No. 15 bonds.
Due on Jan. 1 as
follows: $4,000 in 1947, and $7,000 in 1948Dated
Jan.
1,
1938.
CHICAGO SANITARY
DISTRICT, III.—$3,000,000 BONDS
Denom. $1,000.
Prin. and int. payable at
the
Irving Trust Co., New York.
Bids must be submitted for the bonds of
any or all of the districts and all bids must specify separately the price
offered for the bonds of each district bid for.
The award will be made to
the bidder making the most
advantageous bid which shall be
determined
absolute and uncontrolled
an unlin ited tax to be
levied upon all property ^including homestead) within particular district.
The approving opinion of Caldwell & Raymond of New York, will be fur¬
nished.
Enclose a certified check for 1% of the amount of the bonds bid
by the Board of County Commissioners in its
General obligations payable from
discretion.
for, payable to the Board of County
Commissioners.
TO BE
1—The Sanitary District recently authorized the
$3,000,000 of its outstanding bonds on July 1.
They consist
of $1,263,000 of 4 M % refunding series B bonds of 1935 and $1,737,000 of
4% obligations of the same series.
The bonds, called by lot, will be re¬
RETIRED
ON JULY
retirement of
deemed on July 1 at par.
Through this operation the district will reduce
its outstanding indebtedness to.$114,479,390, according to Ross A. Woodhull, President of the district.
The Board also authorized payment of
$2,428,847 in interest on its outstanding indebtedness on July l.\ Mr.
Woodhull explained that since the district refunded its entire financial
structure in 1935, it had reduced its indebtedness by over $25,000,000.
At the time of this financing operation total indebtedness of the district
amounted to $139,945,890.
•
DISTRICT, III.—BOND SALE—The $25,000
148, P- 3721—were awarded to
price of 101.19, a basis of about
2.16%Dated May 1, 1939 and due May 1 as follows: $5,000 in 1954 and
1955; $10,000 in 1956 and $5,000 in 1957.
'
GLEN
ELLYN
PARK
swimming pool bonds offered June 16—V.
T. E; Joiner & Co. of Chicago as 2Ms, at a
MILFORD TOWNSHIP (P, O. Milford), III.—BOND SALE DETAILS
relief clairr s and highway right-of-way bonds purchased by
—The $26,000
the H. C. Speer & Sons Co. of Chicago—V. 148, P. 3563—were sold as 3Ms.
and mature July 1 as follows: $1,000 from 1940 to 1951 incl. and $2,000
from 1952 to 1958 incl.
'
.
III.—BOND OFFERING—M. T. Rudgren, City Clerk,
will receive sealed bids until 5 p. m. (CST) on June 26 for the purchase of
$275,000 2M% city hall bonds.
Dated March 1, 1939.
Due Dec. 1 as
follows: $14,000, 1940 to 1944 incl.; $15,000. 1945 to 1949 incl.; $16,000
from 1950 to 1955 incl. and $17,000 in 1956 and 1957.
The bonds will be
sold at not less than par and no proposals for other than 2M% interest
rate will be considered.
If two or more bids received are of like amount
and the amount is the highest bid received, in that event the bidders making
the highest like offer shall be given the opportunity in open Council meeting
to increase the amounts of their proposals in competitive bidding until the
highest possible amount has been realized for the City.
The bonds will
be issued under the terms of an ordinance passed Jan. 16, approved by the
Mayor, Jan. 17, and approved by the voters of the City at an election held
on Feb. 28.
The purchaser will be furnished with an opinion of Chapman
& Cutler, of Chicago, that the bonds are valid and binding obligations of
the City.
Enclose a certified check for $5,500, payable to the City.
ROCK ISLAND,
ROXANA
HIGH
SCHOOL
DISTRICT,
SALE—The
III.—BOND
Municipal Bond Corp., Chicago, and the White-Phillips Corp., Davenport,
jointly, obtained the award on June 20 of $165,000 school building bonds
as 3s, at a price of 100.648.
VERMILION
COUNTY COMMUNITY
DISTRICT No. 118 (P. O. Danville),
CONSOLIDATED SCHOOL
III.—BOND OFFERING—Vera K.
Secretary of Board of Education, will receive
June 27 for the purchase of $65,000 not to exceed 4
sealed bids until
Johnson,
JACKSONVILLE, Fla.—BOND OFFERING—We are informed by
M. W. Bishop, Secretary of the City Commission, that he will receive
sealed bids until 2:30 p. m, on July 5, for the purchase of a $95,000 issue of
refunding, issue of 1939, coupon bonds.
Interest rate is not to exceed
6%, payable J-J.
Denom. $1,000.
Dated July 15, 1939. Due July 15,
1951.
Principal and interest payable at Jacksonville, or at the Manu¬
facturers Trust Co., the fiscal agency of the city in New York.
No bids
for less than par value of the bonds will be considered.
These bonds are
direct obligations of the city, secured by the net revenue derived from the
operation of the electric light plant of, and* by pledge of the entire taxable
property in the city, real and personal; and are registerabie as to principal.
The bonds are authorized by resolution of the City Council, entitled "A
Resolution Authorizing the Issuance, Sale and (or) Exchange of Refunding
Bonds by the City of Jacksonville, Pursuant to the Provisions of Chapter
15772 of the Laws of Florida, Acts of 1931," which resolution was approved
by the Mayor and concurred in by the City Commission; and the bonds will,
before date of sale, be validated and confirmed by a decree of the Circuit
Court of Duval County.
The approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished.
Enclose a certified check for
2% of the par value of the bonds, bid for, payable to the City Treasurer.
POLK
Bidder to name one rate
multiple of M of 1%. Prin. and int. payable at
or at the fiscal agency of the city in N. Y. City.
TAMPA
T. S. Pierce.
Building
Bank
15.
$1,000.
Denom.
FLORIDA
Branch Office:
July 1, 1939 and due $500,000 on
Interest J-J.
Dated Feb. 15, 1939 and due Feb. 15 as
1957 and $400,000 in 1958Interest
of interest, expressed in a
the City Treasurer's office
Certificates will be issued
in coupon form, registerabie as to principal in the City Comptroller's office.
Bids must be for the entire $2,400,000 offering and accompanied by a
certified check for 2% of par value, payable to order of the City Comptroller.
Legal opinion of Chapman & Cutler of Chicago, and engraved certificates
Barnett
JACKSONVILLE
CERTIFICATES OFFERED—R. B. Upham.
11 a. m. CDST) on June 27
3% interest certificates of
City Comptroller, will receive sealed bids until
the purchase of $2,400,000 not to exceed
indebtedness, divided as follows:
for
noon on
% interest coupon
registerabie as to principal, school bonds., Dated July 15, 1939.
Denom.
$1,000.
Due July 15 as follows: $22,000 in 1943 and 1944, and $21,000 in
1945.
Bidder to name a single rate of interest.
Prin. and int. (J-J),
payable at place designated by the successful bidder.
A certified check for
2% of the bonds, payable to order of the District Treasurer, is required.
Legal opinion of Chapman & Cutler of Chicago will be furnished the success¬
ful
<
bidder.'
DISTRICT NO. 177
(P. O. Georgetown), III.—BOND SALE—The $18,000 4% building bonds
offered June 16—V. 148, P. 3721—were aw arded to Vieth, Duncan & Wood
of Davenport at a price of 108.73, a basis of about 2.78%Dated June 15,
VERMILION
GRADE
COUNTY
1939 and due $2,000 on June 15 from
SCHOOL
1943 to 1951 incl.
,
SALEM, III.—BOND OFFERING—Frank S. Wiley, Village Clerk,
will receive sealed bids until June 26 for the purchase of $10,000 4% street
improvement bonds.
Dated June 1, 1939 and due serially on Dec. 1 from
1940 to 1944 incl.
Interest J-D.
The bonds were authorized at an election
WEST
on
May 16.
•
.
INDIANA
Ind.—BOND SALE—The $200,000 series A water
15—V. 148, p. 3411, 3721—were awarded
2Ms, at a price of 100.388, a basis of
in $1,000 denoms., registerabie as to
principal only. Due as follows: $5,000, Jan. 1 and July 1 from 1940 to 1945,
incl.; $6,000, Jan. 1 and July 1 from 1946 to 1949 inch; $6,000, Jan. 1 and
$8,000, July 1, 1950; $8,000, Jan. 1 and July 1 from 1951 to 1953 incl.;
$10,000, Jan. 1 and July 1, 1954, and $10,000, Jan. 1, 1955.
Second high bid of 101.393 for 2Ms was made by John Nuveen & Co.
BLOOMINGTON,
works revenue bonds offered June
Hall & Co. of Chicago as
about 2.20%.
Dated July 1, 1939,
to Harris,
of Chicago.
Ind.—OTHER BIDS—The
bonds awarded to the Harris
Mercantile-Commerce Bank &
Trust Co., St. Louis, jointly, as 1at par plus $2,051 premium, equal to
100.389, a basis of about 1.17%—V. 148, p. 3721—were also bid for as
follows:
•
'
Bidder—
Int. Rate
Premium
Indianapolis Bond & Share Corp.; Northern Trust
MARION COUNTY
$526,000
Trust
&
(P. O. Indianapolis),
advancement fund (poor relief)
Savings Bank, Chicago, and the
Co., and First National Bank
of Chicago
S. Moseley & Co.,
Harriman Ripley & Co., Inc.; F.
and Boatmen's National Bank:
Halsey; Stuart & Co., Inc.; Blair & Co., Inc., and
City Securities Corp.:
Co.; Stern, Wampler & Co., Inc.,
and Bartlett, Knight & Co
-r-Blyth & Co., Inc.; E. H. Rollins & Sons, Inc.; First
of Michigan Corp., and The Illinois Co. of Chicago.
Kidder, Peabody & Co., and Hemphill, Noyes & Co._
Fletcher Trust Co.; Union Trust Co. of Indianapolis,
and Phelps, Fenn & Co., New York
IH%
$410.00
1M%
4,887.00
1M%
4,272.00
1M%
3,467.00
1M%
1M%
2,750.98
1,473.00
1M%
894.20
Lazard Freres &
IDAHO
DISTRICT,
CLASS A, NO. 8 (P. O. Blackfoot), Idaho—BOND SALE— The $200,000
issue of coupon semi-annual refunding bonds offered for sale on June 19—
V. 148, p. 3720—was awarded to Edward L. Burton & Co. of Salt Lake
City, as 2 Ms, paying a price of 100.625, a basis of about 2.15%.
Dated
July 1, 1939.
Due from July 1, 1941 to 1952; redeemable on or after
BINGHAM
COUNTY
INDEPENDENT
SCHOOL
July 1,1941.
TROY, Idaho—BOND OFFERING—Sealed bids will be received until
H. Paulson, Village Clerk, for the purchase.of an $18,000
Denom. $500.
Dated July 1, 1939.
Due on July 1, 1959.
The bonds are subject to call and payment on any
interest-paying date.
Interest payable J-J.
Bids shall specify: (a) the
lowest rate of interest and premium, if any, above par at which the bidder
will purchase such bonds, or (b) the lowest rate of interest at which the
bidder will purchase such bonds at par.
No bid for less than the par value
of the bonds and accrued interest to date of sale and payment therefor
can be considered.
These bonds were authorized at the election held on
Feb. 7 by a vote of 84 to 6.
The sale of the bonds will be governed by
Chapter 186 of the 1933 Idaho Session Laws, and by the municipal bond law
of the State.
Enclose a certified check for 5% of the total sum bid.
5 p. m. on July 5 by
issue of water works revenue bonds.
ILLINOIS
Harco), 111.—BONDS SOLD—Lansford
$8,000 5% coupon road bonds.
Due Dec. 15 as follows: $1,000
and 1946.
Prin. and int. (J-D),
payable at the Continental Illinois National Bank & Trust Co., Chicago.
Legality to be approved by Chapman & Cutler of Chicago.
BRUSHY TOWNSHIP (P. O.
6
Co. of Chicago purchased an issue of
Dated June 15, 1939.
Denom. $1,000.
from 1941 to 1944 incl. and $2,000 in 1945
MARION COUNTY (P. O.
Indianapolis), Ind.—WARRANT SALE—
general fund tax anticipation warrants offered June 19—V.
148, p. 3563—were awarded to a syndicate composed of the Fletdher
Trust Co., Union Trust Co., Indiana National Bank, Merchants National
Bank, American National Bank, Indiana Trust Co. and the Fidelity Trust
Co., all of Indianapolis, at 0.75% interest, at par plus $2.10 premium.
Dated June 30, 1939 and payable Dec. 15, 1939.
The $400,000
MARION COUNTY (P.
Fabian W. Biemer, County
O. Indianapolis), Ind.—BOND
Auditor, will receive sealed bids
OFFERING—
until 10 a. m.
July 12 for the purchase of $68,000 not to exceed 5% interest
tax accounting bonds of 1939.
Dated Aug. 1, 1939.
Denom. $1,000
Due as follows: $3,000 on June 15 and Dec. 15 from 1940 to 1947, incl.,
and $5,000 on June 15 and Dec. 15 in 1948 and 1949.
Interest J-D. The
bonds are unlimited tax obligations of the county and proposals must be
accompanied by a certified check for 3% of the bonds bid for, payable to
(CST)
on
order of the Board of County
Commissioners.
VEVAY, Ind.—BOND OFFERING— Sealed bids will be received by the
until 2 p. m. (CST) on July 6 for the purchase of
$4,500 not to exceed 4 M % interest school aid bonds of 1939. Dated June 15,
1939.
Denom. $500.
Bidder,to name one rate of interest, expressed in a
multiple of M of 1% and payable J-D. The bonds are unlimited tax obli¬
gations of the town and the approving legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be furnished the successful bidder.
A
certified check for $250, payable to order of the towm, is required.
Town Clerk-Treasurer
Volume
Financial
148
VINCENNES TOWNSHIP (P. O. Vincennes), Ind.—BOND OFFERING—Sealed bids will be received by Trustee I. Grant Beesley until 1
p. m. on July 20 for the purchase of $7,800 not to exceed 5% interest bonds,
divided
as
follows:
$4,000 refunding bonds.
Denom. $1,000.
Due $1,000
on
July 15 from 1949
to 1952 incl.
3,800 Judgment funding bonds.
One bond for $800, others $1,000 each.
Due July 15 as follows: $1,000 from 1949 to 1951 incl. and $800 in
1952.
nished the successful bidder.
#
DES MOINES COUNTY (P. O. Burlington), Iowa-+BOND OFFER¬
ING—It is reported that both sealed and open bids will be received until
2 p. m. on June 27, by Joseph P. Haffners, County Treasurer, for the pur¬
chase of a $95,000 issue of funding bonds.
Dated June 1, 1939.
Due on
Dec. 1 as follows: $25,000 in 1950 to 1952, and $20,000 in 1953.
Bidders
specify the rate of interest but no award will be made on
any bid of less than par and accrued interest.
All other things being equal,
preference will be given to the bid of par and accrued interest or better which
should
specifies the lowest coupon interest rate.
Principal and interest (J-D),
payable at the County Treasurer's office.
The approving opinion of
Chapman & Cutler of Chicago, will be furnished.
Enclose a certified check
for 2% of the principal amount of bonds bid for.
DES MOINES, Iowa—BOND SALE— The $34,000 issue of coupon
funding bonds offered for sale on June 22—V. 148, p. 3721—was awarded
to the Baum, Bernheimer Co. of Kansas City, as 1.30s,
paying a premium
of $130, equal to 100.38, a basis of about 1.18%.
Dated June 1, 1939.
Due on Dec. 1 as follows:
$14,000 in 1941 and $20,000 in 1942.
COUNTYJP. O. Logan), Iowa—BONDS TO BE SOLD—
Treasurer that Vieth, Duncan & Wood of Daven¬
It is stated by the County
purchase $32,500 of 2H %
semi-annual funding
/LAMONI INDEPENDENT SCHOOL DISTRICT (P.
O.
Lamoni)
SALE—The
June 19—V. 148, p.
Des Moines, as 1
$3,000 refunding bonds offered for sale on
3563—were awarded to Shaw, McDermott & Sparks of
paying a.price of 100.16, a basis of about 1.72%. Due
$1,000 in 1943 to 1945 incl.
WASHTA
CONSOLIDATED SCHOOL DISTRICT (P. O. Washta),
Iowa—BOND SALE—The $38,000 issue of coupon refunding bonds offered
for sale
on June 12—-V. 148, p. 3563—was awarded to the White-Phillips
Corp. of Davenport, at par, according to the District Secretary.
Denom.
$1,000.
Dated May 1, 1939.
Due from 1940 to 1947, incl.
Interest
payable M-N.
WATERLOO, Iowa—BOND OFFERING—We are now informed by
Knapp F. Matthews,, City Clerk, that he will receive bids until 2 p. m. on
a $512,000 issue of sewer outlet and purifying
plant bonds.
Denom. $1,000.
Dated July 1, 1939.
Due Nov. I as
follows: $17,000 in 1940, $22,000 in 1941, $23,000 in 1942 and 1943, $24,000
in 1944 and 1945, $25,000 in 1946 and 1947, $26,000 in 1948 and
1949,
$27,000 in 1950 and 1951, $28,000 in 1952, $29,000 in 1953 and 1954,
$30,000 in 1955 and 1956, $31,000 in 195? and $46,000 in 1958.
Interest
June 26 for the purchase of
Eayable M-N. city will not sell quite theobligationworth of bonds; that would
The bonds are regular $512,000 bonds. There is a possi-,
ility that the
be in the event that the contract price for the work would prove to be ma¬
terially lower than the estimate of cost Dy the city's engineer.
On the other
hand, the entire issue may be made; but if there should be a reduction, the
reduction would be on the bonds with the longest maturity.
The bonds
and the approving opinion of Chapman & Cutler of Chicago will be fur¬
nished by the city,
(This notice supplements the offering report given in our issue of June
17—V. 148, p. 3721.)
.
KANSAS
McPHERSON,
(m), Louisiana Constitution of 1921, and Act 80 of 1921, as
are payable in principal and interest from a pledge of a
and
sufficient amount
or
the
revenues
or
the natural gas system
constructed, and additionally secured by
property of the plant.
a
mortgage on the
plant to be
entire physical
Kan .—BONDS
PUBLICLY
OFFERED—A
$350,000
issue of 1M % semi-ann. electric plant and system revenue bonds is being
offered by Stern Bros. & Co. of Kansas -City, for general investment.
Denom. $1,000. Dated June 15, 1939. Due $50,000 June 15, 1940 to 1946.
Bonds maturing in 1944 to 1946 are optional for payment on Dec. 15, 1939,
and any interest payment date thereafter.
Prin. and int. payable at the
State Treasurer's office.
Legality to be approved by Bowersock, Fizzell &
Rhodes, of Kansas City.
Conner, District Secretary, will receive sealed bids at the
room of the Calcasieu-Marino National Bank in
Jennings, until
July 6, for thq purchase of the following not to exceed 5% semi¬
annual bonds aggregating $37,500: $25,000 drainage bonds, secured by an
ad valorem tax to be levied
annually, and $12,500 drainage bonds, which
are secured
by an acreage tax of 14He. per acre on 9.702 acres, of which
12c. per acre annually has been dedicated to the
payment of the bonds and
interest; 2 He. per acre annually dedicated to costs of maintenance.
Denom. $500.
The bonds will be sold for not less than principal and
accrued interest.
The election authorizing the levying of these special
taxes and issuing the bonds was held on March 28 and the district holds the
directors'
(P. O. Osceola) Iowa—MATURITY—It is now
reported by the County Treasurer that the $22,000 secondary road an¬
ticipation certificates sold to th^rCarleton D. Beh Co. of Des Moines, at
1%, as noted here—Y. 148, p. 3(721—are due on Dec. 31, 1940.
to
14
amended,
-JEFFERSON DAVIS PARISH GRAVITY DRAINAGE DISTRICT
NO. 3 (P. O. Jennings), La.—BOND OFFERING—It is
reported that
CLARKE COUNTY
Iowa—BOND
1949, $20,000 in 1950, $21,000 in 1951, $23,000 in 1952, $24,000 in
1953, and $25,000 in 1954.
These bonds will be callable by the city on
Aug. 1 of any year at a
price of $1.02 on the dollar of the face value plus
the accrued interest to call
date, upon publication of a call notice in a newsPaper published in New Orleans, in at least one issue thereof not less than
30 days
prior to the call date. The bonds are authorized by Article XIV,
Mrs. Arthur A.
IOWA
port have contracted
bonds.
3875
1Au&AasAllows: $9,000 in 1941, $11,000 in 1942, $13,000 in 1943, $15,000
in
i9,4iiJ16fP°0 in 1945» $17,000 in 1946, $18,000 in 1947, $19,000 in 1948
and
Section
All of the bonds will be dated
July 15, 1939. Bidder to name one rate of
interest, expressed in a multiple of M or 1% and payable J-J. The bonds
are unlimited tax obligations
of the township and the approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis will be fur¬
HARRISON
Chronicle
noon on
certificate of the Clerk of the Parish Court that
contest
the regularity thereof.
Wood & Hoffman of New York.
amount of bid,
These
payable to the district.
are
the bonds offered
on
May 24, for which no bids
were
La.—BOND OFFERING—It is stated by Wilson J.
Peck, City Clerk, that he will receive sealed bids until 11 a. m. on July 18,
for the purchase of the
following not to exceed 5% semi-annual bonds
aggregating $140,000: $20,000 street improvement; $10,000 fire station and
equipment; $15,000 park; $70,000 water improvement, and $25,000 sewer
improvement bonds.
Dated.July 1, 1939.
Denoms. $1,000, $500 and
$100.
Due July 1, 1940 to 1969.
Bids are to be submitted separately for
each of the issues and any bidder may bid for one or more of the issues.
A
certified transcript and the approving opinion of Chapman & Cutler of
Chicago, will be furnished the purchaser.
Enclose a certified check for
not less than 3 % of the amount of each bid,
payable to the City Treasurer.
LOUISIANA, State of—GOVERNOR LECHE ANNOUNCES RE¬
SIGNATION—We quote in part as follows from an Associated Press
dispatch out of Baton Rouge on June 2i.
Governor Richard W. Leche suddenly announced his resignation tonight,
1'
to become effective next Week.
His action, will elevate Lieutenant Governor
Earl K. Long, brother of the late Senator Huey P. Long, to the Governor¬
ship he long has sought.
"The retiring Governor, 40 years old, gave ill health, following two
severe attacks of arthritis, as the reasdn for his resignation 11 months before
his term expires. He was elected in 1936.
"The announcement came after days of continuous conferences at the
Governor's residence with State officials and aids during which Governor
Leche refused to comment on the action of J. H. Crutcher, State Works
Progress Administrator, who said he had asked Washington for a "complete
and immediate investigation of all charges involving the WPA" in Louisiana
and that such inquiry already had begun. WPA investigators began taking
testimony in secret here today.
ST. MARTIN PARISH SCHOOL DISTRICT (P. O. St.
Martinville),
La .—BOND
OFFERING DETAILS—In connection
with the
scheduled for 1:30 p. m. on July 6, of the $180,000 coupon school
and improvement bonds, noted in our issue of June 10—V. 148,
KENTUCKY
(P. O. Newport) Ky.—BOND OFFERING—It
is stated by O. W. Bertelsman, County Judge, that he will receive sealed
bids until 10 a. m. (EST), on June 27, for the purchase of an issue of $100,000
road and bridge bonds.
Interest rate is not to exceed 3%, payable J-J.
Denom. $1,000.
Dated July 1, 1939.
Due July I, as follows: $5,000 in
1944 to 1948, $7,000 in 1949 to 1953, and $8,000 in 1954 to 1958. Rate of
interest to be in
multiples of H of 1 %. Prin. and int. payable at the Manu¬
facturers Trust Co., New York, or at the Newport National Bank.
The
bid offering the highest
premium on the lowest rate will be accepted. The
bonds are authorized and are issued under the provisions of the Constitution
and statutes of the State, particularly Section 157A of the Constitution and
laws enacted pursuant therewith; and pursuant to the authority of an
offering
building
p. 3564—
it is now stated by L. J. Montegut. Secretary-Treasurer of the Parish School
Board, that the bonds are dated April 1, 1939, are in the denomination of
$1,000, and mature on April 1. as follows: $9,000 in 1940 and 1941, $10,000
in 1942 and 1943, $11,000 in 1944 to 1946, $12,000 in 1947 and 1948, $13,000
in 1949 and 1950, $14,000 in 1951 and 1952, $15,000 in 1953, and $16,000 in
1954.
ST. TAMMANY PARISH SCHOOL DISTRICT NO. 8 (P. O. Coving,
ton), La .—BOND SALE POSTPONED—It is stated by William Pitcher,
Secretary of the Parish School Board, that the sale of the $60,000 not to
exceed 5% semi-annual coupon school bonds, which had been scheduled
for July 7, as noted here—V. 148, p. 3564—has been postponed to July 8.
VERMILION
PARISH SEVENTH WARD DRAINAGE
DISTRICT,
GRAVITY SUB DRAINAGE DISTRICT NO. 2 (P. O. Abbeville), La.
-r-BOND SALE—The $22,000 issue of drainage bonds offered for sale on
June 17—V. 148, p. 3265—was purchased by Mr. Weed, of Beaumont,
Texas,
as
5s, paying
a
price of 100.10, according to the President of the
Board of Commissioners.
»
MAINE
HALLO WELL,
Me.—BOND SALE—Harripian Ripley & Co., Inc.,
New York, obtained award on June 20 of $38,000 refunding bonds as 2s,
at a price of 100,2199.
Due serially from 1945 to 1952, incl.
Second high
bid of 101.12 for 2Hs was made by the National Rockland Bank of Boston.
of issue.
CAMPBELL COUNTY
received.
LAFAYETTE,
;
WICHITA, Kan.—BOND SALE—The $86,700 issue of l%% coupon
internal improvement refunding bonds offered for sale on
June 19—V. 148, p., 3721—was awarded to the .First National Bank of
Chicago, paying a premium of $2,089.47, equal to 102.41, according to the
City Clerk.
Dated June 1, 1939.
Due in from 1 to 10 years from date
semi-annual
suit has been filed to
no
Bonds subject to approval of Thomson,
Enclose a certified check for 5% of the
'
MASSACHUSETTS
CAMBRIDGE, Mass.—BOND SALE—The National Shawmut Bank of
bonds at par.
Dated
July 1, 1939 and due $40,000 annually from 1940 to 1944, inclusive.
Boston purchased an issue of $200,000 0.75% street
EAST LONGMEADOW, Mass.—NOTE SALE—The Springfield Safe
Deposit & Trust Co. was awarded an issue of $20,000 notes at 0.20%
Due Dec, 15, 1939.
\
discount.
.
EVERETT, Mass .—NOTE SALE—'The $590,000
revenue anticipation
offered June 20—V. 148, p. 3722—were awarded to the National
Shawmut Bank and the Merchants National Bank, both of Boston, jointly,
notes
at
0.19% discount.
and May 3, 1940.
of 0.21%.
Dated June 20, 1939 and due $25 >,000 each on April 3
The first Boston Corp,, second high bidder, named a
rate
election held
on June 6,, at which election the bonds were voted by a vote of
2,888 to 2,450, The approving opinion of Chapman & Cutler, of Chicago,
will be furnished.
Enclose a certified check for $2,000, payable to the
County Treasurer.
CRAB ORCHARD EDUCATIONAL CORPORATION (P. O. Crab
Orchard) Ky.—BOND SALE—The $23,000 issue of 4K% semi-ann. first
mortgage bonds offered for sale on May 29—V. 148, p. 3412—was awarded
to the Security & Bond Co. of Lexington, paying par.
Dated June 1, 1939.
Due from April 1, 1940 to 1959.
LOUISIANA
EAST BATON ROUGE PARISH, SCHOOL DISTRICT NO. 5 (P. O.
Baton Rouge) La.—BOND OFFERING—It is stated by C. B. Turner,
Secretary of the Parish School Board, that he will receive sealed bids until
10:30 a. m. on Aug. 15, for the purchase of a $35,000 issue of school bonds.
Interest rate is not to exceed 6%, payable F-A.
Denom. $500.
Dated
Aug. 1, 1939. Due from Aug. 1, 1940 to 1959 incl. A certified transscript
and the approving opinion of ChapmanCutler of Chicago, will be furnished
to the purchaser without cost, and all bids shall be so conditioned.
A cer¬
tified check for $350, payable to W. H. Perkins, President of the Parish
School Board, must accompany the bid.
GRETNA, La.—ADDITIONAL INFORMATION—In connection with
works revenue bonds jointly
Lewis, Williams & Co. and John Nuveen & Co., both of Chicago, as
noted here—V. 148, p. 3412—it is now reoorted that these bonds were
purchased at par from the Reconstruction Finance Corporation, are dated
March 1, 1934, in the denomination of $1,000 and mature March 1 as
follows:
$6,000 in 1940 to 1942. $7,000 in 19*3 to 1948, and $8,000 in
1949 to 1964.
Prin. and int. pavable at the Fiscal Agent of the City in
New York City, or at the City Treasurer's office.
Legality approved by
Benjamin H. Charles of St. Louis.
the sale of the $188,000 4% semi-annual water
to
HOUMA, La.—BOND OFFERING DETAILS—In connection with the
offering scheduled for June 28, of the $250,000 gas utility revenue bonds,
noted in our issue of June 3—V. 148, p. 3412—-the following additional
information has been furnished by the City Clerk: Bonds are to mature on
FALL RIVER, Mass.—NOTE SALE—'The issue of $500,000 revenue
anticipation notes offered June 21 was awarded to the First National Bank
0.41% discount. Dated June 23, 1939 and payable March 20,
1940 at the National Shawmut Bank of Boston.
LeaVitt & Co. of New
York bid a rate of 0.409%, but specified New York delivery of notes.
of Boston at
FRAMINGHAM, Mass.—NOTE SALE—The Boston
Safe Deposit &
Trust Co. of Boston was awarded on June 16 an issue of $100,000 notes at
0.11% discount, plus a premium of $7.
Due in 10 months.
The Mer¬
chants National Bank of Boston, second high bidder/named a rate of 0.12%.
HAMILTON, Mass .—BOND SALE—The $95,000 coupon water con¬
struction bonds offered June 19—V. 148, p. 3722—were awarded to Smith,
Barney & Co., New York, as 1
at a price of 100.426, a basis of about
1.207%.
incl.
Dated July 1, 1939 and due $5,000 on July 1 from 1940 to 1958.
Other bids:
Int. Rate
Newton, Abbe & Co
Carew & McGreenery.
Kidder, Peabody & Co.
R. L.Day & Co.
Tyler & Co
Whiting, Weeks & Stubbs...
Lyons & Co
Merchants National Bank of Salem—
—
-
—
-
Rate Bid
114%
1H%
1M%
1H%
1H %
1H%
1H%
Bidder—
100.08
J9H39
„
101.339
}9H£9
1H%
1H%
101.09
Estabrook & Co
Beverly National Bank
Chace, Whiteside & Symonds
1H %
1H%
101.029
100.51
— __
LEXINGTON, Mass.—NOTE SALE—The $100,000 revenue anticipa¬
awarded to the Lexing¬
Lexington, at 0.08% discount.
Dated June 20, 1939 and
payable Dec. 28, 1939.
The Second National Bank of Boston, next high
bidder, named a rate of 0.097%.
tion notes offered June 19—V. 148, p. 3722—were
ton Trust Co.,
(State of)—NOTE SALE—The $5,000,000 notes
of assessments against the Metropolitan Districts,
awarded to the Second National
Bank of Boston at 0.064%,
Dated June 27, 1939 and due Nov. 23, 1939
MASSACHUSETTS
issued in anticipation
bids on which were receivedjJune 21, were
Financial
3876
They are direct obligations of the State and
maturity.
Principal and interest payable in
interest will be payable at
Boston or New York, at
purchaser's option.
METHUEN, Mass .—NOTE SALE—The issue of $50,000 notes offered
the First National Bank of Boston at 0.28% dis¬
Dated June 19, 1939, and payable June 11, 1940.
The National
Shawmut Bank of Boston, second high bidder, named a rate of 0.29%.
June 19 was awarded to
count.
Mass.—NOTE SALE— The North Adams Trust Co.
June 16 an issue of $100,000 notes at
0.22% discount.
Due in seven months.
The First National Bank of
Boston, next best bidder, named a rate of 0.223%.
NORTH ADAMS,
Adams was awarded on
of North
Mass.—NOTE SALE—The $500,000 revenue anticipation
148, p. 3722—were awarded to the National
Merchants National Bank, both of Boston, jointly,
at 0.154%.
Dated June 21, 1939 and due $250,000 Dec. 28, 1939, and
$250,000 on June 20, 1940.
The Second National Bank of Boston, next
high bidder, named a rate of 0.169%.
MINNESOTA
DAILEY (P. O. Route No. 2, Onamia), Minn.—BOND OFFERING—
It is reported that sealed bids will be received until 11 a. m
on June 29,
by James M. Johnson, Town Clerk, for the purchase of $3,200 3H%
semi-annual refunding, series A bonds.
Dated July 1, 1939. Due from
July 1, 1942 to 1949.
FOREST LAKE,
offered June 21—V.
Shawmut Bank and the
OFFERING—The $150,relief bonds offered June 22 were awarded to Bond,
Judge & Co., Inc., Boston, and C. F. Childs & Co., New York, jointly, as
1 lis, at a price of 100.166, a basis of about 1.22%. Dated July 1, 1939 and
due $15,000 on July 1 from 1940 to 1949 incl.
Principal and interest (J-J)
payable at the National Shawmut Bank of Boston. Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston.
The First National Bank of
Boston, second high bidder, offered a price of 100.06 for 1 J£s.
BOND OFFERING—.John J.
Donahue, City Treasurer, will receive
sealed bids until 11 a. m. (DST) on June 27 for the purchase of $80,000
coupon macadam pavement bonds.
Dated July 1, 1939. Denom. $1,000.
Due $16,000 on July 1 from 1940 to 1944 iqcl.
Bidder to name rate of
interest in multiples of Vi of 1%.
Principal and interest (J-J) 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
SOMERVILLE, Mass.—BOND SALE—NEW
000 coupon municipal
.
Minn.—BONDS NOT SOLD—The $10,000 issue
DISTRICT NO. 49 (P. O. New
BE SOLD—It is reported by the District
addition and repair bonds approved by the
23, will be purchased by the State.
MARSHALL COUNTY SCHOOL
folden), Minn.—BONDS TO
Clerk that $8,500 3% building
voters on
i
Jan.
" NORMAN
COUNTY (P. O. Ada), Minn.—BOND SALE—The
TAUNTON, Mass.—BOND AND NOTE FINANCING—'The $50,000
municipal relief bonds offered June 20—V. 148, p. 3722—were
& Stubbs of Boston as 1 ^s at 100.883, a basis
of about 1.33%.
Dated July 1, 1939 and due $5,000 on July 1 from 1940
to 1949, incl.
Other bids, also for l^s:.
awarded to Whiting, Weeks
Bidder—
neapolis; First State Bank,
Ada, Minn., 2K % Plus accrued int. and
PriESan
Ripley & Co., Chicago, 1941-50 at
accrued int. and $831.00 premium.
WAYZATA, Minn.—BOND SALE—The $110,000
—
^
—.100.538
."
100.488
100.266
100.266
100.144
F.M.Swan&Co
'NOTE SALE—The $200,000 revenue anticipation notes
offered the same
day were awarded to the Bristol County Trust Co., Taunton, at 0.174%
discount.
Dated June 21, 1939 and due Dec. 15, 1939.
Other bids:
of Boston, 0.20%; First National Bank of Bos¬
0.21%.
1942 to 1959
incl.
MISSISSIPPI
Due $25,000 on April X from 1940 to
250,000 municipal relief bonds.
1949, incl.
200,000 trunk sewer bonds.
Due $20,000 on April 1 from 1940 to 1949,
inclusive.
459,000 municipal relief bonds.
Due April 1 as follows: $46,000
to 1948, incl., and $45,000 in 1949.
All of the bonds are dated April 1, 1939.
Other bids:
Bidder—
*
Estabrook & Co.; R. L. Day & Co.; Smith,
Weeks & Stubbs, and Washburn & Co
Kidder, Peabody & Co.;
Moseley & Co
,
,
froin 1940
' Rate
Bid
Barney & Co.; Whiting,
101.202
Harriman Ripley & Co.* Inc., and F. S.
101.169
•
Lazard, Freres & Co., and Newton, Abbe & Co_101.159
Bankers Trust Co., N. Y.; Harris Trust & Savings Bank, Chicago,
and Chace, Whiteside & Symonds
Is
101.039
Halsey, Stuart & Co., Inc.; Goldman, Sachs & Co.; Bond, Judge &
Co., and H. O. Wainwright & Co....
.
100.706
First Boston Corp.;
DETROIT, Mich.—TENDERS WANTED—John N. Daley, City Con¬
(EST) on July 5, for city
troller, will receive sealed tenders until 11 a. m.
callable refunding Bonds in the amount of about
$450,000.
Bids must be
firm until 3 p. m. of the following day and be made under the following
conditions: If callable bonds are offered at a premium: (a) When the in¬
terest rate is 4H% or higher, the yield shall be computed to the first call
date.'
When the interest rate is less than 4 lA %. the yield shall be computed
third call date; if bonds are offered at par or less than par: Yield
computed to the date of maturity. Tenders shall show the purpose,
the rate of interest, date of maturity, the dollar value and the yield. Tenders
will be accepted on the basis of the highest net yield as computed from the
dollar price.
The city reserves the right on bonds purchased, which are
delivered subsequent to July 12, 1939, to pay accrued interest up to that
date only.
(b)
to the
shall be
EQUIPMENT CERTIFICATES TENTATIVELY ACCEPTED
—The Street Railway Commission on June 20 voted to accept the bid of
John Nuveen & Co., Chicago, and Miller, Kenower & Co., Detroit, of par
plus a premium of $146 for $1,460,000 of 23^% street railway equipment
trust certificates, subject to preparation of a satisfactory equipment trust
agreement and also to approval of the Common Council.
The* bidder has
waived a condition of the original bid providing that the certific(aes must
be exempt from Securities and Exchange Commission registration, upon
advice or counsel ,and has agreed to waive any liability on the part of the
Department of Street Railways should these obligations be determined to be
BID FOR
The certificates are to mature semi-annually in one to four years
TENDERS
WANTED—John N. Daley, Secretary of Board of Trustees
of City Retirement System, will receive sealed tenders until
June 26 of non-callable bonds in the amount of $105,000 under
10 a. m. on
the following
conditions:
Offerings must remain firm until 1 p. m. on June 27 and show
the purpose, rate of interest, date of maturity, dollar value and the yield.
Board reserves the right on bonds purchased
which are delivered sub¬
sequent to June 30, to pay accrued interest up to that date only.
GRAND
RAPIDS,
Mich —ADDITIONAL
OFFERING
DE¬
TAILS—The $106,000 special assessment refunding bonds scheduled for
on June 26—V. 148, p. 3723—are payable as to principal and interest
sale
(A-O) at the City Treasurer's office.
Denom. $1,000.
Cost of legal opin¬
printing of bonds to be paid for by the successful bidder.
Bonds
issued on the general faith and credit of the city.
ion and
are
IRON MOUNTAIN, Mich.—BOND SALE DETAILS—The $17,500
general obligation water tank bonds awarded to Charles A. Parcells & Co.
148, p. 3723—were sold to the bankers on their bid of par
plus $100 premium, equal to 100.57, for $4,000 2Ms, due $2,000 eacBfn
of Detroit—V.
l?3&£?d A?!0' and $13,500 3s, due $2,000 from 1941 to 1916 incl. ahd
1947.
in
Bld^—i
A. S.
*
Other bids:
Int. Rate
^
.
Huyck & Co., Chicago
Channer Securities Co., Chicago.,
McDonald, Moor & Hayes, Detroit
Z~ 11
Barney Krom, Iron River
MACOMB
COUNTY
(P.
O.
Mount
Clemens),
314%
3?4%
4%
4%
Premium
$106.00
45.50
189 00
par
Mich.—TENDERS
adopted
WA A TED—-Pursuant to provisions of the refunding plan heretofore
J. Bennett, County Comptroller, will receive sealed
Sherwood
until
series
tenders
July 3 for sale to the proper sinking funds of $10,000
B refunding bonds, part of an issue of $137,000.
10
a.
m.
on
WYANDOTTE, Mich.—BOND SALE—The $.38,000 special assessment
bonds offered June 20—V. 148, p. 3565—were awarded to the Michigan
Alkali, as Is, at a price of 100.12, a basis of about 0.96%.
Dated July 1,
1939 and due July 1 as follows: $7,000 from 1940 to 1943 incl. and $10,000
in
L94£'
SALE—The
$200,000
of
issue
coupon
bonds offered for sale on June 20—
awarded at auction to Dane & Weil of New Orleans,
as 3s, paying a premium of $825, equal to 100.41, a basis of about 2.96%.
Dated July 1,1939.
Due from July 1, 1940 to 1959 inclusive.
works improvement revenue
water
V. 148, p. 3723—was
PONTOTOC COUNTY (P. O. Pontotoc), Miss.—BOND TENDERS
RECEIVED—In connection with the call for tenders up to June 15, of the
$60,000 refunding bonds, dated March 1, 1935—V. 148, p. 2307—it is
Young, Clerk of the Board of Supervisors, that tenders
were received for only $25,000 of bonds.
high bid of 100-03 for $7,000 lHs and $31,000 Is
made by Siler, Carpenter & Roose of Toledo.
MISSOURI
MEXICO SCHOOL DISTRICT (P. O.
The following
Mexico) Mo.—BONDS VOTED—
by L. B. Hawthorne, Super,
letter waS sent to us on June 21
intendent of the Board of Education:
At a school election held on
June 20, 1939 the voters of the
authorized the Board of Education to contract to
School District
loan $50,000.00 for the
of buying sites and remodeling and equipping buildings on the
property known as Hardin College.
This proposition carried as follows:
1,207 "For", 236 "Against", and 5 mutilated ballots, or a total number
of votes cast of 1,448.
The Board is, therefore, in a position now to contract this loan at ttie
earliest date possible as the property can be made available for use as soon
as possible.
They propose to sell these serial bonds so they will expire
$20,000.00 in 1953; $20,000.00 in 1954, and $10,000.00 in 1955.
The following facts will enable you to arrive at your bid figure:
purpose
Railroad & Utilities
$5,641,715 +$6,96049
5,796,936 + 702,560
6,100,318 + 702,560
Assessed valuation June 1,1936
Assessed valuation June 1,1937
a
Assessed valuation June 1,1933----Total bonded indebtedness June 1,1939-
delinquent tax.
1938 tax collections as of March 1,
$250,000.00
---—
was
including
including
1939—85% current, 97% including
delinquent tax.
interested in these bonds, please deliver
your bid to Mr. W. S. Eller by 7.30 p. m. on June 27 at which time the
Board will attempt to sell these bonds to the lowest and best bidder.
BOND OFFERING—If you are
WASHINGTON
COUNTY
SCHOOL
DISTRICT
12 (P. O.
of the School
sold. Dated
NO.
Potosi), Mo.—BONDS SOLD—It is stated by the President
Board that $4,000 5% semi-annual school bonds have been
Feb. 1, 1939.
MONTANA
HIGH SCHOOL DISTRICT
(P. O.
Mont.—BOND OFFERING—Sealed bids will be received until
Sweeney, Clerk of the Board of Trustees,
issue of building bonds.
Interest rate is
not to exceed 4%, payable J-D.
Dated June 15, 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.
J
BEAVERHEAD
COUNTY
Dillon),
2 p. m. on July 17 by Margaret
for the purchase of an $11,000
CHOUTEAU COUNTY (P. O. Fort
It is
stated by the County Clerk
sold to a syndicate headed
now
which
from date of issue.—V. 148, p. 3723.
$1,500
Miss.—BOND
1936 tax collections as of March 1, 1937—86% current, 102%
delinquent tjax.
1937 tax collections as of March 1, 1938—84% current, 99%
MICHIGAN
EAST
MERIDIAN,
stated by G. A.
WORCESTER, Mass.—BOND SALE—The $1,170,000
bonds
offered June 19—V. 148, p. 3722—were awarded to the Second National
Bank of Boston at a price of 101.21, a basis of about 0.98%.
Sale con¬
sisted of:
$261,000 emergency storm damage bonds.
Due April 1 as follows: $53,000
in 1940 and $52,000 from 1941 to 1944, incl.
taxable.
issue of sewer bonds
offered for sale at auction on June 9—V. 148, p. 3413—was purchased by
J. M. Dain & Co. of Minneapolis, as 2s, paying a premium of $976, equal
to 100.88, a basis of about 1.92%.
Dated July 1, 1939.
Due from July 1,
Estabrook & Co
Newton, Abbe & .Co-—-.Bristol County Trust Co
C. F. Childs & Co
First National Bank of Boston
ton.
$205.00_
2K %, 1951-52 at 2% % plus
Rate Bid
.
Merchants National Bank
$157,000
funding bonds offered for sale on June 19—V. 148, p. 3565—was
awarded to a syndicate composed of the Northwestern National Bank &
Trust Co., the Wells-Dickey Co., Piper, Jaffray & Hopwood, and J. M.
Dain & Co., all of Minneapolis, as 2s, paying a premium of $1,352, equal
to
100.86, a basis of about 1.86%.
Dated June 1, 1939.
Due from
June 1, 1941 to 1952; optional on and after June 1, 1944. on 30 days notice.
The following bids were also received:
C. S. Ashmun Co., Mairs-Shaughnessy Co., Minneapolis, 2H% Plus
accrued interest and $2,008.00 premium.
•
First National Bank & Trust Co., Minneapolis; First National Bank, St.
Paul; Kalman & Co., Minneapolis, 1941-50 at 2H%, 1951-52 at 2% plus
accrued interest and $118.00 premium.
Allison-Williams Co.; Thrall West Co.; Justus F. Lowe Co., all of Min¬
issue of
bidder.
coupon
of
16—
3K% semi-annual lire house and village hall bonds offered on June
V
148, P- 3665—was not sold as all bids received were rejected.
BONDS REOFFERED—It is stated by O. Struble, Village Clerk, that
he will receive sealed bids until July 11, for the purchase of the said bonds.
QU1NCY,
notes
1939
June 24,
Chronicle
2Ks,
July 1
were
at
Benton), Mont.—MATURITY—
that the $72,000 refunding bonds
by Kalman & Co. of St. Paul, as
price of 100.38, as noted here—V. 148, p. 3565—are due on
follows: $7,000 in 1940 to 1948, and $9,000 in 1949, giving a basis
a
as
of about
2.18%.
MONTANA, State of—BOND SALE—The $1,500,000 issue of coupon
anticipation debentures offered for sale on June
17—V. 148, p. 2841—was awarded to a syndicate composed of Halsey,
Stuart & Co., Inc., Blair & Co., Inc., Ferris & Hardgrove of Spokane, the
Thrall West Co. of Minriespolis, Mullaney, Ross & Co. of Chicago and
Edward L. Burton & Co. of Salt Lake City, as l^£s, paying a price of
100.15, a basis of about 1.72%.
Dated July 1,1939.
Due on July 1,1949;
optional on and after July i, 1944.
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for public subscription at prices to yield 1.50% to
optional date and 1.75% thereafter until maturity.
The debentures,
together with $1,500,000 previously issued and outstanding, were author¬
ized under initiative measure No. 41 adopted Nov. 8, 1938, and other
laws thereunto enabling.
State Highway Treasury
MUSSELSHELL
COUNTY
SCHOOL
DISTRICT
NO.
55
(P.
O.
Mont.—BOND SALE—The $50,000 issue of coupon school
on June 15—V. 148, p. 3105—was purchased by the
State Board of Land Commissioners, as 3.30s, according to the District
Clerk.
Dated June 1, 1939.
The bonds were sold on the amortization
plan, the price paid being par and accrued interest.
Peters, Writer & Christensen of Denver bid a premium of $25 on 3%&,
to be payable as serial bonds.
Roundup),
bonds offered for sale
NO. 10 (P. O. Conrad),
by Doris Newman, District
PONDERA COUNTY SCHOOL DISTRICT
Mont.—BOND OFFERING—It is now reported
Clerk, that she will receive bids until July 15, for the purchase of a $45,500
issue of refunding bonds.
Due in 10 years from July 1, 1939; becoming
optional after five years.
These bonds will be sold in either serial or
amortization form of maturity.
(This notice supersedes the offering report
p.
3565.)
given here on June 10—V. 148,
/
'
RONAN, Mont.—BOND OFFERING—Sealed bids will be received until
m. on July 3 by B. G. Paige, Town Clerk, for the purchase of $18,808
7:30 p.
Volume
Financial
148
Chronicle
refunding bonds.
Interest rate is not to exceed 6%, payable F-A.
Dated
Aug. 1, 1939.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the Council.
and issued, the entire issue
If amortization
bonds
are
sold
_
be put into one single bond or divided into
determine upon at the time of sale,
both principal and interest to be
payable in semi-annuai instalments during
a period of 20
years from date of issue.
If serial bonds are issued and sold,
they will be in the amount of $940.40 each; the sum of $940.40 of the bonds
will become due and
payable on Aug. 1, 1940, and a like amount on the
same day each
year thereafter until all such bonds are paid.
The bonds,
whether amortization or serial bonds, mil be redeemable in full five
years
from the date of issue and on
any interest paying date thereafter.
The
bonds villi be sold for not less than their par value with accrued interest to
may
several
date of
bonds
the
as
Council
B welfare (home relief) bonds.
Due June 1 as follows:
$11,000, 1940; $10,000 from 1941 to 1943, incl. and $5,000 from
1944 to 1949, inclusive.
100-000 municipal equipment bonds.
Due $20,000 on June 1 from 1940
to 1944, inclusive.
99,000 sewer bonds.
Due June 1 as follows:
$4,000 in 1940 and $5,000
from 1941 to 1959, inclusive.
40,000 local improvement bonds.
Due June 1 as follows:
$10,000 from
1940 to 1942, incl., and $5,000 in 1943 and 1944.
BONDS PUBLICLY OFFERED—The bonds, all dated June
1, 1939,
by Halsey, Stuart & Co., Inc1. and other members of the
group at prices to yield from 0.20% to 2.15%. according to
maturity.
Second high bid of 100.24 for 1.70s. was made
by the State
Bank of Albany.
rate of interest at
were re-offered
which they will purchase the bonds at par.
The bonds are issued for the
purpose of refunding and payment of bonds now outstanding and which
are now due and redeemable.
Enclose a certified check for $500, payable
to the Town Clerk.
purchasing
i
OFFICIAL OFFERING NOTICE—Official announcement of the reoffering of the bonds by Halsey, Stuart & Co., Inc., New York, and
associates,
TOWNSEND, Mont.—BOND OFFERING—It is reported that sealed
bids will be received until 2 p. m. on July 11,
by Frank T. Hooks, Town
Clerk, for the purchase of a $17,000 issue of not to exceed 6% semi-ann.
appears on page iv.
refunding bonds. Dated July 1, 1939. Due on July 1, 1944. A $200 certified
check, payable to the Town Clerk, must accompany the bid.
BUCHANAN, N. Y.—BOND OFFERING—Walter M. Hawkes, Village
Clerk, will receive sealed bids until 3:30 p. m. (DST) on June 28, for the
purchase of $10,000 not to exceed 5% interest coupon or
registered public
works bonds of 1939.
Dated Jan. 15. 1939.
Denom. $1,000.
Due $2,000
on June 15 from 1940 to
1944. incl.
Bidder to namia single rate of
interest,
expressed in a multiple of ]4 or l-10th of 1 %.
Principal and interest (J-D)
payable at the Westchester County National Bank, Peekskill, with New
York exchange.
The bonds are general obligations of the village, payable
from unlimited taxes.
A certified check for $200,
payable to order of the
village, is required.
Legal opinion of Dillion Vandewater & Moore of
New York City.
WHITE SULPHUR SPRINGS, Mont.—B0A7Z> SALE DETAILS—We
are now informed by the Town Clerk-Treasurer that the
$10,000 coupon
refunding bonds sold on June 5 as 3Hs, as noted here—V. 148, p. 3566—•
were purchased at
par by the First National Bank of White Sulphur Springs.
An offer for
$3,000 of the bonds
as
3 Vis was rejected, it is stated.
NEBRASKA
,
FAIRBURY, Neb.—BOND SALE DETAILS—It is
now reported by the
City Clerk that the $100,000 3%% semi-annual electric plant and light
plant revenue bonds sold to the First Trust Co. of Lincoln, as noted here
on
March 25, wer6 purchased at par, are dated May 1, 1939, and are
due $2t>,000 each year.
•
v
COLUMBIA COUNTY (P.
Denom. $1,000. Due May 1 as follows:
$9,000 from 1956 to 1958 incl. Bidder to
COUNTY
(P. O. Stockville), Neb.—BONDS SOLD—It
is reported that $45,000 funding bonds were
purchased recently by the First
May 1, 1939.
$8,000 from 1940 to 1955 incl. and
rate of interest /expressed
multiple of
or l-10th of 1%.
Principal and interest (M-N) payable
County Treasurer's office or at the Bankers Trust Co., New York
City. The bonds are unlimited tax obligations of the county and the ap¬
proving legal opinion of Hawkins, Delafiold & Longfellow of New York
City will be furnished the successful bidder. A certified check for $3,100,
payable to order of the County Treasurer, is required.
in
Trust Co. of Lincoln.
name one
a
at the
"
WILBER, Neb.—BONDS SOLD—It is stated by the City Clerk that
$81,000 refunding bonds have been sold to the First Trust Co. of Lincoln,
paying par for the bonds divided as follows:
$25,000 as 2>£s, due $5,000
from March 1, 1940 to 1944, and $56,000 as 3s, due on March
1, 1949.
Dated March 1, 1939.
O. Hudson), N. Y.—BOND OFFERING—
Clinton R. Clapper, County Treasurer, will receive sealed bids until
11:30
m. (DST) on June 28 for the purchase of
$155,000 not to exceed 6%
interest coupon or registered bridge bonds of 1939.
Dated
a.
.
FRONTIER
_
71,000 series
may
delivery and all bidders must state the lowest
3877
242,000 series A welfare (home relief) bonds.
Due June 1 as follows:
$22,000, 1940; $20,000 from 1941 to 1944, incl.; $30,000 from
1945 to 1947. incl.; $25,000 in 1948 and 1949.
FDEPEW,
N. Y.—BOND SALE POSTPONED—The sale of $25,000
sidewalk and street bonds, originally scheduled for June 19—V.
148, p. 3414—was postponed.
New offering will be made about July 10.
sewer,
NEW
.
HAMPSHIRE
HAMPTON SCHOOL DISTRICT (P. O. Hampton), N. H.—BOND
OFFERING■—Dean B. Merrill, Chairman of the School Board, will,,rece ve
sealed bids unt'l 3 p. m. (DST) on June 29 for the purchase of
$110,000
coupon high school bonds.
Dated June 1, 1939.
Denom, $1,000.
Due
June 1 as follows: $6,000 from 1940 to 1949 incl. and $5,000 from 1950 to
1959 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.
The bonds are unlimited tax obligations of the district and the
approving
legal opinion of Ropes, Gray, Boyden &. Perkins of Boston will be furnished
the successful bidder.
urer, will receive sealed bids until
10
chase at discount of $100,000 notes,
NEW
m. (DST) on June 29 for the
payable May 29, 1940.
a.
pur¬
JERSEY
N. J.—BOND OFFER ING—Frederic P. Reichey,
Borough Clerk, will receive sealed bids until 7 p. m. (DST) on June 27
for the purchase of $16,000 not to exceed 6% interest fire apparatus bonds.
Dated July 1, 1939.
Denom. $1,000. Due July 1 as follows: $3,000 from
1940 to 1943 incl. and $4,000 in 1944. Bidder to name one rate of interest,
expressed in a multiple of )4 or 1-10th of 1 %. Interest J-J. A certified check
2% of the bonds bid for, payable to order of the Borough Treasurer,
Legal opinion of Caldwell & Raymond of New York City will be
is required.
furnished the successful bidder.
CAMDEN COUNTY (P. O. Camden), N. J.—OTHER BIDS—Following
list of unsuccessful bids for the $314,000 park and impt. bonds awarded
June 16 to B
J. Van Ingen & Co., Inc., New York, and associates, on a
a
bid of 101.625 for
3H7c—V.
148,
a
p.
'
.
Bidder—
•
principal amount of $309,000 bonds to bear interest at
3724:
■■■■■•■.
*
.
No. Bonds
Bid For
.
Premium
Robinson & Co
311
3H%
$3,519.46
E. H. Rollins & Sons, Inc.; Buckley Bros.;
Bioren & Co., and Suplee, Yeatman &
Co-.
311
3H%
3,389.90
313
3H%
3H%
1,627.60
1,600.00
Dougherty, Corkran & Co.; C. C. Collings
Co.; Julius A.
Rippel,
MacBride, Miller & Co.
H. L.Allen & Co
,
Inc.,
and
1.
*
313
-
MAYWOOD, N. J.—BOND OFFERINGS. 0. Ogden, Borough Clerk,
will receive sealed bids until 8:15 p. m. (DST) Julv 15 for purchase of $33,0»)0
to exceed 6% interest coupon or registered street assessment bonds.
not
Dated
July
1,
1939.
Denom.
$1,000.
Due July
1
follows:
as
$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 M or 1-10 of 1
%.
The price
for which the bonds may be sold cannot exceed $34,000.
Principal and
(J-J) payable at the City National Bank & Trust Co,, Hackensack.
The bonds are unlimited tax obligations of the borough and the
approving
legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
A certified check for $660, payable to
order of the borough, is required.
j.
interest
.
New York State
Tilney
76
OF
SEWER
(P. O. 2505 Ridge Road West, Rochester), N. Y.—SALE
DISTRICT BONDS—The $1,011,000 coupon or registered
Greece Sewer District No. 1 bonds offered June 22—V. 148, p. 3724-—were
awarded to Sage, Rutty & Co. of Rochester, as 2^s, at a price of 100.239,
a basis of about 2.22%.
Dated June 1, 1939 and 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 ipcl.; $56,000, 1950 to 1956 incl. and $57,000 from
&
BEAVER STREET
Int. Rate
&
Traders
McEntee & Co
Trust
Co.
i_.
and
Rate Bid
1
Adams,
2M%
-
100.186
Inc
2.40%
Phelps, Fenn & Co., Inc.; Blair & Co., Inc.; Paine,
Webber & Co.; Schoellkopf, Hutton & Pomeroy,
Inc. and Erickson, Perkins & Co
2.40%
Marine Trust Co., Buffalo; R. D. White & Co.; E. II.
Rollins & Sons; A. C. Allyn & Co. and B. J. Van
Ingen & Co., Inc
2.60%
Lehman Bros.; Kidder, Peabody & Co.; Blyth & Co.r
and Charles Clark & Co
2H%
GREENBURGH (P. O.
100.421
■
'
*
100.279
100.51
100.269
Tarrytown), N. Y.—BONDSALE—The $885.-
000 coupon or registered tax lien bonds offered June 21—V. 148, p. 3567—
awarded to the County Trust
Co. of White Plains as 1 Hs, at par
plus $1,150 premium, equal to 100.129, a basis of about 2.45%.
Dated
June 1, 1939 and due June 1 as follows: $195,000, 1940; $200,000, 1941;
$210,000, 1942; $190,000 in 1943 and $90,000 in 1944.
Other bids:
were
HAMILTON COUNTY (P. O. Lake Pleasant), N.
Rate Bid
Int. Rate
"
Halsey, Stuart & Co., Inc. and George B. Gibbons &
Co.,Inc
1.70%
Lehman Bros.; Phelps, Fenn & Co., Inc., and Manu¬
facturers & Traders Trust Co..
2.20%
Marine Trust Co. of Buffalo; R. D. White & Co.; E. H.
Rollins & Sons. Inc.; Z. C. Allyn & Co., Inc., and
B. J. Van Ingen & Co.. Inc
2.30%
„
100.06
100.10
100.074
Y.—BOND OFFER¬
ING—John Ostrander, County Treasurer, will receive sealed bids at Room
No. 1103, at 75 State St., Albany, until noon (DST) on June 28 for the
purchase of $104,750 not to
exceed 5% interest
divided as follows:
coupon or
registered bonds,
\
.
$25,000 series A bridge bonds.
Due June 1 as follows: $2,000 from 1940
to 1946 incl. and $1,000 from 1947 to 1957 incl.
23,750 jail bonds.
Due June
1
as
follows: $1,750,
1940;
$2,000
from
1941 to 1949 incl. and $1,000 from 1950 to 1953 incl.
-
31,000 land acquisition bonds.
to 1954 incl. and
as
follows: $2,000 from 1940
$1,000 in 1955.
25,000 series B bridge bonds.
to 1946 incl. and
Due June 1
Due June 1
$1,000 from
"Airbf the bonds "are dated June
as
follows: $2,000 from 1940
J947 to_1957 incl.
_
_
lT 1939.""* One bond^for $750, othe'-s
$1,000 each.
Bidder to name one rate of interest, expressed in a multiple
of H or 1-10 of 1%.
Principal and interest (J-D) payable at the Hamilton
National Bank, Wells, with New York exchange, or at the Chase National
Bank, New York City.
The bonds are general obligations of the county,
payable from unlimited taxes.
A certified check for $2,095, payable to
order of the county, is required.
Legal opinion of Dillon. Vandewater &
Moore of New York City will be furnished the successful bidder.
Municipals
HARRISON (P. O. Harrison). N. Y.—CERTIFICATE OFFERING—
Benjamin I. Taylor, Town Supervisor, will receive sealed bids until 4 p. m.
(EST) on June 23 for the purchase of $274,000 not to exceed 3% interest
certificates of indebtedness.
Dated June 30, 1939.
Denoms. to suit pur¬
chaser.
Due July 1, 1940.
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 New York Trust Co., New York.
The certificates may be registered,
are general obligations of the town payable from unlimited taxes, and are
Company
NEW
Other bids:
Bidder—
Manufacturers
Bidder—
Int. Rale
Minsch, Monell & Co.. Inc., and Colyer,
&
County Trust Co. of White Plains.
GREECE
George B. Gibbons & Co., Inc.; Stone & Webster and
and Blodget,
Inc.; Roosevelt & Weigold, Inc.;
Bacon, Stevenson & Co. and Sherwood & Riechard,
BRADLEY BEACH,
is
to the
1957 to 1959 incl.
NASHUA, N. H.—NOTE OFFERING—Samuel Dearborn, City Treas¬
for
FEASTCHESTER (P. O. Tuckahoe), N. Y.—CERTIFICATE SALE—
An issue of $28,000 0.44% certificates of indebtedness was sold on June 15
YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
issued
pursuant to the provisions of Section 32 of Chapter 105 of the laws
Law," the
of 1916, as amended, known as the "Westchester County Tax
NEW
YORK
ALBANY, N. Y.—BOND SALE—The $2,246,000
coupon or
registered
bonds offered June 20—V. 148, p. 3566—were awarded to a syndicate com¬
posed of Halsey, 8tuart & Co., Inc.; Phelps, Fenn & Co., Inc.; Stone &
Webster and
Blodget. Inc.; Graham, Parsons & Co., and E. H. Rollins
Sons, Inc., all of New York; Boatmen's National Bank, St. Louis;
Co., Cleveland; G. M.-P. Murphy & Co.;
Gregory & Son, Inc.;
Equitable Securities Corp.; Sherwood & Reichard, Inc., Minsch, Monell
& Co., Inc.; Burr & Co., Inc., all of Chicago; Farwell. Chapman & Co.,
Chicago; Schwabacher & Co.; R. D. White & Co.; Granbery, Marache &
Lord, all of New York; Schmidt, Poole & Co., Philadelphia, and Martin &
Chambers of New York,
Successful bid was a price of 100.251 for 1.70%
bonds, a basis of about 1.65%.
Sale consisted of:
purpose being to pay tax lien certificates issued under said Section and to
borrow on account of transfers of tax liens purchased on behalf of the town
at the last tax sale.
The approving opinion of Dillon, Vandewater &
Moore of New York, will be furnished.
Enclose a certified check for $1,500,
payablpto the town.
MOUNT VERNON, N. Y.—NOTE FINANCING—'The First
&
Otis &
$839,000 debt equalization bonds, 1939 series.
$1,000, 1945; $43,000, 1946; $100,000,
1948 to 1953, inclusive.
Due June 1
follows:
1947 and $115,000 from
as
Bank of Mount Vernon has agreed to purchase tip to
NIAGARA FALLS BRIDGE COMMISSION,
N. Y.—PRESIDENT
BRIDGE LEGISLATION BECAUSE OF TAX-EXEMPT PRO¬
VISIONS—President Roosevelt declined on June 20. to sign a bill affecting
VETOES
Niagara Falls' new "Rainbow Bridge" because the present law exempts the
from taxation.
Soon thereafter, Representative Walter G. Andrews,
bill, introduced in the House a revised measure
which would repeal the tax-exemption provision.
The bill vetoed would
have extended the times for commencing and completing the structure—
span
of New York, author of the
replace the original bridge—for 1 and 3 years, respectively, from June 16.
President used his veto power to make sure that the income and
560,000 public works bonds.
Due June 1 as follows: $115,000 in 1940 and
1941 and $110,000 from 1942 to 1944, inclusive.
to
300,000 water bonds.
Due June 1 as follows: $10,000 from 1940 to 1959,
incl., and $5,000 from I960 to 1979, inclusive.
bonds of the new
National
$275,000 notes at
0.35% interest.
The
Rainbow Bridge shall not be tax-exempt.
They were
exempted under a provision of a bill which Mr. Roosevel^signed last year
.
but
he
time.
Nashville), N. C.—BOND SALE—The $36,000
issue of coupon school bonds offered for sale on June 20—V.148, p. 3726—
was awarded to
Seasongood & Mayer of Cincinnati, as 2Ms, paying a
premium of $28.85, equal to 100.08. a basis of about 2.23%.
Dated June 1,
1939.
Due $6,000 from June 1,1942 to 1947 incl.
NASH COUNTY (P. O.
explained that the exemption provision was overlooked at that
To "correct this oversight" he vetoed the bill extending the time
for commencing the bridge from June 16, 1939, to June 16, 1940. and the
time for completing the structure from June 16, 1941 to June 16, 1942.
He explained he was not opposed to the bridge itself but merely took this
step to kill the tax exemption,
NORTH CAROLINA, State of—LOCAL
issues of notes were
PER1NTON AND PITTSFORD UNION FREE SCHOOL DISTRICT
Int. Bate
$1 66
7 000 North Wilkesboro revenue anticipation notes to the
Bank of Boone, at 6%, plus a premium of $52.50.
Bate Bid
100.189
Sage, Rutty <& Co
1.80%
1.80%
Marine Trust Co. of Buffalo-----.^-------——-
1.90%
100.27
Union Securities
2%
2.10%
100.30
100.31
100.15
E. H. Rollins & Sons, Inc
-----
Blair & Co;, Inc
R. D. White & Co
—
—
— —
——
———
—
SARANAC
$20,000 issue of coupon school building bonds offered for sale on
148, p. 3726-r-was awarded to the Trust Co. of Georgia, of
equal to 100.264, a net interest cost of
about 2.19%, on the bonds divided as follows: $4,000 as 2s, due $2,000 on
May 1 1942 and 1943, the remaining $16,000 as 2Ms. due $2,000 from
May 1,1944 to 1951 incl.
The
June 20—V.
Atlanta, paying a premium of $52.80,
100.11
LAKE, N. Y.—BOND OFFERING—Albert H. Breier,
Village Clerk, will receive sealed bids until 4 p. m. (DST) on June 30 for
the purchase of $35,000 not to exceed 5% interest coupon or registered
public works bonds of 1939.
Dated June 15, 1939.
Denom. $1,000.
Due June 15 as follows: $4,000 from 1940 to 1944 incl. and $3,000 from
1945 to 1949 incl.
Bidder to name one rate of interest, expressed in a
multiple of H or 1-10 of 1 %.
Principal and interest (J-D) payable at the
Adirondack National Bank & Trust Co., Saranac Lake, with New York
exchange.
The bonds are general obligations of the village, payable from
.unlimited taxes.
A certified check for $700. payable to order of the village,
is required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder. "
RUTHERFORD COUNTY (P. O. Rutherfordton), N. C.—BOND
OFFERING—We are informed by W. E. Easterling, Secretary of the Loca
Government Commission, that he will receive sealed bids at his office i I
Raleigh, until 11a.m. (EST), on June 27, for the purchase of the followinn
issues of not to exceed 6 % semi-annual coupon or registered refunding bonds:
,
SCARSDALE UNION FREE SCHOOL DISTRICT NO.
Scarsdale), N. Y.—BOND SALE—-The $25,000 coupon or
1 (P. O.
registered
Roosevelt
& Weigold, Inc., New York, as 1 Hs, at a price of 100.11, a basis of about
1.23 %.
Dated July 15,1939 and due July 15 as follows: $2,000 from 1940
to 1944, incl. and $3,000 from 1945 to 1949, incl.
Other bids:
school bonds offered June 20—V. 148, p. 3268—were awarded to
{""Bidder—
Int. Bate
d
Scardsdale National, Bank
Burr & Co., Inc—
1939.
A separate bid for each issue (not less than par and
Bidders are requested to name the interest
multiples of A of 1 %; each bid may name one rate for part
of the bonds of either issue (having the earliest maturities) and another rat
for the balance; but no bid may name more than two rates for either issue,
and each bidder must specify in his bid the amount of bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds
at the lowest 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.
Princiapl
and interest payable in lawful money in New York City.
General obliga¬
tions; unlimited tax. Delivery at place ofpurchaser's choice. Theapproving
Dated July 1,
accrued interest) is required.
rate or rates in
— -----
-
—
County Trust Co. of White Plains-Boston Corp
First
100.22
10C .22
100.142
100.06
opinion of Storey, Thorndike, Palmer &
1 Vt %
\lA%
Manufacturers & Traders Trust Co-
_
1H %
1H%
1H%
-
-
Par
$53,000 general, series C bonds.
Denom. $1,000.
Due July 1, as follows:
$3,000 in 1952, and $5,000 in 1953 to 1962.
41,500 school, series O bonds.
Denom. $1,000, one for $500.
Due
July 1, as follows: $1,500 in 1952, and $4,000 in 1953 to 1962.
IH%
—.4-
Marine Trust Co. of Buffalo
O. F. Herb & Co_-'
Bate Bid
1.30%
—...——-
100.04
100.01
SOLD—It is reported that $25,000 notes were purchased on June 13
R. S. Dickson & Co. of Charlotte, at 2%, plus a premium of $3.05.
Enclose a certified check for
COUNTY
WATAUGA
SALE—'The $463,000 coupon or registered
p.
.
Halsey, Stuart & Co., Inc
&rTraders Trust Co.,
Manufacturers
and
Rutherfordton), N. C.—NOTES
by
(P. O. Boone), N. C.—BOND OFFERING—
$83,000 general bonds.
Due July 1 as follows: $2,000 in 1945; $3,000 in
1946; $5,000 in 1947; $6,000 in 1948; $8,000 in 1949; $12,000 in
1950: $13,000 in 1951, and $17,000 in 1952 and 1953.
26,000 school bonds.
Due July 1 as follows: $1,000 in 1945 and 1946;
$2,000 in 1947; $3,000 in 1948; $4,000 in 1949; $2,000 in 1950 aiid
1951; $5,000 in 1952, and $6,000 in 1953.
A separate bid for each issue
Bidders are requested
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
Dated July
1,
Denom. $1,000.
1939.
(not less than par and accrued interest) is required.
to name the interest rate or rates in multiples of H
Rate Bid
100.039
Int. Rate
1}4%
.
O.
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 27
at his office in Raleigh, for the purchase of the following not to exceed 6%
semi-annual coupon refunding bonds aggregating $109,000:
$318,000 tuberculosis hospital bonds.
Due June 1 as follows:
$24,000
from 1940 to 1945, incl., $34,000 in 1946 and $35,000 from 1947
to 1950, inclusive.
T 80,000 relief funding bonds.
Due $10,000 on June 1 from 1940 to 1947
f
inclusive.
65,000 bridge bonds.
Due June 1 as follows: $6,000 from 1940 to 1944,
f
incl. and $7,000 from 1945 to 1949, inclusive,
r All of the bonds will be dated June 1, 1939.
Other bids:
s
(P.
We
13725—were awarded to
Bidder—
COUNTY
Dodge, of Boston, will be furnished.
$1,890, payable to the State Treasurer.
RUTHERFORD COUNTY
(P. O. Schenectady), N. Y.—BOND
bonds offered June 20—W. 148,
Smith, Barney & Co., New York, and the
Mercantile-Commerce Bank & Trust Co., St. Louis, jointly, as 1.20s, at
a price of 100.039, a basis of about 1.19%.
Sale consisted of:
„
SCHENECTADY
r
Northwestern
ROCKINGHAM COUNTY (P. O. Wentworth) N. C.—BONDSALE—
100.166
2.20%
2.20%
Invest¬
30 000 Sampson County revenue anticipation notes to the Wachovia
Bank & Trust Co. of Winston-Salem, at 1%, plus a premium of
83^000 from 1940 to 1946, incl. and $4,000 from 1947 to 1949, incl. Other
Bidder—
NOTES SOLD—The following
all sold on June 20:
$60 000 Stanly County bond anticipation notes to the Southern
ment Co. of Charlotte, at 1%, plus a premium of $7.65.
NO. 13 (P. O. East Rochester), N. Y.—BOND SALE-—The issue of
$33,000 building bonds offered June 30—-V. 148, p. 3725—were awarded to
Sherwood & Reichard, Inc., New York, as 1.70s., at a price of 100.13. a
basis of about 1.68%.
Dated July 15 1 939 and due July 15 as follows:
Corp.-,
Bernhard, Bennett & Co
June 24, 1939
Chronicle
Financial
3878
Kean,
Taylor & Co—■
———
Goldman, Sachs & Co.; George B. Gibbons & Co.
and Roosevelt & Weigold, Inc:
Harris Trust & Savings Bank and Sherwood &
Reichard, Inc.Chase National Bank of New York; Bankers Trust
Co.
of
New York and Citizens Trust Co.,
1:30%
100.119
1.30%
100.10
offering to purchase the bonds at the lowest interest cost to the county,
1.30%
100.06
such cost to be determined by deducting the total amount of the premium
bid from the aggregate amount of interest upon ail of the bonds until their
Schenectady—
Harripaan Ripley A Co., Inc. and Eldredge & Co.Kidder, Peabody & Co.; Estabrook & Co., and
1.30%
1.40%
100.059
100.419
1.40%
1.40%
1.40%
100.41
100.35
100.28
^amount of bonds of each rate.
—-—
E.
H.
Rollins
Sons
&
LazardFreres & Co. and First of Michigan Corp—
Shields & Co. and Alex. Brown <Sr Sons.-
respective maturities.
Principal and interest payable in lawful money in
New York City.
The bonds are registerable as to principal only.
General
obligations; unlimited tax.
Delivery at place of purchaser's choice.
The
approving opinion of Reed, Hoyt, Washburn & Clay of New York, will be
furnished.
Enclose a certified check for $2,180, payable to the State
Treasurer.
SHAWANGUNK (P. O. Wallkill), N. Y—OFFERING OF WALLKILL
FESSENDEN,
1940 to 1945, and $500 in 1946; subject to prior redemption on any interest
payment date at par and accrued interest, on
Interest, expressed in a multiple of % or 1-10th of 1%.
Principal
and" interest (J-D) payable at the Wallkill National Bank, Wallkill.
The
.
UTICA, N. Y.—CERTIFICATE SALE—The $1,000,000 tax anticipa¬
tion certificates of indebtedness offered June 21—-V.
148,
p. 3725—were
interest.
Dated
awarded to Barr Bros. & Co., New York, at 0.109%
June 22, 1939, and payable Nov. 22, 1939.
Other bids:
Bidder—*
„
Int. Rate
Chase National Bank of New York
-
National City Bank of New York
WOLCOTT,
BUTLER.
■
Premium
0.12%
0.14%
0.17%
N.
.
$1,675,000, divided
as
follows:
on July 6, at 10 a. m.—
$1,375,000 State certificates of indebtedness. Dated July 6, 1939. Denoms.
$10,000, $5,000 and $1,000.
Due on July 6, 1940. A certified
check for 2% of the bid, payable to the State Treasurer, is
>'
required.
On July 7, at 10 a. m.—
$300,000 State certificates of indebtedness. Denom. $1,000. Dated July 7,
1939.
Due oh July 7, 1940. A certified check for 2% of the bid,
payable to the State Treasurer, is required-.
OHIO
VICTORY,
Y.—NOTE SALE—The
15 days' published notice.
2% of the bid is required.
DAKOTA, State of—CERTIFICATE OFFERINGS—Sealed
bids will be received by James E. Bothne, Secretary of the State Industrial
Commission, for the purchase of not to exceed 4% certificates aggregating
NORTH
2.00
10.00
4
AND CONQUEST CENTRAL
SCHOOL DISTRICT NO. 3 (P. O. Red Creek), N. Y.—BOND SALE
—The $190,000 coupon or registered school bonds offered June 23—V. 148,
p. 3725—were awarded to Adams, McEhtee & Co., Inc., and George B..
Gibbons & Co., Inc., both of New York, jointly, as 2.10s, at a price of
100.61.
Dated June 15, 1939. and due June 15, as follows: $5,000 from
1940 to 1945, incl.; $6,000, 1946 to 1951, incl.; $7,000 from 1952 to 1958,
incl., and $7,500 from 1959 to 1968, incl.
Bonds were reoffered,to yield
from 0.25% to 2.10%, according to maturity.
Second high bid of 100.20
for 2.10s was made by Sherwood & Reichard, Inc., New York.
YONKERS,
A certified check for not less than
$21.00
7.00
0.12%
-
Bank of the Manhattan Co
Chemical Bank & Trust Co. and Ladenburg, Thalmann & Co__--_
i_
Dak.—BOND OFFERING—^MVe are informed that
by Walter A. Burgstabler, City Auditor, until
8 p. m. on June 26, for the purchase of a $6,500 issue of not to exceed 4%
semi-ann. water works revenue bonds.
Due on July 1 as follows: $1,000,
Dated June 1, 1939.
Denom. $500. Due June 1 as follows: $1,500 from
1940 to 1965 incl. and $2,000 from 1966 to 1968 incl. Bidder to name one
payable in the first instance from,a levy upon the property in the
district, but if not paid from such levy, the town Is authorized and required
by law to levy on all the taxable property of the town such ad valorem
taxes as may be necessary to pay the bonds and the interest thereon, without
limitation as to rate or amount.
The purchaser will be furnished with the
opinion of Reed, Hoyt, Washburn & Clay, of New York, that the bonds are
valid and binding obligations of the town.
Enclose a certified check for
$900, payable to the town.
'
1
N.
DAKOTA
sealed bids will be received
rate of
are
I
>
NORTH
SEWER DISTRICT BONDS—S. Kelso Sloan, Town Clerk, will receive
sealed bids until 5 p. m. (DST) on July 6 for the purchase of $45,000 not
to exceed 6% interest coupon or registered Wallkill Sewer District bonds.
bonds
The bonds will be awarded to the bidder
$413,000
bond
MUNICIPALS
McDONALD-COOLI DGE &. CO.
1001
CANTON
UNION
AKRON
COMMERCE
CINCINNATI
BLDG., CLEVELAND
COLUMBUS
SPRINGFIELD
anticipation
June 21 were awarded to H. L. Schwamm & Co. of New
York at 1.50% interest.
Dated June 23, 1939 and payable Dec. 22, 1939.
Re-offered to yield 0.75%.
notes offered
OHIO
DISTRICT, Ohio—NOTE OFFERING—
will receive sealed bids until
July 6 for the purchase of $19,783.03 not to exceed 4% interest
refunding bonds, callable after Nov. 30 in any year.
A certified check for
at least 1% of the issue is required.
ATHENS
CITY
SCHOOL
E. R. Walker, Clerk of Board of Education,
NORTH
GREENE COUNTY
(P. O. Snow Hill), N. C.—BOND SALE—The
two issues of coupon semi-annual
offered for sale
on
CAROLINA
Lynchburg, divided as follows:
$200,000 road and bridge bonds for a premium of $499.99, equal to 100.249,
a net interest cost of about 3.125%
on the bonds as follows:
as
3s, due
on
June 1, $14,000 in 1948, $17,000 in 1949,
$18,OO0 in 1950 and $25,000 in 1951, and 1952; the remaining
$101,000 as 3^s, due on June 1, $30,000 in 1953 to 1955 and
$11,000 in 1956.
25,000 school bonds as 3s, paying a premium of $59.49, equal to 100.237,
a basis of about 2.97%.
Due $5,000 from June 1, 1948 to 1952,
inclusive.
j
MARSHALL, N. C.—BONDS NOT SOLD—"We are officially informed
that the following not to exceed 6% semi-annual
refunding bonds, aggre¬
gating $23,000, were offered on June 20—V. 148, p. 3726—but were not
sold as no bids were received:
$19,000 improvement bonds.
4,000 water works bonds.
P. m. on
refunding bonds, aggregating $225,000,
June 20—V. 148, p. 3726—were awarded to Scott, Horner
& Mason, Inc., of
$99,000
7:30
Due on May 1 in 1949 to 1952.
Due $1,000 from May 1, 1949 to 1952, incl.
BOWLING
GREEN
CITY
SCHOOL DISTRICT,
Ohio—NOTE
SALE—The $11,625.63 notes offered June 15—V. 148, p. 3269—were
awarded as 2 As to the Bank of Wood County, at Bowling Green.
BRUSHCREEK RURAL CONSOLIDATED SCHOOL
NO. 4 (P. O. Hillsboro), Ohio—NOTE OFFERING—Charles
DISTRICT
M. Garman,
Clerk of Board of Education, will receive sealed bids until 8 p. m. on July 6
for the purchase of $5,023.23 not to exceed 4% interest refunding notes,
callable after Nov. 30 in any year.
issue is required.
A certified check for at least 1 % of the
BURTON RURAL SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Thelma J. Greene, Clerk of Board of Education, will receive sealed bids
until 8 p.
m.
on
July 5 for the purchase of $6,012.33 not to exceed 4%
in any year. A certified
interest refunding notes, callable after Nov. ,30
check for at least 1% of the issue is required.
CAMBRIDGE CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING
—Besse
Taylor, Clerk of Board of Education, will receive sealed bids until
Volume
7:30 p.
Financial
148
Chronicle
July 3 for the purchase of $43,394.36 not to exceed 4% interest
refunding notes, callable after Nov. 30 in any year. A certified check for
at least 1 % of the issue is
required.
four bridges.
CANTON, Ohio—BOND OFFERING—Robert E. Beck, City Auditor,
1 p. m. (EST) on July 6 for the purchase of
$17,868.49 3% improvement bonds.
Dated June 1, 1939.
One bond for
$868.49, others $1,000 each. Due June 1 as follows: $1,868.49 in 1941 and
$2,000 from 1942 to 1949 incl. Bidder may name a different rate of interest,
PARMA
expressed in a multiple of M of 1% and payable J-D. Principal and interest
payable at the City Treasurer's office. A certified check for 5% of the bonds
bid for is required.
Legal approving opinion will be furnished the successful
Ohio^-
4% interest refunding notes. Callable after Nov. 30 in any
A certified check for not less than 1 % of the issue is required.
CINCINNATI, Ohio—BONDS SOLD—The City Treasurer purchased
$180,000 2*4% general hospital bonds, due $18,000 each Sept. 1 from 1940
1949 incl.
Dated July 1, 1939.
Interest M-S.
One manuscript bond.
.
^ue Dec. 1
required.
FOSTORIA CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Leonard, Clerk of Board of Education, will receive sealed bids until
10 a. m. on July 1 for the
purchase of $27,739.77 not to exceed 4% interest
refunding notes. Callable after Nov. 30 in any year. A certified check for
not less than
1% of the issue is required.
«
4ft|
}
FREMONT, Ohio—BONDS
1939.
ko.n(i8
SOLD—An issue of $12,000 4% fire depart-
was sold to the National Bank of Fremont.
Due in 10 yearly instalments.
Denom. $1,000.
Dated April 15,
GALLIPOLIS CITY SCHOOL DISTRICT, Ohi<*—NOTE OFFERING
Brumfield, Clerk bf the Board of Education, Will receive sealed bids
$25,793.94 not to exceed 4%
interest
refunding bonds. Callable after Nov. 30 in any year. A certified
check for not less than
1% of the issue is required.
*
—C. E.
until 7:30 p. m. on June 30 for the
purchase of
GREEN
mortgage
SPRINGS, Ohio—BOND ISSUE DETAILS—'The $17,500 4%
revenue
water
works
bonds sold earlier in the year to
Siler
Carpenter & Roose of Toledo at a price of 95—*V. 148, p. 1522—are
dated March 1,
1939, in denoms. of $1,000 and $500 and mature Oct. 1 as
follows: $500 from 1942 to 1948 incl. and
$1,000 from 1949 to 1962 incl.
LISBON
NOTE
EXEMPTED
system
VILLAGE
OFFERING—George C.
SCHOOL
DISTRICT,
will
$19,994.73
refunding notes.
Callable after Nov. 30 in any
A certified check for not less than 1% of the issue is required.
will be issued to refund a like amount
outstanding and issued pur¬
year.
Notes
suant to Section 2293-81
of General Code of Ohio.
LORAIN
CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Hartz, Clerk of Board of Education, will receive sealed bids
on July 6 for the purchase of $94,192.71 not to exceed 4%
interest refunding
notes, callable after Nov. 30 in any year.
A certified
chegk for at least 1% of the issue is required.
Charles
A.
until Id
a.
LUCAS SCHOOL
DISTRICT, Ohio—NOTE OFFERING—E. G. Culler,
of Board of
Education, will receive sealed bids until 8 p. m. on
July 6 for the purchase of $4,510.39 not to exceed 4% interest refunding
Callable after Nov. 30 in
1% of the issue is required.
n°tesi
than
LYKENS
.
NOTE
RURAL
A certified check for not less
«
SCHOOL
OFFERING—The-Clerk
sealed bids until 8
p,
exceed 4% interest
any year.
DISTRICT
of
the
(P.
Board
O.
Bucyrus), Ohio--
Education
of
will receive
July 7 for the purchase of $5,160.52 not to
refunding notes, callable after Nov. 30 in any year. A
certified check for 1 % of the issue is
required<
m.
on
MAPLE HEIGHTS CITY SCHOOL DISTRICT
(P. O. Bedford),
Ohio—BOND EXCHANGE—The $22,050 4% refunding bonds for which
bids were received on May 19—V. 148,
p. 3270—are being exchanged
with holders of bonds which matured in
1938, according to report.
no
MAPLE
HEIGHTS CITY SCHOOL DISTRICT (P. O. Bedford),
Ohio—NOTE OFFERING—F. J. Vasek, Clerk of Board of Education, will
receive.sealed bids until noon on July 5 for the purchase of $16,173.03 not
to exceed 4% interest
refunding notes.
Callable after Nov. 30 in any year.
A certified check for not less than
1% of the notes is required.
MENTOR RURAL SCHOOL DISTRICT, Ohio—BOND SALE DE¬
TAILS—The $79,750 schoool bonds purchased by the Ohio State Teachers'
Retirement System—V. 148, p. 1845—were sold as 3s, at a price of 101.109.
MILTON-UNION SCHOOL DISTRICT (P. O. West Milton), Ohio—
NOTE OFFERING— H. K. Lair, Clerk of Board of Education, will receive
sealed bids until 8:30 p. m. on July 8 for the purchase of
$1.3,263.24 not to
exceed 4% interest refunding notes, callable after Nov. 30 in
any,year.
certified check for 1% of the issue is required.
as follows:
under
Cleveland,
Enclose
$14,200 in 1940 and $14,000 from 1941 to 1948 incl.
the
whose
supervision of Squire, Sanders & Dempsey, Esqs., of
approving opinion will be furnished the purchaser.
$1,300, payable to the Clerk-
certified check for not less than
Treasurer Board of Education.
a
PIQUA
CITY
SCHOOL
Ohio—NOTE
DISTRICT,
OFFERING—
W. H. Koester, Clerk of Board of Education, will receive sealed bids until
1 p. m. on July 6 for the purchase of $35,223.23 not to exceed 4% interest
refunding notes, callable after Nov. 30 in any year. A certified check for at
least 1 % of the issue is required.
PORTSMOUTH CITY SCHOOL DISTRICT, Ohio—NOTE OFFER¬
ING—Wesley P. Ridenour, Clerk of Board of Education, will receive sealed
bids until 7 p. m. on July 3 for the purchase of $105,063.88 not to exceed
4% interest refunding notes.
Callable after Nov. 30 in any year.
The
notes are being issued for the purpose of refunding the
odtstanding notes
issued under and pursuant to Section 2293-81 of General Code of Ohio.
A certified check for not less than 1% of the issue must
accompany each
proposal.
ROCK
CREEK
SCHOOL
DISTRICT,
Ohio—NOTE OFFERING—
Nellie M. Good, Clerk of Board of Education, will receive sealed bids until
8:30 p. m. on July 3 for the purchase of $6,019.37 not to exceed 4% interest
refunding notes, callable after Nov. 30 in
any year.
ROOTSTOWN RURAL SCHOOL DISTRICT
Ohio—NOTE
OFFERING—The
Clerk
of
(P. O. New Milford),
Board
the
of
Education
receive sealed bids until 8 p. m. on July 6, for the purchase of
not to exceed 4% interest refunding bonds, callable after Nov.
will
$7,505.17
30 in
any
A certified check for at least 1% of the'issue is required.
year.
SHAKER HEIGHTS CITY SCHOOL DISTRICT (P. O. Cleveland),
Ohio—BOND OFFERING—J. W. Main, Clerk-Treasurer of Board of
Education, will receive sealed bids until noon (EST) on July 3, for the
purchase of $121,000 2H% refunding bonds.
Dated July 1", 1939.
Due
Oct. 1 as follows:
$13,000, 1940; $14,000, 1941; $13,000, 1942; $14,000,
1943; $13,000, 1944; $14,000, 1945; $13,000, 1946; $14,000 in 1947 and $13,000 in 1§48.
Bidder may name a different rate of interest, expressed in a
multiple of *4 or 1% and payable A-O.
Bidder to State denoms. desired;
amounts will be determined by the Clerk-Treasurer.
A certified check for
$1,210 must accompany each proposal.
BOND
CALL—The refunding bonds will be issued to replace a similar
dated Oct. 1, 1934 and callable Oct. 1, 1939. 'The old
amount of bonds,
bonds have already been called for payment.
SYLVANIA
EXEMPTED
VILLAGE
SCHOOL
DISTRICT, Ohio—
of Board of Education, will
for the purchase of $24,£96.54
callable after Nov. 30 in any
A certified check for not less than 1 % of the issue is required.
NOTE
OFFERING—Lora
Randall,
Clerk
receive sealed bids until 7 p. m. on June 30
not to exceed 4% interest refunding notes,
year.
TWIN
m.
Clerk
will
Treasurer,
une
taken
Ohio—
Porter, Clerk of Board of Education,
receive sealed bids until 7:30
p. m, on July 8 for the purchase of
not to exceed
4% interest
City
Eursuant to an election held in the tax limitations to pay the interest and
onds and the levy of a tax outside of district on June 9, to authorize the
m. on July 6 of $5,899.66 not to exceed
4% interest refunding notes, callable after Nov. 30 in any year. A certified
check for at least 1
% of the issue is required.
H. H.
Station, Cleveland),
Graham,
Srincipal thereof and to a resolutionto the issuance of the bonds have been
adopted by the Board of Education on
12.
The proceedings looking
will receive sealed bids until
8 p.
FAIRVIEW SCHOOL DISTRICT (P. O. Lakewood), Ohio—NOTE
OFFERING—H. E. Cook, Clerk of Board of Education, will receive sealed
Brooklyn
N.
The bonds are issued for the purpose of paying the unsecured
indebtedness of the district incurred prior to Jan. 1, 1939, and under and
UNION RURAL SCHOOL DISTRICT (P. O. Apple Creek),
Ohio—NOTE OFFERING—C. H. Maurer, Clerk of Board of Education,
bids until 8 p. m. on
July 11 for the purchase of $9,148.40 not to exceed 4%
interest refunding bonds, callable after Nov. 30 in
any year. A certified check
for not less than 1
% of the issue is
Road,
sidered.
EAST
BONDS— Karl A. Bohlken,
Village Clerk, states that in accordance with provisions of the debt read¬
justment plan, sealed offerings of special assessment refunding bonds,
dated Jan. 1, 1939, will be received at his office until noon on June 28.
Amount available in the
sinking fund for such purpose is approximately
Ridge
WANTED—John
are
CINCINNATI CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING
Ohio—IN MARKET FOR
6611
Bidder may name a different rate of
interest, provided that fractional rates
expressed in a multiple of *4, of 1 %.
Split rate bids will not be con¬
to
.FAIRVIEW,
O.
PARMA CITY SCHOOL DISTRICT (P. O.
Cleveland), Ohio—BOND
OFFERING—Ira D. Siegfried, Clerk-Treasurer of the Board of Education,
will receive sealed bids until noon on
July 10 for the purchase of $126,200
5% funding bonds. Dated June 1, 1939. One bond for $200, others $1,000
each, or in such other denoms. as may be required by the successful bidder,
not to exceed
—William Mietenkoetter, Clerk of Board of Education, will receive sealed
bids until 2:30
p. m. on July 10 for the purchase of $649,509.30 not to
exceed 4% interest
refunding notes, subject to call after Nov. 30 in any
year. A certified check for not less than 1 % of the issue is required.
(P.
Ohio—TENDERS
OFFERING—-C. R. Truman, Clerk of Board of Education, will
receive sealed bids until 8 p. m. on July 12 for the purchase of $10,323.66
year.
1
receive sealed tenders of refunding bonds, dated Oct.
1, 1936, until noon on
July 17, purchases of which will be made from the sum of about $50,000
presently available for that purpose in the sinking fulpd.
Bonds tendered
must be ready for
delivery not later than 10 days thereafter.
bidder.
CHARDON COMMUNITY VILLAGE SCHOOL DISTRICT,
bonds issued for the purchase of
OLMSTED FALLS SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Aubrey M. Billings, Clerk of Board of Education, will receive sealed bids
until 1:30 p. m. on
July 8 for the purchase of $6,795.61 not to exceed 4%
interest refunding notes, callable after Nov.
30 in any year.
A certified
check for at least 1% of the issue is
required.
will receive sealed bids until
NOIE
3879
mission to refund
outstanding revenue
m. on
NOTE
RURAL
SCHOOL DISTRICT
OFFERING—Sealed
Board of Education until
bids
will
be
(P. O. Bourneville), Ohio.^by the Clerk of the
received
1:30 p. m. on July 3, for the purchase of
$12,-
801.97 not to exceed 4%
interest refunding notes, callable after Nov. 30
A certified check for at least 1% of the issue is required.
in any year.
VINTON
RURAL SCHOOL
DISTRICT
(P. O. McArthur), Ohio—
of Board of Education, will
of $7,879.97 not
30 in any year.
A certified check for 1% of the issue is required.
"
NOTE
OFFERING—3.
M.
Cot trill,
Clerk
receive sealed bids until 7 p. m. on July 7 for the purchase
to exceed 4% interest refunding notes, callable after Nov.
WAUSEON, Ohio—BONDS SOLD—The Peoples State Bank of Wauseon
purchased $8,000 3*4 % fire truck and equipment bonds at a price of 100.125.
WAYNE
No.
1,
TOWNSHIP
West
SCHOOL DISTRICT (P. O. R. R.
Ohio—NOTE OFFERING—Willard Long,
RURAL
Middle town),
Clerk of Board of Education, will receive sealed bids until 8 p. m. on July 3
for the purchase
of $4,822.26 not to exceed 4% interest refunding notes,
A certified check for not less than 1%
callable after Nov. 30 in any year.
of the issue is required.
WHITEOAK RURAL SCHOOL DISTRICT (P. O. Hillsboro), Ohio
of the Board
—NOTE OFFERING—Sealed bids will be received by the Clerk
of Education until 8 p. m. on July 5, for the
exceed 4% interest refunding notes, callable
A certified check for at least
WILLIAMSBURG
OFFERING—The
VILLAGE
Clerk
of
purchase of $5,803.76 not to
after Nov. 30 in any year.
1% of the issue is required.
Board
SCHOOL
of
DISTRICT,
Education
will
Ohio—NOTE
receive sealed
bids
(EST) on July 5 for the purchase of $9,197.52 not to exceed
4% interest refunding notes, callable after Nov. 30 in any year. A certified
check for 1 % of the issue is required.
until 8 p. m.
A
*
MONTPELIER EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio
—NOTE OFFERING—C. P. Prosser, Clerk of Board of Education, will
R. J. EDWARDS, Inc.
receive sealed bids until 8 p. m. on July 7 for the purchase of $12,801.30
not to exceed 4% interest refunding notes callable after Nov. 30 in
any year.'
A certified check for 1
% of the issue is required.
Municipal Bonds Since 1892
MOUNT
VERNON
CITY
SCHOOL
DISTRICT,
Ohio—NOTE
OFFERING—Clerk of Board of Education will receive sealed bids until
noon on July 1 for the purchase of
$33,704.37 not to exceed 4% interest
refunding notes, callable after Nov. 30 in any year.
A certified check for
1 % of the issue is required.
MUSKINGUM
RURAL
SCHOOL
DISTRICT
(P.
O.
Marietta),
Ohio—NOTE OFFERING—Sam H. Plumer, Clerk of the Board of Educa¬
tion, will receive sealed bids until 1 p. m. on July 3 for the purchase of
$5,275.75 not to exceed 4% interest refunding notes, callable after Nov. 30
in any year. A certified check for 1 % of the issue is required.
NEW
LEXINGTON,
Ohio—BOND
SALE
DETAILS—The
$15,000
3 M % fire engine and station repair bonds purchased earlier in the year by
Pohl & Co., Inc. of Cincinnati—V. 148, p. 1058—were sold at a price of
100.80, a basis of about 3.11%.
NEW LYME RURAL SCHOOL
DISTRICT, Ohio—NOTE OFFERING
—The Clerk of Board of Education will receive sealed bids until 8 p.
on
m.
July 8 for the purchase of $5,758.89 not to exceed 4% interest refunding
A certified check for 1% of the
notes, callable after Nov. 30 in any year.
issue is required.
NORTH OLMSTED SCHOOL
8 p. m. on July 6 for the purchase of $8,280.41 not to exceed 4% internet
refunding notes, callable after Nov. 30~in any year.
A certified check for
OHIO,
% of the issue is required.
State
of—BRIDGE
REFUNDING
BILL SIGNED—Governor
Bricker is reported to have signed a bill to permit the State Bridge Com¬
Long Distance 787
OKLAHOMA
ALTUS, Okla.—BONDS VOTED—At an election held on June 13 the
voters are reported to have approved the issuance of $49,000 in not to exceed
6% semi-annual municipal auditorium bonds by a count of 104 to 59.
DAVIS SCHOOL DISTRICT (P. O. Davis),
—It is reported that
Okla.—BOND OFFERING
sealed bids will be received until 1 p. m. on June 27
by W. I. Meyer, District Clerk, for the purchase of a $20,000 issue of buildng bonds.
Bidders to name the rate of interest.
Due $3,000 in 1942 to
947 and $2,000 in 1948.
A certified check for 2 % of the bid is requ'red.
U
f
JAY, Okla.—BOND SALE—The $7,000 issue of sanitary sewer bonds
148, p. 3727—was awarded to Calvert &
offered for sale on June 20—V.
DISTRICT, Ohio—NOTE OFFERING
—Ruth R. Lord, Clerk of Board of Education, will receive sealed bids until
at least 1
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Canfield of Oklahoma City, according to the
to
Town Clerk.
1949.
Due from 1942
1
TEXAS
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
8
(P
O. Guymon), Okla.—BOND SALE—The $20,000 issue of building
bonds offered for sale on June 21—V. 148, p. 3627—was awarded to the
First
Bank of Oklahoma City, according to report.
1948, inclusive.
National
1942 to
Due from
Financial
3880
June 24,
Chronicle
RHODE
OREGON
Ore.—BONDS OFFERED—Sealed bids were
received until 8 p. m. on June 24, by W. J. Carlson, City Recorder, for the
purchase of a $79,000 issue of not to exceed 6% semi-ann. electric system
revenue bonds.
Due as follows: $3,000, 1941 to 1945; $4,000, 1946 to 1952;
$5,000, 1953 to 1958, and $6,000 in 1959.
LOCKS,
CASCADE
Coquille) Ore.—BOND OFFERING—We are
informed by L. W. Oddy, County Clerk, that he will receive sealed bids
until 10 a. m. on July 5, for the purchase of a $370,000 issue of refunding
bonds. Interest rate is not to exceed 3 M % * payable F-A.
Denom $1,000.
Dated Aug. 1, 1939. Due Aug. 1, as follows: $16,000 in 1941 to 1943, $17,000 in 1944 and 1945, $18,000 in 1946 to 1948, $19,000 in 1949 and 1950,
$20,000 in 1951 and 1952, $21,000 in 1953 and 19.54, $22,000 in 1955 and
1956, $23,000 in 19.57 and 1958; and $24,000 in 1959. Provided, however,
that the bonds maturing on and after Aug.
1, 1945, will be subject to
optional redemption in numerical order at par value and accrued interest
on and after Aug. 1, 1944.
Rate or rates of interest to be specified by the
bidder.
Priri. and int. payable at the County Treasurer's office.
The
bonds will be sold for not less than par value and accrued interest.
Each
bidder shall file or include in his bid a statement of the net interest cost
to the county should none of the bonds ever be called.
The approving
opinion of Teal, Winfree, McOulloch, Shuler & Kelley, of Portland, w ill be
furnished. Delivery of the bonds will be made by the county at such city in
Oregon not farther from Coquille than Portland, as the bidder shall name.
Enclos e a certified check for $7,500.
COOS COUNTY (P. O.
MULTNOMAH COUNTY UNION
2
HIGH SCHOOL DISTRICT NO.
OFFERING—Jt is reported that sealed
(P. O. Gresham) Ore.—BOND
bids
will be received until 8 p. m. on
purchase of an issue of $133,000
for the
Clerk,
July 7, by K. A. Miller, District
building bonds.
Interest rate is
J-J.
Dated .July 1, 1939. Due on July 1 as
follows:
$9,000 in 1941 to 19.54, and $7,000 in 195.5, optional on July 1,
1949.
The bonds will not be sold for less than par.
Prin. and int. payable
at the fiscal agency of the State in New York City or at the County Treas¬
urer's office.
The approving opinion of Teal, Winfree, McCulloch, Shuler
& Kelley of Portland, will be furnished. . Enclose a certified check for
not to
exceed 6%; payable
$2,000.
SCHOOL
COUNTY
POLK
DISTRICT
NO. 21 (P. O. Perrydale)
school bonds offered for
Ore.—BOND SALE—The $6,500 issue of coupon
10—V. 148, p. 3568—was awarded to the Baker, Fordyce,
Tucker Co. of Portland, ag 2Mb, paying a price of 100.16, according to the
District Clerk. Dated June 10, 1939. Due from June 10, 1940 to 1945 incl.
The second best bid was an offer of 100.11 on 2Ms, tendered by Blyth
sale
June
on
& Co. of
Portland.,
PROVIDENCE,
EAST
1939
ISLAND
R. I.—BOND SALE—The
$90,000 coupon or
emergency relief bonds offered June 20—V. 148, p. 3727—
awarded to Estabrook & Co. of Boston as 1Mb, at a price of 100.71,
basis of about 1.35%. Dated June 1.1939 and due $10,000 on June 1 from
registered
were
a
'
Other bids:
1940 to 1948 incl.
Int. Rate
1M%
Bidder—
Rate Bid
I.— WILL
100.381
100.05o
101.03
100.799
BORROW LOCALLY AT REDUCED
RATE—The City Council Finance
Committee has approved arrangements
Hospital Trust Co
Rhode Island
Stephen W. Tourtellot
Halsey, Stuart & Co., Inc
Kennedy, Spence & Co
R.
PROVIDENCE,
.—
1 M%
IH%
134%
City Treasurer Walter F. Fitzpatrick to get short-term loans
local banks at a rate of % of 1% interest.
The city heretofore has
made by
from
been
paying at a rate of M of 1 %.
CAROLINA
SOUTH
UNION, S. C.—BOND OFFERING—It is stated by W. D. Arthur,
City Clerk and Treasurer, that sealed bids will be received until noon on
June 27, for the purchase of a $60,000 issue of funding bonds. Interest rate
is not to exceed 4%, payable J-D.
Denom. $1,000. Dated June 15; 1939.
Due on June 15 as follows:
$3,000 in 1941 to 1958, and $6,000 in 1959.
Prin. and int. payable at the Chase National Bank.
New York. These
bonds are general obligation bonds of the city and are additionally secured
by an irrevocable pledge of the gross revenues derived by the city from the
imposition of business license taxes and its share of the whiskey and beer
licenses levied by the State. The unqualified opinion as to the validity of the
issue by Nathans & Sinkler, of Charleston, will be furnished. The city will
,
pay for printing
to the city.
Enclose a certified check for $1,500,
the bonds.
payable
.
SOUTH
DAKOTA
DEUEL COUNTY (P. O. Clear Lake) S. Dak.—BOND OFFERING—
It is reported that bids will be received until 2 p. m. on June 26, by Oliver
Hanson, County Auditor, for the purchase of an issue of $100,000 funding
bonds.
Due $10,000 from Jan. 1, 1941 to 1950; callable after Jan. 1, 1946.
DUPREE
INDEPENDENT
SCHOOL
DISTRICT
NO.
12
(P.
O.
Dupree) S. Dak.—BOND SALE—'The $15,000 issue of 5% semi-ann.
coupon school bonds offered for sale on June 15—V. 148, p. 3728—was
purchased at par by George A. Biesman of Sturgis, according to the
District Clerk. Due in from three to 20 years.
SCHOOL DISTRICT (P. O. Lead) S. Dak.—
is stated by the Superintendent of Schools that the
approved the issuance of $250,000 in 4% high school construction
bonds by a count of 1,572 to 60, at an electrtion held on Juhe 13. No date
of sale has been fixed as yet, he reports.
LEAD INDEPENDENT
,
BONDS VOTED—It
voters
PENNSYLVANIA
(P. O. Crafton), Pa.—BOND SALE DETAILS—The
issue of $40,000 bonds awarded during April as 4 Ms to Singer, Deane &
Scribnt r of Pittsburgh—V. 148, p. 2633—was sold to the bankers at a price
of 100.92, a basis of about 4.39%.
GREEN TREE
O. Natrona), Pa.—BONDS SOLD—C.
Township Secretary, informs us of the sale on March 6 of $20,000
2H% funding bonds to Singer, Deane & Scribner of Pittsburgh, at par plus
$157 premium, equal to 100-78
Dated April 1. 1939.
HARRISON TOWNSHIP (P.
A. Grove,
JEANNETTE SCHOOL DISTRICT, Pa.—BOND
S.
on
OFFERING—Mary
Poole, District Secretary, will receive sealed bids until 10 a. m.(EST)
for the purchase of $50,000 1, 1M,1M. 1M. 2 and 2M%
MCLAUGHLIN, S. Dak.—BOND OFFERING—It is stated by Wilmer A.
City Auditor, that he will receive sealed bids until 8 p. m. on
Krause,
July 3, for the purchase of an $8,500 issue of 5% coupon semi-annual
auditorium bonds.
Dated July 1, 1939.
Denom. $500.
Due Dec. 1 as
follows: $500 in 1942 to 1948: $1,000 in 1949, and $2,000 in 1950 and 1957.
The bonds are callable on any interest payment date.
Principal and interest
payable in lawful money at the City Treasurer's office.
No bid at less
and accrued interest will be considered.
For the prompt payment
of the principal and interest thereof as they respectively fall due the full
faith, credit and resources of the city are irrevocably pledged.
These
bonds were authorized at the election held on April 18.
than par
June 27,
registerable as to principal only, school bonds. Dated Ju ne 1,1939
Due $5,000 on June 1 from 1940 to 1949, incl.
Bidder
of interest.
Principal and interest (J-D) payable at the
District Treasurer's office.
Bonds will be issued subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
Legal
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
successful bidder.
Bonds are payable from ad valorem taxes on all of the
district's taxable property within the limits prescribed by law.
A certified
check for $500, payable to order of the District Treasurer, is required.
TENNESSEE
coupon,
Denom. $1,000.
to name one rate
JENKINS TOWNSHIP SCHOOL DISTRICT (P. O. Pittston),
Pa.—
4% coupon operating revenue bonds offered
148, p. 3417—were awarded to the Liberty National Bank of
BOND SALE—The $45,000
June 16—V.
Pittston
at
par.
Dated May 22, 1939 and due $4,500 on May 22 from
1940 to 1949 incl.
*
LOYALHANNA TOWNSHIP (P. O. Greensburg), Pa .—BOND SALE
issue of $14,000 bonds offered June 20—v.-148, p. 3727—was
K. Cunningham & Co. of Pittsburgh, the only bidder, as
—The
awarded to S.
4Mb at
a
price of 100.202. a basis of about 4.47%.
Dated July 1, 1939
$2,000 in 1940 and from 1945 to 1950, incl.
.
.
and
due July 1 as follows:
MANHEIM, Pa.—BOND
(OFFERING—H. B. Brandt, Borough Secretary,
will receive sealed bids until 6:30 p. m. (EST) on July 7 for the purchase of
$21,000 2, 2M.2M.2^,3,3Mor3M% coupon, registerable as to principal,
refunding bonds.. Dated July 1, 1939.
Denom. $1,000.
Due July 1 as
follows: $1,000 in 1940 and $2,000 from 1941 to 1950 incl. Bidder to name
payable 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 approving legal opinion of Townsend, Elliott & Munson
one rate
of interest,
of Philadelphia.
MEDIA, Pa.—BOND SALE—The $20,000 sewage disposal plant impfc.
bonds
offered
15—V.
June
148,
p.
3569—were
awarded
to
Dougherty,
basis of about
July Lfroih. 1942 to 1945 incl.
Corkran & Co. of Philadelphia as Is, at a price of 100.415. a
Dated July 1,1939 and due$5,000
0.90%.
Other bids:
Bidder—
*
Int. Rate
5; ^°)vbSr StTokes & Co
Blair & Co., Inc.
M. M. Freeman & Col
100.26
1M%
1M%
1K%
2%
Walter Stokes & Co
100.337
1M %
Newbold's Son & Co.
jqq q,3
\yi%
„•
Rate Bid
1%
1 M %
1M%
'
Barclay. Moore & Co_
Schmidt, Poole & Co
W. H
on
100.925
100.432
100.532
100.519
100 13
114%
;
Upper Darby National Bank
Halsey, Stuart & Co., Inc..
Glover & MacGregor
,
SCHOOL
,
•
100.065
100.39
'
DISTRICT
(P. O. Terrence), Pa.
—BOND OFFERING-^-Thomas Hartland, District Secretary, will receive
sealed bids until 7 p. m. (EST) on July 10 for the purchase of $82,000 not
to exceed 3% interest- coupon school bonds.
Dated July 15,1939.
Denom.
fL9,°91942 to
1953, incl.
15 as follows: $5,000 in 1940 and 1941 and $6,000 from
Bidder to
rate of interest,
expressed in a
multiple of M of 1% and payable J-J.
Sale is subject to approval of pro¬
ceedings by the Pennsylvania Department of Internal Affairs.
A certified
check for $2,000, payable to order of the District Treasurer, is required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished
name
one
the successful bidder.
MOUNT
LEBANON
TOWNSHIP (P. O. Mount Lebanon), Pa.—
receive sealed
(EST) on July 10, for the purchase of $200,000 coupon
improvement bonds.
Dated July 1, 1939.
Denom. $1,000.
Due $10,000
on July 1 from 1940 to 1959, incl.
Bidder to name one rate of interest,
ATHENS. Tenn.—BOND SALE—The $410,000 Issue of electric system
revenue, series A bonds offered for sale on June 16—V. 148, p. 3728—was
awarded to a syndicate composed of Pohl & Co. of Cincinnati, Watkins,
of
Morroyv & Co., and Marx & Co., both Birmingham, Seasongood & Mayer
Cincinnati, Kalman & Co. of St. Paul, the Polk-Peterson Corp. of Des
Moines, Widmann & Holzman of Cincinnati, and Jackley & Co. of Des
Moines, at a price of 100.42, a net interest cost of about 2.89%, divided as
follows: $221,000 due on June 1: $17,000 in 1942 and 1943; $18,000 in
1944: $19,000 in 1945 and 1946; $20,000 in 1947, $21,000 in 1948 and 1949;
$22,000 in 1950; $23,000 in
maturing June 1: $24,000 in
1951; $24,000 in 1952, as 3 Ms,
1953; $25,000 in 1954; $26,000'in
$28,000 in 1957; $29,000 in 1958,
CHESTER
(P. O. Henderson), Tenn.-—BONDS SOLD—
Clerk of the County Court that $8,000 4% semi-annual
COUNTY
It is stated by the
refunding bonds have been purchased at par by
Henderson.
Dated June 1, 1939.
Due in 1944.
Sar andThe bonds are issued for
accrued interest. The
onds.
system for the city and for
City
burgh.
A certified check for $2,000, payable to order of the Township
is required.
Treasurer,
*
PHILADELPHIA, Pa.—BONDS PUBLICLY OFFERED—E. S. Rocke-
feller&Co.. Inc., Philadelphia,
1, 1980, optional 1950.
They
are
are
offering $218,000 414% bonds, due July
being offered at a price to yield 3.10%.
AW?5TAP*VrTOWNsH1P (P o. for the $15,000D. 2), road improve¬
Portage, R. 3M% Pa.—BONDS
NOT SOLD—No bids
submitted
were
ment and
WEST
funding bonds offered June 15—V. 148. p. 3569.
NEWTpN, Pa.—BONDS SOLD—An issue of $15,000 2M%
and sewer impt. bonds was sold to Singer, Deane & Scribner of
Pittsburgh at a price of 100.473, a basis of about 2.41%. Denom. $1,000.
Due $1,000 on Sept. 1 from 1940 to 1954 incl. Callable on any interest date
on or after Sept. 1, 1945 at par and accrued interest.
Principal and interest
on
the day fixed for tne closing of such
transaction. Enclose a certified
the City Treasurer.
of the bonds, payable to
CLINTON, Tenn.—BONDS SOLD—A $340,000 issue of coupon electric
system revenue, series A bonds was offered for sale on June 19 and was
awarded to Stranahan, Harris & Co., Inc.,
of Toledo, and associates,
paying a premium of $177, equal to 100.05, a net interest cost of about
2.96%, on the bonds divided as follows: $203,000 bonds maturing on June
1: $14,000 in 1942 and 1943, $15,000 in 1944 and 1945, $16,000 in 1946,
$17,000 in 1947 and 1948, $18,000 in 1949 and 1950. $19,000 in 1951, and
$20,000 in 1952 and 1953, as 3Ms, and $137,000 maturing June 1, $21,000
in 1954, $22,000 in 1955 and 1956, $23,000 in 1957, $24,000 in 1958, and
$25,000 in 1959,
Other bids
2 Ms.
officially reported as follows:
as
were
Price Bid
Names of Other Bidders—
Nashville Securities Co., et al
$340,345.00/
1-268 @3M%
1268-340® 3%
340,346.46/
John Nuveen & Co., et al
Equitable Sec. Corp., et al
Marx & Co., et al.
1-246(5)3 M%
340,275.00/
1-291®3M%
340,189.00i
1-183@3M%
1247-340(5)3%
street
(M-S) payable at the First National Bank, West Newton.
such system,
are
check for 2% of the amount
Sale of bonds is
right is reserved to sell all orof an electric
part of the
the purpose of the acquisition
repairing, extending and improving
payable solely from the revenues to be derived from the operation
of the system after the prior payment from such revenues of the reasonably
necessary cost of operating, maintaining and repairing the system.
The
approving opinion of Chapman & Cutler, of Chicago, will be furnished.
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
and
bids Until 7 p. m.
expressed in a multiple of M of 1% and payable J-J.
the First State Bank of
CLEVELAND, Tenn.—BOND OFFERING—It is stated by Levi Trewhitt, City Clerk, that he will receive sealed bids until 2 p. m. on June 26,
for the purchase of a $750,000 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:
$32,000 in 1942, $33,000 in 1943, $34,000 in 1944,
$35,000 in 1945. $36,000 in 1946, $37,000 in 1947, $38,000 in 1948, $39,000
in 1949, $41,000 in 1950, $42,000 in 1951, $43,000 in 1952, $44,000 in 1953,
$46,000 in 19.54, $47,000 in 1955, $49,000 in 1956, $50,000 in 1957, $51,000
in 1958, and $53,000 in 1959. The bonds shall be callable for redemption in
whole or in part at the option of the city in inverse numerical order on any
interest payment date on and after five years from the date of the bonds at
the price of par and accrued interest to the date of redemption and a premium
of M of 1 %■ of the principal amount of the bond for each year or fraction
thereof remaining between the date of call and the stated maturity date of
the bonds.
Bidders are requested to name a rate or rates of interest 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. No bid will be accepted for less than
BOND OFFERING—F. W. Cooke, Township Secretary, will
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs
Legal opinion of Burgwin, Scully & Churchill of Pitts¬
and $189,000
1955: $27,000
and $30,000 in 1959, as 2Ms.
CAMERON COUNTY (P. O. Brownsville) Tenn.—BOND TENDERS
ACCEPTED—In connection with the call for tenders of road refunding
bonds, series 2, dated April 10, 1938, it is stated by L. A. Bauer, County
Auditor, that he purchased a total of $21,000 bonds.
«
CHATTANOOGA, Tenn.—CONFIRMATION OF BOND OFFERING—
Mr. S. R. Finley, representative of the Electric Power Board, confirms the
report given in our issue of June 17—V. 148, p. 3728—that the city is .offer¬
ing $13,200,000 not to exceed 5% coupon semi-annual electric system
revenue series A bonds for sale at 11 a. m. on June 26.
in 1956;
-
1292-
|
®2M%
U 84-340® 3%
Volume
Financial
143
COLUMBIA,
Tenn.—BONDS
SOLD—An
issue
for sale
system series A bonds was offered
awarded to John Nuveen & Co. of Chicago and
revenue
of
on
$800,000
June
21
electric
and
was
associates, paying a pre¬
$1,125.25, equal to 100.14, a net interest cost of about 2 62% on
the bonds divided as follows: $533,000 maturing June 1, $34,000 in 1942,
$35,000 in 1943, $36,000 in 1944, $37,000 in 1945. $38,000 in 1946. $40,000
$46,000 in 195*, $47,000 in 1953 and $49,000 in 1954, as 2 Ms, and $267,000
maturing June 1, $50,000 in 1955, $52,000 in 1956, $53,000 in 1957, $55,000
jn 1958 and $57,000 in 1959, as 2Ms.
mium of
DICKSON COUNTY (P. O. Charlotte), Tenn.—BONDS
DEFEATED
—At
an election held on May 31 the voters are said to have
rejected the
proposal to issue $60,000 in school building repair bonds.
KNOXVILLE, Tenn.—BOND ISSUANCE AUTHORIZED—It is stated
by A. P. Frierson, Director of Finance, that a resolution has been passed
by the City Council, authorizing the issuance of $3,500,000 in 4% refunding
bonds.
Dated Feb. 1, 1939:
Due in 1951 to 1969.
These bonds are to be
exchanged for those refunded.
Bonds to be refunded bear interest at 4 M %.
4M%. 5%, 5M% and 6%.
The purpose of this refunding plan is to level
off heavy debt service requirements through the years 1940 to 1945, and
otherwise reduce the interest burden.
'
It is also stated by Mr. Frierson that the city has entered into a contract
a local syndicate for this
refinancing.
These bonds will not be offered
with
for sale
by the city on the general market, but are to be exchanged, bond
bond, with the syndicate for the bonds refunded, which cover certain
maturing from 1940 through 1945, and some refunding bonds due
in 1958. ■
*
■
•.
:
for
issues
.
LA
FOLLETTE, Tenn.—BOND OFFERING—Sealed bids will be
re¬
ceived until 9:30 a. m. on June 26, by John M. McCloud, City Clerk, for
the purchase of a $500,000 issue of not to exceed 4% semi-annual electric,
system revenue, series A bonds.
Dated June 1, 1939.
Due June 1, as follows: $20,000 in 1942; $21,000 in 1943;
$23,000 in 1945 and 1946; $24,000 in 1947; $25,000 in 1948;
$27,000 in 1950; $28,000 in 1951; $29,000 in 1952; $30,000
Denom. $1,000.
$22,000 in 1944;
$26,000 in 1949;
in 1953; $31,000
in 1954: $32,000 in 1955: $33,000 in 1956; $34,000 in 1957; $.35,000 in 1958,
and $37,000 in 1959.
Bonds numbered 376 to 500 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 375 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.edeemed
thereafter and on or before June 1, 1951, 1% if redeemed thereafter and on
or before June 1, 1955, and,, M of 1% if redeemed thereafter prior to ma¬
turity.
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 indentical bids results in the lowest interest cost.
No bid will be accepted for less than par and accrued interest.
LENOIR CITY,
Tenn.—BONDS SOLD—A $272,000 issue of electric
series A bonds was offered for sale on June 17 and was
awarded to a syndicate composed of Stranahan, Harris & Co., Inc., of
Toledo, Jack M. Bass & Co., W. N. Estes & Co., and Nunn, Shwab &
Co., all of Nashville, paying par, a net interest cost of about 3.21%, on the
bonds divided as follows: $162,000 maturing June 1; $11,000 in 1942 and
1943: $12,000 in 1944 and 1945; $13,000 in 1946 and 1947; $14,000 in 1948
and 1949; $15,000 in 1950 and 1951, and $16,000 in 1952 and 1953, as 3 Ms,
and $110,000 maturing June 1; $17,000 in 1954 and 1955; $18,000 in 1956;
$19,000 in 1957 and 1958, and $20,000 in 1959, as 3s.
system revenue,
LOUDON, Tenn,—BONDS SOLD—An issue of $105,000 electric system
series A bonds was offered for sale on June 19 and was awarded to
the Nashville Securities Co. of Nashville, and Booker & Davidson of Knoxrevenue,
,
ville, jointly, paying a premium of $165, equal to 100.157, a net interest
cost of about 3.13%, on the bonds divided as follows: $76,000 maturing
$4,000 in 1942 and 1943, $5,000 in 1944 to 1949, $6,000 in 1950 to 1953,
and $7,000 in 1954 and 1955, as 3 Ms. and $29,000 maturing June 1, $7,000
in 1956 to 1958, and $8,000 in 1959, as 3s.
McMINNVILLE, Tenn.—'BOND SALE—The $450,000 issue of electric
system revenue, series A bonds offered for sale on June 20—-V. 148. p.
3729—was awarded jointly to the Nashville Securities Co. of Nashville,
and
Booker &
Davidson of Knoxville, paying par, a net interest cost of
$385,000 maturing June 1,
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 and $31,000 in 1957 as 2Ms, and $65,000 maturing June 1,
$32,000 in 1958 and $33,000 in 1959 as 2Ms.
v
Chronicle
3881
Rated June 1.1939. Due June 1,
as follows: $1,220,000 In 1942, $630,000 in
1943, $650,000 in 1944, $670,000 in 1945, $690,000 in 1946, $710,000 in
§740,000 In 1948, $760,000 in 1949, $780,000 in 1950, $800,000 in
1951, $830,000 in 1952, $850,000 in 1953, $880,000 in 1954, $900,000 in
1955, $930,000 in 1956, $960,000 in 1957, $990,000 in 1958 and $1,010,000
in 1959.
Bonds of series A maturing in years 1955 to 1959, both inclusive,
numbered A-10211 to A-15000, both inclusive, shall be redeemable at the
option of the city, after 30 days' published notice, on any interest payment
date, in inverse numerical order, at the principal amount thereof, together
with accrued interest to the date of
redemption, plus a premium of M of
1% for each year or fraction thereof, from the date of redemption to the
date of maturity of the bonds called for redemption.
Bonds numbered
A-l to A-10210, both inclusive, maturing in the years 1942 to 1954, both
inclusive, are not redeemable prior to maturity. Bidders shall name a rate
or rates of interest to be borne
by the bonds of series A in multiples of M or
1-10 of 1 %. The named rate may be uniform for all of the bonds of series A
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. Principal and interest payable in
lawful money at the Chemical Bank & Trust Co., New York, or at the
City Treasurer's office.
The bonds are to be issued pursuant to the pro¬
visions of the City Charter and acts amendatory thereof and supplemental
thereto, including particularly Chapter 262 of the Private Acts of Ten¬
nessee for the year 1939 and pursuant to Chapter 33 of the Public Acts of
Tennessee, Extra Session, for the year 1935, as amended by Chapter 230
of the Public Acts of Tennessee for the year 1937, and other applicable
statutes, for the purpose of the acquisition of a municipal electric light and
power plant and distribution system.
The bonds are registerable as to
principal only. The legality of the bonds will be approved by Caldwell &
Raymond, Esqs., of New York, whose legal opinion will state in effect that
the bonds have been authorized in accordance with the Constitution 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 Nashville and the Board of
Public Works of Nashville have covenanted to fix and collect such rates and
charges and to revise same from time to time whenever necessary for the
facilities of the municipal electric power plant and distribution system as
will always provide 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 will further state that the interest on the bonds is
exempt from Federal income taxes under existing laws.
Such opinion will
be furnished to the purchaser without charge.
No bids will be considered
for the bonds of series A offering to pay less than the par value thereof plus
accrued interest thereon. The award of said bonds will be made on the basis
of the lowest net interest cost to the city, and comparison of the lowest net
interest cost will be made by taking the aggregate of interest at the rate or
rates named and deducting therefrom the premium bid to determine the
net interest cost to the city.
Bids are desired on forms which will be fur¬
nished by the city.
ROCKWOOD, Tenn.—BOND SALE—The $135,000 issue of electric
for sale on June 19—V. 148, p.
Nashville, and the
Fidelity-Bankers Trust Co. of Knoxville, jointly, paying par, a net interest
cost of about 3.44%, on the bonds divided as follows: $125,000 maturing
June 1, $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, as
3Ms, and $10,000 maturing June 1, 1959, as 3s.
system revenue, series A bonds offered
3729—was awarded to the Equitable Securities Corp. of
SHELBYVILLE, Tenn.—BONDS OFFERED TO PUBLIC—A $50,000
4M% semi-ann. funding bonds is being offered by the Nashville
subscription.
Dated March
1, 1939.
Due $10,000 from March 1, 1954 to 1958, incl.
Prin., and int.
(M-S) payable at the Chemical Bank & Trust Co. in New York.
Legal
approval by Chapman & Cutler of Chicago.
issue of
Securities Co. of Nashville, for general public
SHELBYVILL£, Tenn.—BOND SALE—The $350,000 issue of electric
148, u. 3569—-was
and Nunn, Shwab
& Co. of Nashville, jointly, paying 100.12, a net interest cost of about
2.88%, on the bonds divided as follows:
$148,000 maturing $14,000 in
1942, $15,000 in 1943 and 1944, $16,000 in 1945 and 1946, $17,000ju 1947,
$18,000 in 1948 and 1949, and $19,000 in 1950, as 2Ms, and $202,000
maturing June 1, $19,000 in 1951, $20,000 in 1952. $21,000 in 1953, $22,000
in 1954 and 1955, $23,000 in 1956, $24,000 in 1957, $25,000 in 1958, and
System revenue, series A bonds offered on June 20—V.
awarded to Campbell, Phelps & Co., Inc. of New York,
/ V'.!;.
about 2.69%, on the bonds divided a§ follows:
$26,000 in 1959, as 3s.
$18,000 in
SWEETWATER, Tenn.—BOND SALE—The $95,000 issue of electric
system Revenue, series A bonds offered for sale on June 16—V. 148, p. 3729—
was awarded jointly to the Equitable Securities Corp. of Nashville, and the
Fidelity-Bankers Trust Co. of Knoxville, paying a premium of $100,jequal
to
100.105, a net interest cost of about 3.20%, on the bonds divided as
follows:
$68,000 maturing June 1, $4,000 in 1942 to 1946, $5,000 in 1947
to 1952, and $6,000 in 1953 to 1955, as 3 Ms, and $27,000 maturing June 1,
$6,000 in 1956, and $7,000 in 1957 to 1959, as 3s.
,
,
,
MARYVILLE,
,
Tenn.—BOND SALE—The $425,000 issue of electric
system revenue series A bonds offered for sale on June 17—V. 148, p. 3729—
was
purchased
jointly by the Nashville Securities Co.
of Nashville and
Booker & Davidson of KnoxviJle, paying a premium of $265, equal to 100.06,
a Pet interest cost of about 2.67% on the bonds divided as follows:
$335,000
2Mb, due on June 1: $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 and $28,000 in 1956: and $90,000 maturing June 1,
as
and
4
$29,000 in 1957, $30,000 in 1958 and $31,000 in 1959.
as
2Ms.
MEMPHIS, Ten n.—GENERAL OBLIGATION BONDS AWARDED—
WINCHESTER, Tenn.—BOND SALE—The $165,000 issue of electric
series A bonds offered for sale on June 20—V. 148, p.
was awarded to the Thomas H. Temple Co. of Nashville, and asso¬
ciates. paying a premium of $83.25, equal to 100.05, a net interest cost of
about 2.92%, on the bonds divided as follows:
$130,000 maturing June 1,
$7,000 in 1942 to 1945, $8,000 in 1946 to 1948, $9,000 in 1949 to 1952, $10,000 in 1953 and 1954, and $11,000 in 1955 and 1956, as 3s. und $35,000
maturing June 1, $11,000 in 1957. and $12,000 in 1958 and 1959, as 2Ms.
system revenue,
3569,
A banking group headed by the Bankers Trust Co. of New York was given
the award on June 23 of $17,000,000 general obligation bonds, floated by
that city to finance its part
.
Bids on this issue were entered on the 22d, but the award was rot made
until Friday.
Bankers had been invited to bid on either general obligation
bonds or revenue bonds and the result wai the submission of a multitude
of bids.
"
.
The Bankers Trust group won on a bid of 100.02 for the following com¬
bination: the 1940 to 1944 maturities of gas bonds as 3 Ms and the 1942 to
1949 maturities of electric bonds
a
rate of
1940 to
2.10%.
1942 to 1969.
as 3 Ms, the balance of each issue to take
The gas issue amounted to $5,250,000 and mature from
The electric bonds totaled
1954.
$11,750,000 and
mature from
The interest co$t basis of the successful bid was 2.19%.
MORGAN COUNTY
(P. O. Warthburg), Tenn.—BOND TENDERS
INVITED—It is stated by George W. Dagley, County Judge, that he will
receive sealed tenders until noon on July 17, for the sale to the county of a
sufficient amount of Itfe general refunding bonds, series 1935, dated Oct. 1,
1935, to exhaust
able.
as near as
practical approximately $25,000, which is avail¬
'
Offerings must be firm for five days and all bonds offered must be for
bonds, interest
rate, and price asked.
immediate delivery and must state the serial numbers of the
MOUNT PLEASANT, Tenn.—BOND SALE—The $265,000 issue of
electric system revenue bonds offered for sale on June 21—V. 148, p. 3729—
awarded to a syndicate composed of the Cumberland Securities Corp.
Nashville, Wheelock & Cummins of Des Moines, Nelson, Browning &
Co., and Charles A. Hinsch & Co., both of Cincinnati, and the RobinSonHumphrey Co. of Atlanta, paying a premium of $98.99, equal to 100.037,
a net interest cost of about 2.89%, on the bonds divided as follows:
$228,000
maturing June 1, $11,000 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, and $18,000 in 1957, as 3s, and
$37,000 maturing June 1, $18,000 in 1958, and $19,000 in 1959, as 2Ms.
was
of
MURFREESBORO,
Tenn.—BOAT) SALE—The $590,000 issue of
electric system revenue, series A bonds offered for sale on June 21—V. 148,
3729—was awarded to Stranahan, Harris & Co., Inc. of Toledo, and
premium of $90, equal to 100.015, a net interest cost of
bonds divided as follows: $289,000 maturing June 1,
$25,000 in 1942, $26,000 in 1943. $27,000 in 1944, $28,000 in 1945 and 1946.
$29,000 in 1947, $30,000 in 1948, $31,000 in 1949, $32,000 in 1950 and
$33,000 in 1951 as 3s, and $301,000 maturing June 1, $34,000 in 1952.
$35,000 in 1953, $36,000 in 1954, $37,000 in 1955, $38,000 in 1956, $39,000
in 1957, $40,000 in 1958 and $42,000 in 1959 as 2Ms.
p.
associates, paying a
about 2.65%, on the
NASHVILLE, Tenn.-BOND OFFERING—Sealed bids will be received
a. m. (CST), on June 28, by Mayor Thomas L. Cummings, for the
until 10
onds.
gurchaseInterest rate is issueexceed 5%, electric power revenue, series A
of a $15,000,000 to of coupon payable J-D. Denom. $1,000.
not
TEXAS
of the purchase of the local electric and gas
distribution systeirs.
«
GARRISON, Texas—BONDS SOLD—It is reported by the Mayor that
$7,500 general obligation jbonds have been purchased by the State Board
of Education.
LITTLE CYPRESS SCHOOL
BONDS SOLD—It
is
stated
by
DISTRICT (P. O. OrangeR Texas—
Roy E. Greenwood, Superintendent of
bonds were offered on
Schools, that $6,000 4% semi-annual construction
June 15 and were purchased by the State Board of
years.
Education.
No other bid was received.
Due in 20
'
(P. O. San Angelo), Texag—
BONDS SOLD—It is stated by the County Superintendent that $15,000
construction bonds approved by the voters on Jan. 28, have been purchased
by Rauscher, Pierce & Co. of Dallas.
McGILL SCHOOL DISTRICT NO. 9
ORANGE
PUBLIC—An
COUNTY (P. O. Orange) Texas—BONDS OFFERED TO
issue of $120,000 4% semi-ann. road refunding bonds is
Houston, for general investment.
Due April 10, as follows: $6,000 in
1942 to 1944. $8,000 in 1945 to 1947. $9,000 m
1949, $10.001 in 1950 and 1951, $12,000 in 1952, and $13,000 in 1953.
Prin. and int. payable at the State Treasurer's office.
Legality approved
by Chapman & Cutler, of Chicago.
The bonds are issued to refund out¬
standing fully voted bonds and will receive approximately 28.71% State
aid. Delivery anticipated on or about July 1.
being offered by Aves & Wymer of
Denom. $1,000. Dated April 10, 1939.
1940 and 1941, $7,000 in
PELLY, Texas—BONDS NOT SOLD—We are informed
by the City
Secretary that the $30,000 issue of 4% semi-annual swimming pool revenue
bonds offered on June 1—V. 148, p. 3271—was not sold as no bids were
received.
Dated Jan. 10, 1939.
Due from 1940 to 1959.
PORT ARTHUR, Texas—BOND
SALE—We
are
informed by A. F.
Hine, City Clerk, that at the offering on June 14, of the coupon street
improvement refunding bondis—V. 148, p. 3730—a total of $112,000 bonds
was awarded jointly to Mahan, Dittmar & Co. of San Antonio, and Fenner
& Beane of New Orleans, as 1M». paying par.
Due on June 1 as follows:
$22,000 in 1940 to 1942, and
"^SAN
$23,000 in 1943 and 1944.
ANTONIO INDEPENDENT SCHOOL
DISTRICT (P. O. San
Antonio), Texas—BONDS PUBLICLY OFFERED'—An issue of $110,000
3M% semi-ann. stadium and athletic field bonds is being offered by Gar¬
rett & Co. of Dallas, for public subscription.
Denom. $1,000.
Dated
July 15, 1939.
Due on Jan 15 as follows: $3,000 in 1941; $4,000, 1942 and
1943; $5,000, in 1944 to 1947; $6,000, in 1948 to 1954; $7,000, in 1955 to
1957, and $8,000 in 1958 and 1959.
All bonds matruing after Jan. 15, 1945,
are redeemable on or after that date.
These bonds are authorized by an
appropriate resolution adopted by the Board of Education, pursuant to,
and in strict conformity with, the Constitution and Laws of the State of
Texas, particularly Senate Bill No. 175, approved March 29, 1939, and
Financial
3882
obligations
payable solely from revenues
Prin, and int. payable at the
Legality to be approved by
constitute special
of the District,
deri vecf from the stadium and athletic field,
National Bank of Commerce, San
W. P,
Dumas of Dallas.
SANDERSON
Antonio,
of Schools that $25000
3%% construction bonds approved by the voters at an election held last
September, have been purchased by Rauscher, Pierce & Co. of Dallas, for a
Due in 20 years.
City Clerk, that at the election held on June 2 the
proposal calling for the issuance of $850,000 in light
TEXAS, State of—ROAD DEBT BOARD SELLS BONDS FOR PROFIT.
reported as follows from Austin on May 26:
Bpnrls held by the Board of County and District Road Indebtedness—
subject to a legislative dispute for the past several weeks—were sold by the
Board today for an announced profit of $171,500.
The Board held $1,958,076 in road bonds of Cameron, Hidalgo and
other counties;
These had been purchased because of the fact that ulti¬
mately they would have been retired by the bond board under the State
law setting up the Board, and it was reasoned that it would be cheaper to
buy up the lx>nds with the surplus in the bond retirement fund than to
continue payintr interest on them.
Announcement of the sale by State Highway Engineer Julian Mont¬
gomery said a bidding, syndicate purchased them for pai* plus accrued
Interest plus a premium of $80,000.
The International News Service
TROUP, Texas—BONDS SOLD—It is reported that $7,500
approved by the voters last September have been sold locally.
park bonds
SCHOOL DISTRICT (P. O. Waxhachie), Texas—
DETAILS—It is now reported by the Secretary of the Board
that the $150,000 construction bonds which were sold, as
WAXHACHIE
BOND SALE
of
Education
noted
here
1,
April
on
were
purchased
by the First National Bank of
the bonds divided as
Dallas, and associates, paying a price of 100.17, on
follows: $70,000 as 3^8, and $80,000 as 3Ms.
$10,000
RICHMOND, VA, Improvement 4s
Due Jan.
Haydon & Co. of Madison, as noted here—V. 148. p. 3730—were purchased
Due from June 1, 1942 to 1959; optional on and after June 1,1939,
price of 104.
at a
Station) Wis.—BOND SALE—The
3570—wag
according to report.
MADISON, Wis.—BONDS OFFERED—It is stated that both sealed and
received until June 22, at 10a.m., by A.W. Bareis, City
1, 1967 at 2.10% basis
Clerk, for the purchase of
refunding bonds, series of
three issues of not to exceed 4% semi-ann. coupon
1939, in the total amount of $96,000.
RACINE, Wis.—BOND OFFERING—It
Clerk, that he will
is stated by F. J. Becker, City
July 5, at 2 p. m.
offer for sale at public auction on
(C8T), the following issues of bonds aggrgeating $215,000:
$125,000 breakwater construction bonds.
Dated May 1, 1939. Due
May 1, as follows:
$15,000 in 1940 to 1947 and $5,000 in 1948.
The bonds are being issued to pay a part of the cost of constructing
breakwater for the city.
a
90,000 refunding bonds.
Dated July 1, 1939.
Due July 1, as follows:
$8,000 in 1940 to 1948, and $9,000 in 1949 and 1950.
The bonds
are being issued to retire a like par amount of outstanding valid
indebtedness of the city.
*
less than par and accrued
be borne by the bonds to be 3 %
The bonds will be sold at not
Denom. $1,000.
The maximum rate of interest to
interest.
payable as to the breakwater construction bonds on Jan. 1, 1940, and
semi-annually thereafter, and as to the refunding bonds on Nov. 1, 1939,
and semi-annually thereafter.
The basis of determination of the best bid
will be the lowest interest rate bid and (or) interest cost to the city.
Rates
of interest to be in multiples of M of 1%.
Prin. and int. payable at the
City Treasurer's office.
The bonds are to be issued subject to the favorable
opinion of Chapman & Cutler of Chicago, which will be furnished without
The purchaser shall furnish the
charge to the purchaser.
F. W. CRAIGIE &
.
TOMAHAWK, Wis —BONDS SOLD—It is stated by Lillian Zeitelhack,
City Clerk, that an issue of $50,612 coupon refunding of 1939 bonds was
offered for sale on June 20 and was awarded to the Milwaukee Co. of
Milwaukee, as \ %s at par. Dated April 1, 1939. Due on April 1 as follows:
$5,000 in 1940 to 1948, and $5,612 in 1949. Prin. and int. (A-O) payable at
the City Treasurer's office.
COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
TWO
VIRGINIA
VIRGINIA, State of—INCREASE REPORTED IN RECEIPTS AND
EXPENDITURES—It is reported by Leroy Hodges, State Comptroller,
that the State collected $79,060,111 from all sources for the 10 months
ended April 30, as compared with $71,540,724 for the corresponding period
of the previous fiscal year,
, ,
Expenditures for the 10 months totaled $71,605,171 as compared with
$61,262,306 for the corresponding period a year ago.
General fund receipts
were $17,483,987,
as against $16,883,106 last year, but one of the big
itemsin boosting total receipts was an increase to $6,007,155 from $3,392,033
in taxes collected on Virginia payrolls under the Unemployment Compen¬
sation Act.
Jobless benefits paid out. however, rose from $1,391,841 to
$4,629,183, due largely to the fact that payments did not begin until
January, 1938.
Receipts from the State liquor control system totaled $14,896,084, com¬
pared with $14,852,788 & year ago, and expenses amounted to $10,754,005,
compared with the previous 10 months' $10,825,984.
Receipts from the
beer tax, which is collected through the State tax department, dropped
slightly, totaling $1,106,515, compared with $1,169,578 last year.
Gasoline tax collections for the 10 months were $14,189,891, compared
•with $13,641,135.
Highway expenditures for the same period showed an
increase to $21,985,742 from $19,369,535.
'
RIVERS,
at
SCHOOL
Co. of Sheboygan,
noted here—V. 148, p. 3570—were sold as 2Hs.
a price of 106.85, as
Other bids were as follows:
Harris Trust & Savings
Bank
basis of about 2.13%,
Dated July 1, 1939 and due July 1 as
1940 to 1949. iricl., and $1,000 from 1950 to 1959, incl.
The National Bank of Middleburg bid par for 2t^s and the Vermont Se¬
a
follows: $2,000 from
curities, Inc., Brattleboro, offered a price of 100.25
for 2>£s.
MIDDLETOWN SPRINGS, Vt —BOND SALE—The $30,000 coupon
refunding bonds offered June 16—V. 148, p. 3570—were awarded to
Vermont Securities, Inc., of Brattleboro, as 2J4s, at a price of 100.75, a
2.15%.
1940 to 1954 incl.
Dateid June 1, 1939 and due $2,000 on June 1 from
■
Int. Rate
2XA%
.
J
First Boston Corp
_
—--
__
Chace, Whiteside & Symonds, Inc
100.06
100.22
100.175
100.39
2%%
3%
3%
^
Montpelier
•
Par
WISCONSIN, State of—LEGISLATURE PASSES TWO TAX MEAS¬
URES—An Associated Press dispatch from Madison on June 15 reported
as
follows:
....
"Two Senate measures dealing with income and inheritance taxes were
approved by the Assembly today.
They now go to Governor Heil.
"By a vote of 89 to 0 the House concurred in a joint finance committee
bill, authorizing the Federal Government to tax salaries of State employees
if the State be allowed to tax Federal salaries within its borders.
"The other measure would allow deduction of Federal inheritance taxes
from an estate before computing the inheritance levy owed the State.
The
vote was 53 to 34."
"
-»
,
.ALBERTA (Province of)—TO PAY BOND INTEREST AT REDUCED
Government, through its Provincial Treasurer, Hon. S. E.
RATE—The
Low, is notifying holders of its debentures which
interest will be paid on these debentures at the
'■
AMHERST, Que.—BOND SALE—An issue
4% improvement bonds was sold to T. M.
Bell, Gouinlock & Co. of Toronto, jointly, at a
and
a
Bidder—
Rate Bid
99.55 (Nesbitt, Thomson & Co_
98.71
99.50 |Cochran, Murray & Co., and
Dyment, Anderson & Co.—98.71
99.39
Rate Bid I
Bidder—
Seagram, Harris & Bricker
A. E. Ames & Co
-
Mills,- Spence & Co
exceed 6% semi-ann.
School District No.
J. L. Graham & Co
,
KITTITAS COUNTY, SCHOOL
DISTRICT NO. 200 (P. O. EllensWash.—BONDS NOT SOLD—We are informed by the Deputy
County Treasurer that the $45,000 not"to exceed 6% semi-ann. school bonds
offered on June 14—V. 148, p. 3570—were not sold as all bids were rejected
by the School Board.
The highest bid was an offer of $87.53 premium on
burg),
COUNTY
PUBLIC
UTILITY DISTRICT
(P. O. Mount
Vernon), Wash .—BONDS SOLD—It is reported that $420,000 4^%
semi-ann. revenue bonds have been purchased jointly by John Nuveen &
Co., and Hartley, Rogers & Co., both of Chicago.
Due in from 2 to 30
years.
WALLA
is
-—98.78
IBERVILLE,
Bell, Gouinlock & Co
-.98.60
R. A. Daly & Co
—
98.39
McLeod, Young, Weir & Co..98.17
Dominion Securities Corp
98.01
97.78
97.13
98.751 Royal Securities Corp
F.L.Craig
—98.75
Matthews & Co
Que.—BOND
bonds offered June
-.98.63
Midland Securities Corp
99.27
_—99.25
Hanson Bros., Inc___
-99.155
W. C. Pitfield & Co..— -99.06
15—V.
148,
SALE—The
p.
4%
$35,000
improvement
3418—were awarded to Credit Anglo-
Frapcais, Ltd., and McKee, Goss & Co., both of Montreal,
price of 100.62, a basis of about 3.91%.
Dated July 1, 1939
July 1 from 1940 to 1954, incl.
MONT
JOLI, Que.—BOND
jointly, at
and due on
OFFERING—A. C. Belanger, Secretary-
until noon on June 26 tor the purchase
Dated Aug. 1, 1939 and due on Aug. 1 from
Treasurer, will receive sealed bids
2^s and 2%s, submitted by Murphey, Fdvre & Co. of Spokane.
SKAGIT
price of 101.90.
GUELPH, Ont.—BOND SALE—Fairclough & Co. of Toronto purchased
issue of $210,000 3% street railway acquisition bonds at a price of 100.052
basis of about 2.99%.
Que from 1940 to 1959 incl.
.
;
Burns Bros. & Denton
bonds aggregating $29,000, divided as follows: $20,000
86, anu $9,000 School District No. 222 bonds.
A
certified check for 5% of the par value of the bonds, payable to the County
Treasurer, is required.
.
'
•
- •
of $148,000 3Ji%, 3^%
Bell & Co., St. John, and
an
Laurence Smith & Co
SCHOOL
matured Jan. 1, 1939, that
rate of 2%%.for the half-
ending July 1, 1939, being at the rate of $13.75, $6.88 and $1.38,
respectively, for each $1,000, $500 and $100 denomination.
Such payment
will be made upon presentation of debentures at any branch of the Imperial
Bank of Canada or at the Bank of the Manhattan Co., N. Y. City.
year
DISTRICTS (P. O. Seattle) Wash.—
BOND OFFERING—It isstated by Ralph S. Stacy, County Treasurer, that
he will receive sealed bids until 11a.m. on July 3, for the purchase of not to
COUNTY
4,701.00
.
Wood, Gundy & Co
WASHINGTON
KING
6,382.00
6,026.80
—-
. .„
Wisconsin Co..
Rate Bid
-
2%%
—_i.
First National Bank of Boston
National Life Insurance Co. of
—
—
"i
Halsey, Stuart & Co
Channer Securities Co.
Other bids:
Bidder—
Estabrook & Co
:
John Nuveen & Co._
Vt.—BOND SALE—The
DISTRICT,
$30,000 coupon refunding bonds offered June 19—V. 148, p. 3730—were
Whittemore of Boston as 2*48, at a price of
basis of about
Premium
-$7,462.10
Z'^S.OO
6,393.00
Bidder—
Milwaukee Co
CANADA
awarded to Ballou, Adams &
100.891,
informed by
general obligation
Wis.—INTEREST RATE—We are now
the City Clet-k that the $115,000 coupon semi-annual
bonds awarded on June 8 to Heronymus, Ballschmider &
VERMONT
TOWN
blank bonds.
Wis.—BOND OFFERING—It is
reported that both sealed and oral bids will be received until June 29, at
10 a. m. (CST), by Sylvia Fero, County Clerk, for the purchase of a $200,000
issue of 1 Yi % semi-ann. poor relief, series of 1939 bonds.
Denom. $1,000.
Dated July 1, 1939.
Due July 1, as follows: $50,000 in 1942 and $75,000
in 1943 and 1945.
The bonds will be sold to the highest responsible bidder
at not less than par and accrued interest and are being issued to provide
relief and assistance to those in need.
The bonds are to be issued subject
to the favorable opinion of Chapman & Cutler of Chicago.
Enclose a cer¬
tified check for not less than 2% of the par value of the bonds, payable to
ROCK COUNTY (P. O. Janesville),
the County Treasurer.
CHESTER
$17,000
16—V. 148, p.
of Sheboygan,
Dated June 1,1939. Due from June 1,1940 to 1954.
-
semi-ann. road bonds offered for sale on June
purchased by Heronymus, Ballschmider & Co.
issue of 3%
oral bids were
DEFEATED—It is stated by W. B. Hoyle
voters turned down the
and power plant bonds
TEMPLE, Texaa—BONDS
1939
24,
at par.
KILDARE (P. O. Lyndon
Texas—
Sanderson)
SCHOOL DISTRICT (P. O.
by the Superintendent
BONDS SOLD— It is stated
price of 101.00.
June
Chronicle
WALLA, Wash.—BOND CALL—It is reported that the city
as of July 1 a total of $380,000 in 2% water extension
calling for payment
bonds.
of $12,500
4% school bonds.
1940 to 1949 incl.
PRINCE EDWARD ISLAND
,
(province of)—BOND SALE—An issue of
$80,000 3 M % 10-year bonds was awarded recently to a group composed of
Laurence Smith & Co., Midland Securities Corp. and Fiarclough & Co.,
at a reported price of 99.177.
JEAN, Que.—BOND OFFERING—Sealed bids will be received by
until 4 p. m. on June 27 for the purchase of $77,200
Dated Aug. 1, 1939.
Due on Aug. 1 from 1940 to 1959 incl.
Bids will be received for 3H% bonds, maturing Aug. 1 from 1940 to 1949
incl., and 4% bonds, due Aug. 1 from 1950 to 1959 incl.
Separate bids are
also asued for the entire issue to bear interest at 3% % or 4%.
ST.
the Secretary-Treasurer
WEST
school bonds.
VIRGINIA
PARKERSBURG, W. Va .—BONDS SOLD—A $300,000 issue of flood
bonds is reported to have been purchased jointly by Magnus & Co.,
and Walter, Woody & Heimerdinger, both of Cincinnati, as 3.90% bonds.
wall
WISCONSIN
DUNN COUNTY (P. O. Menomie) Wis.—BOND SALE—The $50,000
of 3% semi-ann. highway improvement, series C bonds offered for
sale on June 12—V. 148, p. 3570—was awarded to the Central Republic
issue
Co.
of
Chicago, paying
a premium of
$4,126, equal to 108.252. a basis of
about 0 .84 %. Dated April 1,1939. Due on April 1,1943.
The following bids were also received:
Bidders—
Northwestern National Bank.
Harley-Hayden &Co
Harris Trust &
Savings Bank^
Premium
.,.-$3,421.50
4 000 00
St!aiYVT Sec,urit1^ Co~The Milwaukee Co
I__I_
4*025 03
4*085/0
1^11121131111111111 4jl25i00
SUMMERSIDE, P. E. I .—BOND SALE—R.
purchased $50,000 3^% impt. bonds at a price
3.32%.
Due July 2, 1954.
Second high bid of
5Vi8,—PRICE PAID—It is
$17,000 4% semi-ann.
sewage
now
reported by the Village
disposal bonds sold to Harley,
101.57 was made by Burns
Bros. & Denton of Toronto.
SWANSEA, Ont.—BOND SALE—An issue of $56,426 3^% and 4%
improvement bonds was sold to Burns Bros. & Denton of Toronto at a
price of 102.51, a 3.52% cost basis. Due in 5, 10 and 15 years. The amount
was divided between $44,232.59 of 4% 15-year instalments; $9,685.27 3H %
10-year instalments, and the balance in shorter term instalments bearing
3M % and 4% coupons. Other bids received were:
Rate Bid
Bidder—
Wood, Gundy & Co. (option),
—
Harris, Ramsay & Co. and Aird, McLeod & Co—... .
McLeod, Young, Weir & Co. and Forrester jc
Dyment, Anderson & Co
J. L. Graham & Co„T...
—
Cochran, Murray & Co
...
(Jerk that the
A. Daly & Co. of Toronto
of 102.11, a basis of about
102.25
101.565
101.362
100.64 1
—
...
— -
100.27
100.02
Volume
148
Financial
This advertisement is neither
an
The
Chronicle
in
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
any
of these securities.
NEW ISSUE
June 21,1939
$8,323,000
General Mortgage
334% Bonds due 1969
Series J
Dated March 1, 1939
.
Due March 1,1969
'
Price 10534% and accrued interest
Copies of the Prospectus
may
be obtainedfrom
The First Boston Corporation
Goldman, Sachs & Co.
of the undersigned:
any
Smith, Barney & Co.
Harris, Hall & Company
.'V'
(incorporated)
•
W. C. Langley &Co.
'
Little &
Sage, Rutty & Co., Inc.
Hopkins, Inc.
Notices
THE BALTIMORE AND OHIO RAILROAD COMPANY
ANNUAL REPORT FOR THE YEAR 1938
SUMMARY 01
Report of the Company's operations for the
the stockholders. Stated
briefly, the results for the
JACKSONVILLE TERMINAL COMPANY
,
1938 is being mailed to
year
year
show
a
decrease of
20.49% in gross revenues, or from $169,436,436 in 1937 to $134,722,330 in 1938, and
an increase in the net loss, after all taxes and other deductions, from $720,695
to
$13,124,530. '
%
•
,
Total operating
expenses
;
.
of $104,984,021 showed
a
reduction of $23,875,495,
The $400,000. outstanding 5% Bonds, secured
by First Mortgage of Jacksonville Terminal Com¬
pany,
maturing July 1st, 1939, together with
interest coupon maturing July 1st, 1939, will be
paid on and after July 1st upon presentation at
office of United States Trust Company of New
York, 45 Wall Street, New York City. *
JACKSONVILLE
000 to the
company's
expenses
tion under the Social
a
decrease of $505,781. Tax
pay-roll taxes covering unemployment compensa¬
Security Act and the Carriers' Taxing Act of 1937 for
the purposes of the Railroad Retirement Act
PACIFIC GAS AND ELECTRIC CO.
Year 1937
Year 1938
.
DIVIDEND NOTICE
Decrease
Railway Operating Revenues:
From Freight
Common Stock Dividend No. 94
"...
$115,426,378
From All Other Sources
Total
•
11,918,602
8,734,457
,...
10,305,504
$31,785,952
"■?
A cash dividend declared
by the Board
on1
June 14, 1939, for
ending June 30, 1939,
equal to 2% of its par value, will be paid
upon tfie Common Capital Stock or this
1,357,107
1,571,047
«••>*•«*•••»•••,
$134,722,330
$169,436^436
Operating Expenses....'..,...
104,984,021
128,859,516
$29,738,309
$40,576,920
$10,838,611
10,412,774
10,918,555
4,749.740
275.999
$14,8al,794
$24,908,b25
$10,056,831
the
505,781
4,473,741
Operating Revenue
Operating Charges:
Railway Tax Accruals.
.
....
Equipment and Joint Facility Rents..
Net Railway
Operating Income
-
of Directors
$34,714,106
23^875,495
Net Railway
Other
$147,212,330
10,561,495
From Passenger
Railway
COMPANY.
Dividends
in 1938.
Railway tax accruals, at $10,412,774, reflected
accruals include $3,709,108
TERMINAL
By J: L. WILKES, President.
18.53%,-compared with the year 1937. The expenses reflect an increase in
wage rates which took effect in the latter half of 1937 and added about $4,150,-
or
quarter
Company by check on July 15,
1939, to shareholders of record at the
close of business on June 30, 1939.
The Transfer Books will not be closed.
"
D. H.
.
Foote, Secretary-Treasurer,
„•
San Francisco, California.
Other Income from Investments and
Other Sources (Net).
4,207,959
6,554,711
2,346,752
$19,059,753
$31,463,336
$12,403,583
32,184,283
32,184,031
*252
D$13.124.530
.
D$720,695
$12,403,835
....
Income Available for Fixed Charges...
Fixed Interest and Other Charges....
Net Income
UNITED
STATES
SMELTING
REFINING"AND MINING COMPANY
declared a quarterly divi¬
Wa% (875^2 cents per share) on the
Capital Stock, and a dividend ot
One Dollar ($1.00) per share on the Com¬
mon
Capital Stock, both payable on July 15,
1939 to stockholders of record at the close ot
business June 28,
jjjxTER,
The Directors have
dend of
balance sheet
The
accrued
balance
sheet
depreciation)
at
December
31,
1938,
of $1,078,104,478 and
Preferred
shows
current
total
assets
(less
investments
of
$23,818,931. The
total of interest
bearing debt and leased lines obligations outstanding was
$683,808,070. Current liabilities amounted to $26,835,503. The capital stock out¬
standing was $315,158,485 and corporate surplus $60,337,728.
The
of
report presents
a
condensed statement of the
Plan
IWfeoRGE
Treasurer.
June 19, 1939.
for Modification
Interest
Charges and Maturities, and points out that of the total of
8542,810,628 of securities affected by the Plan, voluntary assents have been
veceived
on
$469,481,178,
.
„
„
,
or
86.49
per
V
cent.,
from
.
more
than 57,000 holders.
DANIEL WILLARD,
,
President.
,
THE
YALE
&
TOWNE
MFG.
CO.
dividend No. 193 of fifteen
(15c.) per share was declared by the Board
of Directors out of past earnings, payable Octo¬
ber 2, 1939, to stockholders ®f record at the Close
of business .September 8, 1939.
On June 19, 1939, a
cents
F.
DUNNING, Secretary.
Financial
IV
Interest exempt
C
June 24, -1939
hronicle
from all present Federal and New
York State Income Taxation
$2,246,000
City of Albany, New York
1.70% Bonds
serially June 1, 1940 to 1979, inclusive
Due
for Savings Banks and Trust
Legal Investment, in our opinion,
These Bonds, to be
issued for various
,
Funds in New York State
in the opinion of counsel will constitute
purposes,
binding obligations of the City of Albany, payable from ad valorem
levied against all the taxable property therein without limitation as to rate
valid and legally
taxes
or
amount.
•
.
yield 0.20% to 2.15%
Prices to
These bonds are
offered when, as and if issued and received by us and
Washburn & Clay, whose opinion will be
Messrs. Reed, Hoyt,
G. M.-P. MURPHY
A CO.
'
INCORPORATED
CHICAGO
BURR A COMPANY, INC.
R. D. WHITE A CO.
.
,
SCHMIDT, POOLE A CO.
PHILADELPHIA
GRANBERY, MARACHE A LORD
1, 1939,
,
_
SCHWABACHER A CO.
FARWELL, CHAPMAN A CO.
Dated June
„
_
MINSCH, MONELL A CO., INC.
SHERWOOD A REICHARD, INC.
OTIS A CO.
(INCORPORATED)
"
EQUITABLE SECURITIES CORPORATION
GREGORY A SON
'
INCORPORATED
BOATMEN'S NATIONAL BANK
ST. LOUIS
E. H. ROLLINS A SONS
INCORPORATED
BLODGETT
STONE A WEBSTER AND
PHELPS, FENN A CO.
HALSEY, STUART A CO. INC.
GRAHAM, PARSONS & CO.
subject to approval of legality by
furnished upon delivery,
MARTIN AND CHAMBERS
1
Principal and semi-annual Interest, June 1 and December 1, payable In Albany, N. Y. Coupon bonds in the
principal and interest. The information contained herein has been carefully compiled from
guaranteed as to completeness or accuracy, we believe it to be correct as of this date.
denomination of $1000, reglsterable as to
sources
June
considered reliable, and while not
It4, 1939.
,
Dividends
The Garlock
Packing Company
June 20, 1939
COMMON DIVIDEND
KANSAS CITY PUBLIC SERVICE COMPANY
Call For Deposit
•
mmmmmn
•
of Bonds
deposit of bonds pursuant to the
of June 15th, for the
pending plan of capital
of this Company, evolved through the co¬
operation of the Reconstruction Finance Corporation.
readjustment
following financial institutions are serving as
positaries under the plan:
'7 *
The
The First
-
National Bank of Chicago, Chicago,
Central Hanover
Bank and Trust
a
dividend of 50$ per share was
on the common stock of the
Company, payable June 30, 1939, to
stockholders of record at the close of
day,
aMBB>RnaiBa4
A call has been issued, under date
a
declared
business
June
24, 1939.
R. M. Waples,
The National Bank of Commerce in New Orleans,
City;
Md.;
JOHN MORRELL &
New Orleans, La.;
Commerce Trust Company, Kansas
City, Mo.; and
The First National Bank of Kansas
C!ty, Kansas City, Mo.
more
For
can
quickly bonds are deposited
the matter be concluded.
further
information
please
address
CO.
DIVIDEND NO. 37
the
either
dividend
A
Copies of the plan and of the above-mentioned call for
deposits may be obtained from any of the Depositaries
listed above or from either of the undersigned.
The
Secretary
De¬
111.;
Company, New York
Mercantile Trust Company of Baltimore, Baltimore,
quickly
No. 252
regular meeting of the Board of
Directors, held in Palmyra, N. Y., this
At
more
of the
($0.50)
Centc
on
the
John
capital
Morrell
of
per
&
Fifty
share
stock of
Co., will
July 25, 1939, to
stockholders of record July 3, 1939, as
shown on the books of the Company.
be
Ottumwa, Iowa.
paid
George A. Morrell. Treas.
undersigned.
KANSAS CITY PUBLIC SERVICE
CO.,
THE
by Powell C. Groner, President;
J. A. Harder, Treasurer;
NEW YORK TRUST
COMPANY
100 Broadway
The Board of Trustees
has this day declared
quarterly dividend of 5% ($1.25 per share)
the Capital Stock of the Company, pay¬
1, 1939, to stockholders of record
at the close of business on June 24. 1939.
The transfer books will not close.
a
7287Delaware Street,
Kansas City, Missouri
on
able July
manice deF.
New York,
June 21, 1939
lockwood, JR.
Secretary
Volume
148
Financial
Subscription Price $12.00
per
Chronicle
VII
Year
State and
Single Copies $7.00 each
Municipal Compendium
Shows at
a glance the financial status of over 20,000 municipalities and taxing districts, listing
outstanding bond issues and maturities; gross debt and sinking funds; assessed valuations,
tax rate, population, .where interest is payable, &c.
For each State
gives details of State debt and digest of laws and constitutional provisions
affecting the issuance of securities, and types of investments legal for trust funds and savings
banks."
■
:
.
Includes the history and present status of
authorizing the
preceding year.
same.
Also gives
the debt of the Federal Government and the laws
complete analysis of the municipal bond sales for the
a
Carefully compiled from official
PART I.
and revised to date of issue.
sources
PART II.
JUNE
DECEMBER
Connecticut
New
Delaware
New Jersey
Arizona
Dist. of Col.
New York
Arkansas
Island Possessions New Mexico
Kansas
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Published by William B. Dana
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United States—
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United States-
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25
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WILLIAM B. DANA COMPANY
25
Sprue* Street
NEW YORK CITY
WM. B. DANA CO.
25
Spruce Street
NEW YORK
to
June 24'
Chronicle
Financial
VIII
CO.
F. H. PRINCE &
~~
"•
***-'■
BANKERS
Established 1856
FINCH, WILSON & CO.
H. Hentz & Co.
PROVIDENCE, RHODE ISLAND
S
Members New York Stock
Exchange
1
Members
INVESTMENTS
HIGH-GRADE
New
York
8tock
Exchange
New
York
Curb
Exchange
New
ivf fiTinhflps
*
Chicago
Stock Exchanges
New York, Chicago & Boston
York
Stocks
Exchange
Cotton
Bonds
and
»
Winnipeg
New
Trade
of
Board
Exchange
Grain
Commission Orders Carefully
Orleans Cotton Exchange
Executed for Institutions
And other Exchanges
and Individuals
,
N. Y. Cotton Exchange
Bldg.
•
.
YORK
NEW
Exchange
Members New York Stock
AMSTERDAM
PITTSBURGH
Broadway
DETROIT
DALLAS
BOSTON
120
PARIS
LONDON
GENEVA
YORK
NEW
Broadway, New York
120
Wellington & Co.
LAMBORN & CO., INC.
Y. C.
99 Wall Street, N
SUGAR
Export—Import*—Futures
Foreign
V
J
DIgby 4-2727
OTTO FUERST & CO.
Members New York Stock Exchange
120 Broadway
Australia and New Zealand
New York
,
Foreign
Cables: "Lindros"
BANK OF
WALES
NEW SOUTH
(ESTABLISHED 1817)
£8,780,000
Patd-Up Capital
BANK OF MONTREAL
Reserve Fund
....
l8l7
Established
6,150,000
8,780,000
.....
Reserve Liability of Proprietors
Royal Bank of Scotland
Incorporated by Royal Charter 1727
Over
£23,710,000
200
Years
o
f Gpmmercial Banking
Aggregate Assets 30th Sept., 1938. £127,064,001
SIR ALFRED DAVIDSON,
Genera' Manager
*
jUlEAD
K.B.E.,
$36,000,000
The Bank of New South
Profits
$40,183,254
largest
of
$850,000,000
CapitalRest and Undivided
-
in
Assets
Excess
"
President
Sir Charles
"
Gordon, G.B.E.
Street^SYDNEY
'
William Whyte
Total number of offices, 258
Wales Is the oldest and
in Australasia.
With over 900
all
States
of Australia, in
New
FIJI. Papua and New Guinea, and
London. It offers the most complete and efficient
banking service to investors, traders and travellers
bank
branches
Total
George
OFFICE—Edinburgh
General Manager
,•
Head Office:
in
'CHIEF FOREIGN
Zealand,
interested In these countries.
3
Capital (fully paid)
Reserve fund
Vice-Presidents
H. R. Drummond, Esq. Mai.-Gen. The Hon. S. C. Mewburn, C.M.G.
Y
A.
Bog,
'
47 Berkeley
Esq.
—
Williams Deacoh's Bank. Ltd.
Agencies
Newfoundland—
More than 500 Branches.
"
,
In London:
..£69,921,933
.....
Associated Bank,
G. W. Spinney
Branches and
In Canada and
Deposits
Square, W. 1
Agency Arrangements with Banks throughout
t
the U. S. A.
General Managers
Jackson Dodds
£3,780,192
£4,125,965
_T_
29 Threadneedle Street, E.C.
i
.
W.
LONDON OFFICES:
DEPARTMENT
Bishopsgate, London, England
'
St., E.C. 2;
9 Waterloo Place, S.W. 1.
47 Threadneedle
In the United States—New York, 64
Wall St.;
Chicago: 27 South La Salle St.
Bank of Montreal
San Francisco:
(San
Francisco)-,
333
California
Street.
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya
and Uganda
Head Office: 26,
of EGYPT
Colony
Head Office
.......
Cairo
Bishopsgate, London, E. C.
in India. Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Branches
the canadian bank
NATIONAL BANK
FULLY PAID CAPITAL
.
£3,000,000
RESERVE
.
£3,000,000
FUND.
.
.
Subscribed Capital....... £4,000,000
Paid-Up Capital..........£2,000,000
of commerce
HEAD
OFFICE:
Reserve Fund
TORONTO
LONDON AGENCY
£2,200,000
The Bank conducts every description of banking
and exchange business
6 and 7,
Branches in all the
Established 1867
Trusteeships and Executorships also
'
Paid-Up Capital
$30,000,000
Reserve
.
principal Towns in
undertaken
„
King William Street, E. C. 4
EGYPT and the SUDAN
20,000,000
This Bank is in close touch with
the
commercial
and
financial
life
of Canada and is well
serve
equipped to
corporations, firms and in¬
dividuals
interested
in
Canadian
business.
BANKING CORPORATION
Branches
in
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco;
Seattle; Los An¬
gles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et
Barbados,
Hong Kong & Shanghai
every
Miquelon; Bridgetown,
and
Port
of
Spain,
Trindad.
of the Colony.
NEW YORK
AGENCY
Established 1872
Paid-up Capital (Hongkong
Reserve Fund In Sterling
Reserve
Fund In SUver
Currency)HJ50,000,000
Currency).-_HJ20.000.000
72 WALL
£6,500,000
(Hongkong Cur-
recny)
Reserve Liability
kong Currency)
Chief Office In New Zealand:
of Proprietors
/
HJIO.OOO.OOO
(Hong¬
HJ20.000.000
KELLOGG, Agent
STREET, NEW YORK
Wellington
P. R. M. Hanna, General Manager
Head
Authorized Capital (Hongkong
A. G
Exchange PI. & Hanover St.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
In manner prescribed by Ordinance No1. 6 of 1929
Office: 8 Moorgate,
London, E. C. 2, Eng.
£6,000,090
Subscribed Capital
.£2,000,000
Paid-up Capital
£1,000,000
Reserve Fund
Currency Reserve
The
Bank
business
conducts
evert
:
£500,000
description
of banting
connected voith New Zealand.
Correspondents throughout the World
London Manager. A. O. Norwood
@FedFRASER